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                     L A T I N   A M E R I C A

            Friday, February 27, 2015, Vol. 16, No. 041


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO XII: Moody's Rates 2 Debt Sec. Class at B1
* Slim's Claro to Invest $2.65BB in Argentina Mobile Operations


B R A Z I L

PDG COMPANHIA: Moody's Downgrades 15th Series Certs Rating to B3
PETROLEO BRASILEIRO: Moody's Cuts Sr. Unsec. Debt Rating to Ba2


C A Y M A N  I S L A N D S

ALPINA LTD: Shareholders Receive Wind-Up Report
CANE GLOBAL: Shareholders Receive Wind-Up Report
CEDAR DIVERSIFIED: Members Receive Wind-Up Report
CEDAR FALLS: Members Receive Wind-Up Report
COMMON SENSE: Shareholders Receive Wind-Up Report

EMANCIPATION CAPITAL: Shareholder Receives Wind-Up Report
FALCON 973: Shareholders Receive Wind-Up Report
FIRST MEDIA: Shareholders Receive Wind-Up Report
FULCRUM AFRICA: Members Receive Wind-Up Report
FULCRUM AFRICA MASTER: Members Receive Wind-Up Report

FULCRUM GLOBAL: Members Receive Wind-Up Report
FULCRUM GLOBAL MASTER: Members Receive Wind-Up Report
ISLAND ENTITY: Shareholders Receive Wind-Up Report
JLOC 5 INVESTMENTS: Members Receive Wind-Up Report
LYSTER WATSON: Shareholders Receive Wind-Up Report

LYSTER WATSON MODERATE: Shareholders Receive Wind-Up Report
MOLLY HOLDINGS: Shareholders Receive Wind-Up Report
MWAM STRATEGIC: Shareholders Receive Wind-Up Report
ONE SGTB: Members Receive Wind-Up Report
ORDINO INTERNATIONAL: Shareholders Receive Wind-Up Report

PACIFIC REALTY: Shareholders Receive Wind-Up Report
PROVENA HEALTH: Shareholder Receives Wind-Up Report
REAL ESTATE: Shareholders Receive Wind-Up Report
ROTELLA AQUARIUS: Shareholders Receive Wind-Up Report
ROTELLA AQUARIUS MASTER: Shareholders Receive Wind-Up Report

SERY INTERNATIONAL: Shareholders Receive Wind-Up Report
THIRD AVENUE: Shareholder Receives Wind-Up Report
THIRD AVENUE GLOBAL: Shareholders Receive Wind-Up Report
UNI-CAPITAL: Shareholders Receive Wind-Up Report
WANG STRATEGIC: Shareholders Receive Wind-Up Report

XIJIAO INTERNATIONAL: Shareholder Receives Wind-Up Report


J A M A I C A

DIGICEL LIMITED: To Raise Nearly a Billion Dollars in a Bond Issue
DIGICEL LIMITED: Moody's Assigns 'B1' Rating to New $925MM Notes


M E X I C O

* MEXICO: FDI Falls Nearly 36% in Mexico


P U E R T O    R I C O

PUERTO RICO: Wants Quick Appeal on Debt-Cut Law


V E N E Z U E L A

VENEZUELA: Still Seen Defaulting in 2015 by Deutsche Bank


                            - - - - -


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


FIDEICOMISO FINANCIERO XII: Moody's Rates 2 Debt Sec. Class at B1
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, S.A. rates
Fideicomiso Financiero ICBC Personales XII, a transaction that
will be issued by TMF Trust (Argentina) S.A. -- acting solely in
its capacity as Issuer and Trustee.

As of Feb. 24, 2015, the securities for this transaction have not
yet been placed in the market.  Also, the transaction is pending
approval from the "Comision Nacional de Valores".  If any
assumption or factor Moody's considers when assigning the ratings
changes before closing, the ratings may also change.

