TCRLA_Public/141022.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 22, 2014, Vol. 15, No. 209


                            Headlines



A R G E N T I N A

ARGENTINA: Sale Seen by Goldman as Buoying Informal Peso
CARUSO COMPANIA: Moody's Withdraws B3 Global Local Currency FSR
INDUSTRIAL ASSET: Moody's Rates Crecimiento Bonds 'Caa-Bf'


B R A Z I L

CIA. DE SANEAMENTO: Water Cuts Used by Rousseff Against Challenger
VIRGOLINO DE OLIVEIRA: Fitch Cuts Issuer Default Ratings to 'CC'
VIRGOLINO DE OLIVEIRA: S&P Lowers Corp. Credit Rating to 'CCC-'


C A Y M A N  I S L A N D S

ANTHION OFFSHORE: Shareholder Receives Wind-Up Report
LDK SOLAR: Creditors OK Cayman, Hong Kong Schemes of Arrangement
MSREF VII: Members Receive Wind-Up Report
MSREF VII JAPAN: Members Receive Wind-Up Report
NCH CASUALTY: Shareholders Receive Wind-Up Report

QUASAR STRATEGIC: Shareholder to Receive Wind-Up Report on Oct. 31
RESOURCES GRAND: Shareholder Receives Wind-Up Report
S.A.C. MULTIQUANT: Shareholders Receive Wind-Up Report
SPEEDCAST HOLDINGS: Shareholder to Hear Wind-Up Report on Oct. 23
TOKYO CAPITAL: Shareholders Receive Wind-Up Report

TOURADJI MERGER: Members' Final Meeting Set for Nov. 6


C O S T A   R I C A

COSTA RICA: Sees Fiscal Deficit at 3.9% of GDP Through September


J A M A I C A

JAMAICA: ILO Concerned About Workforce Impact of Chikungunya
JAMAICA MONEY: Responds to Shareholder's Concerns


P E R U

SAN MIGUEL: Fitch Affirms 'BB' Sr. Unsecured Notes Rating


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Revenue Rises by TT$97.2 Million


U R U G U A Y

* URUGUAY: IDB Loans US$42.2M to New Private Sector for Wind Farm


                            - - - - -


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


ARGENTINA: Sale Seen by Goldman as Buoying Informal Peso
---------------------------------------------------------
Katia Porzecanski at Bloomberg News reports that Argentina's first
dollar-linked bond sale in at least a decade may help shore up the
peso in the nation's informal currency markets, according to
Goldman Sachs Group Inc.

The Economy Ministry said in a statement Oct. 17 that the
government will take offers for as much as $1 billion of two-year
securities Oct. 23-28, according to Bloomberg News.  The bonds
will be denominated in dollars and pay holders in pesos at the
official exchange rate, with annual interest of 1.75 percent,
Bloomberg News notes.  Argentina hasn't sold debt in international
markets since defaulting on a record US$95 billion in 2001,
Bloomberg News relates.

The securities, which will be sold locally, offer protection
against a peso devaluation and are being offered as the government
tightens controls on informal currency markets, Bloomberg News
notes.

Bloomberg News discloses that Mauro Roca, a Goldman Sachs
economist, said in a research note to clients that the sale will
help strengthen the peso in the so-called blue-chip swap market,
where Argentines who can't get or don't want to seek government
permission to access U.S. currency pay 65 percent more for the
greenback by buying and selling assets in pesos and dollars.

"We view this measure as marginally positive," Mr. Roca wrote,
Bloomberg News relays.  "It indirectly increases the relative
supply of dollar-denominated bonds, helping to decrease exchange
rate pressures on the blue-chip swap," Mr. Roca added.

                       Insurer Compensation

The sale will compensate insurance companies that were told by
government officials to sell their dollar-denominated bond
holdings to relieve pressure on the informal exchange rate, Buenos
Aires-based newspaper Ambito Financiero reported, without saying
where it got the information, Bloomberg News notes.

