TCRLA_Public/150116.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, January 16, 2015, Vol. 16, No. 011


                            Headlines



A R G E N T I N A

ARGENTINA: Foreign Reserves Grow Thanks to Influx of Chinese Funds
ARGENTINA: Farmers Groups Close State Bank Accounts in Protest


B R A Z I L

MENDES JUNIOR: Moody's Downgrades Corporate Family Rating to Ca
VIRGOLINO DE OLIVEIRA: S&P Lowers CCR to 'D' on Missed Payment


C A Y M A N  I S L A N D S

BBGP COINMACH: Placed Under Voluntary Wind-Up
BBGP PARKING: Placed Under Voluntary Wind-Up
BLACKROCK EVENT: Placed Under Voluntary Wind-Up
CHAYTON DUNA: Commences Liquidation Proceedings
CHINA ENVIRONMENT: Commences Liquidation Proceedings

HCAP OFFSHORE: Commences Liquidation Proceedings
HERTFORDSHIRE LTD: Commences Liquidation Proceedings
JMW LTD: Commences Liquidation Proceedings
LIONPORT ASIA: Placed Under Voluntary Wind-Up
MAYERCAP FINANCING: Placed Under Voluntary Wind-Up

OSV MASTER: Placed Under Voluntary Wind-Up
OVERHILL OFFSHORE: Commences Liquidation Proceedings
ROTELLA GLOBAL: Commences Liquidation Proceedings
ROTELLA MOLINERO: Commences Liquidation Proceedings
ROTELLA MOLINERO MASTER: Commences Liquidation Proceedings


B O G O T A

PACIFIC RUBIALES: Cuts 2015 Forecast Amid Oil Slump, Debt Concern


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Plunge in Oil Paces 30-year Low 1.58% Inflation


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Shareholders to Meet on February 9


                            - - - - -


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


ARGENTINA: Foreign Reserves Grow Thanks to Influx of Chinese Funds
------------------------------------------------------------------
EFE News reports that Argentine Central Bank's foreign-exchange
reserves have risen by $162 million to $31.3 billion thanks to an
influx of Chinese funds, Cabinet chief Jorge Capitanich said.

The activation of a new tranche of a currency-swap program with
China also has allowed Argentina to go through with "import
cancellations with respect to energy, appliances and other
imported goods," Capitanich said in a press conference, according
to EFE News.

                        *     *     *

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: Farmers Groups Close State Bank Accounts in Protest
--------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that two leading farmers
associations closed their accounts at Banco de la Nacion Argentina
SA, the country's largest bank, to protest its refusal to extend
financing to farmers holding on to their soybeans.

The Argentine Rural Confederation, the country's largest rural NGO
representing 109,000 farmers, decided at a members assembly to
close its account, Ruben Ferrero, group president, told Bloomberg
News in an interview.  Sociedad Rural will follow, saying the
bank's only aim is to "harm the farmer by obliging him to sell up
to the last bean," according to an e-mail statement obtained by
Bloomberg News.

Banco Nacion hasn't commented on the decision not to finance
farmers holding soybeans, though Cabinet Chief Jorge Capitanich
called the policy "absolutely rational" at three news conferences
this year, Bloomberg News notes.

Bloomberg News relates that Mr. Capitanich has accused farmers,
who last year sold $24.1 billion of grains and oilseed to boost
central bank reserves, of undercutting state financing by hoarding
the harvest.  In October he estimated that the value of soybeans
being held by farmers was as high as $3 billion, Bloomberg News
says.

"It is a shame that a state bank is attacking the people who
contributed to bringing in 25 percent of the country's exports
last year only in soybeans," Mr. Ferrero said at the
confederation's main office in Buenos Aires, Bloomberg News
relays.  "Our lawyers are analyzing the issue as this policy goes
against the bank's statutes," Mr. Ferrero added.

Mr. Ferrero's confederation opened its account at Banco de la
Nacion Argentina 35 years ago.

Argentina, the world's largest soybean oil and derivatives
exporter, harvested a record soybean crop of 53.4 million metric
tons last year, according to data compiled by the Agriculture
Ministry, 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
===========


MENDES JUNIOR: Moody's Downgrades Corporate Family Rating to Ca
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating assigned to Mendes Junior Trading e Engenharia S.A. (Mendes
Junior) to Ca from B3. The rating outlook remains negative.

