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

            Wednesday, April 8, 2015, Vol. 16, No. 068


                            Headlines



A N T I G U A  &  B A R B U D A

REX RESORTS: Closes for Six Months, Cuts Jobs


A R G E N T I N A

ARGENTINA: Judge in $2.3 Billion Bond Spat Mulls Citi Injunction
ARGENTINA: Creditors File $7-8 Billion More Claims in Debt Battle


B R A Z I L

BR MALLS PARTICAPACOES: Moody's Affirms Ba1/Aa2.br Sr. Debt Rating
BR MALLS INT'L: Moody's Affirms Ba1 Rating on US$405MM Sr. Notes
OAS SA: Seeking to Defraud Bondholders, Aurelius Says
* BRAZIL: Analysts Expect Economy to Contract 1.01% This Year


C A Y M A N  I S L A N D S

ABSAS INVESTMENTS: Creditors' Proofs of Debt Due April 29
CASTILLO INVESTMENTS: Placed Under Voluntary Wind-Up
EDIOM FEEDER: Commences Liquidation Proceedings
GREATDREAMS CARTOON: Creditors' Proofs of Debt Due April 20
INCISIVE MEDIA: Creditors' Proofs of Debt Due April 30

PLATINUM DYNASTY: Placed Under Voluntary Wind-Up
SENSUS STRATEGY: Commences Liquidation Proceedings
TWO SIGMA: Creditors' Proofs of Debt Due April 20
TWO SIGMA EXPOSURE: Creditors' Proofs of Debt Due April 20
TWO SIGMA MASTER: Creditors' Proofs of Debt Due April 20

WATERFORD GP: Placed Under Voluntary Wind-Up
WHITEFISH AVIATION: Creditors' Proofs of Debt Due May 4
WK CONSULTANTS: Placed Under Voluntary Wind-Up


C O L O M B I A

COLOMBIA: Corporates to See Challenges This Year, Says Fitch


J A M A I C A

JAMAICA: To Receive US$39MM From IMF After Latest Economic Review


M E X I C O

QUALITAS COMPANIA: A.M. Best Affirms 'B' Fin'l. Strength Rating


P U E R T O    R I C O

ALONSO & CARUS: Continues Talks with Lender on Cash Collateral Use
PUERTO RICO ELECTRIC: Creditors Offer $2-Billion Capital Plan


                            - - - - -


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


REX RESORTS: Closes for Six Months, Cuts Jobs
---------------------------------------------
The Daily Observer reports that as of early next month, close to
200 employees will be unemployed as two major hotel proprieties --
Hawksbill by Rex Resorts and Coconut Beach Club Resort --
announced that they will close their doors for at least six
months, in one instance.

News of the closure came from Senior Industrial Relations Officer
of the Antigua Workers Union (ABWU) Chester Hughes, who told
OBSERVER media that the union was informed of the two impending
closures, but it was surprised by Hawksbill's notice which came
months ahead of schedule, according to The Daily Observer.

"The management informed us officially that the hotel will be
closed earlier than they anticipated and the employees will be
severed," Mr. Hughes said in an interview, the report notes.

The report relays that in a letter dated April 1, that was
addressed to the union's General Secretary David Massiah and
copied to the Senior Industrial Relations Officer, Hawksbill's
General Manager John St. Luce notified the union that: "Hawksbill
by Rex Resorts will be closed for renovations from May 5 through
October 24, 2015.  As a consequence, there will be no work for the
hotel employees to perform."

The union was told that the hotel, which employs about 100 people,
will be closing its doors for an unknown period in order to
undertake major repair work, the report discloses.

In the missive, St. Luce said severance will be paid to all
workers for the period of their employment with the company and
that all entitlements will also be remitted to them at that time,
the report adds.


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


ARGENTINA: Judge in $2.3 Billion Bond Spat Mulls Citi Injunction
----------------------------------------------------------------
Max Stendahl at Law360.com reports that a New York federal judge
deferred a ruling on whether to block Citibank NA from making
payments on some $2.3 billion worth of bonds governed by Argentine
law, after an attorney for the bank lambasted the injunction as
"fundamentally unfair."

