TCRLA_Public/150220.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 20, 2015, Vol. 16, No. 036


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Head Foresees No More Job Cuts


B R A Z I L

ENEVA SA: Proposes up to 65% Debt Haircut in Bankruptcy Plan
PETROLEO BRASILEIRO: Corruption Scandal Threatens Brazil's Economy


C A Y M A N  I S L A N D S

ADVANCE LEAD: Commences Liquidation Proceedings
BLUE VALLEY: Commences Liquidation Proceedings
CDO ACCENT: Commences Liquidation Proceedings
CHENGDU INVESTMENT: Commences Liquidation Proceedings
CHENGDU INVESTMENT (HOLDINGS): Commences Liquidation Proceedings

CHINA OPPORTUNITIES: Placed Under Voluntary Wind-Up
CQS CONVERTIBLE: Commences Liquidation Proceedings
DORCHESTER CAPITAL: Commences Liquidation Proceedings
EASTERN ATLANTIC: Commences Liquidation Proceedings
EASTERN ATLANTIC RE: Commences Liquidation Proceedings

EDINBURGH INVESTMENT: Commences Liquidation Proceedings
EMRYS OFFSHORE: Commences Liquidation Proceedings
FIRST OAK: Commences Liquidation Proceedings
GOOD HARBOR: Commences Liquidation Proceedings
INFRASTRUCTURE INVESTMENT: Commences Liquidation Proceedings

LB OFFSHORE: Placed Under Voluntary Wind-Up
LIBYA FUND: Commences Liquidation Proceedings
LUMINUS INVESTMENT: Placed Under Voluntary Wind-Up
MOLLY HOLDINGS: Commences Liquidation Proceedings
OLD HEAD: Placed Under Voluntary Wind-Up

OPMI LTD: Commences Liquidation Proceedings
OTCE INVESTMENTS: Commences Liquidation Proceedings
ROTELLA POLARIS 2x: Commences Liquidation Proceedings
ROTELLA POLARIS 2x MASTER: Commences Liquidation Proceedings
SHORECAP INTERNATIONAL: Commences Liquidation Proceedings

SOUTH STRATEGIC: Commences Liquidation Proceedings
WATERVILLE RE: Placed Under Voluntary Wind-Up
WEAVERING CAPITAL: 'Incompetent' Directors Escape $111MM Fine
WL II LIMITED: Commences Liquidation Proceedings
YAAF COLD: Commences Liquidation Proceedings

YAAF COLD II: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: State Should Buy Venezuela's 49% Stake in Refinery


P U E R T O    R I C O

PUERTO RICO: Judge Threatens Plan to Avert Financial Catastrophe
PUERTO RICO: Moody's Downgrades Rating on $48BB Debt


                            - - - - -


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


LIAT: Head Foresees No More Job Cuts
------------------------------------
The Daily Observer reports that while he has admitted LIAT,
operating as Leeward Islands Air Transport, has gotten too big,
Chief Executive Officer David Evans said it is unlikely that the
company will see any further job cuts after nearly 200 workers are
sent home this year.

Mr. Evans said the 180 staff members to be severed will be offered
a voluntary separation package that should be complete by the end
of 2015, according to The Daily Observer.

Mr. Evans, however, added the company may consider outsourcing
around 200 ground handling jobs in the future, the report relates.

Former LIAT flight operations manager Patrick Ryan said that even
with the proposed job cuts LIAT was still significantly
overstaffed, the report notes.  However, Mr. Evans said he feels
the reduction will be adequate, the report relays.

"I think that staff numbers is something that you look at on an
ongoing basis.  For instance, we have over 200 people working at
airports throughout the region in St Vincent, St Lucia, Dominica
and so on.  So that's quite a large number . . .  but I would say
that that number is probably close to where we should be getting,"
the report quoted Mr. Evans as saying.

The report notes that Mr. Evans said the cuts will come from all
levels, including LIAT management and administration, pilots, and
other crew members.

Mr. Evans added that along with the impending job losses, some
LIAT workers will have to relocate as the company shifts two
aircraft from Antigua to the new fleet base in Barbados, the
report relays.

While Mr. Evans could not yet give definite numbers, Evans said
those affected will be almost exclusively pilots and flight
attendants and a small number of engineers, the report discloses.

