TCRLA_Public/141120.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, November 20, 2014, Vol. 15, No. 230


                            Headlines



A R G E N T I N A

ARGENTINA: Bolsters Reserves With New Currency Swap With China


B A H A M A S

COLUMBUS INT'L: CWC Overpaid by US$1BB for Firm, Digicel Says


B R A Z I L

AMPLA ENERGIA: S&P Affirms 'BB+' CCR; Outlook Stable
MENDES JUNIOR: Moody's Cuts CFR to B3; Outlook Changed to Negative


C A Y M A N  I S L A N D S

BENECO RISK: Commences Liquidation Proceedings
BENROS CAPITAL: Commences Liquidation Proceedings
GALENA COMMODITY: Commences Liquidation Proceedings
GALENA ENERGY: Commences Liquidation Proceedings
GALENA ENERGY (II): Commences Liquidation Proceedings

GALENA ENERGY MASTER: Commences Liquidation Proceedings
GALENA MACRO: Commences Liquidation Proceedings
GALENA MACRO MASTER: Commences Liquidation Proceedings
GALENA SPECIAL: Commences Liquidation Proceedings
HALCYON DAYS: Placed Under Voluntary Wind-Up

LG PACIFIC: Commences Liquidation Proceedings
SUNTECH POWER: Cayman Proceedings Recognized by U.S. Court
TRUCAP INVESTMENT: Placed Under Voluntary Wind-Up


C H I L E

CHILE: Central Bank Leaves Key Rate on Hold After Eight Cuts


J A M A I C A

JAMAICA: Small Rise in Inflation in October
JAMAICA: July-September Quarter Impacted by Recent Dry Spell


M E X I C O

GRUPO IDESA: S&P Affirms 'BB-' CCR; Outlook Stable
MEXICO: Sells US$2 Billion of 10-Year Bonds as Debt Demand Soars


P E R U

PERU: GDP Rose 2.68% in September


                            - - - - -


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


ARGENTINA: Bolsters Reserves With New Currency Swap With China
--------------------------------------------------------------
EFE News reports that the Argentine Central Bank activated the
second installment of its currency-swap agreement with China,
issuing a request that resulted in a boost to its foreign reserves
equivalent to US$500 million.

Argentina's Central Bank had already received Chinese yuan
equivalent to US$814 million on Oct. 30 to boost its dwindling
monetary reserves, according to EFE News.

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.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


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


COLUMBUS INT'L: CWC Overpaid by US$1BB for Firm, Digicel Says
-------------------------------------------------------------
Trinidad Express reports that mobile services provider Digicel
Group and pay to view company DIRECTV both called on regional
telecommunications authorities to ensure Cable & Wireless'
purchase of Columbus Communications was transparent and benefited
customers.

Digicel Group called on all regulatory bodies throughout the
Caribbean to "see through the smokescreen put up by Cable &
Wireless/Columbus and subject the proposed transaction to the
fullest regulatory scrutiny," according to Trinidad Express.

The report notes that Digicel Group argued that Cable and Wireless
Communications overpaid by US$1 billion for Columbus, which
operates the Flow cable network in Trinidad and Tobago.

CWC announced it had bought Columbus -- subject to approvals --
for more than US$3 billion earlier this month, the report relates.

Responding to comments in the media, "Digicel can confirm that it
looked at Columbus Communications several months ago and that it
was Digicel's assessment that the value of Columbus Communications
was no more than US$2 billion", the mobile company said in a
statement from Kingston, Jamaica, the report discloses.

"The assertion by UK-listed Cable & Wireless that Digicel is
suffering from 'sour grapes' couldn't be further from the truth as
the reality is Digicel was not prepared to overpay for the
business-unlike Cable & Wireless," the company said, the report
relates.

Digicel Group Chief Executive Colm Delves said: "Any discussion of
whether or not Digicel Group was interested in buying Columbus is
a smokescreen put up by Cable & Wireless as it tries to railroad
through a very expensive transaction that will put enormous
pressure on its balance sheet.

