TCRLA_Public/141219.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 19, 2014, Vol. 15, No. 251


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Macroeconomic Indicators Still Weak, IMF Says


A R G E N T I N A

ARGENTINA: IMF Hears Report on CPI, GDP Data Quality Improvement


B R A Z I L

GP INVESTMENTS: S&P Raises ICR to 'BB' on New Criteria Application
OSX BRASIL: Recovery Plan Faces Possible Delay Again
PETROLEO BRASILEIRO: To Delay Argentina Sale Amid Brazil Probe


C A Y M A N  I S L A N D S

ADVENT CONVERTIBLE: Commences Liquidation Proceedings
ATRIUM TRADING: Commences Liquidation Proceedings
CHL TOTAL: Placed Under Voluntary Wind-Up
CO-INVESTMENT LIMITED: Commences Liquidation Proceedings
COHANZICK HIGH: Shareholder Receives Wind-Up Report

CS ALTERNATIVE: Members Receive Wind-Up Report
CS OPPORTUNISTIC: Members Receive Wind-Up Report
EP ENERGY: Commences Liquidation Proceedings
HARLEY INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 17
INDEA ANKAM: Commences Liquidation Proceedings

MARRET INVESTCO: Commences Liquidation Proceedings
PRIME ELITE: Sole Member Receives Wind-Up Report
SOLO EDUCATION: Placed Under Voluntary Wind-Up
TYG CAPITAL: Commences Liquidation Proceedings
WESTERN ASSET: Commences Liquidation Proceedings


M E X I C O

ALTOS HORNOS: Reaches Exit Accord After 15 Years in Bankruptcy
GRUPO CEMENTOS: S&P Raises CCR to 'B+'; Outlook Positive


P U E R T O    R I C O

PUERTO RICO: Debt Sets Record Low After Utility Meets Investors
PUERTO RICO: US Shift on Cuba Will Have Impact on Trade, Tourism


                            - - - - -


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


ANTIGUA & BARBUDA: Macroeconomic Indicators Still Weak, IMF Says
----------------------------------------------------------------
On November 24, 2014, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Antigua and Barbuda.

A modest recovery is underway but macroeconomic indicators are
still weak and important vulnerabilities remain.  Economic
activity in the first half of 2014 showed continuing signs of
recovery following real GDP growth of 1.8 percent in 2013. Tourism
has performed strongly, with stay-over arrivals up 7.7 percent
during the first half of the year.  The winter tourist season was
the most successful since 2009.  Nevertheless, tourist arrivals
are still over 5 percent below pre-global crisis (2008) levels
while real GDP is 14 percent lower.  Commercial bank credit to the
private sector was down by 4.4 percent in June 2014 compared with
a year ago, as banks continue to deal with high levels of non-
performing loans.  Inflation remains subdued, reflecting sluggish
aggregate demand and the absence of international commodity price
pressures.  The fiscal stance was eased after the Stand-by
Arrangement ended in June 2013 and in the run up to the June 2014
elections.  At the same time, scheduled external amortization has
more than doubled this year to nearly 3 percent of GDP.  With
limited financing options, there was a re-emergence of arrears on
external debt.

On current trends, growth would remain modest, with risks tilted
slightly to the downside.  Real GDP would grow by 1.9 percent in
2014 and 1.7 percent in 2015, underpinned by the ongoing recovery
in North America and the United Kingdom.  Although the government
has begun to address its fiscal imbalances, arrears would be
projected to grow.  Increased cash flow problems for the
government and unattended banking system problems represent
serious downside risks.  On the other hand, the possibility of
large inflows from the Citizenship by Investment Program (CIP) and
foreign direct investments could significantly improve the
outlook.  However, these would not obviate the need for important
policy adjustments.

