TCRLA_Public/141211.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 11, 2014, Vol. 15, No. 245


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Promises to Pay HMB Holdings in 30 Days


B A H A M A S

COLUMBUS INT'L: C&W Shareholders Give Proposed Merger the Nod


B E R M U D A

CASTLEPOINT REINSURANCE: A.M. Best Upgrades FSR to 'B'


B R A Z I L

ARALCO S.A.: Fitch Withdraws 'D' Issuer Default Rating
PETROLEO BRASILEIRO: Moody's Cut Baseline Credit Assessment to ba1
PETROLEO BRASILEIRO: Becomes Brazil's Albatross on Bribery Probe


C A Y M A N  I S L A N D S

BRAZIL ETHANOL: Shareholders Receive Wind-Up Report
ENSIGN CORPORATE: Shareholder to Hear Wind-Up Report on Dec. 29
FACEBOOK CAYMAN: Shareholder Receives Wind-Up Report
FUNDS FOR THE FUTURE: Members Receive Wind-Up Report
GLOBAL DIVERSIFIED: Shareholders Receive Wind-Up Report

GLOBAL DIVERSIFIED FUND: Shareholders Receive Wind-Up Report
JIAMEI MEDICAL: Shareholders Receive Wind-Up Report
KGF IM: Shareholder to Hear Wind-Up Report on Dec. 29
LUSMAN FUND: Shareholder Receives Wind-Up Report
PINNACLE FUND: Members to Hold Final Meeting on Dec. 18

PRIME ELITE: Commences Liquidation Proceedings
RIPPLEWOOD INVESTORS: Members Receive Wind-Up Report
SG I&A: Members to Hold Final Meeting on Dec. 18
UNICAPITAL INVESTMENT: Members Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fuel Prices Fall a 4th Straight Week
DOMINICAN REPUBLIC: To Buy Back US$4BB Oil Debt With Bond


J A M A I C A

JAMAICA: Registers Marginal Decline in NIR


M E X I C O

MEXICO: Central Bank Warns of Heightened Inflation Risk


P E R U

PERU: Budget Deficit to Narrow in 2016, Finance Minister Says


                            - - - - -


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


ANTIGUA & BARBUDA: Promises to Pay HMB Holdings in 30 Days
----------------------------------------------------------
The Daily Observer reports that Attorney General Steadroy Benjamin
has told the High Court that, within 30 days, the minister of
finance will issue a warrant for the payment of compensation due
to the Half Moon Bay (HMB) Holdings Limited.

HMB Holdings Limited wanted the courts, through an order of
Mandamus, to compel Minister of Finance Gaston Browne to pay the
company US$45 million owed, according to The Daily Observer.

The legal ramifications of disobeying Mandamus, include
imprisonment, the report notes.  However, the AG's actions averted
any such order by the Court, the report relates.

The report discloses that Mr. Benjamin said within the 30-day
period, he expects to put forward a "reasoned" installment plan
that he hopes HMB Holdings Limited Managing Director Natalia
Querard would find acceptable.

Using strong, forceful language, Minister Browne, who is also the
prime minister of Antigua & Barbuda, described Managing Director
Querard as unreasonable.  Minister Browne said Managing Director
Querard did not accept a payment of EC$1 million the government
was willing to make, in Court, as a goodwill gesture, the report
relays.

Minister Browne said Managing Director Querard also rejected a
plan that would see HMB receiving US$20 million within the next
six months, and instead wanted the full amount owed upfront.

"What is happening, Managing Director Querard is being greedy,"
the report quoted Minister Browne as saying.

"I don't want to get into a he said, she said, with them,"
Managing Director Querard said of the government, the report
notes.

"There is an obligation, it's a constitutional obligation, it's a
statutory obligation, it's a matter of decency, ultimately, it's a
matter of international law, it's a matter of all those things
that people take for granted," the report quoted Managing Director
Querard as saying.

The prime minister said, however, that government hopes to sell
the Half Moon Bay property and present Managing Director Querard
with about half of the sum owed in short order, the report notes.