U.S. District Judge Thomas Griesa heard more than two hours of
arguments on whether a previous injunction should block Citibank
from processing bond payments in a legal dispute stemming from
Argentina's 2001 default, according to Law360.com.  In the suit, a
group of investors that bought debt and later rejected the
Argentine government's restructuring offers are seeking to be made
whole, the report relates.

During the hearing in Manhattan court, Karen Wagner, a lawyer for
Citibank, said the bank would face "great danger" if it was forced
to comply with the injunction, the report relates.  Citibank could
lose its banking license in Argentina and its employees could face
criminal sanctions, Ms. Wagner said.

"The risk is very real, but there is nothing to be gained by
enforcing such an injunction," Ms. Wagner told Judge Griesa, the
report notes.  "It seems fundamentally unfair and inequitable to
put Citibank in such a position."

The report relates that an attorney for Argentina also urged the
judge to allow Citibank to service the debt, reasoning that the
bonds at issue were offered exclusively in Argentina and therefore
fell outside the scope of the injunction.

But Edward Friedman, an attorney for plaintiff-investors including
Aurelius Capital Master Ltd., said the bonds had actually been
offered in several other countries, including the U.S., Germany,
Denmark and Italy, the report discloses.  Mr. Friedman also noted
that the injunction barred all "participants" in the bond payment
process from aiding and abetting any violation of the injunction,
including making payments on the bonds.

"Clearly Citibank is a participant, within the definition of
participant in the injunction," the report quoted Mr. Friedman as
saying.

The plaintiffs, including hedge funds Aurelius and NML Capital
Ltd., bought Argentine sovereign debt at a discount after the
country defaulted on $100 billion in bonds in 2001, the report
relates.  The funds refused to swap them out in restructurings in
2005 and 2010, instead suing in the U.S. for full repayment, the
report says.

Judge Griesa has said that Argentina can't pay bondholders that
agreed to debt restructurings unless it also makes a ratable
payment to the "holdout" hedge funds, the report notes.  The
Second Circuit upheld that finding, and the U.S. Supreme Court
declined to take up Argentina's appeal.

The report recalls that the injunction that has drawn Citibank's
ire dates to 2012.  It requires Argentina to pay the plaintiffs if
it services bonds at issue in the sprawling litigation.

In a separate letter to Judge Griesa, a group of investors holding
euro-denominated bonds issued by Argentina and governed by English
law urged the court to deny any additional injunctions to
creditors who assert claims after April 1, the report relays.  The
investors described themselves as "innocent third parties" who had
been deprived of payments, the report notes.

Citibank is represented by Davis Polk & Wardwell LLP.

Argentina is represented by Cleary Gottlieb Steen & Hamilton LLP.

The Aurelius plaintiffs are represented by Friedman Kaplan Seiler
& Adelman LLP. NML Capital is represented by Gibson Dunn &
Crutcher LLP.

The case is NML Capital v. The Republic of Argentina, case number
1:08-cv-06978, in the U.S. District Court for the Southern
District of New York.

                               *     *     *

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'.


ARGENTINA: Creditors File $7-8 Billion More Claims in Debt Battle
-----------------------------------------------------------------
Reuters reports that Argentina's economy minister said "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 reports.

The report relates 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, notes the report.  But it wants to
settle claims from all creditors who refused the swaps at the same
time.

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, the report discloses.

"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, the report relays.  Separately, Minister
Kicillof criticized Judge Griesa for preventing Argentina's
payment of interest on restructured bonds under Argentine law,
ahead of a hearing later on March 2 in New York on whether
Citigroup Inc. (C.N) can process such payments.

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

"Argentine legislation makes clear that bonds under Argentine law
are a question of Argentina," the minister told state broadcaster
Radio Nacional, notes the report.  "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 on Tuesday 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 report 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
===========


BR MALLS PARTICAPACOES: Moody's Affirms Ba1/Aa2.br Sr. Debt Rating
------------------------------------------------------------------
Moody's America Latina affirmed the senior unsecured debt rating
at Ba1/Aa2.br and corporate family rating at Ba1/Aa2.br of BR
Malls Particapacoes, S.A.  The rating outlook remains stable.

