TCRLA_Public/150306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, March 6, 2015, Vol. 16, No. 046


                            Headlines



A R G E N T I N A

ARGENTINA: Creditors Filed $7-8BB More Claims in Debt Battle


B R A Z I L

BRAZIL: Acknowledges Severe Power Generation Crisis
PETROLEO BRASILEIRO: Moody's Says Banks Face Risks from Partners


C A Y M A N  I S L A N D S

ADVANCE LEAD: Commences Liquidation Proceedings
AUTOSTRADA INVESTMENT: Shareholders Receive Wind-Up Report
BARCLAYS WEALTH: Commences Liquidation Proceedings
BMB COMIT: Commences Liquidation Proceedings
BOODELL VALUE: Placed Under Voluntary Wind-Up

CBC MANAGEMENT: Commences Liquidation Proceedings
CPC WEETABIX: Commences Liquidation Proceedings
EPSILON ALPHA: Members Receive Wind-Up Report
FULFIL POSEN: Shareholders Receive Wind-Up Report
GOVPLUS OFFSHORE: Commences Liquidation Proceedings

GREENHILL CAPITAL: Commences Liquidation Proceedings
HBM EMERGING: Commences Liquidation Proceedings
HBM PARTNERS: Commences Liquidation Proceedings
HIGHLAND VENTURES: Commences Liquidation Proceedings
KEA INVESTMENTS: Shareholders Receive Wind-Up Report

LAUREL LIMITED: Shareholders Receive Wind-Up Report
MCC-PCG INTERNATIONAL: Commences Liquidation Proceedings
MERLION FUND: Commences Liquidation Proceedings
MIDDLE KINGDOM: Commences Liquidation Proceedings
OCCO GLOBAL: Commences Liquidation Proceedings

OCCO GLOBAL MASTER: Commences Liquidation Proceedings
OHIO VENTURE: Commences Liquidation Proceedings
OPTIMUS FUND: Shareholders Receive Wind-Up Report
QATAR FIRST: Placed Under Voluntary Wind-Up
QI-X HOLDINGS: Shareholders Receive Wind-Up Report

SAPPHIRE INSURANCE: Placed Under Voluntary Wind-Up
TOKIO MARINE: Shareholder Receives Wind-Up Report
TOSCANNO LIMITED: Members Receive Wind-Up Report
VC COMPUTER: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Should Nix CARICOM Entry for Now


J A M A I C A

JAMAICA: Phillips Cautious About Mining Prospects
JAMAICA: To Continue Fiscal Administration Modernization Program
JAMAICA: Low Investor Confidence Affects Equities Market


M E X I C O

CORPORACION PESQUERA: S&P Keeps 'B' CCR on CreditWatch Negative


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Misses Restructuring Deadline


                            - - - - -


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


ARGENTINA: Creditors Filed $7-8BB More Claims in Debt Battle
------------------------------------------------------------
Sarah Marsh and Eliana Raszewski at Reuters reports that
Argentina's economy minister said that "me-too" investors who want
compensation for debt owed since the country's 2002 default have
lodged claims for between $7 billion and $8 billion in the hope of
gaining from its legal battle with other holdouts.

A U.S. judge ordered Argentina in 2012 to pay a group of hedge
funds that did not participate in its 2005 and 2010 debt
restructuring, including Elliott Management Corp's NML Capital Ltd
and Aurelius Capital Management, $1.33 billion plus interest,
according to Reuters.

The report notes that Argentina refused to pay, calling the
creditors "vulture funds" for seeking to pick clean the carcass of
Latin America's third-largest economy after its devastating 2002
default on $100 billion in debt.

The country now said it wants to reach a deal, after its legal
battle with the holdouts pushed it into default on its
restructured debt in July, the report relates.  But it wants to
settle claims from all creditors who refused the swaps at the same
time, the report says.

U.S. District Judge Thomas Griesa in New York said he would deal
with "me too" claims filed by March 2 on the same schedule as
those of the hedge funds, notes the report.

"Those who presented new claims to Judge Griesa worth $7 or $8
billion are also vultures," Economy Minister Axel Kicillof said in
a radio interview, reports Reuters.

