TCRLA_Public/150218.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, February 18, 2015, Vol. 16, No. 034


                            Headlines



B R A Z I L

AMERICA LATINA: Fitch Affirms 'BB-' IDR; Outlook Revised to Stable
AMERICA LATINA: Rumo Merger is Credit Positive says Moody's
COMPANHIA DE SANEAMENTO: Moody's Affirms Ba1 CFR; Outlook Neg.


C A Y M A N  I S L A N D S

ALTIMA GLOBAL: Shareholders Receive Wind-Up Report
ALTIMA GLOBAL MASTER: Shareholders Receive Wind-Up Report
ALTIMA INDIA: Shareholders Receive Wind-Up Report
ASHTON FUNDS: Shareholder Receives Wind-Up Report
BBR ATLANTIC: Shareholder Receives Wind-Up Report

CARAMBULA TRADING: Sole Member Receives Wind-Up Report
E-YOUNG INTERNATIONAL: Shareholders Receive Wind-Up Report
HANMI HOLDING: Shareholder Receives Wind-Up Report
KAIROS FOCUS: Shareholders Receive Wind-Up Report
LIBERTY STAR: Members Receive Wind-Up Report

MAYSTONE HOLDINGS: Shareholders Receive Wind-Up Report
NEXSTAR EMERGING: Shareholder Receives Wind-Up Report
OERLIKON GROUP: Shareholders Receive Wind-Up Report
ONE AND ONLY: Shareholders Receive Wind-Up Report
OUTRIGHT VENTURES: Members Receive Wind-Up Report

VLT (CAYMAN): Shareholders Receive Wind-Up Report
VLT II (CAYMAN): Shareholders Receive Wind-Up Report
VLT III (CAYMAN): Shareholders Receive Wind-Up Report
VLT IV (CAYMAN): Shareholders Receive Wind-Up Report
YCAP SPC: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Securities Mum on Bill Could Hobble Thriving Bourse
DOMINICAN REP: CDEEE Starts Process on Future Calls for Tenders


E C U A D O R

IPR CAPITAL: In Provisional Liquidation


                            - - - - -


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B R A Z I L
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AMERICA LATINA: Fitch Affirms 'BB-' IDR; Outlook Revised to Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of America Latina Logistica S.A. (ALL) at
'BB-' and its National Scale long-term rating at 'A(bra)'.  Fitch
has also affirmed the ratings of ALL's subsidiaries and their
respective unsecured debentures at 'A(bra)'.  At the same time,
the Rating Outlook for all corporate ratings is revised to Stable
from Positive.

ALL's Rating Outlook revision follows the announcement on Feb. 11,
2015, that Conselho Administrativo de Defesa Economica (CADE) (the
Brazilian antitrust authority) approved the merger of shares
issued by ALL into Rumo Logistica Operadora Multimodal (Rumo), a
subsidiary of Cosan Group.  Fitch believes that the combined
entity will enter into a new aggressive capex plan over the next
few years, resulting in leverage ratios above Fitch's initial
expectations for ALL in the coming years.  The new entity should
carry a net adjusted debt-to-EBITDAR ratio ranging 4.5x-5.5x
during the next two years, compared with a ratio below 4.0x from
2015 onwards, previously projected by Fitch for ALL.

Fitch continues to see the merger of ALL with Rumo as positive for
ALL's creditors in terms of Cosan Group participating in its
shareholder structure.  The merger will also allow the company to
benefit from synergies between the two companies' logistics
business model.  The closing of the deal is pending the conclusion
of an Agreement in Concentration Control (ACC).  Through the ACC,
the companies will adopt certain behaviors in order to eliminate
competition concerns.  The behavioral obligations under the ACC
will remain in force for a period of up to seven years, primarily
aiming to ensure equal service to rail freight transportation
users, mainly through strengthening governance rules, adopting
transparency on pricing criteria and limiting the use of rail
freight transportation services by related parties.

ALL's ratings reflect the company's consistent cash flow
generation through the economic cycle as well as its solid
business position in the Brazilian railroad industry.  The
company's adequate financial flexibility and its evenly scheduled
debt amortization program are also positive rating considerations.