"I believe that early in the New Year Half Moon Bay will get a
cheque for EC$20 million," Minister Browne said, 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 A H A M A S
=============


COLUMBUS INT'L: C&W Shareholders Give Proposed Merger the Nod
-------------------------------------------------------------
The Daily Observer reports that shareholders of Cable & Wireless
Communications voted overwhelmingly in favor of the merger with
Columbus International, C&W representatives said.

The announcement of the acquisition was made on November 6, 2014,
but it was only on Nov. 7 that shareholders attended a General
Meeting in London Dec. 6 to vote, according to The Daily Observer.

The report notes that almost nine in 10 shareholders of the
publicly traded company voted to approve the US$3 billion
acquisition of Columbus International.

However, the merger has been controversial.

On Nov. 27, OECS ministers who met in St Lucia, agreed that the
deal would lead to a monopoly in fixed network services, the
report notes.

The report discloses that C&W Chief Executive Officer Phil Bentley
said the company knows it has to work closely with governments and
regulators to ensure competition is not compromised and would be
happy to do so.

Meantime, Cable and Wireless continues to try and drum up public
support for the deal, the report relays.

Both companies announced plans to launch a series of special
"Customer Panels" in 14 markets throughout the region, beginning
Monday, December 8, the report notes.

The report says that the panels are designed to spark discussion
about the proposed merger and the two companies say they will use
them to try and explain the impact of the merger on the Caribbean
region.

C&W and Columbus say customers will have a direct and organized
platform to voice concerns, share opinions and express service
expectations, the report notes.

The panels will also provide the companies with first-hand
feedback as they try to build a competitive strategy around their
customers' appeals, the report adds.

               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 E R M U D A
=============


CASTLEPOINT REINSURANCE: A.M. Best Upgrades FSR to 'B'
------------------------------------------------------
A.M. Best Co. has removed from under review with negative
implications and affirmed the financial strength rating (FSR) of
A- (Excellent) and the issuer credit rating (ICR) of "a-" of ACP
Re Ltd (ACP Re) (Bermuda).  Additionally, A.M. Best has removed
from under review with positive implications and upgraded the FSRs
to A- (Excellent) from B- (Fair) and the ICRs to "a-" from "bb-"
of the reinsured members of ACP Re (the former members of the
Tower US Pool).  The outlook for all ratings is stable.

In addition, A.M. Best has removed from under review with positive
implications and upgraded the FSR to B (Fair) from B- (Fair) and
the ICR to "bb" from "bb-"of CastlePoint Reinsurance Company
Limited (CastlePoint) (Bermuda).  Concurrently, A.M Best has
withdrawn the ratings of CastlePoint due to management's request
to no longer participate in A.M. Best's interactive rating
process.

The rating actions follow the close of ACP Re's acquisition of the
Tower US Pool members, as well as A.M. Best's completion of the
financial impact on ACP Re with regards to Tower's legacy loss
reserve position.  These reserves are currently held in
CastlePoint, which assumed all loss reserves held by the former
members of the Tower US Pool through a loss portfolio transfer.

The ratings of ACP Re reflect its strong risk-adjusted
capitalization and experienced management team, which should
enable it to successfully handle the run-off of Tower's legacy
reserves.

These positive rating factors are partially offset by
uncertainties surrounding the run-off of the acquired loss
reserves from the old US Tower Pool, which had developed adversely
under prior management.  To mitigate this concern, ACP Re entered
into a $250 million aggregate stop loss contract with a subsidiary
of National General Holdings Corp. [NASDAQ: NGHC], National
General Re Ltd. and a subsidiary of AmTrust Financial Services
[NASDAQ: AFSI], AmTrust International Insurance Ltd. (AIIL).  In
addition, ACP Re maintains elevated common stock leverage
concentrated in a single publicly traded issuer, which exposes the
company's equity to the vagaries of the equity market or changes
in fundamentals at its single largest holding.

The rating actions on the reinsured members of ACP Re reflect the
explicit support provided by ACP Re, in the form of an
intercompany reinsurance agreement that was executed following
regulatory approval.

A.M. Best believes ACP Re is well-positioned at its current
ratings.  However, factors that could lead to negative rating
actions include a material deviation from the company's submitted
strategy and financial projections and a decline in their risk-
adjusted capitalization.

