TCRLA_Public/141124.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

            Monday, November 24, 2014, Vol. 15, No. 232


                            Headlines



A R G E N T I N A

ARGENTINA: Bonds a Buy to Caputo as Elections Dwarf Holdouts
BUENOS AIRES: Moody's Rates ARS550MM Treasury Program (P)Caa1
EDENOR S.A.: Incurs ARS720.9 Million Net Loss in Third Quarter


B A H A M A S

COLUMBUS INT'L: Digicel Tells TATT to "Withstand "Severe Pressure"


B O L I V I A

SEGUROS ILLIMANI: Moody's Cuts Local-Currency IFS Rating to Caa2


B R A Z I L

JBS SA: Expands Into Asia With Acquisition of Primo
ROYAL BANK: To Shut Caribbean Wealth-Management Business, Cut Jobs


C A Y M A N  I S L A N D S

AAXION FUND: Placed Under Voluntary Wind-Up
AAXION HOLDING: Placed Under Voluntary Wind-Up
KAIROS FUND: Shareholders Receive Wind-Up Report
NAU GENERAL: Shareholder to Receive Wind-Up Report on Nov. 28
OPTIMAL ASIA: Shareholder to Hear Wind-Up Report on Nov. 28

PROSPERITY BRIDGE: Shareholders to Hear Wind-Up Report on Nov. 28
PSAR COMMODITY: Shareholders Receive Wind-Up Report
RIPPLEWOOD INVESTORS: Shareholders Receive Wind-Up Report
RUSSIA REAL: Shareholders Receive Wind-Up Report
TST OPPORTUNITY: Shareholders Receive Wind-Up Report

VMS STRATEGIC: Shareholders Receive Wind-Up Report


C H I L E

CHILE: To Meet Bond Investors Abroad as it Considers Debt Sale


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Has Financed US$4.3BB With Caracas Oil Deal
DOMINICAN REP: Most Fuel Prices Fall; Diesel as Much as RD$9.60


E C U A D O R

ECUADOR: To Get US$80MM IDB Loan to Improve Social Services


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 17 to Nov. 21, 2014


                            - - - - -


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


ARGENTINA: Bonds a Buy to Caputo as Elections Dwarf Holdouts
------------------------------------------------------------
Camila Russo at Bloomberg News reports that Argentine bonds are a
buy even if the country doesn't settle with holdout creditors next
year because the next government will adopt policies more
favorable to investors, according to portfolio manager Luis
Caputo.

"An agreement with holdouts is tremendously important for the
economy and the market would rally, but if there's no agreement,
there won't be a big drop," Bloomberg News quoted Mr. Caputo,
whose Argentina fund for Noctua Partners has returned 28 percent
since it opened in April, twice the gain for JPMorgan Chase &
Co.'s Argentina dollar bond index, as saying.  "The potential for
a government change will have a much bigger impact," Mr. Caputo
said.

Bloomberg News notes that Mr. Caputo said a change in government
after October elections will benefit bondholders more than a
settlement with holdout creditors led by billionaire hedge-fund
manager Paul Singer.  Since becoming president in 2007, Cristina
Fernandez de Kirchner nationalized the country's biggest oil
company, imposed the tightest currency controls in a decade and
oversaw inflation estimated at about 40 percent as the economy
slumped, Bloomberg News relays.  The top candidates to replace her
have pledged to damp consumer-price increases and lure foreign
investment, Bloomberg News notes.

While Argentina's benchmark bonds due 2033 have slid to about 92
cents on the dollar from a three-year high of 95.6 cents on July
30, the notes are still 17 cents above their average over the past
five years, Bloomberg News discloses.  Investors are speculating
Fernandez will settle a dispute with holdout creditors that caused
the nation to default for a second time in 13 years after a clause
in the contracts that requires all holders of the securities be
treated equally expires in December, Bloomberg News notes.

                         Deutsche Bank

"Distressed investors don't mind waiting until 2016 to get paid
since it's a long-term bet," said Mr. Caputo, who was the head of
emerging-markets trading at Deutsche Bank AG before serving as
chief of the bank's Argentina unit from 2003 to 2008, Bloomberg
News relays.  "A change in government and economic policies will
make Argentina the country to invest in during the next five
years."

Argentina defaulted four months ago because it refused to comply
with a U.S. court ruling that ordered it to pay holders of debt
left over from its 2001 default at the same time it pays notes
issued as part of its debt restructurings, Bloomberg News notes.
The judge is blocking payments until the country obeys the ruling
or reaches an accord with the holdouts, Bloomberg News relates.

