TCRLA_Public/141030.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

            Thursday, October 30, 2014, Vol. 15, No. 215


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Oil Prices Remain the Same


B R A Z I L

BRAZIL: To Delay Petrobras Gasoline Price Relief
HYPERMARCAS SA: Lifts Profit With Currency Hedge
JBS USA: To Host Third Qtr Earning Conference on Nov. 14
OI SA: Possible Rio Forte Liquidation No Impact on Business Merger


C A Y M A N  I S L A N D S

BRACKEN LIMITED: Creditors' Proofs of Debt Due Nov. 6
CEP MENA 2: Commences Liquidation Proceedings
FORTUNE CREATION: Creditors' Proofs of Debt Due Nov. 17
GIC EVENT: Creditors' Proofs of Debt Due Nov. 3
OPTREX LIMITED: Creditors' Proofs of Debt Due Nov. 6

PENINSULA LIFE: Creditors Hold First Meeting
SALVIA INVESTMENT: Placed Under Voluntary Wind-Up
STARFIRE LIMITED: Placed Under Voluntary Wind-Up
TOURADJI MERGER: Creditors' Proofs of Debt Due Nov. 5
TUBBATAHA AVIATION: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Takes Steps to Promote More Inclusive Growth


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: TTSEC and TTSE Sign MOU


                            - - - - -


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

ANTIGUA & BARBUDA: Oil Prices Remain the Same
---------------------------------------------
Kyle Christian at The Daily Observer reports that although at
least one Caribbean country has allowed consumers to reap the
benefits of lower oil prices on the world market, the nation's
sole petroleum distributor said only government can determine
whether there will be a drop in prices at the pump in Antigua &
Barbuda.

Last week, Jamaica's Petrojam announced a decrease in the price of
gasoline.  Kerosene and propane cooking gas prices also fell.

Acting Chief Executive Officer of the West Indies Oil Company
(WIOC), Gregory Georges, said the next shipment of oil the company
receives will be cheaper, though that does not mean motorists will
reap savings at the pump since the price of gasoline and diesel at
gas stations is fixed by the government, according to The Daily
Observer.

When the global price of oil increases, Mr. Georges said,
government simply collects less Consumption Tax, and when prices
fall, as is the case now, government collects more, the report
notes.

"If the world oil price drops it means that we are buying fuel at
a lower price.  Since all the other (add-ons) are fixed, the only
two variables that change are the pump price and the consumption
tax," the report quoted Mr. Georges as saying.

"So if there is a lower cost base and the pump price remains the
same, then the consumption tax will go up," Mr. Georges added, the
report notes.

The Daily Observer relates that when oil is imported, WIOC's
margin, the dealers' margin, shipping and other fixed costs are
added before the price at the pump is determined.

The report notes that WIOC Acting-CEO said the petroleum on the
local market on Oct. 28 was most likely purchased when prices were
over US EC$100 a barrel.

"Remember, we at WIOC purchase approximately four to six weeks'
worth of fuel at a time.  So, we in Antigua & Barbuda, haven't
felt the full effect of the world oil price decline really due to
the time lag," Mr. Georges said, the report relays.

By Oct. 28, the price per barrel is less than US $80 and Mr.
Georges said the next shipment of fuel, expected in early
November, should be at the lower cost base, 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.


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


BRAZIL: To Delay Petrobras Gasoline Price Relief
------------------------------------------------
Anna Edgerton and Sabrina Valle at Bloomberg News report that
Petroleo Brasileiro SA (PBR), the state-run oil producer, will
have to wait longer for permission to increase fuel prices in
Brazil, a government official said.

A 22 percent plunge in the price of crude this year has bought
international benchmarks more into line with Brazil's subsidized
refinery gate prices, the cabinet level official who participated
in discussions, said, according to Bloomberg News.  The government
will also refrain from reintroducing a tax on gasoline, known as
Cide, for now, the official said, asking not to be named because
the decision hasn't been made public, Bloomberg News notes.

