TCRLA_Public/141217.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

         Wednesday, December 17, 2014, Vol. 15, No. 249


                            Headlines



A R G E N T I N A

ARGENTINA: Swap Lacks Appeal to Jefferies as Exotix Sees Failure


B R A Z I L

BRAZIL: Bank to Do What's Needed to Slow Inflation, Pereira Says
CBC AMMO: S&P Affirms 'BB-' Rating; Outlook Remains Stable
LAJEADO ENERGIA: Moody's Downgrades Issuer Rating to Ba1
PETROLEO BRASILEIRO: To Delay Results on Graft Writedowns
VIRGOLINO DE OLIVEIRA: Fitch Cuts Issuer Default Ratings to 'C'


C A Y M A N  I S L A N D S

AQR OFFSHORE: Shareholder Receives Wind-Up Report
AQR RT: Shareholder Receives Wind-Up Report
BLACKSTONE E2: Shareholders Receive Wind-Up Report
CASTLEBROOK HOLDINGS: Shareholders Receive Wind-Up Report
CFIP SMF: Members Receive Wind-Up Report

CFIP SOF: Members Receive Wind-Up Report
INTER CAPITAL: Members Receive Wind-Up Report
LYONROSS LIQUID: Shareholders Receive Wind-Up Report
MFO (CAYMAN): Shareholders Receive Wind-Up Report
NZAM MANAGEMENT: Shareholders Receive Wind-Up Report

OPPORTUNISTIC CONVERTIBLE: Shareholder Receives Wind-Up Report
POLYMUSIC LIMITED: Shareholders Receive Wind-Up Report
RED SEA: Member Receives Wind-Up Report
SEVEN SEAS: Shareholders Receive Wind-Up Report
SIMARGL NEW: Shareholders Receive Wind-Up Report


C H I L E

CHILE: Central Bank Says Economy to Grow 2.5 - 3.5% in 2015


C O L O M B I A

COLOMBIA: Central Bank Says Peso Drop May Boost Inflation
CREDIVALORES: S&P Affirms 'B+' LT ICR on New Criteria


J A M A I C A

JAMAICA: To Get US$10MM IDB Loan to Strengthen Climate Resilience


U R U G U A Y

URUGUAY: "Economy is Cooling Off Gradually," IMF Says


                            - - - - -


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


ARGENTINA: Swap Lacks Appeal to Jefferies as Exotix Sees Failure
----------------------------------------------------------------
Camila Russo at Bloomberg News reports that Argentina's offer to
buy back local-law bonds due next year or swap them for notes due
in 10 years isn't attractive to international investors at current
prices, according to Exotix Ltd. and Jefferies LLC.

The proposal to buy back US$6.7 billion of Boden 2015 bonds for 97
cents on the dollar or swap the notes for 99.7 cents of Bonar 2024
securities for every dollar of 2015 notes expires Dec. 13,
according to Bloomberg News.  Argentina is also selling as much as
US$3 billion more of the 10-year bonds at 96.2 cents, Bloomberg
News notes.  The notes due next year trade at higher levels in the
secondary market, while the longer maturity debt is cheaper than
what the government is offering, Bloomberg News discloses.

"The initial reaction was positive in as much that the government
wants to roll over some of their 2015 debt, but the economics of
it aren't enticing enough to participate," Stuart Culverhouse,
chief economist at London-based frontier-markets investment
company Exotix, told Bloomberg News in a phone interview.  "They
probably won't be as successful as they wanted," Mr. Culverhouse
said.

Bloomberg News discloses that a successful swap and sale would
reduce the country's obligations next year, when US$12 billion of
debt comes due, equal to about 40 percent of foreign reserves.
The offer demonstrates the South American nation's willingness and
capacity to pay, Economy Minister Axel Kicillof said Dec. 4, after
it defaulted on bonds governed by New York law in July, Bloomberg
News relates.

The nation has been forbidden from making payments on its foreign-
law bonds after refusing to comply with a U.S. court order that it
must pay a group of holdout investors from its 2001 default in
full before servicing any other overseas debt, Bloomberg News
says.