The Rights Upon Future Offers clause in the restructured debt,
which expires Dec. 31, forces Argentina to offer all bondholders
the same terms it gives holdouts if it improves the terms from the
2005 and 2010 debt swaps, Bloomberg News says.  Investors who
agreed to those terms accepted losses of about 70 percent.

Bloomberg News relates that officials said that would put the
nation at risk of receiving as much as US$120 billion in
additional claims.

Buenos Aires Province Governor Daniel Scioli, Buenos Aires city
mayor Mauricio Macri and Sergio Massa, an opposition lawmaker and
former cabinet chief under Fernandez, were tied in an OPSM poll
conducted Nov. 2-7, Bloomberg News notes.  The survey of 1,200
people had a margin of error of 2.5 percentage points.

"Foreign investors have found a country with high yields, capacity
to pay, willingness to pay," Bloomberg News quoted Mr. Caputo as
saying.


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'.


BUENOS AIRES: Moody's Rates ARS550MM Treasury Program (P)Caa1
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (global scale local currency) and Baa1.ar
(Argentina National Scale) ratings to the 2014 Short-Term Treasury
Bills Program of the City of Buenos Aires for up to ARS550
million.

Ratings Rationale

The 2014 program, authorized by law N 4.809 considers a maximum
issuance of ARS550 million. The assigned debt ratings reflect the
capacity of the City of Buenos Aires to honor these short-term
treasury bills as captured in the current Caa1/Baa1.ar issuer
ratings.

The first two issuances under the 2014 program (Class I and Class
II) will be both payable in local currency, present bullet
amortization, variable coupon and will mature in the months of
August and November of 2015 respectively. The total amount to be
issued under this program represents approximately 0.7% of the
City's 2015 expected current revenues.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

What Could Change The Rating Up/Down

Given the negative outlook on the City of Buenos Aires, Moody's
does not expect upward pressures in the ratings assigned in the
near to medium term. A downgrade in Argentina's bond ratings would
result in a downgrade of the ratings assigned. A sharp
deterioration in the city's metrics such as a rapid increase in
the debt to revenues ratio could exert downward pressure on the
ratings assigned and could result in a downgrade of the ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


EDENOR S.A.: Incurs ARS720.9 Million Net Loss in Third Quarter
--------------------------------------------------------------
Edenor S.A. reported a net loss of ARS720.9 million for the three
months ended Sept. 30, 2014, compared with a net loss of ARS512.87
million for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of ARS1.44 billion compared to net profit of ARS792.04
million for the same period a year ago.

As of Sept. 30, 2014, the Company had ARS7.99 billion in total
assets, ARS8.26 billion in total liabilities and a ARS267.39
billion total deficit.

"Given the fact that the realization of the projected measures to
revert the manifested negative trend depends, among other factors,
on the occurrence of certain events that are not under the
Company's control, such as the requested electricity rate
increases or the implementation of another source of financing or
offsetting mechanism, the Board of Directors has raised
substantial doubt about the Company's ability to continue as a
going concern in the term of the next fiscal year, being obliged
to defer once again certain payment obligations, as previously
mentioned, or unable to comply with the salary increases or the
increases recorded in third-party costs," said Ricardo Torres,
chairman.

A full-text copy of the Quarterly Report is available at:

                        http://is.gd/4FaSRx

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported profit of ARS 772.7 million on ARS 3.44 billion
of revenue from sales for the year ended Dec. 31, 2013, as
compared with a loss of ARS 1.01 billion on ARS 2.97 billion of
revenue from sales in 2012.  Edenor reported a net loss of
ARS 291.38 million in 2011.



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


COLUMBUS INT'L: Digicel Tells TATT to "Withstand "Severe Pressure"
-----------------------------------------------------------------
Trinidad Express reports that Mobile service provider Digicel
Group is calling on the Telecommunications Authority of Trinidad
and Tobago (TATT) to hold firm and withstand what the company
describes as the "severe pressure" being applied by UK-based Cable
and Wireless Communications (CWC) and Columbus International Inc
(Columbus) to approve the proposed acquisition of Columbus by CWC.

CWC announced earlier this month that it was acquiring Columbus-
operator of the Flow cable network-for US$3.2 billion, according
to Trinidad Express.  The acquisition is subject to regional and
local regulatory approvals.

