TCRLA_Public/150107.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, January 7, 2015, Vol. 16, No. 004


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Deficit Should Worry OECS, Says Economist


A R G E N T I N A

ARGENTINA: Debt Dispute Between Hedge Funds at Impasse
ARGENTINA: Sells US$24 Billion of Soybeans to Boost Reserves


B R A Z I L

OAS S.A.: S&P Lowers Rating to 'CC' on Missed Interest Payment
OAS S.A.: Moody's Downgrades Corporate Family Rating to C


C A Y M A N  I S L A N D S

336226 LIMITED: Shareholders Receive Wind-Up Report
BASTION CAPITAL: Members Receive Wind-Up Report
BLUE ARROW: Shareholders Receive Wind-Up Report
CIBC INDIA: Shareholders Receive Wind-Up Report
EASTERN WISDOM: Shareholders Receive Wind-Up Report

FY CONSULTING: Shareholders Receive Wind-Up Report
LDK SOLAR: Completes Conditions of Scheme Arrangement
QUARTER LIMITED: Members Receive Wind-Up Report
R/C BRAZIL II-B: Shareholders Receive Wind-Up Report
R/C BRAZIL II-C: Shareholders Receive Wind-Up Report

STRONGHOLDING CAPITAL: Members Receive Wind-Up Report
TRAFIN 2012-1: Shareholder Receives Wind-Up Report
TUSKER INVESTMENT: Shareholders Receive Wind-Up Report
US FUND: Shareholders Receive Wind-Up Report
YORK EUROPEAN DAMA: Shareholder Receives Wind-Up Report

YORK EUROPEAN TRADING: Shareholder Receives Wind-Up Report


J A M A I C A

JAMAICA: Minimum Business Tax Falls Below Projection
JAMAICAN TEAS: Reports Significant Profit Decline


P E R U

PERU: GDP Poised to Rebound From Slowest Growth Since 2009
PESQUERA EXALMAR: S&P Revises Outlook to Neg. & Affirms 'B+' CCR


V E N E Z U E L A

VENEZUELA: Bonds Decline to Two-Week Low as Crude Oil Plummets


                            - - - - -


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


ANTIGUA & BARBUDA: Deficit Should Worry OECS, Says Economist
------------------------------------------------------------
The Daily Observer reports that Trinidadian economist Patrick
Watson said he is astounded by the silence of the eight other OECS
member states in the face of the country's impending EC$450
million funding deficit.

Prime Minister Gaston Browne announced that this year the country
would rack up its largest deficit ever in efforts to help tackle
some of the country's financial issues, according to The Daily
Observer.

The report notes that Mr. Watson, who was a part of the panel on
the episode of The Big Issues, said he was shocked that the
announcement had not raise the ire of other regional governments.

"Given that you operate under one Central Bank and the pressure is
going to be put all around, not just on Antigua & Barbuda, I
cannot understand how they have not intervened to impose some sort
of fiscal discipline," the report quoted Mr. Watson as saying.

The report notes that any deficit, particularly a relatively large
one like the one Antigua & Barbuda threatens to incur, would put
pressure on the EC currency and could threaten its value.

"To the extent that this is more based on the current expenditure,
there is a pressure that is going to be put on the foreign
exchange reserves of Antigua & Barbuda and to the extent that that
is linked to the rest of the OECS," Mr. Watson said, the report
relays.

The report notes that Mr. Watson noted that the most important
factor going forward would be how the government spends the
borrowed funds.  Mr. Watson said it would best be spent on valid
capital projects that would increase national productivity, the
report relays.

"If the money is used and it fuels growth then there will be
increased government revenue based on increased taxation and in
the future government will be able to cut back on that deficit
[but] that's going to happen with a lag," Mr. Watson added.

The report notes that Mr. Watson said a failure to do so would
spell trouble for the country's economy, and described the
situation as "worrisome."

                          *     *     *

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

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

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


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


ARGENTINA: Debt Dispute Between Hedge Funds at Impasse
------------------------------------------------------
Jonathan Gilbert, writing for The New York Times' DealBook,
reports that the hopes of easing a debt dispute between Argentina
and a group of New York hedge funds seemed to be dashed after the
country's economy minister made an offer that appeared to fall
well short of what the investors were seeking.

Argentina made the informal offer after a potentially onerous
legal clause in its bonds ceased to apply on Dec. 31.  The hedge
funds, known as holdouts, had sued Argentina in the United States
to get full payments on bonds that the country defaulted on in
2001, according to The New York Times' DealBook.