The report says Central bank President Alejandro Vanoli met with
the nation's banking association and reiterated a devaluation
shouldn't be expected, the monetary authority said in an Oct. 16
statement.  Mr. Vanoli discussed measures to stimulate savings in
pesos, according to the statement obtained by Bloomberg News.

Since her re-election in 2011, President Cristina Fernandez de
Kirchner has restricted access to dollars as surging inflation
spurred capital flight and a plunge in central-bank reserves,
Bloomberg News notes.  Prices rose 40.3 percent in September from
a year earlier, according to the City of Buenos Aires, Bloomberg
News relays.

                        Argentine Issuance

Bloomberg News notes that Argentine companies and provinces have
issued about US$5 billion in dollar-linked securities as funding
costs abroad jumped and speculation the peso would be devalued
fueled domestic demand for the instruments, according to data
compiled by the Argentine Institute of Capital Markets.

The nation devalued the peso 19 percent in January, and economists
surveyed by Bloomberg expect the currency to fall an additional 25
percent by the second quarter of next year to 11.4 per dollar,
Bloomberg News relays.

"Despite the capital gains in pesos you'd get with a dollar-linked
bond in the medium term from the inevitable correction in the real
exchange rate, the price and yield for dollar debt is still
superior," Daniel Marx, a former finance secretary who runs Buenos
Aires consulting company Quantum Finanzas, wrote in a report Oct.
17, Bloomberg News notes.

The Argentine bond sale is the nation's third issuance in local
markets this year.  The nation sold ARS10 billion (US$1.2 billion)
of two-year bonds last month and ARS5.5 billion of three-year
bonds in March, Bloomberg News notes.

                        Financing Needs

Bloomberg News relays that the offering will also help relieve
some of Argentina's financing needs while the nation avoids
tapping international markets where its borrowing costs are more
than 10 percent, according to Goldman Sachs's Mr. Roca.  Argentina
defaulted on its overseas bonds in July after a legal dispute
blocked the nation from making debt payments.

"Even when the announced amount of expected issuance pales against
the increasing magnitude of the financial needs of the central
government during the last quarter of the year, the alternative
source of financing contributes in diminishing the monetization of
the fiscal deficit," Mr. Roca wrote, Bloomberg News relays.  "The
government would likely continue to tap domestic markets," Mr.
Roca added.

                         *     *     *

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.


CARUSO COMPANIA: Moody's Withdraws B3 Global Local Currency FSR
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn Caruso Compania Argentina de Seguros S.A.'s B3 global
local currency and A1.ar national scale insurance financial
strength ratings with a negative outlook. Caruso is a regional
Argentine insurer that provides multiline insurance products with
a focus on group life coverage.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.


INDUSTRIAL ASSET: Moody's Rates Crecimiento Bonds 'Caa-Bf'
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned initial global and national scale bond fund ratings to
four fixed-income funds managed by Industrial Asset Management
S.G.F.C.I.S.A.(Industrial AM) in Argentina. The global scale and
national scale ratings assigned are as follows:

-IAM Ahorro Pesos: B-bf / Aa-bf.ar

- IAM Renta Plus FCI: B-bf / A-bf.ar

- IAM Factoring Abierto PyME FCI: B-bf / A-bf.ar

-IAM Renta Crecimiento: Caa-bf / Baa-bf.ar

Ratings Rationale

"The fund ratings are based on Moody's evaluation of each fund's
model portfolio as provided by the sponsor. In particular, Moody's
consider the maturity-adjusted, weighted average credit quality of
the portfolio. Looking at the funds on this basis, the IAM funds
are comparable to similarly rated peers", said Moody's lead
analyst Carlos de Nevares.

The principal methodology used in these ratings was Moody's Bond
Fund Rating Methodology published in May 2013.

