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                     L A T I N   A M E R I C A

          Wednesday, December 3, 2014, Vol. 15, No. 239


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Chairman Justifies Firings, Need for More
LIAT: Urges Restraint Among Pilots


B R A Z I L

BANCO INDUSTRIAL: Moody's Lowers BFSR to 'D', Outlook Stable
BIC-ARRENDAMENTO: Moody's Ups LT Global LC Sub. Debt Rating to Ba1
BRAZIL: Economy Claws Out of Recession
CONCESSIONARIA AUTO: Moody's Affirms Ba2 Corporate Family Rating


C A Y M A N  I S L A N D S

ACUCAR INVESTMENTS: Commences Liquidation Proceedings
AL-AALIYA LEASING: Commences Liquidation Proceedings
BRAZIL ETHANOL: Commences Liquidation Proceedings
CANE PRODUCTS: Commences Liquidation Proceedings
FACEBOOK CAYMAN: Commences Liquidation Proceedings

GLOBAL DIVERSIFIED: Commences Liquidation Proceedings
GLOBAL DIVERSIFIED FUND: Commences Liquidation Proceedings
NZAM GLOBAL: Commences Liquidation Proceedings
NZAM GLOBAL MASTER: Commences Liquidation Proceedings
RIVERSTONE ACUCAR: Commences Liquidation Proceedings

RIVERSTONE BRAZIL: Commences Liquidation Proceedings
RIVERSTONE CANE: Commences Liquidation Proceedings
RYDEX SERIES: Shareholder Receives Wind-Up Report
TRICO INVESTMENTS: Creditors' Proofs of Debt Due Dec. 16
UBS MULTI-STRATEGY: Commences Liquidation Proceedings


J A M A I C A

JAMAICA: No Cut in Manufactured Goods Prices Amid Low Fuel Cost


M E X I C O

MEXICO: IMF OKs 2-Year US$70BB Flexible Credit Line Arrangement


P U E R T O    R I C O

PONCE DE LEON: Fails to Win Confirmation of Exit Plan
PUERTO RICO: House Plans Vote on US$2.9 Billion Borrowing Plan


                            - - - - -


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


ANTIGUA & BARBUDA: Chairman Justifies Firings, Need for More
------------------------------------------------------------
The Daily Observer reports that Antigua and Barbuda Chairman of
the Transport Board, Dean Jonas, said there are far too many
people employed at the statutory corporation.

Mr. Jonas, who was speaking publicly on the issue for the first
time since the retrenchment of workers began, said 90 per cent of
the Board's revenue is generated by 25 people, according to Daily
Observer.  Mr. Jonas questioned the work being done by the rest of
the staff.

Daily Observer says that the productive workers are employed with
the Vehicle Inspection Centre, at Paynters.

The board employs 238 staff.

"You have a situation where you have 200 and something persons and
about 25 of your staff members are responsible for 90 per cent of
the revenues," the report quoted Mr. Jonas as saying.

The report discloses that when asked how many members of staff
need to be let go in order to make the Transport board more
rational from a financial point of view, Mr. Jonas said, "the fact
of the matter is that if only 25 or 30 staff taking in 90 per cent
of the revenue, what are the other 200 hundred doing?"

Also speaking on the issue was former Board Chairman Chester
Hughes.

While Mr. Hughes did not agree with Jonas with regards to revenues
at the agency, Hughes acknowledged that additional
responsibilities were placed on Transport board during the UPP's
tenure, the report notes.

"In 2004 the Transport Board had under 100 employees employed
there and the government of the day transferred the National
School Bus System to the Transport Board for its operation and
other expenditures aligned with the school bus system were
transferred also," the report quoted Mr. Hughes as saying.

The report discloses that Mr. Hughes, also a former UPP Member of
Parliament, said the transfer brought with it an additional 100
employees to manage the bus system, later on the board also
assumed responsibility of the Road program and the traffic
wardens.

The report notes that Mr. Jonas also said the Transport Board has
a lot of other obligations that it inherited from the United
Progressive Party Administration, which also goes against the Act
that governs the statutory corporation.

However, according to Mr. Hughes, "In about 2012 or 2013, the
government of the day, the Ministry of Finance requested of the
Transport Board to honor a debt that was assigned to the Transport
Board since the Antigua Labor Party was in office, to Finance and
Development," the report notes.