Under the concessions granted to Columbus in Trinidad,
CWC/Columbus are obliged to seek regulatory approval from TATT to
allow the change of control of Columbus' operations in Trinidad
and Tobago to CWC, Digicel Group said in a statement from its Port
of Spain office, the report notes.

TATT is obliged to consider the application and may insist on
certain conditions being applied to the proposed transaction
before the change of control is approved in Trinidad and Tobago,
Digicel Group said, the report relays.

According to the report, Digicel Group said that CWC and Columbus
were seeking to railroad through this acquisition by "artificially
setting purported dates for termination of their share purchase
agreement".

The report adds that Digicel Group said the situation was even
more serious in Trinidad and Tobago considering the fact that CWC
already owns 49 per cent of TSTT.

Chief Executive Officer of Digicel Trinidad and Tobago, John
Delves, said: "It is not for CWC or Columbus to tell TATT or any
other regulatory body how to do their job or the period of time
that they are allowed to do it in.  These attempts to force their
will on what is a hugely significant regulatory process must be
resisted and rejected by TATT.  This application to allow the
acquisition of Columbus by CWC needs to be subjected to a rigorous
review by TATT and a proper, considered analysis of the effects on
the telecoms market and industry in Trinidad and Tobago must be
conducted and acted upon," notes the report.

"We are calling on TATT to fulfil its mandate, and to be allowed
to fulfil its mandate, in the best interests of the people of
Trinidad and Tobago and not to be dictated to by CWC/Columbus,"
the report quoted Mr. Delves as saying.

               About Columbus International

Columbus International Inc. is a privately held diversified
telecommunications company based in Bahamas.  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 O L I V I A
=============


SEGUROS ILLIMANI: Moody's Cuts Local-Currency IFS Rating to Caa2
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded Seguros Illimani SA's global local-currency insurance
financial strength (IFS) rating to Caa2 from Caa1, and on the
national scale of Bolivia to Ba2.bo from Baa1.bo. Both ratings are
under review for further downgrade.

Seguros Illimani, which is privately-owned by a local businessman,
is a Bolivian property and casualty insurer, focused primarily on
mandatory automobile accident-liability insurance ("SOAT", for its
Spanish acronym).

Ratings Rationale

Moody's said that the downgrade of Seguros Illimani's ratings
reflects the potential adverse business and financial consequences
for Illimani of a recent Resolution (#774/2014) issued by the
Bolivian insurance regulator (APS) alleging a USD 1.6 million loss
reserve deficiency (amounting to approximately 45% of the
insurer's capital) and restricting the insurer from renewing its
contract to service SOAT in 2015, which currently accounts for
approximately 75% of its premium volume. Should Illimani book this
indicated reserve shortfall, its capitalization metrics would
deteriorate significantly with gross underwriting leverage soaring
to about 10.3x, from 3.9x based on equity capital as reported as
of June. Furthermore, Illimani's admitted asset coverage of
regulatory required reserves would plummet from a 10% surplus to a
6% deficit. APS' finding also raises concerns about the company's
reserving and corporate governance practices, which Moody's noted
has for some time weighed on the insurers' ratings and credit
profile.

Moody's went on to say that the review process for downgrade on
the company's ratings will focus on the impact that the indicated
loss reserve deficiency has on the company's financial profile,
capitalization, and ultimately, its viability, as well as Seguros
Illimani's shareholders' ability and willingness to inject capital
if needed. The review will also consider the important challenges
and uncertainties that the company faces given the regulatory
prohibition, prompted by the reserve deficiency finding, to write
new policies in the mandatory automobile business starting in
2015, currently its core line. Moody's will closely follow the
impact of the company's strategic plan on its credit profile, for
example whether management decides to branch out into new property
and casualty insurance products, or remain with a much smaller
book of business.

Among the factors that could result in a further rating downgrade
for Seguros Illimani, Moody's mentioned the company's failure to
comply with minimum regulatory solvency margins and/or reserves'
coverage, a regulatory intervention of the company, an impairment
in the company's reported capitalization metrics, disclosure of
further reserve deficiencies, or a reduced business volume that
would pressure the company's ability to afford fixed expenses.
Given that the company's ratings are currently under review for
downgrade, a rating upgrade is unlikely. However, Seguros
Illimani's ratings could be confirmed in the event of a capital
injection offsetting the impact of the company's reserve
deficiency found by APS, together with a strategic solution to
preserve and strengthen the insurer's franchise going forward.