Bloomberg News relates that Oil's rout is giving Petrobras some
relief in its role as a government inflation-fighting tool after
the Rio de Janeiro-based company booked US$44 billion in operating
losses from selling fuel at below-market prices.  Still, at last
month's board meeting Chief Executive Officer Maria das Gracas
Foster said the company needs at least a 10 percent increase in
fuel prices, a person with knowledge of the matter said, Bloomberg
News relays.

Bloomberg News says that the decision to maintain caps and taxes
for now is part of an effort to end 2014 within the upper limit of
the central bank's 6.5 percent inflation target range at a time
the economy is growing less than 1 percent, the official said.

Bloomberg News notes that authorities are scheduled to meet Oct.
31 to discuss a possible increase in the gasoline price, broker-
dealer Newedge said in a note to clients.

                            Value Plunge

Fuel prices are set by Petrobras' board, which is led by Finance
Minister Guido Mantega.  The government of President Dilma
Rousseff, re-elected Oct. 26 to another four-year term, controls
the company through a majority of voting stock, Bloomberg News
notes.  The company's market value plunged US$160 billion in her
first term, Bloomberg News relays.

Petrobras said on Nov. 29 that it approved a new methodology for
adjusting gasoline and diesel prices to guarantee that
indebtedness and leverage ratios would return to target levels
within two years, Bloomberg News says.  Mr. Foster told the last
board meeting that a 10 percent price increase wouldn't be enough
to bring ratios back to target levels, the person said, Bloomberg
News adds.


HYPERMARCAS SA: Lifts Profit With Currency Hedge
------------------------------------------------
Brad Haynes at Reuters reports that Hypermarcas SA posted a 48
percent jump in third-quarter profit as a currency hedging program
eliminated the impact of a volatile exchange rate on foreign debt-
servicing costs.

The company booked net income of BRL119 million (US$48 million),
according to a securities filing, in line with the average
estimate in a Reuters poll.

Hypermarcas boosted its marketing budget 24 percent from a year
earlier but revenue rose just 7 percent, on pace with inflation,
as an economic slump weighed on household demand, according to
Reuters.

Still, the company protected itself better against a weakening
currency, which had pushed up the cost of foreign debts by BRL51
million in the third quarter of 2013, the report notes.
The report adds that Brazil's real lost more than 9 percent from
June to September this year, but a new hedging program eliminated
the impact of the currency swing at a cost of BRL14 million.

Earnings before interest, taxes, depreciation and amortization,
rose 11 percent to BRL277 million, in line with analysts'
estimates, the report relays.

Hypermarcas SA is a maker of consumer products from diapers to
generic drugs.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Fitch Ratings affirmed these ratings of
Hypermarcas S.A.'s:

   -- Long-term foreign currency Issuer Default Rating (IDR) at
      'BB+';
   -- Long-term local currency IDR at 'BB+';
   -- Senior unsecured notes due in 2021 at 'BB+';


JBS USA: To Host Third Qtr Earning Conference on Nov. 14
--------------------------------------------------------
JBS USA, LLC will hold its third quarter 2014 earnings conference
call on Friday, November 14, 2014 at 10:00 a.m. Eastern Time.  The
call will be open to investors in the Company's bonds and term
loan, as well as lenders to the Company's revolving credit
facility and prospective investors, securities analysts and market
makers.

JBS USA, LLC is a processor of beef and pork in the United States
and a processor of beef in Australia in terms of daily
slaughtering capacity.  The Company is an indirect wholly owned
subsidiary of Brazilian company JBS S.A., the world's largest
animal protein producer.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 21, 2014, Standard & Poor's Ratings Services revised its
outlook on the global scale corporate credit rating on JBS S.A.
and its subsidiary, JBS USA, to positive from stable.  Also, S&P
affirmed its 'BB' global scale corporate and debt ratings on JBS
S.A. and JBS USA LLC.


OI SA: Possible Rio Forte Liquidation No Impact on Business Merger
------------------------------------------------------------------
Oi S.A. and Telemar Participacoes S.A. disclosed that the possible
liquidation of the assets of Rio Forte Investments SA as a result
of the rejection of the request for controlled management for Rio
Forte shall have no impact on the development of the business
combination and the merging of the shareholder bases of Oi,
Portugal Telecom SGPS S.A. and TmarPart.

