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

          Wednesday, September 3, 2014, Vol. 15, No. 174


                            Headlines



A R G E N T I N A

ARGENTINA: Minister Presses for End-Run Payments to All Creditors
ARGENTINA: Renews Bid to Undo US$185MM Arbitration at High Court
PETROBRAS ARGENTINA: S&P Affirms 'CCC-' Foreign Currency Rating


B R A Z I L

LINHA AMARELA: Moody's Ups Rating on BRL386.7MM Debentures to Ba2


C A Y M A N  I S L A N D S

FULLERTON ASIAN: Creditors' Proofs of Debt Due Sept. 15
FULLERTON ASIAN MASTER: Creditors' Proofs of Debt Due Sept. 15
HAV3 LIMITED: Creditors' Proofs of Debt Due Sept. 24
HAV3 (11): Creditors' Proofs of Debt Due Sept. 24
HAV3 (13): Creditors' Proofs of Debt Due Sept. 24

HAV3 (18): Creditors' Proofs of Debt Due Sept. 24
HAV3 (III): Creditors' Proofs of Debt Due Sept. 24
HAV3 (IV): Creditors' Proofs of Debt Due Sept. 24
KONA MASTER: Creditors' Proofs of Debt Due Sept. 15
PENINSULA LIFE: Court Enters Wind-Up Order


J A M A I C A

JAMAICA: Rio Minho Sand Miners Face Joblessness


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Venezuela Owes Airline Millions


X X X X X X X X X

* ICMA Revises Rules for Sovereign Defaults After Argentina Row


                            - - - - -


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


ARGENTINA: Minister Presses for End-Run Payments to All Creditors
-----------------------------------------------------------------
Cara Salvatore at law360.com reports that Argentina's finance
minister urged lawmakers, to enact legislation allowing the
country to pay its creditors, making his case a day after the
country vowed to strip Bank of New York Mellon Corp. of its
operating privileges there due to interference with an attempted
US$539 million payment to favored creditors.

The report, citing the country's national news agency, Telam, said
that Economy Minister Axel Kicillof, who has been the country's
main voice on the debt crisis, spoke to its senate's Budget and
Foreign Relations Committees.  Minister Kicillof asked legislators
for a bill allowing payments to select creditors and not to
others, such as "vulture" hedge funds, saying it was needed as a
direct response to U.S. District Judge Thomas Griesa's ruling
blocking the payments, because not to respond would be akin to
supporting Judge Griesa's take, law360.com relates.

"They want to make us negotiate under extortion," Mr. Kicillof
said, according to an English translation of comments provided by
the Argentine president's office, notes the report.  "If the
[Congress] does nothing, what it does is ratify the order and
judgment of Griesa, with all the consequences that brings," Mr.
Kicillof added.

According to the president's office, during a Senate session on
Aug. 27, Mr. Kicillof sought support for a draft local debt
payment by executive power, law360.com relays.

Argentina's legislature (called the National Congress) consists of
a 72-chair Senate and a 257-chair Chamber of Deputies.

A vote is expected on the bill today, Sept. 3, according to the
Buenos Aires Herald, the report relates.

The report discloses that on Aug. 26, Argentina said BNY Melllon
was no longer welcome to operate there as hedge funds backed by
George Soros, and others sued the bank over its blocking of the
US$539 million bond payment, which led to Argentina's second
default in 13 years.

At a press conference in Buenos Aires, Argentine Cabinet Chief
Jorge Capitanich said BNY had breached its contract as trustee for
the country's sovereign debt government bonds, and he reiterated
that Argentina will attempt to remove the bank as the bonds'
trustee, to be replaced by Argentina's central bank, the report
notes.

BNY's Argentine banishment came as Soros' Quantum Partners LP, J.
Kyle Bass' Hayman Capital Master Fund LP and two other funds sued
BNY in London's Chancery Court over the bank's court-ordered block
of the July interest payment, of which EUR225.8 million (US$297.6
million) was destined for holders of Argentina's euro-denominated
bonds, the report relays.

Judge Griesa has ruled that Argentina's attempted payment was
illegal and ordered BNY to freeze the cash, pursuant to his prior
orders that bar Argentina from paying bondholders that agreed to
debt restructurings unless it also makes a ratable payment to
holdout hedge funds, the report discloses.   The holdouts include
Elliott Management Corp.-controlled NML Capital Ltd. and
affiliates of Aurelius Capital Management LP, which hold around
US$1.5 billion worth of Argentine bonds.