                  Executive Board Assessment

Executive Directors noted that macroeconomic and financial
conditions in Antigua and Barbuda remain challenging. While a
modest recovery continues, long standing problems in the fiscal
and banking sectors remain unresolved, including unsustainable
public debt, persistent large financing gaps, and high non-
performing loans and the delay in bank resolution.  Directors
underscored the need for decisive action to restore fiscal and
debt sustainability as a matter of priority.  They also emphasized
the importance of achieving macroeconomic and financial stability
to underpin stronger growth.

Directors noted the urgency of addressing the cash flow problem.
They encouraged the authorities to adopt a comprehensive medium
term fiscal consolidation program beginning with the upcoming 2015
budget.  While welcoming the measures recently taken, they
considered that, given limited financing options, additional
measures would be required on the revenue side to improve tax
collection and administration, and reduce tax incentives while
enhancing regional collaboration to avoid tax competition.  They
also recommended measures to reduce the wage bill, and cut
transfers to state owned enterprises and improve their financial
performance and oversight more broadly.

Directors stressed that fiscal efforts should continue over the
medium term to reform public financial management and strengthen
the cash management system.  They saw the benefits of a strong
fiscal framework, including a fiscal rule prioritizing the
reduction of debt to sustainable levels.  In this context,
Directors recommended using revenues from the CIP to first pay off
arrears and reduce debt, while adhering to the highest level of
transparency and governance in the administration of the CIP.
Directors welcomed the authorities' intention to expedite the
resolution of Antigua and Barbuda Investment Bank.  It would be
important to ensure that resources are available to fund the
resolution while safeguarding fiscal sustainability.  Directors
looked forward to progress on the asset quality review and
legislative reforms in support of the ECCU regional bank
resolution strategy.

Directors agreed that boosting growth and employment continues to
be a high priority.  They advised that the focus be placed on
improving cost competitiveness and the investment climate.  In
this regard, they saw a need for reforms of the energy sector,
including the state owned utility company, aimed at reducing
energy costs and improving efficiency.  Lower labor costs and
deeper regional collaboration, particularly on labor market
issues, would also help enhance productivity.

Directors welcomed the new government's swift action to settle
arrears and commitment to remain current with its obligations to
the Fund. Noting the high risk of debt distress, they encouraged
the authorities to explore available financing and debt management
options.


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


ARGENTINA: IMF Hears Report on CPI, GDP Data Quality Improvement
----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) met
to consider the Managing Director's report on Argentina's progress
in implementing the second set of specified actions called for by
the Executive Board to address the quality of the official data
reported to the Fund for the Consumer Price Index (CPI) and Gross
Domestic Product (GDP).

The Executive Board recognized the implementation of all the
specified actions it had called for by end-September 2014 and the
steps taken by the Argentine authorities to remedy the inaccurate
provision of data.

In line with the Board decision adopted in December 2013, the
Argentine authorities must implement actions previously specified
for end-February 2015.  The Managing Director will next report to
the Executive Board on the status of Argentina's implementation of
the specified actions by April 15, 2015.  The Board will be
provided with an assessment of Argentina's performance of its
obligations under Article VIII, Section 5 of the Articles of
Agreement.  At that time, the Executive Board will again review
these issues in line with IMF procedures.

The Fund will pursue discussions with the authorities and also
welcomes the efforts made and initial advances achieved to improve
the quality of Argentina's official CPI and GDP data and stands
ready to continue this dialogue, and, more generally, to further
strengthen relations with Argentina.


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


GP INVESTMENTS: S&P Raises ICR to 'BB' on New Criteria Application
------------------------------------------------------------------
As previously announced, on Dec. 11, 2014, Standard & Poor's
Ratings Services raised its long-term issuer credit rating on GP
Investments Ltd. to 'BB' from 'BB-'.  At the same time, S&P
assigned its BB' issue-level rating to the company's perpetual
bonds and assigned a recovery rating of '3', indicating S&P's
expectation that lenders could expect meaningful (50%-70%)
recovery in the event of a payment default or bankruptcy.  The
outlook remains stable.