The FSRs have been upgraded to A- (Excellent) from B- (Fair) and
the ICRs have been upgraded to "a-" from "bb-" and the under
review with positive implications status has been removed for the
following reinsured members of ACP Re:


    CastlePoint Insurance Company

    CastlePoint National Insurance Company

    CastlePoint Florida Insurance Company

    Tower Insurance Company of New York

    Tower National Insurance Company

    Preserver Insurance Company

    North East Insurance Company

    Hermitage Insurance Company

    York Insurance Company of Maine

    Massachusetts Homeland Insurance Company



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


ARALCO S.A.: Fitch Withdraws 'D' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has withdrawn Aralco S.A. Industria e Comercio's
(Aralco) 'D' foreign currency and local currency Issuer Default
Ratings (IDR) and its 'D(bra)' National Long-term Rating.

Fitch has also withdrawn the 'C/RR5' rating on the USD250 million
unsecured senior notes due 2020 issued by Aralco Finance S.A., a
fully-owned subsidiary of Aralco.

Fitch withdrew the ratings for business reasons and also due to
the lack of updated information following Aralco's filing for debt
restructuring in March 2014.  Accordingly, Fitch will no longer
provide ratings or analytical coverage for Aralco.


PETROLEO BRASILEIRO: Moody's Cut Baseline Credit Assessment to ba1
------------------------------------------------------------------
Moody's Investors Service affirmed Petrobras S.A.'s global foreign
currency and local currency debt ratings, both Baa2. Moody's also
lowered Petrobras' Baseline Credit Assessment (BCA) to ba1 from
baa3. The outlooks on all of the ratings remain negative for
Petrobras, Brazil's national oil company.

Outlook Actions:

Issuer: Petrobras Global Finance B.V.
- Outlook, Remains Negative

Issuer: Petrobras International Finance Company
- Outlook, Remains Negative

Issuer: Petroleo Brasileiro S.A. - PETROBRAS
- Outlook, Remains Negative

Affirmations:

Issuer: Petrobras Global Finance B.V.
- Subordinate Shelf (Foreign Currency) Aug 28, 2015, Affirmed
(P)Baa3

- Senior Unsecured Shelf (Foreign Currency) Aug 28, 2015, Affirmed
(P)Baa2

- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Baa2

Issuer: Petrobras International Finance Company
- Subordinate Shelf (Foreign Currency), Affirmed (P)Baa3

- Senior Unsecured Shelf (Foreign Currency), Affirmed (P)Baa2

- Senior Secured Shelf (Foreign Currency), Affirmed (P)Baa1

- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Baa2

Issuer: Petroleo Brasileiro S.A. - PETROBRAS

- Issuer Rating (Local Currency), Affirmed Baa2

- Preferred Shelf (Foreign Currency), Affirmed (P)Ba1

- Preferred Shelf (Foreign Currency), Affirmed (P)Ba2

- Subordinate Seniority Shelf (Foreign Currency), Affirmed (P)Baa3

- Senior Secured Seniority Shelf (Foreign Currency), Affirmed
(P)Baa2

- Senior Unsecured Seniority Shelf (Foreign Currency), Affirmed
(P)Baa2

RATING RATIONALE

Moody's decided to lower Petrobras' BCA based on its increased
liquidity risk in the face of ongoing corruption investigations at
Petrobras. BCAs represent a company's intrinsic credit risk,
regardless of support from its parent entity -- in this case, the
Brazilian government (Baa2 negative).

Brazil's federal police have been investigating facts related to
Petrobras since March 2014 for alleged bribery and money
laundering. These events have triggered auditors
PricewaterhouseCoopers (PwC) to delay signing off on the company's
third-quarter financial statements until Petrobras satisfies PwC's
recommendations. That delay in turn restricts Petrobras' market
access and may eventually cause a covenant breach, which would
significantly increase the company's financing risk.

Internal and external investigations, including one by the US
Securities and Exchange Commission, may also bring penalties and
weaken the company's operations, especially if Petrobras employees
fear adverse consequences.