Industrial AM is a newly formed asset management subsidiary of
Banco Industrial (Argentina). IAM currently manages just one
equity fund which had total assets of AR$134.2 million (US$16.0
million) as of August 2014.


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

CIA. DE SANEAMENTO: Water Cuts Used by Rousseff Against Challenger
------------------------------------------------------------------
Vanessa Dezem at Bloomberg News reports that more than half of Sao
Paulo's residents say they're already experiencing water shortages
and blame both the federal and state governments as the worst
drought in eight decades threatens drinking supplies in South
America's biggest metropolis.

Sixty percent of the population said their water supplies were
restricted at least once in the past 30 days, up from 35 percent
in early June, according to a DataFolha poll published in Folha de
S. Paulo newspaper, Bloomberg News notes.  Of those people, 74
percent said the cut lasted at least six hours.

President Dilma Rousseff, in the final week before the Oct. 26
runoff election against Aecio Neves, meanwhile, is stepping up her
attacks of Sao Paulo state's handling of the water crisis, saying
in a radio campaign ad that Governor Geraldo Alckmin was offered
federal government support and refused, according to Bloomberg
News.  Mr. Neves, who polls show is statistically tied with
President Rousseff, and Mr. Alckmin are both members of the Social
Democracy Party, known as PSDB, Bloomberg News discloses.

"For months I have been trying to help, but the Sao Paulo
government has shown no interest in carrying out projects with our
support," President Rousseff said in the ad, notes the report.

Sao Paulo's water is supplied by Cia. de Saneamento Basico do
Estado de Sao Paulo, known as Sabesp, Latin America's largest
publicly traded water utility, Bloomberg News notes.

The state government is taking the biggest share of the blame for
the crisis, with 66 percent of respondents saying it's largely
responsible, DataFolha said, Bloomberg News discloses. More than
half also blame the federal and city governments.

The DataFolha survey of 804 people conducted Oct. 17 has a margin
of error of plus or minus 4 percentage points.

                          Who to Blame

"People don't know who to blame," said Valeriano Costa, a
professor at the State University of Campinas, a city near Sao
Paulo where half of the 1.1 million residents are facing water
shortages, Bloomberg News relays.

The attack advertisement is aimed at reducing "the preference for
Aecio Neves in Sao Paulo state," Mr. Costa said, Bloomberg News
notes.  "With less than a week until the runoff, "they have a
short time to achieve that, so it won't have much impact on the
election results," Mr. Costa added.

                       Affecting Business

The lack of water has affected local businesses in Sao Paulo.
"Water is essential for us, and with the lack of it, we are
already expecting raise in costs," said Carlos Pereira, manager at
Xodo Paulista Bakery, near one of the city's best-known streets
Avenida Paulista, Bloomberg News relays  Over the past 10 days,
the baker's taps have run dry from 7 p.m. until the next morning,
Bloomberg News notes.

The crisis is expanding into more of Sao Paulo state. The local
newspaper O Estado de S. Paulo reported Oct 16 that 70 cities, of
the 645 in the state, have been affected by water shortages and 38
are rationing water, Bloomberg News says.

Bloomberg News relays that with 40 million people and almost 250
thousand square kilometers, Sao Paulo state is bigger than the
U.K.  It's considered the engine of Brazil's economy, responsible
for 31 percent of the country's economy, Bloomberg News notes.

"There is a direct correlation between the lack of water and the
decline in the state's GDP," Bloomberg News quoted Leonardo Dutra,
sustainability consultant director of Ernst & Young LLP, as
saying.  "Anything that happens in Sao Paulo, affects Brazil's
economic growth," Mr. Dutra added.

                           About SABESP

Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP
provides basic and environmental sanitation services; and supplies
treated water on a wholesale basis to residential, commercial,
industrial, and governmental customers in the state of Sao Paulo.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed Companhia de Saneamento
Basico do Estado de Sao Paulo's (Sabesp) foreign currency and
local currency Issuer Default Rating (IDR) at 'BB+' and its
National long-term rating at 'AA(bra)'.