KEY RATING DRIVERS

High Leverage; Decline is Not Expected So Far:

ALL's high leverage is expected to increase after the merger with
Rumo.  Fitch expects an aggressive capex program in the coming
years mainly financed by debt in order to improve the new entity's
operational capacity.  On a pro forma basis, considering the last
12 months (LTM) ended Sept. 30, 2014, the combined entity net
adjusted debt-to-EBITDAR ratio was 4.2x, while Fitch's current
base case indicates that this ratio should increase to the range
of 4.5x-5.5x during 2015 and 2016.  These figures differ from
Fitch's previous expectation of net leverage below 4.0x on a
sustainable basis, as of year-end 2015.  Fitch expects ALL will be
able to start its deleveraging process as of 2017 when the capex
matures.  Pro forma total adjusted debt was approximately BRL12.4
billion at the end of September 2014.

Future FCF Trends Negative:

Despite the positive trend in the combined entity's combined funds
from operations (CFFO), the expected substantial capex plan will
add pressure on its cash flow and prevent it to generate positive
free cash flow (FCF).  Fitch believes the new entity's capex
during 2015 and 2016 should substantially exceed our ALL's
standalone capex forecasts of BRL900 million per year in the
period.  The new company will be challenged to consistently
increase its operational cash flow in order to generate positive
FCF after the investments mature.

Solid Business Position:

The ratings incorporate ALL's solid business position as the sole
railroad transportation operator in the South and Mid-Western
regions of Brazil, areas with high growth potential due to stable
global demand for grain.  Although ALL faced some operating
challenges during 2013 and 2014, the long-term fundaments of its
businesses remain strong.  The company's operating model has
demonstrated resilience to adverse global economic conditions
through several cycles.  The company has shown to be able to
increase volumes transported in the last years, during diverse
economic scenarios.  Fitch understands that the merger with Rumo
will strengthen ALL's business profile as it combines important
operational logistics assets and new business opportunities to the
rail operation under Cosan Group.

Adequate Liquidity & Well-Scheduled Debt Payments:

Fitch expects ALL to continue to show a conservative financial
discipline after the merger with Rumo.  On Sept. 30, 2014, pro
forma cash and marketable securities was approximately BRL2.2
billion, while the combined company had BRL2.4 billion of debt due
during the next 12 months.  The exposure to refinancing risk is
manageable, as reflected by its pro forma ratios of cash to short-
term debt of 0.9x.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- The merger will occur during the first quarter of 2015;
   -- Mid-single digit revenues growth in 2015 and 2016; 20%
      revenue increase in 2017;
   -- EBITDA margin of about 42% in 2015; gradual increase to 47%
      in 2017 considering synergies and gains of scale;
   -- Capex substantially exceeds the BRL900 million per year from
      2015 to 2017;
   -- Adjusted net debt to EBITDAR at the range of 4.5x-5.5x in
      2015 and 2016.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a positive rating action include:

   -- Improvement in the combined entity credit metrics, with the
      adjusted net leverage trending below 4x in a sustainable
      basis;
   -- EBITDAR margin consistently above 45%.

Future developments that may, individually or collectively, lead
to a negative rating action include:

   -- Deterioration in the combined entity's operational
      performance, with declining volumes trend;
   -- Net adjusted leverage consistently above 5.5x, with no
      perspective to return to the historical levels.

Fitch has affirmed these ratings:

ALL
   -- Long-term foreign and ocal currency IDRs at 'BB-';
   -- Long-term national tating at 'A(bra)';
   -- Long-term national rating of the 8th debenture issue at
      'A(bra)';
   -- Long-term national rating of the 9th debenture issue at
      'A(bra)';
   -- Long-term national rating of the 10th debenture issue at
      'A(bra)'.

ALL Malha Sul S.A.
   -- Long-term national scale rating at 'A(bra)';
   -- Long-term national rating of the 3rd debenture Iisue at
      'A(bra)'.

ALL Malha Norte S.A.:
   -- Long-term national scale rating at 'A(bra)';
   -- Long-term national rating of the 6th debenture issue at
      'A(bra)';
   -- Long-term national rating of the 8th debenture issue at
      'A(bra)'.

ALL Malha Paulista S.A.
   -- Long-term national scale rating at 'A(bra)';
   -- Long-term national rating of the 1st debenture issue at
      'A(bra)'.

The Rating Outlook for the corporate ratings is revised to Stable
from Positive.