The judge's equal payment orders were upheld by the Second
Circuit, and the U.S. Supreme Court declined to take up
Argentina's appeal, the report notes.

The report says that Soros and the other U.K. plaintiffs contend
that Judge Griesa's injunctions do not apply to foreign law bonds
paid entirely outside of the U.S. and accuse BNY of placing its
own interests above those of the bondholders.

The report notes that Argentina disputes that it is in default,
saying it fulfilled its obligations by sending BNY the money, and
has taken out two-page notices in The New York Times and The Wall
Street Journal about the payment.  But all three big credit
ratings agencies -- Moody's Investor's Service Inc., Standard &
Poor's Financial Services LLC and Fitch Group Inc. -- have
declared the country to be in default and downgraded their
outlooks on the country's debt accordingly.

The report recalls that Argentina announced a plan to pull an end
run around U.S. courts and pay its bondholders that agreed to debt
restructurings in 2005 and 2010 through local channels.  It said
it would make payments to the holdouts under the same terms agreed
to by the so-called exchange bondholders, the report notes.

The proposal requires approval by the Argentine Congress and would
direct Argentina's economic minister to take steps to remove BNY
as the bonds' trustee, with bond payments being made through
Argentina's central bank instead, the report relays.

              Argentina Blasts Bond Judge's Remarks
                       as Imperialist

According to a Law360.com report on Aug. 22, Argentina's
government accused Judge Griesa of making imperialist comments
against the nation, after it unveiled a plan to evade U.S.
jurisdiction over its government bonds.

At a press conference in Buenos Aires, Argentine Cabinet Chief
Jorge Capitanich said U.S. District Judge Thomas Griesa's
unfortunate and even imperialist statements constitute an undue
interference with Argentina's sovereignty, according to
law360.com.

The report relates that a visibly agitated Judge Griesa said that
plan violated prior court orders and was therefore illegal, but
declined to immediately find the country in contempt of court.

                          *     *     *

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 US$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 US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$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.


ARGENTINA: Renews Bid to Undo US$185MM Arbitration at High Court
----------------------------------------------------------------
Alex Lawson at law360.com reports that Argentina has asked the
U.S. Supreme Court to take another look at the long and winding
litigation surrounding a US$185 million arbitration award to BG
Group PLC over a botched investment in an Argentine gas
distributor, asserting that the tribunal blatantly ignored legal
principles that would have altered its decision.

In a petition for a writ of certiorari filed Aug. 19, Argentina
urged the justices to settle what it described as a significant
split among circuit courts regarding whether an arbitration
tribunal's "manifest disregard of the law" provides a sufficient
basis for federal courts to undo that tribunal's rulings,
according to law360.com.

"This petition presents the court the opportunity to clarify
whether and in what circumstances 'manifest disregard of the law'
is a basis to vacate an arbitral award," Argentina said, notes the
report.  "It warrants this court's resolution so that the
judiciary may fulfill a necessary control function to sustain the
legitimacy of both domestic and international arbitration,"
Argentina added.

The report notes that the high court already trod into the decade-
old dispute six months ago, flipping a D.C. Circuit decision that
erased the British energy firm's award on procedural grounds after
deciding that the arbitration panel that doled out the reward did
have jurisdiction over the matter, despite Argentina's claims.

While the jurisdictional argument was just one of many shots that
Argentina had fired at the award, the country alleged that when
the dispute returned to D.C. Circuit, the panel there issued a
brief per curiam decision that essentially turned away its other
arguments in one fell swoop, the report discloses.

The report says that Argentina then failed to get a rehearing,
with the panel briefly addressing the manifest disregard issue in
a single sentence by saying that even if the standard were to
apply, Argentina had failed to sufficiently argue the point.

The genesis of the dispute is a law passed by Argentina in 2001
that imposed price and quantity control measures to control
inflation and stabilize the prices of basic commodities, including
gas and oil, according to law360.com.

The report relays that while BG Group said that the measure
breached a bilateral investment treaty between Argentina and the
United Kingdom by diluting its shares in the Argentine supplier,
the government said the treaty contained a provision that gave it
a wide berth to pass domestic measures in the face of a dire
crisis or emergency.

