TCRLA_Public/150213.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, February 13, 2015, Vol. 16, No. 031


                            Headlines



B R A Z I L

MAGNESITA REFRATARIOS: Moody's Affirms B1 CFR; Outlook Now Stable
MILLS ESTRUTURAS: Moody's Lowers Corporate Family Rating to Ba3
OGX PETROLEO: Police Seize Boats From Eike Batista
PACIFIC RUBIALES: Discloses Light-Crude Find Off Brazil
PETROLEO BRASILEIRO: At Least 3 Dead in Offshore Platform Blast


C A Y M A N  I S L A N D S

BALAMAT CAYMAN: Shareholders Receive Wind-Up Report
BLUE HORIZON: Shareholders Receive Wind-Up Report
CORDON INTERNATIONAL: Shareholders Receive Wind-Up Report
CSOP GREATER: Shareholders Receive Wind-Up Report
CYPRESS INTERNATIONAL: Shareholders Receive Wind-Up Report

EOS INTERNATIONAL: Members Receive Wind-Up Report
EOS PARTNERS: Members Receive Wind-Up Report
FIVE STARS: Sole Member Receives Wind-Up Report
GIL INVESTMENT: Shareholders Receive Wind-Up Report
HESS (INDONESIA-VI): Member Receives Wind-Up Report

KOLEN OVERSEAS: Shareholders Receive Wind-Up Report
LEUCHARS LIMITED: Shareholders Receive Wind-Up Report
LIBRA INTERNATIONAL: Sole Member Receives Wind-Up Report
OYSTER MANAGEMENT: Members Receive Wind-Up Report
PRAGMA UNIVERSAL: Members Receive Wind-Up Report

RASA LAND: Shareholders Receive Wind-Up Report
SENZAR PRIME: Shareholders Receive Wind-Up Report
SESAME HOLDINGS: Shareholders Receive Wind-Up Report
SHANTA FUND: Shareholders Receive Wind-Up Report
SMART BOX: Shareholders Receive Wind-Up Report

TOKYO REALTY: Members Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Higher Reserve Could Raise Interest Rates


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Ex-CEO Files Complaint Against Chairman


V E N E Z U E L A

CITGO HOLDING: S&P Retains B- CCR on Debt Offer Add-On
VENEZUELA: New Exchange Rate System Criticized by Opposition


                            - - - - -


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B R A Z I L
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MAGNESITA REFRATARIOS: Moody's Affirms B1 CFR; Outlook Now Stable
-----------------------------------------------------------------
Moody's Investors Service changed the outlook for Magnesita
Refratarios S.A. to stable from positive, and affirmed its B1
Corporate Family Rating.

The change in outlook to stable reflects the persistent weak
fundamentals for the global steel industry and the deterioration
in the macroeconomic environment in Brazil, still a key market for
Magnesita. Although the company's strategy foresees a lower
dependency on the steel industry, the refractories segment has a
large share of revenues coming from this industry (about 83% in
the first 9 months of 2014). The outlook also incorporates the
expectation that Brazilian operations will remain the key cash
flow generator over the medium term, followed by the United
States. This challenging operating environment, combined with
recent changes in management, will postpone Magnesita's debt
reduction, hurting leverage and interest coverage metrics.
Accordingly, adjusted leverage (total debt to Ebitda) increased to
5.9x and EBIT to interest expense declined to 1.8x in the last
twelve months ended September 2014.

Ratings affirmed:

Issuer: Magnesita Refratarios S.A.