VIRGOLINO DE OLIVEIRA: Fitch Cuts Issuer Default Ratings to 'CC'
----------------------------------------------------------------
Fitch Ratings has downgraded Virgolino de Oliveira S.A. Acucar e
Alcool's (GVO) and Virgolino de Oliveira Finance S/A's (Virgolino
Finance) foreign and local currency Issuer Default Ratings (IDRs)
to 'CC' from 'B-'. Fitch has also downgraded GVO's national scale
long-term rating to 'CC(bra)' from 'BB+(bra)' and Virgolino
Finance's associated debts to 'CC/RR4' from 'B-/RR4'. The Negative
Outlook has been removed.

Key Rating Drivers

This rating action follows an announcement by GVO on October 19,
2014 that it had hired financial and legal advisory from Moelis &
Company and Santos Neto Advogados and Kirkland & Ellis LLP,
respectively, with aims at improving its weak capital structure.
GVO disclosed in its release that it is currently in talks with
existing and potential new investors in the company, and will
start negotiations with bondholders over the terms and conditions
of its notes. These negotiations could lead to the conversion of
debt to equity and/or the write-down of existing debt obligations.

The filing for bankruptcy protection by another Brazilian sugar
and ethanol producer, Aralco S.A Industria e Comercio, has made it
difficult for GVO to obtain letter of credits that are needed to
secure loans from Copersucar, the Brazilian cooperative to which
GVO sells sugar and ethanol. GVO is the largest member of
Copersucar with an 11% stake in the company. The loans from
Copersucar are necessary to fund working capital.
GVO's difficult short-term prospects reflect low sugar and ethanol
prices and a severe drought in Brazil's main sugar cane producing
region that should impact its crushed volumes in fiscal 2015. They
have occurred despite the company's rollover of BRL200 million of
local bank debt earlier this year and its placement of USD135
million secured notes due 2020.

Rating Sensitivities

The company's ratings could be downgraded if the company defaults
on its scheduled amortization/interest payments and/or formally
files for bankruptcy protection.

An upgrade is unlikely at this time given the company's
difficulties meeting its payment obligations. A large equity
injection or the takeover of the company by a peer would be viewed
positively.

Fitch has downgraded the following ratings:

Virgolino de Oliveira S.A. Acucar e Alcool

-- Foreign and local currency IDRs to 'CC' from 'B-';
-- Long term national scale rating to 'CC(bra)' from 'BB+(bra)';
-- BRL100 million senior unsecured debentures due 2014 to
'CC(bra)' from 'BB+(bra)'.

Virgolino de Oliveira Finance S/A

-- USD300 million senior unsecured notes due 2022 to 'CC/RR4' from
'B-/RR4';
-- USD135 million senior secured notes due 2020 to 'CC/RR4' from
'B-/RR4';
-- Foreign and local currency IDRs to 'CC' from 'B-'.


VIRGOLINO DE OLIVEIRA: S&P Lowers Corp. Credit Rating to 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit and debt ratings on Virgolino de Oliveira S.A. -
Acucar e Alcool (GVO) to 'CCC-' from 'B'.  S&P also lowered its
Brazil national scale rating on the company to 'brCCC-' from
'brBB-'.  At the same time, S&P placed all ratings on CreditWatch
with negative implications.

The downgrade reflects tighter credit availability for GVO, which
hampers the company's ability to refinance its short-debt term
maturities and to fund its working capital needs, which has
further pressured GVO's liquidity.  The company has faced
difficulties to roll over some maturities, and has been gradually
paying its debt it owes to Copersucar.  At the same time, GVO's
operating cash flow generation will be weaker in 2015 than S&P
previously estimated, because of the historically low global sugar
and ethanol prices that currently don't indicate a recovery trend.
In addition, GVO's crushing volumes in the 2014-2015 harvest will
be lower than the previous harvest (might be less than 9.5 million
tons of cane) due to the severe drought in the country's center-
south region.  GVO's failure to fund working capital will preclude
it from investing in the fields, lowering productivity and future
harvest volumes.