"The ALP borrowed EC$40 million," the former chairman said, the
report relays.

Over the past few months, several people have been axed from the
government department, the report discloses.

Six managers were the first to be given the boot, and weeks later,
over 20 people, some with over 10 years of service, were axed, the
report notes.

According to the Board's management, the measures are being taken
to improve the company's financial standing, the report adds.

                 *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


LIAT: Urges Restraint Among Pilots
----------------------------------
The Daily Observer reports that LIAT, operating as Leeward Islands
Air Transport, said it expects the Leeward Islands Airline Pilots'
Association (LIALPA) to adhere to the Labor Code's provisions for
resolving grievances in lieu of the union's recent threat.

Late last week, LIALPA issued a statement warning the general
public that it may be forced to take action that could negatively
affect travellers over the upcoming Christmas and new year holiday
season if its longstanding issues with parent company, LIAT, are
not fully resolved by December 10, according to Daily Observer.

"The plans of thousands of our customers depend on LIAT during
this busy holiday season, and we urge our pilots not to ruin
these," a LIAT press release said, the report notes.

The report discloses that LIAT's Chief Executive Officer, David
Evans, further said any threats from the pilots' association could
worsen the company's "precarious financial position" and put the
company in further jeopardy.

The report relays that Mr. Evans also noted that LIAT's financial
position made it even more difficult to resolve the issues raised
by LIALPA.

The pilots' association detailed its grievances with the airline
in an ad placed in the Daily Observer on November 29.  It cited
EC$13 million placed in a CLICO account and the continual deferral
of salaries, among its grievances, the report notes.

LIAT further rejected claims from the association that it had
acted illegally in respect of court orders, citing that the court
had not granted a restraint order against the company and added
that it was entitled to act in the way it did for the benefit and
protection of all its employee groups, the report relates.

Mr. Evans noted that the company remains committed to further
dialogue with LIALPA and would continue to strive to resolve the
differences between the two parties, the report adds.

                         About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 10, 2014, Caribbean360.com said that Leeward Islands Air
Transport (LIAT) said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, comes the news
from highly reliable sources that long time chairman Jean Holder
is all set to follow.

David Evans replaced Mr. Brunton as chief executive officer.


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

BANCO INDUSTRIAL: Moody's Lowers BFSR to 'D', Outlook Stable
------------------------------------------------------------
Moody's Investors Service has downgraded Banco Industrial and
Comercial S.A.'s (BICBANCO) standalone bank financial strength
rating (BFSR) to D from D+, thereby lowering the baseline credit
assessment (BCA) to ba2 from ba1. At the same time, Moody's
upgraded the long-term global local- and foreign-currency deposit
ratings to Baa3 from Ba1; the short-term global local- and
foreign-currency deposit ratings to Prime-3 from Not Prime. In
addition, Moody's upgraded the long-term foreign-currency senior
unsecured debt rating to Baa3 from Ba1; the senior unsecured MTN
program (foreign currency) rating to (P)Baa3 from (P)Ba1; the
long-term foreign-currency subordinated debt rating to Ba1 from
Ba2; and the long-term Brazilian national scale deposit rating to
Aa1.br from Aa2.br. Also, Moody's affirmed the short-term
Brazilian national scale deposit rating of BR-1. The rating agency
revised the outlook on all ratings to stable from developing.

At the same time, Moody's upgraded Banco Industrial e Comercial
S.A., Cayman's long-term foreign-currency debt rating to Baa3 from
Ba1 and the senior unsecured MTN program (foreign currency) rating
to (P)Baa3 from (P)Ba1, and changed the outlook to stable from
developing.

The following ratings assigned to Banco Industrial and Comercial
S.A. were downgraded, with the outlook changed to stable from
developing:

Bank financial strength rating to D from D+

The following ratings assigned to Banco Industrial and Comercial
S.A. were upgraded, and the outlook changed to stable from
developing:

Long-term global local-currency deposit ratings to Baa3 from Ba1

Short-term global local-currency deposit ratings to Prime-3 from
Not Prime

Long-term foreign-currency deposit rating to Baa3 from Ba1

Short-term foreign-currency deposit rating to Prime-3 from Not
Prime

Long-term foreign-currency senior unsecured debt rating to Baa3
from Ba1

Senior unsecured MTN program (foreign currency) rating to (P)Baa3
from (P)Ba1

Long-term foreign-currency subordinated debt rating to Ba1 from
Ba2

Long-term Brazilian national scale deposit rating to Aa1.br from
Aa2.br

The following ratings of Banco Industrial e Comercial S.A., Cayman
were also upgraded, with a stable outlook:

