TCRLA_Public/150108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Thursday, January 8, 2015, Vol. 16, No. 005


                            Headlines



A N T I G U A  &  B A R B U D A

LEE WIND: Government Steps in to Save Firm From Collapse


B R A Z I L

VW BRAZIL: Cuts 800 Jobs, Union Mulls Staging a Strike


C A Y M A N  I S L A N D S

A&Q FOCUS: Shareholders Receive Wind-Up Report
BASE ABSOLUTE: Shareholders Receive Wind-Up Report
BASE CAPITAL: Shareholders Receive Wind-Up Report
DRAX GROUP: Shareholders Receive Wind-Up Report
FF GLOBAL: Shareholders Receive Wind-Up Report

LIONGATE EQUITY: Shareholders Receive Wind-Up Report
LSP COLUMBUS: Shareholders Receive Wind-Up Report
M SQUARE BRAZIL: Shareholder Receives Wind-Up Report
MFA FINANCE: Shareholder Receives Wind-Up Report
PREMIUM GLOBAL: Shareholders Receive Wind-Up Report

STRATEGIS VAULT: Members Receive Wind-Up Report
STRATEGIS VAULT MASTER: Members Receive Wind-Up Report
TRIOAKS FUND: Shareholders Receive Wind-Up Report
TRIOAKS MASTER: Shareholders Receive Wind-Up Report
VICTORIA SPV: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Customs Projects US$1.9BB Revenue This Year


E C U A D O R

ECUADOR: Gains US$5.3BB Credit Line From China as Oil Tumbles


J A M A I C A

JAMAICA: Saves in Debt Repayments While Food and Car Imports Fall
JAMAICA: Still Standing in the Way of Business, Says PSOJ's Chung


P A N A M A

NEWLAND INTERNATIONAL: Misses US$23 Million Bond Payment


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Oil Falls Below US$50, Finance Minister Says


                            - - - - -


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


LEE WIND: Government Steps in to Save Firm From Collapse
--------------------------------------------------------
The Daily Observer reports that Antigua and Barbuda government has
deemed Lee Wind Paints Ltd too important to the local economy to
be allowed to fail and has stepped in to save the homegrown
company from collapse.

The government has written off EC$2 million owed in corporation
and sales taxes to acquire more shares in the company, according
to the Daily Observer.  It is now the majority shareholder.

The report notes that an unnamed source added that government also
promised to make a cash injection into the company to improve its
liquidity, though this has not yet materialized.

Trade Minister Paul "Chet" Greene said the company was now viable
and competitive thanks to the intervention and it would be looking
to expand its product range, the report relates.

"The company made government aware of the difficulties it was
having," the report quoted Mr. Greene as saying.  "We did the
necessary studies of the company and determined it was worthwhile
to make an injection," Mr. Greene added.

The report relays that Mr. Greene said once he brought the issue
to Prime Minister Gaston Browne's attention, he was given full
rights to pursue the matter and ensure that Lee Wind did not fail.

Lee Wind Paints Ltd, which owes suppliers and banks, reportedly
closed its doors before the government intervened, the report
notes.  Mr. Greene said the company was unable to clear a
container at the port and had orders it could not fill, the report
adds.

Lee Wind Paints Ltd is a paint manufacturer in Antigua and
Barbuda.


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


VW BRAZIL: Cuts 800 Jobs, Union Mulls Staging a Strike
------------------------------------------------------
EFE News reports that the Brazil unit of German automaker
Volkswagen disclosed the dismissal of 800 employees at its plant
in suburban Sao Paulo, prompting the union to call a strike at the
facility.

The layoffs are intended to improve the competitiveness of the
plant in Sao Bernardo do Campo in light of current and projected
market conditions, VW Brazil said, according to EFE News.


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


A&Q FOCUS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of A&Q Focus Series - Concentrated Opportunities
Limited received on Dec. 29, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


BASE ABSOLUTE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Base Absolute Fund received on Dec. 18, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alric Lindsay
          Artillery Court, Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands


BASE CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Base Capital Limited received on Dec. 18,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Alric Lindsay
          Artillery Court, Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands


DRAX GROUP: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Drax Group 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:

          Michael Iain Scott
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


FF GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of FF Global Triggered Alpha Limited received on
Jan. 1, 2015, 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


LIONGATE EQUITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Liongate Equity Opportunities Fund received on
Dec. 15, 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
          c/o Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LSP COLUMBUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of LSP Columbus EB II, Ltd received on Dec. 9,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


M SQUARE BRAZIL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of M Square Brazil Value Master Fund received on
Dec. 9, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          M Square Investimentos Ltda
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


