TCRLA_Public/141212.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

           Friday, December 12, 2014, Vol. 15, No. 246


                            Headlines



A R G E N T I N A

ARCOS DORADOS: Moody's Lowers Corporate Family Rating to Ba3
BANCO DE SERVICIOS: Moody's Rates 9th and 10th Issuances 'Caa1'
BUENOS AIRES: S&P Affirms 'CCC-' Rating; Outlook Remains Negative


B R A Z I L

ENEVA SA: Seeks Bankruptcy Protection
GLOBOAVES SAO PAULO: S&P Withdraws Preliminary 'B' Rating
JBS SA: To Cancel Brazil Bond Offerings Amid Petrobras Probe


C A Y M A N  I S L A N D S

ACUCAR INVESTMENTS: Shareholders Receive Wind-Up Report
AL-AALIYA LEASING: Shareholder Receives Wind-Up Report
ALTERNATIVE STRATEGIES: Shareholders Receive Wind-Up Report
ARNETT INVESTMENTS: Shareholders Receive Wind-Up Report
CANE PRODUCTS: Shareholders Receive Wind-Up Report

DORSET INVESTMENTS: Shareholders Receive Wind-Up Report
GALLOWAY PROPERTIES: Shareholders Receive Wind-Up Report
HLMD LIMITED: Shareholders Receive Wind-Up Report
INSURE AMERICA: Members Receive Wind-Up Report
LION PROPERTIES: Shareholders Receive Wind-Up Report

NIVEST LIMITED: Shareholders Receive Wind-Up Report
NZAM GLOBAL: Shareholders Receive Wind-Up Report
NZAM GLOBAL MASTER: Shareholders Receive Wind-Up Report
RIPPLEWOOD INVESTORS: Shareholders Receive Wind-Up Report
SCIENS MANAGERS: Shareholder Receives Wind-Up Report

SORIN TACTICAL: Shareholder Receives Wind-Up Report
TRICO INVESTMENTS: Sole Member to Hear Wind-Up Report on Dec. 16
UBS MULTI-STRATEGY: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: No More 'Mockery' in Wage Hike Talks, Union Warns
DOMINICAN REPUBLIC: Pay Debt or We shut down, Power Firms Warn


M E X I C O

ASEGURADORA PATRIMONIAL: Moody's Affirms Ba1 IFS Rating


MEXICO: Group Warns Drop in Crude Price Could Affect Investment


P U E R T O    R I C O

LIBERTY CABLEVISION: S&P Puts 'B-' CCR on CreditWatch Positive


T R I N I D A D  &  T O B A G O

PETROTRIN: Strike Notice Expires at Firm


                            - - - - -


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


ARCOS DORADOS: Moody's Lowers Corporate Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service has downgraded Arcos Dorados Holdings
Inc.'s corporate family rating and senior unsecured ratings to Ba3
from Ba2. The outlook is stable.

Ratings downgraded:

Issuer: Arcos Dorados Holdings Inc

  Corporate Family Rating: to Ba3 from Ba2

  USD475 million Senior Unsecured Notes due 2023: to Ba3 from Ba2

  BRL675 million Senior Unsecured Notes due 2016: to Ba3 from Ba2

Ratings Rationale

The downgrade to Ba3 was prompted by Arcos Dorados' weaker than
expected credit metrics and liquidity profile, mainly due to the
recent adjustment in the Venezuelan official exchange rate and
ongoing depreciations of other currencies in the region, such as
the Argentine Peso and the Brazilian Real. The downgrade to Ba3
also considers lower operating margins, which partly stem from
declining restaurant traffic, particularly in Brazil.

Going forward, Moody's will closely monitor the company's cash
flow generation and its ability to reduce capex without
compromising organic growth and overall credit metrics. The
sustainability of credit metrics with the ongoing weakening of
most of the local currencies against the US dollar in the region
is another key rating consideration.

Arcos Dorados rating is supported by the company's status as
McDonald's master franchisee in Latin America, which affords it a
leading position and broad geographic footprint in the region,
along with a growing fast food restaurant segment among the
informal eating out market. Moody's believes that the company's
rights to use McDonald's strong brand name and proven operating
procedures as a master franchisee, an expected close strategic
alignment with McDonald's, and the industry experience of the
company's management provide a solid basis to pursue growth
opportunities and expand its earnings base across the region.