"While Digicel Group did take a look at Columbus, the simple fact
is that Cable & Wireless paid some US$1 billion more for Columbus
Communications than in our view it is actually worth-a fact that
should be of grave concern to its shareholders and the public
alike," the report notes.

And Chaguanas-based DIRECTV said it had no objection to the
proposed acquisition of Columbus by Cable and Wireless
Communications "as long as the process is transparent and the
Telecoms regulators in each country take into account the overall
effect on the markets and consumers," the report discloses.

"These transactions take place regularly in other countries and
therefore should not be considered unusual.  However, in these
matters, local regulators bear an even greater responsibility to
ensure transparency and fair play. Of paramount importance, is
safeguarding competition in the industry and ensuring that there
is a level playing field," DIRECTV Caribbean General Manager
Bernard Pantin said in a statement obtained by the news agency.

"One would expect that CWC will be required to divest of their 49
per cent in TSTT in Trinidad.  This actually could have a very
positive effect on local Triple Play in that consumers would then
have a choice among three strong players when the market settles,"
the report quoted Mr. Pantin as saying.

The report relates that Mr. Patin added: "In the interest of fair
trading, the Telecommunications Authority of Trinidad and Tobago
(TATT) may very well find itself having to re-start the
application process for the third mobile license, as Flow and
Cable and Wireless made separate applications before their merger
was made public."

                 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.


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


AMPLA ENERGIA: S&P Affirms 'BB+' CCR; Outlook Stable
----------------------------------------------------
Standards & Poor's Ratings Services affirmed its 'BB+' global
scale and 'brAA' national scale corporate credit ratings on Ampla
Energia e Servicos S.A. (Ampla).  The outlook on both scale
ratings remains stable.

The ratings on Ampla mainly reflect its "fair" business risk
profile, "intermediate" financial risk profile, "less than
adequate" liquidity, and its "moderately strategic" importance for
its Chile-based controlling shareholder, Enersis S.A.
(BBB+/Stable/--).

Ampla's "fair" business risk profile is based on the company's
fair competitive position, reflecting its challenging concession
area, because of relatively high electricity losses, and weaker-
than-average service quality indicators.  The mitigating factors
are Brazil's favorable regulatory framework for the electric
sector and the growing demand for power.

Ampla's "intermediate" financial risk profile reflects its good
cash flow generation, relatively high capital expenditures (capex)
but low dividends, low debt levels, and good financial
flexibility.  The severe drought since the end of 2012 is forcing
distribution companies to purchase power at a high spot price due
to higher thermal dispatch to replace the lower hydro generation.


MENDES JUNIOR: Moody's Cuts CFR to B3; Outlook Changed to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating assigned to Mendes Junior Trading e Engenharia S.A. (Mendes
Junior) to B3 from B2. At the same time, Moody's changed the
rating outlook to negative from stable.

Ratings changed:

- Corporate Family Rating: to B3 from B2 (global scale)

Outlook for the rating: changed to negative from stable.

Ratings Rationale

The downgrade to B3 was prompted by Moody's perception of
increased liquidity risk for Mendes Junior on the back of
corruption allegations that involve one of its main executives and
Petrobras (Baa2, negative), a relevant client that currently
accounts for 15% of the company's backlog. Although investigations
are still ongoing and no conclusions have been reached, Moody's
believe that these events could strain Mendes Junior's already
tight liquidity and the execution of its short term refinancing
strategy.


The negative outlook also reflects prospectively weaker credit
metrics in the next couple of years, pressured by higher inflation
and interest rates. Brazil's soft macroeconomic forecast and an
anticipated challenging fiscal environment could result in lower
investment rates and delays in the approval of claims for margin
recovery in public projects.

Mendes Junior's B3 rating remains supported by the company's solid
track record in the Brazilian construction market, its strong
technical expertise in the execution of infrastructure projects
for the public sector in Brazil. These strengths partially
mitigate the company's small size compared to its local and global
peers, concentrated market base with public counterparties in
Brazil (85% backlog), and still evolving corporate governance
practices.