Long-term foreign currency senior unsecured debt rating to Baa3
from Ba1

Senior unsecured MTN program (foreign currency) rating to (P)Baa3
from (P)Ba1

The following rating of Banco Industrial e Comercial S.A. was
affirmed:

Short-term Brazilian national scale deposit rating of BR-1

Ratings Rationale

Moody's reassessed BICBANCO's ratings to reflect the formalization
of its acquisition by China Construction Bank (CCB, deposits A1
stable, BFSR C-/BCA baa2 stable), which will initially own a 72%
stake. Following the tender offer to minority shareholders, CCB's
final ownership will likely be close to 100%.

Downgrade Of Standalone Rating

Moody's downgraded the standalone BFSR to D, from D+, thereby
lowering the BCA to ba2 from ba1. The downgrade reflects
BICBANCO's ongoing challenges in generating profits, following the
meaningful losses over the last two quarters that resulted from a
comprehensive reassessment of credit risks, and led to a relevant
increase in loan loss provisions. Consequently, the Tier 1 capital
ratio decreased to 9.3% in third-quarter 2014, shrinking by 330
basis points in two quarters. BICBANCO's smaller balance sheet,
combined with conservative loan origination in light of the weak
economic scenario, contributed to lower core earnings performance
in the period. Moody's therefore views BICBANCO's current
profitability dynamics and capital position as more aligned to a
ba2 BCA.

The stable outlook on BICBANCO's standalone rating reflects
Moody's expectation that net income will become positive over the
next 12 to 18 months, although it will likely stabilize at low
levels. Moody's views positively the effect of BICBANCO's new
ownership on its cost of funds, as the bank replaces expensive
maturing funding, and of easing pressures from loan loss
provisions. Having carried out a thorough credit review aimed at
recognizing the potential problem loans in BICBANCO's portfolio up
front, Moody's expects that future loan loss provisions will be
manageable. As management refocuses the bank's operations and
adjusts its structure to new business targets, the bank's
capitalization will likely remain stable, because its internal
capital generation, though modest, will be sufficient to support
the slow growth of its balance sheet.

Upgrade Of Supported Ratings

The upgrade of BICBANCO's deposit ratings to Baa3 from Ba1 follows
the completion of its acquisition by China Construction Bank, and
reflects Moody's assessment of a high likelihood of support from
its parent, based on its majority ownership stake and the
strategic positioning of the subsidiary given the important trade
linkages between Brazil and China. The deposit ratings do not
incorporate a probability of systemic support given BICBANCO's
modest market share in deposits (0.4%).

The last rating action on BICBANCO and Banco Industrial e
Comercial S.A., Cayman was on 6 November 2013, when Moody's
affirmed all of its ratings and changed the outlook to developing
from negative. The rating action followed the 31 October 2013
announcement that BICBANCO's controlling shareholders had agreed
to sell their 72% stake to China Construction Bank Corporation,
which was subject to regulatory authorities' approval.

The principal methodology used in these ratings was Global Banks
published in July 2014.

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".

BICBANCO is headquartered in Sao Paulo, Brazil, and had total
consolidated assets of BRL14.9 billion (USD6.1 billion) and
shareholders' equity of BRL1.4 billion (USD591 million), as of 30
September 2014.


BIC-ARRENDAMENTO: Moody's Ups LT Global LC Sub. Debt Rating to Ba1
------------------------------------------------------------------
Moody's America Latina has upgraded all of its ratings for BIC -
Arrendamento Mercantil S.A., including the long-term global local-
currency issuer rating to Baa3 from Ba1; the long-term Brazilian
national scale issuer rating to Aa1.br from Aa2.br; the long-term
global local-currency subordinate debt rating to Ba1 from Ba2; and
the long-term Brazilian national scale subordinate debt rating to
Aa2.br from Aa3.br. At the same time, Moody's changed the outlook
to stable from developing.

The rating action is in line with the rating action taken on Banco
Industrial and Comercial S.A. (BICBANCO), announced on 1 December
2014 (please refer to PR " Moody's upgrades BICBANCO's ratings;
outlook stable ").

The following ratings assigned to BIC - Arrendamento Mercantil
S.A. were upgraded, with the outlook changed to stable from
developing:

Long-term global local-currency issuer rating to Baa3 from Ba1

Long-term Brazilian national scale issuer rating to Aa1.br from
Aa2.br

Long-term global local-currency subordinate debt rating to Ba1
from Ba2

Long-term Brazilian national scale subordinate debt rating to
Aa2.br from Aa3.br

Ratings Rationale

The local-currency issuer rating assigned to BIC - Arrendamento
Mercantil S.A. derives from BICBANCO's Baa3 global local-currency
deposit rating, which, in turn, incorporates the bank's adjusted
baseline credit assessment (Adjusted BCA) of baa3.

Moody's upgraded BICBANCO's global local-currency deposit rating
to Baa3 from Ba1 following the completion of its acquisition by
China Construction Bank (deposits A1 stable, bank financial
strength rating C-/BCA baa2 stable), and reflects Moody's
assessment of a high likelihood of support from its parent, based
on its majority ownership stake and the strategic positioning of
the subsidiary given the important trade linkages between Brazil
and China. The deposit ratings do not incorporate a probability of
systemic support given BICBANCO's modest market share in deposits
(0.4%).

The last rating action on BIC - Arrendamento Mercantil S.A. was on
6 November 2013, when Moody's affirmed all of its ratings and
changed the outlook to developing from negative. The rating action
followed the 31 October 2013 announcement that BICBANCO's
controlling shareholders had agreed to sell their 72% stake to
China Construction Bank Corporation, which was subject to
regulatory authorities' approval.

The principal methodology used in this rating was Global Banks
published in July 2014.

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".

BIC Leasing is headquartered in Barueri, Sao Paulo, Brazil and
reported total assets of BRL512.3 million ($232.6 million) and
equity of BRL224.2 million ($101.8 million) as of 30 September
2014.


BRAZIL: Economy Claws Out of Recession
--------------------------------------
Global Insolvency, citing The Wall Street Journal, reports that
Brazil clawed out of recession in the third quarter on the back of
government spending, but the outlook for Latin America's biggest
economy remains clouded by weak investment, wary consumers and
rising interest rates.

Gross domestic product, the broadest measure of goods and services
produced across the economy, expanded 0.1 percent in the third
quarter on a seasonally adjusted basis from the previous three
months, the Brazilian Institute of Geography and Statistics, or
IBGE, said, according to Global Insolvency.

That ended the technical recession that Brazil suffered in the
first half of the year, the report notes.


CONCESSIONARIA AUTO: Moody's Affirms Ba2 Corporate Family Rating
----------------------------------------------------------------
Moody's America Latina affirmed the Ba2 corporate family rating on
the global scale (domestic currency), and the A1.br corporate
family rating on the National Scale Rating (NSR) of Concessionaria
Auto Raposo Tavares S.A. ("CART"), as well as the Ba2 and A1.br
ratings on the global (domestic currency) and NSR scales,
respectively, of CART's senior secured debentures. At the same
time Moody's changed the outlook of all ratings to negative from
stable.

Ratings Rationale

The negative outlook reflects Moody's updated view that the
materially lower GDP growth perspective for Brazil as compared to
Moody's original growth assumptions will have a direct impact on
CART's forecasted revenues and credit metrics since the Company's
operation is highly exposed to the Brazilian macroeconomic
environment. This exposure is mainly due to the traffic profile
(majority of heavy vehicles in equivalent vehicles - VEQ) and the
relatively new concession (2009) with a medium to long-term
traffic volume ramp-up coupled with a sizeable CAPEX program
related to road duplication as per the concession agreement.
Furthermore, the high level of investment activity of its
controlling shareholder (INVEPAR Ba3/A2.br; stable) somewhat
constrains the ratings.

