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

            Friday, October 10, 2014, Vol. 15, No. 201


                            Headlines



A R G E N T I N A

YPF SA: In Talks With OAO Gazprom for US$1BB Deal, Minister Says


B R A Z I L

BANCO DE BRASILIA: S&P Assigns 'BB/B' Rating; Outlook Stable
OI SA: Chief Bava Resigns Amid Deal Speculation in Brazil
PDG REALTY: S&P Revises Outlook to Stable & Affirms 'B' Rating


C A Y M A N  I S L A N D S

BANIF-INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 21
BANIF MULTI-FUND: Creditors' Proofs of Debt Due Oct. 21
DELOITTE CARIBBEAN: Creditors' Proofs of Debt Due Oct. 22
KED INVESTMENTS: Shareholder to Receive Wind-Up Report on Oct. 15
QUASAR STRATEGIC: Creditors' Proofs of Debt Due Oct. 22

S.A.C. MULTIQUANT: Commences Liquidation Proceedings
SAPIC III: Creditors' Proofs of Debt Due Oct. 13
TOKYO REALTY: Commences Liquidation Proceedings
TOURADJI MERGER: Creditors' Proofs of Debt Due Oct. 22
TYG CAPITAL: Ct. Enters Order to Continue Provisional Liquidation


C H I L E

COMPANIA SUD: S&P Affirms 'B-' CCR; Outlook Remains Positive


J A M A I C A

JAMAICA: Current Account Deficit Up by US$76M in April-June Period
JAMAICA: IMF Cuts Growth Projections This Year to 1%
JAMAICA: Tension Worsens Between JGRA & Petroleum Marketing Firms


M E X I C O

OCEANOGRAFIA SA: Aleman Family Plans Capital Injection
OCEANOGRAFIA SA: Trustee Taps Clarkson to Sell Seized Ship Goliath


P U E R T O   R I C O

BANOS Y PISOS: Case Summary & 17 Largest Unsecured Creditors
EMPRESAS BT: Case Summary & 20 Largest Unsecured Creditors


                            - - - - -


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A R G E N T I N A
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YPF SA: In Talks With OAO Gazprom for US$1BB Deal, Minister Says
----------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that YPF SA and OAO
Gazprom (GAZP) are in talks to sign a memorandum of understanding
to develop natural gas in Argentina worth at least US$1 billion,
said the South American country's Industry Minister Debora Giorgi.

OAO Gazprom officials will visit Buenos Aires-based YPF as soon as
November, Ms. Giorgi said in an e-mailed statement after meeting
with Gazprom Chairman Alexey Miller at the International Gas Forum
in St. Petersburg, Russia, according to Bloomberg News.  The MOU
could include Germany's BASF SE (BAS) unit Wintershall AG, Ms.
Giorgi said.

Bloomberg News notes that YPF SA is seeking partners to develop a
Chubut provincial shale deposit, D129, and Vaca Muerta, a shale
formation the size of Belgium in the Neuquen basin that contains
at least 23 billion barrels of oil.   Chevron Corp. (CVX) is
producing shale oil in a YPF joint venture that may expand to
US$16 billion, Bloomberg News relates.

"We are seeking partners to finance shale projects," Ms. Giorgi
said in the statement obtained by Bloomberg News.  "The
investments will be for shale deposit not only located in Vaca
Muerta," Ms. Giorgi added.

YPF SA has had "promising" meetings with Gazprom though it hasn't
yet signed an MOU, the company said in an e-mailed statement
obtained by Bloomberg News.  YPF SA said it will inform the market
if it signs such an accord, Bloomberg News relays.

Alejandro Di Lazzaro, a YPF SA spokesman in Buenos Aires, earlier
referred to a press release issued by Gazprom on the meeting
between Miller and Giorgi, Bloomberg News notes.

"The meeting participants looked at the development prospects for
the bilateral cooperation in the gas sector, with an emphasis on
exploration and production of gas from Argentine gas fields,"
Gazprom said in the statement obtained by Bloomberg News.
"Consideration was also given to supplies of liquefied natural gas
from Gazprom group's portfolio to the country," the statement
added, Bloomberg News relates.

Moscow-based Gazprom is the natural gas producer that meets a
third of European demand for the fuel.  Wintershall produces 9
percent of Argentine gas output.

                         About YPF SA

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2014, Fitch Affirmed YPF S.A.'s Caa1 Global Local
Currency Issuer Rating and Baa1.ar National Local Currency Issuer
Rating.  The outlook was changed to Negative from Stable.


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B R A Z I L
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BANCO DE BRASILIA: S&P Assigns 'BB/B' Rating; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB/B' global
scale ratings to Banco de Brasilia S.A. (BRB).  At the same time,
S&P affirmed its 'brAA-/brA-1' national scale ratings on the bank.
Outlook on both scales is stable.

The ratings on BRB reflect its "weak" (as S&P's criteria define
the term) business position, "adequate" capital and earnings,
"adequate" risk position, and "average" funding and "adequate"
liquidity.

Under S&P's bank criteria, it uses its Banking Industry Country
Risk Assessment's (BICRA) economic risk and industry risk scores
to determine a bank's anchor, the starting point in assigning an
issuer credit rating.  S&P's anchor for a commercial bank
operating only in Brazil is 'bbb-', based on the country's
economic risk score of '6' and an industry risk score of '5'.
Brazil's economic risk reflects its low GDP per capita levels and
only modest growth prospects that limit household credit capacity
and the country's ability to withstand economic downturns.  It
also considers S&P's view that economic imbalances have increased
as a result of rapid credit expansion amid a slowly growing
economy, further increasing the household debt burden.  Overall
S&P sees economic imbalances in Brazil continue to increase,
credit growth remains to be hefty, despite the recent slowdown,
especially considering that economic growth has been sluggish and
is not likely to pick up over the next two years.  In addition,
S&P expects Brazil's external vulnerability will rise somewhat
over the next several years, which also contributes to S&P's 'High
Risk' assessment for economic imbalances.  However, Brazil's,
moderate leverage in the corporate sector, and the absence of
high-risk loans in banks somewhat mitigate the higher risk factors
in S&P's economic risk assessment.

S&P's industry risk score of '5' reflects its belief that the
industry risks in Brazil's banking sector continued to increase.
In S&P's view, there are growing market distortions due to an
increasing market share of loans from publicly owned banks during
the past two years, in addition to increasing spread differential
between public and private banks; which have also resulted in
falling profitability for the whole system over the same period.
Extensive coverage, effective supervision of the financial system,
and an adequate and stable deposit base supports industry risk
assessment.

"The stable outlook on BRB reflects our view that the likelihood
of government support towards the bank will remain as 'moderate'
and that the bank will maintain its RAC ratio above 7%," said
Standard & Poor's credit analyst Edgard Dias.  S&P would downgrade
BRB if its RAC ratios drops below 7% or if the bank's asset
quality weakens.  S&P could upgrade BRB if it improves its RAC
ratio to above 10%, if it raises its local currency rating on
Brazil, or if S&P perceives that the likelihood of government
support towards the bank is stronger, provided its RAC ratio
remains above 7%.


OI SA: Chief Bava Resigns Amid Deal Speculation in Brazil
---------------------------------------------------------
Christiana Sciaudone and Cornelius Rahn at Bloomberg News report
that Oi SA Chief Executive Officer Zeinal Bava stepped down,
potentially paving the way for a breakup of the indebted Brazilian
phone company's year-old merger deal with Portugal Telecom SGPS
SA.

Mr. Bava, the former Portugal Telecom CEO who joined Oi SA last
year to facilitate the trans-Atlantic combination, resigned with
immediate effect, Rio de Janeiro-based Oi SA said, according to
Bloomberg News.  Chief Financial Officer Bayard Gontijo will take
over until the board nominates a successor.

Mr. Bava is leaving less than three months after Portugal Telecom
was forced to absorb EUR897 million (US$1.1 billion) in debt from
a unit of Espirito Santo International SA, Bloomberg News notes.
The Portuguese phone assets have now attracted the interest of
billionaire Patrick Drahi, whose Altice SA (ATC) is working on a
bid to expand its portfolio of European cable networks, a person
familiar with the matter told Bloomberg News this week.

"[Mr.] Bava leaving removes the main driver behind the merger
between the Portuguese and Brazilian assets," Bloomberg News
quoted Alexandre Iatrides, an analyst at Oddo & Cie. in Paris, as
saying.  "Selling the Portuguese assets may be a good way for Oi
to enable a strategic move in Brazil," Mr. Iatrides said.

                           Rioforte Debt

Oi SA and Portugal Telecom agreed on the merger a year ago to
create a carrier with 100 million customers to compete against
Telefonica SA (TEF) and Carlos Slim's America Movil SAB, Bloomberg
News discloses.  Oi SA shares have slumped about 60 percent since
the announcement, notes Bloomberg News.