Credit negatives partly offsetting these strengths include Arcos
Dorados' currency exposure, relatively high lease-adjusted
leverage, concentration of cash flows in a limited number of
markets with increasing dependency on its Brazilian subsidiary,
and performance challenges in Mexico. Arcos Dorados is also
exposed to Argentine's country risk and subject to certain minimum
investment requirements and financial covenants under its Master
Franchise Agreements (MFAs).

The stable ratings outlook reflects Moody's expectation that
revenue growth and operating margins will not deteriorate
significantly despite the challenging operating macroeconomic
environment expected for some of the countries in the region for
next year, including Brazil and Argentina. It is also based on the
assumption that the company will maintain close to breakeven or
positive free cash flow generation, with long-term investment
spending in line with available internal cash flow generation.

Although unlikely in the near term, the ratings could experience
upward pressure if better than anticipated cash flow generation
and prudent financial policies cause a material and sustainable
strengthening of credit metrics, with lease-adjusted Debt/EBITDA
dropping to close to 4.0 times and EBIT/Interest rising towards
3.0 times. An upgrade would likely also require solid progress in
turning around its operations in Mexico and acceptable levels of
country risk in relevant markets subject to weak sovereign credit
quality.

Downward pressure on ratings could occur if Arcos Dorados' free
cash flow turns negative over an extended period of time, for
example, because of a combination of margin pressures and
aggressive investment spending, and if as a result credit metrics
weaken substantially such that Debt/EBITDA exceeds 5.5 times or
EBIT/Interest falls below 1.5 time. A significant and ongoing
weakening of local currencies and/or further tightening of
currency controls in Venezuela and Argentina, could also place
pressure on the ratings.

Headquartered in Buenos Aires, Argentina, Arcos Dorados Holdings
Inc. is the leading quick service restaurant operator in Latin
America and the Caribbean and McDonald's largest franchisee
globally in terms of systemwide sales and restaurant count,
representing 7% of McDonald's global sales in 2013. The company
has the exclusive right to own, operate and grant franchises of
McDonald's restaurants in 20 Latin American and Caribbean
countries. Arcos Dorados began operating in August 2007 when it
acquired most of McDonald's operations in Latin America and the
Caribbean in a leveraged buyout led by the company's controlling
shareholder Woods Staton, who is also the company's current CEO
and chairman. For the last twelve months ended on September 30,
2014, the company's revenues reached USD 3.8 billion.

The principal methodology used in these ratings was Global
Restaurant Methodology published in June 2011.


BANCO DE SERVICIOS: Moody's Rates 9th and 10th Issuances 'Caa1'
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a Caa1 global local-currency senior debt rating to Banco
de Servicios y Transacciones S.A. (BST)'s ninth and tenth expected
issuances, which will be due in 21 months and 36 months
respectively. Both issuances are up to ARS150 million, and
combined cannot exceed ARS150 million. The issuances are under the
bank's ARS500 million multicurrency MTN Program. At the same time,
Moody's assigned Baa3.ar national scale local currency debt rating
to both expected issuances.

The outlook for all ratings is negative.

The following senior debt ratings were assigned to BST's expected
issuances:

Ninth Issuance for up to ARS150 million:

Caa1 Global Local Currency Senior Debt Rating, with negative
outlook

Baa3.ar Argentina National Scale Local Currency Debt Rating, with
negative outlook

Tenth Issuance for up to ARS150 million

Caa1 Global Local Currency Senior Debt Rating, with negative
outlook

Baa3.ar Argentina National Scale Local Currency Debt Rating, with
negative outlook

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from BST's Caa1 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

The bank has a caa1 baseline credit assessment, which reflects the
entity's business model that is highly dependent on the domestic
macroeconomic and financial environment, its small franchise,
wholesale funding structure and limited profitability. The rating
is however supported by the bank's highly granular loan book and
adequate asset quality. BST's business is driven by corporate
banking, including trading activities, investment banking services
and receivables financing for small businesses; and also by
consumer finance, through personal loans and credit cards. BST
also provides fiduciary services and is engaged in loan
securitization.

