TCRLA_Public/141204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, December 4, 2014, Vol. 15, No. 240


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Minister Dispels Teachers' Half Pay Rumors


B R A Z I L

CENTRAIS ELETRICAS: S&P Puts 'CCC+' Rating on CreditWatch Positive
CYRELA BRAZIL: S&P Affirms 'BB' Global Scale CCR; Outlook Stable


C A Y M A N  I S L A N D S

ADDISON CDO: Commences Liquidation Proceedings
ALTERNATIVE STRATEGIES: Commences Liquidation Proceedings
BLUEPENNANT LIMITED: Commences Liquidation Proceedings
CANBER CAYMAN: Placed Under Voluntary Wind-Up
CRAFT 2010-2: Commences Liquidation Proceedings

CRAFT 2011-1: Commences Liquidation Proceedings
CRAFT CLO 2009-2: Commences Liquidation Proceedings
DORSET INVESTMENTS: Placed Under Voluntary Wind-Up
EARLS THREE: Commences Liquidation Proceedings
GALLOWAY PROPERTIES: Placed Under Voluntary Wind-Up

HLMD LIMITED: Commences Liquidation Proceedings
INNER HARBOR: Commences Liquidation Proceedings
LION PROPERTIES: Placed Under Voluntary Wind-Up
SIGNUM CARIGE: Commences Liquidation Proceedings
SOLAR INVESTMENT: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: US$6.2BB Investments in Mining Sustain 75,000 Jobs


J A M A I C A

JAMAICA: Billions Saved in Oil Import Bill as Prices Tumble
SUPREME VENTURES: Closes Two Gaming Lounges, Cuts Staff


T R I N I D A D  &  T O B A G O

PETROTRIN: Sidesteps Questions About Job Cuts


                            - - - - -


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


ANTIGUA & BARBUDA: Minister Dispels Teachers' Half Pay Rumors
-------------------------------------------------------------
Daily Observer reports that Antigua and Barbuda Minister of
Education Michael Browne has dismissed widespread speculation that
government is considering a proposal to cut the salaries of
teachers by half during the summer months, and has labeled the
rumors "inaccurate and ridiculous."

"Anything in terms of a pay cut -- it is ridiculous; it is
contrary to the laws of Antigua & Barbuda; it is something that
should not even come to my attention because once you go and read
the laws, you realize it just can't be done," Daily Observer
quoted the minister as saying.

The report notes that reports of the alleged proposal have been
bandied about via social media for several weeks.

But, according to the education minister, the ministry intends to
provide opportunities for teachers, but not cut salaries, the
report relates.

According to reports, the close to 800 educators have also
contacted their bargaining agent, the Antigua & Barbuda Union of
Teachers, and have registered similar complaints, the report
notes.

The union has, however, reserved its comment on the matter until
further notice, the report adds.


                          *     *     *

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

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

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


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


CENTRAIS ELETRICAS: S&P Puts 'CCC+' Rating on CreditWatch Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' rating on
Centrais Eletricas do Para S.A. (Celpa) on CreditWatch positive
following the company's emergence from its judicial reorganization
process.

On Dec. 1, 2014, the Brazilian court announced the completion of
Celpa's judicial reorganization process after the company complied
with all requirements, which included a R$700 million capital
injection from its new controlling shareholder, Equatorial Energia
S.A. (Equatorial; not rated).

The CreditWatch positive listing reflects a possible upgrade
within the next 90 days after S&P reassess Celpa's stand-alone
credit quality and analyze the potential linkage and support from
Equatorial.


CYRELA BRAZIL: S&P Affirms 'BB' Global Scale CCR; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
corporate credit rating on Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes (Cyrela).  The outlook on this
rating remains stable.  S&P also affirmed its 'brAA-' national
scale corporate credit and issue ratings on the company.  S&P also
revised the outlook on this scale credit rating to stable from
positive.