Based in La Paz, Seguros Illimani reported a net profit of BOB 1.0
million, and gross premiums written of BOB 31 million for the 9-
month period as of September 30, 2014. As of that date, total
assets were BOB 96 million and shareholders' equity was BOB 25
million.

The methodology used in these rating was Global Property and
Casualty Insurers published in August 2014.


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


JBS SA: Expands Into Asia With Acquisition of Primo
---------------------------------------------------
EFE News reports that JBS SA is making a push into Asia with its
acquisition of Australia-based Primo Smallgoods, local media
reported.

JBS SA also purchased Brazilian regional food processor Big
Frango, which operates in the southern state of Parana, according
to EFE News.

JBS SA is a multinational food processing company, producing
factory processed beef, chicken and pork, and also selling by-
products from the processing of these meats.  It is headquartered
in Sao Paulo. It was founded in 1953 in Anapolis, Goias. The
company has 150 industrial plants around the world.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
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.


ROYAL BANK: To Shut Caribbean Wealth-Management Business, Cut Jobs
------------------------------------------------------------------
Doug Alexander at Bloomberg News reports that Royal Bank of Canada
is exiting wealth management in the Caribbean and reviewing its
Swiss operations as the lender extends a retreat in its
international wealth business that began last year in Latin
America.

Royal Bank is also closing some international advisory and
private-banking groups in Canada and the U.S., Claire Holland, a
spokeswoman for the Toronto-based bank, said in an e-mailed
statement obtained by Bloomberg News.

Bloomberg News relates that the RBC Wealth Management unit seeks
to focus more on serving wealthy clients in priority markets
including Canada, the U.S., the British Isles and Asia -- regions
where the division can build on the bank's other existing
businesses, according to the statement.  The lender earlier this
year said it's closing onshore private wealth-management offices
in Sao Paulo, Santiago and Montevideo, Uruguay, Bloomberg News
notes.

Bloomberg News discloses that Royal Bank's review of its Swiss
unit raises uncertainty about the future of its international
private banking and wealth-management services in that country.
Royal Bank of Canada (RY) (Suisse) SA had total assets of about
C$2.3 billion (US$2 billion) and retained earnings of about C$27.5
million in fiscal 2013, according to regulatory filings obtained
by Bloomberg News.

"RBC Wealth Management is realigning certain businesses within its
international operations as part of a focused strategy that will
enable it to achieve sustainable, controlled growth in its
priority markets," Bloomberg News quoted Mr. Holland as saying.

                            Job Cuts

The announcement will involve job losses, the bank said in the
statement, without saying how many, Bloomberg News relays.  The
Financial Post said as many as 300 employees may be affected,
quoting sources they didn't name, Bloomberg News notes.  The
change represents "a small segment" of Royal Bank's wealth-
management business and isn't material to the bank, Mr. Holland
said, Bloomberg News discloses.

"We have seen Royal Bank reviewing its operations over the last
several years, and the departure from the Caribbean is not
terribly surprising," Bloomberg News quoted John Aiken, a Barclays
Plc analyst in Toronto, as saying.  "As large as Royal is, they
can't be everything to everyone and what they're doing right now
is more of a rifle-shot as opposed to a shotgun approach," Mr.
Aiken added.

Royal Bank spent about 18 months reorganizing its Caribbean
retail-banking business by cutting jobs, streamlining head-office
operations, combining branches and selling its Jamaica unit for a
loss in June, Bloomberg News adds.


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


AAXION FUND: Placed Under Voluntary Wind-Up
-------------------------------------------
On Sept. 18, 2014, the sole shareholder of AAXION Fund
Administration Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Transcontinental Fund Administration, Ltd.
          c/o Claudia Woerheide
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654
          Governors Square
          Office Suite 4-213-6
          23 Lime Tree Bay Ave.
          West Bay, Grand Cayman
          Cayman Islands


AAXION HOLDING: Placed Under Voluntary Wind-Up
----------------------------------------------
On Sept. 18, 2014, the shareholder of AAXION Holding, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Transcontinental Fund Administration, Ltd.
          c/o Claudia Woerheide
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654
          Governors Square
          Office Suite 4-213-6
          23 Lime Tree Bay Ave.
          West Bay, Grand Cayman
          Cayman Islands