The negative CreditWatch listing reflects a possible further
downgrade if S&P believes default is a virtual certainty if the
company can't refinance its short-term debt or if S&P believes GVO
will miss the interest payments on its outstanding bonds, due Jan.
and Feb. 2015.  S&P could also downgrade GVO to 'CC' if it
announces an exchange offer or similar restructuring that it
classifies as distressed.  S&P expects to solve the CreditWatch
listing during the next 90 days, once it has a clearer view of the
company's negotiations with investors and creditors to resolve its
capital structure issues.


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


ANTHION OFFSHORE: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Anthion Offshore Fund, Ltd received on Oct. 15,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877


LDK SOLAR: Creditors OK Cayman, Hong Kong Schemes of Arrangement
----------------------------------------------------------------
LDK Solar Co., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 17 disclosed that the class
meetings of scheme creditors of LDK Solar and its subsidiaries,
LDK Silicon & Chemical Technology Co., Ltd. and LDK Silicon
Holding Co., Limited, convened pursuant to the orders of the Grand
Court of the Cayman Islands and the High Court of Hong Kong on
October 16, 2014 (Cayman Islands time) and October 17, 2014 (Hong
Kong time), approved both the Cayman Islands and Hong Kong schemes
of arrangement relating to the Scheme Companies.  The Cayman Court
is scheduled to hear the petition in respect of the Cayman Islands
schemes of arrangement on November 6, 2014 at 9:30 a.m. (Cayman
Islands time), at which hearing the Cayman Court will determine
whether or not to sanction the Cayman Islands schemes of
arrangement.  Similarly, the Hong Kong Court is currently
scheduled to hear the petition in respect of the Hong Kong schemes
of arrangement on November 7, 2014 at 10:00 a.m. (Hong Kong time),
at which hearing the Hong Kong Court will determine whether or not
to sanction the Hong Kong schemes of arrangement.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

The Company's balance sheet at June 30, 2014, showed $3.3 billion
in total assets, $5.23 billion in total liabilities and total
stockholders' deficit of $1.92 billion.

The Company had a working capital deficit and negative equity and
incurred net loss over the past years due to the overall market
decline and its financial performance.  Due to the impending
maturity of its Renminbi-denominated US$-settled 10% Senior Notes
due 28 February 2014, with an aggregate principal amount of RMB
1.63 billion, the Company decided to file the appointment of
provisional liquidators in the Grand Court of Cayman Islands on 21
February 2014.  Eleanor Fisher and Tammy Fu of Zolfo Cooper
(Cayman) Limited were appointed as joint provisional liquidators
of the Company on 27 February 2014.  "These factors raise
substantial doubt as to our ability to continue as a going
concern," according to the Company's regulatory filing with the
SEC.


MSREF VII: Members Receive Wind-Up Report
-----------------------------------------
The members of MSREF VII Japan Asset VI GP Ltd. received on
Oct. 14, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


MSREF VII JAPAN: Members Receive Wind-Up Report
-----------------------------------------------
The members of MSREF VII Japan LP Holding Limited received on
Oct. 14, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


NCH CASUALTY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of NCH Casualty Insurance SPC Ltd. received on
Sept. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor - Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229, Grand Cayman KY1-1205
          Cayman Islands


QUASAR STRATEGIC: Shareholder to Receive Wind-Up Report on Oct. 31
------------------------------------------------------------------
The shareholder of Quasar Strategic Partners Ltd will receive on
Oct. 31, 2014, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


RESOURCES GRAND: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Resources Grand Two Limited received on
Oct. 15, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


S.A.C. MULTIQUANT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of S.A.C. Multiquant (International), Ltd
received on Oct. 13, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