Argentina argues that the panel summarily ignored that provision
of the treaty, giving rise to its manifest disregard argument, the
report notes.  The country said that the issue has sharply divided
federal judges in the six years since the high court decided Hall
Street Association LLC v. Mattel Inc., which held that only the
Federal Arbitration Act articulates the grounds for reviewing an
arbitration award, and that those grounds for review cannot be
expanded by contract, the report discloses.

"This case presents an appropriate vehicle to resolve the conflict
because, if properly applied here, the manifest disregard standard
would require reversal," Argentina said, notes the report.

Argentina is represented by Carmine D. Boccuzzi Jr., Matthew D.
Slater, Teale Toweill, Erik Wittman and Matthew A. McGuire of
Cleary Gottlieb Steen & Hamilton LLP.

BG Group is represented by Alexander A. Yanos and Elliot Friedman
of Freshfields Bruckhaus Deringer LLP and Thomas C. Goldstein of
Goldstein & Russell PC.

The case is Republic of Argentina v. BG Group PLC, case number 14-
211, in the U.S. Supreme Court.

                          *     *     *

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 US$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 US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$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.


PETROBRAS ARGENTINA: S&P Affirms 'CCC-' Foreign Currency Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered the local currency
ratings on the following corporates and utilities and removed them
from CreditWatch negative.  At the same time, S&P affirmed the
foreign currency ratings on these entities.  The outlook on these
ratings is negative.

   -- Aeropuertos Argentina 2000 S.A. (AA2000)
   -- Alto Palermo S.A.
   -- CAPEX S.A.
   -- CLISA-Compania Latinoamericana de Infraestructura &
      Servicios S.A.;
   -- Compania de Transporte de Energia Electrica en Alta Tension
      TRANSENER S.A.;
   -- Hidroelectrica Piedra del Aguila S.A.;
   -- IRSA Inversiones y Representaciones S.A.;
   -- Mastellone Hermanos S.A. (Mastellone);
   -- Metrogas S.A.;
   -- RAGHSA S.A.; and
   -- Transportadora de Gas del Sur S.A. (TGS).

At the same time, S&P affirmed its 'B-' local currency and 'CCC-'
foreign currency ratings on Alto Parana S.A., and removed the
local currency rating from CreditWatch negative.  The outlook on
both ratings is negative.

S&P also affirmed its 'CCC-' foreign currency rating on Petrobras
Argentina S.A.  The outlook remains negative.

Finally, S&P affirmed its 'BBB-' senior unsecured debt ratings on
Petrobras Argentina's $300 million notes due 2017 and on Alto
Parana's $270 million notes due 2017, which are irrevocable and
unconditionally guaranteed by their respective parents, Petroleo
Brasileiro S.A. - Petrobras (BBB-/Stable/--) and Celulosa Arauco y
Constitucion S.A. (BBB-/Stable/--).

The downgrade of Clisa, Raghsa, Mastellone, Metrogas, Transener,
AA2000, HPDA, and TGS to 'CCC-' reflects S&P's belief that these
entities won't be able to generate enough local currency resources
to honor all of their financial obligations under S&P's base-case
scenario, which is heavily influenced by the sovereign's selective
default and its implications on the economic environment that
those entities will be facing in the near and intermediate term.
The affirmation of the 'CCC-' foreign currency ratings on these
eight entities reflects S&P's belief that none of them would be
able to continue honoring their foreign currency obligations under
potential restrictions to access to foreign currency and/or
restrictions on the ability to transfer money abroad.  As a
result, S&P is now aligning its local currency ratings on these
companies to their respective foreign currency ratings and to the
T&C assessment on Argentina.

Given that the foreign currency rating on the Republic of
Argentina is in selective default, the relevant reference points
for the corporate ratings are the sovereign local currency rating
and the T&C assessment for the country.  Given that these
corporate entities have no mitigating factors to withstand
scenarios of restrictions to access foreign currency or transfer
it abroad, the foreign currency rating on each of these companies
is capped by S&P's T&C assessment for the country.  Although local
currency ratings are not directly capped by the T&C assessment,
S&P crafted a base-case scenario that incorporates its views of
the short- and intermediate-term prospects of the economic
conditions in Argentina following the sovereign's selective
default and includes the incremental stress associated with
potential T&C restrictions within the next six months in
considering whether the local currency rating of any of these
entities can exceed the T&C assessment.


