TCRLA_Public/141112.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, November 12, 2014, Vol. 15, No. 224


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: Posts ARS145.3MM Net Income in 3Q 2014
PETROBRAS ARGENTINA: Plans to Invest US$622MM in Gas Exploration
YPF SA: No Secret Clauses in Chevron Deal, Argentine Gov't Says


B A H A M A S

BANK OF THE BAHAMAS: Had $40.2M Accumulated Deficit Before Bailout


B A R B A D O S

COLUMBUS INT'L: Deal with CWC May Affect Jobs in Antigua & Barbuda


C A Y M A N  I S L A N D S

ALTERNATIVEFOCUS PRIVATE: Member to Hear Wind-Up Report on Nov. 14
ARA ASIAN: Shareholder Receives Wind-Up Report
GAMA CAPITAL: Shareholders to Hold Final Meeting on Nov. 20
GLOBAL UMBRELLA: Shareholders Receive Wind-Up Report
NIAGARA DISCOVERY: Shareholders Receive Wind-Up Report

RADCLIFFE SPC: Shareholder to Hear Wind-Up Report on Nov. 14
RD CARD: Shareholders Receive Wind-Up Report
REALLUSION (CAYMAN): Shareholders to Hold Final Meeting on Nov. 14
TUBBATAHA AVIATION: Shareholders Receive Wind-Up Report
VY CAPITAL: Shareholders Receive Wind-Up Report

WD MASTER: Shareholder to Hear Wind-Up Report on Nov. 12


C O L O M B I A

BHP BILLITON: Coal Mine Meeting Relocation Resistance in Colombia


M E X I C O

GRUMA SAB: Fitch Hikes LT Foreign Currency IDR From 'BB+'
MEXICO: China Railway Threatens Legal Action on Pullout


V I R G I N   I S L A N D S

VIRGIN ISLANDS: Shuttered Refinery Sale Bolsters Rally in Bonds


                            - - - - -


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


BANCO HIPOTECARIO: Posts ARS145.3MM Net Income in 3Q 2014
---------------------------------------------------------
Banco Hipotecario S.A. reported its third quarter 2014 results.
Net income for the third quarter was ARS145.3 million, compared to
ARS156.0 million and ARS147.3 million of last quarter and same
quarter of previous year, respectively.

Net financial margin for the quarter was ARS638.1 million,
compared to ARS543.5 million of last quarter and ARS499.1 million
of same quarter of last year.

Net income from services for the quarter of ARS483.1 million
increased 11.9% QoQ and 63.6% YoY.

Loans to the private sector increased 1.8% in the quarter and
31.9% YoY.

Deposits increased 10.6% in the quarter and had a 50.2% YoY
growth.

NPL slightly increased from 2.4% to 2.6% in the quarter.  Coverage
ratio was 90.0%.

Equity ratio of 14.2% compared to 16.3% of June 2014.

Banco Hipotecario S.A. provides various banking services in
Argentina. It accepts deposit products; and offers loan products
comprising mortgage, personal, and SME loans.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
21, 2014, Standard & Poor's Ratings Services affirmed its 'CCC-'
foreign currency ratings on Banco Hipotecario S.A., Banco
Patagonia S.A., and Banco de Galicia y Buenos Aires S.A.  At the
same time, S&P affirmed the 'CCC+' local currency ratings on these
banks and removed the ratings from CreditWatch with negative
implications, where S&P placed them on June 18, 2014.  The outlook
on the ratings is negative.


PETROBRAS ARGENTINA: Plans to Invest US$622MM in Gas Exploration
----------------------------------------------------------------
EFE reports that the Argentine unit of Brazilian state-controlled
oil giant Petrobras Argentina plans to invest US$622 million to
explore for non-conventional natural gas in Neuquen, a province in
southwestern Argentina, the Argentine government said.

Petrobras Argentina expects to drill 44 wells at depths of up to
4,000 meters (13,114 feet) in Neuquen's Punta Rosada formation,
Cabinet chief Jorge Capitanich told reporters during his daily
press conference, according to EFE.

Investment in 2014, 2015 and 2016 will reach US$245 million in at
least 15 wells that will add 1.4 million cubic meters per day of
natural gas to production in Neuquen, Petrobras Argentina said in
a statement obtained by EFE.