  -- ARS178,795,665 in Class A Floating Rate Debt Securities of
     "Fideicomiso Financiero ICBC Personales XII", rated Aaa.ar
     (sf) (Argentine National Scale) and B1 (sf) (Global Scale,
     Local Currency)

  -- ARS35,759,133 in Class B Floating Rate Debt Securities of
     "Fideicomiso Financiero ICBC Personales XII", rated Aaa.ar
     (sf) (Argentine National Scale) and B1 (sf) (Global Scale,
     Local Currency)

  -- ARS23,839,424 in Certificates of "Fideicomiso Financiero
     ICBC Personales XII", rated Ba1.ar (sf) (Argentine National
     Scale) and Caa1 (sf) (Global Scale, Local Currency)

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 9,733
eligible personal loans denominated in Argentine pesos, with a
fixed interest rate, originated by the Industrial and Commercial
Bank of China (Argentina) S.A., in an aggregate amount of ARS
238,394,222.

These personal loans are granted to ICBC (Argentina) clients. The
monthly loan installment is deducted directly from the borrower's
bank account.

Overall credit enhancement is comprised of 25% of subordination
for the Class A Floating Rate Debt Securities and 10% for the
Class B Floating Rate Debt Securities.  In addition the
transaction has various reserve funds and excess spread.

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of ICBC
(Argentina)'s portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 9% and a coefficient of variation of 60%.  Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
20% and a coefficient of variation of 60%.  These assumptions are
derived from the historical performance to date of ICBC
(Argentina)'s pools.  Servicer default was modeled by simulating
the default of the ICBC (Argentina) as the servicer consistent
with its current rating of B1/Aaa.ar.  In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 0,02% expected loss for the Class A
Floating Rate Debt Securities, 4,00% for the Class B Floating Rate
Debt Securities and 13.66% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If ICBC (Argentina) is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 12% and a
coefficient of variation of 60%), the ratings of the Class B
Floating Rate debt securities and the Certificates would likely be
downgraded to B3 (sf) and Caa2 (sf) respectively.  The ratings of
the Class A Floating Rate Debt Securities would likely be
unchanged.


* Slim's Claro to Invest $2.65BB in Argentina Mobile Operations
---------------------------------------------------------------
EFE News reports that wireless operator Claro, a unit of Mexican
multi-billionaire Carlos Slim's America Movil, said it plans to
invest $2.65 billion in Argentina over the next five years to
upgrade and expand its networks, boost coverage and improve
service quality.

Those funds will be used to increase the capacity of the
operator's 3G network; roll out a 4G network, which offers faster
Internet speeds; and expand its fiber-optic coverage, Claro said
in a statement, according to EFE News.

The total includes $400 million annually for network upgrades and
the $281 million the company used to purchase new wireless
spectrum in a 2014 auction, while the remaining money corresponds
to the amount Claro expects to spend in future tenders, company
sources told EFE News.

"Argentina has been experiencing a profound transformation in
recent years, characterized by users who consume all types of
content and growing demand for access to faster connection
speeds," EFE News quoted Claro as saying.

America Movil's Argentine unit has reported an 800 percent
increase in its customers' mobile data consumption over the past
five years, while the use of its traditional text messaging
service has declined by 35 percent over the past three years, the
report relates.

"In this regard, the company has decided to launch an aggressive
mid-term investment plan focused primarily on positioning
ourselves at the forefront of this growing trend in data
consumption and guaranteeing service quality," Claro, which has 20
million, the report relays.

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


PDG COMPANHIA: Moody's Downgrades 15th Series Certs Rating to B3
----------------------------------------------------------------
Moody's America Latina Ltda. downgraded to B3 from B1 (global
scale, local currency) and to B1.br from Baa3.br (national scale)
the ratings of 15th series of the 1st issuance of real estate
certificates issued by PDG Companhia Securitizadora, following the
downgrade of the underlying CCBs to B3/B1.br from B1/Baa3.br.

The real estate certificates are backed by a CCB (cedula de
credito bancario) issued by PDG Realty S.A. Empreendimentos e
Participacoes (PDG).

This rating action follows Moody's downgrade of PDG's ratings on
Feb. 23, 2015.

Issuer: PDG Companhia Securitizadora

  -- 15th Series/1st Issuance of Certificates: downgrade to B3
     from B1 (global scale, local currency), and to B1.br from
     Baa3.br (national scale);

The downgrade of the corporate family ratings and the ratings of
the CCB that backs the 15th series of CRIs, reflects the company's
increased liquidity risk due to large corporate debt maturities
over the next six to eight months and the challenging refinancing
conditions in 2015 as per the weaker industry fundamentals for
homebuilders in Brazil.  Despite PDG's large number of projects to
be completed during this year, Moody's believes that the company
could face delays in the conversion of its receivables as a result
of higher sales cancellations and lower financing availability
that will eventually delay its much needed leverage reduction.

