TCRLA_Public/150128.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 28, 2015, Vol. 16, No. 019


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Three NSWMA Managers Fired


A R G E N T I N A

ARGENTINA: Fernandez Plans Spy Agency Overhaul After Nisman Death


B R A Z I L

BANCO PINE: Moody's Cuts BFSR to 'D'; Put on Review for Downgrade
BRAZIL: Analysts Cut Economic Growth Estimate to 0.13%
USINAS SIDERURGICAS: Moody's Cuts Corporate Family Rating to Ba3


C A Y M A N  I S L A N D S

AP ASIA: Shareholders Receive Wind-Up Report
BLACKROCK EVENT: Shareholders Receive Wind-Up Report
DAMHEAD CREEK: Shareholder Receives Wind-Up Report
HCAP OFFSHORE: Shareholder Receives Wind-Up Report
HERTFORDSHIRE LTD: Shareholders Receive Wind-Up Report

HIMEJI FUND: Shareholders Receive Wind-Up Report
JMW LTD: Shareholder Receives Wind-Up Report
LDK SOLAR: Unveils Results of EGM Held in Hong Kong
LDK SOLAR: Filed Amendments to Form T-3s
LIONPORT ASIA: Shareholder Receives Wind-Up Report

MAYERCAP FINANCING: Shareholder Receives Wind-Up Report
OSV CURRENCY: Shareholders Receive Wind-Up Report
OSV MASTER: Shareholders Receive Wind-Up Report
ROTELLA GLOBAL: Shareholders Receive Wind-Up Report
ROTELLA MOLINERO: Shareholders Receive Wind-Up Report

ROTELLA MOLINERO MASTER: Shareholders Receive Wind-Up Report
SPEEDCAST ACQUISITIONS: Shareholder Receives Wind-Up Report


G U A T E M A L A

GUATEMALA: Slowing Migrants to U.S. Will Cost $15 Billion


M E X I C O

DRAGON MART: Gov't Shuts Down Project on Environmental Concern


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Layoffs Were in the Making


                            - - - - -


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


ANTIGUA & BARBUDA: Three NSWMA Managers Fired
---------------------------------------------
The Daily Observer reports that three managers of the National
Solid Waste Management Authority (NSWMA) have joined the list of
employees from government statutory bodies who have been given
pink slips.

Program Manager David Spencer; Waste Diversion Manager Morrison
Burns; and General Manager Carol-Ann Murray have been terminated,
according to The Daily Observer.

Murray and Burns were given their letters on Friday, Jan. 23,
2014, while Spencer was handed his, Jan. 26, the report notes.

The report says that Mr. Burns and Mr. Spencer's letter from
Chairman of the Solid Waste Board of Directors, Fitzgerald Lewis,
advised them that their positions had been made redundant, while
Mr. Murray, who was appointed in October, was cited for non-
performance.

Both Mr. Murray and Mr. Burns declined to comment, but their
colleague, Spencer said they will definitely be talking to their
lawyers because each had more than a year remaining on their
contracts, the report adds.

                         *     *     *

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: Fernandez Plans Spy Agency Overhaul After Nisman Death
-----------------------------------------------------------------
Camila Russo at Bloomberg News reports that Argentina President
Cristina Fernandez de Kirchner plans to create a new federal
intelligence agency after the death of a prosecutor who accused
her government of seeking to orchestrate a cover-up related to the
nation's most-deadly terrorist attack.

President Fernandez said the agency should be reformed because it
hasn't found the perpetrators of the 1994 bombing of a Jewish
community center in Buenos Aires that killed 85, according to
Bloomberg News.  The proposal to reform the intelligence service
will be sent to congress this week, she said in a national
televised address, Bloomberg News notes.

Bloomberg News relates that the overhaul includes the transfer of
phone tapping approval to the judiciary from the executive, and
increased penalties for leaking database information, President
Fernandez said.  In the new agency, only the head or deputy head,
whose appointment will require senate approval, will be privy to
agents' reports, Bloomberg News notes.

Bloomberg News recalls that President Fernandez denied accusations
made by Alberto Nisman -- who was found dead on Jan. 18 -- that
she sought to absolve Iranian officials from their alleged
involvement in the bombing, saying she repeatedly sought Iran's
cooperation in probe of the attack.