Separately, Minister Kicillof criticized Judge Griesa for
preventing Argentina's payment of interest on restructured bonds
under Argentine law, ahead of a hearing later in New York on
whether Citigroup Inc. (C.N) can process such payments, according
to the report.

In November, Judge Griesa put off a determinative ruling while
allowing the bank temporarily to process payments, the reports
relays.

"Argentine legislation makes clear that bonds under Argentine law
are a question of Argentina," the minister told state broadcaster
Radio Nacional, Reuters notes.  "Judge Griesa is trying to extend
his arm further than it actually reaches . . . . (He) has created
a legal mess that is very difficult to solve."

Citigroup has said it faces regulatory and criminal sanctions by
Argentina if it cannot process the interest payment on U.S.
dollar-denominated bonds issued under Argentine law, the report
relays.

BNP Paribas said in a research note that if the court decides to
define "external" debt as any dollar-denominated bond, rather than
a foreign law instrument, "there will be negative implications, as
this would put any new issuance by the government at risk," the
reports adds.

                         *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


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


BRAZIL: Acknowledges Severe Power Generation Crisis
---------------------------------------------------
EFE News reports that Brazil's mines and energy minister
acknowledged the serious, drought-triggered crisis affecting the
nation's electricity generation system, but he said the risk of
rationing is minimal.

Eduardo Braga appeared before Brazil's lower house of Congress to
discuss the national electrical system in the wake of several
recent blackouts, a situation that experts say could worsen in the
short-term due to scant rainfall during the Southern Hemisphere
summer, which ends on March 21, according to EFE.

The report notes that the reservoirs of Brazil's hydroelectric
dams, which account for around 70 percent of the country's
installed generating capacity, are at their lowest levels since
2001, when the South American nation was forced to implement a
strict energy rationing regime.

"We'd like to have more rain, but even with reservoirs at levels
lower than in 2001 we'll maintain energy supplies due to the
robustness of the system," the report quoted Mr. Braga as saying.

Brazil has boosted its overall generating capacity over the last
decade and since 2010 has strived to diversify its energy matrix
and reduce its dependence on hydropower, the minister said, the
report relates.

A total of 19 new hydroelectric projects are being developed, but
34 natural-gas fired plants, 420 wind farms and 31 solar parks
also are in the works, Mr. Braga said, the report notes.

The minister said the situation is particularly problematic in
three southeastern states that are the country's most populous and
industrialized: Rio de Janeiro, Sao Paulo and Minas Gerais, the
report says.

The report notes that the population in those states must
"cooperate" and avoid wasting water, according to Braga, although
he said thus far there is no risk authorities will be forced to
implement a rationing program.


PETROLEO BRASILEIRO: Moody's Says Banks Face Risks from Partners
----------------------------------------------------------------
The deepening investigation into an alleged kickback scheme at
Petroleo Brasileiro SA (Petrobras) has triggered concerns for the
Brazilian banks with exposures not only to the state-controlled
oil company, but also to its large base of suppliers, as well as
the broader oil and gas (O&G) and construction industries,
according to a new report from Moody's Investors Service.

The risks are greatest for Brazil's public banks, which could be
compelled by the government to offer Petrobras and its supplier
base support to prevent a credit crunch.

"The investigation into Petrobras could exacerbate the situation
for Brazil's banks, given that expectations for loan growth in
2015 were already modest," said Celina Vansetti-Hutchins, a
Moody's Managing Director. "Any increase in the banks' provisions
against losses related to Petrobras and its suppliers, as well as
to the broader oil and gas and construction sectors, would hurt
earnings and lead to a tightening of credit, which would
reverberate throughout Brazil's economy."

With the banks' exposures to both the O&G and construction
industries up significantly in recent years, uncertainty owing to
the investigation has already resulted in the banks' limiting
financing for either sector, as they try to identify which
entities are the most vulnerable, according to "Petrobras
Contagion Risks for Banks Extend to the Broader Oil and Gas
Sector." Petrobras has already blocked several suppliers
implicated in the investigation from future contracts,
highlighting the contagion risk for the banks with exposure in
these industries.