The negative outlook on the bank's ratings is in line with the
negative outlook for the Caa1 government bond rating for Argentina
and incorporates the deteriorating operating environment in the
country, including economic deceleration and high inflation, that
is negatively affecting the business and earnings prospects of
financial companies and banks in Argentina.

Banco de Servicios y Transacciones is headquartered in Buenos
Aires, with assets of ARS 3,124 million and equity of ARS 184
million as of September 2014.


BUENOS AIRES: S&P Affirms 'CCC-' Rating; Outlook Remains Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency ratings on the province of Buenos Aires (PBA).  The
outlook remains negative.

Rationale

S&P caps its long-term ratings on PBA at the same level as the
'CCC-' T&C on Argentina (foreign currency: SD/SD; local currency:
CCC+/Negative/C).  S&P do so to reflect the likelihood that the
sovereign could restrict the domestic entities' access to foreign
currency for their debt obligations.  In S&P's view, the province
doesn't meet the criteria under which the foreign currency rating
on a local or regional government (LRG) could be higher than the
related T&C assessment.

Due to the cross-default clauses included in some of the
province's debt obligations, S&P don't believe it has sufficient
liquidity to meet all of its foreign and local currency debt
obligations, should a cross-default clause be activated amid
worsening macroeconomic conditions and limited financing options
after Argentina's selective default on July 30, 2014.  Therefore,
S&P also caps the local currency rating on the province at 'CCC-'.

A deteriorating macroeconomic environment--economic contraction,
high inflation, a dual exchange rate, and uncertainty over medium-
terms prospects, which further exacerbate Argentina's volatile and
underfunded intergovernmental institutional framework--limits the
creditworthiness on PBA.

S&P views PBA's budgetary performance as "very weak" due to its
low operating surplus and consistent deficits after capital
expenditures (capex).  Still, the province's fiscal results
slightly improved in 2013 and 2014.  S&P expects some volatility
in its fiscal results in 2015 and 2016 due to inflation of 35%-
40%.  Also, S&P expects the province to tighten its revenue
collection, while the public-sector unions continue to pressure
PBA to increase wages because of high inflation.

In S&P's base case, PBA will generate an operating surplus of
ARP2.2 billion in 2014 owing to the ARP4.5 billion extraordinary
nontax revenue following the 2013 Debt Restructuring Agreement
with the federal government.  Without that extraordinary item, the
province would have posted an operating deficit of about ARP2.3
billion.

S&P projects a surplus after capex of 0.3% of total revenues in
2014, better than the 0.7% deficit in 2013.  S&P expects the
province's capex to increase by almost 50% in 2014 to ARP7
billion.  The federal government covered part of these
expenditures by transferring 30% of the Federal Solidarity Fund to
PBA, which can only be used for capex.  Nevertheless, S&P projects
a ARP5 billion deficit after capex in 2015, after the government
spends ARP15 billion in capex, doubling the 2014 level.  Still, if
the province can't obtain ARP7 billion in new borrowings for
financing capex, S&P expects PBA to cut these expenditures to ARP8
billion from ARP15 billion and thus obtain a small surplus in
2015.

The province will post large fiscal deficits (after debt
repayment) because the debt service costs will account for almost
9.3% of total revenues in 2014 and 10.8% in 2015.  To close the
fiscal gap, PBA relies on the local capital markets because its
access to external funding is limited.  The province issued a ARP1
billion suppliers bond in 2014 and two series of a local bond to
finance route 6 for ARP440 million and ARP298 million
respectively, coupled with additional funding from the federal
government for specific programs such as La Plata Flood Relief
Agreement.

S&P expects its debt level to decline to about 41% of operating
revenues in 2015.  Nevertheless, PBA's debt level is still higher
than those of its national peers, though lower than those of its
Brazilian peers such as the states of Sao Paulo and Rio de
Janeiro.

As of the end of September 2014, the province's debt totaled
ARP87.4 billion, almost 60% of which is denominated in foreign
currency.  This factor underscores the exposure to currency risk
because adverse exchange rate movements could increase debt amid
the Argentine peso's consistent slide.  As of Sept. 30, 2014, PBA
owed 36.7% of its total debt to the federal government, while
53.9% was held by local and international bondholders, 8.0%
corresponded to multilateral credit organizations, and the
remaining 1.3% was held by bilateral credit agencies and other
creditors.