KAIROS FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Kairos Fund Ltd. received on Nov. 14, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square
          1st Floor, 64 Earth Close
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769 9351


NAU GENERAL: Shareholder to Receive Wind-Up Report on Nov. 28
-------------------------------------------------------------
The shareholder of Nau General Parnter Inc. will receive on
Nov. 28, 2014, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OPTIMAL ASIA: Shareholder to Hear Wind-Up Report on Nov. 28
-----------------------------------------------------------
The shareholder of Optimal Asia Fund will hear on Nov. 28, 2014,
at 8:45 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 Kim Charaman / Jennifer Chailler
          Telephone: (345) 943-3100


PROSPERITY BRIDGE: Shareholders to Hear Wind-Up Report on Nov. 28
-----------------------------------------------------------------
The shareholders of Prosperity Bridge Holdings Limited will
receive on Nov. 28, 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:

          Christopher Kennedy
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


PSAR COMMODITY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of PSAR Commodity Subsidiary, Ltd. received on
Nov. 12, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Boston Management and Research
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


RIPPLEWOOD INVESTORS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Ripplewood Investors Limited received on
Nov. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Cititrust (Bahamas) Limited
          c/o Citigroup Fund Services (Cayman), Ltd.
          27 Hospital Road
          Fifth Floor, Cayman Corporate Centre
          George Town
          Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (242) 302-8714


RUSSIA REAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Russia Real Estate Ltd. received on Nov. 12,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Thomas Wolf
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


TST OPPORTUNITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of TST Opportunity (US) Cayman Finance Company
received on Nov. 10, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Cititrust (Bahamas) Limited
          c/o Citigroup Fund Services (Cayman), Ltd.
          27 Hospital Road
          Fifth Floor, Cayman Corporate Centre
          George Town
          Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (242) 302-8714


VMS STRATEGIC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of VMS Strategic Growth Limited received on
Nov. 7, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Mr. David Lui
          Mr. Ng Kwong Kei
          Telephone: +852 29962166 / +852 29962184
          Facsimile: +852 29962101
          Suites 4112-19, 41st Floor, Jardine House
          1 Connaught Place, Central
          Hong Kong


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


CHILE: To Meet Bond Investors Abroad as it Considers Debt Sale
--------------------------------------------------------------
Andrea Jaramillo at Bloomberg News reports that Chile will meet
bond investors this week in the U.S. and Europe to analyze market
conditions for an eventual debt sale, the government said.

The South American country appointed Citigroup Inc., HSBC Holdings
Plc and Banco Santander SA to arrange the meetings, according to
an e-mailed statement from the Finance Ministry, notes Bloomberg
News.  The government's team will be headed by Deputy Finance
Minister Alejandro Micco, the statement said.

Bloomberg News discloses that the move comes as developing
countries, including neighboring Colombia and Peru, tap
international markets before the U.S. Federal Reserve begins
raising interest rates.  Chile, whose fiscal deficit is forecast
by economists to widen, last offered dollar-denominated bonds
overseas in October 2012, when it sold US$1.5 billion of 10-and
30-year debt, Bloomberg News relates.

"Chile has higher financing needs given its widening budget
deficit," Mario Castro, a Latin America strategist at Nomura
Holdings Inc., told Bloomberg News in a telephone interview.  "It
makes sense for them to tap the market, and it's a good time
before U.S. rates go up."

A transaction denominated in euros or dollars or both may follow,
subject to demand and regulatory approval, according to a person
familiar with the matter who isn't authorized to speak publicly
and asked not to be identified, Bloomberg News relays.

U.S. policy makers are watching the outlook for inflation as they
weigh the timing of the first interest-rate increase since 2006,
which most officials expect to happen next year, Bloomberg News
relates.  The Fed last month ended a bond-purchase program
intended to boost growth, citing improvements in the labor market,
Bloomberg News says.

                        Economic Estimates

Chile's fiscal deficit is forecast to widen to 2 percent of gross
domestic product this year from 0.9 percent in 2013, according to
the median estimate of economists in a Bloomberg survey. The
economy is forecast to slow to 1.9 percent in 2014 after expanding
4.11 percent last year, says Bloomberg News.

The meetings will be held in cities including Amsterdam, Paris,
Frankfurt, Munich, London, Boston and New York, according to the
statement obtained by Bloomberg News.

"The economy isn't going through its best moment, but it's a solid
credit," Bloomberg News quoted Mr. Castro as saying.  "No doubt
there's appetite for Chile," Mr. Castro added.