On the other hand, Moody's note that the assigned ratings are
supported by: (i) the inherent strong asset features of the CART
road system that connects a prosperous agricultural region,
primarily consisting of grain production (soybeans, corn) and
cattle-raising to the city of Sao Paulo and the ports of Santos
and Paranagua, which are Brazil's busiest seaports; (ii)
increasing operating cash flows supported by long-term concession
contract; (iii) moderate competition from alternative roads; and
(iv) the track record of a regulatory environment that has been
generally supportive, albeit with some political interference.
Moreover, the strong ultimate shareholders have shown strong
financial support, which further supports the ratings. The ratings
assigned to the debentures reflect the priority of claims over
CART's assets, with the security shared with the other senior
lender, the Brazilian National Development Bank - BNDES, on a
pari-passu basis.

Concessionaria Auto Raposo Tavares S.A. ("CART" or the "Company")
is an operating subsidiary of Investimentos e Participacoes em
Infraestrutura S.A. - INVEPAR, one of Brazil's most important
groups operating in the infrastructure sector. In March 2009, CART
was awarded a 30-year concession by the State of Sao Paulo
(Baa2/NEG) to expand, operate and maintain the 444 km road system
composed by three main road segments: (i) SP 270 (Raposo Tavares);
(ii) SP 225 (Joao Renno); and (iii) SP 327 (Orlando Quagliato),
crossing the Administrative Regions of Presidente Prudente and
Bauru, and the Government Region of Assis, which accounts for
approximately 3.5% of the GDP of the State. The overall area under
direct and indirect influence of CART comprises the southern part
of the State of Mato Grosso do Sul, Northern Paran  State and
Western Sao Paulo State. These regions have a combined population
of approximately 6 million people and a GDP per capita of
approximately U$11,000, among the highest in the country.

The Company reported a tolled traffic volume of 39,952 in
equivalent vehicles (VEQ) in the nine months ended on September
2014, a growth of 6.5% compared to the same period in 2013. For
the FY2013, CART reported 51,556 thousand VEQ, a growth of 9.6%
vs. FY2012. CART has demonstrated a solid but short track record
of growing traffic volume, which is heavily dependent on
agricultural activity and concentrated on heavy vehicles (70% and
expected to increase to 72%-73% in the next five years) while
light vehicles account for the remaining 30% of the total VEQ.
Moody's foresee a significant ramp - up in CART's traffic volume
until 2017 due to the completion of the road duplication CAPEX,
with an additional 217km completed in the period, as per the
concession agreement. As per Moody's Privately Managed Toll Roads
methodology published in May 2014, the traffic of heavy vehicles
tends to be more volatile than commuter traffic since it is highly
correlated with the country's GDP.

CART's increasing operating cash flows result from its long-term
concession and the expected traffic volume ramp-up due to the
completion of the road duplications program up to 2015-2016.
Tariffs are adjusted once a year in July according to the general
price index (IPCA), which has largely kept pace with operating
costs. According to Moody's standard adjustments, in the past
three years (2012 to 3Q14 LTM), the average Funds From Operations
(FFO)-to-Debt ratio was 8.2% while Cash Interest Coverage ratio
averaged 2.2x. These metrics are impacted by a still significant
CAPEX program since, pursuant to the concession contract, CART has
the obligation to invest about BRL1.680 billion (nominal) over the
life of the concession, primarily related to the duplication of
217 km of roads.

Despite CART's high leverage and short operating track record,
Moody's consider CART's current liquidity position satisfactory
given the debt and equity financing that has been committed by the
BNDES (BRL1,052 million) and the equity contribution from
INVEPAR's shareholders that up to November 2014 totaled BRL 745
million, as well as the successful BRL750 million infrastructure
debenture issuance in late 2012. CART has secured long-term
financing from BNDES, a significant portion of which has already
been disbursed. Also, INVEPAR is contractually required to provide
equity support in case there is a financial covenant breach. This
commitment is valid up to Dec 2016 as per the debentures'
indenture and up to Dec 2018 as per the BNDES contract.

According to the debentures' indenture, CART is required to comply
with certain financial covenants (Net Worth-to-Total Assets higher
than 20%; minimum Debt Service Coverage Ratio of 1.2x). Non-
compliance with these covenants will trigger the equity
contribution mentioned above. Also, the non fulfillment of the
equity contribution will trigger the debt acceleration, and as of
Sep 2014, CART was in compliance with both covenants. The
debentures have cross-default provisions with BNDES' loan and the
security package offered by CART consists of the pledge of CART's
shares, as well as the assignment of CART's concession rights
including cash and receivables resulting from the operation of the
concession, and the security trust accounts. The debentures'
indenture does not contain cross default provisions with any
obligations of CART's immediate or ultimate shareholders.