Petrobras Argentina is an oil producer and natural gas producer in
Rio Negro.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 3, 2014, Standard & Poor's Ratings Services affirmed its
'CCC+' foreign currency ratings on Petrobras Argentina S.A.
(PESA).  The outlook remains negative.


YPF SA: No Secret Clauses in Chevron Deal, Argentine Gov't Says
---------------------------------------------------------------
EFE reports that Argentina Cabinet Chief Jorge Capitanich said
that the government did not agree to any "secret clauses" in the
deal signed by state oil company YPF SA and U.S.-based supermajor
Chevron last year, but the contract contains the usual
"confidentiality" clauses found in such instruments.

The contract has "confidentiality clauses in light of the fact
that you are dealing with two companies that are listed on the New
York Stock Exchange," Mr. Capitanich said during his daily press
conference, the report notes.

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.


=============
B A H A M A S
=============


BANK OF THE BAHAMAS: Had $40.2M Accumulated Deficit Before Bailout
------------------------------------------------------------------
Tribune Business reports that the Bank of the Bahamas'
shareholders suffered a BS$68.747 million net loss for the year to
end-June 30, wiping out its retained earnings prior to
October 31's BS$100 million bail-out.

According to the report, the BISX-listed institution's statements
for its 2014 financial year reveal that the losses, driven by some
BS$69.723 million in loan loss provisions, plunged the bank into
an 'accumulated deficit' of BS$40.2 million at June 30.

That was before the announcement of the Government's bail-out,
which has resulted in Bank of the Bahamas gaining BS$55 million in
'special retained earnings' post year-end, wiping out the
BS$40 million-plus deficit, Tribune Business relates.

Tribune Business says Bank of the Bahamas' balance sheet shows
that its net equity (the piece of the bank owned by shareholders)
had been slashed by 50 per cent year-over-year, from
BS$142.168 million to BS$69.737 million.

Although the BISX-listed institution was not quite insolvent at
its 2014 year-end, it was rapidly headed towards becoming 'bust'
had those BS$100 million in commercial loans remained on its
balance sheet, the report notes.

"They would barely have made it," one senior banking industry
source, requesting anonymity, told Tribune Business when informed
of Bank of the Bahamas' financial results.

This impression is further reinforced by the fact that the
Government used "a part of its Treasury deposits" to pay Bank of
the Bahamas' BS$1.1 million preference share payment that was due
on July 21, 2014, according to Tribune Business.

That payment, which sources told Tribune Business was late, came
as a result of Central Bank concerns that Bank of the Bahamas
should not use its increasingly scarce resources to pay the
preference shareholders.

According to Tribune Business, the greatest immediate threat to
Bank of the Bahamas was that its BS$68.747 million net loss threw
it into non-compliance with the capital and liquidity ratios
mandated both locally and internationally.

The bank, which is 65 per cent majority-owned by the Government
via the Public Treasury and National Insurance Board (NIB), was in
non-compliance with four of the five key capital ratios set by the
Central Bank of the Bahamas, the report notes.

Some banking sources have queried whether Bank of the Bahamas
should have been allowed to continue operating while in non-
compliance with Bahamian and international regulatory norms. It
carried on outside these parameters for four months, until the
'bail-out' terms were agreed late last month, the report states.

Thus to protect itself, the 3,500 minority shareholders and some
40,000 Bahamian depositors, the Government had little choice but
to step in and 'rescue' Bank of the Bahamas, says Tribune
Business.

It also had to prevent any systemic risk, meaning a greater 'fall-
out' for both the banking system and wider Bahamian economy. Plus
avoid any 'run' on the bank by concerned depositors, with the
Government at pains on October 31 to reassure that their monies
were safe, Tribune Business adds.


===============
B A R B A D O S
===============


COLUMBUS INT'L: Deal with CWC May Affect Jobs in Antigua & Barbuda
------------------------------------------------------------------
The Daily Observer reports that Antigua & Barbuda could be
affected by job cuts in the telecommunications sector following a
billion dollar deal between Cable and Wireless Communications
(CWC) and Columbus International Inc.

Last week, CWC, the parent company of mobile service and Internet
provider, LIME, purchased Columbus International for nearly US
EC$1.9 billion, according to The Daily Observer.

Cable & Wireless's acquisition of the fibre-based telecoms company
has warranted concern from shareholders in both Trinidad & Tobago
and Jamaica, and social commentator Arvel Grant said Antigua &
Barbuda should be wary as well, the report notes.

"Any time we deal with telecommunications and anything that is
heavily dependent on the Internet and information technology, the
tendency towards compression and handing over some of the tasks to
the "ubiquitous robots" is a strong possibility and that
invariably means that people will lose some jobs," the report
quoted Mr. Grant as saying.

Mr. Grant identified possible price hikes in services to consumers
as another cause for concern, the report notes.

"The more monopoly you have in the marketplace, the less tradeoff
their can be in the delivery of services between competing
parties, and it is very probable that this acquisition could lend
to some of those concerns," Mr. Grant added.

The social commentator said that Antigua & Barbuda, which is not a
member of the Eastern Caribbean Telecommunications Authority, may
need Cabinet approval before the transaction goes forward here,
the report relays.

Mr. Grant also suggested that collaborating with other governments
within a regional organization would protect consumers as well,
the report adds.

                  About Columbus International

Columbus International Inc. is a privately held diversified
telecommunications company based in Barbados. The Company provides
digital cable television, broadband Internet and digital landline
telephony in Trinidad, Jamaica, Barbados, Grenada, St. Vincent &
the Grenadines, St. Lucia and Curacao under the brand name Flow
and in Antigua under the brand name Karib Cable.

As reported in the Troubled Company Reporter-Latin America on Nov.
10, 2014, Standard & Poor's Ratings Services placed its 'B'
corporate credit and issue-level ratings on Columbus International
Inc. (Columbus) on CreditWatch with positive implications.


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


ALTERNATIVEFOCUS PRIVATE: Member to Hear Wind-Up Report on Nov. 14
------------------------------------------------------------------
The member of Alternativefocus Private Equity I, Ltd. will hear on
Nov. 14, 2014, at 9:45 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
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


ARA ASIAN: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Ara Asian Asset Income Fund received on
Oct. 28, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Ray Finch
          7 Temasek Boulevard
          #04-02A Suntec Tower One 038987
          Singapore
          Facsimile: 6568 359672


GAMA CAPITAL: Shareholders to Hold Final Meeting on Nov. 20
-----------------------------------------------------------
The shareholders of Gama Capital Management Fund will hold their
final meeting on Nov. 20, 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


GLOBAL UMBRELLA: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Global Umbrella Fund received on Oct. 6, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bader A A Al-Sumait
          Global Investment House (K.P.S.C.)
          Global Tower, Shuhada Street, Al Sharq
          Kuwait


NIAGARA DISCOVERY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Niagara Discovery Master Fund Ltd. received on
Oct. 27, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Grant
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


RADCLIFFE SPC: Shareholder to Hear Wind-Up Report on Nov. 14
------------------------------------------------------------
The shareholder of Radcliffe SPC, Ltd. will hear on Nov. 14, 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:

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


RD CARD: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of RD Card Cayman Two Limited received on
Oct. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Palamon European Equity II, L.P
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


REALLUSION (CAYMAN): Shareholders to Hold Final Meeting on Nov. 14
------------------------------------------------------------------
The shareholders of Reallusion (Cayman) Holding Incorporated will
hold their final meeting on Nov. 14, 2014, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Wang, Hong-Yang
          6th Floor, No.116, Xingyi Rd., Beitou District
          Taipei City 112
          Taiwan
          Telephone: 886-2-8912-1028
          Facsimile: 886-2-8912-1398


TUBBATAHA AVIATION: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Tubbataha Aviation Limited received on
Oct. 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


VY CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of VY Capital Fund Ltd received on Nov. 6, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jason Hughes
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


WD MASTER: Shareholder to Hear Wind-Up Report on Nov. 12
--------------------------------------------------------
The shareholder of WD Master Fund, Ltd. will hear on Nov. 12,
2014, at 12:00 p.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877


===============
C O L O M B I A
===============


BHP BILLITON: Coal Mine Meeting Relocation Resistance in Colombia
-----------------------------------------------------------------
Andrew Willis at Bloomberg News reports that Cerrejon, one of the
world's largest open-pit coal mines, is struggling to persuade
some members of a small community in northeastern Colombia to
relocate and may have to alter its mining strategy.

The venture -- owned by BHP Billiton Plc, Anglo American Plc and
Glencore Plc -- is in relocation talks with residents of Las
Casitas, where dust is approaching levels set by the World Bank,
Vice-President of Public Affairs Juan Carlos Restrepo told
Bloomberg News in a telephone interview.

"We have until 2016," Mr. Restrepo said from Bogota on Nov. 7,
Bloomberg News notes.  "Otherwise we'll have to change our mining
plans, expand the pit in a different direction or mine in other
areas," Mr. Restrepo added.

Cerrejon has been negotiating for six years with residents in the
Las Casitas area, near the Oreganal pit, and has reached a deal
with 26 out of 64 families, Mr. Restrepo said, Bloomberg News
notes.  Resistance from some residents comes as Colombia's
government looks to boost coal production to counter a drop in
revenue as thermal coal prices this month dropped to at least a
seven-year low, Bloomberg News notes.

The complex temporarily halted operations at several pits this
year amid a severe drought in the northeastern province of La
Guajira, Bloomberg News notes. Last year, the company exported
33.5 million metric tons of thermal coal, with the majority of
Colombian coal exports going to European power producers including
Electricite de France SA, Bloomberg News discloses.

Under Colombia's Mining Code, Colombian authorities can
expropriate houses and land from families that fail to reach an
agreement, with both voluntary and forced moves compensated with
new homes and land, Mr. Restrepo added, Bloomberg News says.

                            Price Slump

The community was visited twice in October by officials from
Colombia's mining agency, Luz Sarabia, a negotiator for the local
community, told Bloomberg News in a telephone interview.

"Some have accepted they may have to move because of the
contamination, but have doubts over how the land issue will be
resolved," Bloomberg News quoted Ms. Sarabia as saying.  "Others
simply want to stay where they are. There's a lot of conflict.  I
don't think there'll be a solution in the coming months," Ms.
Sarabia added.

Bloomberg News notes that non-governmental organization London
Mining Network said rural families have been moved to semi-urban
areas under previous Cerrejon relocations, meaning they can no
longer continue their farming way of life.  The company denies
this, Bloomberg News relays.

Colombia's government, faced with a 2015 budget shortfall of
COP12.5 trillion (US$6 billion), is attempting to increase
production and royalty payments from resources industries amid
slumping prices of oil and coal, Colombia's two main exports,
Bloomberg News notes.

Next-month steam coal for Amsterdam, Rotterdam or Antwerp has
fallen 12 percent in the past year as supply growth outstrips
demand, Bloomberg News relays.  Colombia, the world's fifth-
largest coal exporter, aims to produce about 95 million tons this
year, up from 85.5 million tons in 2013, says the report.

"Clearly, there's a risk of no deal with the community," Eduardo
Chaparro, head of mining with Colombia's business association
ANDI, told Bloomberg News in a telephone interview.  "With coal
prices on the floor, more than ever it's necessary to have
developments that increase productivity."


===========
M E X I C O
===========


GRUMA SAB: Fitch Hikes LT Foreign Currency IDR From 'BB+'
---------------------------------------------------------
Fitch Ratings has upgraded the ratings of Gruma, S.A.B. de C.V.
(Gruma) as follows:

   -- Long-term Foreign Currency Issuer Default Rating (IDR) to
'BBB-' from 'BB+';
   -- Long-term Local Currency IDR to 'BBB-' from 'BB+';
   -- USD300 million perpetual bonds to 'BBB-' from 'BB+'.

The Rating Outlook is Stable.

The upgrade in Gruma's ratings reflects the company's commitment
to improve its capital structure which has resulted in debt
reduction, lower leverage ratios, higher profitability and robust
free cash flow (FCF) generation. The upgrade also incorporates
Fitch's expectation that Gruma will maintain a total debt-to-
EBITDA ratio at or below 2x across the cycle combined with an
adequate liquidity position, positive FCF and relatively stable
profitability margins, despite the volatility in the prices of its
main raw materials (corn and wheat).

Key Rating Drivers

Solid Business Position:
Gruma's ratings continue to reflect its strong business position
as one of the largest producers of corn flour and tortillas in the
world, with operations in the U.S., Mexico, Central America,
Europe, Asia and Oceania. The company has leading brands in corn
flour in Mexico and the U.S., as well as in the corn and wheat
tortilla market where it participates, which support its long-term
growth. Fitch believes the company will be able to maintain its
business position for the foreseeable future due to its strong
brand equity, diversified product lines, broad distribution
network, proprietary technology, and wide geographic coverage.

Geographic Diversification:
The ratings take into consideration Gruma's geographically
diversified operations. The company generates around 57% of its
total sales and 51% of its EBITDA from its largest subsidiary,
Gruma Corp., which has operations in the U.S. and Europe. Fitch
considers that geographic diversification of operations lowers
business risk and cash flow volatility. Additionally, Fitch
positively factors into the ratings the potential growth
opportunities for Gruma associated with the fast-growing Hispanic
community in the U.S. and the increased popularity of tortillas in
food preparation among consumers in different countries.

Declining Leverage
Gruma's ratings reflect a reduction in its leverage ratios that
was below Fitch's expectation. The company's total debt-to-EBITDA
ratio (EBITDA defined as operating income, plus depreciation and
amortization, less common dividends paid to non-controlling
interests) for the last 12 months as of Sept. 30, 2014, was 2x,
while total net debt-to-EBITDA was 1.8x. Fitch's previous
expectation incorporated a decrease of total debt-to-EBITDA close
to 2.5x. The improvement in leverage was mainly due to
approximately USD228 million of debt reduction during 2014 and
higher EBITDA generation.

Fitch expects Gruma to maintain a total debt to EBITDA ratio at or
below 2x in the mid- to long-term. In addition, Gruma's capital
structure will be further strengthened in the fourth quarter of
2014 by the application of USD200 million in proceeds from the
divestitures of its wheat operations in Mexico toward debt
reduction. On a pro forma basis, including this transaction, Fitch
estimates Gruma's total debt-to-EBITDA would be around 1.5x by
year-end 2014.

Higher Profitability
Fitch expects Gruma's higher profitability margins to remain
relatively stable as a result of a better product sales mix,
hedging initiatives, pricing actions, internal efficiencies,
divest of its less-profitable wheat operation in Mexico and, in a
lesser extent, favorable raw material environment. During the nine
months ending Sept. 30, 2014, on a comparable basis, the company's
reported EBITDA margin continued to improve and reached 14.9%,
higher than 12.4% when compared to the same figures of last year.
Gruma's current level of profitability reflects better operating
performances across all of its operations.

Solid FCF
Fitch incorporates in the ratings the FCF generation capacity of
Gruma through the cycle. Fitch estimates Gruma will generate in
2014 approximately MXN2 billion of FCF after covering MXN2.2
billion of capital expenditures and MXN650 million of dividends.
In addition, Fitch believes Gruma will maintain an annual cash
flow from operations (CFFO) of around MXN4.8 billion, which
provides flexibility to cover its planned capital expenditures of
around MXN4 billion in 2015. For the last 12 months as of Sept.
30, 2014, Gruma's FCF was MXN3.7 billion after covering capital
expenditures of MXN1.5 billion.

Adequate Liquidity:
Gruma has an adequate liquidity position as of Sept. 30, 2014,
with a cash balance of MXN1.3 billion and USD375 million of
available committed credit lines due in 2016, to face MXN2 billion
of short-term debt. With debt amortization of USD113 million in
2015 and USD218 million in 2016, the company's debt profile is
manageable. Additionally, given the improvement in Gruma's credit
quality, Fitch considers the company could seek to refinance a
portion of its total debt in the short term. Gruma's total debt as
of Sept. 30, 2014 was MXN13.8 billion, of which MXN9.9 billion was
related to bank facilities and the rest to the perpetual notes.

Rating Sensitivities

Negative rating actions could result from a deterioration of
Gruma's total debt-to-EBITDA ratio to at or above 2.5x on
sustained basis associated with a combination of a lower operating
results, negative FCF generation, or debt-financed acquisitions.

Positive rating actions are not foreseen for Gruma in the mid-
term; however, the combination of solid operating results, strong
FCF and gross leverage ratio below 1.5x through the cycle will be
viewed as positive for the company's credit quality.


MEXICO: China Railway Threatens Legal Action on Pullout
-------------------------------------------------------
Nacha Cattan and Linly Lin at Bloomberg News report that the
Chinese company whose US$4.3 billion high-speed rail contract was
canceled by Mexico threatened legal action amid news reports that
one of the bid partners built a home for first lady Angelica
Rivera.

"Our company is extremely shocked" by the revocation, Beijing-
based China Railway Construction Corp. (1186) said, according to
the official Xinhua News Agency, Bloomberg News notes.  "We will
resort to legal means to protect the company's legitimate interest
when it's necessary," China Construction added.