Lenders are likely to continue to finance Petrobras, however,
owing to its relatively sound operating performance and the high
expectation of government support.  The company remains one of the
most strategically important companies in Brazil.  However, it
does face near-term liquidity concerns owing to both the
investigation and delays in delivering audited financial
statements on a timely basis.  In that context, on February 24,
Moody's corporate finance group downgraded Petrobras' senior
unsecured debt rating to Ba2 from Baa3, not only on concerns about
liquidity risk but also the expectation that the company would
find it difficult to lower its very high debt burden over the next
few years.

Moreover, if the company further delays disclosure of its 2014
financial statements, creditors could decide to exercise their
right to accelerate Petrobras's $137 billion in outstanding
obligations.  In the event, however, other corporate borrowers
doing business with Petrobras could default or file for
bankruptcy, which could prompt the banks to execute guarantees
that would affect the entire financial system and economy.


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


ADVANCE LEAD: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 14, 2015, the shareholders of Advance Lead Investments
(Cayman) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 23, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AUTOSTRADA INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Autostrada Investment Management Limited
received on March 5, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


BARCLAYS WEALTH: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 19, 2015, the members of Barclays Wealth Advisor Series
International Value Equity II Ltd resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


BMB COMIT: Commences Liquidation Proceedings
--------------------------------------------
On Jan. 21, 2015, the sole shareholder of BMB Comit VIII LDC
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 4, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher Rowland
          c/o Trudy-Ann Scott
          Fund Fiduciary Partners Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town, Grand Cayman
          10 Market Street, #769 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5855
          e-mail: trudyann.scott@fundsolutionservices.com


BOODELL VALUE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 31, 2014, the sole shareholder of Boodell Value Capital
Offshore Fund Ltd resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Boodell & Company Capital Management LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CBC MANAGEMENT: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 16, 2015, the sole shareholder of CBC Management, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Kiyomi Bernet-Yaegashi
          St Johannes-Strasse 10
          6300 Zug
          Switzerland


CPC WEETABIX: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 9, 2015, the sole shareholder of CPC Weetabix PIK Debt,
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Royal W. Carson, III
          Telephone: +1 (214) 999-1000
          Facsimile: +1 (214) 999-1022
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


EPSILON ALPHA: Members Receive Wind-Up Report
---------------------------------------------
The members of Epsilon Alpha Ltd. received on March 5, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


FULFIL POSEN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Fulfil Posen Company Limited received on
Feb. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


GOVPLUS OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 19, 2015, the sole shareholder of Govplus Offshore Fund,
Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Norcap Investment Management, L.P.
          c/o Carl Baggett
          8350 N. Central Expy
          Suite 1312
          Dallas
          Texas 75206
          United States of America
          Telephone: +1 (972) 701 8813
          e-mail: cbaggett@norcapfunds.com


GREENHILL CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 22, 2015, the sole shareholder of Greenhill Capital
Management Inc. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Adam Montanios
          Diagoras House
          P.O. Box 25001 CY-1306 Nicosia
          Cyprus
          Telephone: + 357 22 660 766
          e-mail: montanios@montanioslaw.com.cy


HBM EMERGING: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 20, 2015, the sole shareholder of HBM Emerging Markets
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          HMS Cayman Limited
          10 Market Street, Suite 140 Camana Bay
          Grand Cayman KY1-9006
          c/o Margaret Thompson
          Telephone: +1 (345) 325 2255


HBM PARTNERS: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 20, 2015, the sole shareholder of HBM Partners (Cayman)
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          HMS Cayman Limited
          10 Market Street, Suite 140 Camana Bay
          Grand Cayman KY1-9006
          c/o Margaret Thompson
          Telephone: +1 (345) 325 2255


HIGHLAND VENTURES: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Jan. 21, 2015, the members of
Highland Ventures Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 2, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Bridge Street Services Limited
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


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

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815-4558
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1-1205
          Cayman Islands


LAUREL LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Laurel Limited received on Feb. 9, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ita Bank and Trust Company Ltd
          Canella Court, Suite 4210
          48 Market Street, Camana Bay
          P.O. Box 32203 Grand Cayman, KY-1208
          Cayman Islands


MCC-PCG INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
On Jan. 5, 2015, the sole shareholder of MCC-PCG International
Private Equity Fund resolved to voluntarily liquidate the
company's business.