Cyrela's financial performance is in line with S&P's expectations
because its operating margins and cash flow generation remain
robust.  However, S&P believes that oversupply of homes,
especially in Sao Paulo, the rising prices, and sluggish demand as
a result of weak economy could impair Cyrela's operating
efficiency and prevent it from improving its credit metrics in
2015.  The company's position as the largest and leading home
developer in Brazil, its product diversification, and adequate
land procurement support S&P's assessment of its "fair" business
risk profile.  At the same time, S&P's "significant" financial
risk profile is based on Cyrela's conservative debt levels,
consistent free operating cash flow (FOCF) generation, and
"adequate" liquidity.  The sluggish economy's drag on the
company's expansion is the key rating constraint.


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


ADDISON CDO: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Addison CDO, Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ALTERNATIVE STRATEGIES: Commences Liquidation Proceedings
---------------------------------------------------------
On Oct. 20, 2014, the shareholder of Alternative Strategies
Offshore Platform, SPC passed a resolution to 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:

          Alternative Strategies Group, Inc.
          c/o 401 South Tryon Street, 5th Floor
          Charlotte, North Carolina 28202
          USA
          Telephone: +1 (345) 914 6365


BLUEPENNANT LIMITED: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Bluepennant Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CANBER CAYMAN: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 7, 2014, the sole shareholder of Canber Cayman Ltd. passed
a resolution to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4
          Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


CRAFT 2010-2: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Craft 2010-2, 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CRAFT 2011-1: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Craft 2011-1, 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CRAFT CLO 2009-2: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Craft CLO 2009-2, 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


DORSET INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 22, 2014, the shareholders of Dorset Investments Limited
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


EARLS THREE: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Earls Three Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


GALLOWAY PROPERTIES: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Sept. 22, 2014, the shareholders of Galloway Properties Limited
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


HLMD LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Oct. 16, 2014, the
shareholders of HLMD Limited passed a resolution 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:

          Westport Services Ltd.
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


INNER HARBOR: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Inner Harbor CBO 1999-1 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


LION PROPERTIES: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Sept. 22, 2014, the shareholders of Lion Properties Limited
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


SIGNUM CARIGE: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Signum Carige Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SOLAR INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Solar Investment Grade CBO I, Limited resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


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


DOMINICAN REP: US$6.2BB Investments in Mining Sustain 75,000 Jobs
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Mining and Oil
Chamber (CAMIPE) President affirmed the sector will continue to
motorize the economy in 2015, with sustainable social projects,
new jobs, tax payments to the state and other operations by
companies of that line, which constitute a dynamic and
development.

Jose Sena stressed that the mining and oil sector has investments
of around US$6.2 billion and accounts for 75,000 direct and
indirect jobs, making it in his view the sector with the highest
growth in recent years, according to Dominican Today.

Speaking in a gathering hosted by CAMIPE at Cava Alta in the
capital, the business leader stressed that 21st century mining's
main challenge is sustainable responsible with the environment and
the natural resources to generate wellbeing for Dominicans, based
on transparency in the use of mining funds, to ensure social,
environmental, economic and industrial development, the report
notes.

"Mining the XXI century is sustainable and responsible to the
environment, because although it's true that there have been
negative cases, product of the mining early last century, it's
also true that by the 1990s, citizens' technological development
and awareness led to a change in the global mining sector," the
report quoted Mr. Sena as saying.


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


JAMAICA: Billions Saved in Oil Import Bill as Prices Tumble
-----------------------------------------------------------
RJR News reports that the Jamaican government has reacted to news
that the powerful oil cartel OPEC will not cut production levels
and has forecast that this will result in billions of dollars
being slashed from Jamaica's oil import bill.

Energy Minister Phillip Paulwell says all categories of petroleum
products are expected to record further price declines, according
to RJR News.  Mr. Paulwell told RJR News that this will have a
positive effect on energy costs as well as the country's foreign
currency reserves.

The report notes that there's confirmation that Jamaican consumers
will see a further drop in fuel prices following Nov. 28's
announcement by oil cartel OPEC that it will not cut petroleum
production, despite a plunge in prices in recent months.  Managing
Director of the oil refinery, Petrojam, Winston Watson, says in
the short term, prices at the pumps will continue to fall.  Mr.
Watson said while the oil market remains volatile, over the next
three months, Jamaicans will fork out less for fuel, the report
relates.