Peru tapped the international bond market Oct. 30 for the first
time in two years as it bought back debt to reduce borrowing costs
and extend maturities, Bloomberg News notes.  Nine days earlier,
Colombia sold US$1 billion in bonds to fund next year's budget,
Bloomberg News adds.


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


DOMINICAN REPUBLIC: Has Financed US$4.3BB With Caracas Oil Deal
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Finance Minister
Simon Lizardo said the Dominican Republic has received US$4.3
billion in financing under Venezuela's Petrocaribe oil deal in
four years, with US$155.0 million worth of exports as payment.

Mr. Lizardo said the Petrocaribe Agreement and other regional
integration mechanisms with countries in the region have led to
great benefits and positive effects on their economies, especially
leading to enacting of numerous public policies aimed at
sustainable development and reduction of poverty, according to
Dominican Today.

The report notes that the official said Petrocaribe's funding has
had a positive impact on Dominican Republic's budget, allowing
major initiatives and programs such as the Social Policy Cabinet,
with the Progressing with Solidarity card, To Eat is First, the
Bonogas cooking gas vouchers, among others.

The officials provided the figures during the panel discussion
"Perspectives on the Extended Petrocaribe Zone (ZEP),the Peoples
of America Economic Zone (ALBA) , the Common Market of the South
(MERCOSUR)," hosted by Venezuela's Embass, the report relates.

Since the start of Petrocaribe in September 2005 the country has
been receiving around 30,000 barrels of crude daily, or 23% of
Dominican Republic's crude imports, the report discloses.

The report notes that the discussions held in the Dominican
Republic Export and Investment Center were opened by Venezuela
ambassador Alberto Padilla.


DOMINICAN REP: Most Fuel Prices Fall; Diesel as Much as RD$9.60
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Industry and
Commerce Ministry posted the fuel prices for the week from
November 22 to 28, when premium gasoline will cost RD$229.00, or
RD$3.10 less and regular gasoline will sell for RD$212.30, or
RD$6.10 less per gallon.

Premium diesel will cost RD$191.40, or RD$8.20 less, regular
diesel goes to RD$184.10, or RD$8.50 lower; optimum diesel will
cost RD$202.20, or RD$9.60 lower; avtur will cost RD$134.80, or
RD$3.80 less; kerosene will cost RD$171.40, or RD$4.20 less, and
fuel oil will cost RD$114.31, or RD$5.70 less per gallon,
according to Dominican Today.

The report relates that oropane gas will sell for RD$102.30, or
RD$2.30 less per gallon, while natural gas remains unchanged at
RD$35.67 per cubic meter.

The Dominican Central Bank's posted average exchange rate of
RD$44.15 per dollar was used to calculate all fuel prices, the
report adds.


=============
E C U A D O R
=============


ECUADOR: To Get US$80MM IDB Loan to Improve Social Services
-----------------------------------------------------------
The Inter-American Development Bank (IDB) has approved an $80
million loan for Ecuador, designed to improve links among and
services provided by the ministries of Health, Economic and Social
Inclusion, Urban Development and Housing, and Sports, led by the
Social Development Coordination Ministry (MCDS in Spanish).

This is to be achieved with the construction and equipping of a
common headquarters spanning 74,000 square meters, designed
specifically to encourage intersectoral and teamwork, and with the
enhancing of inter-institutional management mechanisms created for
this purpose.

The Government Platform for Social Development will operate in the
new headquarters to be located in the south of the capital city
Quito.  It will house 3,000 civil servants who are now spread out
in 14 different buildings.  The ground floor of the new facility
will feature several one-stop social services windows, which will
cut the waiting time in half for administrative tasks.

The program will facilitate intersectoral coordination and process
integration, as the new building will have several meeting rooms,
a 400-seat auditorium with state-of-the-art technology and rooms
for training of civil servants and everyday citizens.  The
building will also feature a data center that will provide storage
for the MCDS's digital information and that of all the coordinated
ministries.

Studies have shown that physical proximity facilitates work among
sectors by enhancing communication, the exchange of information
and confidence-building.  These activities lead to greater
efficiency and effectiveness in decision-making and more
productivity in public management.

The decision on where to locate the new headquarters is part of a
plan to develop the southern part of Quito.  It includes
enlargement of the Plaza de Quitumbe with room to provide related
services and pedestrian access.  The new multi-ministry services
center will be administered and maintained by Servicio de Gesti¢n
Inmobiliaria del Sector P£blico (INMOBILIAR).