Moody's views the certificates as full pass-through securities of
the underlying CCB. Given that the ratings of the 15th series of
certificates are primarily based on PDG's ability to make payments
under the bank loan agreement (CCB), any changes in ratings of the
underlying CCB will cause a change in the ratings of the CRIs.

Any changes to the CCB ratings will lead to a change in the
ratings assigned to the certificates.


PETROLEO BRASILEIRO: Moody's Cuts Sr. Unsec. Debt Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service downgraded all ratings for Petrobras
S.A., including a downgrade of the company's senior unsecured debt
to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to
the company.  Moody's also lowered the company's Baseline Credit
Assessment to b2 from ba2.  These rating actions reflect
increasing concern about corruption investigations and liquidity
pressures that might result from delays in delivering audited
financial statements, as well as Moody's expectation that the
company will be challenged to make meaningful reduction in its
very high debt burden over the next several years.  The ratings
remain on review for downgrade.

Below is a list of affected ratings:

Downgrades:

Issuer: Petrobras Global Finance B.V.

  -- Subordinate Shelf, Downgraded to (P)Ba3 from (P)Ba1; Placed
     Under Review for further Downgrade

  -- Senior Unsecured Shelf, Downgraded to (P)Ba2 from (P)Baa3;
     Placed Under Review for further Downgrade

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
     from Baa3; Placed Under Review for further Downgrade

Issuer: Petrobras International Finance Company

  -- Subordinate Shelf Shelf, Downgraded to (P)Ba3 from (P)Ba1;
     Placed Under Review for further Downgrade

  -- Senior Secured Shelf, Downgraded to (P)Ba1 from (P)Baa2;
     Placed Under Review for further Downgrade

  -- Senior Unsecured Shelf, Downgraded to (P)Ba2 from (P)Baa3;
     Placed Under Review for further Downgrade

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
     from Baa3; Placed Under Review for further Downgrade

Issuer: Petroleo Brasileiro S.A. - PETROBRAS

  -- Backed Preferred Shelf, Downgraded to (P)B1 from (P)Ba2;
     Placed Under Review for further Downgrade

  -- Preferred Shelf, Downgraded to (P)B2 from (P)Ba3; Placed
     Under Review for further Downgrade

  -- Subordinate Shelf, Downgraded to (P)Ba3 from (P)Ba1; Placed
     Under Review for further Downgrade

  -- Senior Secured Shelf, Downgraded to (P)Ba2 from (P)Baa3;
     Placed Under Review for further Downgrade

  -- Senior Unsecured Shelf, Downgraded to (P)Ba2 from (P)Baa3;
     Placed Under Review for further Downgrade

Assignments:

Issuer: Petroleo Brasileiro S.A. - PETROBRAS

  -- Corporate Family Rating, Assigned Ba2; Placed Under Review
     for further Downgrade

Withdrawals:

Issuer: Petroleo Brasileiro S.A. - PETROBRAS

  -- Issuer Rating, Withdrawn , previously rated Baa3

The downgrade of Petrobras' rating and the lowering of its BCA
reflects continued concern about the potential for serious near
term liquidity pressure, as well as Moody's view that the company
is likely to take longer than previously expected to achieve
planned leverage reductions that are needed for a material
improvement in its financial profile.

Moody's does not perceive substantial progress that would
significantly reduce concern about the potential for payment
acceleration under debt agreements that require the provision of
audited financial statements.  On February 12, the company
informed the local stock exchange commission that it planned to
release audited annual financial statements before the end of May,
which is 30 days after the due date.  Moody's understands that the
company is focusing on actions that are under its control and
working with its auditor to provide these statements as soon as
possible and is also taking steps to bolster its liquidity
profile.  However, Moody's does not yet see any concrete assurance
that audited statements will be available by any particular date.