INVEPAR has a track record of making sizeable investments in the
transportation sector, including investments outside the toll road
concession sector, such as METRORIO, the International Airport of
Guarulhos (GRU Airport) and, more recently, VLT Carioca, a 25-year
concession to develop a light rail transit system that will
connect the Rio de Janeiro port area with the financial district
and the Santos Dumont airport in downtown Rio de Janeiro.
INVEPAR's ultimate shareholders have demonstrated strong financial
support. In addition, the Company has successfully financed its
concessions, mostly in the form of long-term project finance debt
from BNDES, Caixa Economica Federal (CEF), BNB which has been
complemented with the issuance of debentures.

Investimentos e Participacoes em Infraestrutura S.A. - INVEPAR
(Ba3/A2.br; stable), was established in March 2000 and is a
holding company (the "HoldCo") controlled by the three largest
Brazilian pension funds (PREVI, FUNCEF and PETROS) and the
engineering and construction group OAS, which includes its
subsidiaries OAS Investimentos S.A., and Construtora OAS S.A..
(B1; NEG). Comparing the last twelve months (LTM) ended on
September 30, 2014 (LTM 09/30/14) with the LTM ended on December
31, 2013 (LTM 12/31/2013), according to Moody's standard
adjustments INVEPAR reported consolidated net revenues (excluding
construction revenues) of BRL2,901 million (up 18%), and Long-Term
Debt of BRL20,612 million (up 12%).


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


ACUCAR INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 17, 2014, the shareholder of Acucar Investments Ltd.
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:

          Thomas Walker
          712 Fifth Avenue, 51st Floor New York
          NY 10019, USA
          Telephone: +1 (345) 914 6365


AL-AALIYA LEASING: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 17, 2014, the shareholder of Al-Aaliya Leasing Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 3, 2014, will be included in the company's dividend
distribution.

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


BRAZIL ETHANOL: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 17, 2014, the shareholder of Brazil Ethanol Holdings, Ltd.
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:

          Thomas Walker
          712 Fifth Avenue, 51st Floor New York
          NY 10019, USA
          Telephone: +1 (345) 914 6365


CANE PRODUCTS: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 17, 2014, the shareholder of Cane Products Capital Ltd.
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:

          Thomas Walker
          712 Fifth Avenue, 51st Floor New York
          NY 10019, USA
          Telephone: +1 (345) 914 6365


FACEBOOK CAYMAN: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 14, 2014, the members of Facebook Cayman Holdings
Unlimited I resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street, PO Box 1350
          Grand Cayman KY1-1108
          Cayman Islands


GLOBAL DIVERSIFIED: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 14, 2014, the shareholders of Global Diversified
Alternative Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          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


GLOBAL DIVERSIFIED FUND: Commences Liquidation Proceedings
----------------------------------------------------------
On Oct. 14, 2014, the shareholders of Global Diversified
Alternative Fund Ltd resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          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


NZAM GLOBAL: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 17, 2014, the shareholder of NZAM Global Fund Ltd resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman, KY1-1207
          Cayman Islands


NZAM GLOBAL MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 17, 2014, the shareholder of NZAM Global Master Fund Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman, KY1-1207
          Cayman Islands


RIVERSTONE ACUCAR: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 17, 2014, the shareholder of Riverstone Acucar Investments
Ltd. 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:

          Thomas Walker
          712 Fifth Avenue, 51st Floor New York
          NY 10019, USA
          Telephone: +1 (345) 914 6365


RIVERSTONE BRAZIL: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 17, 2014, the shareholder of Riverstone Brazil Investments
Ltd. 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:

          Thomas Walker
          712 Fifth Avenue, 51st Floor New York
          NY 10019, USA
          Telephone: +1 (345) 914 6365


RIVERSTONE CANE: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 17, 2014, the shareholder of Riverstone Cane Investments
Ltd. 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:

          Thomas Walker
          712 Fifth Avenue, 51st Floor New York
          NY 10019, USA
          Telephone: +1 (345) 914 6365


RYDEX SERIES: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Rydex Series Managed Commodities Strategy CFC
received on Nov. 25, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 7, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


TRICO INVESTMENTS: Creditors' Proofs of Debt Due Dec. 16
--------------------------------------------------------
The creditors of Trico Investments Limited are required to file
their proofs of debt by Dec. 16, 2014, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 279-5832


UBS MULTI-STRATEGY: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 14, 2014, the shareholders of UBS Multi-Strategy
Alternative Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          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


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


JAMAICA: No Cut in Manufactured Goods Prices Amid Low Fuel Cost
---------------------------------------------------------------
RJR News reports that Jamaica's manufacturers have cautioned that
the reduction in fuel prices will not lead to an automatic
lowering of prices for goods.