Bloomberg News relays that President Fernandez also said Diego
Lagomarsino, who lent Nisman the .22-caliber gun found next to his
body, is a "fierce" critic of the government.

In response to Nisman's death, President Fernandez had posted two
statements on her Facebook page.  In her most recent post on Jan.
22, she speculated that the prosecutor was fed false information
to accuse her and then killed in order to incriminate the
government, 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
===========


BANCO PINE: Moody's Cuts BFSR to 'D'; Put on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service lowered Banco Pine S.A.'s (Pine)
baseline credit assessment (BCA) to ba2, from ba1, and downgraded
its bank financial strength rating (BFSR) to D, from D+. Moody's
also downgraded Pine's long-term global local and foreign currency
deposit ratings and long-term foreign currency senior unsecured
debt rating to Ba2, from Ba1, as well as its long-term foreign
currency subordinated debt rating to Ba3, from Ba2. Pine's long-
term Brazilian national scale deposit rating was also downgraded
to A1.br, from Aa2.br. At the same time, Moody's placed Pine's
BFSR, BCA and long-term deposit and debt ratings on review for
further downgrade. The short-term global local and foreign
currency deposit ratings of Not Prime and the short-term Brazilian
national scale deposit rating of BR-1 were not affected by this
rating action.

The following ratings of Banco Pine were downgraded and placed on
review for downgrade:

Bank financial strength rating: to D, from D+

Long-term global local currency deposit rating: to Ba2, from Ba1

Long-term foreign currency deposit rating: to Ba2, from Ba1

Long-term Brazilian national scale deposit rating: to A1.br, from
Aa2.br

Long-term foreign currency senior unsecured debt rating: to Ba2,
from Ba1

Long-term foreign currency senior unsecured program rating: to
(P)Ba2, from (P)Ba1

Long-term foreign currency subordinated debt rating: to Ba3, from
Ba2

Ratings Rationale

The downgrade of Pine's ratings reflects the bank's sizable loan
exposures to sectors that face increasingly challenging operating
conditions, including sugar and ethanol, alternative energy, and
construction. As of September 2014, Pine's loans to the sugar and
ethanol segment accounted for roughly 66% of its tier 1 capital,
while exposure to construction represented 78% of tier 1 capital,
both high levels compared to peers. Moody's noted that an increase
in loan delinquency from clients in these sectors could quickly
deplete Pine's reserve buffers, which equal just 2.1% of gross
loans, and impose losses on its capital position. The bank had a
tier 1 capital ratio of 12.45% in September 2014, down from 13.7%
in 3Q13.

Moody's Assistant Vice President, Alexandre Albuquerque said,
"While Pine has taken steps to increase provisions and reduce loan
exposures, the pace of deleveraging and provisioning has been
limited by declining core earnings that derive from lower business
volumes and narrower lending spreads". With Brazil's economic
activity expected to remain weak, Pine's earnings generation
capacity will likely remain limited, which will restrict its
ability to build provisions against deteriorating asset quality
and to replenish its capital. For the first nine months of 2014,
Pine reported net income of BRL89.1 million, a decline compared to
BRL124.5 million for the same period in 2013.

The review for downgrade will focus on Pine's prospective
profitability, on its exposure to its largest borrowers and
provisioning policies, and on reserve and capital adequacy in
light of an expected deterioration in asset quality. Moody's
expects to conclude the review upon the release of Pine's 4Q14
financial statements.

The last rating action on Banco Pine S.A. was on 13 September
2013, when Moody's raised Pine's BCA to ba1, from ba2, and
upgraded its BFSR to D+, from D. Moody's also upgraded the bank's
long-term global local and foreign currency deposit ratings to
Ba1, from Ba2; the long-term foreign currency senior unsecured
debt rating to Ba1, from Ba2, the long-term foreign currency
subordinated debt rating to Ba2, from Ba3, and the long-term
Brazilian national scale deposit rating to Aa2.br, from A1.br.
Moody's affirmed the short-term global local and foreign currency
deposit ratings at Not Prime and the short-term Brazilian national
scale deposit rating of BR-1. The outlook on all ratings was
stable.