The province has, in S&P's view, a "weak" liquidity position.
Limited access to external liquidity results in a low cash
position.  Debt service is estimated at ARP27.6 billion in 2015,
consisting of ARP7.6 billion in interest and ARP19.9 billion in
principal at an average exchange rate of ARP11.00/$1.00.  This
amount will account for 10.8% of operating revenues in 2015.  The
majority of this amount is denominated in foreign currency (77%).
This amount mainly consists of:

   -- ARP11.6 billion in the 11.75% international bond due Oct. 5,
      2015;

   -- ARP1.1 billion capital payment of its Discount bond maturing
      in 2017

   -- ARP2.2 billion owed to the federal government;

   -- An ARP2 billion dollar-link bond due Feb. 8, 2015;

   -- ARP1.2 billion in debt owed to the multilateral agencies;

   -- ARP2 billion in local market bonds.

The province suffers from budgetary constraints.  This stems from
its limited ability to cut expenses because the public-sector
employee wages and pensions, along with interest payments, account
for about 72% of its operating expenses amid weak economy and the
upcoming general election in 2015.  S&P expects capex, as a
percentage of total spending, at only 3.5% for 2014, despite the
province's high infrastructure needs.

S&P views PBA's financial management as "weak" due to the
difficulties in passing key tax reforms and its limited capital
and financial planning.  Although PBA has not received
discretionary transfers since June 2012, the province's fiscal
link to the federal government will continue to be tight because
PBA still owes 37% of its debt to the federal government while it
requires authorization to issue new debt as per the Fiscal
Responsibility Law.

On the positive side, the province has made significant efforts to
increase its own-source revenues in the last few years.  S&P
estimates them at 70% of PBA's total adjusted operating revenues
in 2014.  PBA's own-source revenues level is above average,
similar to Neuquen's and higher than of most the rated Argentinean
provinces.

The province's economy is weak because its GDP per capita, about
$10,700 for the past three years, is lower than the national
average of $14,200.  PBA generates 36% of the national GDP.  PBA
has limited contingent liabilities, with Banco de la Provincia de
Buenos Aires S.A. (CCC-/Negative/--), the second-largest bank in
Argentina in terms of deposits, as its main contingent liability.

OUTLOOK

The negative outlook reflects S&P's expectations that further
restrictions to foreign currency access could jeopardize PBA's
ability to honor its financial obligations amid limited external
financing due to the sovereign's recent selective default.  S&P
could lower the ratings on the province if the central government
further tightens its exchange control regime, which could impair
PBA's ability to service foreign currency debt in 2015.  On the
other hand, S&P could raise its ratings if the risks of the
sovereign's access to foreign currency diminish.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Buenos Aires (Province of)
Issuer Credit Rating                   CCC-/Negative/--
Senior Unsecured                       CCC-


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


ENEVA SA: Seeks Bankruptcy Protection
-------------------------------------
Juan Pablo Spinetto at Bloomberg News reports that Eneva
Participacoes SA (Eneva SA), the Brazilian utility controlled by
EON SE (EOAN) and Eike Batista, filed for bankruptcy protection,
becoming the fourth venture founded by the former billionaire to
seek creditor protection in just more than a year.

Eneva, which Batista set up as MPX Energia SA in 2001, filed the
request to a court in the state of Rio de Janeiro, where the
company is based, it said in a statement obtained by Bloomberg
News.  The petition, called a judicial recovery in Brazil, comes
after failure to renew a deal between the company and its lenders
to suspend debt payments, Eneva SA said, according to Bloomberg
News.

"Once the request for judicial recovery is granted, the payment
enforceability of all non-priority debts shall be suspended for
the company and its subsidiary Eneva Participacoes SA," the
utility said in the statement, Bloomberg News relates.  "The other
company's subsidiaries were not part of the judicial recovery
request and the power plants remain in normal operation," the
company added.

Bloomberg News says that the demise of Eneva comes less than three
years after EON, Germany's largest utility, bought an initial 10
percent stake in Batista's start-up for BRL850 million (US$327
million) and laid out plans for a grand partnership with the
German-speaking Brazilian entrepreneur.  Project delays that
increased expenditures, a growing debt burden and the financial
crisis that cost Batista his billionaire status led EON to inject
cash in the venture twice in the last two years, boosting its
stake to 43 percent, Bloomberg News says.