"We will have to see exactly what schedule we plan to operate . .
. but if you ask at this point I'd imagine the number of pilots
transferring would be between 20 and 25, (and) flight attendants
will probably be a figure of less than 10," Mr. Evans added, notes
the report.

                           About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2014, Caribbean360.com said that chairman of the
shareholder governments of the financially troubled regional
airline, LIAT, operating as Leeward Islands Air Transport, Dr.
Ralph Gonsalves said while he is unaware of the details regarding
any possible retrenchment of employees, the airline needs to deal
with its high cost of operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer.


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


ENEVA SA: Proposes up to 65% Debt Haircut in Bankruptcy Plan
------------------------------------------------------------
Reuters reports that creditors of Eneva Participacoes SA (Eneva
SA) stand to lose as much as 65 percent of their investment in the
Brazilian power producer as part of a bankruptcy protection plan
unveiled on Feb. 12.

Eneva SA, which in December filed for protection from creditors
after failing to honor part of BRL2.33 billion ($822 million) in
debt, offered a lump sum of BRL250,000 to each unsecured creditor,
according to a securities filing, Reuters notes.

Creditors who accept the largest discounts will be given top
priority when it comes to repayments, the filing said, according
to Reuters.

The report relates that the plan, which Eneva SA's board approved
and was presented to a bankruptcy court in Rio for future
discussion, includes a so-called debt haircut between 40 percent
and 65 percent of the value of credits.  The report discloses that
the company declined to elaborate on the specifics of the
proposal.

Creditor approval is key to ensure Eneva, which is jointly
controlled by Germany's E.ON SE and former billionaire Eike
Batista, stays afloat amid surging energy costs in Latin America's
largest economy, the report relays.  Under terms of the plan, the
company will seek a BRL3 billion capital increase through a
placement of shares at BRL0.15 each, the report notes.

The company, formerly MPX Energia SA, filed for bankruptcy
protection on Dec. 10, after failing to refinance its debt, the
report recalls.

Eneva SA operates several thermal power plants in Brazil with a
total installed capacity of 2.9 GW.  The company also has
interests in gas exploration fields in the country.

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2014, Juan Pablo Spinetto at Bloomberg News reported that
Eneva Participacoes SA (Eneva SA), the Brazilian utility
controlled by EON SE (EOAN) and Eike Batista, filed for bankruptcy
protection, becoming the fourth venture founded by the former
billionaire to seek creditor protection in just more than a year.

Eneva, which Batista set up as MPX Energia SA in 2001, filed the
request to a court in the state of Rio de Janeiro, where the
company is based, it said in a statement obtained by Bloomberg
News.  The petition, called a judicial recovery in Brazil, comes
after failure to renew a deal between the company and its lenders
to suspend debt payments, Eneva SA said, according to the report.


PETROLEO BRASILEIRO: Corruption Scandal Threatens Brazil's Economy
------------------------------------------------------------------
Dan Horch writing for The New York Times' DealBook reports that
the accusations of corruption at Brazil's state-controlled
petroleum giant Petroleo Brasileiro S.A. have already led to a
political scandal and a change in management.  Now, the problems
are threatening other Brazilian companies and may even tip the
country into recession, says the report.

It would be hard to overstate Petrobras's importance in Brazil,
according to The New York Times' DealBook.  It produces more than
90 percent of the country's petroleum, owns all of the nation's
refineries, operates more than 21,000 miles of pipelines,
dominates wholesale gas and diesel distribution, and even owns the
largest chain of service stations, the report relates.

"The government's plan was to make Petrobras as big as possible,"
the report quoted Samuel Pessoa, an economist at the Fundacao
Getulio Vargas in Rio de Janeiro, as saying.  Mr. Pessoa estimated
that the company, through its own operations and its
subcontractors, was responsible for about a tenth of Brazil's
economic output, the report relates.

In the wake of a police investigation, called Operation Car Wash,
that indicated that Petrobras's suppliers and subcontractors had
bribed executives in return for inflated contracts, the company
has halted payments on many projects, the report notes.  Petrobras
has also prohibited new contracts with some of the country's
biggest engineering and oil services firms, the report says.