The Jamaican Government is expecting a further fall in petrol
prices in the short term, with last week's decision by OPEC not to
cut petroleum production, despite a plunge in prices in recent
months, according to RJR News.

But, according to Brian Pengelley, President of the Jamaica
Manufacturer's Association (JMA) there will be a lag before its
members can pass on the benefits to consumers, the report relates.


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


MEXICO: IMF OKs 2-Year US$70BB Flexible Credit Line Arrangement
---------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a successor two-year arrangement for Mexico under the
Flexible Credit Line (FCL) in an amount equivalent to SDR 47.292
billion (about US$70 billion).  The Mexican authorities stated
their intention to treat the arrangement as precautionary.

The FCL is particularly useful for crisis prevention purposes as
it provides the flexibility to draw on the credit line at any
time.  Disbursements are not phased nor conditioned on compliance
with policy targets as in traditional IMF-supported programs.
This flexible access is justified by the very strong track records
of countries that qualify for the FCL, which gives confidence that
their economic policies will remain strong.

Mexico's first FCL arrangement was approved on April 17, 2009, and
was renewed on March 25, 2010, January 10, 2011, and November 30,
2012.

Following the Executive Board's discussion on Mexico, Mr. David
Lipton, First Deputy Managing Director and Acting Chair, issued
the following statement:

"Mexico has in place very strong policy frameworks aimed at
maintaining prudent macroeconomic policies.  Monetary policy is
guided by an inflation targeting regime in the context of a
flexible exchange rate; fiscal policy is governed by a fiscal
responsibility law; and financial oversight is based on a sound
regulatory and supervisory framework.  These frameworks and strong
public and private sector balance sheets have underpinned Mexico's
resilience to the global crisis.

"The authorities have made impressive strides in advancing
structural reforms over the past year and a half, including in the
energy, telecommunications, and financial sectors, as well as
anti-trust regulation, labor markets, and the education sector.

These reforms will boost productivity and output over the medium
term.

"Mexico's economic growth is recovering, supported by a
strengthening U.S. economy.  Macroeconomic policies have aimed to
support the recovery and gradually build policy buffers.  Mexico's
open and liquid financial markets have bolstered foreign portfolio
and direct investments in recent years and can facilitate
adjustment to external shocks.

"The country's close ties with the global economy are a testament
to the economy's strength but heighten the economy's exposure to
external risks.  An abrupt surge in global financial market
volatility could lead to a reversal of capital flows to emerging
markets, including to Mexico.  The authorities are committed to
adopting appropriate measures to deal with any shock.  The
successor arrangement under the Flexible Credit Line (FCL), which
the authorities intend to treat as precautionary, will continue to
play an important role in supporting the authorities'
macroeconomic strategy by providing insurance against global
downside risks and bolstering market confidence.

"The authorities do not intend to make permanent use of the FCL.
They will continue to assess global conditions and intend to
reduce access in any subsequent FCL arrangement, conditional on a
reduction of global risks affecting Mexico."


======================
P U E R T O    R I C O
======================


PONCE DE LEON: Fails to Win Confirmation of Exit Plan
-----------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte ruled that the market value
to a single purchaser (bulk value) of Ponce de Leon, 1403, Inc.'s
property in controversy is $4,634,328 which is comprised of $3.3
million for the residential units and $1,334,328 for two
commercial locales.

PRLP 2011 Holdings LLC's amended proof of claim #7-2 lists its
claim as of the petition date in the amount of $14,496,907.24.
PRLP in its proof of claim references the Annex for certain line
items such as the value of property, amount of the secured claim
and the amount unsecured. In the Annex to Proof of Claim, PRLP
discloses that it filed this supplement to the claim to submit the
revised amount of its claim as of March 25, 2014 the total amount
of $6,376,980.54 which consists of the following components: (i)
$5,645,089.73 in principal; (ii) $488,949.53 in accrued interest;
(iii) $202,529.50 in legal fees; and (iv) $40,411.78 in other
costs (Claims Register, proof of claim #7-2, Exhibit A).