The ratings were affirmed with a stable outlook

BR Malls Participacoes S.A.:

   -- R$270 million senior unsecured debenture second series due
      2016 at Ba1/Aa2.br
   -- R$400 million senior unsecured debentures due 2016 at
      Ba1/Aa2.br
   -- R$166 million senior unsecured debentures due 2017 at
      Ba1/Aa2.br
   -- R$239 million senior unsecured debentures due 2019 at
      Ba1/Aa2.br
   -- Corporate family rating at Ba1/Aa2.br

RATINGS RATIONALE

Moody's ratings reflect BR Malls' dominant position as the largest
owner and manager of shopping centers in Brazil with a low
leveraged balance sheet and a substantial unencumbered asset pool.
The company's high-quality, geographically diversified portfolio
had a strong occupancy rate of 97% for the fifth consecutive year
and generated same store sales and rent growth of 6.5% and 7.9%,
respectively, in 2014.  As part of its growth strategy, the
company expanded three malls, inaugurated its largest and 10th
greenfield development and sold ownership interests in six none-
core assets in 2014.  Three additional mall expansions are
schedule for completion in the second half of 2015.  BR Malls has
a manageable debt maturity schedule and a good liquidity position
with R$665 million of available cash and cash equivalents.  The
rating is further supported by the company's access to debt and
equity capital markets.

BR Malls' credit challenges include the higher risks associated
with the continued sluggishness and near-term weak growth
prospects of the Brazilian economy, weighed down by the increase
economic uncertainty, slowdown in consumption and persistent high
inflation.  Because of increases in interest rates, BR Malls has
higher exposure from its floating rate debt, which places downward
pressure on the fixed charge coverage.  Additionally, there is
lease rollover risk for a significant portion of the portfolio in
the next 12 months.  The rollover is part of the natural cycle of
the tenant base from contracts that were signed in 2010.  The
majority of these leases are for satellite stores, which typically
have five-year terms in Brazil.  Management's successful track
record in maintaining high occupancy rates and in efficiently
operating the portfolio with low tenant turnover rate and reduced
occupancy costs partially mitigates this concern.  Lastly, Moody's
notes that the portfolio's sales and rent growth rate slightly
decelerated over the prior.  The spreads are considered healthy
and the deceleration is partially offset by the inflation-indexed
leases, the development/expansion pipeline as well as the
portfolio's consistently low tenant turnover rate.

The stable rating outlook reflects Moody's expectation for BR
Malls' continued stable operating performance in light of the
economic challenges in Brazil, the benefits from its dominant size
and franchise as well as the experienced management team.  The
stable outlook also incorporates the moderate leverage and
manageable upcoming debt maturities.

Upward ratings movement would be predicated upon BR Malls'
maintaining a fully loaded fixed charge coverage above 2.0x on a
sustained basis; an increase in unencumbered assets above 70% of
gross assets; secured debt as a percentage of gross assets below
10%; and continued successful delivery and lease up of the total
development pipeline.  Conversely, a downgrade would result from a
fully loaded fixed charge coverage below 1.4x on a sustained
basis; an inability to show adequate liquidity for the next 24
months; a significant decline in the portfolio's occupancy rate as
well any material challenge with the execution and lease-up of the
development pipeline; debt to gross assets consistently above 40%,
and development above 15% on a sustained basis.

BR Malls Particapacoes, S.A. is based in Rio de Janeiro and is the
largest owner and manager of shopping centers in Brazil.  The
company owns interests in a portfolio of 48 malls, totaling 1.69
million square meters, located across 15 states and has ten
development and expansion projects at various stages of
completion.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.


BR MALLS INT'L: Moody's Affirms Ba1 Rating on US$405MM Sr. Notes
----------------------------------------------------------------
Moody's Investors Service affirmed BR Malls International Finance
Limited's Ba1 rating for its US dollar guaranteed senior unsecured
perpetual notes.  The rating outlook remains stable.