The principal methodology used in these ratings was Global Banks
published in July 2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

Banco Pine S.A. is headquartered in Sao Paulo, Brazil. As of 30
September 2014, the bank had total assets of approximately BRL10.9
billion (US$4.4 billion) and equity of R$1.27 billion (US$520
million).


BRAZIL: Analysts Cut Economic Growth Estimate to 0.13%
------------------------------------------------------
EFE News reports that private sector analysts cut their 2015
growth forecast for Brazil's economy to 0.13 percent from 0.38
percent last week, the Central Bank said.

The gross domestic product (GDP) growth estimate was included in
the Boletin Focus, a weekly Central Bank survey of analysts from
about 100 private financial institutions on the state of the
national economy, according to EFE News.


USINAS SIDERURGICAS: Moody's Cuts Corporate Family Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
corporate family rating assigned to Usinas Siderurgicas de Minas
Gerais S.A. (Usiminas) and related ratings. The outlook is stable.

The downgrade reflects the deterioration in the company's credit
metrics since 2Q14, and the low likelihood that profitability,
cash flow and leverage metrics will improve in 2015 to levels
appropriate for a Ba2 rating. Brazil's timid economic growth and
continued struggling industrial activity (3.2% contraction through
November 2014), especially in steel consuming segments such as
capital goods and the automotive industry, will continue to
challenge the steel industry throughout the year.

Ratings downgraded:

Issuer: Usinas Sider£rgicas de Minas Gerais S.A.

- Corporate Family Rating: to Ba3 from Ba2

- USD 500 million Senior Unsecured Global MTN Program: to (P) Ba3
from (P) Ba2 Foreign Currency Rating

Issuer: Cosipa Commercial Ltd.

- USD 500 million Global MTN Program: to (P) Ba3 from (P) Ba2

Issuer: Usiminas Commercial Ltd.

- USD 170 million senior unsecured notes due 2018, guaranteed by
Usiminas: to Ba3 from Ba2

- USD 500 million Global MTN Program: to (P) Ba3 from (P) Ba2

The outlook for all ratings is stable

Ratings Rationale

Usiminas' rating is supported by the company's leading position in
the Brazilian flat steel market, as well as its large scale and
partially-integrated operations. Credit positives include the
proximity of its facilities to high-grade iron ore reserves,
efficient logistics, and partial self-sufficiency in iron ore,
coke and energy. The rating also reflects Usiminas' conservative
financial management, evidenced by the company's strong liquidity
position (BRL 3.0 billion cash balance at the end of 3Q 2014) and
moderate dividend payout. The company has scaled back its capital
expansion plans, limiting capital expenditures only to projects
with the objective of improving the sales mix and increasing self-
sufficiency in key inputs, focusing on iron ore reserves
development.

Constraining the ratings are the more negative perspective for the
global steel industry and the slower than expected recovery in
Brazil's steel demand. Although the Real depreciation has reduced
imports competitiveness, steel demand in the domestic market will
be ultimately constrained by the country's soft economic growth
over the next several quarters. Besides, the existing conflict
among Usiminas' controlling shareholders brings uncertainties and
adds to the challenges already faced by the company on its
operations.

The stable outlook reflects Moody's expectations that market
conditions for steel producers in Brazil will remain challenging,
but that imports will not increase, further supported by current
FX levels, and that Usiminas will prudently manage capital
expenditures and dividend distributions in order to maintain
adequate liquidity to service its financial obligations.

Although the likelihood of an upgrade is limited in the next 12 to
18 months, given the challenges faced by the steel industry in
Brazil, an upward rating movement would require an improvement in
operating results, with adjusted EBIT margins consistently
sustained above 8%, supported by solid demand recovery in the
domestic market, as well as a reduction in leverage, with adjusted
total debt to EBITDA consistently below 3.5x, while maintain a
solid liquidity position.