The report notes that the provision that expired on Dec. 31, known
as the rights-upon-future-offers clause, had prohibited Argentina
from paying out better terms to the holdouts than it had to
investors who had accepted less money in debt restructuring deals
in 2005 and 2010.  Now, the country can, in theory, strike a deal
with the holdouts without facing demands from the other creditors,
the report relates.

Axel Kicillof, the economy minister, said Argentina's overtures to
the holdouts would be on the same terms that it had offered other
bondholders, with some sweeteners, the report discloses.

But, Argentina is still asking the holdouts to accept a haircut of
65 percent on the bond principal, Mr. Kicillof told a local news
website over the weekend, the report relays.  Mr. Kicillof said it
would be "as if the exchange were taking place in 2005," the
report notes.

The report discloses that Mr. Kicillof did claim, however, that
Argentina would offer some extra money, such as all the accrued
interest on the discounted bonds since 2005.

The holdouts, led by Paul Singer's hedge fund, Elliott Management,
and other bondholders that did not file suit, are owed a total of
US$23 billion, Mr. Kicillof estimated, the report notes.  Under
the most recent preliminary offer, Mr. Kicillof said, they would
receive US$6.5 billion, the report says.

The holdouts have already repeatedly refused offers of around 30
cents on the dollar, including in the hours leading up to the
default, the report notes.

The report relays that the dispute with the bondholders stems from
Argentina's default in 2001.  Most investors who held bonds that
were in default exchanged them for new ones with so-called
haircuts, accepting less than they were owed, the report
discloses.  But a group of hedge funds led by Mr. Singer did not
exchange their bonds and instead took Argentina to court in an
attempt to be paid full value for them, gaining the name holdouts,
the report notes.

In 2012, Judge Thomas P. Griesa of the Federal District Court in
Manhattan ruled that Argentina could not service its restructured
debt if it did not pay the litigating holdout creditors, in full,
at the same time, the report recalls.  Argentina has so far not
done so, and in September, the same judge found the nation in
contempt of court, the report notes.

The latest negotiations seem to be at an impasse.

There appears to have been no formal discussion of the latest
offer, the report relays.  A source close to the holdouts said Mr.
Kicillof's remarks represented "simply the same take-it-or-leave-
it offer from 2005 and demonstrate that he is not serious about
negotiating a resolution," the report notes.

"The two sides are so far apart that it is not meaningful,"
Siobhan Morden, head of Latin America strategy at Jefferies in New
York, said of the offer, the report notes.  "The holdouts want
their original par. Argentina is still only offering a fraction of
what they are legally entitled to receive," Mr. Morden added.

The testy relationship between Argentina and the bondholders has
been a battle of public relations, the report relates.  Mr.
Kicillof has called the holdouts the "Ebola of the international
financial system," the report discloses.  They, along with Judge
Griesa, have also been called "vultures" in Argentina, seeking to
scavenge on the remnants of the nation's 2001 default, the report
relates.

The report notes that Mr. Kicillof has previously said that
Argentina would not move beyond its earlier offers.  Some analysts
expected Argentina to budge so that it could regain access to
global debt markets to increase foreign currency reserves it needs
for servicing debt and energy imports, the report relates.  But,
it has recently managed to stabilize its reserves by other means,
including a currency swap with China, the report notes.

Ms. Morden said only "extraordinary economic stress," like a
balance-of-payments crisis, which for now seems unlikely, would
force Argentina to concede ground to the holdouts, the report
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'.


ARGENTINA: Sells US$24 Billion of Soybeans to Boost Reserves
------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Argentine farmers
exported more than US$300 million worth of grains and oilseeds in
the last two days of 2014 to help bring in much needed cash for
the nation's central bank.

Farmers sold US$365 million for a total of US$24.1 billion of
grains and oilseed last year to boost central bank reserves, which
had slid to a seven-year low in October, exporter group Ciara-Cec
said in a statement, according to Bloomberg News.  The previous
record for such exports was US$25.1 billion in 2011, Bloomberg
News relates.

Bloomberg News says that the fourth-quarter sales helped stabilize
the economy in Argentina, which gets about one-third of its export
revenue from commodities.  President Cristina Fernandez de
Kirchner's government persuaded farmers on Oct. 22 to stop
hoarding the harvest and sell to replenish reserves, Bloomberg
News notes.