                            Payments

Eneva SA appointed Alexandre Americano and Ricardo Levy as chief
executive officer and vice president respectively after the
resignations of Fabio Bicudo and Frank Possmeier, the company said
in the statement, Bloomberg News notes.  Three board members also
resigned.

The utility will suspend the payment of BRL2.33 billion of debt
once the petition is approved by a judge, it said, Bloomberg News
notes.

Eneva SA management has been trying to bolster finances since the
appointment in February of Bicudo, a former Goldman Sachs Group
Inc. co-head of Brazilian investment banking, Bloomberg News
discloses.  The company held BRL5.05 billion in debt as of Sept.
30, with BRL3.15 billion in short-term maturity, including loans
from Brazil's National Development Bank, Grupo BTG Pactual, Itau
Unibanco Holding SA and Citigroup Inc., it said on Nov. 14.

                         Similar Petition

Shares of Eneva have declined 76 percent since the beginning of
the year, the worst performer in the 28-member BI Latin American
Power Generation index, Bloomberg News notes.

Bloomberg News says that Eneva SA's bankruptcy protection request
follows a similar petition by Batista's main mining unit in
October and his oil and shipbuilding ventures last year.  A failed
bet on a collection of oil discoveries in Brazil together with
project delays and revenue shortfall led to the collapse of the
58-year old entrepreneur's empire of commodities and logistics
start-ups, Bloomberg News relays.

Eneva SA traces its roots back to 2001, when Brazil last rationed
power amid a drought that drained reservoirs, Bloomberg News
discloses.  Batista then set up a venture known as MPX to build a
thermoelectric plant in the northeastern state of Ceara, the
entrepreneur wrote in his 2011 book "O X da Questao," Bloomberg
News relays.

As shortages subsided, Batista sold the plant to state-run
Petroleo Brasileiro SA, pocketing a US$50 million profit, he
recalled in the book, Bloomberg News adds.


GLOBOAVES SAO PAULO: S&P Withdraws Preliminary 'B' Rating
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew all preliminary
ratings on Globoaves Sao Paulo Agroavicola Ltda because it
suspended its proposed debt issuance due to unfavorable market
conditions.


JBS SA: To Cancel Brazil Bond Offerings Amid Petrobras Probe
------------------------------------------------------------
Julia Leite at Bloomberg News reports that JBS SA became the third
Brazilian company in a month to pull a planned bond sale as
investors shun debt from the country.

The meatpacker said in a filing it was canceling the sale and a
tender offer for its 2018 notes due to market conditions,
according to Bloomberg News.  Competitor Marfrig Global Foods SA
pulled a debt sale Nov. 19, and Cosan SA Industria e Comercio and
Comgas Participacoes SA was said to scrap plans for an issue,
Bloomberg News notes.

Bloomberg News relates that while global corporate bond sales
reached a record this year of more than US$4 trillion, Brazilian
companies are struggling to attract investors as growth stalls and
a corruption investigation into state-run Petroleo Brasileiro SA
widens.  The country's corporate borrowers have raised US$5.8
billion selling bonds internationally since June, 43 percent less
than the same period last year, Bloomberg News notes.  For the
second half of the year, Brazilian companies are set for the
lowest amount of bond sales since the financial crisis of 2008,
Bloomberg News discloses.

"Brazil is a dirty word these days," Revisson Bonfim, the head of
emerging-market analysis at Sterne Agee & Leach Inc., said by e-
mail obtained by Bloomberg News.  "I can't imagine any corporate
offers coming out of the country this year," Bloomberg News quoted
Mr. Bonfim as saying.

Bloomberg News notes that Marfrig SA, which supplies hamburger
meat to McDonald's Corp., said it canceled plans to sell seven-
year bonds abroad after the yield demanded by investors didn't
meet its target.  Cosan SA on Dec. 4 put plans to issue bonds on
hold, according to a person familiar with the matter who asked not
to be identified because the information is private, Bloomberg
News relays.

Cut Estimates

Last week, Moody's Investors Service cut Petrobras's so called
baseline credit assessment, which doesn't take into account
government support, to Ba1, one step below investment grade, amid
continued investigation into the oil producer, Bloomberg News
notes.  In November, police arrested officials at construction
companies that allegedly formed a cartel to win contracts,
including BRL59 billion (US$23 billion) from Petrobras, Bloomberg
News relays.