The Project will help narrow the gap in access to services aimed
at families living in extreme poverty.  For instance, the number
of services provided by the Inter-Connected Social Program
Registry will go up from 16 to 40.  The registry is a tool that
allows for the viewing of aid that poor families receive.

The resources earmarked for this program will come from the IDB's
Ordinary Capital.  The loan is over 25 years, with a grace period
of 13 and an interest rate pegged to LIBOR. The program also
features complementary financing of US$39.2 million from the
European Investment Bank and a local component of US$1 million,
making for total funds of US$120.2 million.  The executing
agencies are the MCDS and INMOBILIAR, with support from the
Servicio de Contratacion de Obras (Public Works Contracting
Service).


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From Nov. 17 to Nov. 21, 2014
----------------------------------------------------------


Issuer                     Coupon   Maturity   Currency   Price
------                     ------   --------   --------   -----

BES Finance Ltd                 2.9              EUR     211913000
PDVSA                             6  11/15/2026  USD    4500000000
ESFG International Ltd          5.8              EUR      52950000
PDVSA                             6  5/16/2024   USD    5000000000
PDVSA                           5.4  4/12/2027   USD    3000000000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
PDVSA                           5.5  4/12/2037   USD    1500000000
Hindili Industry                8.6  11/4/2015   USD     380000000
BES Finance Ltd                 4.5              EUR      95767000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
SMU SA                          7.8  2/8/2020    USD     300000000
NQ Mobile Inc                     4  10/15/2018  USD     172500000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Venezuela Governement           7.7  4/21/2025   USD    1599817000
Glorious Property Holdings Ltd   13  3/4/2018    USD     400000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Bank Austria                    1.9              EUR      97608000
China Precisoin                 7.3  2/4/2018    HKD    1028000000
BCP Finance Co                  2.4              EUR   99063406.25
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BA-CA Finance Cayman 2 Ltd        2              EUR      51481000
Argentina Bonar Bonds            26  9/10/2015   ARS    5424358000
Inversora de Electrica          6.5  9/26/2017   USD     130263886
BCP Finance Co                  4.2              EUR      72112000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
Argentina Government            4.3  12/31/2033  JPY    5840497000
PDVSA                             6  5/16/2024   USD    5000000000
Argentina Boden Bonds             2  9/30/2014   ARS     930445250
PDVSA                             6  11/15/2026  USD    4500000000
Greenfields Petroleum Corp        9  5/31/2017   CAD      23750000
Hindili Industry                8.6  11/4/2015   USD     380000000
Argentina Government            4.3  12/31/2033  JPY    2553017000
Argentina Bocon                   2  1/3/2016    ARS    1608749924
Argentina Government            0.5  12/31/2038  JPY   21037843000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
Caixa Geral De Depositos Finance  1              EUR      44885000
SMU SA                          7.8              USD     300000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Caixa Geral De Depositos Finance  2              EUR      65843000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BPI Capital Finance Ltd         2.9              EUR      15290000
Banif Finance Ltd               1.6              EUR      42234000
Banco BPI SA/Cayman Islands     4.2  11/14/2035  EUR      20000000
Empresas La Polar SA            3.8  10/10/2017  CLP       5000000
City of Buenos Aires Argentina    2  1/28/2020   USD     146771000
Aguas Andinas SA                4.2  12/1/2026   CLP    3289471.68
City of Buenos Aires Argentina    2  12/20/2019  USD     113229000
Venezuela Governement             7  3/31/2038   USD    1250003000
Empresa de Transporte           5.5  7/15/2027   CLP     3732799.8
Cia Cervecerias Unidas SA         4  12/1/2024   CLP       1050000
Almendral Telecomunicaciones SA 3.5  12/15/2014  CLP     644441.04
Cia Sud Americana de Vapores SA 6.4  10/1/2022   CLP     607142.76
Decimo Primer                   4.5  10/25/2041  USD      37800000
Provincia del Chaco               4  12/4/2026   USD   10111047.85
Ruta de Bosque                  6.3  3/15/2021   CLP    5062781.25
Talcan Chillan                  2.8  12/15/2019  CLP    2978764.16
EMP Ferrocarriles Estado        6.5  1/1/2026    CLP     788572.14


                            ***********


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
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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,
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202-362-8552.


                   * * * End of Transmission * * *