                           US$2 Billion

"There was predictable criticism that officials did not offer any
premium," Siobhan Morden, the head of Latin America strategy at
Jefferies, wrote in a report, Bloomberg News says.  "There could
be some credibility loss if Argentina does not secure debt relief
of at least US$2 billion" in the swap.

Alejo Costa, a strategist at brokerage Puente Hnos Sociedad de
Bolsa SA, said a swap or sale of new debt totaling US$2 billion
would be a success, Bloomberg News adds.

The swap and buyback offer opened Dec. 10 and closed Dec. 13 at
5:00 p.m. Buenos Aires time, Bloomberg News adds.

                          *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


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


BRAZIL: Bank to Do What's Needed to Slow Inflation, Pereira Says
----------------------------------------------------------------
David Biller and Leonardo Lara at Bloomberg News report that
Brazil's central bank will do whatever is necessary to slow
inflation that is "relatively elevated and persistent," Director
Luiz Awazu Pereira said in prepared remarks for an event in Rio de
Janeiro.

"We will do on our side everything that will be necessary to bring
annual inflation to the 4.5 percent target in the 2016 horizon,"
Mr. Pereira told reporters after delivering the speech, according
to Bloomberg News.

Bloomberg News notes that Brazil's inflation remains above the
ceiling of the central bank's target range, and policy makers are
boosting the benchmark Selic to slow cost-of-living increases.  At
the same time President Dilma Rousseff has enlisted Joaquim Levy
as her next Finance Minister to shore up growth and avert a
sovereign credit downgrade, Bloomberg News relates.

Bloomberg News notes that consumer prices rose 6.56 percent in the
12 months through November, above the central bank's target range
of 2.5 percent to 6.5 percent.  Policy makers on Dec. 3 raised the
benchmark interest rate a half-point to 11.75 percent following a
quarter-point increase in their prior monetary policy meeting,
Bloomberg News discloses.  In a statement after the meeting they
said future rate increases will probably be conducted with
"parsimony," Bloomberg News relays.

Swap rates on the contract due in April 2015 rose two basis
points, or 0.02 percentage point, to 12.02 percent at 1:13 p.m.
local time on Dec. 16, notes the report.  The real depreciated 1.3
percent to 2.6888 per U.S. dollar.

Weak growth and deteriorating fiscal results led Standard & Poor's
in March to cut the country's sovereign debt rating to one level
above junk, Bloomberg News discloses.  Moody's Investors Services
followed in September by cutting Brazil's outlook to negative.
Mr. Pereira has the conviction that Brazil will maintain its
investment grade and improve over the coming years, Bloomberg News
notes.

"Inflation and expectations have shown resilience, but the
objective and the medium-term trend is reversion to the 4.5
percent target," Mr. Pereira said in the prepared remarks,
Bloomberg News relays.  "The current policy mix has the objective
and the capacity to supply the outline of a new sustainable growth
cycle," Mr. Pereira added.


CBC AMMO: S&P Affirms 'BB-' Rating; Outlook Remains Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' ratings on
CBC Ammo LLC (CBC).  The outlook remains stable.

The rating on CBC reflects its efficient operations, significant
global footprint and market position as the world's largest
manufacturer of small caliber ammunition, its smooth debt maturity
profile, and low leverage.  On the other hand, the recent
acquisition of Taurus will present significant challenges for CBC
because as Taurus is struggling with operating efficiency issues,
high leverage, and significant maturities in the short term.
Still, S&P expects CBC to improve operations at Taurus in fairly
short term and to fully capture synergy gains in the intermediate
term.

Despite the significant increase in CBC's consolidated portfolio
of products and stronger position in the U.S. commercial market
after the acquisition of Taurus, S&P still views CBC's business
risk profile as "weak."  CBC's strong contracted position with
several military and law enforcement clients around the world and
its operating efficiency only partly compensate the risks stemming
from its still somewhat small scale of operations and volatility
of the defense market, subject to budget cuts especially in
Europe.  Furthermore, the bulk of CBC's revenues is generated
through the sale of standard small caliber ammunition, a
competitive market.  Furthermore, Taurus has significant exposure
to the very volatile U.S. commercial market, while CBC tries to
overhaul Taurus' quality, production process, and customer
relationships.