Petrobras' Baa2 global scale rating (GSR) and negative outlook are
based on the Brazilian government's Baa2 rating and negative
outlook. The GSR reflects the federal government's likely
willingness and ability to support Petrobras in case of need
through state-owned banks -- particularly BNDES, which in the past
has supported Petrobras and other government-controlled companies
such as Eletrobras (Baa3 negative). Petrobras is Brazil's largest
corporation, with more than 86,000 employees and annual net
revenue of over USD140 billion for the 12 months through June
2014. Petrobras is also responsible for supplying almost all of
Brazil's oil products, trading with some 20,000 mostly local
suppliers, and for carrying out most of Brazil's aggressive oil
production and supply growth program. The government owns nearly
half of Petrobras' capital stock and more than half of its voting
shares, while the rest trades publicly.

Moody's estimates that a significant portion of Petrobras' large,
mostly inflexible capital spending program depends on external
funding. Petrobras is committed to spend close to BRL87 billion
(USD37 billion) on capital investments in 2015. Petrobras had
USD30 billion in cash and short-term investments as of 30 June
2014, and Moody's estimates the company will have about USD11.6
billion in maturing debt plus interest due in 2015. That estimate,
however, does not include debt prepayments that Petrobras may need
to make to avoid covenant breaches related to its delayed
financial reporting obligations.

Petrobras' ratings get some support from its continued large-scale
reserve base and its dominance of Brazil's oil industry. The
ratings also reflect the company's leading position in Brazil's
best prospective offshore areas, including the sizeable pre-salt
discoveries; its technological expertise; and its growing
production. But the company also has high balance-sheet debt of
USD170 billion (Moody's adjusted) through June 2014, a USD25
billion increase from December 2013. Petrobras' leverage has also
increased steadily, reaching an adjusted total debt/EBITDA ratio
of 5.3x in June 2014, up from 4.2x in December 2013.

Petrobras' creation of the position of Executive Director of
Governance, Risk and Compliance is credit positive, but the
company may need additional measures and controls to improve its
corporate governance policies substantially enough to improve its
operating and financial positions beyond the near term.

Moody's would lower Petrobras' GSR or BCA if its liquidity worsens
or if the government's implicit support does not appear strong
enough to protect bondholders completely. In addition, Moody's
could downgrade Petrobras' ratings if it sustains a debt/EBITDA
ratio above 5x, or if its production growth misses its targets. A
downgrade of Brazil could also strain Petrobras' ratings.

Because Petrobras' GSR is linked to Brazil's rating, Moody's does
not see momentum for an upgrade of Petrobras' ratings in the near-
to-medium term. In the longer term, Moody's could upgrade
Petrobras' GSR as the company lowers debt leverage and delivers on
rising and profitable production and reserves growth, or if
Moody's upgrades Brazil's government debt rating.

Moody's could raise Petrobras' BCA if the company shows that it is
on a clear path to improving corporate governance practices and
lowering financing risk sustainably.

The principal methodology used in these ratings was Global
Integrated Oil & Gas Industry published in April 2014. Other
methodologies used include Government-Related Issuers published in
October 2014. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.

Petrobras, based in Rio de Janeiro, is an integrated energy
company, with total assets of USD363.4 billion as of 30 June 2014.
Petrobras dominates Brazil's oil and natural gas production, as
well as downstream refining and marketing. The company also holds
a significant stake in petrochemicals and a burgeoning position in
sugar-based ethanol production and distribution. The Brazilian
government directly and indirectly owns about 46% of Petrobras'
outstanding capital stock and 60.4% of its voting shares.


PETROLEO BRASILEIRO: Becomes Brazil's Albatross on Bribery Probe
----------------------------------------------------------------
Julia Leite at Bloomberg News reports that in 2011, Moody's
Investors Service rated Petroleo Brasileiro SA (PETR4) three
levels above its owner, Brazil's government.  On Dec. 8, the bond
rater said the oil producer would merit a junk grade without state
support and is proving a drag on the nation's own
creditworthiness, Bloomberg News relates.

Mauro Leos, Moody's lead analyst for Brazil, said Dec. 5 that a
bribery probe into Petrobras is contributing to the negative
outlook on Brazil's rating, two days after Moody's cut its so-
called stand-alone rating for the oil producer to speculative
grade, according to Bloomberg News.  The comments came after the
investigation took another turn when President Dilma Rousseff's
ruling party was alleged to have received donations from companies
in exchange for securing contracts with Petrobras, Bloomberg News
says.