AMERICA LATINA: Rumo Merger is Credit Positive says Moody's
-----------------------------------------------------------
Moody's commented that CADE's approval of the merger between ALL -
- America Latina Log¡stica S.A. (Ba3 stable) and Rumo Logistica
Operadora Multimodal S.A. (not rated) is credit positive for ALL.
CADE's imposed restrictions will not result in material impact on
the company's operations because they do not require the sale of
assets and do not prohibit, just limit, the transportation
services to related parties, which in our view is credit positive.
Moody's don't anticipate any immediate impact on the ratings.

The publication does not announce a credit rating action.


COMPANHIA DE SANEAMENTO: Moody's Affirms Ba1 CFR; Outlook Neg.
--------------------------------------------------------------
Moody's America Latina Ltda. affirmed the Ba1 global scale, local
currency as well as the Aa2.br Brazilian national scale, local
currency corporate family ratings of Companhia de Saneamento de
Minas Gerais S.A.("COPASA").  Moody's also affirmed the Ba1 and
Aa2.br global scale, local currency as well as the NSR, local
currency ratings, respectively, of COPASA's outstanding BRL250
million senior unsecured, non-convertible debentures issued in
2014 as well as the BRL400 million senior unsecured debentures
issued in 2012.  In addition, Moody's lowered the Baseline Credit
Assessment (BCA) of the company to ba2 from ba1.  At the same
time, Moody's changed the outlook to negative from stable for all
ratings.

The Ba1 and Aa2.br corporate family ratings reflect COPASA's
adequate credit metrics for its rating category along with its
stable and predictable operating cash flows derived from long-term
concession contracts executed with 74% of the municipalities in
the State of Minas Gerais (Baa3 negative), an above average
operating efficiency as compared with domestic peers, low
delinquency rates, diversified customer base, evolving regulatory
framework and expected support from the State given COPASA's role
as provider of essential services.  Moody's also expect that the
Company will continue to stay focused on its core business (i.e.
the provision of water and sewage services) by continuing to grow
its portfolio of water and sewage concessions and customers,
delivering high quality services in an efficient manner to its
customers.

Notwithstanding COPASA's stable operating cash flows, the lowering
of the BCA to ba2 from ba1 reflects the fact that the Company has
been facing a severe drought in the State of Minas Gerais, with
low water reservoir levels and unfavorable rainfall conditions.
In order to mitigate the effect of the ongoing drought, the
Company asked its customers to voluntarily cut their consumption
by 30%, otherwise the current reservoirs would not be enough to
supply the population for more than three months, considering that
the rainfall conditions remain as they are now.  This reduction
will impact directly the Company's operating revenues and cash
flow.  The lowering of COPASA's BCA also reflects the high
dependence on the State of Minas Gerais due to the exposure of
common credit risks, such as shared industry exposure and
potential political interference.

The change of outlook to negative from stable reflects our
expectation of the continuation of the severe drought scenario,
which has increased the risk of water rationing, which could
drastically impact COPASA's operating revenues and cash flows.  At
the same time, COPASA's ratings continue to be somewhat
constrained by its large CAPEX investment program and the
potential political interference given the importance of the
services provided by COPASA to a large portion (70%) of the
State's population.

COPASA has invested, on average, around BRL800 - 900 million per
year. This level of CAPEX is expected to continue in 2015,
stabilizing around BRL700 million per year thereafter.  Therefore,
COPASA needs to continue to raise low cost, long-term financing in
line with the long term nature of its CAPEX program.

The State of Minas Gerais controls COPASA by holding 51.1% of its
voting shares. Consequently, COPASA is a Government-Related Issuer
(GRI) in accordance with Moody's rating methodology entitled
"Government-Related Issuers".  Moody's methodology for GRIs
incorporates the Company's stand-alone credit risk profile or
Baseline Credit Assessment (BCA) as well as the likelihood that a
government would provide support to the Company to help it meet
its debt obligations, when needed.

On Sept. 16, 2014, while Moody's affirmed the State of Minas
Gerais' rating at Baa3 (global scale, local and foreign currency),
Moody's revised the outlook to negative from stable.  In our view,
the reduction of economic growth perspectives in Brazil and the
ongoing deterioration of the sovereign's fiscal position have a
direct impact on the operating environment of Brazilian states and
municipalities.  In addition, the fiscal position of Brazilian
states and municipalities could see some deterioration resulting
from our expectation of lower revenues, both own-source revenues
but also through a reduction of federal transfers.  In the context
of expenditure rigidities, a sustained reduction in the revenue
stream would exert pressure on the credit quality of Brazilian
states and municipalities.