Corporate Family Rating: B1 (global scale)

Issuer: Rearden G Holdings Eins GmbH (Germany)

USD 400 million senior unsecured guaranteed notes due 2020: B1
(foreign currency)

Outlook actions:

The outlook for all ratings: changed to stable from positive

Ratings Rationale

Magnesita's B1 corporate family rating takes into consideration
the company's high leverage on a gross debt basis (5.9x total
adjusted debt to Ebitda as of September 2014), its relative small
size when compared to global peers within the mining industry and
its high exposure to the cyclical steel industry. As a positive
credit aspect, the rating incorporates the company's good
liquidity profile and strong market position as a leading supplier
of refractories, supported by long-standing client relationships
and significant import barriers in Brazil due to complex logistics
and infrastructure. In addition, Magnesita's good geographic
diversity, with operations in four continents provides a balanced
revenue mix, is incorporated in its rating as well. Also,
Magnesita's operations have a high level of vertical integration,
including sizeable prime-quality mineral reserves, and efficient
logistics. On the other hand, the rating is constrained by
Magnesita's relatively large capex that limits further deleverage
initiatives in the short term, and the company's susceptibility to
steel production volumes. While Magnesita's growth strategy is
expected to consume part of its large cash position, Moody's
anticipate liquidity to remain strong.

Gross debt has increased considerably over the last 12 months
(standing at BRL 2.4 billion as of September 2014 from BRL 1.8
billion a year ago), largely driven by the effect of the Brazilian
real depreciation on its balance sheet, since the proceeds from
the BRL 400 million debentures and the BRL 100 million draw from
BNDES Revitaliza credit line during 4Q13 were mostly used for
refinancing purposes. As a result, gross leverage measured by
adjusted Debt/EBITDA reached 5.9x in September 2014. Despite being
largely self-sufficient for its primary raw materials, Magnesita
has been struggling with rising fuel costs and higher wages in its
Brazilian operations, as well as lower volumes in refractories to
the industrial sector and in the mining segment.

The stable outlook reflects Moody's expectation that Magnesita
will be able to maintain margins and cash flow generation at
acceptable levels for its rating category despite the more
challenging fundamentals for steelmakers, especially in Brazil,
ultimately maintaining its liquidity to service its financial
obligations.

Magnesita's ratings could be upgraded in case total adjusted debt
to EBITDA declines to below 4.0x (5.9x as of September 30, 2014
LTM) and (CFO -- dividends) to debt remains at 15% or above (3.2%
as of September 30, 2014 LTM), while maintaining healthy liquidity
position.

The ratings of Magnesita could be downgraded if debt protection
metrics are not sustainable over time, particularly if free cash
flow turns negative without prospects of improvement and total
adjusted debt to EBITDA remains above 5.5x on a sustainable basis
(5.9x as of September 30, 2014 LTM), with weak debt protection
metrics. Specifically, if EBIT to interest expenses falls to
levels below 1.5x (1.8x as of September 30,2014 LTM) ratings could
be downgraded. Deterioration in Magnesita's liquidity arising from
debt-funded acquisitions could also have negative implications to
the rating or outlook.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Magnesita Refratarios S.A. ("Magnesita") is a vertically
integrated low-cost producer of refractories used in the steel,
cement and glass manufacturing process, among others. Magnesita is
the largest manufacturer of refractories in Latin America and the
third largest worldwide by sales volume. Besides Brazil, Magnesita
has operations in South America, USA, Europe and Asia. Magnesita
reported consolidated net revenues of BRL 2.9 billion in the last
twelve months ended September 30, 2014.


MILLS ESTRUTURAS: Moody's Lowers Corporate Family Rating to Ba3
---------------------------------------------------------------
Moody's America Latina downgraded Mills Estruturas e Servicos de
Engenharia S.A.'s ("Mills") global scale local currency ratings to
Ba3 from Ba2. At the same time its national scale ratings were
downgraded to A3.br from Aa3.br. The outlook for the ratings was
changes to negative from stable.

Ratings downgraded:

Issuer: Mills Estruturas e Servicos de Engenharia S.A.

-Corporate Family Rating: to Ba3 from Ba2 (global scale); to A3.br
from Aa3.br (national scale)

-BRL 200 million 5-year senior unsecured debentures due 2019: to
Ba3 from Ba2 (global scale); to A3.br from Aa3.br (national scale)

-BRL 270 million senior unsecured debentures due 2016: to Ba3 from
Ba2 (global scale); to A3.br from Aa3.br (national scale)

-BRL 270 million senior unsecured debentures due 2017 and 2020: to
Ba3 from Ba2 (global scale); to A3.br from Aa3.br (national scale)

The outlook for all ratings was changed to negative.