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, Bloomberg News discloses.

After entering a recession in the first half of the year, Brazil
grew 0.1 percent in the third quarter, the national statistics
agency said Nov. 28, missing the median estimate of 0.2 percent
from 46 analysts surveyed by Bloomberg.  Analysts in a central
bank survey released cut their growth estimates for this year and
next, Bloomberg News adds.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Troubled Company Reporter-Latin America on Oct. 21, 2014, Standard
& Poor's Ratings Services revised its outlook on the global scale
corporate credit rating on JBS S.A. and its subsidiary, JBS USA,
to positive from stable.


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


ACUCAR INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Acucar Investments 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


AL-AALIYA LEASING: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Al-Aaliya Leasing Limited received on Dec. 5,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ALTERNATIVE STRATEGIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Alternative Strategies Offshore Platform, SPC
received on Nov. 26, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Alternative Strategies Group, Inc.
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


ARNETT INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Arnett Investments Limited received on
Nov. 25, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Argosa Corp. Inc.
          Telephone: 242 394 9300
          Facsimile: 242 396 3336
          P.O. Box N 7757 Nassau
          Bahamas


CANE PRODUCTS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cane Products Capital 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


DORSET INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Dorset Investments Limited received on
Nov. 20, 2014, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


GALLOWAY PROPERTIES: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Galloway Properties Limited received on
Nov. 20, 2014, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


HLMD LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of HLMD Limited received on Nov. 24, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


INSURE AMERICA: Members Receive Wind-Up Report
----------------------------------------------
The members of Insure America (Cayman) Limited received on
Nov. 14, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John M. Noel
          c/o Willis Management (Cayman) Ltd.
          62 Forum Lane, 3rd Floor Camana Bay
          Grand Cayman
          Cayman Islands


LION PROPERTIES: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lion Properties Limited received on Nov. 20,
2014, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

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


NIVEST LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Nivest Limited received on Nov. 28, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mark Kernohan
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


NZAM GLOBAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of NZAM Global Fund Ltd. received on Dec. 10,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of NZAM Global Master Fund Ltd received on
Dec. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


RIPPLEWOOD INVESTORS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders 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
          Cayman Corporate Centre, Fifth Floor
          George Town Grand Cayman, KY1-1003
          Cayman Islands
          Telephone: (242) 302-8714


SCIENS MANAGERS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Sciens Managers Feeder Fund Ltd. received on
Nov. 24, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Christopher P. Meyering
          667 Madison Avenue
          New York
          New York 10065, USA


SORIN TACTICAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Sorin Tactical Real Estate Master Fund Ltd
received on Nov. 25, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877


TRICO INVESTMENTS: Sole Member to Hear Wind-Up Report on Dec. 16
----------------------------------------------------------------
The sole member of Trico Investments Limited will hear on Dec. 16,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town, Tortola
          British Virgin Islands


UBS MULTI-STRATEGY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of UBS Multi-Strategy Alternative Fund Limited
received on Dec. 11, 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


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


DOMINICAN REP: No More 'Mockery' in Wage Hike Talks, Union Warns
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic labor unions
warned they'll no longer accept the "mockery" of the tripartite
talks with management and the government which managed to
indefinitely suspend the National Salaries Committee (CNS)
meeting, to sidestep the discussion for a 30 percent wage
increase.

CNTD Union President Jacobo Ramos said labor will announce its
position on whether to attend the talks leading to a Labor Code
reform, to include Government and management representatives,
according to Dominican Today.

The report notes that the unions demand a 30 percent salary
increase, noting that the latest tax reform and rising food prices
swallowed the 14% hike paid in 2013.

Mr. Ramos said labor will desist from their efforts on Dec. 15,
"but the blunt fight will start in January and we won't back off
from the fight until obtaining a wage increase and a reform to the
Labor Code without touching workers' accomplishments," the report
notes.

"Our patience and tolerance are exhausted, at tomorrow's meeting
we'll coordinate the actions to take in January, if employers and
the government continue their mockery and fail to enact a wage
increase, we will fight for our lives in the streets," the report
quoted Mr. Ramos as saying.