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


LINHA AMARELA: Moody's Ups Rating on BRL386.7MM Debentures to Ba2
-----------------------------------------------------------------
Moody's America Latina upgraded the ratings of the BRL386.7
million senior secured debentures issued by Linha Amarela S.A. --
LAMSA to Ba2 on the global scale and Aa3.br on the Brazilian
National Scale ("NSR") from the current Ba3 and A2.br ratings. In
addition, Moody's revised the outlook to positive.

Ratings Rationale

The upgrade of LAMSA's senior secured securities with a positive
outlook reflects primarily: (i) LAMSA's strong and stable
operating cash flows, which are supported by robust asset features
and traffic profile; (ii) very strong credit metrics for the
rating category; (iii) the long remaining concession life; and
(iv) Concessao Metroviaria do Rio De Janeiro S.A. -- METRORIO
(Ba3/A3.br; stable) improving credit metrics as a result of the
substantial completion of its BRL1.4 billion CAPEX program that is
boosting ridership and operating cash flows which will be used to
amortize METRORIO's debentures that were fully underwritten by
LAMSA starting in June 2015. Despite LAMSA's higher leverage, the
indicated rating provided by Moody's Privately Managed Toll Roads
Methodology maps to an A3 global scale rating, considering
historical credit metrics, and Baa1 on a forward looking basis.
LAMSA's Aa3.br national scale rating reflects the standing of the
Company relative to its domestic peers.

LAMSA's amortizing debentures have a 15-year tenor, including a 3-
year grace period, and were issued in one single tranche on May
31, 2012. The debentures were placed with the Carteira
Administrada de Transporte Urbano (the Urban Transportation Fund),
which is managed by the Caixa Economica Federal (Baa2 stable), a
bank controlled by the Brazilian Federal Government.

The largest portion of the debentures' proceeds (up to BRL 232.6
million) were used to finance LAMSA's CAPEX program, and the
payment, in full, of the outstanding debt of BRL180 million, which
was previously raised to finance CAPEX investments. The remaining
portion (BRL154.2 million) was used to partially finance the CAPEX
program of its sister company, Concessao Metroviaria do Rio De
Janeiro S.A. -- METRORIO (Ba3/A3.br; stable), the subway
concessionaire of the city of Rio de Janeiro, which is also
controlled by INVEPAR. METRORIO borrowed this amount from LAMSA by
issuing senior unsecured debentures, which were fully underwritten
by LAMSA.

LAMSA's debentures are secured by a pledge of 40% of its present
and future toll receivables. In addition, METRORIO provided a
corporate guarantee to Caixa Economica Federal (CEF) to back
LAMSA's repayment obligation to CEF, in the amount owed by
METRORIO to LAMSA (BRL154.2 million). Also, METRORIO will
subrogate to the rights of LAMSA's debenture holders in case
METRORIO's guarantee is called by CEF.

LAMSA's debentures require that it comply with a 1.3x minimum debt
service coverage ratio (DSCR) covenant, and maintain an EBITDA /
Net Financial Expenses ratio equal to or higher than 1.5x, and Net
Debt / EBITDA (Net Debt excludes cash and liquid investments)
equal to or lower than 2.0x. Dividend distributions above the
minimum threshold required by Brazilian Corporate Law are subject
to the compliance by LAMSA with the debentures' covenants, which
include meeting a DSCR equal or higher than 1.3x. As of March
2014, LAMSA was in compliance with all financial covenants, and
Moody's project that the company will continue to comply with said
covenants in Moody's  five-year projections.

According to Moody's standard adjustments, in the last twelve
months (LTM) ended on March 31, 2014, LAMSA reported operating net
revenues (excluding construction revenues) of BRL241 million and
EBITDA of BRL187 million, up from BRL233 million and BRL185
million, respectively, in fiscal year 2013. In the 3-year period
average (2012 to the LTM ended on March 31, 2014), Moody's
methodology calculated ratios were: (i) Cash Interest Coverage:
5.6x; (ii) FFO-to-Debt: 41%; (iii) Retained Cash Flow-to-CAPEX:
4.0x; and (iv) Moody's Debt Service Coverage Ratio: 4.0x. These
ratios map to an A3 rating according to Moody's methodology. In
Moody's  5-year average forward looking projections (2014 --
2018), which maps to a Baa1 rating, Moody's project: (i) average
Cash Interest Coverage: 4.2x; (ii) FFO-to-Debt: 35%; (iii)
Retained Cash Flow (RCF)-to-CAPEX: 2.9x; and (iv)Moody's Debt
Service Coverage Ratio of 3.0x.