Ratings Rationale

The downgrade in Mills' ratings and change in outlook to negative
reflect the expected negative impact on the company's future
operating performance as a consequence of its exposure to the
Brazilian heavy construction and Homebuilding industries. More
specifically, the action accounts for the deterioration in the
heavy construction sector fundamentals on the back of corruption
scandals at Petrobras and macroeconomic uncertainties in Brazil.
It also reflects the slowdown in the homebuilding industry due to
the challenging macroeconomic environment, which is likely to
continue to put negative pressure on launches and sales speed.
Moody's has a negative outlook for the Brazilian homebuilding
industry.

Mills' Ba3/A3.br corporate family rating incorporates Mill's
leading position in the Brazilian concrete formwork and tubular
structures sector backed by its longstanding relationship with the
major local construction companies engaged in complex
infrastructure, commercial, industrial and residential projects,
supported by the offering of innovative solutions and updated
technology. With the divestiture of its industrial services
division in 2013, Mills has increased its focus in the core,
higher-margin, businesses that includes construction
(infrastructure and homebuilding) and equipment rental.

The rating is also supported by Mills' strong operating margins
based on a track record of high capacity utilization, prudent
financial management that includes a target leverage of reported
Net Debt to Ebitda of 1.0x, moderate dividend payout policy, and
currently comfortable liquidity that will help the company
navigate the down cycle in its target industries. Mills is run by
professional executives with long experience in the industry,
which potentially reduces the company's execution risk, and has a
good level of disclosure.

Mills' small size relative to global peers, and its high
dependence on the cyclical construction industry are constraining
factors to the rating. Notwithstanding, the short cycle of its
investments provides flexibility to efficiently react to potential
slowdowns in the construction industry.

During the LTM ended September 2014, 53.6% of Mills' net revenues
and 42.6% of its EBITDA were generated by its heavy construction
and Jahu (commercial and residential construction) divisions,
evidencing a high dependence on these segments. Moody's anticipate
that Mills' exposure to the construction sector will remain high
over the near term. Also, Mills' operations are geographically
concentrated in Brazil where it generates all of its revenues and
cash flows, evidencing the narrow geographic focus and
consequently its vulnerability to the vagaries of a single
country.

Mills has estimated a severe reduction in CAPEX for 2015 as
compared to BRL 196 million until September 2014 and BRL 514
million in 2013. At lower levels, CAPEX could be easily funded
with internal cash generation as the company's cash flow from
operations ("CFO") was BRL 232 million for the last twelve months
ended in September 2014, somewhat reducing the pressure on the
company's liquidity. Cash position increased to BRL 161 million in
the end of September 2014 from BRL 94 million in the end of June
2014, already reflecting the positive free cash flow ("FCF")
generation of BRL 49 million, as a result from the lower CAPEX
required during a projected slowdown in the company's activities.
Currently, Mills' cash on balance sheet is sufficient to cover
more than 100% of its short term debt. Historically, Mills has
enjoyed good relationship with large banks and has regular access
to bank lines and the capital markets.

The negative outlook considers the negative impact on the
company's future operating performance given its exposure to the
heavy construction industry and the slowdown in the homebuilding
industry, another important source of the company's revenues.

The ratings outlook could be stabilized if Mills is successful in
prudently managing dividends and CAPEX investments, and
consequently leverage based on its long term target of Net Debt to
EBITDA of 1.0x while maintaining solid liquidity position during
the downturn scenario in 2015. Mills is expected to maintain its
leadership position, ensure healthy operating margins and debt
protection metrics even during the down cycle. Additionally, the
ratings might be positive affected if the company generates
positive free cash flow on a sustainable basis.