Bloomberg News relates that while Brazil's deteriorating finances
were the main reason behind Moody's decision to cut its outlook in
September, the appointment of Joaquim Levy as finance minister
eased some of those concerns and the woes at Petrobras are now
becoming a bigger issue, Mr. Leos said.  Petrobras's bonds have
plunged in the past month as the probe in November led police to
arrest officials at construction companies that allegedly formed a
cartel to win contracts, including BRL59 billion (US$23 billion)
from the oil producer, Bloomberg News discloses.

"The Petrobras component has become an element of the negative
outlook," Mr. Leos told Bloomberg News by telephone from New York.
"We have all these negative developments. So that element, which
was the most important one behind the negative outlook, is not as
significant as it was before.  It's sort of like one has replaced
the other."

                           Bond Losses

On Dec. 3, Moody's lowered Petrobras's baseline credit assessment,
which doesn't take into account government support, to Ba1, one
step below investment grade, notes Bloomberg News.  Nymia Cortes
de Almeida, an analyst at the ratings company, said Petrobras's
conventional credit grade was kept unchanged at Baa2, two levels
above junk and in line with Brazil's, on the assumption the
government will be willing and able to support the oil producer,
Bloomberg News discloses.

Petrobras's benchmark US$2.5 billion of bonds due 2024 extended
losses last week, pushing declines to 4.3 percent in the past
month, more than two times the average drop in emerging markets,
data compiled by Bloomberg show.

Brazil's government controls Petrobras with a majority of voting
shares.

                        Latest Allegation

Augusto Mendonca, a shipbuilding executive at Sao Paulo-based Toyo
Setal Empreendimentos Ltda., said he paid bribes of between BRL50
million and BRL60 million to win contracts from Petrobras,
according to testimony released as part of the corruption
investigation, Bloomberg News relates.

Some of the alleged payments were in direct deposits to the
party's accounts between 2008 and 2011, Bloomberg News discloses.
Mr. Mendonca also said he paid cash that went to Petrobras
executives and wired money to offshore accounts, says the report.

The press office of the Workers' Party, or PT, said in a statement
by e-mail that it receives all donations in accordance with
existing legislation.

"It will be a contributing factor to a negative ratings action" on
the sovereign, Michael Roche, a strategist at Seaport Group LLC,
told Bloomberg News by telephone from New York.  "If the
perception now is that this is the culture, this opacity, lack of
control, it's going to result in higher borrowing costs for the
sovereign."

                        Budget Deficit

Standard & Poor's downgraded Brazil in March to BBB-, one level
above junk, also citing the nation's worsening finances.

The government would have limited ability to provide support to
Petrobras because of its weak fiscal situation, Moody's Mr. Leos
said, Bloomberg News notes.

Levy, a former Banco Bradesco SA executive and Treasury secretary,
has vowed to narrow the widest budget deficit in more than a
decade, Bloomberg News discloses.

Petrobras, the world's most-indebted oil producer, has seen
borrowing costs surge to the highest on record relative to the
federal government and risks losing access to capital markets as
the probe prevents it from releasing audited results, says the
report.

Providing financing to Petrobras, which Moody's estimates has $170
billion in debt, could put the country's rating "under fire,"
according to Vaquero Global Investment LP, Bloomberg News notes.

"The only reason that credit can be investment grade is because
there's an expectation the government would bail them out," Wilbur
Matthews, chief executive officer of Vaquero, told Bloomberg News
by telephone from San Antonio.  "If Brazil steps in and backstops
these things, it undoes a lot of the good that the country has
done in the last decade. Petrobras is the worst thing that they
could backstop," Mr. Matthews added.

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.


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


BRAZIL ETHANOL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Brazil Ethanol Holdings, Ltd. received on
Nov. 26, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ENSIGN CORPORATE: Shareholder to Hear Wind-Up Report on Dec. 29
---------------------------------------------------------------
The shareholder of Ensign Corporate Services Ltd. will hear on
Dec. 29, 2014, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Marla Gibbs
          c/o Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830


FACEBOOK CAYMAN: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Facebook Cayman Holdings Unlimited I received
on Nov. 24, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Marla Gibbs
          c/o Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830


FUNDS FOR THE FUTURE: Members Receive Wind-Up Report
----------------------------------------------------
The members of Funds For The Future Ltd received on Dec. 1, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


GLOBAL DIVERSIFIED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Global Diversified Alternative Ltd. received
on Dec. 1, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Global Diversified Alternative Fund Ltd.
received on Dec. 1, 2014, the liquidator's report on the company's
wind-up proceedings and property disposal.