S&P views CBC's financial risk profile as "significant."  After
the acquisition, S&P expects the consolidated numbers to reflect
Taurus' high debt and low EBITDA contribution over the next few
years.  However, CBC's debt is fairly low, and the company
continues to post strong cash generation.  S&P still expects
credit metrics to remain in line with the "significant" financial
risk profile and to continue improving, but S&P don't expect to
revise its assessment to a stronger category in the short term.


LAJEADO ENERGIA: Moody's Downgrades Issuer Rating to Ba1
--------------------------------------------------------
Moody's America Latina Ltda downgraded Lajeado Energia S.A.
(Lajeado)'s issuer ratings to Ba1/ Aa2.br from Baa3/Aa1.br.
Moody's also downgraded the ratings of Lajeado's BRL 450 million
senior unsecured amortizing debentures with final maturity in
October 2019 to Ba1/Aa2.br from Baa3/Aa1.br. The outlook for all
ratings was changed to negative from stable.

Rating Rationale

Lajeado's weaker than expected financial performance in 2014 in
light of its high exposure to the spot market coupled with the
recently revealed potential for a covenant default and possible
acceleration of the maturity of BRL 450 million in debentures in
the first quarter of 2015 has prompted Moody's to downgrade
Lajeado's ratings.

The negative outlook reflects Moody's expectation that Lajeado
will continue to post weaker than expected funds from operations
(FFO) in 2015 as it will most likely need to continue to acquire
energy on the spot market to meet its contractual obligations to
distribution companies, although at lower prices than those
incurred in 2014.

Lajeado's acquisition of energy on the spot market stems from the
application of the operational procedures of the MRE (Relocation
Energy Mechanism) by which all Brazilian hydro generators share
the hydrological risk. In the face of the current severe drought
across most of the important Brazilian water basins, the
electricity system operator (ONS) has been restricting the
production of hydro power and dispatching more expensive thermal
power in order to preserve water levels in the Brazilian hydro
water reservoirs. As a result, hydro generators have been forced
to acquire energy on the spot market (PLD) to make up the
difference between their hydro energy production and their
physical energy obligations.

The potential acceleration of the maturity of the BRL 450 million
debentures would stem from a breaching of the existing maximum
debt financial covenant of 3.5x as measured by the Gross Debt over
EBITDA ratio embedded in the debentures at the level of the
holding company as recorded in the previous 12-month period.

A further downgrade of Lajeado's ratings could occur should the
company not be able to obtain a waiver from debentures holders
and, in turn, be faced with an acceleration of the maturity of the
existing debentures; however, Moody's expects that negotiations
between the company and the debenture holders will result in a
waiver given that if not for the current adverse hydrology
conditions the company's fully contracted position would be
considered a strong credit positive.

Moody's will continue to monitor the company's performance as well
as how the current hydrology conditions evolve over the next
couple of months to determine if the company will be able to
maintain credit metrics and liquidity position commensurate with
the Ba1/Aa2.br ratings.

Moody's would consider stabilizing the rating outlook if the
company is able to obtain a waiver from debenture holders and the
hydrology conditions materially improve during the current rainy
season followed by an improvement in credit metrics and the
maintenance of an adequate liquidity position.

EDP Energias do Brasil (EDB; Ba1, stable) is Lajeado Energia S.A's
(Lajeado) major shareholder with 55.9% of its capital. The other
two shareholders are ELETROBRAS (Baa3 negative) with 40.1% of its
capital and the state government of Tocantins (not rated), which
holds the remaining 4.1% of Lajeado's capital. Lajeado holds 73%
of a concession to explore the Hydroelectric Power Plant Luis
Eduardo Magalhaes (UHE Lajeado) located in the State of Tocantins,
which expires in January 2033. UHE Lajeado operates five turbines
with a total installed capacity of 902.5 MW and assured energy of
527 MW. The other owners of the UHE Lajeado, which Moody's does
not rate, are CEB Lajeado S.A. (20%) and Paulista Lajeado Energia
S.A. (7%).