The ratings could be further negatively impacted in case the
company is not able to turn free cash flow positive during the
forecasted slowdown in 2015, resulting in a increase in leverage
and/or liquidity deterioration. Quantitatively if leverage
measured by total adjusted debt to EBITDA increases to more than
3.5 times (1.9 times in the last twelve months ended September
2014). Further downgrade pressure may arise in case Mills cannot
sustain its lead market position across key lines of business.
Also, a significant increase in the level of secured debt could
cause a downgrade of the rated unsecured debentures.

Founded in 1952, Mills Estruturas e Servicos de Engenharia S.A.,
headquartered in Rio de Janeiro, is a leading provider of concrete
formwork and tubular structures services to construction
companies, industrial services and rental of motorized access
equipment in Brazil, having reported BRL 822 million (USD 360
million) in net revenues in the last twelve months ended September
2014.

The principal methodology used in this rating was Business and
Consumer Service Industry published in December 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".


OGX PETROLEO: Police Seize Boats From Eike Batista
--------------------------------------------------
EFE News reports that Police confiscated a luxury yacht, two other
boats and three water scooters from Brazilian former billionaire
Eike Batista amid a financial crimes probe.

The yacht, valued at BRL100 million (some US$35 million), and the
other boats were anchored outside Batista's beachfront home in
Angra dos Reis, Rio de Janeiro state, Brazil's Federal Police
said, according to EFE News.

                        About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.


PACIFIC RUBIALES: Discloses Light-Crude Find Off Brazil
-------------------------------------------------------
EFE News reports that Canadian oil company Pacific Rubiales Energy
Corp. disclosed a light-crude find in Brazil's offshore Santos
Basin.

The Kangaroo-2 appraisal well, drilled in exploration Block S-M-
1165, confirmed the presence of a 135-meter (443-foot) "net oil
column intersection," the Toronto-based company said in a
statement, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2015, Fitch Ratings expects an extended period of low oil
prices over the next 12 to 18 months to pressure the liquidity
position of Pacific Rubiales Energy Corp. (Pacific Rubiales; IDR
'BB+', Outlook Stable) and force the reduction of capex to
preserve liquidity.  The effect of cutting capex over a prolonged
period could compromise the company's long-term viability given
its relatively low reserve life.


PETROLEO BRASILEIRO: At Least 3 Dead in Offshore Platform Blast
---------------------------------------------------------------
EFE News reports that an explosion on Feb. 11 on an offshore oil
and gas platform operated by Brazilian state-controlled oil giant
Petroleo Brasileiro S.A.  has left three dead, six missing and 10
injured, the company said.

The accident occurred at 12:50 p.m. on the FPSO Cidade de Sao
Mateus, which had 74 workers on board and was anchored in the
Atlantic Ocean at a spot around 120 kilometers (75 miles) off the
coast of the southeastern state of Espirito Santo, according to
EFE News.

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

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2015, EFE News said that scandal-hit Brazilian state-
controlled oil company Petroleo Brasileiro S.A. named the chief
executive of state-run bank Banco do Brasil as its new chief
executive officer.  Petrobras, which made the announcement in a
securities filing, said its board of directors selected Aldemir
Bendine to succeed Maria das Gracas Silva Foster, who resigned
amid a deepening crisis at the company, according to EFE News.

TCRLA reported on Feb. 3, 2015, that Global Insolvency News,
citing Financial Times, said Petrobras has admitted it is so far
unable to calculate how much money was stolen from the company in
a vast corruption scandal that has shaken confidence in the world'
second-largest emerging market. After two months of delays, the
state-controlled oil producer finally published its unaudited
financial statements for the third quarter of 2014 at just after
4:00 a.m. on Jan. 27, in Brazil to avoid breaking some of its debt
covenants, according to Global Insolvency News.

Moody's Cut Petroleo Brasileiro's baseline credit assessment to
ba1, the TCRLA reported on Dec. 11, 2014.