The ratings or outlook could suffer negative pressure should
conditions in key markets for Usiminas, such as automotive, tubes
and industrial equipment, remain weak, leading to lower
profitability, measured by adjusted EBIT margin consistently below
5% and interest coverage (measured by EBIT to interest) dropping
to levels below 2.5x. A downgrade could also be triggered if
adjusted debt to EBITDA remains persistently above 4.5x. A marked
deterioration in the company's liquidity could also precipitate a
downgrade.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of 5.8 million tons of crude steel and consolidated net
revenues of BRL 12.3 billion (approximately USD 5.4 billion
converted by the average exchange rate) for the LTM period ending
September 30, 2014. Usiminas also owns iron ore mining properties,
steel distribution and capital goods subsidiaries in Brazil.


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


AP ASIA: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of AP Asia Equities Multi-Strategies Fund Limited
received on Dec. 23, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ho Yee Kee Ricky
          Rooms 301-305, Shui On Centre, 3rd Floor
          6-8 Harbour Road
          Hong Kong


BLACKROCK EVENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Blackrock Event Driven Plus Ltd received on
Dec. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


DAMHEAD CREEK: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Damhead Creek Finance Limited received on
Dec. 22, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Blair Carnegie Nimmo
          c/o Catherine Ridge
          Telephone: +44 (0) 131 527 6880
          Facsimile: +44 (0) 131 527 6666
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          FAO: Georgina Lowry
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


HCAP OFFSHORE: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of HCAP Offshore Ltd. received on Dec. 22, 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


HERTFORDSHIRE LTD: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Hertfordshire Ltd. received on Jan. 2, 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
          DMS Offshore Investment Services
          DMS House, 20 Genesis Close
          P.O. Box 314, George Town Grand Cayman KY1-1104
         Cayman Islands


HIMEJI FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Himeji Fund received on Dec. 22, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sarah-Jane Leonard
          Landmark Square, West Bay Road
          P.O.Box 775 Grand Cayman KY1-9006
          Cayman Islands


JMW LTD: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of JMW Ltd. received on Dec. 23, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


LDK SOLAR: Unveils Results of EGM Held in Hong Kong
---------------------------------------------------
LDK Solar Co., Ltd., in provisional liquidation, announced on
January 22, 2015, the results of its Extraordinary General Meeting
held on the same day in Hong Kong.

"At the EGM, the shareholders in attendance approved all of the
resolutions proposed in our EGM notice, including: the adoption of
the 2013 annual report; the confirmation and re-election of
directors, Maurice Wai-fung Ngai (independent director), Ceng Wang
(independent director) and Shi Chen (non-executive director). The
total number of members of our board of directors remains at
seven.

"KPMG was re-appointed as our outside auditors for fiscal year
2014.  The EGM also approved an amendment to our memorandum of
association to increase our authorized share capital to
US$500,000,000," the Company said.

"On the record date set for our EGM, we had an aggregate of
235,523,289 shares issued and outstanding. An aggregate of
114,678,386 shares were represented in person or by proxy
throughout the duration of the EGM, including shares underlying
our American depositary shares. The adoption of our 2013 annual
report was approved by 114,327,671 shares; the confirmation and
re-election of Maurice Wai-fung Ngai as an independent director by
114,089,920 shares; the confirmation and re-election of Ceng Wang
as an independent director by 114,098,141 shares; the confirmation
and re-election of Shi Chen as a non-executive director by
114,071,452 shares; and the re-appointment of KPMG by 114,372,647
shares. The amendment to our existing memorandum of association
was approved by 114,151,178 shares in a special resolution."

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day.  The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from December 10, the
directors may exercise all their powers as such, subject to the
powers granted to the scheme supervisors in respect of the
Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power projects
and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct.
21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy
Court for recognition of the provisional liquidation proceeding in
the Grand Court of the Cayman Islands. The Chapter 15 case is In
re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014 from the holders of LDK Solar's 10% Senior Notes due
2014, as guarantors of the Senior Notes, and required such holders
of the Senior Notes to return their ballots by Oct. 15, 2014.
Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.