DOMINICAN REPUBLIC: Pay Debt or We shut down, Power Firms Warn
--------------------------------------------------------------
Dominican Today reports that Dominican Republic power companies
association (ADIE) President Marcos Cochon warned of their
shutdowns of their power plants if the more than US$1.0 billion
debt isn't paid.

Mr. Cochon said the distribution companies (Edes) don't pay the
power companies with the money they collect from the billing,
according to Dominican Today.

The report notes that Mr. Cochon said the Edes traditionally
allocates 80 and 85 percent of the money from the billing to pay
the power companies, but have fallen to only 15% in the first
months this year.

Mr. Cochon, the report relays, said that's the main reason why the
debt in 2014 has grown faster than in other years.

The report notes that Mr. Cochon said they are owed more than
ever, "but that's obviously because the funds raised by the
distributors are being used for different destinations instead of
paying their main supplier."

"On December 1 the debt hovered at 1,050 million dollars, and the
main reason is that, unfortunately, during 2014 the distribution
companies have been using much of the money they charge in their
windows for other projects.  They haven't been using it to pay its
main supplier, that was budgeted to be done separately, and what
has caused the large debt compared with previous years," Mr.
Cochon said in an interview by Hector Herrera on Telesistema
channel 11, the report relays.


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


ASEGURADORA PATRIMONIAL: Moody's Affirms Ba1 IFS Rating
-------------------------------------------------------
Moody's de Mexico has assigned Ba1 global local currency and A1.mx
national scale insurance financial strength (IFS) ratings to
Aseguradora Patrimonial Danos, S.A. (Aseguradora Patrimonial
Danos). The outlook for these ratings is stable.

Ratings Rationale

According to Moody's, the Ba1 and A1.mx IFS ratings of Aseguradora
Patrimonial Danos reflects the insurer's niche position in the
Mexican automobile insurance industry, as well as its investment-
grade credit quality asset portfolio, strong capitalization
metrics and sound profitability. "One of the key elements
supporting the company's ratings is its ownership by and business
integration with Chrysler new car sale dealers in Mexico", said
Moody's analyst Jose Montano.

However, Aseguradora Patrimonial Danos' ratings are offset by its
relatively modest scale, its low business diversification (given
100% of its premiums are concentrated in a single product line --
auto insurance), and its limited and concentrated distribution.
Aseguradora Patrimonial Danos' business is concentrated in "all-
risk" insurance coverage of damage to cars and trucks during their
transportation to the Chrysler car dealers, as well as during the
vehicles' display and storage period in the dealers' shops.

Factors that could result in an upgrade of Aseguradora Patrimonial
Danos include an upgrade of Mexico's government bond rating,
coupled with an improvement in the country's insurance operating
environment. Conversely, factors that could lead a rating
downgrade of Aseguradora Patrimonial Danos include the following:
1) deterioration of profitability, with sustained returns on
capital below 10%; 2) worsened capitalization metrics, with
sustained gross underwriting leverage above 3.0x; 3) deterioration
in Mexico's government bond rating and/or the country's insurance
operating environment; and/or 4) lower integration with, or
divestiture from, Mexican Chrysler dealers.

Aseguradora Patrimonial Danos, headquartered in Mexico City,
Mexico, underwrites automobile insurance. The company reported
gross premiums of MXN 119 million and net income of MXN 32 million
for the first nine months of 2014. The company had total assets of
MXN 267 million and total shareholders' equity of 181 million as
of September 30, 2014.

The principal methodology used in this rating was Global Property
and Casualty Insurers published in December 2013.

The sources and items of information used to determine Aseguradora
Patrimonial Danos' ratings include June 2014 financial statements
(source: Comision Nacional de Seguros y Fianzas (CNSF)) and year-
end 2013 audited financial statements (source: Aseguradora
Patrimonial Danos, audited by Salles, S inz-Grant Thornton, S.C.).

The period of time covered in the financial information used to
determine Aseguradora Patrimonial Danos ratings are between 1
January 2008 and 30 June 2014 (source: Aseguradora Patrimonial
Danos and Moody's).


MEXICO: Group Warns Drop in Crude Price Could Affect Investment
---------------------------------------------------------------
EFE News reports that the Mexican business community is warning
that a period of prolonged low oil prices could affect the
investment goals set in the energy industry overhaul.

"The oil market could become a bigger problem if crude prices stay
low since it would make any kind of production project less
attractive, limiting the benefits expected from the energy
reforms," the Business Coordinating Council, or CCE, said in a
statement obtained by EFE.


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


LIBERTY CABLEVISION: S&P Puts 'B-' CCR on CreditWatch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services said it placed all of its
ratings on San Juan, P.R.-based Liberty Cablevision of Puerto Rico
LLC on CreditWatch with positive implications, including the 'B-'
corporate credit rating, the 'B' issue-level rating on the first-
lien credit facilities, and the 'CCC' issue-level rating on the
second-lien term loan.

"The CreditWatch placement reflects the potential for an upgrade
given the improved scale and competitive position of LCPR
following the completion of the proposed acquisition of Choice
Cable," said Standard & Poor's credit analyst Michael Altberg.

Pro forma for the acquisition, S&P expects adjusted leverage to
increase only modestly, to the mid-5x area in 2015, still in line
with S&P's "highly leveraged" financial risk profile.  The
transaction is contingent on LCPR successfully executing the
proposed add-on to its existing credit facilities and is subject
to regulatory approval.

S&P intends to resolve the CreditWatch upon close of the
acquisition, which S&P expects to occur in the first half of 2015.
At that time, S&P will likely upgrade LCPR to 'B' and raise the
issue-level ratings on the first-lien senior secured facilities to
'B+' from 'B' based on a recovery rating of '2', which S&P do not
expect to change as part of this transaction.  Similarly, S&P
expects that the recovery rating on the company's second-lien term
loan will remain at '6' resulting in a revision to the issue-level
rating on this debt to 'CCC+' from 'CCC'.


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


PETROTRIN: Strike Notice Expires at Firm
----------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday reports that the
referral of a breakdown of conciliatory talks between Petrotrin
and the Oilfields Workers Trade Union, (OWTU), to the Industrial
Court by the Minister of Labour effectively prevents the union
from initiating strike action against the state-owned oil company.

In a media statement, Petrotrin observed that the seven-day period
within which strike notice could have been served expired at
midnight on December 4 last, according to Trinidad and Tobago
Newsday.

The report relates that the company recalled that negotiations
between Petrotrin and the OWTU for the 2011-2015 bargaining period
had commenced in November 2013 and over the past year, the parties
had engaged in 29 meetings relating to the terms and conditions of
employees of the Company, covered by six Bargaining Units.

The Collective Agreements cover the following periods:

   -- Petrotrin Monthly Paid Bargaining Unit: February 1, 2012
      January 31, 2015

   -- Petrotrin (Trinmar Ops) Monthly Paid Bargaining Unit:
      February 1, 2012 - January 31, 2015

   -- Monthly Rated Junior Staff Employees: June 1, 2011 -
      May 31, 2014

   -- Petrotrin Hourly/Weekly Rated Employees: August 27, 2011
      August 26, 2014

   -- Petrotrin (Trinmar Ops) Hourly/Weekly Rated Employees:
      May 25, 2011 - May 24, 2014

   -- Hospital Domestic Workers and Wardsmen: November 1, 2011
      October 31, 2014

The report notes that Petrotrin stated that on November 10, the
company referred the negotiations to the Ministry of Labor, which
triggered a fourteen-day conciliation period during which meetings
were held between the parties with the intervention of
representatives of the Ministry of Labor.

Petrotrin continued that following the expiration of the fourteen
day conciliation period on 2014 November 24 at midnight, "a
further seven (7) day period commenced during which either the
OWTU could have served strike notice, or the Company could have
served lockout notice," the report discloses.

"This seven (7) day period expired on December 4, 2014 at midnight
and no such notice was served by either party," Petrotrin stated,
and noted that under Section 60(4)(a) and (b) of the Industrial
Relations Act, Chapter 88:01, "no lockout notice or strike notice
may be issued subsequent to the expiry of the seven day period
mentioned above and after the referral of the matter by the
Minister to the Industrial Court," the report relays.

Efforts to contact OWTU executives were unsuccessful as they were
reportedly in meetings, the report adds.

                          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 Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.  The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports 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.


                   * * * End of Transmission * * *