The report discloses that the drop in the company's spending will
probably shave 0.75 percent off growth of the nation's economy
this year, Mr. Pessoa said -- enough to tip a sluggish economy
into a mild recession.

The company's moves are also threatening the bottom lines of
subcontractors, which are getting hit twice: Their cash flow has
plummeted and the crisis means that they cannot borrow money to
tide them over, the report relays.

Petrobras's problems are also spreading to Brazil's capital
markets, says The New York Times' DealBook.

Because of uncertainties over how much the company will have to
write down the value of some assets because of corruption,
Petrobras's auditor, PricewaterhouseCoopers, has refused to sign
its quarterly earnings release, the report relates.

Without an audited earnings release, Petrobras, with net debt of
$110 billion, cannot tap the global bond market, the report notes.

Since Petrobras was seen as the bluest of blue chips, its bonds
traditionally served as a benchmark for all Brazilian companies,
the report discloses.

Without that benchmark, other companies in Brazil are not even
trying to use the bond market, says the report.

Local companies sold $37 billion in global bonds last year,
according to Dealogic.  Since November, when Petrobras failed to
produce an audited earnings release, not a single Brazilian
corporate bond issue has come to market, the report notes.
January is usually a good month for Brazilian companies to sell
bonds.  In January 2014, they sold nearly $6.5 billion worth, the
report relays.

"A few companies with strong balance sheets could still sell
bonds, but they would pay more than before, so they're staying
away. There are other companies who really need to raise money
right now, and they can't do it," the report quoted Marcel
Kussaba, director of equity and debt research at the Brazilian
asset manager Quantitas, as saying.

One Petrobras subcontractor, Alumini, has already asked for a
bankruptcy court's protection, claiming that Petrobras owes it
BRL1.2 billion, or $420 million, the report relates.

OAS, the country's fifth-largest engineering company and a major
Petrobras subcontractor, has missed bond payments and is trying to
negotiate with creditors to avoid bankruptcy, the report relays.
OAS has BRL7.9 billion in debt, or about $2.8 billion, including
nearly $1.8 billion in bonds, many held by foreign investors, the
report discloses.

The drilling company Sete Brasil is said to be negotiating with
state-owned banks to raise $4.5 billion to keep afloat, notes the
report.

But because current or former executives of Sete Brasil, as well
as OAS and Alumini, are under investigation on accusations of
funneling money from inflated contracts to politicians and
Petrobras executives, this loan may not be possible, says the
report.

According to The New York Times' DealBook, Sete Brasil owes $4.3
billion to banks.  Three banks are also among the company's
owners, including BTG Pactual, which holds the biggest stake, 27
percent.  The company's owners have invested an additional $3
billion, but because such investments are often through
instruments that contain co-investors, these banks' exposure may
be less.

If Sete Brasil fails, the companies under contract to build its
rigs will also suffer, the report relates.

Similar problems can be expected throughout the construction and
energy sectors as Petrobras's subcontractors -- many of them giant
companies -- cut spending, even if they avoid bankruptcy, the
report discloses.

"We are going to see a lot of companies in the sector closing,"
the report quoted Adriano Pires, director of the Brazilian Center
for Infrastructure, as saying.

Others will have to sell assets to survive, says the report.

"Because of the Car Wash investigation, there will be specific
sectors, particularly in infrastructure, where we will see more
M.&A. activity this year," the report quoted Antonio Pereira,
Goldman Sachs's head of investment banking for Brazil, as saying.

Airports and highways are likely to be among the assets put up for
sale, Mr. Pereira said, the report notes.  Even as investment
banks look to profit from advising on mergers and acquisitions,
other banks could be hurt.

The report relays that the country's largest bank, the government-
controlled Banco do Brasil, has 11 percent of its loan portfolio
in energy, heavy construction and related sectors, according to a
study by the investment bank Brasil Plural.  Like Brazil's other
big banks, Banco do Brasil is not considered a bankruptcy risk
because it has strong reserves and a diverse income stream, as
well as implicit government support, the report notes.  But some
smaller banks are vulnerable.

Citing outsize exposure to construction companies by the midsize
bank Banco Pine, Moody's in January downgraded its debt deeper
into junk status and put it under review for additional
downgrades, the report says.