An upward rating action would require: (i) a relevant increase in
the water reservoir levels that would normalize the Company's
operations; (ii) a timely and well-implemented program of water
consumption reduction; (iii) a stronger perceived support from the
State of Minas Gerais, given that COPASA is a GRI; (iv) more
transparency in the Company's information disclosure practices;
(v) the implementation of a market-based tariff review
methodology; (vi) the perceived absence of political interference
in the State's water sector legal and regulatory framework; (vii)
the continued access to sources of financing in line with the
long-term nature of COPASA's business; and (viii) credit metrics
in line with the Baa3 rating category, according to our Global
Regulated Water Utilities methodology.

Downward rating pressure could result from: (i) the Company's
failure to implement a timely and well-succeeded program of water
consumption reduction; (ii) further deterioration of the rainfall
conditions in the State that would drastically impact COPASA's
future operating revenues and cash flows; (iii) tariff adjustments
that do not reflect, at a minimum, official inflation; (iv)
political interference which could affect COPASA's operating and
financial performance; (v) weaker perceived support from the State
of Minas Gerais as a result of a downgrade of the State; (vi)
deteriorating liquidity; and (vii) breach of financial covenants
due to deteriorating metrics.

Companhia de Saneamento de Minas Gerais S.A. -- COPASA was founded
in 1963.  It is the second largest state water and sewage company
in Brazil, serving 14.9 million people, which corresponds to
approximately 70% of the total population of the State of Minas
Gerais, through its 48,151 km water distribution and 23,092 km
sewage collection networks (as of September 2014).  COPASA is
controlled by the State of Minas Gerais (Baa3/NEG), which owns
51.1% of COPASA's voting shares; the remaining are listed on the
domestic BM&FBOVESPA's stock exchange (Symbol: CSMG3).  The
majority of the floated shares are held by foreign investors.

COPASA's customers are spread across 631 municipalities, which
corresponds to 74% of the State's 853 municipalities.  COPASA has
concessions to operate water-only services in 343 municipalities,
and water and sewage services in 288 municipalities.  COPASA
fully-owns three operating subsidiaries: (i) COPASA Aguas Minerais
de Minas S/A, which explores and commercializes mineral water;(ii)
COPASA Servicos de Saneamento Integrado do Norte e Nordeste de
Minas Gerais S/A - Copanor, which provides water and sewage
services to the northern region of MG; and (iii) COPASA Servicos
de Irrigacao S/A, which provides irrigation services for the Jaiba
project. In the first nine months of 2014, these subsidiaries
generated net operating revenues of BRL15.1 million, which
accounted for only 0.5% of COPASA's consolidated operating
revenues.

In the last twelve months ended on Sept. 30, 2014, the population
being supplied with water, increased by 453 thousand inhabitants,
representing growth of 3.1% compared to the same period in 2013,
reaching about 14.9 million inhabitants.  This increase was a
result of water supply capacity expansions in several
municipalities.  With respect to sewage services, the population
being supplied increased from 9,234 thousand in 3Q2013 to 9,680
thousand in 3Q2014, representing an increase of 446 thousand in
the number of people served, a growth of 4.8%.  This increase was
a result of the implementation of sewage systems in several
municipalities already being supplied with water.

In the last twelve months ended on Sept. 30, 2014 , COPASA had net
operating revenues (excluding construction revenues) from water
and sewage services of about BRL3.15 billion, an increase of 4.3%
over net operating revenues in 2013 (BRL 3.02 billion).  According
to our standard adjustments, EBITDA stood relatively flat at
BRL1.21 billion in the LTM ended on Sept. 30, 2014 versus BRL1.19
billion in the FY 2013, while net income had a slight decrease to
BRL402.8 million from BRL419.8 million in the previous year.

The methodologies used in this rating was Global Regulated Water
Utilities published in December 2009.  Other methodologies used
include Government-Related Issuers methodology published in
October 2014.

Moody's National Scale 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 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 ratings, please refer to Moody's Rating
Methodology published in October June 20142 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings".