Judge Lamoutte said the $4,634,328 market value of the property as
of the confirmation date is $1,010,761 less than the amount of
PRLP's principal ($5,645,089.73), thus, PRLP will be left with a
deficiency or an unsecured claim, irrespective of the amounts
ultimately determined for interest, fees, and costs.
Consequently, the Debtor's proposed surrendering of the property
does not constitute the indubitable equivalent of PRLP's claim
(entire), as the market value of the subject property is
approximately $1 million dollars ($5,645,089.73 - $4,634,328 =
$1,010,761.73) below PRLP's principal, exclusive of legal fees,
accrued interest and other costs.

Accordingly, Judge Lamoutte said, confirmation of the Debtor's
Amended Plan of Reorganization dated January 25, 2013 is denied.
The judge, however, gave the Debtor 21 days from the date the
Opinion and Order has been docketed to file an amended Chapter 11
plan.

The Debtor had requested valuation, indicating to the Court that
it would proceed with confirmation of its Plan under Scenario B,
which is to surrender "all the property" that constitutes the
collateral of PRLP.  The Debtor contends that by surrendering the
collateral the secured creditor will receive the indubitable
equivalent of its secured claim.

PRLP objects to the Plan.  PRLP also filed a Brief on Valuation
for Hearing on Confirmation of Amended Plan arguing that the
appropriate methodology that should be employed is the bulk sale
value which is also known as the market value to a single
purchaser which is a conservative approach to valuation of
collateral that is consistent due to the risks being shifted to
PRLP by the Debtor's proposed surrendering of the collateral.

Confirmation hearings were held on April 8 and 24, 2014 in which
expert testimony from three appraisers was heard by the court.

A copy of the Court's November 25, 2014 Opinion and Order is
available at http://is.gd/U2O9Jzfrom Leagle.com.

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., and Luisa S. Valle Castro, at C. Conde
& Assoc., in Old San Juan, Puerto Rico, represent the Debtor as
counsel.

The Debtor filed a Plan of Reorganization dated April 13, 2012.
The Debtor won approval of the explanatory Disclosure Statement on
June 25, 2012.  It amended the Plan on Jan. 25, 2013.  Under the
Plan, the Debtor will generate revenue by selling all of the
remaining residential units and selling or leasing commercial
spaces in the Metro Plaza Towers project, including the public
parking spaces.


PUERTO RICO: House Plans Vote on US$2.9 Billion Borrowing Plan
--------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico's House
of Representatives is set to vote as soon as today, Dec. 3, on a
US$2.9 billion borrowing plan that would bolster the Government
Development Bank and fund public transportation.

House members recessed until Dec. 3 after discussing amendments to
a bill that would raise the junk-rated commonwealth's petroleum
tax to US$15.50 per barrel, from US$9.25, with some of the
additional revenue going to back bonds, according to Bloomberg
News.

Bloomberg News notes that lawmakers are debating whether the
increase would take effect at the same time as an anticipated tax
overhaul in 2015 and how the steeper levy would be enforced, said
Danny Hernandez, a spokesman for Jaime Perello Borras, the
chamber's president.  Approval in the House would send the measure
to the Senate, Mr. Hernandez said, Bloomberg News notes.

"Some of them are asking about when the tax reform is going to be
implemented," Mr. Hernandez told Bloomberg News in a telephone
interview.

Bloomberg News relates that the bill would allow the
infrastructure Financing Authority to sell as much as US$2.9
billion of debt backed by oil-tax revenue.

Proceeds would repay US$2.3 billion of Highways & Transportation
Authority obligations, most of which is owed to the Government
Development Bank, which handles debt sales for the U.S. territory,
Bloomberg News relays.

The proposed tax increase would also support public buses and
trains, Bloomberg News discloses.  Governor Alejandro Garcia
Padilla had threatened to stop bus and rail service after
lawmakers last month failed to pass the bill at the end of the
regular legislative session, Bloomberg News notes.

The governor called off the planned transit shutdown early this
week, 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.


                   * * * End of Transmission * * *