"I don't expect any banks to go bankrupt as a result of Car Wash,"
said Joao Augusto Salles, financial sector analyst at the Rio de
Janeiro investment consultant Lopes Filho, "but some might have to
be sold to bigger ones," the report relays.

Petrobras's first challenge is to calculate how much it must write
down the value of its assets because of corruption so that it can
release an audited balance sheet, the report notes.  If the
company fails to do so by June, owners of its $54.5 billion in
bonds could demand immediate repayment, the report relates.

Most analysts said that situation was unlikely, and even if it did
occur, it might not mean that the company would default on its
bonds, the report notes.  If any company in Brazil is too big to
fail, it's Petrobras, says The New York Times' DealBook.

"We think the government would step in or push local banks to
provide the necessary financing," the report quoted Brigitte
Posch, head of emerging market corporate debt at Babson Capital,
which owns Petrobras bonds, as saying.  "This company is just too
important to Brazil," Ms. Posch added.

                   About Petroleo Brasileiro

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
==========================


ADVANCE LEAD: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 12, 2014, the shareholders of Advance Lead Investments
(Cayman) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Albert Pond
          Harvest Capital Partners Limited,
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong
          People's Republic of China


BLUE VALLEY: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 28, 2014, the members of Blue Valley Fund resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CDO ACCENT: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 4, 2014, the sole shareholder of CDO Accent Fund Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          C.B. Strategy Ltd.
          c/o Michele Clivio
          308 East Bay Street
          P.O. Box N-7134 Nassau
          Bahamas
          Telephone: +1 (242) 677 6300
          e-mail: michele.clivio@corner.bs


CHENGDU INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 12, 2014, the shareholders of Chengdu Investment (Cayman)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Albert Pond
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong
          People's Republic of China


CHENGDU INVESTMENT (HOLDINGS): Commences Liquidation Proceedings
----------------------------------------------------------------
On Dec. 12, 2014, the shareholders of Chengdu Investment
(Holdings) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Albert Pond
          Harvest Capital Partners Limited,
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong
          People's Republic of China


CHINA OPPORTUNITIES: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 8, 2014, the sole member of China Opportunities H-B Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

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


CQS CONVERTIBLE: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 4, 2014, the shareholders of CQS Convertible and
Quantitative Strategies Feeder Fund Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DORCHESTER CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 4, 2014, the sole shareholder of Dorchester Capital
International Select Opportunities, Ltd. resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          Dorchester Capital Advisors International, LLC
          c/o Craig T. Carlson
          11111 Santa Monica Boulevard
          Suite 1250, Los Angeles
          California 90025
          United States of America
          Telephone: +1 (310) 402 5071
          e-mail: craig@dorchestercapital.com


EASTERN ATLANTIC: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 9, 2014, the members of Eastern Atlantic Holdings Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 29, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EASTERN ATLANTIC RE: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 9, 2014, the members of Eastern Atlantic RE resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 29, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EDINBURGH INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 8, 2014, the members of Edinburgh Investment Company
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EMRYS OFFSHORE: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 21, 2014, the shareholders of EMRYS Offshore Fund, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


FIRST OAK: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 10, 2014, the sole shareholder of First Oak Acorn Fund,
Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Scott Devinsky
          232 Circle Ave
          Ridgewood, NJ 07450
          USA
          Telephone: +1 (345) 914 6365


GOOD HARBOR: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 10, 2014, the shareholder of Good Harbor U.S. Tactical
Offshore Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


INFRASTRUCTURE INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------------------
On Dec. 8, 2014, the sole shareholder of Infrastructure Investment
No.2 Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Midtown Plaza, Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands


LB OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 5, 2014, the sole member of LB Offshore Long/Short Fund
(SPV), Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


LIBYA FUND: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 8, 2014, the sole shareholder of Libya Fund Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Thomas Kelly
          c/o John O'Driscoll
          Walkers
          6 Gracechurch Street
          London EC3V 0AT
          Telephone: +44 (0)20 7220 4987


LUMINUS INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 8, 2014, the sole member of Luminus Investment Partners,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MOLLY HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 11, 2014, the sole shareholder of Molly Holdings Cayman
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Takahiro Usui
          Ariake Frontier Building A
          3-7-26 Koto-ku; Tokyo 135-0063
          Japan