Bloomberg News relays that Mexico rescinded the contract, citing
"doubts and concerns" about the winning group, which included four
Mexican partners.  One, Constructora Teya, is part of a
construction group known as Grupo Higa that built a home for
President Enrique Pena Nieto's family in Mexico City, Mexican news
website Aristegui Noticias reported, Bloomberg News discloses.

Pena Nieto's office said in a Nov. 9 statement the first lady
bought "real estate assets" from Ingenieria Inmobiliaria del
Centro and continues to make payments, Bloomberg News relays.

The statement didn't connect the home of Ms. Rivera, a former soap
opera star, to the president's decision to scrap the train deal,
Bloomberg News notes.

The Aristegui Noticias report said the home, which it referred to
as the "White House," is still registered to Ingenieria
Inmobiliaria del Centro, a unit of Grupo Higa, Bloomberg News
says.

                        Political Risk?

Pena Nieto may sustain some political damage if a large number of
Mexicans suspect the builder got preferential treatment in the
rail bidding because of ties to the presidential couple, according
to Mexico-based political consultant Alfonso Zarate, who works
with public-sector institutions and business groups, Bloomberg
News notes.

The house's opulence also may hurt the president's image, Mr.
Zarate said, Bloomberg News relates.  Aristegui Noticias reported
the home's value at MXN86 million (US$6.3 million), Bloomberg News
discloses.

"In a country with so much poverty and so much inequality, this
type of mansion is an insult to the majority of the population,"
Bloomberg News quoted Mr. Zarate as saying. Pena Nieto is visiting
China this week.

China Railway won the contract on Nov. 3, and Pena Nieto's
government announced the cancellation three days later, Bloomberg
News notes.  The company's stock sank 5.7 percent in Hong Kong
after Mexico's decision, then rallied 5.1 percent Nov. 11 to
HK$8.43, Bloomberg News relates.

The contract would have been the first large transportation
investment in Mexico by a Chinese company and the biggest award by
the public-works ministry under Pena Nieto, who took office in
2012, Bloomberg News adds.


===========================
V I R G I N   I S L A N D S
===========================


VIRGIN ISLANDS: Shuttered Refinery Sale Bolsters Rally in Bonds
---------------------------------------------------------------
Michael McDonald and Brian Chappatta at Bloomberg News report that
yields on some Virgin Islands Public Finance Authority bonds fell
to the lowest in almost three weeks as the sale of a shuttered
refinery is set to create jobs in the U.S. territory.

Public Finance Authority debt maturing in October 2029 traded at
yields 0.16 percentage point less than when they last changed
hands Nov. 7, data compiled by Bloomberg show.  The 3.46 percent
yield is the lowest since Oct. 22.

Atlantic Basin Refining Inc. said that it will buy the Hovensa
refinery on the island of St. Croix from Hess Corp. and Petroleos
de Venezuela SA for an undisclosed price, according to Bloomberg
News.

Bloomberg News notes that the refinery's closing in January 2012
increased unemployment on the island 1,100 miles (1,800
kilometers) from Miami.  The facility will employ at least 500
full-time workers, the St. Croix-based company said.

"They want the best economic value for the refinery, I want jobs,"
Governor John de Jongh said in a statement obtained by Bloomberg
News.

Unemployment in St. Croix was 14.8 percent in August, up from an
average of 9.8 percent in the year before the refinery shut,
Bloomberg News notes.  The jobless rate in the U.S. Virgin
Islands, which includes St. Croix, St. Thomas and St. John, was
13.4 percent in August, according to data from the territory's
department of labor, Bloomberg News relates.

The company said it wants to add hundreds of jobs in subcontracted
work at the refinery in addition to the full-time staff, Bloomberg
News relays.  The facility should be operational by the end of
2016.

The refinery will be able to process 300,000 barrels a day and the
sale includes 30 million barrels of storage, Bloomberg News
discloses.

The buyer needs an operating agreement with the government of the
Virgin Islands, Bloomberg News notes.  Atlantic Basin said the
legislature will meet today, Nov. 12 to vote on ratification of
the accord, Bloomberg News notes.

Securities from the territory, which are tax-exempt nationwide,
have earned about 11 percent this year, compared with 8 percent
for the entire municipal market, data from Barclays Plc show,
Bloomberg News 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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