Mendes Junior's has high liquidity risk because its debt
amortization profile is largely represented by working capital
lines maturing in the short-term in the amount of BRL113 million,
vis-…-vis a cash outstanding or approximately BRL80 million. The
company's cash position has deteriorated in 2014 due to higher
execution costs and weak operating margins. Although its cash
generation is bound to improve towards year-end as per the
industry's typical seasonality, Moody's anticipates that it will
remain insufficient to cover all of its short term debt
maturities, and there are no committed backup facilities.

To finance its operations, Mendes Junior relies on timely payment
of receivables from its projects, approvals of claims to
compensate for eventual cost overruns and access to medium-size
banks, especially local banks in the state of Minas Gerais, which
have been providing financial support for the company even during
periods of financial distress. The management is currently
contemplating a number of refinancing alternatives that could
potentially improve its debt maturity profile for the near term.

Mendes Junior's ratings could be further downgraded if the company
face difficulties in rolling over short-term debt or material
delays in the collection of receivables. Quantitatively, the
ratings may be downgraded if there is no improvement in credit
metrics, for example if its adjusted gross debt to EBITDA remains
above 4.2 times over the next two quarters (4.5 times as of June
30, 2014) or the EBITA interest coverage falls below 1.0 times
(1.2 times as of June 30, 2014).

The rating outlook could be stabilized if the company improves its
liquidity position, particularly with lower exposure to short term
debt, along with enhanced corporate governance practices. An
upgrade of the ratings would also require Mendes Junior to
maintain its consistent growth in revenues and operating
performance, while diversifying its backlog with other clients,
countries and regions in order to reduce the revenue concentration
risk.

The principal methodology used in this rating was Global
Construction Methodology published in November 2010.

Headquartered in Belo Horizonte, Brazil, Mendes Junior Trading e
Engenharia S.A. (Mendes Junior) is a major engineering and
construction company in Brazil, with net consolidated revenues of
about BRL1.8 billion in the twelve months that ended June 30,
2014. Mendes Junior construction projects include highways,
railways, bridges, power plants, tunnels, subways, airports,
ports, commercial and residential buildings, mining and industrial
facilities.


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


BENECO RISK: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 18, 2014, the sole shareholder of Beneco Risk Management
(SPC) 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:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


BENROS CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 9, 2014, the shareholder of Benros Capital Management Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 20,
2014, to be included in the company's dividend distribution.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237

GALENA COMMODITY: Commences Liquidation Proceedings
---------------------------------------------------
On Aug. 26, 2014, the sole shareholder of Galena Commodity Fund
SPC 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:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


GALENA ENERGY: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 26, 2014, the sole shareholder of Galena Energy Fund
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:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


GALENA ENERGY (II): Commences Liquidation Proceedings
-----------------------------------------------------
On Aug. 26, 2014, the sole shareholder of Galena Energy Fund (II)
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:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


GALENA ENERGY MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On Aug. 26, 2014, the sole shareholder of Galena Energy Master
Fund 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:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


GALENA MACRO: Commences Liquidation Proceedings
-----------------------------------------------
On Aug. 26, 2014, the sole shareholder of Galena Macro Fund
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:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


GALENA MACRO MASTER: Commences Liquidation Proceedings
------------------------------------------------------
On Aug. 26, 2014, the sole shareholder of Galena Macro Master Fund
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:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


GALENA SPECIAL: Commences Liquidation Proceedings
-------------------------------------------------
On Aug. 26, 2014, the sole shareholder of Galena Special
Situations Fund (II) 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:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


HALCYON DAYS: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Oct. 7, 2014, the
shareholder of Halcyon Days Ltd resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


LG PACIFIC: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 8, 2014, the shareholder of LG Pacific Assets Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt Nov. 19,
2014, will be included in the company's dividend distribution.