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


JIAMEI MEDICAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Jiamei Medical Group Limited received on
Dec. 2, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Me Liu Jia
          No.10 Xin Dong Road
          Yi Cheng House, Room 206, 2nd Floor, Block B
          Chaoyang District, Beijing 100027
          P.R.C.
          Telephone: 86-10-64106037 (Ext 101)
          Facsimile: 86-10-64106040


KGF IM: Shareholder to Hear Wind-Up Report on Dec. 29
-----------------------------------------------------
The shareholder of KGF IM will hear on Dec. 29, 2014, at
12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Marla Gibbs
          c/o Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830


LUSMAN FUND: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Lusman Fund, Ltd. received on Dec. 1, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lusman Capital Management, LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877


PINNACLE FUND: Members to Hold Final Meeting on Dec. 18
-------------------------------------------------------
The members of Pinnacle Fund Administration (Cayman) Ltd. will
hold their final meeting on Dec. 18, 2014, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor,
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


PRIME ELITE: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 7, 2014, the sole member of Prime Elite Company Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 9, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion International Management Limited
          Craig Chambers
          P.O. Box 71 Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Phillip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


RIPPLEWOOD INVESTORS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Ripplewood Investors Limited received on Dec. 1,
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


SG I&A: Members to Hold Final Meeting on Dec. 18
------------------------------------------------
The members of SG I&A Fund Ltd will hold their final meeting on
Dec. 18, 2014, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor,
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


UNICAPITAL INVESTMENT: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Unicapital Investment Fund (SPC) Limited received
on Dec. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 9, 2014.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Ltd
         (Formerly called Ogier Fiduciary Services (Cayman) Ltd.)
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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


DOMINICAN REPUBLIC: Fuel Prices Fall a 4th Straight Week
--------------------------------------------------------
Dominican Today reports that the Dominican Republic Industry and
Commerce Ministry posted lower fuel prices for the fourth straight
week, for which from December 6 to 12 premium gasoline will cost
RD$221.40, or RD$5.40 less and regular falls to RD$201.20, or RD$
8.10 lower per gallon.

Premium diesel will cost RD$185.10 and regular diesel will cost
RD$177.90, both RD$3.00 lower; optimum diesel will cost RD$197.00,
down RD$4.00; avtur will cost RD$129.80, or RD$3.00 less; kerosene
will cost RD$164.80, or RD$4.00 less and fuel oil will cost
RD$109.30, or RD$3.00 less per gallon, according to Dominican
Today.

The report relates that the propane gas will cost RD$97.30 per
gallon, or RD$3.00 lower per gallon, while natural gas remains
unchanged at RD$35.67 per cubic meter.

The Central Bank's posted average exchange rate of RD$44.16 per
dollar was used to calculate all fuel prices, the report notes.


DOMINICAN REPUBLIC: To Buy Back US$4BB Oil Debt With Bond
---------------------------------------------------------
Dominican Today discloses that major international financial media
have reported that Dominican Republic might buy back with a bond
its debt which Goldman Sachs negotiates with Venezuela at a 59%
discount, or US$1.7 billion in cash.

"Venezuelan officials have held talks with members (Petrocaribe)
such as the Dominican Republic and its investment bank, Goldman
Sachs Group, Inc. on an agreement that would give Venezuela cash
in exchange for debt," The Wall Street Journal said, according to
Dominican Today.

The report notes that "WSJ as well as the Financial Times reveal
that Goldman Sachs would be negotiated the purchase of US$4.0
billion owed to Venezuela, which Dominican Republic in turn would
buy back with a bond."

In April, Dominican Republic placed a 30-year bond for US$1.25
billion, with Goldman Sachs and JP Morgan as transaction leaders
and the State-owned Banreservas bank as co-manager, according to a
statement from the Presidency at that date, Dominican Today
discloses.