To help fund the deal, Oi SA raised BRL8.25 billion (US$3.4
billion) in a capital increase, Bloomberg News notes.

In July, the carriers renegotiated the transaction to give
Portugal Telecom a smaller stake in the combined company after it
emerged that the Lisbon-based partner was a holder of debt
defaulted by Espirito Santo's Rioforte Investments SA, Bloomberg
News relays.  Oi SA said at the time that it had no knowledge that
Portugal Telecom had purchased the debt and was investigating,
Bloomberg News says.

Bloomberg News discloses that Mr. Bava's relationship with Oi SA's
controlling shareholders, which include the Jereissati and Andrade
Gutierrez families, deteriorated following the Rioforte default, a
team of Banco Bradesco BBI SA analysts, including Luis Azevedo,
wrote in a research report.  The analysts view the news of Mr.
Bava's departure as negative.

                      'Delicate' Condition

"Oi SA is once again without a leader in its ongoing turnaround,
while the company's financial condition is now even more
delicate," the analysts wrote, Bloomberg News relays.  "The
company's operation deteriorated" in the period from Francisco
Valim's departure as Oi SA's CEO in early 2013 and Bava taking
over in the middle of that year, it added.

In August, Oi SA hired Banco BTG Pactual (BBTG11) to study the
possibility of buying Telecom Italia SpA (TIT)'s stake in its
Brazilian wireless unit, Tim Participacoes SA.  Rio de Janeiro-
based Tim is working with Bradesco to negotiate an acquisition of
Oi SA, people familiar with the matter told Bloomberg News.

Portugal Telecom's phone assets may be valued at as much as $9
billion, Mr. Iatrides said, Bloomberg News notes.  Selling them to
interested parties like Altice would facilitate a deal with Tim,
Mr. Iatrides added, notes the report.

                           Asset Shift

While the merger with Oi SA is scheduled to be completed as soon
as the current quarter, the Portuguese carrier has transferred its
local assets to Oi SA, Bloomberg News relays.

Mr. Bava has been trying to turn around Oi SA, which has about
US$19 billion in debt, by participating in the consolidation of
Brazilian telecommunications companies as competition intensifies
amid rising investment costs, Bloomberg News notes.

Telefonica, owner of the Vivo brand in Brazil, agreed to buy
Vivendi SA (VIV)'s local broadband provider GVT last month,
Bloomberg News recounts.  GVT Chief Executive Officer Amos Genish
has been invited to lead Oi SA, Valor Economico newspaper
reported, Bloomberg News relays.

In a separate filing, Oi SA said its strategy is to look for and
analyze alternatives to improve its financial flexibility,
including a sale of non-strategic assets and stakes in companies
such as Africatel Holdings BV, Bloomberg News discloses.  Oi SA
has yet to make a decision on a disposal of its Portuguese assets,
and hasn't received any proposal for them, it said, Bloomberg News
adds.

                          About Oi S.A.

Oi S.A., through its subsidiaries, provides integrated
telecommunication services for residential customers, companies,
and governmental agencies in Brazil.  The company was formerly
known as Brasil Telecom S.A. and changed its name to Oi S.A. in
February 2012. Oi S.A. was founded in 1963 and is headquartered in
Rio de Janeiro, Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2014, Moody's America Latina has assigned a Ba1/Aa2.br
corporate family rating to Oi SA based on the company's reduced
financial flexibility and weak credit metrics, which Moody's
believes will result in a weakening of Oi's competitive position.
Oi has articulated plans to reduce capital spending and may not
fully participate in the upcoming 4G spectrum auction in Brazil.
In addition, Oi could face operational, competitive or financial
challenges related to the quickly evolving competitive
environment, which includes an opportunity for consolidation
through M&A.


PDG REALTY: S&P Revises Outlook to Stable & Affirms 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
global scale rating on PDG Realty S.A. Empreendimentos e
Participacoes (PDG) to stable from negative.  In addition, S&P
affirmed its 'B' global scale and 'brBB+' national scale corporate
credit ratings on the company.  At the same time, S&P removed the
national scale rating from CreditWatch negative.  The outlook on
the national scale rating is stable.

PDG has been overhauling its operations since 2012 by scaling back
launches and focusing on cash flow generation.  PDG has gradually
improved profitability and lowered execution risk as it has
downsized its own launches to BRL613 million in the first half of
2014 from BRL9 billion in 2011.  The company's new launches will
be focused on its main and more resilient markets--Sao Paulo and
Rio de Janeiro--mainly targeting the mid- to high-income
population segments.  The management has also lowered its SG&A
costs mainly through headcount reductions, which should bolster
EBITDA margins.

Cash conversion cycle has taken more time than previously expected
chiefly due to sales cancelations, delays in the mortgage transfer
process, and difficulties to sell inventory outside Sao Paulo and
Rio de Janeiro.  S&P expects PDG to reach the turning point in the
second half of 2014 by generating operating cash flow of BRL122
million in 2014, BRL2.2 billion in 2015, and BRL1.2 billion in
2016.


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C A Y M A N  I S L A N D S
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BANIF-INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 21
----------------------------------------------------------
The creditors of Banif-International Asset Management Ltd. are
required to file their proofs of debt by Oct. 21, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 2, 2014.

The company's liquidators are:

          Cantelli
          Candace L. Ebanks
          Finab-International Corporate Management Services Ltd.
          Genesis Building, 3rd Floor
          P.O. Box 32338, George Town
          Grand Cayman KY1-1209
          Cayman Islands


BANIF MULTI-FUND: Creditors' Proofs of Debt Due Oct. 21
-------------------------------------------------------
The creditors of Banif Multi-Fund, Ltd. are required to file their
proofs of debt by Oct. 21, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 2, 2014.

The company's liquidators are:

          Cantelli
          Candace L. Ebanks
          Finab-International Corporate Management Services Ltd.
          Genesis Building, 3rd Floor
          P.O. Box 32338, George Town
          Grand Cayman KY1-1209
          Cayman Islands


DELOITTE CARIBBEAN: Creditors' Proofs of Debt Due Oct. 22
---------------------------------------------------------
The creditors of Deloitte Caribbean and Bermuda 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:

          Stuart Sybersma
          c/o Grant Hiley
          Deloitte & Touche
          P.O Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2353
          Facsimile: +1 (345) 949 8258


KED INVESTMENTS: Shareholder to Receive Wind-Up Report on Oct. 15
-----------------------------------------------------------------
The sole shareholder of Ked Investments II Ltd. will receive on
Oct. 15, 2014, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


QUASAR STRATEGIC: Creditors' Proofs of Debt Due Oct. 22
-------------------------------------------------------
The creditors of Quasar Strategic Partners 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. 9, 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


S.A.C. MULTIQUANT: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 9, 2014, the shareholders of S.A.C. Multiquant
(International), 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:

          Point72 Asset Management, L.P.
          c/o Alison O'Shea
          72 Cummings Point Road
          Stamford, CT 06902
          U.S.A.
          Telephone: (203) 890-3584


SAPIC III: Creditors' Proofs of Debt Due Oct. 13
------------------------------------------------
The creditors of SAPIC III Master Fund are required to file their
proofs of debt by Oct. 13, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 3, 2014.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


TOKYO REALTY: Commences Liquidation Proceedings
-----------------------------------------------
On Sept. 8, 2014, the shareholder of Tokyo Realty Investment
Company VI 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 liquidators are:

          Stephen Nelson
          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


TOURADJI MERGER: Creditors' Proofs of Debt Due Oct. 22
------------------------------------------------------
The creditors of Touradji Merger Arbitrage Master Fund, LP 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. 8, 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


TYG CAPITAL: Ct. Enters Order to Continue Provisional Liquidation
-----------------------------------------------------------------
The Grand Court of the Cayman Islands, on Aug. 30, 2014, entered
an order to continue the provisional liquidation of TYG Capital
Fund.

The company's provisional liquidators are:

          Hugh Dickson
          Grant Thornton Specialist Services (Cayman) Limited
          David Bennett
          Grant Thornton Recovery and Reorganisation Limited
          Level 12, 28 Hennessy Road
          Wanchai
          Hong Kong


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C H I L E
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COMPANIA SUD: S&P Affirms 'B-' CCR; Outlook Remains Positive
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Compania Sud Americana de Vapores (CSAV). The
outlook remains positive. The positive outlook and rating
affirmation reflects S&P's expectation that once the merger of the
company's container shipping business with Hapag-Lloyd AG (HL;
B+/Stable/--) is completed, CSAV's cash flows will become more
predictable and its credit metrics will improve.  Nevertheless,
the new company faces challenges as it leverages on its larger
scale to make its operations more efficient.