OLD HEAD: Placed Under Voluntary Wind-Up
----------------------------------------
On Dec. 10, 2014, the sole shareholder of Old Head RE, SPC
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          RSM Cayman Ltd.
          c/o Ian Lomas
          Telephone: (345) 743 3016
          Harbour Place, 2nd Floor
          George Town
          P.O. Box 10311 Grand Cayman KY1-1003
          Cayman Islands


OPMI LTD: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 4, 2014, the sole shareholder of OPMI, Ltd. resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Robert E. Stumpf
          McDermott, Inc.
          757 Eldridge Parkway, 14th Floor
          Houston Texas 77079
          United States of America
          Telephone: +1 (281) 870 5619
          e-mail: restumpf@mcdermott.com


OTCE INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 8, 2014, the members of OTCE Investments Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ROTELLA POLARIS 2x: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 5, 2014, the sole shareholder of Rotella Polaris 2x Fund,
Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Rotella Capital Management, Inc.
          800 Bellevue Way NE
          Suite 200, Bellevue
          WA 98004
          USA
          Telephone: +1 (312) 467 2700


ROTELLA POLARIS 2x MASTER: Commences Liquidation Proceedings
------------------------------------------------------------
On Dec. 5, 2014, the sole shareholder of Rotella Polaris 2x Master
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidators are:

          Rotella Capital Management, Inc.
          800 Bellevue Way NE
          Suite 200, Bellevue
          WA 98004
          USA
          Telephone: +1 (312) 467 2700


SHORECAP INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 5, 2014, the shareholders of Shorecap International, Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Equator Capital Partners LLC
          c/o 100 N. LaSalle Street
          Suite 1710, Illinois
          Chicago 60602
          USA


SOUTH STRATEGIC: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 28, 2014, the members of South Strategic Fund resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


WATERVILLE RE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 10, 2014, the sole shareholder of Waterville RE, SPC
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          RSM Cayman Ltd.
          c/o Ian Lomas
          Telephone: (345) 743 3016
          Harbour Place, 2nd Floor
          George Town
          P.O. Box 10311 Grand Cayman KY1-1003
          Cayman Islands


WEAVERING CAPITAL: 'Incompetent' Directors Escape $111MM Fine
-------------------------------------------------------------
International Adviser reports that the highest court in the Cayman
Islands has thrown out a record fine given to two directors who
operated a fund which caused investors to lose millions.

Stefan Peterson and Hans Ekstrom are the brother and step-father
of the former Weavering Capital boss, Magnus Peterson, who was
sent to jail for 13 years last month after his misconduct -- which
included multiple counts of fraud and forgery -- caused investors
to lose $530 million (GBP344 million, EUR465 million), according
to International Adviser.

In 2011, Mr. Peterson and Mr. Ekstrom -- who previously ran the
Cayman-domiciled Weavering Macro Fixed Income Fund -- were found
guilty of "willful neglect or default" and subsequently hit with
the record $111 million penalty, the report notes.

However, the pair filed a complaint against this decision and last
week the three Court of Appeal judges unanimously agreed to
withdraw the fine, three years after the appeal was heard, the
report relates.

Previously, Mr. Peterson and Mr. Ekstrom were said to have acted
in breach of their duties to exercise independent judgment and
take reasonable care, meaning they were personally liable for
damages, the report discloses.

But the appeal judges argued that there had been a lack of
evidence proving that the former directors had made a deliberate
and conscious decision to act in breach of their duty.
"Negligence, however gross, is not enough," said Justice Chadwick,
the report notes.

It was concluded that the directors' conduct, which included
signing documents they had not read, might have amounted to
"general incompetence" but that was insufficient to meet the legal
standards of "willful neglect or default," the report relays.

London-headquartered Weavering Capital went into administration in
March 2009.