The company's high capital spending in recent years resulted in
persistent negative free cash flow and increased debt.  Recent
years, in which elevated capital spending led to substantial
growth in debt, were expected to be followed by a period in which
the company significantly deleveraged using the cash flow
generated from increased production.  While the maintenance of
high prices for refined products in Brazil is currently helping to
cushion Petrobras from the decline in global oil prices, the gap
between domestic and global prices will likely not be sustainable
over a longer period.  The company has repeatedly fallen short of
certain financial and production targets and Moody's no longer
expects significant improvement in leverage over the medium term.


In 2015, Petrobras may generate higher cash flow than in 2014
because its downstream business is benefitting from the current
large spread between low international crude prices and high
domestic refined product prices, and this may more than offset the
negative impact of low oil prices in its exploration and
production business segment.  However, even with planned
reductions in capital expenditures, Moody's expects that cash flow
from operations will not cover capital spending, resulting in yet
another year in which free cash flow is negative in the absence of
any substantial asset sales.  Curtailment of capital spending to
conserve cash could also lead to production falling short of
previously planned targets in the future.  Moody's expects
leverage, as indicated by debt/EBITDA, to remain above 5 times for
a sustained period of time in the absence of substantial asset
sales. Moody's adjusted debt/EBITDA ratio is high at about 5.3x.

The company's ratings also reflect the challenges related to the
corruption investigations, which create management distractions
that may hinder efforts to improve operations as well as ongoing
concerns about corporate governance and the need to sustainably
improve internal controls.

Petrobras' ratings remain on review for downgrade, reflecting
continued concern about potential liquidity pressures that could
arise as a consequence of not providing timely financial
statements.  The company's obligations to provide financial
statements under the terms of various debt agreements include the
provision of audited annual statements by April 30, 2015.
Extended delay carries the risk that creditors could take actions
that lead to a declaration of technical default, followed by
payment acceleration after the relevant cure period under the
particular agreement. Additional rating actions will consider any
further developments in the ongoing corruption investigation along
with Moody's assessment of progress towards timely delivery of
audited financial statements and actions, if any, that are
perceived as lessening the risk of a creditor default notice
followed by acceleration.

If the company is able to conclusively address its near term
liquidity risks, its ratings could be upgraded, although likely
not to investment grade because the company is expected to face
continuing stresses related to the corruption investigating and
its very high debt burden.

Petrobras' rating would be sensitive to any change in the
government's rating as well as to Moody's assessment of the
strength of support from the government.  Moody's credit
assessment of Petrobras takes into account the expected level and
timeliness of government support, in case of need.  Moody's
currently assumes a high likelihood of support and moderate
dependence with the government's rating.  This support assumption
reflects, inter alia, the government's stated willingness to stand
behind Petrobras should that be needed.  However, Moody's also
recognizes that the government could be challenged to ensure
provision of the funding needed to ensure timely payment of
Petrobras' obligations in a scenario in which a substantial
portion of the company's debt was accelerated.  Should the
likelihood of such a scenario materializing increase, Moody's
would likely lower its assessment of support to reflect the rising
threat to timely support, even if the government's willingness to
ensure ultimate recovery remained unchanged.

The principal methodology used in these ratings was Global
Integrated Oil & Gas Industry published in April 2014.  Other
methodologies used include the Government-Related Issuers
methdology published in October 2014.

Petrobras, based in Rio de Janeiro, is an integrated energy
company, with total assets of about US$341 billion as of Sep. 30,
2014.  Petrobras dominates Brazil's oil and natural gas
production, as well as downstream refining and marketing.  The
company also holds a significant stake in petrochemicals and a
burgeoning position in sugar-based ethanol production and
distribution.  The Brazilian government directly and indirectly
owns about 48% of Petrobras' outstanding capital stock and 63% of
its voting shares.


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


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

The company's liquidator is:

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


CANE GLOBAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Cane Global Macro, Ltd. received on Jan. 5,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Fontenot
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


CEDAR DIVERSIFIED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Cedar Diversified Macro Fund 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


CEDAR FALLS: Members Receive Wind-Up Report
-------------------------------------------
The members of Cedar Falls, LDC 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


COMMON SENSE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Common Sense Special Opportunity Offshore,
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:

          Michael Wietecki
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


EMANCIPATION CAPITAL: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Emancipation Capital Offshore, 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:

          Emancipation Management LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877


FALCON 973: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Falcon 973 received on Jan. 27, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Wesam Abdulaziz Mohamed Baqer
          Bahrain Islamic Bank B.S.C. (BisB)
          Al Salam Tower, 2 Floor, Diplomatic Area
          P.O. Box 5240 Manama
          Bahrain


FIRST MEDIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of First Media Holdings, 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:

          Stanley Emmett Thomas III
          Flat B102, Villa Verde
          12 Guildford Road The Peak
          Hong Kong


FULCRUM AFRICA: Members Receive Wind-Up Report
----------------------------------------------
The members of The Fulcrum Africa All Cap 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


FULCRUM AFRICA MASTER: Members Receive Wind-Up Report
-----------------------------------------------------
The members of The Fulcrum Africa All Cap Master 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


FULCRUM GLOBAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Fulcrum Global Equity 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


FULCRUM GLOBAL MASTER: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Fulcrum Global Equity Master 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


ISLAND ENTITY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Island Entity One 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:

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


JLOC 5 INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of JLOC 5 Investments Limited received on Jan. 27,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LYSTER WATSON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Lyster Watson Conservative Alternative 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:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LYSTER WATSON MODERATE: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Lyster Watson Moderate Volatility 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:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MOLLY HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Molly Holdings Cayman Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MWAM STRATEGIC: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of MWAM Strategic Income 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:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ONE SGTB: Members Receive Wind-Up Report
----------------------------------------
The members of One SGTB Holding GP, 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:

          Hisayoshi Kitagawa
          CARD Corporate Services Ltd.
          c/o Akiko Asano
          Telephone: +81 3 5219 8777
          Facsimile: +81 3 5288 6312
          Zephyr House, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


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

The company's liquidator is:

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


PACIFIC REALTY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Pacific Realty Holding Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PROVENA HEALTH: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Provena Health Assurance SPC received on
Dec. 15, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kieran Mehigan
          c/o Marsh Management Services Cayman Ltd.
          Marsh Management Services Cayman Ltd.
          P.O. Box 1051 Grand Cayman
          Governors Square George Town
          23 Lime Tree Bay Avenue
          Cayman Islands


REAL ESTATE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Real Estate Property Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kiyohiko Ide
          6th Floor, Hulic Kamiyacho Building
          4-3-13 Toranomon, Minato-Ku
          Tokyo 105-0001
          Japan


ROTELLA AQUARIUS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Rotella Aquarius 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:

          Rosemarie C Rotella
          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 AQUARIUS MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Rotella Aquarius Master Fund, Ltd. received on
Dec. 17, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Rosemarie C Rotella
          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


SERY INTERNATIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sery International 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


THIRD AVENUE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Third Avenue Emerging Markets (Offshore) 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:

          Third Avenue Management LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877


THIRD AVENUE GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Third Avenue Global Value (Offshore) 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:

          Third Avenue Management LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877


UNI-CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Uni-Capital Limited received on Jan. 27, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Poh Seng Poo, George
          c/o Maples and Calder, Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


WANG STRATEGIC: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Wang Strategic Capital Partners (I) Limited
received on Jan. 29, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sing Wang
          House No. 29, Lafite Avenue
          The Vineyard, No. 23 Ngau Tam Mei Road
          Yuen Long, New Territories
          Hong Kong


XIJIAO INTERNATIONAL: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Xijiao International Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Adrian Chan
          1503 Ruttonjee House
          11 Duddell Street
          Hong Kong


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


DIGICEL LIMITED: To Raise Nearly a Billion Dollars in a Bond Issue
------------------------------------------------------------------
RJR News reports that Digicel Limited plans to raise US$925
million by selling bonds in a private placement.

The money will be used to repay an US$800 million debt due in
2017, the report relates.

A report in the issue of the Irish Times newspaper said the fund
raising will also give the company flexibility to pay a dividend
to Digicel Limited head Denis O'Brien, the report discloses.

Digicel Limited, the Bermuda-based entity raising the debt on
behalf of the group, said it will use the cash to buy back the
expensive senior loan notes, issued in 2009 with a coupon of
8.25%, the report relays.

According to Bloomberg, US$800 million of those notes were issued,
leaving Digicel Limited with a surplus of at least US$125 million
if it manages to buy back all of the debt it is targeting, the
report notes.

The company has in past bond offerings paid substantial dividends
to Mr. O'Brien and a handful of other minority shareholders from
the proceeds, the report relays.

Along with minority shareholders, Mr. O'Brien received a payout of
about US$650 million last year, and more than US$500 million in
the four previous years, the report notes.  The company told
prospective debt investors some of the proceeds of the latest bond
offering would be used for general corporate purposes, which would
allow it to pay a dividend to Mr. O'Brien, if the company chooses,
the report says.

It could also retain the cash on its balance sheet to fund
acquisitions, the report discloses.

Ratings agency Moody's assigned a B1, or so-called junk rating to
the latest loan notes, which will be due for repayment by 2023.

Moody's says Digicel Limited's history of debt funded acquisitions
and sizable dividend payments weigh down the rating.

It also highlighted concerns over Digicel Limited's reliance on
the Jamaican market, which accounts for about 15 percent of
Digicel Limited's US$2.8 billion annual revenues, the report
relays.

It said Jamaica is struggling to revive its economy and
experiencing competitive telecom pricing.

In addition, slowing subscriber growth, lower pricing plans and
adverse foreign currency movements relative to the US dollar in
Jamaica, Haiti and Papua New Guinea, which account for more than
45 percent of revenue, resulted in flat earnings growth, the
report says.

Incorporated in Hamilton, Bermuda, with headquarters in Kingston,
Jamaica, W.I., Digicel Group Limited is the largest provider of
wireless telecommunication services in the Caribbean. Revenue for
the twelve months ended September 30, 2014 totaled $2.8 billion.


DIGICEL LIMITED: Moody's Assigns 'B1' Rating to New $925MM Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Digicel
Limited's proposed offering of $925 million Senior Unsecured Notes
due 2023.  The use of proceeds will be used to redeem 100% of the
existing Digicel Limited 8.25% Senior Unsecured Notes due 2017,
including redemption premiums, accrued interest and fees, and the
remaining net proceeds will be used to add cash to the balance
sheet to be used for general corporate purposes.

Issuer: Digicel Limited

   -- Senior Unsecured Notes due 2023 -- B1 (LGD3)

Digicel Group Limited's ("DGL" or "Digicel") B2 Corporate Family
Rating is supported by its leading position as the largest
wireless telecommunications carrier in the Caribbean (also
providing services in the Asia Pacific and Central America), as
well as its successful track record at gaining significant market
share and producing solid operating results relatively quickly
after new markets are launched.  Profitability and cash flows have
expanded steadily over the past few years.  Moody's expect that
the company's expansion into cable TV and business services will
be successful as it will allow Digicel to leverage existing
customer relationships and a strong brand.  Consequently, cash
flow growth is expected to remain strong as these new services
offset slowing growth in legacy wireless services.

However, Digicel's history of debt funded acquisitions and sizable
dividend payments weigh down the rating.  While the company
continues to have strong geographic diversification, this is
mitigated by its exposure to Jamaica (about 15% of total revenue),
which is struggling to revive its economy and experiencing
competitive telecom pricing following the implementation of a new
regulatory and tax scheme designed to increase government
receipts.  Further, slowing subscriber growth, lower pricing plans
and adverse foreign currency movements relative to the US dollar
in Digicel's three largest geographies (Jamaica, Haiti and Papua
New Guinea) accounting for over 45% of revenue have resulted in
flat year-over-year revenue growth for the three months ended
September 30, 2014. In constant currency terms, revenues increased
by 3%.

The stable rating outlook reflects Moody's opinion that DGL is
unlikely to drive debt to EBITDA leverage to under 4x (Moody's
adjusted) over the rating horizon.

Moody's could upgrade Digicel's rating if the company demonstrated
a less aggressive dividend philosophy, financial policies targeted
leverage lower than 4x debt to EBITDA (Moody's adjusted), and if
the operations exhibited positive free cash flow generation in
excess of 5% of total debt (Moody's adjusted) on a sustained basis
while maintaining very good liquidity.

The ratings could be downgraded if operational shortfalls or
unexpected acquisitions/investments elevated Digicel's leverage
above 6x debt to EBITDA (Moody's adjusted) within an 18 - 24 month
horizon.  The ratings will likely experience downward pressure if
competition escalates in the company's core markets or if
deterioration in the political, economic and regulatory
environments in the Caribbean or South Pacific markets result in
declining operating cash flows and weak liquidity.

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Incorporated in Hamilton, Bermuda, with headquarters in Kingston,
Jamaica, W.I., Digicel is the largest provider of wireless
telecommunication services in the Caribbean. Revenue for the
twelve months ended September 30, 2014 totaled $2.8 billion.


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


* MEXICO: FDI Falls Nearly 36% in Mexico
----------------------------------------
EFE News reports that foreign direct investment (FDI) in Mexico
fell to $22.56 billion last year, down 35.9 percent from the
$35.18 billion registered in 2013, the Economy Secretariat said.

The final figure was the result of an inflow of $33.92 billion in
investment and a debit of $11.36 billion accounted for as a drop
in FDI, the secretariat said in a statement, according to EFE
News.

Some 60 percent of the reduction in FDI was accounted for by a
transfer of stock from foreign investors to Mexicans and the rest
by transactions in company accounts, such as loans made and
amortization of loans received, the secretariat said, the report
notes.

About 56 percent of FDI was the product of reinvestment of
profits, with 25 percent coming from corporate transactions and 19
percent representing new investment, the report says.

Some 57 percent of FDI went into manufacturing, 24 percent into
financial services, 10 percent into mining, 9 percent into
retailing and 4 percent into construction, the report relays.

"The mass media information sector experienced disinvestment of
$4.15 billion (18 percent)," the secretariat said, the report
notes.

The biggest sources of FDI were the United States, accounting for
29 percent; Spain, with 18 percent; Canada, with 11 percent;
Germany, with 7 percent; the Netherlands, with 6.5 percent; and
Japan, with 6 percent, the report adds.


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


PUERTO RICO: Wants Quick Appeal on Debt-Cut Law
-----------------------------------------------
Sherri Toub and Bill Rochelle at Bloomberg News report that Puerto
Rico has asked a U.S. appeals court to expedite review of a
decision striking down the commonwealth's public-debt
restructuring law, calling the matter of "pressing concern" to the
public and the litigants.

Under Puerto Rico's proposed schedule, the island government would
deliver its opening brief to the U.S. Court of Appeals for the
First Circuit by March 16, followed by responsive papers by
opponents of the law by April 15, according to Bloomberg News.

Oral arguments would be slated for May.

Bloomberg News notes that U.S. District Judge Francisco A. Besosa
in San Juan ruled on Feb. 6 that the law violated the U.S.
Constitution.  That decision left the island's heavily indebted
public companies in a legislative "no man's land" because they
can't seek protection under either Chapter 9 of the federal
Bankruptcy Code or an analogous commonwealth statute, Puerto Rico
said in a filing with the Boston-based circuit court, Bloomberg
News relates.

Bloomberg News relays that the commonwealth said that its power
utility, known as Prepa, is among the companies most adversely
affected by Puerto Rico's current financial crisis.

Bloomberg News says that existing forbearance agreements with
Prepa's key creditors are set to expire March 31, according to
court papers.  While Prepa is trying to negotiate extensions, the
commonwealth said those efforts may be hampered by the decision
invalidating the debt-restructuring law, Bloomberg News relays.

Bloomberg News discloses that in the absence of extensions or
emergency judicial relief, Prepa's creditors could take actions
that would disrupt essential public services in Puerto Rico, the
commonwealth said, including attempting to accelerate the debts,
suing to raise electricity rates or seeking to appoint a receiver.

Bloomberg News says that the island's government adopted the
Public Corporation Debt Enforcement and Recovery Act in June to
permit Puerto Rico's public corporations to restructure their
debts.

Bond funds affiliated with Franklin Resources Inc., Oppenheimer
Rochester Funds and BlueMountain Capital Management LLC sued,
contending the law was unconstitutional and depressed the value of
$2 billion in Puerto Rico power utility debt they held, Bloomberg
News says.

Franklin Resources and BlueMountain don't oppose the proposed
schedule for the appeal, according to the commonwealth.

The appeal is Franklin California Tax-Free Trust v. Commonwealth
of Puerto Rico, 15-1218, U.S. Court of Appeals for the First
Circuit (Boston). The first lawsuit is Franklin California Tax-
Free Trust v. Commonwealth of Puerto Rico, 14-cv-01518, U.S.
District Court, District of Puerto Rico (San Juan). The second is
BlueMountain Capital Management LLC v. Padilla, 14-cv-01569, U.S.
District Court, District of Puerto Rico (San Juan).


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


VENEZUELA: Still Seen Defaulting in 2015 by Deutsche Bank
---------------------------------------------------------
Katia Porzecanski and Carolina Millan Ronchetti at Bloomberg News
report that with oil prices ticking up and new financing
commitments, cash-strapped Venezuela is persuading traders and
analysts alike to back away from calls the country will default
this year.  But not everyone is buying it.

Deutsche Bank AG and Jefferies LLC still see Venezuela running out
of money to pay debt in 2015, according to Bloomberg News.
They're the only ones out of 10 firms surveyed by Bloomberg, which
included Goldman Sachs Group Inc. and Credit Suisse Group AG,
Bloomberg News relates.

Bloomberg News says that while the country has raised almost $5
billion in the past month and oil has jumped 21 percent from an
almost six-year low, Deutsche Bank's Armando Armenta says that's
still not enough.  Venezuela needs $32 billion to finance itself
this year, according to his estimates, Bloomberg News notes.

"The financing gap that they are facing for this year with current
oil prices is just too large," Mr. Armenta, the bank's New York-
based economist, told Bloomberg News by telephone.  "I don't see a
path out in which they can avert default," Mr. Armenta added.

Bloomberg News notes that a Finance Ministry spokeswoman, who
asked not to be named because of government policy, declined to
comment on the possibility of default.  On Feb. 10, Finance
Minister Marco Torres told reporters Venezuela will meet its debt
commitments, Bloomberg News says.

Bloomberg News relays that the nation's bonds have returned 14
percent in the past month, the most in emerging markets, as oil
climbed $10 a barrel.  Venezuela raised $2.8 billion through its
U.S. refining unit Citgo Petroleum Corp. in the bond and loan
markets and $1.9 billion from crude sales to the Dominican
Republic, Bloomberg News notes.

                          'Likely Scenario'

Derivatives traders have now cut the probability of a Venezuela
default over the next 12 months to about 64 percent from 82
percent a month ago, according to data compiled by CMA, Bloomberg
News says.

"The market seems to be differentiating between what happens this
year and what may happen in 2016," Fernando Losada, an economist
at AllianceBernstein, told Bloomberg News by telephone from New
York.  "Many people in the market believe that the most likely
scenario is that they will make payments this year," Mr. Losada
added.

Venezuela, which relies on crude for more than 95 percent of
exports, and its state oil company have about $10 billion of debt
due this year, according to Mr. Armenta, Bloomberg News relays.
That's equal to 43 percent of the country's $23 billion in foreign
reserves.

The nation will also need about $40 billion to import everything
from milk to toothbrushes, according to Mr. Armenta's estimates,
Bloomberg News notes.

To Jefferies's Siobhan Morden, Venezuela may have been better off
selling Citgo as its ability to rely on these sources of funding
again are limited, Bloomberg News relates.

                         'Still Underfunded'

"Inflows are going to be less because they're using Citgo as an
issuance vehicle as opposed to selling Citgo outright," Mr.
Morden, the head of Latin America fixed income at Jefferies, told
Bloomberg News by telephone from New York.  "These are all one-off
measures.  They're still underfunded for this year," Mr. Morden
added.

Venezuela's latest measure to ease a shortage of hard currency
will also prove insufficient, says Deutsche's Armenta, Bloomberg
News relays.

Bloomberg News says that the government has allowed the bolivar to
weaken 70 percent to 172 bolivars per dollar since Feb. 12, when
trading began on a new market that allows unrestricted prices on
the currency.

Still, almost all of the country's dollar needs -- from importing
food and medicine to other essential goods -- will still be met
using the fixed official rate of VEF6.3 or through auctions
starting at $12, Bloomberg News notes.

"All these measures they might announce or might not announce in
coming months, even though they would've helped a few months ago,
would not be enough during this year," Mr. Armenta said, Bloomberg
News notes.  "Some sort of external financing for the economy is
needed.  I don't know what could be a source," Mr. Armenta added.


                            ***********


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
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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,
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202-362-8552.


                   * * * End of Transmission * * *