Moody's expect that METRORIO's metrics will to continue to improve
as its CAPEX expansion program has been substantially completed in
2014 as planned. METRORIO's average Debt-to-EBITDA in the past
three years has consistently declined to 4.76x from 8.0x (2012-
March 2014 LTM). In Moody's forward looking perspective, Moody's
expect that by 2018 (as per the five-year projected period of
Moody's  methodology) Debt-to-EBITDA will decrease to around 3.0x
from 5.0x in 2013. In addition, Moody's  project that by 2018, (i)
FFO-to-Debt will increase to 24.8% from 11.9% in 2013; (ii) Cash
Interest Coverage will increase to 7.1x from 2.5x in 2013; (iii)
RCF-to-CAPEX will increase to 3.9x from 0.6x in 2013; and (iv)
Moody's Debt Service Coverage Ratio will remain tight at the 2013
level, around 1.0x.

In the past, INVEPAR extended intercompany loans to provide
liquidity to its subsidiaries with the objective of reducing the
average cost of debt on a consolidated basis. Despite LAMSA's loan
to METRORIO, INVEPAR's risk management policy, which was
implemented in 2013, restricts future intercompany loans among its
subsidiaries. Therefore, LAMSA cannot provide or receive
financing, except when it is the recipient of funds from the
parent, INVEPAR. The debentures also restrict LAMSA and METRORIO
from providing fiduciary guarantees, individually or in the
aggregate, above BRL1 million (approx. US$430,000).

In 2007, MetroRio negotiated with the Government of the State of
Rio de Janeiro the extension of the concession from 2018 to 2038.
In exchange, METRORIO is contractually bound to invest
approximately BRL1.15 billion through 2018. As of March 2014,
BRL1.2 billion had been invested. This amount includes the
acquisition of 114 new railway cars, all of which were
commissioned and operational by the end of March 2013, and the
construction of two new subway stations (Cidade Nova - already
operational; Uruguai - inaugurated on March 15, 2014), as well as
the installation of 3.2 kilometers of additional track, and the
acquisition of ancillary operating systems (which are on-time and
within the originally planned budget).

Linha Amarela S.A. -- LAMSA has the concession to operate the toll
road services of a 20-km urban route in the city of Rio de
Janeiro. The concession was granted by the City Government of Rio
de Janeiro in 1998 for a 20-year period. In May 2010, LAMSA
committed to additional investments, which resulted in the
concession being extended for an additional 15 years, until
December 2037. At the end of the concession period, the assets
will revert to the City of Rio de Janeiro.

LAMSA is wholly owned by Investimentos e Participacoes em
Infraestrutura S.A. -- INVEPAR (Ba3/A2.br; stable), a holding
company controlled by the three largest Brazilian pension funds
(PREVI, FUNCEF and PETROS) and the engineering and construction
group OAS, which includes its subsidiaries OAS Investimentos S.A.
and Construtora OAS S.A. INVEPAR was established in March 2000 to
invest in companies operating in the transport infrastructure
sector.


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


FULLERTON ASIAN: Creditors' Proofs of Debt Due Sept. 15
-------------------------------------------------------
The creditors of Fullerton Asian Multi-Strategies Non-US Feeder
Fund are required to file their proofs of debt by Sept. 15, 2014,
to be included in the company's dividend distribution.

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

The company's liquidator is:

          Koh Boon San
          60B Orchard Road, #06-18 Tower 2
          The Atrium @ Orchard
          Singapore 238891
          Facsimile: +65 (6828) 6208


FULLERTON ASIAN MASTER: Creditors' Proofs of Debt Due Sept. 15
--------------------------------------------------------------
The creditors of Fullerton Asian Multi-Strategies Master Fund are
required to file their proofs of debt by Sept. 15, 2014, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Koh Boon San
          60B Orchard Road, #06-18 Tower 2
          The Atrium @ Orchard
          Singapore 238891
          Facsimile: +65 (6828) 6208


HAV3 LIMITED: Creditors' Proofs of Debt Due Sept. 24
----------------------------------------------------
The creditors of HAV3 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 Aug. 14, 2014.

The company's liquidator is:

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


HAV3 (11): Creditors' Proofs of Debt Due Sept. 24
-------------------------------------------------
The creditors of HAV3 (11) 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 Aug. 14, 2014.

The company's liquidator is:

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


HAV3 (13): Creditors' Proofs of Debt Due Sept. 24
-------------------------------------------------
The creditors of HAV3 (13) 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 Aug. 14, 2014.

The company's liquidator is:

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


HAV3 (18): Creditors' Proofs of Debt Due Sept. 24
-------------------------------------------------
The creditors of HAV3 (18) 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 Aug. 14, 2014.

The company's liquidator is:

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


HAV3 (III): Creditors' Proofs of Debt Due Sept. 24
--------------------------------------------------
The creditors of HAV3 (III) 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 Aug. 14, 2014.

The company's liquidator is:

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


HAV3 (IV): Creditors' Proofs of Debt Due Sept. 24
-------------------------------------------------
The creditors of HAV3 (IV) 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 Aug. 14, 2014.

The company's liquidator is:

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


KONA MASTER: Creditors' Proofs of Debt Due Sept. 15
---------------------------------------------------
The creditors of Kona Master Fund Limited are required to file
their proofs of debt by Sept. 15, 2014, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Julian Gover
          c/o Kona Partners LLP
          2 Charles Street, Mayfair
          London, W1J 5DB
          England
          Telephone: +44 (0)20 7183 6450


PENINSULA LIFE: Court Enters Wind-Up Order
------------------------------------------
On Aug. 5, 2014, the Grand Court of Cayman Islands entered an
order to wind up the operations of Peninsula Life Settlement Fund
SPC.

The company's liquidators are:

          Russell Smith
          Niall Goodsir-Cullen
          BDO CRI (Cayman) Ltd.
          2nd Floor, Building 3, Governors Square
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


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


JAMAICA: Rio Minho Sand Miners Face Joblessness
-----------------------------------------------
Karena Bennett at Jamaica Observer reports that sand miners along
the Rio Minho River in Clarendon may soon be left without a
livelihood.  The Mines and Geology Division (MGD) shut down the
sand miners' operations 2 weeks ago.

The report notes that a change in rainfall patterns compounded by
the ongoing drought was hurting production in the area, where the
amount of sand mined fell by up to 40 per cent since the start of
the year.

It's also the reason the MGD suspended operations there -- to stop
the depletion of the resource and to give the river enough time to
accumulate more sand, the report discloses.  The regulator
suggests that miners of Rio Minho consider other possibilities.

"Sand would have been deposited on river terraces, so we are
asking operators to do the necessary search and where we would
have identified those, then they could be accessed," the report
quoted Commissioner of Mines Clinton Thompson.  Mr. Thompson also
recommended that the miners consider quarrying stone, which can be
crushed into sand, the report relays.

"The equipment for crushing stones is not cheap and it's hard to
find persons to sell stones to," said a sand miner who declined to
give his name, the report notes.  "If I mine stones from the
rivers and decide to sell it to an aggregates company, they are
not going to give me what I would have earned selling sand," the
sand miner added.

"Yes, we could try to find sand on river banks in Clarendon," said
another miner who gave his name as Rocky, "but what do we do when
that runs out?  And what if the large businesses decide not to
form partnerships with us?"

Presently, there are six stone -crushing companies in operation in
Jamaica.

The report notes that some of the largest aggregate producers
already have their own quarries from which they retrieve stones
for crushing.  Other producers stopped crushing stones altogether
because of rising energy costs, the report relays.

"There's a lot of cost associated with setting up stone-crushing
operations," the report quoted Omar Walker, plant manager at Coast
to Coast Quarries Limited, as saying.  "Stone crushing takes a lot
more time and uses very expensive equipment rather than just
mining sand from river beds and will definitely lead to an
increase in the price of sand," Mr. Walker said, the report notes.

Coast to Coast operates along the Yallahs River in St Thomas.  Low
rainfall has not yet depleted the sand available in the eastern
parish.  But Mr. Walker has noticed that mining has shifted
farther up the river to find sand, the report notes.  This has
resulted in higher haulage costs, the report adds.