SPEEDCAST HOLDINGS: Shareholder to Hear Wind-Up Report on Oct. 23
-----------------------------------------------------------------
The shareholder of Speedcast Holdings Limited will hear on
Oct. 23, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Pierre Jean Joseph Andre Beylier
          Telephone: +852 3656 6022
          Facsimile: +852 3656 6001


TOKYO CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Tokyo Capital Management Partners Ltd.
received on Oct. 17, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TOURADJI MERGER: Members' Final Meeting Set for Nov. 6
------------------------------------------------------
The members of Touradji Merger Arbitrage Master Fund, LP will hold
their final meeting on Nov. 6, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


===================
C O S T A   R I C A
===================


COSTA RICA: Sees Fiscal Deficit at 3.9% of GDP Through September
----------------------------------------------------------------
Michael McDonald at Bloomberg News reports that Costa Rica Finance
Minister Helio Fallas said in a statement that the fiscal deficit
grew slightly compared to the 3.8% recorded through September
2013.

Ministry projects a fiscal deficit of 6% of GDP for 2014,
according to Bloomberg News.

Costa Rica has tightened spending and improved its tax take, the
statement said, Bloomberg News notes.

According to the report, the country's 2015 budget proposal shows
a growing fiscal deficit of 6.7% of GDP next year.

Costa Rica's congressional finance committee has proposed cutting
CRC97 billion (US$180 million) from the 2015 proposed US$14.6
billion budget, Bloomberg News adds.


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


JAMAICA: ILO Concerned About Workforce Impact of Chikungunya
------------------------------------------------------------
RJR News reports that the impact of the Chikungunya virus on the
work force in Jamaica and elsewhere in the region was discussed at
the just concluded 18th American Regional Meeting of the
International Labour Organisation (ILO) in Lima, Peru.

Caribbean labour officials said they are keeping a close eye on
developments, the report relates.

Oneil Grant, President of the Jamaica Civil Service Association,
described the situation in Jamaica is grave, the report notes.
Mr. Grant said an impact assessment is needed to measure the
number of man-days lost.

As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2014, RJR News said Senator Kavan Gayle, President-General
of the Bustamante Industrial Trade Union (BITU) wanted a study to
be done to determine the full impact of the Chikungunya outbreak
on the productive sector. Senator Gayle said some affected workers
have not been able to receive the required medical attention,
"have not been able to gain the medical attention because of the
(huge) influx of persons . . . " putting an added strain on the
resources of the medical services.  This unsatisfactory situation
was "creating havoc amongst the workforce," Senator Gayle added.


JAMAICA MONEY: Responds to Shareholder's Concerns
-------------------------------------------------
RJR News reports that Jamaica Money Market Brokers (JMMB) has
responded to concerns raised by a minority shareholder in Trinidad
and Tobago about a pattern of so-called "insider selling" by
parties connected to the financial entity.

In a letter to the Business Editor at Trinidad's Guardian
newspaper, shareholder advocate, Peter Permell, highlighted that
JMMB connected parties had sold 41.4 million shares in 18
transactions, according to RJR News.  These transactions took
place during the period August 20, 2013 to October 10 this year,
the report relates.

Mr. Pernell said JMMB owed its shareholders an explanation, RJR
News notes.

The Guardian newspaper published a response from JMMB's Corporate
Secretary Carolyn DaCosta, in which she stated that JMMB's
connected parties comprise a number of individuals and entities
that guide their own decisions around the composition of their
investment portfolios, RJR News relates.

Ms. DaCosta added that their decisions to sell shares in JMMB
Limited were for personal reasons and had nothing to do with the
company's operations, the report adds.

JMMB has established itself as one of the leading brokerage houses
in the Caribbean.


=======
P E R U
=======


SAN MIGUEL: Fitch Affirms 'BB' Sr. Unsecured Notes Rating
---------------------------------------------------------
Fitch has affirmed San Miguel Industrias PET S.A. (SMI) Issuer
Default Rating (IDR) and senior unsecured notes at 'BB'.
The Rating Outlook is Stable.