WL II LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 9, 2014, the sole shareholder of WL II Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          UBS Nominees Ltd.
          c/o Valerie Mullen
          Telephone: +345 914 6002
          Facsimile: +345 914 4006
          UBS House, 227, Elgin Avenue
          P.O. Box 2325 Grand Cayman KY1 1106
          Cayman Islands


YAAF COLD: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 1, 2014, the sole shareholder of Yaaf Cold Storage
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Robert P. Bermingham
          9130 West Sunset Boulevard
          Los Angeles, CA 90069


YAAF COLD II: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 1, 2014, the sole shareholder of Yaaf Cold Storage II
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Robert P. Bermingham
          9130 West Sunset Boulevard
          Los Angeles, CA 90069


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


DOMINICAN REP: State Should Buy Venezuela's 49% Stake in Refinery
-----------------------------------------------------------------
Dominican Today reports that some prominent industrialists,
economists and oil experts said the country should buy Venezuela's
49% stake in Dominican Republic's only refinery (Refidomsa) if
Caracas puts it on the block.

Ernesto Selman said he agrees that the State should buy the 49%
stake in the refinery as well as expand its production capacity,
according to Dominican Today.

The report relates that Mr. Selman notes however that it would be
also good news if third parties acquire Venezuela's shares in
Refidomsa.

Mr. Selman said the Dominican government should ask Venezuela to
conduct a transparent call for tenders, but calls Caracas a
"totalitarian" regime that in his view seeks political advantage
with its oil agreements, the report says.

                           Industrialists

Industries Association (AIRD) President Campos de Moya said once
the government decided to do business with Venezuela, local
entrepreneurs stated their interest in participating, because in
his view the country is open to any type of investment, the report
discloses.

For Dominican Electricity Industry Association (ADIE) president
Cochon Marcos, the fuel sector's strategic importance demands
responsibility in any operation involving it, the report adds.


======================
P U E R T O    R I C O
======================


PUERTO RICO: Judge Threatens Plan to Avert Financial Catastrophe
-----------------------------------------------------------------
Michael Corkery writing for The New York Times' DealBook reports
that critical elements of Puerto Rico's plan to avert financial
disaster are in jeopardy, after a federal judge struck down a law
that allowed the government to restructure certain debts.

The law, known as the Recovery Act, was meant to give Puerto
Rico's public corporations protections similar to bankruptcy.

Unlike American cities like Detroit, which used federal bankruptcy
law to sort out its finances, Puerto Rico, a United States
commonwealth, is not permitted to declare bankruptcy, according to
The New York Times' DealBook.

In his decision on Feb. 6, Judge Francisco A. Besosa of the United
States District Court in San Juan, Puerto Rico, said the Recovery
Act overstepped federal law, and he enjoined commonwealth
officials from enforcing it, the report notes.  The government
said that it planned to appeal the judge's ruling.

The report relates that without the Recovery Act, government
officials worry that attempts to gain concessions from creditors
and unions at public corporations like the deeply indebted Puerto
Rico Electric Power Authority will dissolve into chaos.

The court ruling frightened some investors, who worry that the
island is running out of ways to escape its basic predicament:
tens of billions of dollars in debt and a stagnant economy, the
report relays.

Prices on Puerto Rico general obligation bonds dropped on Feb. 9,
the first trading day after the court ruling.  Yields on a $3.5
billion bond that the commonwealth issued last March traded as
high as 10.23 percent, topping yields on similar Greek bonds --
suggesting that Puerto Rico is at greater risk of default, the
report discloses.

The plunging prices could complicate Puerto Rico's plans to sell
roughly $2 billion in new bonds in the coming months -- money the
island of 3.6 million people needs to repay previous debts, the
report relays.

"Who are they going to sell to?" asked Tom Metzold, a senior
portfolio adviser at Eaton Vance, an investment company that has
sold most of its Puerto Rico holdings, the report notes.
"Bondholders want to know what their rights and remedies are.
There is no clarity about that at all."

The report relays that Puerto Rican officials -- backed by hedge
funds that own billions of dollars of the island's debt -- are
turning to Washington for help.  Puerto Rico's resident
commissioner to Congress, Pedro Pierluisi, said he planned to push
for federal legislation that would allow the commonwealth to
approve bankruptcy filings by its municipalities and public
corporations, the report discloses.

The commonwealth itself could not file for bankruptcy under the
proposed law, Mr. Pierluisi said, the report notes.

Mr. Pierluisi said he met with a group of about 20 executives from
hedge funds and private equity firms in New York to brief them on
his effort to create a bankruptcy statute, the report notes.  He
discussed his proposal with ratings firms.

"You simply do not want to have a default," the report quoted Mr.
Pierluisi as saying.  "You need to have some structure," Mr.
Pierluisi added.

The legal turmoil is also testing the big bet by many of Wall
Street's largest hedge funds and private equity firms that have
barreled into the commonwealth's bonds and now own an estimated 25
percent of Puerto Rico debt, the report notes.  Funds including
Fir Tree Partners and Centerbridge Partners are leading a group of
investment firms, known as the Ad Hoc Group, that months ago
expressed its willingness to offer the commonwealth financing
options, the report discloses.

In some cases, there are signs that the hedge funds' reach for big
profits may be faltering or at least delayed, the report relays.

Hedge funds were big buyers of the commonwealth's bond deal in
March, which originally sold at 93 cents on the dollar.

On Feb. 9, that price fell to as low as 81 cents on the dollar.
The high interest rates that the bonds pay have softened the hedge
funds' losses somewhat, the report relays.  But their investment
is becoming increasingly complicated.

Some hedge funds are planning to double down and invest in the new
bond deal, according to people briefed on the mater, the report
discloses.  The bond would probably be backed by revenues from a
tax on petroleum, though investors are looking for the government
to offer additional sweeteners like a provision that would tie the
pledged revenue to inflation, the report says.

Many of the hedge funds that own Puerto Rico debt are seasoned
investors in distressed situations that have profited by buying,
for example, debt issued by Greece, a country that has possibly
faced even bigger challenges than Puerto Rico, the report relates.

Broadly, the hedge funds appear to expect that the new bond deal
will buy Puerto Rico more time to overhaul its tax system, the
report says.  Once revenues start to perk up, the bonds should
gain in value.  Puerto Rico and its bond investors have applied a
similar logic for years, viewing each new bond deal as a temporary
fix, the report says.  But with each deal, the commonwealth and
its public corporations have sunk deeper in debt.

The Recovery Act was meant to give added protections to holders of
Puerto Rico's general obligation debt by limiting restructurings
to a handful of public corporations, the report relays.  But
political pressure is growing for the government to spread the
financial pain to all debt holders -- not just investors in the
public corporation debt, said Robert Donahue, a managing director
at Municipal Market Analytics, the report relates.

"I think now everything is on the table," the report quoted Mr.
Donahue as saying.

Officials at the Government Development Bank, which oversees the
commonwealth's debt deals, have said that the general obligation
pledge remains sacrosanct, the report notes.

"We view the court's decision as a temporary setback, and we will
pursue all remedies available to continue to operate in the best
interests of all our constituents and public interests," the
bank's president, Melba Acosta Febo, said in a statement obtained
by the news agency.


PUERTO RICO: Moody's Downgrades Rating on $48BB Debt
----------------------------------------------------
EFE News reports that Moody's Investors Service on Feb. 19
followed Standard & Poor's lead by downgrading $48 billion worth
of Puerto Rico's bonds, already rated as "junk," and warning that
the U.S. commonwealth might default on its debt within the next
two years.

"Tax reforms now before the legislature, which are uncertain in
their timing and their results, further signal a rising degree of
political risk that could ultimately cause outcomes unfavorable to
bondholders," the agency stated in a communiqu‚, notes the report.

"Weakening liquidity and economic deterioration may put increasing
pressure on the commonwealth's credit position in coming months,
heightening the risk of default on central government
obligations," Moody's added, says EFE.

The risk rating agency lowered the rating of Puerto Rican debt by
two levels -- from B2 to Caa1 -- which means that it considers
investments in the Caribbean island to come with "substantial
risk," according to EFE News.  Moody's declared that slow growth
had led to a falloff in tax revenues that could worsen the
island's liquidity position.

The administration of Gov. Alejandro Garcia Padilla is interested
in instituting a 16 percent value-added tax, or VAT, that could
raise up to $1.5 billion in revenue, a move that would help the
government reduce its $73 billion public debt, says the EFE News
report.  The government is also trying to organize the issuance of
$2 billion in bonds with a group of hedge funds.

Moody's decision comes exactly a week after Standard & Poor's
downgraded the island's general obligation (GO) bonds, notes EFE.


                            ***********


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 * * *