These ratings were affirmed with a stable outlook:

BR Malls International Finance Limited:
   -- US $405 million senior unsecured perpetual notes at Ba1

RATINGS RATIONALE

Moody's ratings reflect BR Malls' dominant position as the largest
owner and manager of shopping centers in Brazil with a low
leveraged balance sheet and a substantial unencumbered asset pool.
The company's high-quality, geographically diversified portfolio
had a strong occupancy rate of 97% for the fifth consecutive year
and generated same store sales and rent growth of 6.5% and 7.9%,
respectively, in 2014.  As part of its growth strategy, the
company expanded three malls, inaugurated its largest and 10th
greenfield development and sold ownership interests in six none-
core assets in 2014.  Three additional mall expansions are
schedule for completion in the second half of 2015.  BR Malls has
a manageable debt maturity schedule and a good liquidity position
with R$665 million of available cash and cash equivalents.  The
rating is further supported by the company's access to debt and
equity capital markets.

BR Malls' credit challenges include the higher risks associated
with the continued sluggishness and near-term weak growth
prospects of the Brazilian economy, weighed down by the increase
economic uncertainty, slowdown in consumption and persistent high
inflation.  Because of increases in interest rates, BR Malls has
higher exposure from its floating rate debt, which places downward
pressure on the fixed charge coverage.  Additionally, there is
lease rollover risk for a significant portion of the portfolio in
the next 12 months.  The rollover is part of the natural cycle of
the tenant base from contracts that were signed in 2010.  The
majority of these leases are for satellite stores, which typically
have five-year terms in Brazil.  Management's successful track
record in maintaining high occupancy rates and in efficiently
operating the portfolio with low tenant turnover rate and reduced
occupancy costs partially mitigates this concern.  Lastly, Moody's
notes that the portfolio's sales and rent growth rate slightly
decelerated over the prior.  The spreads are considered healthy
and the deceleration is partially offset by the inflation-indexed
leases, the development/expansion pipeline as well as the
portfolio's consistently low tenant turnover rate.

The stable rating outlook reflects Moody's expectation for BR
Malls' continued stable operating performance in light of the
economic challenges in Brazil, the benefits from its dominant size
and franchise as well as the experienced management team.  The
stable outlook also incorporates the moderate leverage and
manageable upcoming debt maturities.

Upward ratings movement would be predicated upon BR Malls'
maintaining a fully loaded fixed charge coverage above 2.0x on a
sustained basis; an increase in unencumbered assets above 70% of
gross assets; secured debt as a percentage of gross assets below
10%; and continued successful delivery and lease up of the total
development pipeline.  Conversely, a downgrade would result from a
fully loaded fixed charge coverage below 1.4x on a sustained
basis; an inability to show adequate liquidity for the next 24
months; a significant decline in the portfolio's occupancy rate as
well any material challenge with the execution and lease-up of the
development pipeline; debt to gross assets consistently above 40%,
and development above 15% on a sustained basis.

BR Malls Particapacoes, S.A. is based in Rio de Janeiro and is the
largest owner and manager of shopping centers in Brazil.  The
company owns interests in a portfolio of 48 malls, totaling 1.69
million square meters, located across 15 states and has ten
development and expansion projects at various stages of
completion.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.


OAS SA: Seeking to Defraud Bondholders, Aurelius Says
-----------------------------------------------------
Boria Korby at Bloomberg News reports that Hedge fund Aurelius
Capital said that BrazilianManagement LP builder's bankruptcy is
part of an OAS SA effort to defraud bondholders.

Aurelius Capital affiliate Huxley Capital Corp. filed a complaint
in Manhattan federal court March 5 claiming OAS SA transferred
assets from two units that guarantee bonds to shield them from
creditors, according to Bloomberg News.

The company has been locked out of credit markets after executives
were arrested in November as part of an investigation into whether
state-run oil company Petroleo Brasileiro SA demanded bribes in
exchange for work contracts, Bloomberg News relates.

"Bankruptcy is supposed to provide companies a second chance, not
a license to steal," Aurelius Capital said in a statement obtained
by Bloomberg News.  "If OAS's construction business is
operationally viable, it can be recapitalized and resuscitated
without resort to such low tactics," Aurelius Capital added.

OAS SA became the largest Brazilian builder to seek protection
from creditors when it filed for bankruptcy in Sao Paulo, recalls
Bloomberg News.  The closely held company, which missed a local
debt payment in January, said in a statement that it submitted
court documents to restructure BRL7.03 billion ($2.18 billion) of
debt in a process known as judicial recovery, Bloomberg News
discloses.