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


CARIBBEAN AIRLINES: Venezuela Owes Airline Millions
---------------------------------------------------
Vernon Khelawan at Trinidad and Tobago Newsday reports that State-
owned Caribbean Airlines Limited is one of more than a dozen
commercial airlines, which is finding it extremely difficult to
recover funds earned from ticket sales in neighboring Venezuela.

These monies have been "frozen" through a recent Venezuelan policy
of restricting the amount of hard currency leaving the beleaguered
neighboring republic on the South American main land, according to
Trinidad and Tobago Newsday.

The report notes that an unconfirmed report has put Venezuela's
debt to Caribbean Airlines at a whopping US$10 million plus and
growing daily as the airline continues to maintain its daily
service (Sunday through Saturday) between Port-of-Spain and
Caracas using one of its ATR-72-600 aircraft.

Trinidad and Tobago Newsday understands the airline was now making
every effort to have most of its ticket sales on the Caracas route
channeled through its ticketing and Web facilities in Port-of-
Spain, in an effort to slow down the growth of the rapidly
escalating debt.  Unofficial sources define the route as one of
the "best performing" and most lucrative in CAL's system and that
was possibly why there was reluctance to cut back on the service,
the report relays.

A press report in the United States recently identified some 17
commercial carriers from Europe, the USA, Latin America and the
Caribbean awaiting the release of more than US$4 billion now being
held in the South American Republic, Trinidad and Tobago Newsday
notes.

The report discloses that Caribbean Airlines is one of seven
airlines in Latin America and the Caribbean which is affected by
the Venezuelan "embargo" on funds leaving that country.  The other
airlines are Panama-based COPA, which operates two daily flights
to Port-of-Spain, TAP, Avianca, LAN Chile (from which CAL's two
767 jets are leased), LACSA and TACA.

The European airlines affected by the Venezuelan policy include
Air France, Alitalia, Iberia, Luftansa and Air Portugal, while the
US carriers include American, Delta, United and courier airline
Fedex. The single Canadian affected is Air Canada.

                     About Caribbean Airlines

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.


=================
X X X X X X X X X
=================

* ICMA Revises Rules for Sovereign Defaults After Argentina Row
---------------------------------------------------------------
Huw Jones at Reuters reports that banks, investors and other users
of bond markets have agreed to change how they would deal with
defaulting government debt, removing the right of veto from
holdouts to avoid a repetition of the fracas over Argentina.

The International Capital Market Association (ICMA) published the
revised framework that allows a majority of investors holding
sovereign bonds that default to make changes to the terms, such as
extending maturities or reducing the principal, according to
Reuters.

The report notes that these changes would then be made legally
binding on all holders of the bonds, including those who vote
against the restructuring.

The ICMA move comes a month after Argentina was pushed into
default when a small group of U.S. hedge funds rejected the
country's 2005 and 2010 debt restructurings, the report relates.

"Our analysis is that this takes out a lot of the uncertainty
surrounding sovereign default," Reuters quoted Louis Gargour,
chief investment officer at London-based hedge fund LNG Capital,
as saying.

The report notes that ICMA said revisions to so-called collective
action clauses and a new standard pari passu clause, which refers
to all creditors being treated the same, would provide a practical
solution to the problem of blocking minorities.

"The potential adverse fallout globally from the default and
restructuring of Argentina's debt demonstrates the importance of
having clear, unambiguous contract terms for sovereign bonds,"
said Leland Goss, ICMA's general counsel, the report relays.

"In-depth consultations with our members and other interested
public and private sector representatives have led to the
development of enhanced legal technology that will make more
orderly and efficient sovereign debt restructurings achievable in
the future," Mr. Goss added.

However, it could take many years for the changes to take full
effect as the market participants cannot force governments to
apply them in practice, the report relays.

"The new pari passu clause overcomes a ruling in the New York
court for future issuance, but governments have to take up these
changes. However, they have been slow to change the status quo
historically and tend to be conservative," Mr. Goss told Reuters.

"You have a lot of sovereign bonds outstanding and they can't be
changed retroactively. It's a bit like planting an oak tree. You
are looking at a 10-year horizon when this will take hold," Mr.
Goss added.

Collective action clauses are already legally binding on euro zone
government bonds in the euro area countries, a result of the debt
crisis in the region where Greece, Portugal and Ireland had to be
rescued, the report adds.

ICMA represents 450 members such as banks, debt issuers and
investors from 52 countries.




                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *