TCRLA_Public/150226.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

            Thursday, February 26, 2015, Vol. 16, No. 040


                            Headlines



A R G E N T I N A

BUENOS AIRES: Attracts Solid Demand for New Bond
BUENOS AIRES: Fitch Assigns 'CCC' Rating on New Bonds


B A H A M A S

COLUMBUS INT'L: St. Vincent Holds Consultation on C&W-Flow Merger


B R A Z I L

BRAZIL: Posts $10.6 Billion Trade Deficit
SCHAHIN OIL: S&P Lowers CCR to 'B-'; Removes from Watch Developing


C A Y M A N  I S L A N D S

ADVANCE LEAD: Members Receive Wind-Up Report
BLUE VALLEY: Members Receive Wind-Up Report
CHENGDU INVESTMENT: Members Receive Wind-Up Report
CHENGDU INVESTMENT (HOLDINGS): Members Receive Wind-Up Report
CHINA OPPORTUNITIES: Shareholders Receive Wind-Up Report

CITY FINANCIAL: Members Receive Wind-Up Report
CIUFFI OVERSEAS: Shareholders Receive Wind-Up Report
CDO ACCENT: Shareholders Receive Wind-Up Report
CQS CONVERTIBLE: Members Receive Wind-Up Report
DORCHESTER CAPITAL: Shareholders Receive Wind-Up Report

EDINBURGH INVESTMENT: Members Receive Wind-Up Report
FIRST OAK: Shareholders Receive Wind-Up Report
FORTUNE SG: Shareholder Receives Wind-Up Report
GOOD HARBOR: Shareholders Receive Wind-Up Report
HIGHLANDER EURO CAYMAN: S&P Affirms CCC- Rating on Class E Notes

INFRASTRUCTURE INVESTMENT: Shareholder Receives Wind-Up Report
INVERSIONES EL BOHO: Members Receive Wind-Up Report
LUMINUS INVESTMENT: Members Receive Wind-Up Report
OLD HEAD: Shareholder Receives Wind-Up Report
OPMI LTD: Shareholders Receive Wind-Up Report

OTCE INVESTMENTS: Members Receive Wind-Up Report
PONTE VEDRA: Shareholders Receive Wind-Up Report
ROTELLA POLARIS: Shareholders Receive Wind-Up Report
ROTELLA POLARIS MASTER: Shareholders Receive Wind-Up Report
SHORECAP INTERNATIONAL: Shareholders Receive Wind-Up Report

SOUTH STRATEGIC: Members Receive Wind-Up Report
UNITED PLATFORM: Shareholders Receive Wind-Up Report
VANQUISH INVESTMENT: Shareholders Receive Wind-Up Report
WATERVILLE RE: Shareholder Receives Wind-Up Report


G U Y A N A

GUYANA: Signs Loans Aggregating US$32.16MM With IDB


J A M A I C A

* JAMAICA: To Improve Regulation of ICT Sector


M E X I C O

MEXICO: Foreign Reserves Drop by $174 Million


P E R U

CEMENTOS PACASMAYO: S&P Affirms 'BB+' CCR; Outlook Remains Stable


P U E R T O    R I C O

* PUERTO RICO: Panel to Hear Proposal for Bankruptcy Protections


                            - - - - -


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


BUENOS AIRES: Attracts Solid Demand for New Bond
------------------------------------------------
Davide Scigliuzzo at Reuters reports that investors piled into a
new US$500 million bond from the City of Buenos Aires on
Wednesday, Feb. 11, hoping to reap hefty gains if and when
Argentina mends fences with international creditors.

Argentina's capital city amassed around US$2 billion in orders for
the six-year amortizing bond, which priced at par to yield 8.95%,
according to Reuters.

The report notes that was roughly flat to Argentina's own curve
and clearly piqued buy-side interest, taking into account the
city's stronger financial position and better credentials as a
debtor.

"It is still attractive considering that the sovereign could
tighten significantly post-settlement (with holdout creditors),"
said a New York-based hedge fund manager, the report relates.
"(The city's bonds) could go back to trading 100bp-200bp tight to
the sovereign," the fund manager added.

Still not all investors are convinced that now is the time for a
debt play in Argentina, where the debt market has already rallied
on hopes of a more market-friendly government come presidential
elections in October, the report discloses.

"For me, Argentina is too expensive at the moment," said one
London-based portfolio manager who did not participate in the
deal, the report relays.  "We have had a very nice rally in
Argentine assets, but you still need to see a resolution (with
holdouts) for yields to come in," the portfolio manager added.

The report relays that faced with some investor pushback, Buenos
Aires was forced to make some concessions on structure, opting
against the inclusion of a call option that would have allowed
officials to redeem the notes as soon as 2017 at a pre-determined
price.

"Clearly there was a lot of resistance," said the portfolio
manager, the report notes.

The report discloses that final pricing came at the tight end of
guidance of 9% area (+/- 5bp) and tight to initial price thoughts
of 9.25% area.

The country's local-law Bonar 2024s, which have an average
maturity falling in 2021, were quoted at a yield of 8.8% mid-
market on Wednesday, Feb. 11, according to a New-York based
broker, while the shorter-dated 2017s were spotted around 9%, the
report relays.

The new notes will have final maturity in 2021, but amortize in
three equal installments over the least three years, for an
average life of five years, the report discloses.

The report notes that the fund managers took up the vast majority
of the new issue, accounting for 76% of the allocation, followed
by hedge funds with 17% and banks and private banks with 7%.
Around 82% of the paper went to US investors, while European
accounts took 18%, the report relays.

Bank of America Merrill Lynch, HSBC and JP Morgan were the
bookrunners on the deal.


BUENOS AIRES: Fitch Assigns 'CCC' Rating on New Bonds
-----------------------------------------------------
On Feb. 19, 2015, Fitch Ratings assigned a long-term rating of
'CCC' to the City of Buenos Aires's (the CBA) new bond.


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B A H A M A S
=============


COLUMBUS INT'L: St. Vincent Holds Consultation on C&W-Flow Merger
-----------------------------------------------------------------
The Daily Observer reports that authorities in St Vincent and the
Grenadines are seeking to ensure that the merger between British
telecommunications giant, Cable and Wireless Communication and
Columbus International Inc. will not seriously affect local
customers.

Permanent Secretary in the Ministry of Foreign Trade, Commerce and
Information Technology, Nathaniel Williams, said that while
Jamaica has given the green light to the planned merger,
individual countries in the region continue to assess the
implications of the multibillion-dollar deal, according to The
Daily Observer.

The report notes that Mr. Williams was speaking on the state-owned
NBC radio ahead of a planned national consultation on the merger.

Mr. Williams told listeners that individual governments will agree
whether or not it is in the interest of each state for there to be
a merger, the report relates.

Mr. Williams said that while a merger would have positive and
negative aspects for the consumers, as well as employees, a
monopoly could mean increases in prices, among other things, the
report discloses.

                 About Columbus International

Columbus International Inc. is a privately held diversified
telecommunications company based in Bahamas.  The Company provides
digital cable television, broadband Internet and digital landline
telephony in Trinidad, Jamaica, Barbados, Grenada, St. Vincent &
the Grenadines, St. Lucia and Curacao under the brand name Flow
and in Antigua under the brand name Karib Cable.

As reported in the Troubled Company Reporter-Latin America on Nov.
10, 2014, Standard & Poor's Ratings Services placed its 'B'
corporate credit and issue-level ratings on Columbus International
Inc. (Columbus) on CreditWatch with positive implications.


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B R A Z I L
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BRAZIL: Posts $10.6 Billion Trade Deficit
-----------------------------------------
EFE News reports that Brazil posted a $10.6 billion deficit in the
current account of the balance of trade in January, with the
negative figure coming on the heels of the record $90.9 billion
trade deficit registered in 2014, the Central Bank said.

The deficit in the current account, which includes all of the
country's transactions abroad, was, however, slightly lower last
month than in January 2014, when it totaled a record $11.58
billion, according to EFE News.

One of the factors that contributed to the negative number was the
$3.17 billion deficit in the balance of trade last month, the
Central Bank said, the report notes.

The report relates that the services account, which compares what
Brazilian tourists spend abroad to what foreign tourists spend in
Brazil, posted a deficit of $1.65 billion.

Brazilian tourists spent $2.2 billion in other countries in
January, while Brazil generated $555 million in tourism industry
revenues, the Central Bank said, the report notes.

Foreign direct investment (FDI), another component of the current
account, totaled $3.96 billion last month, down from the $5.11
billion registered in January 2014, the report adds.


SCHAHIN OIL: S&P Lowers CCR to 'B-'; Removes from Watch Developing
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Schahin Oil & Gas Ltd. (Schahin O&G) to 'B-' from 'B+'.
S&P also removed the rating from CreditWatch developing, where it
placed it on Nov. 7, 2014.  The outlook is negative.

The downgrade reflects S&P's view of Schahin O&G's weaker
liquidity position and financial flexibility in light of the short
tenor of its maturity profile.

Despite S&P's expectations, the company's maturity schedule didn't
improve in the last four months, and S&P don't expect that to
happen in the very short term.  Based on information provided by
the company, as of Feb. 23, 2015, it has a loan at the holding
company level of approximately $460 million due October 2015.
Although S&P understands that the company still intends to improve
its maturity profile, probably by extending the tenor of the loan,
S&P don't know when this will occur and under which conditions.
In S&P's view, the combination of low oil prices, which may
jeopardize the economic viability of the pre-salt exploration, and
the current corruption investigations at Petroleo Brasileiro S.A.
- Petrobras (Petrobras; BBB-/Stable/--) have limited the company's
ability to access the bonds market.


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


ADVANCE LEAD: Members Receive Wind-Up Report
--------------------------------------------
The members of Advance Lead Investments (Cayman) Limited received
on Jan. 26, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Albert Pond
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


BLUE VALLEY: Members Receive Wind-Up Report
-------------------------------------------
The members of Blue Valley Fund received on Jan. 27, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHENGDU INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Chengdu Investment (Cayman) Limited received on
Jan. 26, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Albert Pond
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


CHENGDU INVESTMENT (HOLDINGS): Members Receive Wind-Up Report
-------------------------------------------------------------
The members of Chengdu Investment (Holdings) Limited received on
Jan. 26, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Albert Pond
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


CHINA OPPORTUNITIES: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of China Opportunities H-B Fund received on
Jan. 27, 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


CITY FINANCIAL: Members Receive Wind-Up Report
----------------------------------------------
The members of City Financial Asian Absolute Growth Fund 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 Tom Bussanich
          Telephone: (345) 814 8977
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


CIUFFI OVERSEAS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Ciuffi Overseas 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:

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


CDO ACCENT: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of CDO Accent Fund Limited received on Jan. 28,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


CQS CONVERTIBLE: Members Receive Wind-Up Report
-----------------------------------------------
The members of CQS Convertible and Quantitative Strategies Feeder
Fund Limited received on Jan. 26, 2015, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DORCHESTER CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Dorchester Capital International Select
Opportunities, Ltd. received on Jan. 28, 2015, the liquidator's
report on the company's wind-up proceedings and property disposal.

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


EDINBURGH INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------------
The members of Edinburgh Investment Company received on Jan. 26,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FIRST OAK: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of First Oak Acorn Fund, Ltd. received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Scott Devinsky
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


FORTUNE SG: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Fortune SG HK HSI Dynamic Allocation Fund
received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stephane Serge Claude Roger
          Block 78, Apt 1501
          74-86 Kennedy Road
          Hong Kong
          Telephone: + 852 2166 5499
          Facsimile: + 852 2166 5019


GOOD HARBOR: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Good Harbor U.S. Tactical Offshore Fund Ltd.
received on Feb. 26, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HIGHLANDER EURO CAYMAN: S&P Affirms CCC- Rating on Class E Notes
----------------------------------------------------------------
Rating Raised On Highlander Euro CDO's Class B Cash Flow CLO
Notes; Ratings Affirmed On All Other Classes Of Notes
LONDON (Standard & Poor's) Feb. 24, 2015

Standard & Poor's Ratings Services took various credit rating
actions on Highlander Euro CDO B.V.'s (primary issuer; issued the
class A-1, A-2, B, C, and D notes) notes and Highlander Euro CDO
(Cayman) Ltd.'s (secondary issuer; issued the class E notes) notes
(collectively, Highlander Euro CDO).

Specifically, S&P has:

   -- Raised its rating on the class B notes; and
   -- Affirmed its ratings on the class A-1, A-2, C, D, and E
      notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the Jan. 20, 2015 trustee report
and the application of its relevant criteria.

S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes.  The BDR
represents S&P's estimate of the maximum level of gross defaults,
based on S&P's stress assumptions, that a tranche can withstand
and still pay interest and fully repay principal to the
noteholders.  S&P used the portfolio balance that it considers to
be performing, the reported weighted-average spread/coupon, and
the weighted-average recovery rates that S&P considered to be
appropriate.  S&P incorporated various cash flow stress scenarios
using its standard default patterns, levels, and timings for each
rating category assumed for each class of notes, combined with
different interest stress scenarios as outlined in S&P's corporate
collateralized debt obligation (CDO) criteria.

The class A-1 notes have amortized by 91.5% of their outstanding
balance since S&P's previous review.  This has increased the
available credit enhancement for all classes of notes.  The
proportion of assets rated 'CCC+', 'CCC', or 'CCC-' as a
percentage of the performing portfolio has reduced to 2.2% from
5.6% since S&P's previous review.

S&P's credit and cash flow analysis indicates that the available
credit enhancement for the class A-1, A-2, C, D, and E notes is
commensurate with S&P's currently assigned ratings.  S&P has
therefore affirmed its ratings on these classes of notes.  The
largest obligor test constrains S&P's rating on the class C notes
at its current rating level.  The largest obligor test--introduced
in S&P's corporate CDO criteria--measures the risk of several of
the largest obligors within the portfolio defaulting
simultaneously.

S&P's cash flow analysis results indicate that the available
credit enhancement for the class B notes is commensurate with a
higher rating than currently assigned.  S&P has therefore raised
to 'AA+ (sf)' from 'AA (sf)' its rating on the class B notes.

Highlander Euro CDO is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily speculative-
grade corporate firms.  The transaction closed in August 2006 and
its reinvestment period ended in August 2012.  CELF Advisors LLP
is the transaction's manager.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
             To                From

Highlander Euro CDO B.V.
EUR500 Million Secured Floating-Rate And Subordinated Notes

Rating Raised

B            AA+ (sf)        AA (sf)

Ratings Affirmed

A-1          AAA (sf)
A-2          AAA (sf)
C            BB+ (sf)
D            CCC- (sf)

Highlander Euro CDO (Cayman) Ltd.
EUR38.25 Million Secured Floating-Rate Notes

Rating Affirmed

E            CCC- (sf)


INFRASTRUCTURE INVESTMENT: Shareholder Receives Wind-Up Report
--------------------------------------------------------------
The shareholder of Infrastructure Investment No.2 Ltd. received on
Feb. 5, 2015, the liquidator's 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


INVERSIONES EL BOHO: Members Receive Wind-Up Report
---------------------------------------------------
The members of Inversiones El Bohio received on Jan. 26, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LUMINUS INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Luminus Investment Partners, Ltd. received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


OLD HEAD: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of Old Head RE, SPC received on Feb. 9, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          RSM Cayman Ltd.
          Harbour Place, 2nd Floor, George Town
          P.O. Box 10311 Grand Cayman KY1-1003
          Cayman Islands


OPMI LTD: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of OPMI, Ltd. received on Jan. 28, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robert E. Stumpf
          c/o 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: Members Receive Wind-Up Report
------------------------------------------------
The members of OTCE Investments Ltd. received on Jan. 26, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PONTE VEDRA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Ponte Vedra Insurance Company Ltd. received on
Jan. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Borns
          c/o Barnaby Gowrie
          Telephone: +1 345 (914) 6365


ROTELLA POLARIS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Rotella Polaris 2x Fund, Ltd. received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ROTELLA POLARIS MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Rotella Polaris 2x Master Fund, Ltd. received
on Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SHORECAP INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Shorecap International, Ltd. received on
Dec. 5, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Equator Capital Partners LLC
          c/o 100 N. LaSalle Street
          Suite 1710, Illinois
          Chicago 60602
          USA
          c/o Niall Hanna, Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201
          Facsimile: +1 (345) 949 7886
          e-mail: niall.hanna@walkersglobal.com


SOUTH STRATEGIC: Members Receive Wind-Up Report
-----------------------------------------------
The members of South Strategic Fund received on Jan. 27, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


UNITED PLATFORM: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of United Platform Technologies Inc. received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Jenna Nicholson
          Telephone: (345) 914-4494
          Facsimile: (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


VANQUISH INVESTMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Vanquish Investment 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:

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


WATERVILLE RE: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Waterville RE, SPC received on Feb. 9, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          RSM Cayman Ltd.
          Harbour Place, 2nd Floor
          George Town
          PO Box 10311 Grand Cayman KY1-1003,
          Cayman Islands


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G U Y A N A
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GUYANA: Signs Loans Aggregating US$32.16MM With IDB
---------------------------------------------------
At the 4th IDB Caribbean IDB Governors Regional Meeting held in
Freeport, The Bahamas, on February 19th, 2015, the Cooperative
Republic of Guyana represented by Honorable Ashni Singh, Minister
of Finance and the Inter-American Development Bank represented by
Mr. Luis Alberto Moreno, President signed two loan agreements.
The combined loans amounted to US$32.16 million.

1) Strengthening of the Environment Sector II

This is the second loan operation in the environment program that
was approved by the IDB in 2013.  Approval was made possible by
full achievement of all the policy reforms agreed in 2013; as well
as the maintenance of an appropriate macroeconomic policy
framework.

The program will support the consolidation of Guyana's Low Carbon
Development Strategy (LCDS) and REDD+ (Reducing Emissions from
Deforestation and Forest Degradation).  The activities under this
operation include: (a) organizing multi-stakeholder consultations;
(b) supporting the implementation of a transparent, rules-based,
and inclusive accountability and enforcement system for forest
governance; (c) aiding MNRE's efforts to minimize and manage
forest degradation from extractive activities, in particular from
mining; (d) integrating land use planning; and (e) operating a
reliable Monitoring, Reporting and Verification System (MRVS) for
these activities.

The IDB financing for this second phase is made up of a loan of
US$17.16 million.  The loan comes 50% from the IDB's ordinary
capital, with a 30-year maturity, and a 6-year grace period, and
50% from the IDB's Fund for Special Operations, with a single
payment upon a 40-year gratuity, with a fixed interest rate.

2) Citizen Security Strengthening Program

This new citizen security program funded through a $15 million
loan was approved by the Board of Directors on December 10, 2014.
It is the second in this sector since 2006 and is designed to
build on the achievements of the Citizen Security Program
(1752/SF-GY) and to enhance sustainability of the achievements of
that earlier operation.

The loan comes 50% from the IDB's ordinary capital, with a 30-year
maturity, and a 6-year grace period, and 50% from the IDB's Fund
for Special Operations, with a single payment upon a 40-year
gratuity, with a fixed interest rate, a signs loans with IDB to
improve environmental management, strengthen citizen security
At the 4th IDB Caribbean IDB Governors Regional Meeting held in
Freeport, The Bahamas, on February 19, 2015, the Cooperative
Republic of Guyana represented by Honorable Ashni Singh, Minister
of Finance and the Inter-American Development Bank represented by
Mr. Luis Alberto Moreno, President signed two loan agreements.
The combined loans amounted to US$ 32.16 million.

1) Strengthening of the Environment Sector II

This is the second loan operation in the environment program that
was approved by the IDB in 2013.  Approval was made possible by
full achievement of all the policy reforms agreed in 2013; as well
as the maintenance of an appropriate macroeconomic policy
framework.

The program will support the consolidation of Guyana's Low Carbon
Development Strategy (LCDS) and REDD+ (Reducing Emissions from
Deforestation and Forest Degradation).  The activities under this
operation include: (a) organizing multi-stakeholder consultations;
(b) supporting the implementation of a transparent, rules-based,
and inclusive accountability and enforcement system for forest
governance; (c) aiding MNRE's efforts to minimize and manage
forest degradation from extractive activities, in particular from
mining; (d) integrating land use planning; and (e) operating a
reliable Monitoring, Reporting and Verification System (MRVS) for
these activities.

The IDB financing for this second phase is made up of a loan of
US$17.16 million. The loan comes 50% from the IDB's ordinary
capital, with a 30-year maturity, and a 6-year grace period, and
50% from the IDB's Fund for Special Operations, with a single
payment upon a 40-year gratuity, with a fixed interest rate.

2) Citizen Security Strengthening Program

This new citizen security program funded through a $15 million
loan was approved by the Board of Directors on December 10, 2014.
It is the second in this sector since 2006 and is designed to
build on the achievements of the Citizen Security Program
(1752/SF-GY) and to enhance sustainability of the achievements of
that earlier operation.

The loan comes 50% from the IDB's ordinary capital, with a 30-year
maturity, and a 6-year grace period, and 50% from the IDB's Fund
for Special Operations, with a single payment upon a 40-year
gratuity, with a fixed interest rate.


=============
J A M A I C A
=============


* JAMAICA: To Improve Regulation of ICT Sector
----------------------------------------------
RJR News reports that the estimates of expenditure for the
2015/2016 Financial Year show the government will be undertaking
further work to improve regulation of the Information and
Communications Technology (ICT) sector.

This is part of measures to increase growth in the industry,
according to RJR News.

The report notes that this will be done under the Enhancing the
ICT Regulatory Environment project, for which J$3.9 million has
been allocated.  The project will enable the Government to
facilitate future broadband development and adoption while
tailoring market interventions to complement private sector
investments, the report relays.

The report adds that J$36 million has been spent over the last two
years on various components of the project, and the allocation for
this fiscal year will complete consultancy services.


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


MEXICO: Foreign Reserves Drop by $174 Million
---------------------------------------------
EFE News reports that Mexico's foreign reserves fell by $174
million to $195.64 billion, the Bank of Mexico said.

Gold and foreign currency reserves fell in the week ending Feb. 20
mainly due to a change in the value of the bank's foreign assets,
the central bank said, according to EFE News.

The report notes that the reserves have risen by $2.4 billion
since Jan. 1, the Bank of Mexico said in a statement.

The M1 money supply, which includes currency, coins and demand
deposits, fell by MXN7.88 billion (about $524 million) to MXN1.01
trillion (some $67.3 billion), the central bank said, the report
notes.

The money supply has contracted by MXN49.89 billion ($3.31
billion) since Jan. 1, the report adds.


=======
P E R U
=======


CEMENTOS PACASMAYO: S&P Affirms 'BB+' CCR; Outlook Remains Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit and issue-level ratings on Cementos Pacasmayo S.A.A.
(CPAC).  The outlook remains stable.

CPAC's business risk profile reflects Peru's favorable market
fundamentals for cement given the likelihood of ongoing demand
growth for home self-construction and infrastructure projects.
S&P's assessment also incorporates the company's leading market
position in northern Peru resulting in less volatile and above
average profitability.  S&P also considers the company's strong
retail distribution network, good operating efficiencies, and
ability to cut costs when necessary.  The company expects to open
its new cement plant, Piura, in the second half of 2015, which
should be fully operational by 2016, increasing CPAC's annual
cement and clinker production capacity by 1.6 million and 1.0
million tons respectively.  The Piura plant is state of the art,
which should boost the company's operating efficiencies, gradually
increasing its EBITDA margin by 3%-4% in the next few years.  In
S&P's view, these strengths are somewhat mitigated by the
company's low product diversity and its geographic concentration
in northern Peru.

S&P now views CPAC's financial risk profile as "intermediate"
based on S&P's expectation that the company's debt-to-EBITDA ratio
will remain less than 2.5x in 2015 and at about 2.0x in 2016.  S&P
now considers 100% of the cash balance to net the debt in the
calculation of S&P's ratios. Our assessment is also driven by the
company's high capex program related to the construction of its
Piura plant in 2015, which will constrain CPAC's FOCF generation.
"However, from 2016 and onward, we believe FOCF will turn positive
once the Piura plant is finished in 2015.  In addition, we don't
expect CPAC to take on additional debt, which will gradually
improve the company's credit metrics in the next few years," said
Standard & Poor's credit analyst Fernanda Hernandez.


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


* PUERTO RICO: Panel to Hear Proposal for Bankruptcy Protections
----------------------------------------------------------------
Aaron Kuriloff at The Wall Street Journal reports that a U.S.
House committee is planning a hearing on a proposal to grant
public agencies in cash-strapped Puerto Rico access to the same
bankruptcy protections provided to cities such as Detroit,
according to a person familiar with the plans.

The hearing, expected to take place in coming weeks before the
U.S. House Judiciary Committee, would address bondholder concerns
about how a possible default by any of the island's heavily
indebted agencies would be handled, according to The WSJ.  The
U.S. commonwealth is struggling with more than $70 billion in
debt, a sluggish economy and a declining population.

The report notes that the U.S. Bankruptcy Code denies Puerto
Rico's so-called public corporations the protections afforded
under Chapter 9, and a federal judge in San Juan blocked a law
that would have allowed some of those agencies to restructure
their debts, ruling it unconstitutional.

Pedro Pierluisi, Puerto Rico's nonvoting representative and a
member of the committee, resubmitted a bill that would extend
Chapter 9 protections to the Commonwealth, saying lawmakers should
act swiftly to avert uncertainty, the report relates.

The report discloses that the bill would allow the agencies to
follow the same path as Detroit, which emerged from a record
bankruptcy last year, and aims to reassure investors who are
already familiar with the Chapter 9 process, Rep. Pierluisi said.

"The current state of matters is there's no legal framework here
for enforcing a restructuring or reorganization plan for any
government-owned entity in Puerto Rico," the report quoted Rep.
Pierluisi as saying.

The law that was struck down, known as the Recovery Act, would
have paved the way for public agencies, such as the island's
power, water and highway authorities, to restructure debt, the
report notes.  The Puerto Rico Electric Power Authority, which has
about $9 billion outstanding, is negotiating to extend an
agreement with creditors to postpone some obligations that expires
at the end of March, the report relays.  Moody's Investors Service
said that it expects the utility to default later this year,
relays WSJ.

The report notes that Rep. Pierluisi's bill, which was first
submitted last summer but failed to advance, has garnered support
from some investors and lawyers.  Fitch Ratings said that amending
the bankruptcy code to include Puerto Rico's entities would
benefit bondholders and "place Puerto Rico on an equal footing
with the 50 states," recalls WSJ.

Standard & Poor's Ratings Services cut its rating on Puerto Rico
debt further into junk territory and increasing liquidity
problems.  S&P lowered its rating on the island's general
obligation debt to B from BB, WSJ further recalls.

"All of this poses a threat, in our view, to the commonwealth's
ability to continue providing basic public services," S&P's report
said, the report notes.  "We have observed in other jurisdictions
that such an environment can easily give way to political and
policy instability," S&P added.

The report relays that the bill's chances are improving as
lawmakers realize Puerto Rico's importance to stability in the
bond markets, where the debt is widely held because of its tax
advantages, said Robert Donahue, managing director at Concord,
Massachusetts-based research firm Municipal Market Analytics.
More than half of municipal mutual funds still hold Puerto Rico
bonds, down from about 70% in 2013, according Morningstar data,
the WSJ relays.

"Having a territory default on its bonds is not something that
looks good internationally," the report quoted Mr. Donahue as
saying.  "That would be a black eye for the U.S., so it's in the
interests of Congress to rectify this problem," Mr. Donahue added.

Several analysts, however, said the bill had little chance of
advancing beyond the committee, where even Rep. Pierluisi's fellow
Democrats have other legislative priorities, the report notes.
Daniel Hanson, an analyst with Washington, D.C.-based investment
firm Height Securities LLC, said in a report that the bill faces
opposition from some Republicans and may be all-but dead already,
the report discloses.

The Puerto Rico government may also resist having its public
corporations enter Chapter 9, because a judge could force
politically unpalatable moves such as tax increases and increased
user fees, said Mike Comes, a portfolio manager and vice president
of research at Sarasota, Florida-based Cumberland Asset
Management, which owns some insured bonds issued by the island,
the report discloses.

Puerto Rico, meanwhile, is appealing the court decision on the
Recovery Act and is working to avert a cash crunch by borrowing at
least $2 billion to repay a loan the island's highway authority
took from the Government Development Bank, the government's fiscal
arm, the report notes.  Puerto Rico's Gov. Alejandro Garcia
Padilla also proposed reforms that would move the island from an
income tax to a consumption tax, an action aimed at increasing
collections and stabilizing government revenue, the report says.

Rep. Pierluisi said protecting public corporations is another key
to Puerto Rico's economic development, the report notes.  "You
want them viable," he said. "You want them operating.  And if they
are insolvent, you want to return them to financial stability
through an orderly and stable process," the report quoted Rep.
Pierluisi as saying.


                            ***********


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
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                            ***********


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.
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Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

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