MFA FINANCE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of MFA Finance Allegro Fund received on Dec. 18,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Roger Priaulx
          Edel Andersen
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


PREMIUM GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Premium Global Markets Investment Fund
received on Dec. 18, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          SCL Limited
          Smeets Law (Cayman),
          Reference: JAPF
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728
          Suite 2206, Cassia Court
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands


STRATEGIS VAULT: Members Receive Wind-Up Report
-----------------------------------------------
The members of Strategis Vault Global Macro Fund Limited received
on Dec. 15, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STRATEGIS VAULT MASTER: Members Receive Wind-Up Report
------------------------------------------------------
The members of Strategis Vault Global Macro Master Fund Limited
received on Dec. 15, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRIOAKS FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Trioaks Fund Ltd. received on Dec. 17, 2014,
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


TRIOAKS MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Trioaks Master Fund Limited received on
Dec. 17, 2014, 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


VICTORIA SPV: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Victoria SPV received on Jan. 1, 2015, 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


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


DOMINICAN REPUBLIC: Customs Projects US$1.9BB Revenue This Year
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Customs Agency
projects RD$86.9 billion (US$1.9 billion) in revenue this year, as
stated in the 2015 Budget.

In a statement, Customs reported accurate and timely import tax
collection; progress in international indicators; the
consolidation of an increasingly competitive export sector and the
productive sectors in general, will still be its targets,
according to Dominican Today.

Customs adds that among its 2015 prospects figure reduced red tape
such as the elimination of the Valor Declaration Form, among other
measures, "which will allow better international performance
indicators, making better business climate in favor of national
industries, particularly exporters," the report relates.



=============
E C U A D O R
=============


ECUADOR: Gains US$5.3BB Credit Line From China as Oil Tumbles
-------------------------------------------------------------
Nathan Gill at Bloomberg News reports that the Export-Import Bank
of China granted Ecuador a US$5.3 billion credit line after a
slide in oil to an almost six-year low prompted spending cuts for
the OPEC member.

Ecuador Finance Minister Fausto Herrera said in a statement
published in the president's official gazette that the Andean
nation will use about US$1.5 billion of the funds this year to
finance public-work projects such as irrigation and
transportation, according to Bloomberg News.  The credit line will
have a 30-year maturity and an interest rate of 2 percent,
according to the statement obtained by Bloomberg News.

President Rafael Correa, a 51-year-old former economics professor,
traveled to China to ask for loans to help prop up public spending
after the price of crude, Ecuador's biggest export, plunged to its
lowest level since April 2009, Bloomberg News relates.  The
government announced Jan. 5 that it would cut the 2015 budget by
US$1.42 billion, or almost 4 percent, because of a decline in oil
revenue, Bloomberg News notes.

China "is very interested in continuing to finance because of the
seriousness of the government and our ability to execute and
plan," Correa said in a separate statement in the presidential
gazette, Bloomberg News relays.  "The price of oil has kept
changing, which makes it necessary to respond with adjustments,"
the statement added.

Bloomberg News says that the Ecuador also said that China will
loan an additional US$250 million to help switch kitchen stoves to
electricity from natural gas.  The Andean country said that China
will provide US$24 million in development funding for education,
rural security and customs inspections, Bloomberg News notes.

Oil slumped about 50 percent in 2014, the most since the 2008
financial crisis, after the Organization of Petroleum Exporting
Countries resisted calls to cut output as it competes with U.S.
producers, Bloomberg News adds.


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


JAMAICA: Saves in Debt Repayments While Food and Car Imports Fall
-----------------------------------------------------------------
RJR News reports that Jamaica government said it has saved more
than J$3.4 billion in debt payments because of lower than planned
interest rates.

The government had budgeted to pay J$82.5 billion dollars in
interest payments on the debt between April to November, according
to RJR News.  However, the actual payout was J$79 billion, the
report notes.

The report relates that the country's food import bill fell 2% in
the first 9 months of last year.  Data from Statin show the food
bill fell by US$14 million U.S.  Total food imports were valued at
US$708 million in the period.  Food accounts for 16% of Jamaica's
imports, the report discloses.

In the meantime, motor car imports fell 25% in the period, the
report notes.  The value of car imports was US$121 million
between January and September last year.  That was down from
US$161 million a year ago, the report says.

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


JAMAICA: Still Standing in the Way of Business, Says PSOJ's Chung
-----------------------------------------------------------------
RJR News reports that despite Jamaica's impressive improvement in
the global ranking in respect of the ease of doing business, the
executive head of the country's leading business organization
remains convinced that the government is still standing in the way
of businesses.

Dennis Chung, chief executive officer of the Private Sector
Organisation of Jamaica (PSOJ), contends that despite improvements
in the ranking in doing business in Jamaica, not enough is being
done to ensure businesses benefit, according to RJR News.

"We must make it easier, for example, for persons to manufacture,
to export, and also to fulfill their statutory obligations," the
report quoted Mr. Chung as saying.

In that regard, Mr. Chung said the State should not only see
businesses operators "as just some vessels to get taxes from," the
report notes.

Also, Mr. Chung said, there should be an end to the presumption
"that everyone is guilty," citing as an example the Tax Compliance
Certificate, "that assumes that everyone is guilty, and then you
have to prove your innocence," the report notes.

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.


===========
P A N A M A
===========


NEWLAND INTERNATIONAL: Misses US$23 Million Bond Payment
--------------------------------------------------------
Andrea Jaramillo and Michael McDonald at Bloomberg News report
that the developer of a Donald Trump-branded hotel and apartment
complex in Panama missed a bond payment 18 months after issuing
the notes when it emerged from bankruptcy.

Newland International Properties Corp. wasn't able to make a
US$23.4 million principal payment due this week on its US$200
million of notes due in 2017, according to Bloomberg News.  The
real-estate developer said it did pay US$9.4 million in interest,
Bloomberg News notes.  It reached an agreement with almost two-
thirds of bondholders on Nov. 26 under which the non-payment of
principal won't lead to a violation of an indenture agreement,
according to the statement, Bloomberg News relates.

Newland emerged from Chapter 11 protection in July 2013 after
saying in its bankruptcy filing that the financial crisis had
curbed sales at the Trump Ocean Club, a 70-story building on
Panama Bay with more than 350 hotel rooms and 500 condos,
Bloomberg News recalls.  Under its reorganization plan, holders of
defaulted notes due November 2014 were given the new bonds that
mature in July 2017, Bloomberg News says.

While court documents show the company isn't an affiliate of Trump
Organization Inc., its website includes an endorsement from Donald
Trump and a video tour narrated by his daughter Ivanka, Bloomberg
News relays.

Fitch Ratings said in an August 2014 statement that the company
had to cut prices on its condo units, Bloomberg News says.

"Since restructuring, the company has discounted prices in order
to sell individual condo units, and executed two bulk sales at
even larger discounts," Bloomberg News quoted Fitch as saying.

The company's bonds last traded Dec. 30 for 32 cents on the
dollar, according to data compiled by Bloomberg.


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


TRINIDAD & TOBAGO: Oil Falls Below US$50, Finance Minister Says
---------------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
Finance Minister Larry Howai said government has revisited its
TT$68 billion 2014/2015 Budget and is not pinning this country's
economic hopes on a projected recovery in global oil prices this
year.

Minister Howai made this comment as global oil prices fell below
the US$50 per barrel mark Jan. 6, for the first time since April
2009, according to Trinidad and Tobago Newsday.  Prime Minister
Kamla Persad-Bissessar is due to address the nation today, Jan. 8
about the state of this country's economy and measures, which
government will take to protect the economy against falling oil
prices, the report relates

Minister Howai will open debate in the House of Representatives on
the Finance Bill which Persad-Bissessar has said will give
traction to measures contained in the Budget, the report notes.
That sitting starts at 10:00 a.m. and will be the first sitting of
the House for the year, the report discloses.

Asked to respond to further decline in global oil prices, Minister
Howai said it would be improper of him to pre-empt the Prime
Minister's statement but he could confirm "that we have revisited
the Budget in light of the continuing fall in prices."

Minister Howai also indicated that recent projections by Standard
and Poors and the US Energy Information Administration as well as
other agencies suggested there could be "some recovery of prices
later this year," the report notes.   The report notes that
notwithstanding these projections, Minister Howai Howai said, "We
are however not pinning our hopes on that recovery in prices and
are taking action, which is why we have revisited the Budget."

At a post-Cabinet news conference at the San Fernando Teaching
Hospital on December 30, 2014, Prime Minister Persad-Bissessar
said she will address "the issue of falling oil and gas prices and
their implications for Trinidad and Tobago and outline the way
forward in the year ahead," the report says.

The report notes that Prime Minister also said after the House
completes debate on the Finance Bill, she will engage in
consultations with stakeholders next week, "on the state of the
economy, the way forward and options for investment, growth,
diversification and development."

Prime Minister Persad-Bissessar reiterated, "There will be no cut
to affect the vulnerable and the under privileged as well as
health sector reform and crime fighting, the report discloses.
The preservation of jobs is high on our agenda," the report 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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