SMI's ratings reflects its well-established business profile with
a 70% share of the Peruvian preforms market, and long-term supply
or production agreements with established soft drinks bottlers and
consumer product manufacturers. Fitch expects SMI to deleverage in
the next 18 months due to increased EBITDA as a result of its
investments in Colombia and Ecuador.

Leading Position in Peru:

SMI is the leading manufacturer and distributor of polyethylene
terephthalate (PET) preforms and bottles in Peru, with a market
share of about 70%. The group's performance benefits from the
growing middle class and soft drink consumption in Peru.
Production costs and scale advantages are high barriers to entry
for competitors. The company generates about 80% of sales from
within Peru. SMI also operates in Ecuador, Panama, El Salvador and
Colombia.

Concentration Risks and Long-Term Supply Agreement:

The group has longstanding contracts with international bottlers
such as Lindley and SABMiller. The top eight customers accounted
for around 67% of the group's 2013 sales by volume. This exposes
SMI to concentration risks if these bottlers do not renew their
contracts or if they begin to further integrate their own
operations vertically (i.e. injection and blowing). About 76% of
SMI's sales are based on contracted agreements in 2013. SMI has
demonstrated its capacity to renew its long-term contracts over
the years with its main customers.

Deleveraging Expected:

Fitch expects SMI's net leverage to trend toward 3.5x in 2015.
This would be a material improvement from its net debt to EBITDA
ratio of 4.5x during the LTM ended June 30, 2014. Free cash flow
will improve as capex tapers off in 2015 following the large
investment made in 2014 in a new injection plant, machines and
storage space in Colombia and other investments in Ecuador. These
investments are expected to make positive contributions to the
group's profitability in late 2014 and early 2015.

Stable Profitability:

Factored Positively into SMI's ratings is its ability to maintain
steady EBITDA margins of about 20% because of its operating model
based on highly contracted volumes that have price adjustments for
the price volatility of the resin. This structure is crucial to
maintaining steady cash flow as resins represents about 73% of
SMI's total costs and resin prices are volatile. The company has a
degree of concentration with resin providers, as its purchases
this raw material from four main providers.

Support from Shareholder:

Positive support from its shareholder the Nexus Group is factored
into SMI's IDR. The Nexus Group, which wholly owns SMI, is part of
the large Peruvian group Intercorp. The Nexus Group's medium-term
financial policy is to operate under a leverage ratio below the
debt-incurrence covenant of 3.5x in order to pay dividends. High
capex in 2014 resulted in debt levels elevated beyond this
threshold.

Key Rating Drivers:

A positive rating action could result from some combination of the
following factors: a sustained strengthening of the company's net
leverage to below 2.5x on a sustained basis, and strong free cash
flow, improved geographical and client diversification while
sustaining an EBITDA margin above 20%.

A negative rating action could be triggered by some combination of
one or more of the following: net debt leverage above the range of
3.5x to 4.0x or the non-renewal of a large supply contract.


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


TRINIDAD CEMENT: Revenue Rises by TT$97.2 Million
-------------------------------------------------
Trinidad Express reports that Trinidad Cement Ltd has recorded
growth in revenue of TT$97.2 million for the first nine months of
2014 ending September 30.

Revenue for the Claxton Bay-based group was TT$1.587 billion
compared to TT$1.490 billion in the same period last year,
according to Trinidad Express.

This improvement was driven by growth in the domestic cement
markets in Trinidad and Jamaica, the company said in its interim
financial report, Trinidad Express notes.

The company also said price increases were implemented in
Trinidad, Jamaica and Guyana during the period.

They were the first financials published since the August 19,
Special Compulsory Meeting of Shareholders held at the Raddison
Hotel, Port of Spain, the report relays.