The company's liquidator is:

          Susanna Shui Shan Ng
          c/o BMO Global Asset Management (Asia) Limited
          Suite 3808, One Exchange Square
          Central
          Hong Kong


SUNTECH POWER: Cayman Proceedings Recognized by U.S. Court
----------------------------------------------------------
Bankruptcy Judge Stuart M. Bernstein issued Findings of Fact and
Conclusions of Law granting the petition for Chapter 15
recognition of Suntech Power Holdings Co. Ltd.'s provisional
liquidation in the Cayman Islands as a foreign main proceeding.
David Walker and Ian Stokoe, the Joint Provisional Liquidators, or
JPLs, filed the Chapter 15 petition.

Judge Bernstein also overruled Solyndra Residual Trust's objection
to the petition for recognition, and denied the Trust's request to
transfer the venue of the chapter 15 case to the Northern District
of California.

A copy of Judge Bernstein's Nov. 17 Findings of Fact and
Conclusions of Law is available at http://bit.ly/1AfOsfNfrom
Leagle.com.

The JPLs are represented by:

     Peter Friedman, Esq.
     O'MELVENY & MYERS LLP
     1625 Eye Street, NW
     Washington, DC 20006
     Tel: 202-383-5302
     Fax: 202-383-5414
     E-mail: pfriedman@omm.com

         - and -

     Daniel Shamah, Esq.
     Matthew Kremer, Esq.
     O'MELVENY & MYERS LLP
     Times Square Tower
     7 Times Square
     New York, NY 10036
     Tel: 212-326-2138
     Fax: 212-326-2061
     E-mail: dshamah@omm.com
             mkremer@omm.com

          - and -

     Suzanne Uhland, Esq.
     Jennifer Taylor, Esq.
     O'MELVENY & MYERS LLP
     Two Embarcadero Center, 28th Floor
     San Francisco, CA 94111
     Tel: 415-984-8941
     Fax: 415-984-8701
     E-mail: suhland@omm.com
             jtaylor@omm.com

Solyndra Residual Trust is represented by:

     John A. Morris, Esq.
     Jason H. Rosell, Esq.
     PACHULSKI STANG ZIEHL & JONES LLP
     780 Third Avenue, 34th Floor
     New York, NY 10017-2024
     E-mail: jmorris@pszjlaw.com
             jrosell@pszjlaw.com

          - and -

     Debra I. Grassgreen, Esq.
     PACHULSKI STANG ZIEHL & JONES LLP
     150 California Street, 15th Floor
     San Francisco, CA 94111-4500
     E-mail: dgrassgreen@pszjlaw.com

          - and -

     W. Gordon Dobie, Esq.
     WINSTON & STRAWN LLP
     26, Valovaya Street, 9th Floor
     115054  Moscow  IL
     RU
     Tel: +1 (312) 558-5691
     Fax: +1 (312) 558-5700
     E-mail: wdobie@winston.com

          - and -

     Eric E. Sagerman, Esq.
     Justin E. Rawlins, Esq.
     WINSTON & STRAWN LLP
     333 S. Grand Avenue, 38th Floor
     Los Angeles, CA 90071-1543
     Tel: +1 (213) 615-1829
     Fax: +1 (213) 615-1750
     E-mail: esagerman@winston.com
             jrawlins@winston.com

          - and -

     William C. O'Neil, Esq.
     WINSTON & STRAWN LLP
     35 W. Wacker Drive
     Chicago, IL 60601-9703
     Tel: +1 (312) 558-5308
     Fax: +1 (312) 558-5700
     E-mail: woneil@winston.com

                         About Suntech

Suntech Power Holdings Co., Ltd. (OTC: STPFQ) produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.

On Feb. 21, 2014, David Walker and Ian Stokoe, the joint
provisional liquidators of Suntech Power Holdings Co., Ltd.,
appointed by the Grand Court of the Cayman Islands, commenced a
Chapter 15 proceeding (Bankr. S.D.N.Y. Case No. 14-10383).  The
Chapter 15 Petitioners are represented by Jennifer Taylor, Esq.,
and Diana Perez, Esq., at O'Melveny & Myers LLP.  According to the
Chapter 15 petition, Suntech has more than $1 billion in both
assets and debts.