According to the merger's terms, CSAV will transfer all of its
container operation (including assets, debt, and other
obligations) to HL and will receive in return a 30% stake in the
combined entity.  As part of the agreement, CSAV's shareholders
(including Quinenco S.A., which holds a 54% stake in CSAV) will
contribute EUR259 million of the EUR370 million capital increase
that HL will carry out once the transaction is concluded and
increase its stake to 34% from 30% in the merged company.  HL's
current shareholders will control the remaining shares.  CSAV's
and HL's shareholders have approved the merger, and S&P expects it
to be completed by the end of 2014.

"CSAV's remaining operations will consist of its car carrier,
refrigerated cargo, and bulk businesses.  When compared to daily
charter rates, these units benefit from higher revenue visibility
as freight contracts are mainly between one and three years," said
Standard & Poor's credit analyst Marcus Fernandes.  Therefore,
CSAV's business will enjoy greater stability and predictability.
However, the merger will reduce CSAV's scale, and its geographic
diversification will diminish.  Therefore, S&P don't anticipate
material changes in its assessment of CSAV's "weak" business risk
profile.


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J A M A I C A
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JAMAICA: Current Account Deficit Up by US$76M in April-June Period
------------------------------------------------------------------
RJR News reports that the Bank of Jamaica has announced that the
country's current account deficit increased by US$76 million in
the April to June period.

The Central Bank reported that the country spent US$296 million
more on foreign goods and services than was spent on Jamaican
goods and services in the three months, according to RJR News.
The increase was due to more being spent on imported raw materials
and consumer goods, the report notes.

Higher sums spent on insurance payments and construction services
with foreign-based entities also contributed to the higher leakage
of foreign exchange in the period, the report relates.

At the same time, less money came in from overseas mainly due to
lower earnings from alumina and sugar exports, RJR News says.
That was partially offset by earnings from the tourism sector, the
report adds.

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.


JAMAICA: IMF Cuts Growth Projections This Year to 1%
----------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) has
revised growth projections for Jamaica this year.

The IMF previously said the country would have grown by 1.3
percent, but now growth is projected at 1 percent, according to
RJR News.

In its Economic Outlook for 2014 released Oct. 7, the IMF said the
reason for the revised projection is the impact of the recent dry
spell on agricultural production, particularly fruits and
vegetables, the report notes.

However, the lending agency says based on the fact that these
produce have a short turn around time, it has increased the growth
forecast for next year, the report relates.

It is expected that agricultural production will rebound as
drought conditions dissipate, the report notes.

RJR News says that the previous projection was 1.7 percent but
that has now been revised to two percent.

Meanwhile, the IMF says economic growth in Latin America and the
Caribbean continued to slow early this year even as it predicted
that regional growth will pick up to 2.2 per cent in 2015, the
report adds.

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.


JAMAICA: Tension Worsens Between JGRA & Petroleum Marketing Firms
-----------------------------------------------------------------
RJR News reports that tension is mounting between gas station
operators and petroleum marketing companies over the issuing of
new dealership licenses.

Late last month, all was not well with the more than 100 dealers
and the multi-national entities, which have been accused of
offering unfair contracts, RJR News says.  The Jamaica Gasoline
Retailers Association, JGRA, said the situation has worsened
prompting it to call its members to a series of meetings starting
Oct. 7, with Total dealers, the report notes.

The other companies in the stand-off are Rubis and the GB Group.

The JGRA said the contracts will among other things diminish the
rights and status of gas station dealers, the report adds.

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.


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M E X I C O
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OCEANOGRAFIA SA: Aleman Family Plans Capital Injection
------------------------------------------------------
Ben Bain at Bloomberg News reports that Mexico's Aleman family,
owner of the airline Interjet, said it reached agreement to take a
controlling stake in bankrupt oil-services provider Oceanografia
SA through a capital injection.

The agreement was reached with Oceanografia's shareholders,
according to Gabriela Jimenez, Grupo Aleman's director of
institutional relations, according to Bloomberg News.

Bloomberg News notes that Oceanografia, seized by the Mexican
government in February after a US$400 million fraud allegation by
Citigroup Inc., is operating under bankruptcy protection as
officials and creditors devise a reorganization plan.

Any capital investment or equity transfer would have to get
approval from a majority of creditors and the judge in the case,
Felipe Consuelo Soto, Bloomberg News relates.

President Enrique Pena Nieto's administration said it wants to
preserve Oceanografia as a going concern because it's an important
job provider and a critical contractor to the government oil
company, Petroleos Mexicanos, Bloomberg News notes.

Bloomberg News discloses that creditors in the bankruptcy case
include New York-based Citigroup as well as holders of the
company's defaulted bonds due in 2015.

Oceanografia SA owner Amado Yanez posted bail about four months
ago after Mexican authorities detained him for allegedly misusing
loans to the company, Bloomberg News relays.

Bloomberg News notes that Jorge Betancourt, an investor relations
officer with Oceanografia, referred questions on an agreement with
Grupo Aleman to Mexico's Asset Transfer and Administration
Service, known as SAE, which is overseeing the company on behalf
of the federal government.

Marcia Fuentes, a senior official at SAE, said she hadn't received
any information regarding a deal.

Reuters reported earlier that Grupo Aleman had agreed to buy
Oceanografia SA, Bloomberg News adds.

Oceanografia SA de CV provides offshore services for the oil
industry in the Gulf of Mexico. It offers engineering, diving,
installation, inspection and maintenance of marine structures;
drilling support services; materials logistics; and personal
carriers and inspection, installation, and construction of subsea
pipelines.


OCEANOGRAFIA SA: Trustee Taps Clarkson to Sell Seized Ship Goliath
------------------------------------------------------------------
Ben Bain at Bloomberg News reports that Nordic Trustee ASA, the
bond agent that repossessed the OSA Goliath in March from Mexican
oil-services provider Oceanografia SA, said it has hired a unit of
shipbroker Clarkson Plc (CKN) to sell the ship.

The Oslo-based trustee appointed H. Clarkson & Co. as a broker,
according to an Oct. 3 notice to bondholders, notes Bloomberg
News.  An earlier sales mandate with Pareto JGO shipbrokers ended
in June, according to the notice, Bloomberg News relates.

Bloomberg News discloses that Nordic Trustee said it "intends to
explore all options and alternative angles to achieve a successful
sale."

The trustee has been trying to sell the Goliath since March, after
Oceanografia was seized by the Mexican government following
allegations by Citigroup Inc. that the company defrauded it of
US$400 million in loans, Bloomberg News notes.  The ship had been
pledged as collateral for US$160 million of defaulted bonds,
Bloomberg News relays.

Prices for the bonds have fallen 14 cents in the past month to 100
cents on the dollar, according to prices from Pareto Securities,
Bloomberg News notes.

The ship, which was taken in the Gulf of Mexico, now lies about
five miles off the coast of Aruba, Bloomberg News relates.  In a
prior notice to investors on July 11, the trustee said that
questions about the ship's abilities to operate in Mexican waters
might deter would-be buyers, Bloomberg News adds.

Oceanografia SA de CV provides offshore services for the oil
industry in the Gulf of Mexico. It offers engineering, diving,
installation, inspection and maintenance of marine structures;
drilling support services; materials logistics; and personal
carriers and inspection, installation, and construction of subsea
pipelines.


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


BANOS Y PISOS: Case Summary & 17 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Banos Y Pisos, Inc.
        HC-05 Box 52335
        Caguas, PR 00725-9204

Case No.: 14-08347

Chapter 11 Petition Date: October 8, 2014

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Nilda M. Gonzalez Cordero, Esq.
                  GONZALEZ CORDERO LAW OFFICES
                  PO Box 3389
                  Guaynabo, PR 00970
                  Tel: 787-721-3437
                  Email: ngonzalezc@ngclawpr.com

Total Assets: $5.38 million

Total Liabilities: $729,066

The petition was signed by Alberto Camayd Freixas, president.

A list of the Debtor's 17 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb14-08347.pdf


EMPRESAS BT: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Empresas BT, Inc.
        HC-05 Box 52335
        Caguas, PR 00725-9204

Case No.: 14-08349

Chapter 11 Petition Date: October 8, 2014

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Nilda M. Gonzalez Cordero, Esq.
                  GONZALEZ CORDERO LAW OFFICES
                  PO Box 3389
                  Guaynabo, PR 00970
                  Tel: 787-721-3437
                  Email: ngonzalezc@ngclawpr.com

Total Assets: $784,607

Total Liabilities: $1.85 million

The petition was signed by Alberto Camayd Freixas, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb14-08349.pdf


                            ***********


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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