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


ALTIMA GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Altima Global Special Opportunities Fund
Limited received on Dec. 30, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          c/o Tamara Hill
          e-mail: Tamara.Hill@Elian.com
          89 Nexus Wa, Camana Bay
          P.O Box KY1-9007 Cayman Islands


ALTIMA GLOBAL MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Altima Global Special Opportunities Master
Fund Limited received on Dec. 30, 2014, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          c/o Tamara Hill
          89 Nexus Wa, Camana Bay
          P.O Box KY1-9007 Cayman Islands


ALTIMA INDIA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Altima India Fund Limited received on Dec. 30,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Stephen Sargison
          c/o Tamara Hill
          89 Nexus Wa, Camana Bay
          P.O Box KY1-9007 Cayman Islands


ASHTON FUNDS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Ashton Funds Management Limited received
on Jan. 15, 2015, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


BBR ATLANTIC: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of BBR Atlantic Fund, 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:

          BBR Partners, LLC
          c/o Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


CARAMBULA TRADING: Sole Member Receives Wind-Up Report
------------------------------------------------------
The sole member of Carambula Trading II (Cayman) 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:

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


E-YOUNG INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of E-Young International Energy Holdings Company
Limited received on Dec. 30, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ying Wang
          No. 139-1-2-1
          Hutan Road
          Zhongshan District
          Dalian City
          Liaoning Province
          PRC
          Telephone: 86 0464 8530460


HANMI HOLDING: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Hanmi Holding Company received on Jan. 15,
2015, the liquidator' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

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


KAIROS FOCUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Kairos Focus Fund Ltd received on Jan. 12,
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


LIBERTY STAR: Members Receive Wind-Up Report
--------------------------------------------
The members of Liberty Star Limited received on Jan. 15, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


MAYSTONE HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Maystone Holdings Ltd. received on Jan. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michael Wheaton
          Telephone (345) 640 5555
          PO Box 31661 2nd Floor
          Regatta Office Park, Windward III
          Grand Cayman KY1-1207
          Cayman Islands


NEXSTAR EMERGING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The sole shareholder of Nexstar Emerging Markets Opportunity
Master Fund, Ltd. received on Jan. 14, 2015, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Robert Taylor
          c/o Jacqueline Haynes
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


OERLIKON GROUP: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Oerlikon Group Investments Ltd. received on
Jan. 12, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Frank Dubuisson
          6 Bis Boulevard Princesse Charlotte
          Monte Carlo 98000
          Monaco
          Telephone: +377 97 70 23 00
          Facsimile: +377 97 70 23 01


ONE AND ONLY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of One and Only Ltd. received on Jan. 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

           Trident Liquidators (Cayman) Ltd.
           c/o Lisa Thoppil
           Telephone: (345) 949 0880
           Facsimile: (345) 949 0881
           One Capital Place, 4th Floor
           P.O. Box 847, George Town,
           Grand Cayman, KY1-1103
           Cayman Islands


OUTRIGHT VENTURES: Members Receive Wind-Up Report
-------------------------------------------------
The members of Outright Ventures Limited received on Jan. 15,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


VLT (CAYMAN): Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of VLT (Cayman) Ltd. received on Jan. 23, 2015,
the liquidator' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David S. Zemel
          Venor Capital Management LP
          c/o John H. Roth
          7 Times Square, Suite 4303
          New York, New York 10036
          Telephone: (212) 703-2135
          e-mail: jroth@venorcapital.com


VLT II (CAYMAN): Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of VLT II (Cayman) Ltd. received on Jan. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David S. Zemel
          Venor Capital Management LP
          c/o John H. Roth
          7 Times Square, Suite 4303
          New York, New York 10036
          Telephone: (212) 703-2135


VLT III (CAYMAN): Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of VLT III (Cayman) Ltd. received on Jan. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David S. Zemel
          Venor Capital Management LP
          c/o John H. Roth
          7 Times Square, Suite 4303
          New York, New York 10036
          Telephone: (212) 703-2135


VLT IV (CAYMAN): Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of VLT IV (Cayman) Ltd. received on Jan. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David S. Zemel
          Venor Capital Management LP
          c/o John H. Roth
          7 Times Square, Suite 4303
          New York, New York 10036
          Telephone: (212) 703-2135


YCAP SPC: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of YCAP SPC received on Jan. 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REP: Securities Mum on Bill Could Hobble Thriving Bourse
------------------------------------------------------------------
Dominican Today reports that Dominican Republic Bourse Traders
Association (APB) Director Clara Gonzalez warned that Securities
superintendent Gabriel Castro refuses to organize a debate between
the public and private sectors prior to an amendment of Law 19-00
and stated concern that a regulation could be approved that would
brake the growth sector's.