TRUCAP INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 9, 2014, the sole shareholder of Trucap Investment Fund,
Ltd. passed a resolution to wind up the company's operations.

Only creditors who were able to file their proofs of debt Nov. 16,
2014, will be included in the company's dividend distribution.

The company's liquidator is:

          Truman Capital Advisors, LP
          Daniella Skotnicki
          Telephone: (345) 815-1861
          Facsimile: (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


=========
C H I L E
=========


CHILE: Central Bank Leaves Key Rate on Hold After Eight Cuts
------------------------------------------------------------
Javiera Quiroga at Bloomberg News reports that Chile's central
bank kept borrowing costs unchanged after cutting interest rates
by more than any other country in the past year, as the inflation
(CNPINSYO) rate reached the highest level in almost six years.

Policy makers, led by bank President Rodrigo Vergara, kept the
benchmark interest rate at 3 percent Nov. 19, as forecast by all
24 economists surveyed by Bloomberg.

The bank paused following eight quarter-point reductions in the
past 14 months and after consumer prices rose more than twice as
much as economists expected in October, pushing the annual
inflation rate to 5.7 percent, according to Bloomberg News.
Inflation has remained above the bank's 2 percent to 4 percent
target range for seven months, even as the economy grows at the
slowest pace since the 2009 recession, Bloomberg News relates.

"In the most likely scenario, inflation will remain above the
target range for some months," the central bank said in a
statement accompanying the decision, Bloomberg News relates. "The
inflation surprise can be associated with specific and transitory
factors," the central bank said, Bloomberg News relates.

Inflation expectations remain anchored at 3 percent for the two
years ahead, according to the last survey of economists published
by the central bank on Nov. 11, a fact that policy makers
highlighted in their statement, Bloomberg News notes.

"As a central bank, we are evidently not indifferent to this
inflation," Mr. Vergara told reporters on Nov. 7, after meeting
with Finance Minister Alberto Arenas, says Bloomberg News.  "We
continue to believe that this is a transitory rise and that
inflation will converge towards the 3 percent target next year."

                      Moderate Recovery

According to the report, Chile's gross domestic product grew 0.8
percent in the third quarter from the year earlier as the rate
cuts failed to halt a slump in investment. Capital expenditure
tumbled 9.9 percent, led by a 24.6 percent slump in investment on
machinery and equipment.  Consumer demand rose 2 percent over the
same period, compared with 2.1 percent in the second quarter.

Chilean authorities expect economic growth to rebound, Bloomberg
News says.  Mr. Vergara said on Nov. 5 that third-quarter growth
will be the slowest of the year and that Chile is ready to start a
gradual, moderate recovery, Bloomberg News reports.

"We are not happy with this level of growth," Bloomberg News
quoted Mr. Vergara as saying.  "We expect to have moderately
faster growth in the fourth quarter, and from there it should pick
up throughout next year."

Policy makers reduced their growth forecast for this year for the
fourth consecutive quarter on Sept. 3, citing a deeper and longer-
than-expected slowdown in activity and demand, Bloomberg News
relates.  GDP will expand 1.75 percent to 2.25 percent in 2014 and
3 percent to 4 percent in 2015, the bank forecast, Bloomberg News
adds.


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


JAMAICA: Small Rise in Inflation in October
-------------------------------------------
RJR News reports that the Statistical Institute of Jamaica
(Statin) said price increases in October were subdued at 0.1%.

Inflation for the month was the lowest since June and came as
declines in the price of fuel and airline tickets offset increases
elsewhere, according to RJR News.  Overall, price increases were
recorded for food and water charges, the report notes.

October's price movement means that in the last 12 months,
Jamaicans have seen their cost of living rise by 8.2%, the report
relates.

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


JAMAICA: July-September Quarter Impacted by Recent Dry Spell
------------------------------------------------------------
RJR News reports that the protracted dry spell negatively impacted
Jamaica's economy during the July to September quarter.

The Bank of Jamaica's Quarterly Monetary Policy Report shows
growth in real Gross Domestic Product for the three months was
affected by the drought conditions resulting in an estimated
contraction within the range of minus one percent to zero percent,
according to RJR News.

As a result, growth for the fiscal year is likely to be in the
range of 0.5 per cent to 1.5 per cent, the report relates.

The Central Bank says output is forecast to expand over the
medium-term at a steady pace as the country remains poised to
benefit from new investments in productive activities as well as
the gradual strengthening in global economic growth, the report
discloses.

However, the BOJ said elevated inflation expectations continue to
be a major risk to the achievement of the inflation target for the
fiscal year over the next four quarters, the report notes.

As a result, the Bank's policy stance will focus on mitigating
these risks while attaining the monetary targets under the
International Monetary Fund (IMF) program, the report relays.

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


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


GRUPO IDESA: S&P Affirms 'BB-' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
corporate credit and issue-level rating on Grupo IDESA, S.A. de
C.V. (IDESA).  The outlook is stable.  At the same time, S&P's
recovery rating of '4' on IDESA's $300 million 144 A Reg. S senior
unsecured notes due 2020, indicating its expectation for average
recovery (30%-50%) in a payment default scenario, remains
unchanged.  The rating affirmation follows S&P's ordinary annual
review.

The affirmation reflects S&P's view that IDESA will maintain its
credit measures commensurate with its "aggressive" financial risk
profile.  The company has a comfortable debt maturity profile (its
only debt matures in 2020), which underpins IDESA's "adequate"
liquidity.  S&P don't expect a significant change in the company's
"fair" business risk profile for the next two years, as it moves
forward with existing investment projects, Etileno XXI (Braskem
IDESA) and Cyplus IDESA, and other expansion projects in logistics
and distribution business segments, which S&P incorporated in its
assessment.


MEXICO: Sells US$2 Billion of 10-Year Bonds as Debt Demand Soars
----------------------------------------------------------------
Katia Porzecanski at Bloomberg News reports that Mexico sold US$2
billion of dollar bonds in its fifth international debt sale this
year as demand soared after the nation's 76-year oil monopoly was
halted.

The government sold securities due January 2025 to yield 1.35
percentage points more than similar-maturity Treasuries, according
to data compiled by Bloomberg.  Goldman Sachs Group Inc. and
JPMorgan Chase & Co. managed the offer.

Mexico, home to Latin America's second-biggest economy, has sold a
record amount of debt this year after legislation ended the oil
monopoly in December, a move that earned the government its
highest-ever rating from Moody's Investors Service, according to
Bloomberg News.  The sale brings Mexico's total issuance this year
to US$11 billion of bonds in dollars, yen, euros, and pounds,
including the nation's second 100-year bond, Bloomberg News
relates.

The bonds issued have a provision preventing holders with less
than 25 percent of the nation's total debt from blocking a
restructuring, Bloomberg News notes.  Mexico included the
requirement when it registered Nov. 10 to sell as much as US$6.3
billion of notes, Bloomberg News discloses.

The provision is in line with recommendations from the
International Capital Market Association published in August after
Argentina defaulted on its international debt for the second time
in 13 years, Bloomberg News relates.


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


PERU: GDP Rose 2.68% in September
---------------------------------
EFE News reports that National Statistics and Informatics
Institute (INEI) said Peru's gross domestic product increased
2.68% in September, the biggest increase in five months, lifting
economic growth in the first three quarters of the year to 2.%.

The September numbers show good performances in the finance and
insurance sector, construction, business services,
telecommunications and hotels and restaurants, according to EFE
News.

The Troubled Company Reporter - Latin America, on November 18,
2014, citing Bloomberg News, reported that Peru Finance Minister
Alonso Segura said the country is considering adopting measures to
stimulate the economy that may result in a loss of government
revenue.  The report notes that policy makers are seeking to
offset a slump in copper and gold exports.  The report further
notes that Peru's economy will expand 3.1 percent this year, the
slowest since 2009 and down from 5.8 percent in 2013, according to
the central bank.

                            ***********


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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