Following the decision by OPEC, the price of Brent crude oil, a
global benchmark, fell an additional J$4 to a four-year low of
about J$73.00, the report discloses.  American crude dropped below
J$70.00, the report says.

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


SUPREME VENTURES: Closes Two Gaming Lounges, Cuts Staff
-------------------------------------------------------
RJR News reports that Supreme Ventures is consolidating its gaming
lounge operations, having closed two of its locations.

This leaves the Company to focus on the flagship Acropolis
Barbican, according to RJR News.

Brian George, Supreme Ventures' President and Chief Executive
Officer, confirmed in an interview with RJR News that the Odyssey
Gaming Lounge at Market Place in Kingston and the Castle Gaming
Lounge had been closed.

The report note that Mr. George described the move as "a
realignment of our business to ensure that we focus on the
Acropolis in Barbican, which is our one profitable lounge."

By doing so, Mr. George said, the company will be able to "cut the
losses from those losing enterprises and also to position
ourselves to compete more aggressively in the future through that
lounge in Acropolis, Barbican," RJR News relates.

                           Job Cuts

RJR News discloses that with the closure of the two other gaming
lounges, 20 members of staff will lose their jobs.

Some other staff members will be retained, however, by being
reassigned to the Barbican location where additional resources
will be put into its expanded operations, the report relates.

Supreme Ventures Limited reported in its nine-month unaudited
financial statements, as at September 30, that the video lottery
terminal operations had generated $313 million in revenue, the
report relays.  That was a J$75.9 million decline, when compared
to last year, the report adds.


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


PETROTRIN: Sidesteps Questions About Job Cuts
---------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday reports that
hours before a mass meeting of oil workers at the Pointe-a-Pierre
roundabout, state-owned oil company, Petrotrin sought to assure
workers that while increases in wages and salaries were not
feasible at the present time, the company would review its
position once its overall viability and performance improved.

Both the company and the Oilfields Workers' Trade Union, (OWTU),
have been engaged in conciliatory discussions at the Ministry of
Labour's St James Street, San Fernando offices, according to
Trinidad and Tobago Newsday.

However, discussions reportedly reached a deadlock and the OWTU,
after summoning a mass membership meeting, signaled its intention
to initiate legal strike action against the company should it fail
to reach an acceptable compromise regarding wages and salaries,
the report relays.

The report says that the union has reportedly proposed a 15
percent overall increase over the three-year period while the
company has offered a zero-zero-zero percent increase.

In a media statement, Petrotrin, pointed out that the "reality"
was that the company "incurred losses of TT$346 million
(unaudited) for the past fiscal year and barely broke even in the
year before that" while its operating expense budget for 2014/15
represents "a TT$340 million cut from 2013/14," the report
discloses.

"Even with this significant cut in operating expenses, we will
still incur another projected loss at current prices and refinery
margins.  The company is unable to sustain these losses
indefinitely," Petrotrin stated, adding its wage costs, inclusive
of benefits and allowances represent about 54.5 percent of the
recurrent budget for 2014/15, the report relays.

"This reality requires robust cost management and prudent
financial decisions," the company added.

The report discloses that with regards as to whether employees
would not receive any pay increase, Petrotrin stated, "No. it does
not mean that at all. In fact, the average salary increased by
approximately 15 percent over the period of 2011 to present
because of COLA consolidation." The company also stated that
benefits and allowances like pensions, savings, overtime, duty and
acting allowances, which are calculated on basic wages and
salaries, have "also been increased as a result of the COLA
consolidation as these are now calculated on this new higher
salary."

Petrotrin also sought to answer the question about whether it
would offer increased wages should its financial position
improved, stated that the company "will pay for performance and
once we can sustain improvement in our crude oil production,
refinery up-time, productivity and profitability, we will have a
basis for adjusting compensation packages," the report relays.

"Additionally, employees will also benefit from Variable Pay once
our profitability improves to the level required in the Variable
Pay formula," Petrotrin stated, the report discloses.

The report adds that whether the company was considering laying
off employees to cut costs, Petrotrin noted that "prudent
financial management requires that we explore all sensible
options."

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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