Ms. Gonzalez said the regulator has rejected nearly all of their
observations to draft laws -- five in less than a year -- without
explaining the criteria to not accept them or open a debate to
reach agreements, according to Dominican Today.

In a visit to Diario Libre editor-in-chief Adriano Miguel Tejada,
Ms. Gonzalez said the proposed legislation aims to change the
sector's operational framework to return to the commission system
in place in 2006, when there were just five stock brokers and
transactions tended not to exceed RD$1.0 million, the report
notes.  In this model, "there are two buying and selling, the
parts agree on a price and based on this a commission is
generated," the report relates.

Ms. Gonzalez said now around RD$4.0 billion are traded each day,
there are 17 brokerage houses and work similar to an investment
bank "where dealers trade, take risks and then divide into
fractional quantities towards the public both institutional as the
small investor," the report notes.

The report discloses that APB legal advisor Omar Victoria warned
that the bill changes the business model which Law 19-00
stipulates, such as OTC trading (stock exchange) and removing the
second and creating "a mechanism they call OTC, who all told
replicates all obligations of the market."

"We do not understand why the government wants to close down a way
that the same government is using for funding and development,"
Mr. Victoria said, noting that despite Castro's pledged to form a
working group involving the public and private sectors, that
"hasn't happened," says the report.

The report relays that Ms. Gonzalez said the traders want to
debate the amendment not only with the Securities Superintendence,
but also with the Central Bank, Finance Ministry, Internal Taxes
and the Economy Ministry "which interact in a way or another ( . .
.) in the process of buying and selling securities."


DOMINICAN REP: CDEEE Starts Process on Future Calls for Tenders
---------------------------------------------------------------
Dominican Today reports that Dominican Republic's State-owned
Electric Utility (CDEEE) opened the first round of statements-of-
interest to participate in future calls for tenders to buy energy
for the distributors Edenorte, Edesur and Edeeste.

Starting Feb. 17, the CDEEE will be receiving proposals from
established local or foreign companies interested in participating
in the processes, according to Dominican Today.

The company said the process for contracts for electricity to be
supplied in different future periods, the first in August, 2016,
the report notes.

In a statement, the CDEEE said statements-of-interest must be
submitted at its headquarters, located at the Centro de los Heroes
(La Feria), the report relates.


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E C U A D O R
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IPR CAPITAL: In Provisional Liquidation
---------------------------------------
wired-gov.net reports that IPR Capital Ltd, a company who sold
partnerships in a gold mining company in Ecuador as investments,
has been placed into provisional liquidation following an
investigation by Company Investigations of the Insolvency Service.

IPR Capital Ltd sold partnerships in a limited partnership that it
wholly controlled, IPR Capital Mining 06 LP, to members of the
public via a network of sales agents, according to wired-gov.net.

The report notes that the role of the provisional liquidator is to
protect assets in the possession or under the control of the
company pending the determination of the petition.  The
provisional liquidator also has the power to investigate the
affairs of the company insofar as it is necessary to protect
assets including any third party or trust monies or assets in the
possession of or under the control of the company, the report
relates.

The case is now subject to High Court action and no further
information will be made available until a petition to wind up the
company is heard in the High Court on April 1, 2015, the report
discloses.

The report relays that the petition was presented under s124A of
the Insolvency Act 1986.  The Official Receiver was appointed as
provisional liquidator of the company on February 2, 2015 by Mr
Justice Nugee.

Company Investigations, part of the Insolvency Service, uses
powers under the Companies Act 1985 to conduct confidential fact-
finding investigations into the activities of live limited
companies in the UK on behalf of the Secretary of State for
Business, Innovation & Skills (BIS), the report notes.

Company Investigations, part of the Insolvency Service, uses
powers under the Companies Act 1985 to conduct confidential fact-
finding investigations into the activities of live limited
companies in the UK on behalf of the Secretary of State for
Business, Innovation & Skills (BIS), the report adds.

IPR Capital Ltd was incorporated on February 8, 2013, registration
number 08394553.  The registered office of the company is at 68
Lombard Street, London, EC3V 9LJ.  The recorded directors of the
company are Stephen John Mayne, Robert Alexander Hall and Ronald
Skelton.


                            ***********


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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