These companies along with Lajeado are the shareholders of
Investco S/A (Investco; not rated), which is a special purpose
company created to construct and operate the UHE Lajeado. Lajeado
holds 73% of INVESTCO's voting capital and 62.4% of its total
capital.

Investco has signed long-term leasing contracts with its
shareholders by which Investco transferred its PPAs signed with
distribution companies to its shareholders in proportion to their
participation in the concession. As a result, Investco's
shareholders have made regular tailor-made leasing payments to
Investco so that the latter can meet its cash needs, which include
operating and financial expenses.

In the latest twelve months ended June 30, 2014, Lajeado posted
net consolidated sales of BRL 508 million, EBITDA of BRL 331.6
million and net profit of BRL113 million.


PETROLEO BRASILEIRO: To Delay Results on Graft Writedowns
---------------------------------------------------------
Sabrina Valle at Bloomberg News reports that disagreement at
Petroleo Brasileiro SA's board led the state-run oil producer at
the center of a corruption scandal to delay releasing full
financial results, a person with direct knowledge of the issue
said.

The board members differ on the size of writedowns stemming from
graft-related costs, said the person, who asked not to be named
because the information isn't public, according to Bloomberg News.
Petrobras, as the Rio de Janeiro-based company is known, plans to
avoid debt markets while it continues to investigate corruption
allegations, the person said, Bloomberg News relates.

Petrobras delayed a third-quarter earnings report, saying it plans
to slow the pace of investments and review its fuel price strategy
to protect its cash position and eliminate the need to issue debt
next year, Bloomberg News discloses.

"These actions assure positive cash flow next year," Petrobras
said in the statement obtained by Bloomberg News.  They "eliminate
the need for issuances in the market next year," Petrobras added.

Some financial information was withheld because of recent
developments in the corruption and money laundering probe,
including a subpoena from the U.S. Securities and Exchange
Commission and a lawsuit by a U.S. investor, Petrobras said in the
statement obtained by Bloomberg News.

"If there is a cost related to corruption in the value of that
asset, even if the asset can pay off that cost, you have an
obligation to write off that cost, you have to discount that
cost," Chief Executive Officer Maria das Gracas Foster said in a
Nov. 17 conference call with analysts, Bloomberg News relates.

                       Auditing Holdback

PricewaterhouseCoopers LLP, the company's auditor, is waiting for
results of independent probes into corruption allegations before
deciding whether to approve quarterly results, two people with
knowledge of the matter said last month, Bloomberg News relates.

Investigations by independent law firms Trench, Rossi & Watanabe
and Gibson, Dunn & Crutcher LLP probably will extend into 2015 and
PricewaterhouseCoopers LLP will need additional time to audit the
results, the people said, asking not to be named because details
of the matter are private, Bloomberg News relays.

Petrobras has relied on foreign debt markets to finance about
US$40 billion in yearly investments, making it the most indebted
publicly traded oil company, Bloomberg News adds.

Petroleo Brasileiro SA, 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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2014, 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.


VIRGOLINO DE OLIVEIRA: Fitch Cuts Issuer Default Ratings to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded Virgolino de Oliveira S.A. Acucar e
Alcool's (GVO) and Virgolino de Oliveira Finance S/A's (Virgolino
Finance) foreign and local currency Issuer Default Ratings (IDRs)
to 'C' from 'CC'.

Fitch has also downgraded GVO's national scale long-term rating to
'C (bra)' from 'CC (bra)' and Virgolino Finance's associated debts
to 'C/RR4' from 'CC/RR4'.