Argentina's reserves, which plunged 37 percent to US$27.3 billion
before the accord between government and exporters, were US$31.4
billion at year-end, according to central bank data, Bloomberg
News says.

"The sizable 2014 harvest, as much as the measures taken by the
government during the first half of 2014, were critical to
stabilize the economy," Sebastian Vargas, an economist at Barclays
Plc, told Bloomberg News by telephone from New York.

Argentina, the world's largest soybean oil and derivatives
exporter, harvested a record soybean crop of 53.4 million metric
tons last year, exceeding the prior record of 52.7 million in
2010, according to data compiled by the Agriculture Ministry,
Bloomberg News discloses.  Corn is the country's second most
exported crop.

Farmers had been holding on to about US$4 billion of soybeans,
Economy Minister Axel Kicillof said in a January 2014 radio
interview, Bloomberg News notes.  Hoarding was estimated at US$3
billion in August and September by Cabinet Chief Jorge Capitanich,
Bloomberg News says.

The grain exporters association is comprised of international
distributors such as Cargill Inc., Bunge Ltd. and Louis Dreyfus
Commodities BV as well as local producers including Cresud SACIF &
A and Molinos Rio de La Plata SA, 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
===========


OAS S.A.: S&P Lowers Rating to 'CC' on Missed Interest Payment
--------------------------------------------------------------
Brazilian engineering and construction (E&C) and infrastructure
investment group, OAS, missed the interest payment on its 2021
notes due Jan. 2, 2015.  S&P is lowering its global scale rating
on OAS to 'CC' from 'B+' and its national scale rating to
'brCC/brC' from 'brBBB-/brA-3'.  S&P is also placing the ratings
on CreditWatch with negative implications.  The CreditWatch
listing indicates the risk of a general default over the company's
debt in the next few weeks.


OAS S.A.: Moody's Downgrades Corporate Family Rating to C
---------------------------------------------------------
Moody's Investors Service has downgraded to C from B2 the
corporate family rating ("CFR") assigned to OAS S.A. ("OAS") and
to its guaranteed debt issuances at OAS Investments Gmbh ("OIG")
and OAS Finance Limited ("OFL"), thus concluding the review
process initiated on December 19, 2014. The ratings outlook is
stable.

Ratings changed:

Company: OAS S.A. (OAS)

--Corporate Family Rating: to C from B2

Issuer: OAS Finance Limited (OFL)

-- USD500 million Perpetual Notes: to C from B2

-- USD400 million senior unsecured notes due 2021: to C from B2

Issuer: OAS Investments GmbH (OIG)

--USD875 million senior unsecured notes due 2019: to C from B2

The outlook is stable

Ratings Rationale

The downgrade to C was prompted by OAS's failure to make a USD 16
million coupon payment due January 2, 2015 on its USD 400 million
senior unsecured notes due 2021. Unless amended within the 30-days
grace period, this would constitute an event of default under the
bond indenture and might trigger an acceleration on most of the
group's debt, thereby exerting further pressure on the company's
limited liquidity to address significant debt maturities over the
next twelve months and at the same time finance its high working
capital requirements. The C ratings reflect Moody's expectation of
significant losses for creditors in a potential debt restructuring
due to OAS heavy debt burden and weaker cash flow generation with
further deterioration in its operating environment coming from
Brazil's economic slowdown, increased foreign currency volatility,
as well as by the judicial and administrative proceedings
involving corruption allegations against certain executives of the
company. These recent events impose limitations to the company's
financing alternatives, reflecting in higher debt cost and
possible material changes in its debt structure.

Due to the recent missed coupon payment, an upgrade of OAS and its
guaranteed debt issuances is unlikely.

The principal methodology used in this rating was the Global
Construction Industry Methodology published in November 2014.

Headquartered in Sao Paulo, Brazil, OAS S.A. (OAS) is a major
engineering, construction and infrastructure investment company in
Brazil. Incorporated in 1976, the company has now presence in 16
countries, with construction works in Brazil, in 10 countries in
Latin America and 5 countries in Africa. OAS construction projects
include highways, railways, bridges, power plants, tunnels,
subways, airports, ports, commercial and residential buildings,
mining and industrial facilities. The company also has 22
infrastructure projects in its portfolio. As of LTM ended in
September 2014, the company generated consolidated net revenues of
BRL8.3 billion (USD3.2 billion) and adjusted EBITDA of BRL896
million (USD344 million).