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


BALAMAT CAYMAN: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Balamat Cayman Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


BLUE HORIZON: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Blue Horizon Investment Ltd. received on
Jan. 5, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949 9808
          Facsimile: +1 (345) 949 9793
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


CORDON INTERNATIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Cordon International Limited received on
Jan. 16, 2015, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


CSOP GREATER: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CSOP Greater China Absolute Return Fund
received on Jan. 6, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Lucia Kit Chu Chan
          2801-2803
          Two Exchange Square
          8 Connaught Place
          Central
          Hong Kong


CYPRESS INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Cypress International Investment Ltd. received
on Jan. 5, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949 9808
          Facsimile: +1 (345) 949 9793
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


EOS INTERNATIONAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of EOS International received on Jan. 29, 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


EOS PARTNERS: Members Receive Wind-Up Report
--------------------------------------------
The members of EOS Partners (Offshore), L.P. received on Jan. 29,
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


FIVE STARS: Sole Member Receives Wind-Up Report
-----------------------------------------------
The sole member of Five Stars Fortune Investment received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town, Tortola VG1110
          British Virgin Islands


GIL INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Gil Investment Company Limited received on
Jan. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Telephone: (345) 946-5125
          Facsimile: (345) 946-5126
          P.O. Box 1982 Grand Cayman KY-1104
          Cayman Islands


HESS (INDONESIA-VI): Member Receives Wind-Up Report
---------------------------------------------------
The member of Hess (Indonesia-VI) Limited received on Jan. 16,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mr. George C. Barry
          1185 Avenues of the Americas
          New York, N.Y. 10036
          United States of America


KOLEN OVERSEAS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Kolen Overseas received on Jan. 5, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949 9808
          Facsimile: +1 (345) 949 9793
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


LEUCHARS LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Leuchars Limited received on Jan. 16, 2015,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


LIBRA INTERNATIONAL: Sole Member Receives Wind-Up Report
--------------------------------------------------------
The sole member of Libra International Holdings received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town, Tortola
          British Virgin Islands


OYSTER MANAGEMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Oyster Management Limited received on Jan. 9, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor,
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


PRAGMA UNIVERSAL: Members Receive Wind-Up Report
------------------------------------------------
The members of Pragma Universal Fund Three Limited received on
Jan. 8, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Margot Macinnis
          c/o Sandipan Bhowmik or alternatively by post at:
          Re: Pragma Universal Fund Three Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands


RASA LAND: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Rasa Land Development Limited received on
Jan. 6, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


SENZAR PRIME: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Senzar Prime, Ltd. received on Jan. 15, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ajay Bhalla
          Telephone: 646-545-4610
          Facsimile: 646-545-4611
          400 Madison Ave., New York, NY 10017


SESAME HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sesame Holdings Ltd received on Jan. 6, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alexander Gustav Lennart West
          Havenford
          Woodlands Road East
          Virginia Water, GU25 4PH
          Surrey, England


SHANTA FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Shanta Fund SPC Limited received on Jan. 5,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116, Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


SMART BOX: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Smart Box Capital SPC received on Jan. 29,
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


TOKYO REALTY: Members Receive Wind-Up Report
--------------------------------------------
The members of Tokyo Realty Investment Company received on Jan. 6,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


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


DOMINICAN REPUBLIC: Higher Reserve Could Raise Interest Rates
-------------------------------------------------------------
Dominican Today reports that Dominican Republic's banks grouped in
ABA warned that the 2 percentage point jump in their reserve
requirements announced by the Central Bank Feb. 9 could lead to
higher interest rates.

According to ABA, the measure, combined with the Central Bank's
injection of as much as US$200.0 million into the exchange market,
will lead to less and costlier money in circulation, according to
Dominican Today.

The report notes that ABA's stance on the increased reserve
requirement's impact contradicts Central banker Hector Valdez
Albizu's assertion that it would be "not much."

The official said the interest rate hasn't had a significant
performance in recent days and that as of Feb. 6, the Bank had
RD$17.0 billion in Overnight funds, which together with an
additional RD$1.0 billion, "which means that there's not a problem
to move interest rates," the report notes.

The report relays that Mr. Valdez said injection of dollars into
the exchange market aims to curb "the exchange rate's irregular
behavior of," which has topped RD$45 per dollar.