Key Rating Drivers

The downgrade incorporates the increasing likelihood that GVO will
default on its debt in the coming months. The company has reported
no progress on ongoing renegotiations since it unveiled its plan
to negotiate terms and conditions of its bonds. Maturity of the
coupons is approaching and Fitch views as unlikely GVO receiving
additional resources from bankers or investors in the very short-
term. The longer offseason this year will also pose an additional
burden on GVO's cash flows.

GVO has reported no progress on its current debt restructuring
initiatives since it informed the markets on Oct. 19, 2014 that it
has hired financial and legal advisory from Moelis & Company and
Santos Neto Advogados and Kirkland & Ellis LLP, respectively, with
aims at improving its weak capital structure. The absence of a
deal with investors and the reluctance of domestic banks to lend
the company new money is pressuring GVO to default on its short-
term debt maturities. According to Fitch's calculations, the
company will have to pay interest of USD40 million on its USD735
million aggregate notes in January and February 2015.

Systemic risk in the Brazilian S&E sector has grown recently and
reduced the availability of working capital financing following
the financial distress of important domestic players. There is
limited scope for sugar price hikes in 2015. The deficit expected
for the international sugar market in the 2014/2015 season is
unlikely to materially offset the large inventory buildup of past
seasons. Still depressed ethanol prices and the longer offseason
this year will prove challenging for less-capitalized companies,
and costs are expected to increase in 2015 driven primarily by
higher salaries and logistics and transportation costs.

Rating Sensitivities

The company's ratings could be downgraded if the company defaults
on its scheduled amortization/interest payments and/or formally
files for bankruptcy protection.

An upgrade is unlikely at this time given the company's
difficulties meeting its payment obligations. A large equity
injection or the takeover of the company by a peer would be viewed
positively.

Fitch has downgraded the following ratings:

Virgolino de Oliveira S.A. Acucar e Alcool

-- Foreign and local currency IDRs to 'C' from CC';
-- Long term national scale rating to 'C(bra)' from 'CC(bra)';
-- BRL100 million senior unsecured debentures due 2014 to 'C(bra)'
from 'CC(bra)'.

Virgolino de Oliveira Finance S/A

-- USD300 million senior unsecured notes due 2022 to 'C/RR4' from
'CC/RR4';
-- USD135 million senior secured notes due 2020 to 'C/RR4' from
'CC/RR4';
-- Foreign and local currency IDRs to 'C' from CC'.


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


AQR OFFSHORE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of AQR Offshore Multi-Strategy Fund VI 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:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877


AQR RT: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of AQR RT Offshore 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:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877


BLACKSTONE E2: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Blackstone E2 Offshore Fund 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:

          Sean Flynn
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


CASTLEBROOK HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Castlebrook Holdings 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:

          Concentric Capital Limited
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


CFIP SMF: Members Receive Wind-Up Report
----------------------------------------
The members of CFIP SMF, Ltd. received 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


CFIP SOF: Members Receive Wind-Up Report
----------------------------------------
The members of CFIP SOF, Ltd. received 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


INTER CAPITAL: Members Receive Wind-Up Report
---------------------------------------------
The members of Inter Capital Limited received on Dec. 4, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


LYONROSS LIQUID: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lyonross Liquid Strategies 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:

          Bruce Catania
          183 Madison Ave, Suite 503
          New York, NY 10016
          U.S.A.
          Telephone: (212) 218-3950


MFO (CAYMAN): Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of MFO (Cayman) Limited received on Nov. 26,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Simon Graham
          P.O. Box 260
          West Wing, 2nd Floor
          Dorey Court, Admiral Park
          St Peter Port
          Guernsey GY1 4LL
          Telephone: +44 1481 727240


NZAM MANAGEMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of NZAM Management Limited 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
          802 West Bay Road, 1st Floor
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


OPPORTUNISTIC CONVERTIBLE: Shareholder Receives Wind-Up Report
--------------------------------------------------------------
The shareholder of Opportunistic Convertible Arbitrage Offshore
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:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877


POLYMUSIC LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Polymusic 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