LDK SOLAR: Filed Amendments to Form T-3s
----------------------------------------
LDK Solar Co., Ltd. on Jan. 21 filed with the U.S. Securities and
Exchange Commission Amendment No. 1 to Form T-3s, initially filed
with the Commission on Jan. 15, 2015, to supplement the disclosure
made under Item 3 in the Original Applications. Item 3 in the
Original Applications is to be deleted in its entirety and
replaced with new information.  Copies of Amendment No. 1 are
available at http://is.gd/LmcUQGand http://is.gd/SEiLAp

On Jan. 22, the Company filed with the Commission Amendment No. 2
to Form T-3s, solely for the purpose of adding the delaying
amendment language to the cover page of the Application for
Qualification of Indenture on Form T-3.  Copies of Amendment No. 2
are available at http://is.gd/5tMKNwand http://is.gd/8FWU4y

As reported by the Troubled Company Reporter, LDK Solar filed with
Commission Form T-3 documents related to the planned issuance of
5.535% Convertible Senior Notes due 2016, in the aggregate
principal amount of $358,743,400 plus amounts paid-in-kind as
permitted by the indenture; and 5.535% Convertible Senior Notes
due 2018 in the aggregate principal amount of $264 million plus
amounts paid-in-kind as permitted by an indenture.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No.
14-12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014 from the holders of LDK Solar's 10% Senior Notes due
2014, as guarantors of the Senior Notes, and required such holders
of the Senior Notes to return their ballots by Oct. 15, 2014.
Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day.  The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

The U.S.-based companies also officially emerged from Chapter 11
protection on Dec. 11.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.


LIONPORT ASIA: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Lionport Asia Fund received on Dec. 23, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Johny Tan
          12 Eu Tong Sen ST, #07-163
          Singapore 059819
          Telephone: +65 83993378


MAYERCAP FINANCING: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Mayercap Financing Fund, Ltd. received on
Dec. 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OSV CURRENCY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of OSV Currency Fund received on Dec. 29, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


OSV MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of OSV Master Currency Fund received on Dec. 29,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


ROTELLA GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Rotella Global Fund, Ltd. received on Dec. 24,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Rosemarie C Rotella
          c/o Rotella Capital Management, Inc.
          800 Bellevue Way NE
          Suite 200 Bellevue
          WA 98004
          USA
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


ROTELLA MOLINERO: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Rotella Molinero Multiquant Futures Fund SPC
received on Dec. 24, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Rosemarie C Rotella
          c/o Rotella Capital Management, Inc.
          800 Bellevue Way NE
          Suite 200 Bellevue
          WA 98004
          USA
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


ROTELLA MOLINERO MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Rotella Molinero Multiquant Futures Master
Fund Ltd. received on Dec. 24, 2014, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Rosemarie C Rotella
          c/o Rotella Capital Management, Inc.
          800 Bellevue Way NE
          Suite 200 Bellevue
          WA 98004
          USA
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


SPEEDCAST ACQUISITIONS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Speedcast Acquisitions Limited received on
Dec. 22, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Pierre Jean Joseph Andre Beylier
          SpeedCast
          China Taiping Tower, 9th Floor
          8 Sunning Road, Causeway Bay
          Hong Kong
          Telephone: +852 3656 6022
          Facsimile: +852 3656 6001


=================
G U A T E M A L A
=================


GUATEMALA: Slowing Migrants to U.S. Will Cost $15 Billion
---------------------------------------------------------
Michael McDonald at Bloomberg News reports that three violence-
plagued Central America nations need $15 billion of investment to
boost growth and security in the region and stem the flow of
migrants heading to the U.S. illegally, Guatemala's government
said.

Guatemala, El Salvador and Honduras need about $5 billion each
over four years as part of the "Alliance for Prosperity" plan,
Guatemala said in a statement on state-run newswire AGN, according
to Bloomberg News.

Bloomberg News notes that the arrival of nearly 68,000
unaccompanied minors at the U.S. southern border in the year
through September, a 77 percent increase from the previous year,
fueled debate over immigration policy in the U.S. and prompted
President Barack Obama to seek $3.7 billion in emergency aid.

"We await an answer from the United States to know how much it
will inject into this Alliance," Bloomberg News quoted Carlos
Paiz, Guatemala's Commissioner for the National Competitiveness
Program, as saying.