"The upgrade primarily reflects our reassessment of GP
Investments' financial risk profile. In calculating GP
Investments' leverage and applying our revised criteria, we
consider debt to ATE as the core ratio given GP Investments'
sizable balance sheet investments, investing their own funds'
permanent capital in the form of debt or equity investments in
portfolio companies," SAID Standard & Poor's credit analyst Ivana
Recalde.  The resulting debt level, combined with our forecast of
volatile profitability and low EBITDA interest coverage, led us to
reassess GP Investments' financial risk profile as intermediate,"
continued the analyst.  Our assessment of GP Investments' business
risk profile is "weak," and we view the industry risk as
"moderately high" and the country risk as "intermediate."

GP Investments Ltd is part of the Brazilian GP Group (not rated),
created in 1993 with private equity operations mainly in Brazil.
Its "weak" business risk profile reflects S&P's view of its
limited diversification as its investment portfolio is limited to
10 companies mainly in Brazil.  Other global private equity firms
have greater geographic reach and portfolio diversification.  GP
Investments' leading position in the Latin American private equity
business and the good track record of most of its investments
partly mitigate these weaknesses.


OSX BRASIL: Recovery Plan Faces Possible Delay Again
----------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that
creditors of shipbuilder OSX Brasil SA, controlled by Brazilian
entrepreneur Eike Batista, said a vote on the firm's proposed plan
to emerge from bankruptcy protection may be delayed for a second
time.

A vote was scheduled for Wednesday, Dec. 17, at a creditors
assembly to be held at Rio de Janeiro's Stock Exchange.  But, two
lawyers representing large creditors of OSX said that as of Dec.
16, creditors hadn't yet reached an agreement on the terms of the
proposed recovery plan, according to the WSJ.  The lawyers
declined to be identified, provide more details or say when the
vote might be rescheduled.

OSX creditors were supposed to vote last week on the plan
following a separate meeting in Rio de Janeiro, but they postponed
the voting until this week to give more time for creditors to
review the plan, the report notes.

The report discloses that OSX Brasil, which has about US$2.7
billion in debt, revised its restructuring plan in November,
seeking to raise BRL63 million (US$23.3 million) in financing from
existing creditors through the sale of debentures, the report
notes.

The company operates a shipyard at the Port of Acu, in Rio de
Janeiro state and was originally prepared to have its creditors
vote on proposed rescue plans earlier this year, the report
relays.

But, a Brazilian judge postponed the vote after some creditors
objected to the proposal, the report notes.

The report discloses that OSX Brasil filed separate plans for
different parts of its companies, including holding firm OSX
Brasil, naval construction arm OSX Construcao Naval and services
arm OSX Servicos, Some creditors questioned the decision and said
the plans should be unified.  The company, however, continues to
have the plans voted separately, the report notes.

Sergio Emerenciano, a judicial recovery specialist at Brazilian
Emerenciano Baggio e Associados law office, said repeated delays
in creditors meetings are common in Brazil, the report relays.
Mr. Emerenciano said, however, that he doesn't believe OSX
creditors will let the company be liquidated, the report says.

The WSJ notes that OSX Brasil has been trying to sell at least one
of three floating production, storage and offloading vessels,
known as FPSOs.  The ships are owned by its leasing arm, which was
left out of the bankruptcy-protection process, the report notes.

OSX Brasil's main hope for recovery is to focus on leasing space
at its shipyard in Acu, where it has the right to use 3.2 million
of square meters (34.4 million square feet), of which the majority
is currently available, the report adds.

                         About OSX Brasil

Brazilian shipbuilding firm OSX Brasil SA, controlled by
businessman Eike Batista, filed for protection from creditors on
November 2013 on liabilities of BRL5.34 billion (US$2.30 billion).
OSX Brasil filed for bankruptcy -- called "judicial recovery" in
Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX
Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30,
2013.

OSX had outstanding debts of around US$2.2 billion as of June 30,
2013, including dollar-and real-denominated loans and bonds held
by a mix of banks, investors and government institutions, such as
Brazil's Merchant Marine Fund, according to The Wall Street
Journal.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas,
according to the WSJ report.  The firm went public in 2008 for
$4.1 billion but failed to produce nearly any of the up to 10.8
billion barrels it claimed to have.