RED SEA: Member Receives Wind-Up Report
---------------------------------------
The member of Red Sea Astrarium GP Ltd received on Dec. 8, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Khalij Fiduciaire SA
          Le Forum 1er Etage, Grand Rue 3, CP 317
          1820 Montreux 2
          Switzerland
          Telephone: +41 21 96 12 511


SEVEN SEAS: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Seven Seas Capital Appreciation Offshore Fund
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:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue
          Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SIMARGL NEW: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Simargl New Opportunities Fund received on
Dec. 12, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman


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


CHILE: Central Bank Says Economy to Grow 2.5 - 3.5% in 2015
-----------------------------------------------------------
EFE News reports that the economy of Chile will grow between 2.5%
and 3.5% next year, the Central Bank said, while lowering its
growth projection for 2014 to 1.7 percent from the previous
estimate of 1.75 percent-2.25 percent.

The more pessimistic forecast "reflects weak activity in the third
quarter and its prolongation into the final quarter of the year,"
Central Bank chief Rodrigo Vergara said in testimony before the
Senate Finance Committee, according to EFE News.


===============
C O L O M B I A
===============


COLOMBIA: Central Bank Says Peso Drop May Boost Inflation
---------------------------------------------------------
Matthew Bristow and Christine Jenkins at Bloomberg News report
that the plunge in the Colombian peso may stoke higher consumer
price increases and inflation expectations, the nation's central
bank said.

"If this depreciation persists, it may be transmitted in a greater
way to internal prices, and generate higher inflation
expectations," policy makers said in the minutes to their Nov. 28
board meeting, according to Bloomberg News.  "At this time,
inflation expectations are stable, and somewhat above 3 percent,"
policy makers added.

The peso has weakened 22 percent over the last six months, the
most after Russia's ruble among major emerging market currencies
tracked by Bloomberg.  That is helping to soften the impact on the
Colombian economy of a slump in crude prices, policy makers said,
Bloomberg News notes.

"As was to be expected, the peso has devalued, which can mitigate
the effects of the weakness in external factors on the output gap,
and impact the rate of short-term inflation," policy makers said,
Bloomberg News discloses.  "The floating exchange rate has shown
itself to be an efficient mechanism that absorbs external shocks,"
policy makers added, notes the report.

Policy makers will leave the benchmark policy rate unchanged at
4.5 percent for a fourth straight month at their Dec. 19 board
meeting, according to 17 of 18 analysts surveyed by Bloomberg.
One analyst forecasts a quarter-point cut, Bloomberg News says.

Benchmark U.S. oil prices extended losses below US$58 a barrel on
Dec. 13 as the International Energy Agency cut its global demand
estimate, Bloomberg News discloses.  Oil prices have collapsed
about 20 percent since Nov. 26, the day before the Organization of
Petroleum Exporting Countries agreed to leave its production limit
unchanged at 30 million barrels a day, Bloomberg News relays.

Oil accounts for about half of Colombia's exports and foreign
direct investment, Bloomberg News adds.


CREDIVALORES: S&P Affirms 'B+' LT ICR on New Criteria
-----------------------------------------------------
As previously announced on Dec. 10, 2014, Standard & Poor's
Ratings Services affirmed its long-term 'B+' and short-term 'B'
issuer credit ratings on Credivalores - Crediservicios S.A.S.
(Credivalores).  The outlook remains stable.

The issuer credit ratings on Credivalores reflect S&P's "adequate"
assessments of its business position, capital and earnings, and
risk position, and S&P's view of its "moderate" funding and
"adequate" liquidity.  The stand-alone credit profile (SACP) is
'b+'.

"We initially set the anchor for finance companies three notches
below the anchor for banks in the same country to reflect the
typical lack of central bank access, lower regulatory oversight,
and higher competitive risk for finance companies relative to
banks.  We may modify that standard three-notch adjustment for
finance companies in countries or in sectors where these
differences do not exist or are less pronounced (i.e. the finance
company can access funding from the central bank, are regulated to
some degree, or have unique competitive positions, such as
monopolistic or oligopolistic businesses).  In the case of
Colombia, we apply the standard three notches below the anchor,"
S&P said.

"The stable outlook reflects our expectations that Credivalores
will maintain a concentrated funding structure with relatively low
financial flexibility," said Standard & Poor's credit analyst
Ricardo Grisi.  The outlook also incorporates our expectation that
the company will keep its adequate capital levels, "adequate"
business position--reflected in market position and business
diversification--and manageable asset quality.

S&P could raise the ratings or revise the outlook to positive if
the firm continues to diversify its funding.

S&P could lower the ratings if the company takes on a more
aggressive risk appetite, or significantly reduces liquidity or
capitalization.


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


JAMAICA: To Get US$10MM IDB Loan to Strengthen Climate Resilience
-----------------------------------------------------------------
Jamaica will increase its resilience to climate change by
enhancing the adaptive capacity of the agriculture and tourism
sectors and watershed management, using a US$10 million highly
concessionary loan and a US$7,895,000 grant approved by the Inter-
American Development Bank (IDB).  This project is the first
adaptation program implemented by the IDB under the Pilot Program
for Climate Resilience of the Climate Investment Funds.

The project will help Jamaica mainstream climate change into its
development planning, providing information on innovative
approaches including climate financing.

The project will also generate and disseminate knowledge on
adaptation measures and their costs and benefits.  It will develop
innovative financial mechanisms which will be made available to
governments and the private sector, as well as to NGOs and
community-based organizations.

Thanks to this program, Jamaica will continue to be a leader in
the field of climate change adaptation, setting an example for
other Caribbean countries.

The US$10 million IDB loan, for a 40-year term, will have a 10-
year grace period and a fixed interest rate of 2 percent for the
years 11 through 20, and 4 percent for the years 21 through 40.


=============
U R U G U A Y
=============


URUGUAY: "Economy is Cooling Off Gradually," IMF Says
-----------------------------------------------------
An International Monetary Fund (IMF) staff team led by Oya Celasun
visited Uruguay from December 1-12, 2014 to conduct the country's
annual Article IV Consultation.

The mission met with senior officials, academics, and
representatives of the private sector and civil society.

At the end of the visit, Ms. Celasun made the following statement:
"Following a decade of strong and inclusive growth, Uruguay's
economy is cooling off gradually.  We project growth at about 3
percent in 2014 and 2.5 in 2015, with both external and domestic
demand decelerating.  While Uruguay's economy has weathered the
regional slowdown quite well so far and growth has remained
robust, inflation persists above the central bank's target and the
fiscal and current account deficits have widened.

"Although near term risks to the outlook seem manageable given
Uruguay's strong liquidity cushions, a less supportive external
environment calls for maintaining a long-term vision in conducting
macroeconomic management.  Acting now to fortify the economy's
fundamentals would help cement Uruguay's attractiveness as an FDI
destination and bolster longer-term growth prospects.  The
aftermath of the elections is an auspicious time to enact key
reforms.

"Bringing inflation to the mid-point of the central bank's target
range remains a key priority.  The mission recommends a
comprehensive disinflation effort that includes maintaining a
tight monetary policy stance, a strategy to reduce the backward
indexation of wages, and steps to strengthen the central bank's
influence on inflation expectations through forward-looking
communication.  Enhancing central bank autonomy would also be
beneficial.

"In order to maintain net public debt on a declining path, the
mission recommends tightening the fiscal balance by at least 2.5
percent of GDP over the next five years.  The improvement in the
fiscal position could come from a mix of expenditure restraint and
revenue enhancing-measures.

"Deepening the financial system and making it more inclusive also
remains a key objective.  The authorities have taken important
steps in this area.  Vigilant supervision of the financial system
remains essential given the unsettled external environment.
"In order to continue deepening Uruguay's social gains through the
medium-term, policy makers will need to enact supply-enhancing
reforms in several areas.  The mission welcomes the commitment of
the incoming government to boost investments in infrastructure and
human capital, and support an innovation-friendly business
environment."


                            ***********


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.

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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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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202-362-8552.


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