Downgrades:

Issuer: Mendes Junior Engenharia SA

Corporate Family Rating, Downgraded to Ca from B3

Outlook Actions:

Issuer: Mendes Junior Engenharia SA

Outlook, Remains Negative

Rating Rationale

The downgrade to Ca reflects increased uncertainty over Mendes
Junior's operating performance and liquidity position given the
absence of interim financial statements since June 30, 2014.
Additional rating pressure comes from the temporary ban imposed by
Petrobras to Mendes Junior and to 22 other E&C companies in Brazil
that have been cited as cartel participants under the "Lava Jato"
Investigations. These events are likely to create additional
difficulties for the company to roll over its short term debt and
increase the likelihood of a debt restructuring that would entail
significant losses for the creditors.

Petrobras (Baa2, under review for downgrade) is a relevant
customer for Mendes Junior, currently accounting for 15% of the
company's backlog. The ban prevents the company from bidding for
projects of Petrobras in the future. Although the existing
contracts are still in place, it is uncertain whether the company
will continue to receive timely payments for executed services or
obtain approval of contract amendments and claims for margin
recovery. Additional risk arises from potential punitive measures
that involve cancellation or restructuring of existing contracts.

Despite Mendes Junior's solid track record in the construction
market and strong technical expertise in the execution of
infrastructure projects for the public sector in Brazil, the
company has a very concentrated market base with few large
projects in the backlog, mainly with public entities in Brazil
(85% of backlog).The negative outlook reflects Brazil's weak
macroeconomic conditions pressured by higher inflation and
interest rates and an anticipated challenging fiscal environment
could result in lower investment rates.

Mendes Junior has high liquidity risk because its debt
amortization profile is largely represented by working capital
lines maturing in the short-term and there are no committed backup
facilities. Although its cash generation is expected to have
improved towards year-end as per the industry's typical
seasonality, Moody's anticipates that it will remain insufficient
to cover all of its short term debt maturities.

Further downward pressure on the ratings would arise from a
deterioration in the company's liquidity position leading to a
default in interest payment or debt amortization and a larger than
expected creditor loss in a restructuring.

A ratings upgrade is unlikely near term but positive pressure
could arise if the company improves its liquidity position,
particularly with lower exposure to short term debt, along with
enhanced corporate governance practices. An upgrade of the ratings
would also require Mendes Junior to maintain its consistent growth
in revenues and operating performance, while diversifying its
backlog with other clients, countries and regions in order to
reduce the revenue concentration risk.

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

Headquartered in Belo Horizonte, Brazil, Mendes Junior Trading e
Engenharia S.A. (Mendes Junior) is a major engineering and
construction company in Brazil, with net consolidated revenues of
about BRL1.8 billion in the twelve months that ended June 30,
2014. Mendes Junior construction projects include highways,
railways, bridges, power plants, tunnels, subways, airports,
ports, commercial and residential buildings, mining and industrial
facilities.


VIRGOLINO DE OLIVEIRA: S&P Lowers CCR to 'D' on Missed Payment
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit ratings and secured debt ratings on Virgolino de
Oliveira S.A. - Acucar e Alcool (GVO) to 'D' from 'CC'.  The 'CC'
ratings on the two unsecured bonds remain on CreditWatch negative.
S&P also lowered its Brazil national scale corporate credit rating
on the company to 'D' from 'brCC'.

The rating actions reflect the default on the secured bonds'
interest payment due Jan. 13, 2015, for about $8 million.  S&P
also believes that the company will default on its other two
bonds' interest payments due January 28 and February 9, resulting
in a general default on all of its obligations.  The company has
hired a financial advisor to restructure its capital structure in
October 2014.  The ratings on GVO's unsecured debt remain on
CreditWatch negative, until the day the payment date passes and
the defaults on these bonds are also confirmed.

GVO has three rated bonds outstanding, which are due 2018, 2020,
and 2022, totaling $785 million.  The company has struggled with
high debt levels and interest burden, which has hindered cash flow
generation amid low crushing volumes caused by the drought in Sao
Paulo and low global sugar prices.


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


BBGP COINMACH: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 17, 2014, the shareholders of BBGP Coinmach Holdings
Limited resolved to voluntarily wind up the company's operations.

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

The company's liquidators are:

          Dwight Dube
          Michael Wheaton
          c/o Fides Limited
          Telephone (345) 640 5555
          Regatta Office Park, Windward III, 2nd Floor
          P.O. Box 31661 Grand Cayman KY1-1207
          Cayman Islands


BBGP PARKING: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 17, 2014, the shareholders of BBGP Parking Holdings
Limited resolved to voluntarily wind up the company's operations.

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

The company's liquidators are:

          Dwight Dube
          Michael Wheaton
          c/o Fides Limited
          Telephone (345) 640 5555
          Regatta Office Park, Windward III, 2nd Floor
          P.O. Box 31661 Grand Cayman KY1-1207
          Cayman Islands


BLACKROCK EVENT: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 20, 2014, the sole shareholder of Blackrock Event Driven
Plus Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


CHAYTON DUNA: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 20, 2014, the shareholder of Chayton Duna General Partner
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815 4558
          BDO CRI (Cayman) Ltd.
          Floor 2-Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands


CHINA ENVIRONMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 19, 2014, the sole member of China Environment Fund 2002
Management 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:

          Donald Chang Ye
          B23-B, UBP, No.10 Jiuxianqiao Road
          Chaoyang District
          Beijing 10015
          China


HCAP OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 17, 2014, the members of HCAP Offshore Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 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


HERTFORDSHIRE LTD: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 17, 2014, the sole shareholder of Hertfordshire Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          DMS Offshore Investment Services
          DMS House
          20 Genesis Close
          P.O. Box 314, George Town Grand Cayman KY1-1104
          Cayman Islands


JMW LTD: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary meeting held on Nov. 20, 2014, the sole
shareholder of JMW Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


LIONPORT ASIA: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 14, 2014, the sole shareholder of Lionport Asia Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Johny Tan
          Telephone: +65 83993378
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MAYERCAP FINANCING: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 18, 2014, the sole shareholder of Mayercap Financing Fund,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mayercap, LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815-1861
          Facsimile: (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


OSV MASTER: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 13, 2014, the sole shareholder of OSV Master Currency Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


OVERHILL OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 20, 2014, the sole shareholder of Overhill Offshore 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:

          Slotnik Capital Management LLC
          3953 Maple Avenue Suite 160
          Dallas
          Texas 75219
          United States of America
          Telephone: +1 (212) 462 9202
          e-mail: lsauer@slotnikcapital.com


ROTELLA GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 18, 2014, the shareholder of Rotella Global 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:

          Rosemarie C Rotella
          Rotella Capital Management, Inc.
          800 Bellevue Way NE Suite 200
          Bellevue WA 98004
          USA
          Telephone: +1 (312) 467.2700


ROTELLA MOLINERO: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 18, 2014, the shareholder of Rotella Molinero Multiquant
Futures Fund SPC 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:

          Rosemarie C Rotella
          Rotella Capital Management, Inc.
          800 Bellevue Way NE Suite 200
          Bellevue WA 98004
          USA
          Telephone: +1 (312) 467.2700


ROTELLA MOLINERO MASTER: Commences Liquidation Proceedings
----------------------------------------------------------
On Nov. 18, 2014, the shareholder of Rotella Molinero Multiquant
Futures Master 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:

          Rosemarie C Rotella
          Rotella Capital Management, Inc.
          800 Bellevue Way NE Suite 200
          Bellevue WA 98004
          USA
          Telephone: +1 (312) 467.2700


===========
B O G O T A
===========


PACIFIC RUBIALES: Cuts 2015 Forecast Amid Oil Slump, Debt Concern
-----------------------------------------------------------------
Andrew Willis at Bloomberg News reports that Pacific Rubiales
Energy Corp. slashed forecasts for full-year earnings and spending
made a month ago amid a fall in global oil prices and concerns
over debt levels at the company.

The largest independent oil producer in Latin America said
spending in 2015 will be as much as 27 percent less than its Dec.
4 forecast, according to Bloomberg News.  Earnings before
interest, tax, depreciation and amortization will be $1.5 billion
to $1.7 billion from an earlier range of $1.9 to $2.1 billion,
according to a statement, Bloomberg News notes.

The revised targets assume an average West Texas Intermediate oil
price for the year of $55 to $60 a barrel, and come after the
company's shares slipped 12 percent in Bogota Jan. 14 amid
speculation over debt problems, Bloomberg News relates.  Pacific's
bonds also fell to a record low Jan. 14.

"Contrary to market rumors, the company is not in default under
any of its debt obligations and does not expect to be at risk of
payment default," Chief Executive Officer Ronald Pantin said in
the statement obtained by Bloomberg News.

Bloomberg News says that Pacific said its consolidated debt to
adjusted Ebitda leverage ratio is approximately 1.8 to 1. That's
below a threshold of 3.5 times which, if reached, could restrict
the company's ability to take on further debt.  Pacific said its
current debt levels give it the capacity to withstand the existing
oil price environment, Bloomberg News discloses.

                             Cash Costs

Bloomberg News relays that oil slumped almost 50 percent last
year, the most since the 2008 financial crisis, as OPEC resisted
calls to cut production even as the U.S. pumped at the fastest
rate in more than three decades.

As part of its revision, Pacific said cash operating costs are now
expected to be approximately $28 a barrel of oil equivalent, aided
by cost cutting measures and the weaker Colombian peso, Bloomberg
News notes.

The company forecasts 2015 output of 150,000 to 160,000 barrels of
oil equivalent a day, compared to an earlier target of 155,000 to
160,000 barrels, Bloomberg News says.  It said spending this year
will be between $1.1 billion and $1.3 billion from its December
forecast of $1.5 billion, Bloomberg News adds.


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


DOMINICAN REP: Plunge in Oil Paces 30-year Low 1.58% Inflation
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic Central Bank
said Dominican Republic's inflation from December 2013 to December
2014, as measured by the change in the Consumer Price Index (CPI),
was 1.58%, the lowest in the last 30 years and lower by more than
two percentage points than the 3.88% in the same period in 2013.

It said inflation in 2014 was the second lowest in Latin America,
after the dollarized economy of El Salvador, according to
Dominican Today.

"Core inflation, associated with monetary conditions ended the
year at 2.97%, similar to the 12-month average inflation of 3.00%,
which remained around the lower range target of 4.5% ñ 1% referred
to in the monetary program for 2014," the report quoted the
Central Bank as saying.

It adds that the result of inflation was influenced largely by low
inflationary pressures from abroad, especially the fall in oil
prices, the report notes.


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


TRINIDAD CEMENT: Shareholders to Meet on February 9
---------------------------------------------------
Trinidad and Tobago News reports that Trinidad Cement Limited will
hold a special shareholders meeting at the Hilton Trinidad on
February 9.

The meeting was originally supposed to be held on January 22 but
was rescheduled to February 9 due to challenges in sending the
Notices to Shareholders within the statutory time frame, according
to Trinidad and Tobago News.

The report notes that a statement issued by the Trinidad and
Tobago Stock Exchange (TTSE) reiterated that one of the main items
on the agenda is to remove a restriction which prohibits any
person from holding more than 20 percent of the issued share
capital of the company.

That restriction also prohibits any person from having more than
20 percent of the voting rights of the company, the report relays.
In its statement, TCL said this restriction is contained in
Article Five of its Articles of Continuance (Restrictions on Share
Transfers and Share Ownership), the report says.

TCL said these restrictions have the potential to restrict the
marketability of the shares and in so doing may undermine
shareholder value, the report discloses.

At the meeting, shareholders will also be updated on the company's
restructuring plan, the report relates.  TCL has said it
anticipates that the removal of the 20 percent restriction plan
"will facilitate the successful implementation of the
restructuring plan," the report notes.

In a letter dated December 31, 2014, former TCL Group CEO Rollin
Bertrand called upon company shareholders to reject plans to
remove this restriction as well as any proposal for a rights issue
"with such a high level of dilution," the report discloses.

In his letter, Mr. Bertrand alleged the removal of the company's
former board of directors last August "had nothing to do with
'performance' but was really a thinly veiled plan to hand control
of TCL to Cemex," the report says.

Mr. Bertrand alleged this was "as promised by certain businessmen
in 2002."  Mr. Bertrand further claimed that recent allegations in
the media about insider trading and debt "have exposed the major
players and no doubt they are working assiduously to fulfill
promises made over a decade ago to have Cemex control TCL," the
report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
6, 2014, RJR News said Dr. Rollin Bertrand, Chief Executive
Officer of Trinidad Cement Limited, the parent company for
Jamaica's Caribbean Cement Limited, was sacked.

The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at an August 19
special meeting.  Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer at that time, the report related.

On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings
Services lowered its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'D' from 'B'.  The downgrade reflects TCL's
missed debt service payments due Sept. 30, 2014.

On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.


                            ***********


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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