The "Alliance for Prosperity" plan includes improvements to border
security and enhanced trade infrastructure at crossing points
between the three nations and Mexico, Bloomberg News relates.  The
plan also called for increased investment in the textile industry
and tourism sector and completion of regional highways and
electricity lines to boost commerce and reduce costs, Bloomberg
News discloses.

Mr. Paiz said the next meeting between Central American
authorities to discuss the plan will be on Feb. 9, Bloomberg News
adds.


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


DRAGON MART: Gov't Shuts Down Project on Environmental Concern
--------------------------------------------------------------
EFE News reports that the Dragon Mart, a trade mart being built in
the southeastern Mexican state of Quintana Roo with Chinese
investment, has been ordered to shut down due to environmental
damage caused by the project, federal environmental officials
said.

The project, located in the El Tucan district of the city of
Benito Juarez, was ordered to close down following a visit by
federal environmental inspectors who determined that developers
had failed to comply with orders recently issued by officials, the
director of the Profepa environmental protection agency, Guillermo
Haro, said in a press conference, according to EFE News.


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


TRINIDAD & TOBAGO: Layoffs Were in the Making
---------------------------------------------
Akilah Holder at Trinidad and Tobago Newsday reports that
President of the Couva/Point Lisas Business Chamber Liaquat Ali
feels the retrenchment of workers in the energy sector was in the
making for some time given the drastic and sudden drop in world
oil prices.

Mr. Ali was commenting on the recent decision of bpTT to offer
some of its workers Voluntary Separation of Employment packages
(VSEP), according to Trinidad and Tobago Newsday.  "It was
inevitable and a matter of time before retrenchment began.  If the
oil price continues to fall, we will begin to see further
retrenchment in the sector," the report quoted Mr. Ali as saying.

The report notes that President of the San Fernando Business
Association Daphne Bartlett shared a similar sentiment.  Ms.
Bartlett told Newsday that what is currently taking place at BPTT
is occurring globally and it was just a matter of time before
layoffs started occurring.

The report relays that Ms. Bartlett asserted, "Well, that is being
done globally; it's not done only in our country . . . A lot of
employers decide they want to drill; they're downsizing . . . they
have to be profitable.  But that was long in coming, because if
you read the international CEO's comments, he had predicted this
slide in the price of gas more than a year ago."

Adding, "If you ask about experts who can predict the price of
oil, so far he was the only one that I have read that had some
semblance of the price of oil in the year 2015. All the others,
the ones that say they are experts did not predict that oil prices
would slide so rapidly.  He is the only one I've read.  So it's
expected and we know that it will have a trickle down effect on
the support companies for the oil industry, and you will
definitely be seeing a lot of job losses and so on.  It's not to
get anybody scared or anything, that is the reality of life, that
is the cycle of life; we have to accept it; we have to work
according to what we are given," Ms. Bartlett added.

On the other hand, president of the Chaguanas Chamber of Industry
and Commerce, Richie Sookhai, affirmed that bpTT's actions are not
necessarily indicative of the impact of the drop in oil prices on
Trinidad and Tobago, the report relays.  Mr. Sookhai noted that
the company had actually said sometime ago that they will downsize
in order to increase the efficiency of their operations, the
report notes.  However, his main concern is the foreign exchange
issue, the report adds.

The report discloses that Mr. Sookhai said, "The company actually
stated that they're doing this to increase the efficiency of their
operations; but this decision was basically in the pipeline for
some time now; even before the drop in oil prices.  So they have
been looking at cutting back for a while now.

"It's just that it's unfortunate that the announcement came during
this time in the country -- the economic crisis with regards to
the low oil prices," Mr. Sookhai said.

"But again, they did, in fact, state, that they are going to
continue their investments on their different projects, which will
be a positive sign that investments are going to be taking place,"
Mr. Sookhai added, the report notes.

"We at the Chamber, do believe after meeting the Central Bank
Governor concerning his take on the economy, he has assured us
that it seems to be solid enough for now.  In terms of one of the
greatest things that is affecting our members is the shortage of
foreign exchange.  They have assured us that there will be regular
injections of cash into the banking system," Mr. Sookhai said,
adds the report.


                            ***********


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.


                   * * * End of Transmission * * *