PETROLEO BRASILEIRO: To Delay Argentina Sale Amid Brazil Probe
--------------------------------------------------------------
Pablo Gonzalez and Rodrigo Orihuela at Bloomberg News report that
Petroleo Brasileiro SA is delaying its exit from Argentina's
petrochemical business as it focuses on a graft case in Brazil,
two people familiar with the process said.

Petrobras Brasileiro received a joint offer for its 34 percent
stake in Cia. Mega SA from partners YPF SA and Dow Chemical Co.,
said the people, who asked not to be named because the talks are
private, according to Bloomberg News.  Buenos Aires-based YPF SA
owns 38 percent of Mega and Dow has 28 percent.

Bloomberg News notes that an expanding investigation into
Brazilian contractors that allegedly bribed Petrobras Brasileiro
officials is cutting off its access to debt markets, slowing
signing of new contracts and has helped push down the stock by 63
percent since September.  Mega had ARS1.9 billion (US$222 million)
in sales last year, Brasileiro relates.

Dow "does not comment on rumor or speculation in the marketplace,"
spokeswoman Rachelle Schikorra said in an e-mailed statement
obtained by Bloomberg News.

The Brazilian oil producer, which operates Mega, began marketing
assets in Argentina -- including a refinery, petrochemical plants
and oil and gas fields -- in March as part of a global divestment
plan intended to focus on its Brazilian oil fields, Bloomberg News
relates.

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

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2014, Moody's Investors Service 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.


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


ADVENT CONVERTIBLE: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 31, 2014, the sole member of The Advent Convertible
Arbitrage (Cayman) Fund II resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Advent Capital Management, LLC
          Ed Delk
          c/o Advent Capital Management, LLC
          1271 Avenue of the Americas, 45th Floor
          New York
          NY 10020
          United States of America
          Telephone: +1 (212) 482 7390


ATRIUM TRADING: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Oct. 31, 2014, the members of
Atrium Trading Company resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 17, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Philip Mosely
          Harbour Centre, Ground Floor
          42, North Church Street, George Town
          P.O. Box 1569 Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


CHL TOTAL: Placed Under Voluntary Wind-Up
-----------------------------------------
On Oct. 29, 2014, the sole shareholder of CHL Total Return Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Telephone: (345) 815-1763
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CO-INVESTMENT LIMITED: Commences Liquidation Proceedings
--------------------------------------------------------
On Oct. 28, 2014, the members of Co-Investment Limited XI
(DA/Viterra) resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Cititrust (Bahamas) Limited
          Citigroup Fund Services (Cayman), Ltd.
          27 Hospital Road
          Cayman Corporate Centre, Fifth Floor
          George Town Grand Cayman KY1-1003
          Cayman Islands
          c/o Schell Stubbs
          Telephone: (242) 302-8714


COHANZICK HIGH: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Cohanzick High Yield Institutional Master 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 Jody Powery-Gilbert
          Telephone: (345) 815-1763
          Facsimile: (345) 949-9877


CS ALTERNATIVE: Members Receive Wind-Up Report
----------------------------------------------
The members of CS Alternative Strategy Ltd. received on Dec. 19,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 5586


CS OPPORTUNISTIC: Members Receive Wind-Up Report
------------------------------------------------
The members of CS Opportunistic Strategy Ltd received on Dec. 19,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 5586


EP ENERGY: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 27, 2014, the members of EP Energy Brazil Holdings Company
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


HARLEY INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 17
-----------------------------------------------------------
Harley International (Cayman) Limited intends to declare a final
dividend.  Creditors are required to file their proofs of debt by
Jan. 17, 2015, to be included in the company's dividend
distribution.

The company's liquidator is:

          Mark Longbottom
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9900
          Facsimile: (345) 943 9900


INDEA ANKAM: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 14, 2014, the members of Indea Ankam Fund resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Peter Newing
          c/o Maples and Calder
          Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


MARRET INVESTCO: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 31, 2014, the sole shareholder of Marret Investco Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


PRIME ELITE: Sole Member Receives Wind-Up Report
------------------------------------------------
The sole member of Prime Elite Company Limited received on Dec. 9,
2014, 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 VG1110
          British Virgin Islands


SOLO EDUCATION: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Oct. 29, 2014, the
shareholders of Solo Education Limited resolved to voluntarily
wind up the company's operations.

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

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170 George Town, Grand Cayman
          Cayman Islands KY1-1102


TYG CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 8, 2014, the Grand Court of the Cayman Islands entered an
order to liquidate the business of TYG Capital Fund.

Cosimo Borrelli and Ho Yin Michael Chan of Borrelli Walsh Limited
and Margot MacInnis of KRyS Global are the company's liquidators.

The company's liquidators can be reached at:

          Cosimo Borrelli
          Ho Yin Michael Chan
          Admiralty Centre, Level 17, Tower 1
          18 Harcourt Road
          Hong Kong; and

          Margot MacInnis
          KRyS Global
          Governors Square Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237, Grand Cayman KY1-1205
          Cayman Islands


WESTERN ASSET: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 24, 2014, the sole shareholder of Western Asset Protection
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Gavin L. James
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


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


ALTOS HORNOS: Reaches Exit Accord After 15 Years in Bankruptcy
--------------------------------------------------------------
Brendan Case at Bloomberg News reports that Altos Hornos de Mexico
SA, the steelmaker known as Ahmsa, said it asked a judge to end
its 15-year bankruptcy following an agreement with a majority of
creditors that calls for repayment of US$1.7 billion.

Creditors will be called to a meeting to confirm their acceptance
of the deal, which proposes a three-year payback in pesos, Ahmsa
said in a statement to the Mexican stock exchange, according to
Bloomberg News.  That session would pave the way to exit a
restructuring case begun in 1999, the company said.

Bloomberg News relates that once Ahmsa leaves court protection it
could sell shares to the public, participate in energy joint
ventures under President Enrique Pena Nieto's overhaul of oil, gas
and electricity laws or even sell itself, according to BCP
Securities LLC.

Monclova, Mexico-based Ahmsa is now producing 4.3 million tons of
molten steel after its Phoenix expansion project, about 26 percent
more than when it entered bankruptcy, Bloomberg News notes.

"It makes sense to do it now since the Phoenix project is
practically done," Mariela Anguiano, a BCP Securities credit
analyst, told Bloomberg News in a telephone interview from
Greenwich, Connecticut.  "With the reforms, especially the energy
reform, we expect them to benefit," Mr. Anguiano added.

Bloomberg News relates that the settlement values Ahmsa debt at 52
to 55 cents on the dollar, based on current exchange rates and
assuming that holders of defaulted notes maturing in 2002 and 2004
receive three-year bullet bonds, Mr. Anguiano said.

The bonds currently trade for less than that range, data compiled
by Bloomberg show.

"This is a definitive step," said Francisco Orduna, an Ahmsa
spokesman.  While a mining unit exited bankruptcy in 2008, the
company itself hasn't asked a judge to lift court protections
since the default, Bloomberg News quoted Mr. Orduna as saying.

Pena Nieto attended a formal inauguration ceremony for Ahmsa's
Phoenix project last year, hosted by Chairman Alonso Ancira,
Bloomberg News adds.


GRUPO CEMENTOS: S&P Raises CCR to 'B+'; Outlook Positive
--------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and
debt ratings on Grupo Cementos de Chihuahua S.A.B. de C.V. (GCC)
to 'B+' from 'B'.  The recovery rating of '3', indicating a
meaningful (50%-70%) recovery of principal in the event of a
payment default, remains the same.  The outlook is positive.