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


336226 LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of 336226 Limited received on Dec. 18, 2014, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Rakia Turner
          Carina Pires
          Steering Group S.A.
          Telephone: +41 22 319 01 65
          13, Quai de I'lle CH-1211
          Geneva 11
          Switzerland


BASTION CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Bastion Capital 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:

          Michelle R. Bodden-Moxam
          Telephone: 946-6145
          Facsimile: 946-6146
          Portcullis TrustNet (Cayman) Ltd
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052, Grand Cayman, KY1-1208,
          Cayman Islands


BLUE ARROW: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Blue Arrow Fund received on Dec. 9, 2014, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


CIBC INDIA: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of CIBC India Management I, LDC received on
Dec. 11, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CIBC Private Equity Management, Inc.
          Kathryn Casparian/Peter Martin
          c/o CIBC World Markets Corp.
          425 Lexington Avenue, 2nd Floor
          New York
          New York 10017
          United States of America
          Telephone: +1 (416) 594 7506


EASTERN WISDOM: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Eastern Wisdom Investment Limited received on
Dec. 18, 2014, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Sarah Baudet
          Paula Hegarty
          c/o Citron 2004 Limited
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          Clifton House
          75 Fort Street, PO Box 1350
          Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 814 2059


FY CONSULTING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of FY Consulting Ltd received on Nov. 6, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Cherrie Graham
          Telephone: (345) 949-9808
          Facsimile: (345) 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


LDK SOLAR: Completes Conditions of Scheme Arrangement
-----------------------------------------------------
The condition to the Cayman Schemes between LDK Solar Co. Ltd. (in
provisional liquidation), LDK Silicon & Chemical Technology Co.,
Ltd. and the scheme creditors were satisfied on Dec. 10, 2014.

Only creditors who were able to submit their claims by Dec. 31,
2014, will be accepted.


QUARTER LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Quarter 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:

          Bruce Spencer Dent Putterill
          Telephone: +1 (345) 949 4900
          c/o Appleby Trust (Cayman) Ltd.,
          75 Fort Street PO Box 1350
          Grand Cayman KY1-1108
          Cayman Islands


R/C BRAZIL II-B: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of R/C Brazil Ethanol Investment II-B 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:

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


R/C BRAZIL II-C: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of R/C Brazil Ethanol Investment II-C 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:

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


STRONGHOLDING CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Strongholding Capital Management 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:

          Michelle R. Bodden-Moxam
          Telephone: 946-6145
          Facsimile: 946-6146
          Portcullis TrustNet (Cayman) Ltd
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052, Grand Cayman, KY1-1208,
          Cayman Islands


TRAFIN 2012-1: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Trafin 2012-1 Ltd received on Dec. 19, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TUSKER INVESTMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Tusker Investment Fund Offshore received on
Jan. 1, 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


US FUND: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of US Fund Investment Holding Corp. received on
Dec. 9, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


YORK EUROPEAN DAMA: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of York European Strategies Dama Limited received
on Dec. 19, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


YORK EUROPEAN TRADING: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of York European Strategies Trading Limited
received on Dec. 19, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


JAMAICA: Minimum Business Tax Falls Below Projection
----------------------------------------------------
RJR News reports that the Jamaican Government has admitted that it
has so far failed to realize the level revenues projected for the
recently implemented Minimum Business Tax.

The tax, which was implemented in June, was projected to bring in
J$860 million by the end of November, according to RJR News.  At
the end of that month, however, the inflows were 30 per cent below
that projection, with just under J$600 million being collected,
the report notes.

The tax, which is J$60,000 per year, is charged to every
registered business, whether the business is operational or not,
the report relates.  It was implemented it by way of a ministerial
order to broaden the tax net and says the aim is to make it
permanent this year, the report notes.

                          Income Tax

In the meantime, personal income tax inflows surged above
projections for April to November last year, RJR News discloses.

The report says that the tax intake was four per cent higher than
expected, as more than J$44 billion flowed into the governments
coffers from the source.

The higher than projected intake suggests employment levels, or
wages, have been higher than expected, the report adds.

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


JAMAICAN TEAS: Reports Significant Profit Decline
-------------------------------------------------
RJR News reports that Jamaican Teas has reported that its profit
fell by 45 per cent last year.

Profit at the company was J$51 million in 2014.  That is
significantly down from the J$94 million earned in 2013, according
to RJR News.

The report notes that the lower profit was due to higher selling
and marketing costs, the company explained.


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


PERU: GDP Poised to Rebound From Slowest Growth Since 2009
----------------------------------------------------------
John Quigley at Bloomberg News reports that Peru's economy
expanded at the slowest pace in five years in 2014 after a slump
in copper exports hurt investment, President Ollanta Humala said.

Gross domestic product grew 2.6 percent to 2.7 percent, less than
half the pace of 2013, President Humala said in an interview with
Lima-based Radio Programas, according to Bloomberg News. The
median estimate of analysts surveyed by Bloomberg was for growth
of 2.8 percent.

Bloomberg News notes that President Humala's government cut taxes
and increased public investment last year as China curbed
purchases of copper, Peru's biggest export.  GDP will rise 5
percent in 2015 as investment picks up, Finance Minister Alonso
Segura told state news agency Andina Dec. 31, Bloomberg News
relays.

"The economic context was unfavorable for everyone, especially
those countries exporting raw materials," Bloomberg News quoted
President Humala as saying.  Peru has a "robust" economy, he
added.

Production of raw materials, known as primary GDP, probably fell
the most since 1992 last year, central bank research director
Adrian Armas said Dec. 12, Bloomberg News notes.

Growth will quicken this year on a recovery in mining, fishing and
agricultural output, according to the central bank, Bloomberg News
adds.


PESQUERA EXALMAR: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Pesquera
Exalmar S.A.A. (Exalmar) to negative from stable.  At the same
time, S&P affirmed its 'B+' long-term corporate credit and issue-
level ratings on Exalmar.

Difficult weather conditions affected fishing activities in the
Peruvian coast and posed a challenging scenario for anchovy catch
during the second half of 2014, which weakened Exalmar's operating
performance.  Also, following the decrease in the anchovy
population within the allowed fishing zone to less than 2 million
tons from more than 10 million tons in early 2014, the Peruvian
government recently announced the closure of the second fishing
season of 2014, which could lead to a moderate-to-significant
decline in production volumes and sales in 2015.  However, in
S&P's opinion, Exalmar is planning to take steps that could help
it to withstand current weak operating environment until the
assignment of the anchovy quota for the first fishing season of
this year (between April and May).  This plan includes:

   -- The reduction of capital outlays up to maintenance and
      regulatory levels, deferring the rest of its planned
      investments to the second half of 2015;

   -- Maintaining enough cash and availability of bank credit
      facilities, including a committed working capital credit
      line of $20 million that is currently under negotiation, to
      secure funds for fixed cost.  S&P estimates that the company
      closed 2014 with cash holdings of $20 million - $25 million,
      which is enough to cope with two coupon payments of its
      outstanding $200 million bonds; and

   -- Cost saving initiatives.

"Considering these measures, under our base-case scenario (that
incorporates a recovery of anchovy biomass absent El Ni¤o weather
phenomenon and, therefore, the normalization of fishing quotas
from the second half of 2015) Exalmar's financial risk profile
should remain consistent with the current rating," said Standard &
Poor's credit analyst Patricio Bayona.


=================
V E N E Z U E L A
=================


VENEZUELA: Bonds Decline to Two-Week Low as Crude Oil Plummets
--------------------------------------------------------------
Sebastian Boyd at Bloomberg News reports that Venezuelan bonds,
the worst-performing in emerging markets last year, fell to a two-
week low amid a plunge in crude oil.

West Texas Intermediate oil dropped below $50 a barrel on Jan. 6,
the first time since April 2009, according to Bloomberg News.  On
Jan. 6, Venezuela's benchmark bonds due in 2027 decreased 3.75
cents to 43.50 cents on the dollar, set for the lowest since Dec.
17, Bloomberg News relates.  Petroleos de Venezuela SA's bonds
maturing in 2017 slid 3.51 cents to 53.13 cents on the dollar on
Jan. 6, Bloomberg News relates.

"The oil price is just killing it," Donato Guarino, a strategist
at Barclays Plc in New York, told Bloomberg News in a telephone
interview.  "The fundamentals haven't changed. What has changed is
the oil price," Mr. Guarino added.

Oil fell as Russia's output increased in December to the highest
level since the end of the Soviet Union while Iran said it would
boost production, Bloomberg News relates.  The price of
Venezuela's crude declined last week to US$47.05 a barrel, down
more than 50 percent since the end of June, Bloomberg News notes.

Venezuelan President Nicolas Maduro is traveling to China for
talks on financing and energy and expects to visit other OPEC
nations to develop an oil-pricing strategy, Bloomberg News adds.


                            ***********


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 2015.  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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