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

The company's liquidators are:

          Joseph Ueda
          Kazuaki Nishimura
          Mitsubishi Corporation
          6-1, Marunouchi 2-Chome
          Chiyoda-ku
          Tokyo, 100-8086
          Japan


MERLION FUND: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 18, 2014, the sole member of Merlion Fund SPC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 23, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MIDDLE KINGDOM: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 16, 2015, the sole shareholder of Middle Kingdom
Investments SPC resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 23, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


OCCO GLOBAL: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 30, 2014, the members of OCCO Global Financials Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 24, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OCCO GLOBAL MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 30, 2014, the members of OCCO Global Financials Master
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 24, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OHIO VENTURE: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 13, 2015, the shareholders of Ohio Venture Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 23, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OPTIMUS FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Optimus Fund received on Feb. 10, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815-4558
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1-1205
          Cayman Islands


QATAR FIRST: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 13, 2015, the sole member of Qatar First Development Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 23, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


QI-X HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of QI-X Holdings LDC received on Feb. 27, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


SAPPHIRE INSURANCE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Sapphire Insurance
Company, SPC resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

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


TOKIO MARINE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Tokio Marine Financial Solutions Ltd. received
on Feb. 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
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman
          Cayman Islands
          Telephone: 345 949 4800
          Facsimile: 345 949 7164


TOSCANNO LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Toscanno Limited received on Feb. 20, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VC COMPUTER: Commences Liquidation Proceedings
----------------------------------------------
VC Computer Holdings Limited commenced liquidation proceedings.

Only creditors who were able to file their proofs of debt by
Feb. 17, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alexander Lawson
          P.O. Box 493 GT Grand Cayman KY1-1106
          Cayman Islands
          c/o Jason Robinson
          Telephone: (345) 815 2600
          Facsimile: (345) 949 7164
          e-mail: jasonrobinson@kpmg.ky


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


* DOMINICAN REPUBLIC: Should Nix CARICOM Entry for Now
------------------------------------------------------
Dominican Today reports that the head of the Roundtable
Commonwealth Countries in the Dominican Republic asked the
Dominican Government to withdraw its request for membership in the
Caribbean Community (CARICOM) regional bloc.

Fernando Gonzalez Nicolas, one of the main promoters of the
country's membership to CARICOM and other economic blocs, noted
however that becoming an active member of CARICOM currently makes
no political or economic sense for Dominican interests, according
to Dominican Today.

"Dominican Republic already forms part of CARICOM in several
forums such as CARIFORUM and the Free Trade Agreement between
CARICOM and the Dominican Republic," the report quoted Mr. Nicolas
as saying.

In that regard, Mr. Nicolas asked the Dominican Gov. to design and
enact a new international diplomatic offensive to show the
official measures on immigration to the leaders of the English
Caribbean, the report notes.

"It's necessary to draft a document in English on the significant
efforts we Dominicans make to regularize Haitians born in the
Dominican Republic before 2010 and also disclose how much the
Dominican Republic invests in seeking Haiti's welfare, which is
much more than what all CARICOM states have done put together,"
said the head of the Roundtable in a statement obtained by the
news agency.

                              Caution

Nonetheless Mr. Nicolas cautioned against underestimating the
small Caribbean islands, "because these nations act as a bloc with
voice and vote in international forums where what's discussed and
decided is of interest to the Dominican Republic.  CARICOM
countries are well networked internationally," the report relates.

"It behooves the Dominican Republic to make efforts to bolster
ties with our English Caribbean neighbors," Mr. Nicolas.


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


JAMAICA: Phillips Cautious About Mining Prospects
-------------------------------------------------
RJR News reports that ongoing developments on the international
scene pose a threat to Jamaica's mining sector, according to
Finance Minister Dr. Peter Phillips.

During a meeting of Parliament's Standing Finance Committee which
is reviewing the 2015/2016 Estimates of Expenditure, Dr. Phillips
said this also has implications for fiscal performance, including
revenue collection, according to RJR News.

Citing the conflict involving Ukraine and Russia, Dr. Phillips,
said that if this crisis should escalate, "it could have an impact
on our bauxite/alumina arrangement," the report notes.

The report adds that Dr. Phillips reiterated that "we operate in a
global environment, which has the potential for affecting
developments within our own domestic space."

                          UC Rusal Upbeat

In contrast to the Finance Minister's words of caution, Russia
based UC Rusal -- the world's largest aluminum producer and a
major stakeholder in Jamaica's bauxite/alumina sector -- believes
the global aluminum industry is likely to grow this year, the
report relates.

Global aluminum demand surged by 7% in 2014, notes RJR News.

Severe cost-control measures, along with the decision to shutdown
non-performing smelters, helped UC Rusal swing into a profit-
making position during the year, the report discloses.

It reduced production at seven smelters in an attempt to lift the
global supply/demand balance, the report notes.

Despite the robust projection, however, UC Rusal expects
production growth outside of China may continue to remain subdued,
the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'.  The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable.  The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.


JAMAICA: To Continue Fiscal Administration Modernization Program
----------------------------------------------------------------
RJR News reports that the Ministry of Finance will continue with
the implementation of the Fiscal Administration Modernization
Program this year.

For this purpose, J$1.4 billion has been allocated in the 2015/16
Estimates of Expenditure, and this will be reviewed by
Parliament's Standing Finance Committee starting March 3,
according to RJR News.

The project, which commenced in December 2011, is aimed at
strengthening the Finance Ministry's institutional capacity to
improve customs and inland tax collections, as well as manage debt
and government payment operations, the report notes.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'.  The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable.  The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.


JAMAICA: Low Investor Confidence Affects Equities Market
--------------------------------------------------------
RJR News reports that the Bank of Jamaica has observed that the
performance of the local equities market in 2014 reflected
continued low investor confidence notwithstanding positive macro-
economic developments.

During the December quarter, four of the six Jamaica Stock
Exchange (JSE) indices recorded declines, ranging from 5.3% to
20.9%, according to RJR News.

The report notes that the Jamaica Central Bank says the outturn at
the end of 2014 was in contrast to the marginal annual increase of
0.5%, on average, for the previous five calendar years.

Despite the annual decline for 2014, there was a 5.7% increase in
the JSE Main Index during the October to December quarter,
relative to the previous three months, the report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'.  The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable.  The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.


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


CORPORACION PESQUERA: S&P Keeps 'B' CCR on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B' corporate credit
and issue-level ratings on Corporacion Pesquera Inca S.A.C.
(Copeinca) on CreditWatch with negative implications, where S&P
placed them on Aug. 15, 2014.

The rating action mirrors the action S&P took on Copeinca's sole
shareholder, China Fishery Group Ltd. (China Fishery; B/Watch
Neg/--).  S&P continues to view Copeinca as a "core" subsidiary of
China Fishery, based on the level of integration of the group's
fishmeal operations in Peru, which S&P expects to increase after
China Fishery redeems Copeinca's $250 million outstanding notes
before May 15, 2015.  The significant contribution of Copeinca to
the group's cash flows and consolidated revenue base (accounting
for about 80% of the group's sales) also supports S&P's
assessment.

If Copeinca remains as an integral part of the group's strategy
and maintains its "core" entity status within China Fishery, S&P's
ratings on it will continue to move in tandem with those on its
immediate parent.

S&P expects to resolve the CreditWatch placement in the next 90
days, which will depend on China Fishery's refinancing prospects
and liquidity profile.  At the same time, S&P will continue to
closely monitor Copeinca's operating performance amid volatile
market conditions for Peruvian fisheries.


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


PUERTO RICO ELECTRIC: Misses Restructuring Deadline
---------------------------------------------------
Reuters reports that Puerto Rico's debt-laden power authority,
Prepa, said it will hold off on presenting a restructuring plan to
creditors as it continues to negotiate an extension of forbearance
agreements with bondholders and lenders.

The current agreement, which expires on March 31, had called for a
deadline of March 2 for Prepa to unveil a proposal to restructure
about $9 billion in debt, according Reuters.  But it will miss
that deadline, Lisa Donahue, Prepa's chief restructuring officer,
had said in a statement.

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).

                       *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said that it maintained its
'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA)
power revenue bonds on CreditWatch with negative implications.
S&P originally placed the rating on CreditWatch on June 18, 2014.

on Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2. This rating action concludes the
rating review that Moody's initiated on July 1, 2014. PREPA's
rating outlook is negative.


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *