TCRLA_Public/141008.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, October 8, 2014, Vol. 15, No. 199


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Transport Board Justifies Cost Cutting


A R G E N T I N A

CORDOBA: S&P Affirms 'CCC-' Foreign and Local Currency Ratings


B R A Z I L

COMPANHIA SIDERURGICA: S&P Lowers Global Scale Rating to 'BB+'
OGX PETROLEO: Owner Faces Trial in Nov. for Insider Trading
OSX BRASIL: Together with Oleo e Gas Renegotiates FPSO Contract


C A Y M A N  I S L A N D S

ALPHA SEEKERS: Creditors' Proofs of Debt Due Oct. 13
ARNETT INVESTMENTS: Commences Liquidation Proceedings
BCM ALL: Creditors' Proofs of Debt Due Oct. 22
BCM ALL MASTER: Creditors' Proofs of Debt Due Oct. 22
CORSAIR FUND: Creditors' Proofs of Debt Due Oct. 23

HAWKWOOD COMMODITIES: Creditors' Proofs of Debt Due Oct. 22
HAWKWOOD COMMODITIES MASTER: Creditors' Proofs of Debt Due Oct. 22
KELUSA ASIA: Placed Under Voluntary Wind-Up
KELUSA ASIA MASTER: Placed Under Voluntary Wind-Up
RESOURCES GRAND: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

BARRICK GOLD: Denies Having Paid for Expropriated Lands
DOMINICAN REP: Pay US$905MM or Face Blackouts, Power Firms Warn
LA TABACALERA: Government To Sell Entire Stake in Tobacco Emporium


J A M A I C A

JAMAICA: Set to Benefit From US Economic Recovery


P U E R T O   R I C O

PUERTO RICO: Senate Passes Borrowing Up to US$1.2 Billion in Notes


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: S&P Lowers CCR to 'D' on Missed Payments


                            - - - - -


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


ANTIGUA & BARBUDA: Transport Board Justifies Cost Cutting
---------------------------------------------------------
The Daily Observer reports that the Antigua & Barbuda Transport
Board (ABTB) has provided staff with more information regarding
plans for retrenchment, elimination of certain departments and
downsizing of operations, all of which will affect workers of the
statutory body.

In a memo to staff, dated October 3, Acting General Manager Hubert
Jarvis apprised them that board members' fees have been reduced by
33.3 per cent and management staff has been reduced by 73 per
cent, from seven to two, according to The Daily Observer.

The report notes that Mr. Jarvis also reported that the board has
retrenched 12 employees over the age of 60, and closed a number of
"unproductive units" which employed 14 people.

The report discloses that Mr. Jarvis said the strategies, "To
secure the Board's survival and to ensure the continuation of
employment for the majority of the staff", are recommendations
from a recent efficiency study.

That study, Mr. Jarvis indicated, recommended that government be
requested to provide the compensation revenue for salary and wages
for the employees related to the National School Bus Service, and
that the Ministry of Public Works subsidizes the Motor Pool
expenditure at a flat rate, the report relates.

It also recommended that Central Government confers revenues from
license fees to the Board, in order to facilitate the present one
million dollar per month loan payments which are in arrears, the
report adds.

"It has become crucial for the Transport Board to regrettably
retrench staff as one of its urgent strategies to bring the
situation into balance with revenue and for its very survival and
as part of its reorganization and restructuring," the letter said,
the report discloses.

According to the said document, the second phase of the
restructuring will include increase in fees which have been in
existence for over 10 years, and cutting back on expenditure for
supplies and services, the report notes.

Last week, five managers, three of whom were past retirement age,
were made redundant hours after the acting general manager
indicated to the union representing ABTB workers that retrenchment
would begin within a week, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


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


CORDOBA: S&P Affirms 'CCC-' Foreign and Local Currency Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency ratings on the province of Cordoba.  The outlook
remains negative.

RATIONALE

"We cap our long-term ratings on Cordoba at the same level as the
'CCC-' T&C on Argentina (Foreign currency: SD/SD; local currency:
CCC+/Negative/C), which reflects the likelihood that the sovereign
will restrict non-sovereign entities' access to foreign exchange
for debt service.  In our view, Cordoba fails to meet the criteria
under which the foreign currency rating on a local or regional
government (LRG) could be higher than the related T&C assessment,"
S&P said.

Due to the cross-default clauses included in some of the
province's debt obligations, S&P don't believe Cordoba has
sufficient liquidity to meet all of its foreign and local currency
debt obligations should a cross-default clause be activated, amid
worsening macroeconomic conditions and limited financing options
after Argentina's selective default on July 30, 2014.  Therefore,
S&P also caps the local currency rating on the province at 'CCC-'.

Besides S&P's T&C assessment on Argentina and Cordoba's cross-
default clauses, a deteriorating macroeconomic environment, which
further exacerbates Argentina's volatile and underfunded
institutional framework, limits the rating on Cordoba.  The
central government has restricted Cordoba's access to funding,
which has further stressed its already "weak" liquidity.
Additionally, elevated inflation levels, which S&P expects to
reach 40% by the end of 2014, will stress the province's
expenditures further as it attempts to address state employee
unions' inevitable demands for wage increases amid such high
inflation.  This will continue to limit Cordoba's very weak
budgetary flexibility.  High inflation and limited growth
prospects, specifically a contraction in real GDP growth of 2%-
2.5% in 2014 and 2015, will also hurt Cordoba's already weak
economy and budgetary performance through narrower fiscal
surpluses.

The significant economic contraction S&P expects this year and
next will present continued challenges to Cordoba's weak financial
management. Jose Manual de la Sota, the province's governor, has a
strained relationship with the central government, mainly due to a
disagreement over funding the province's pension system.  S&P
don't expect the conflict to be resolved in the near future.  On
the other hand, S&P expects Cordoba's moderate debt burden to
continue to decline in relative terms over the next two years due
to limited financing options and high inflation.  However, the
province's high contingent liabilities pose some risk to Cordoba's
debt burden.

S&P views the institutional framework in which Argentinean local
and regional governments operate as "volatile and underfunded."
The assessment reflects S&P's perception of Argentina's
unpredictable and volatile intergovernmental system.  Ongoing
modifications to fiscal regulations and restrictions on LRG's
access to foreign currency jeopardize its financial planning, and
consequently, the province's credit quality.  S&P also believes
the system is increasingly vulnerable to political risk, resulting
in revenue and expenditure uncertainties at the LRG level.

"Our expectations for further macroeconomic deterioration at the
national and provincial level, with high inflation over the next
two years, economic contraction, further exchange rate
depreciation, and increasingly limited financing options will
continue to stress Cordoba's credit quality.  Though revenues
collected by the province have increased to 54% of total operating
revenues in recent years due to tax hikes and more effective tax
collection, the province will still have a hard time boosting own-
source revenues as the tax burden is already high, in our view.
We expect operating surpluses of 4%-6% of operating revenues
through 2016, down from 7% in 2013.  And we expect capital
expenditures to remain relatively stable at 7%-8% of total
expenditures due to the province's commitment to complete long-
term highway projects.  Therefore, we expect small deficits after
capital accounts --about 1% of total revenues over the next two
years on average--which highlights the province's weak budgetary
performance. Economic contraction is a key driver of our poor
fiscal forecast," S&P said.

Cordoba's weak economy is characterized by a relatively low GDP
per capita of about $10,032 for 2013 compared with the national
GDP per capita of $14,523, according to the local national
statistical institute's (DGEyC) report.  The province enjoys a
diverse economy, with agriculture representing 14% of local GDP,
industry (15%), trade (10%), real estate (18%), and all other
sectors (43%).

"However, we expect Cordoba's moderate debt burden to continue to
decline in relative terms over the next two years, due to limited
financing options and high inflation.  By 2016, we expect
Cordoba's total debt to represent 19% of operating revenues.
However, the province is exposed to currency risk, given that 62%
of its debt is denominated in foreign currency, and it faces risks
stemming from the province's pension system.  Additionally, we
believe that its high contingent liabilities from its main
government-related entities (GREs), EPEC and Banco de Cordoba,
pose additional risks to Cordoba's debt burden," S&P added.

Liquidity

Cordoba has a "weak" liquidity position, as defined by S&P's
criteria, with cash reserves covering only 60% of 2014 debt
service.  In Dec. 2012, the federal government granted the
province a grace period for principal and interest payments on
debt owed to it until Dec. 2013. However, in 2014, the central
government, in response Cordoba's litigation against it regarding
pension funding, added a clause that prevented Cordoba from
extending this grace period.  S&P estimates debt service in 2014
will be Argentine peso (ARP) 2.35 billion, compared with estimated
net cash and liquid reserves of ARP$1.42 billion.

Cordoba's access to external liquidity is uncertain, in S&P's
view.   According to Argentina's fiscal responsibility law, LRGs
are required to obtain authorization from the federal government
to issue new debt.  However, due to the strained relationship
between Cordoba and the central government, the latter withheld
approval for new debt in 2014, and we don't expect approvals to be
forthcoming.  Therefore, Cordoba's external financing is
restricted to already approved programs with multilateral
entities.

Currently, Cordoba has a single bond, Boncor 2017, which it issued
in two series.  The first in 2009 for $150 million has required
monthly payments since Jan. 2010 and a portion of these payments
is covered by co-participation funds.  The province issued the
second series in Aug. 2010 for $400 million.  Cordoba makes
biannual interest payments on this series and will repay it in
full in August 2017.

OUTLOOK

The negative outlook reflects the potential implications that
further restrictions to foreign currency access could have on
Cordoba's ability to continue to pay its debt service in a timely
manner in a scenario of limited external financing due to the
recent sovereign default.  S&P could lower the ratings on the
province if it perceived the central government might further
tighten its exchange control regime, which could impair the
province's ability to service foreign currency debt.  On the other
hand, S&P could raise its ratings if the risks of the sovereign's
limited access to foreign currency diminish.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST
Ratings Affirmed

Cordoba (Province of)
Issuer Credit Rating                   CCC-/Negative/--
Senior Unsecured                       CCC-


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


COMPANHIA SIDERURGICA: S&P Lowers Global Scale Rating to 'BB+'
--------------------------------------------------------------
On Oct. 3, 2014, Standard & Poor's Ratings Services downgraded
Companhia Siderurgica Nacional (CSN) to 'BB+' from 'BBB-' on
global scale and to 'brAA' from 'brAAA' on national scale.  In
addition, S&P removed the national scale rating from CreditWatch
negative.  The outlook on the global scale rating remains
negative.

Iron ore prices have plummeted to levels below $80 per ton in
Sept. 2014 from more than $120 at the beginning of 2014 (price
levels refers to 62% Fe content delivered in China).

The prices dropped as the world's largest producers are
significantly expanding their outputs in the next three years.
S&P expects 300 million tons to enter the market, while demand
could optimistically absorb only half of that.  In addition, most
of the new capacity is from relatively low-cost producers (below
$75/ton including freight costs).  As a result, S&P believes the
producers will proceed with the expansion despite currently low
price levels.  In light of these trends, S&P lowered its global
price assumptions for iron ore to $85 per ton through 2016.

Under such price levels, S&P expects CSN's financial risk profile
to remain pressured at least through 2017.  The company's
operating performance is suffering from a softer-than-expected
demand for steel in Brazil, as the economy is weakening.  In
addition, CSN is expanding its Casa de Pedra iron ore mine, which
limits its ability to deleverage. "We expect CSN to post a
shortfall in free cash flow of BRL500 million - BRL1 billion in
both 2015 and 2016," S&P said.


OGX PETROLEO: Owner Faces Trial in Nov. for Insider Trading
-----------------------------------------------------------
Juan Pablo Spinetto at Bloomberg News report that Eike Batista,
the owner of OGX Petroleo e Gas Participacoes S.A., now known as
Oleo e Gas, will face trial in Brazil next month for alleged
insider trading.

Judge Flavio Roberto de Souza from Rio de Janeiro's Third Federal
Criminal Tribunal rejected Mr. Batista's request for the case to
be dismissed and set a Nov. 18 court date, according to a
magistrate ruling posted on the court's website Oct. 6, according
to Bloomberg News.

Bloomberg News notes that Mr. Batista's empire of commodities and
logistics startups collapsed last year, forcing his flagship oil
unit into bankruptcy protection amid mounting debt, a shortfall in
revenue and a crisis in confidence among investors.

Last month, Rio federal prosecutors accused Mr. Batista of crimes
including insider trading and market manipulation, Bloomberg News
relates.  That triggered an order by judge Souza to freeze BRL117
million (US$48 million) in assets held by the former billionaire.

Neither Mr. Batista nor his lawyer, Sergio Bermudes, responded to
requests for comment on the decision.  Mr. Bermudes had previously
said the allegations against Batista were groundless, Bloomberg
News recounts.

The Rio prosecutors accuse Mr. Batista of allegedly using
privileged information twice last year to achieve an advantage
while selling shares of his oil company, the judge said in his
ruling, Bloomberg News relays.  The businessman has allegedly
profited as much as BRL237.5 million with the transaction,
according to the judge's recount of the accusation.

The entrepreneur, who at his peak was worth more than US$30
billion according to the Bloomberg Billionaires Index, told
newspaper Folha de Sao Paulo last month that he has a negative net
worth of US$1 billion.

Mr. Batista's testimony will be taken Nov. 18 and a ruling may
take place as early as the same day after all sides are heard,
judge Souza told Agencia Estado, Bloomberg News discloses.

The case number is 0029174-94.2014.4.02.5101.

                        About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.


OSX BRASIL: Together with Oleo e Gas Renegotiates FPSO Contract
---------------------------------------------------------------
Reuters reports that Oleo e Gas Participacoes SA, the Brazilian
oil producer that is under bankruptcy protection, and former
sister company OSX Brasil SA completed on Sept. 12, a plan to
renegotiate contractual terms related to the rental of a ship.

In a securities filing, Oleo e Gas said OSX Brasil, a shipbuilder
controlled by Brazilian tycoon Eike Batista, agreed to reduce the
daily rental fee for the OSX 3 floating production, storage and
offloading vessel to US$250,000 from US$265,000, according to
Reuters.

Bonds that were sold by OSX to fund the construction of OSX 3
could be purchased by OGX PetrOleo e Gas SA -- which filed for
bankruptcy in November -- under certain, undisclosed
circumstances, the filing added, the report relays.

                         About OSX Brasil

Brazilian shipbuilding firm OSX Brasil SA, controlled by
businessman Eike Batista, filed for protection from creditors on
November 2013 on liabilities of BRL5.34 billion (US$2.30 billion).
OSX Brasil filed for bankruptcy -- called "judicial recovery" in
Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX
Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30,
2013.

OSX had outstanding debts of around US$2.2 billion as of June 30,
2013, including dollar-and real-denominated loans and bonds held
by a mix of banks, investors and government institutions, such as
Brazil's Merchant Marine Fund, according to The Wall Street
Journal.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas,
according to the WSJ report.  The firm went public in 2008 for
$4.1 billion but failed to produce nearly any of the up to 10.8
billion barrels it claimed to have.


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


ALPHA SEEKERS: Creditors' Proofs of Debt Due Oct. 13
----------------------------------------------------
The creditors of Alpha Seekers are required to file their proofs
of debt by Oct. 13, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 2, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ARNETT INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Aug. 28, 2014, the sole shareholder of Arnett Investments
Limited 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:

          Argosa Corp. Inc.
          c/o Stephen Nelson
          Telephone: (345) 949-4544
          Facsimile: (345) 949-8460
          Charles Adams Ritchie & Duckworth
          Zephyr House, 122 Mary Street, George Town
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


BCM ALL: Creditors' Proofs of Debt Due Oct. 22
----------------------------------------------
The creditors of BCM All Weather Offshore Fund, Ltd. are required
to file their proofs of debt by Oct. 22, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 2, 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


BCM ALL MASTER: Creditors' Proofs of Debt Due Oct. 22
-----------------------------------------------------
The creditors of BCM All Weather Master Fund, L.P. are required to
file their proofs of debt by Oct. 22, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 2, 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


CORSAIR FUND: Creditors' Proofs of Debt Due Oct. 23
---------------------------------------------------
The creditors of The Corsair Fund SPC are required to file their
proofs of debt by Oct. 23, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 25, 2014.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


HAWKWOOD COMMODITIES: Creditors' Proofs of Debt Due Oct. 22
-----------------------------------------------------------
The creditors of Hawkwood Commodities Fund Limited are required to
file their proofs of debt by Oct. 22, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 3, 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


HAWKWOOD COMMODITIES MASTER: Creditors' Proofs of Debt Due Oct. 22
------------------------------------------------------------------
The creditors of Hawkwood Commodities Master Fund Limited are
required to file their proofs of debt by Oct. 22, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 3, 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


KELUSA ASIA: Placed Under Voluntary Wind-Up
-------------------------------------------
On Sept. 3, 2014, the sole shareholder of Kelusa Asia Focus
Offshore Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 949 9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


KELUSA ASIA MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 3, 2014, the sole shareholder of Kelusa Asia Focus Master
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 949 9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


RESOURCES GRAND: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 3, 2014, the sole shareholder of Resources Grand Two
Limited 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:

          Gerald Yung
          Harvest Capital Partners Ltd.
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


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


BARRICK GOLD: Denies Having Paid for Expropriated Lands
-------------------------------------------------------
Dominican Today reports that the miner Barrick Gold denied having
paid the families who own lands expropriated for the gold mine
during the 1950's, and affirmed that it was the Dominican State
which acquired the properties.

The statement comes after newspaper Diario Libre reported a
protest by descendants of those families, who demanded
compensation, and which quoted a spokesperson as saying that the
mining company had given "some pennies" to some of those affected,
according to Dominican Today.

Barrick Gold denies having taken part in the land's acquisition
and affirms that it occurred decades before its arrival, when
Rosario Dominicana operated the mine, the report discloses.

"Barrick Pueblo Viejo is not responsible for transferring,
relocating or compensating people affected by the declaration of
Eminent Domain over the land.  That function is under the
exclusive authority of the Dominican State," Barrick Gold said,
the report adds.


DOMINICAN REP: Pay US$905MM or Face Blackouts, Power Firms Warn
---------------------------------------------------------------
Dominican Today reports that the Dominican Republic government
owes the power companies a record US$905.0 million to September,
and could force many of them to shut down their plants, Dominican
Republic's Electricity Industry Association (ADIE) warned.

ADIE said the Government debt has forced its affiliates to tale
loans to continue operations, according to Dominican Today.

In a statement, ADIE said some power companies have already pulled
out of the Dominican market to others more reliable ones, such as
Panama, the report notes.

"The population is also affected because the blackouts would
increase which are caused by the distributors themselves for their
inefficient management and marketing," the report quoted ADIE as
saying.

ADIE added that the distributors are unable to collect from
consumers all the electricity served, leading to losses of 33%,
the report relays.


LA TABACALERA: Government To Sell Entire Stake in Tobacco Emporium
---------------------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina on Sept. 29 authorized the sale of all of the government's
entire stake in the tobacco company La Tabacalera, through a call
for tenders.

Though neither the Presidency's Press Office nor the Legal Adviser
had officially announced the measure, Executive order 345-14 was
signed September 15, according to Dominican Today.

The report notes that President Medina authorizes the State-owned
Companies Fund (Fonper) to sell the Government's 49.50% stake in
the Tabacalera, whose main offices in Santiago had been shuttered
for decades.

"There's abundant scientific evidence of (tobacco's) severe damage
to human health, since it is associated with the emergence of
cancerous tumors," the executive order said as the motivation, the
report relays.


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


JAMAICA: Set to Benefit From US Economic Recovery
-------------------------------------------------
RJR News reports that Nick Chamie, Scotiabank's Global Investment
Strategist, believes Jamaica is set to benefit from the rebound in
the U.S. economy.

Mr. Chamie, who was speaking at a Scotiabank seminar in Kingston,
said improvements are already being seen on U.S. household balance
sheets, according to RJR News.

The report notes that those improvements have resulted in
Americans starting to borrow again, which he believes, will push
private sector growth in that country.

RJR News relates that Mr. Chamie said that means the U.S. dollar
will reclaim its strength and become the best performing currency
in the next five years.  He said that trend will benefit Jamaica,
though he did not elaborate, the report discloses.

The report says Mr. Chamie pointed out that the global economy has
recovered 65 per cent of its decline since the world wide
recession in 2008. Full recovery is expected to take another four
years.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


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


PUERTO RICO: Senate Passes Borrowing Up to US$1.2 Billion in Notes
------------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico's Senate
approved selling as much as US$1.2 billion of notes, which would
be the U.S. commonwealth's first borrowing after enacting a law
allowing some public agencies to restructure debt.

The sale may signal appetite for the junk-rated island's
securities as its leaders attempt to turn around a struggling
economy, according to Bloomberg News.  Senators passed the measure
by a vote of 16 to 8, Ana Allende, director of legislation for
Senator Jose Nadal Power, said in a telephone interview with
Bloomberg News from San Juan.  The senator is chairman of the
chamber's Finance Committee.

At least three-quarters of the sale may be privately placed,
Senator Allende said, Bloomberg News relays.

The Government Development Bank, which handles the island's debt
sales, is set to issue the notes, which would mature by the end of
June 2015, according to a posting on the Electronic Municipal
Market website, Bloomberg News notes.  The securities would be
repaid through tax and revenue receipts, Bloomberg News relays.

Lawmakers in June approved a law that allows certain agencies,
such as the Electric Power Authority, to ask investors to take a
loss on bond holdings.  Puerto Rico's 13.5 percent jobless rate in
August exceeded the level in all U.S. states, notes Bloomberg
News.

Puerto Rico hasn't accessed the municipal market since it sold
US$3.5 billion of general-obligation bonds in March, most of which
was purchased by hedge funds, says Bloomberg News.

Governor Alejandro Garcia Padilla's administration helped create
the note measure, which the house authorized on Sept. 25,
Bloomberg News relays.  It now heads to the governor for his
consideration, Senator Allende said, Bloomberg News adds.


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


TRINIDAD CEMENT: S&P Lowers CCR to 'D' on Missed Payments
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Trinidad Cement Limited Group (TCL) to 'D' from 'B'.

The downgrade reflects TCL's missed debt service payments due
Sept. 30, 2014.  Such maturities are not subject to a grace period
and we do not expect payment within five business days, which
Standard & Poor's considers an event of default as per its
criteria.

In addition, the downgrade reflects TCL's Sept. 29, 2014, notice
to stakeholders, in which the company informs that all payments
due under the existing restructured loan agreements would be
placed on hold.  In the same notice, TCL stated that it would
submit a comprehensive restructuring plan by Oct. 31, 2014.

                       *     *     *

As reported in the Troubled Company Reporter - Latin America on
October 6, 2014, RJR News said a notice from Trinidad Cement
Limited confirmed that the company's Chief Executive Officer, Dr.
Rollin Bertrand, who was suspended by the new Board, had been
fired.

On September 4, 2014, the Trinidad and Tobago Newsday said the
newly elected board of directors of Trinidad Cement Limited has
suspended Dr. Rollin Bertrand, and Alejandro Alberto Ramirez, was
appointed as acting CEO.  Businessman Wilfred Espinet was
appointed chairman of the company.

On Aug 25, 2014, the TCRLA said prominent Jamaican businessman
Chris Dehring was among seven new members appointed to the Board
of TCL, according to the RJR News. Six directors of TCL including,
Chairman Andy Bhajan resigned on Aug. 19, minutes before a special
meeting by shareholders was due to be held to vote them out, said
the report.  The shareholders later voted in the new directors.
The resignation of the directors, including Chief Executive
Officer Dr. Rollin Bertrand came a few hours after Trinidad Cement
lost an application in the Court of Appeal in Port of Spain for an
injunction to block the meeting.  At that time, Mr. Bertrand
resigned as a director but maintained his position as chief
executive officer.

On May 8, 2014, the TCR-LA reported that Fitch Ratings assigned
these initial ratings to Trinidad Cement Limited Group (TCL
Group):

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

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


                            ***********


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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