The upgrade follows S&P's reviewed estimates on GCC for 2014 and
2015 after the company's solid results during this year and S&P's
expectation that construction activity in the U.S. and Mexico will
further strengthen as a result of higher GDP growth in both
markets in 2015.  GCC's overall operating and financial
performance has consistently improved owing to strengthening
market conditions, particularly in the U.S., and the company's
prudent financial policy.  The positive outlook reflects an
upgrade potential within the next 12 months if the company's free
operating cash flow (FOCF) metrics further improve, resulting in
the reassessment of its financial risk profile to "significant"
from "aggressive."

S&P assess GCC's business risk profile as "weak" based on the
company's geographic concentration in a few states of the U.S. and
Mexico, leading to a relatively small scale and a limited scope of
operations.  However, S&P considers that GCC has a leading
position within its regional markets and an efficient vertical
integration.  Therefore, its profitability is "average" compared
with those of its global peers, despite the company's fixed-cost
pressures.

S&P's business risk profile incorporates its view of "low" country
risk because GCC generates the bulk of its revenues in the U.S.
and the remainder in Mexico.

S&P views GCC's financial risk profile as "aggressive" due to high
volatility inherent to the industry and vulnerability to severe
weather conditions that can weaken the company's results, owing to
its small scope of operations.  However, the gradually improving
EBITDA margins, as a result of economies of scale and operating
efficiencies, have strengthened leverage and coverage metrics.


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


PUERTO RICO: Debt Sets Record Low After Utility Meets Investors
---------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that prices on Puerto
Rico bonds fell to a record low after a meeting between investors
and officials of the commonwealth's power utility, which may
restructure US$8.6 billion of debt in coming months.

Commonwealth general obligations maturing in July 2035 traded Dec.
17 at an average of 84.17 cents on the dollar, the lowest since
the securities were first sold March 11 at 93 cents, data compiled
by Bloomberg show.  Debt of the junk-rated U.S. territory is tax-
free nationwide, according to Bloomberg News.

Bloomberg News notes that Puerto Rico Electric Power Authority
officials told investors that they would seek more time to work on
restructuring the agency, according to a person with knowledge of
the meeting in Manhattan, who requested anonymity because the
talks were private.  Reuters reported on the gathering earlier.

Utility representatives also submitted an incomplete business
plan, according to the person, Bloomberg News relates.  The agency
was required to file a five-year strategy by Dec. 15, according to
an August agreement with creditors that put off payment of bank
loans, Bloomberg News discloses.  Prepa plans to request an
extension of that agreement, which expires March 31, and will
discuss a timeframe in January, the person said, Bloomberg News
discloses.

                       Stakeholders' Benefit

Only investors and creditors who signed the August accord received
the report, as it's a work in progress, Lisa Donahue, Prepa's
chief restructuring officer, said in a statement obtained by
Bloomberg News.

"These initiatives will be important as we continue to develop our
turnaround and restructuring plan to ensure Prepa's future, for
the benefit of all stakeholders, including our employees,
customers, creditors, and stakeholders," Bloomberg News quoted Mr.
Donahue as saying.

The limited distribution of the business plan hurt bond prices
Dec. 17, said Dan Toboja, senior vice president of municipal-bond
trading at Ziegler, a broker-dealer in Chicago, Bloomberg News
relays.

"The market prefers information," Bloomberg News quoted Mr. Toboja
as saying.  "Any lack of disclosure or appearance of a lack of
disclosure is going to spook investors a little bit," Mr. Toboja
added.

Prepa signed the August agreement after it tapped reserves and
capital-fund cash to pay bondholders this year, Bloomberg News
relates.


PUERTO RICO: US Shift on Cuba Will Have Impact on Trade, Tourism
----------------------------------------------------------------
EFE News reports that Puerto Rico's secretary of state said that
the United States' plans to restore full diplomatic relations with
Cuba -- and potentially lift its longstanding economic embargo on
the Communist-ruled island -- will have a major impact on the
Caribbean trade and tourism sectors.

"This decision is not only important for Cuba and the U.S., but
also for the Caribbean region, because there is now a major player
that, once fully open to the U.S., will have a significant impact
on all trade and tourism," David Bernier told EFE News.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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