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


TRINIDAD CEMENT: Ex-CEO Files Complaint Against Chairman
--------------------------------------------------------
Leah Sorias at Trinidad Express reports that tensions between the
new board of the Trinidad Cement Ltd and axed Chief Executive
Officer Dr. Rollin Betrand rose to new levels with him filing a
complaint to the Trinidad and Tobago Securities and Exchange
Commission (TTSEC) against the board's chairman Wilfred Espinet.

The complaint specifically stems from a shareholders meeting held
at the Hilton Trinidad where over 91 per cent of shareholders
voted in favor of removing a 20 per cent ownership limit,
according to Trinidad Express.

The report notes that Dr. Bertrand, who was fired by the Espinet-
led board last September, claims that, during the meeting, he was
muzzled by Espinet when he objected to the two-minute time frame
shareholders were given to voice their opinions before voting.

"This is unacceptable and not in keeping with the spirit and
letter of the Companies Act with regard to meetings of
shareholders, who must be given an opportunity to participate in
the governance of the organisation," Dr. Bertrand said in a letter
to TTSEC chairman Patrick Watson, the report relays.

The report notes that Dr. Bertrand added: "Not only did TCL fail
to provide critical information to shareholders on a timely basis
(21 days for Special Business), they added insult to injury by
shutting down commentary during the meeting to avoid any criticism
of their plans."

Dr. Bertrand further complained although the Companies Act gives
directors the broad powers to manage a corporation, the rights
issue proposed by TCL will increase the issued share capital of
the company by 50 per cent, the report relays.

"This is a major change in the capital structure of the company as
it has the potential to severely dilute the value of existing
shareholders.  In my view such a move requires shareholders'
approval," the report quoted Dr. Bertrand as saying.

The TCL board agreed to issue 124.88 million shares at a price of
TT$2.90 per share.  Shareholders are allowed the right to buy one
share in the rights issue for every two shares they now hold, the
report relays.

If all the shares are subscribed this will raise a total of TT$362
million or US$56 for the company, the report adds.  Sierra
Trading, a subsidiary of Mexico cement giant CEMEX, is the
backstop shareholder in the rights issue.

                        *     *     *

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.


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


CITGO HOLDING: S&P Retains B- CCR on Debt Offer Add-On
------------------------------------------------------
Standard & Poor's Ratings Services said that its corporate credit,
senior secured debt, and recovery ratings and outlook on CITGO
Petroluem Corp. and its holding company CITGO Holding Inc. are not
affected after CITGO Holding announced its plans to upsize its
$2.5 billion senior secured debt offering to $2.8 billion and
enhance repayment and collateral provisions, and after Standard &
Poor's lowered its corporate credit rating on Petroleos de
Venezuela S.A., the parent company of CITGO Holding, to 'CCC'.  In
S&P's view, the additional debt results in only a very modest
decline in S&P's current expectations for financial performance,
which S&P assess as "highly leveraged."  On a pro forma basis with
the revised debt offering, S&P anticipates funds from operations
to debt of about 11.8% and debt to EBITDA of about 3.8x.  S&P
continues to believe it's unlikely that CITGO Petroleum and CITGO
Holding will be drawn into an insolvency proceeding at the PDVSA
group level if such a development occurs.

RATINGS LIST

Ratings Unaffected
CITGO Petroleum Corp.
Corporate Credit Rating                B-/Stable/--
Senior Secured                         B+
Recovery Rating                        1

CITGO Holding Inc.
Corporate Credit Rating                B-/Stable/--
Senior Secured                         B-
Recovery Rating                        3


VENEZUELA: New Exchange Rate System Criticized by Opposition
------------------------------------------------------------
EFE News reports that the new exchange rate measures announced by
the Venezuelan government have been received with skepticism by
the political opposition as well as by some economists who oppose
the government.

Two-time presidential candidate and governor of Miranda, Henrique
Capriles, called the measures nothing but "a play on words",
saying that the government had handed the people just another
devaluation, according to EFE News.


                            ***********


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

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

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


                            ***********


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

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

Copyright 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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