Minutes before the meeting TCL's chief executive officer Dr.
Rollin Bertrand, its chairman Andy Bhajan, Carlos David Hee Houng,
Bevon Francis, Brian William Young and Leonard Nurse resigned
their positions from the board, the report recalls.  They were
replaced by Wilfred Espinet, Alison Lewis, Chris Dehring, Michael
Hamel-Smith, Nigel Edwards and Cemex executives Carlos Palero and
Francisco Aguilera, the report relates.

Mr. Espinet, one of the shareholders who challenged the TCL board
in court, was appointed chairman of the company.  The board later
fired Mr. Bertrand as chief executive officer, the report notes.

The report relays that profit after taxes amounted to TT$63.7
million compared with TT$78.9 million (inclusive of one time tax
credit of TT$37.7 million) in the prior year period which resulted
in Earnings per Share (EPS) of 24.4 cents compared with 28.2 cents
for the prior year period.

The financial report said the Board is currently negotiating with
the financiers to have a restructured loan agreement, the report
notes.

Negotiations are also in progress between the Company and the
Oilfields Workers' Trade Union (OWTU) to have an agreement with
regard to retroactive payments for the expired collective
agreements, the report says.  A comprehensive financial and
operational review of the Group is in progress and a restructuring
plan, which seeks to secure the long-term viability of the
company, is scheduled to be completed by October 31, the report
adds.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
06, 2014, RJR News said that Dr. Rollin Bertrand, Chief Executive
Officer of Trinidad Cement Limited, the parent company for
Jamaica's Caribbean Cement Limited, was sacked.

The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at an August 19
special meeting.  Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer at that time, the report related.

On Oct. 8, 2014, the TCRLA said that 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.

On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.

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


=============
U R U G U A Y
=============


* URUGUAY: IDB Loans US$42.2M to New Private Sector for Wind Farm
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a loan of
up to US$42.2 million from its ordinary capital to help the
private sector in Uruguay finance the development, construction,
operation and maintenance of a 48.6 MW wind farm and its
associated facilities.

The Kiyu wind farm will be located in Paraje Barrancas de San
Gregorio, in the department of San Jose, and will generate
approximately 187,900 MWh of renewable energy per year, meeting
the needs of 67,753 consumers.

"The Bank continues to support the wind power sector in Uruguay as
we have from the outset, with the financing of several projects
that have helped the sector post considerable growth in the past
few years," said Jean-Marc Aboussouan, Chief of the Infrastructure
Division of the Structured and Corporate Finance Department at the
IDB.

The farm will be developed by Cobra Ingenieria Uruguay SA and
generate energy at a price that is competitive with other sources
of energy in that country, helping diversify the energy mix,
easing the energy sector's dependence on fluctuating hydrological
conditions, and cutting CO2 emissions by 122,135 tons a year as
fossil fuels are replaced by renewable energy.

Furthermore, the project supports the entry of a new player into
the wind power sector in Uruguay and an increase in the private
sector's stake in the energy market.

Currently, roughly 45 percent of Uruguay's installed capacity
corresponds to hydroelectric power, 38 percent to thermoelectric
plants and the remaining 17 percent to renewable energy (12
percent to energy from biomass, 5 percent to wind power and a
small fraction to solar power).

By 2017 Uruguay is forecast to reach an installed capacity of 30
percent in non-conventional renewable energy sources. That could
substantially change its energy mix, offering environmental
advantages and reducing electrical utility rates for final
consumers.

   About the Structured and Corporate Finance Department

The Structured and Corporate Finance Department (SCF) leads all
IDB's non-sovereign guaranteed operations for large-scale
projects, as well as those linked to companies and financial
institutions.  Through its Loan Syndication Program, SCF acts as a
catalyst, helping to engage third-party resources by partnering
with commercial banks, institutional investors, co-guarantors and
other co-lenders for projects with high development impact.


                            ***********


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
202-362-8552.


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