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


JAMAICA: Registers Marginal Decline in NIR
------------------------------------------
RJR News reports that according to information from the Bank of
Jamaica, there was a marginal decline in the country's Net
International Reserves (NIR) in November.

It fell by US$2.1 million, according to RJR News.

Despite that decline, the NIR was still valued at just over US$2
billion, or close to 18 weeks of goods and services imports, 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.


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


MEXICO: Central Bank Warns of Heightened Inflation Risk
-------------------------------------------------------
EFE News reports that the Bank of Mexico warned that the risk
outlook for the economy has deteriorated due to various cyclical
causes and that the Mexican peso's depreciation against the dollar
has heightened inflation concerns.

The deteriorated risk scenario is the result of reduced economic
dynamism but also the crisis stemming from the late-September
disappearance of 43 trainee teachers in southern Mexico, the
central bank said, referring to a case that involved corrupt
police linked to the Guerreros Unidos drug cartel and has sparked
nationwide protests, according to EFE News.


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


PERU: Budget Deficit to Narrow in 2016, Finance Minister Says
-------------------------------------------------------------
Eric Martin and John Quigley at Bloomberg News report that Peru
will post its biggest fiscal deficit in more than a decade next
year to increase spending and boost growth before narrowing the
gap in 2016, Finance Minister Alonso Segura said.

The deficit will widen to 2 percent of gross domestic product in
2015 on higher public investment and tax cuts, Minister Segura
told Bloomberg News in an interview.  The government will then
have three years to return to its deficit limit of 1 percent of
GDP, Minister Segura added.

Peru is increasing outlays as part of a US$3.9 billion economic
stimulus as waning commodity demand damps exports for the world's
third-largest copper producer, notes the report.  The measures
will help boost economic growth to above 5 percent next year and 6
percent in 2016, Minister Segura said, Bloomberg News relays.

"The main objective here is to reengage growth toward potential,
which in Peru is still more than 5 percent," Bloomberg News quoted
Minister Segura as saying on the sidelines of the annual Ibero-
American Summit between leaders of Latin America, Spain and
Portugal.  "We have no fiscal solvency issues whatsoever."

Peru's net debt is equivalent to about 5 percent of GDP while
gross debt is less than 20 percent of GDP, Minister Segura said,
Bloomberg News relays.

Minister Segura forecasts the economy will expand about 2.7
percent to 2.8 percent this year, the slowest pace since 2009,
Bloomberg News discloses.  The pace of annual growth will
accelerate to above 5 percent in the second half of next year,
Minister Segura said, Bloomberg News discloses.  New copper mines
entering into operation will spur growth in 2016, Minister Segura
added.

                           OECD Agreement

Minister Segura was appointed Sept. 14 after his predecessor,
Miguel Castilla, resigned amid criticism by opposition parties
that the government failed to avert the economic slump, Bloomberg
News notes.

The report discloses that Minister Segura was Castilla's chief
advisor for 18 months before being named minister.  Minister
Segura previously worked as an economist at the International
Monetary Fund and as head of investment and research at Banco de
Credito del Peru, the country's biggest lender, Bloomberg News
relays.

Peru signed a cooperation agreement with the Paris-based
Organization for Economic Cooperation and Development, a step that
will help the nation improve its institutions and create a better
environment for businesses, Minister Segura said, Bloomberg News
relays.

The agreement furthers "our aspirational goal to at some point be
full partners of the OECD," Bloomberg News quoted Minister Segura
as saying.

Chile and Mexico are the only current Latin American members of
the OECD, a forum of 34 democratic nations with market economies
that's devoted to promoting social well-being, Bloomberg News
discloses.

                    Infrastructure Investment

The government hasn't decided if it will finance infrastructure
investment using its fiscal stabilization fund, which has savings
equivalent to almost 4.5 percent of GDP, Minister Segura said,
Bloomberg News notes.  The government has other savings it can
use, and can also tap bond markets and multilateral credit lines,
he added.

"At this point we're not sure we'll need to access" the fund,
Minister Segura said, Bloomberg News notes.  "If the conditions
are met we can access it. It depends on the cost of funding."


                            ***********


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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