As already disclosed in the Material Fact and in the Notice to the
Market of September 8 and October 13, respectively, the Companies
reiterate that they are fully committed to migrating the shares of
TmarPart to the Novo Mercado segment of the Sao Paulo Stock
Exchange (BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e
Futuros), which is expected to occur upon the completion of the
merger of shares of Oi and TmarPart.  The Companies also reiterate
that they are working to have the merger of shares approved within
the first quarter of 2015.

The Companies will keep their shareholders and the market informed
of any material subsequent events related to the Transaction.

                         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.


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


BRACKEN LIMITED: Creditors' Proofs of Debt Due Nov. 6
-----------------------------------------------------
The creditors of Bracken Limited are required to file their proofs
of debt by Nov. 6, 2014, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Company Secretaries Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


CEP MENA 2: Commences Liquidation Proceedings
---------------------------------------------
On Sept. 18, 2014, the shareholder of CEP Mena 2 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:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


FORTUNE CREATION: Creditors' Proofs of Debt Due Nov. 17
-------------------------------------------------------
The creditors of Fortune Creation Limited are required to file
their proofs of debt by Nov. 17, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 19, 2014.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


GIC EVENT: Creditors' Proofs of Debt Due Nov. 3
-----------------------------------------------
The creditors of GIC Event Driven Fund Limited are required to
file their proofs of debt by Nov. 3, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 14, 2014.

The company's liquidator is:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o James Macfee
          Telephone: +1 (345) 914-4465
          Facsimile: +1 (345) 949-7164
          KPMG, Floor 2
          Century Yard, Cricket Square
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


OPTREX LIMITED: Creditors' Proofs of Debt Due Nov. 6
----------------------------------------------------
The creditors of Optrex Limited are required to file their proofs
of debt by Nov. 6, 2014, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Company Secretaries Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


PENINSULA LIFE: Creditors Hold First Meeting
--------------------------------------------
The creditors of Peninsula Life Settlement Fund SPC held their
first meeting on Oct. 29, 2014.

During the meeting, the creditors elected a liquidation committee
and were provided an update on the progress of the liquidation.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          BDO CRI (Cayman) Ltd.
          2nd Floor-Building 3
          Governors Square
          23 Lime Tree Bay Avenue
          Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 943 8800


SALVIA INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
The sole shareholder of Salvia Investment Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 20, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


STARFIRE LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
The sole shareholder of Starfire Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Company Secretaries Ltd.
          P.O. Box 1350 Clifton House
          75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


TOURADJI MERGER: Creditors' Proofs of Debt Due Nov. 5
-----------------------------------------------------
The creditors of Touradji Merger Arbitrage Offshore Fund, Ltd are
required to file their proofs of debt by Nov. 5, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


TUBBATAHA AVIATION: Commences Liquidation Proceedings
-----------------------------------------------------
On Sept. 19, 2014, the sole shareholder of Tubbataha Aviation
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:

          Vicente Alava-Pons
          22 St. Thomas Walk, #19-02
          Singapore 238107


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


DOMINICAN REPUBLIC: Takes Steps to Promote More Inclusive Growth
----------------------------------------------------------------
The Dominican Republic Government, joined by private sector, civil
society and donor representatives discussed their growth
strategies and presented specific  advances in improving
investment climate, ease of doing business, procurement systems
and strengthening small and medium enterprises for the creation of
more and better jobs.

The Second Accountability Workshop of the Caribbean Growth Forum
(CGF) Chapter for the Dominican Republic organized by the Ministry
of Economy, Planning and Development (MEPYD), with support from
the World Bank, the Inter-American Development Bank (IDB), Compete
Caribbean, the Caribbean Development Bank (CDB) and the European
Union, concluded Oct. 25, that the Dominican Republic is on track
for concrete achievements in growth reforms, in line with the
country's 2030 National Development Strategy.

The Dominican government reported concrete advances up to date in
CGF's main three areas, namely, Investment Climate, Logistics and
Connectivity, and Skills and Productivity:

Improving business climate: The time to register a company
decreased from 45 to 7 days, issuing a property title is much
faster and a bill for a Bankruptcy Law has been finalized which
will help protect creditors while improving SMEs borrowing
capacity.

In addition, two ministries, Industry and Commerce (MIC) and
Tertiary Education, Science and Technology (MESCYT) implemented
programs for no-reimbursable seed money to boost young
entrepreneurs, while MIC launched a training pilot to strengthen
business management practices and quality enhancement to more than
5,000 SMEs.

Modernizing the public sector: The National Directorate of
Procurement has contributed to the formation of the Citizen
Observatory for Public Procurement, as well as more than 25
Oversight Committees that are monitoring public contracts in
several ministries, in a move to increase private sector
confidence, promote SMEs participation in public contracting, and
promote greater transparency.  The World Bank is providing
technical assistance for the trainings, including exposure to
international good practices in open procurement.

Alliances: the CGF Private Sector Observatory, which includes
seven private sector, academia and civil society organizations,
also presented their independent monitoring of the Action Plan,
and provided feedback on specific reforms.  The Observatory will
keep monitoring the initiative to ensure the sustainability of the
process and help the Government with implementation of pending
actions.

In the Dominican Republic the CGF identified over 80 actions
driven by 17 ministries and 30 Point Persons designated by the
Government.  Still about 30% of the reforms agreed upfront are
delayed.  Important reforms agreed in the early stage of the
process require additional time and support for their
implementation, including the reform of the Labor Code, the
Customs Law reform, and the completion of the Electricity and
Fiscal Pacts.

The CGF provides a platform for private sector and civil society
to give feedback on national reforms and help track the
implementation of actions needed to spur sustainable growth and
opportunities for all in the Caribbean.  The Forum's Dominican
Chapter was formally launched in November 2012 under the
leadership of the MEPYD, while the implementation of the Action
Plan started in December 2013.


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


TRINIDAD & TOBAGO: TTSEC and TTSE Sign MOU
------------------------------------------
Trinidad and Tobago Newsday reports that the Trinidad and Tobago
Securities and Exchange Commission (TTSEC) formalized a Memorandum
of Understanding (MoU) with the Trinidad and Tobago Stock Exchange
Limited (TTSE) on Oct. 22.

This MoU was drafted based on the desire of both entities in order
to solidify the relationship of TTSEC and TTSE with a view to
liaising and/or collaborating meaningfully with each other to
achieve joint goals and/or initiatives regarding the regulation
and the development of the capital market of the twin-island
Republic, according to Trinidad and Tobago Newsday.

In a statement, the TTSEC said it is expected that this MoU will
further facilitate the cooperation of the TTSEC and the TTSE in
the achievement of joint development initiatives for TT's
securities industry and by extension its capital market.

This MoU also encouraged the development of a formal committee
comprising members of both entities which meet quarterly to treat
with matters relating to and affecting both parties and the
securities market, the report notes.   A "working group" within
each institution was also established to facilitate the ease with
which the two parties interact, the report relates.

This is the fifth agreement the TTSEC has signed and formalized
over the past eighteen months. In June 2013, the TTSEC became a
Full Signatory to the IOSCO Multilateral Memorandum of
Understanding Concerning Consultation and Cooperation and the
Exchange of Information (MMoU) and on January 6, 2014, an MoU with
the Central Bank of Trinidad and Tobago was formalized, the report
discloses.  Both agreements represent a common understanding by
the two authorities about how they will consult, cooperate, and
exchange information for regulatory enforcement purposes, the
report relays.

On January 8, 2014, a protocol between the Commission and the
Securities Dealers Association of TT was signed and on April 9,
2014, an MMoU for the Exchange of Information and Cooperation and
Consultation with the Caribbean Group of Securities Regulators
came into force, Trinidad and Tobago Newsday notes.

Trinidad and Tobago Newsday says that this agreement aims to
facilitate mutual cooperation in the conduct of the regulatory and
supervisory functions under the relevant securities laws,
regulations and rules in the respective jurisdictions, including
specific initiatives, between jurisdictions that will require such
co-operation and collaboration.

As the nation's securities regulator, the TTSEC is committed to
ensuring that the securities market remains fair, efficient and
transparent in an environment where investors can invest with
confidence, the report adds.


                            ***********


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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