OAS SA has $1.8 billion of outstanding dollar bonds. Its $400
million of notes sold in June 2014 have plunged to 14 cents on the
dollar, from as high as 101.6 cents in September, according to
data compiled by Bloomberg.

Aurelius Capital has been involved in past litigation against the
government of Argentina, General Motors Co., bond insurer MBIA
Inc., and Energy Future Holdings Corp., the former TXU Corp.,
Bloomberg News relays.  In December Aurelius sent a letter to
Petrobras bondholders urging them to give the company a formal
notice of default after it failed to report third-quarter results,
Bloomberg News adds.

                           About OAS S.A.

OAS S.A., together with its subsidiaries, provides civil
engineering and heavy construction services.  It is engaged in the
management and execution of projects and works; purchase and sale
of properties and intermediation; investment in other entities,
consortiums, condominiums, real estate funds, public utilities,
and concessions.  The company was formerly known as OAS Engenharia
e Participacoes S.A. OAS S.A. is headquartered in Sao Paulo,
Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 6, 2015, Fitch Ratings has downgraded the foreign currency
(FC) and local currency (LC) Issuer Default Ratings (IDRs) of OAS
S.A. (OAS) and Construtora OAS S.A. to 'D' from 'RD' and their
long-term national scale ratings to 'D(bra)' from 'RD(bra)'.  In
conjunction with the rating action, Fitch has also downgraded OAS
Empreendimentos S.A. national scale rating to 'D(bra)' from
'RD(bra)'.


* BRAZIL: Analysts Expect Economy to Contract 1.01% This Year
-----------------------------------------------------------
EFE News reports that private sector analysts expect Brazil's
economy to contract 1.01 percent this year, the Central Bank said.

The latest forecast is slightly worse than a week ago, when
analysts said they expected Brazil's gross domestic product (GDP)
to contract by 1 percent this year, according to EFE News.

The GDP estimate was included in the Boletin Focus, a weekly
Central Bank survey of analysts from about 100 private financial
institutions on the state of the national economy, the report
notes.

Analysts surveyed for the Boletin Focus expect Brazil to finish
2015 with an inflation rate of 8.2 percent, revising their
estimates upward from the projection released, the report relates.

This is the 14th straight week that analysts have revised their
GDP forecasts downward and upped their inflation estimates, says
the report.

According to the EFE News, Brazil's economy grew just 0.10 percent
last year, compared to 2013, the Brazilian Institute of Geography
and Statistics, or IBGE.

Brazil finished 2014 with an inflation rate of 6.41 percent, well
above the 5.91 percent rate registered in the prior year but below
the top end of the government's range, the report says.

The government has a top-end inflation target of 6.5 percent for
the year, the report adds.



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


ABSAS INVESTMENTS: Creditors' Proofs of Debt Due April 29
---------------------------------------------------------
The creditors of Absas Investments Limited are required to file
their proofs of debt by April 29, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 17, 2015.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


CASTILLO INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on March 16, 2015, the
shareholder of Castillo Investments Limited 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:

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


EDIOM FEEDER: Commences Liquidation Proceedings
-----------------------------------------------
On March 6, 2015, the sole shareholder of Ediom Feeder 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:

          Forsix Asset Management Inc.
          c/o Nicholas White
          1770 Promontory Circle
          Greeley
          Colorado 80634
          United States of America
          Telephone: +1 970 506 8114


GREATDREAMS CARTOON: Creditors' Proofs of Debt Due April 20
-----------------------------------------------------------
The creditors of Greatdreams Cartoon Group, Inc. are required to
file their proofs of debt by April 20, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 20, 2015.

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


INCISIVE MEDIA: Creditors' Proofs of Debt Due April 30
------------------------------------------------------
The creditors of Incisive Media Holdings Limited are required to
file their proofs of debt by April 30, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 17, 2015.

The company's liquidator is:

          Simon Conway
          c/o Jodi Jones
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


PLATINUM DYNASTY: Placed Under Voluntary Wind-Up
------------------------------------------------
On March 20, 2015, the sole shareholder of Platinum Dynasty Fund
Limited 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:

          Platinum Trading Management Ltd.
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SENSUS STRATEGY: Commences Liquidation Proceedings
--------------------------------------------------
On March 20, 2015, the sole shareholder of Sensus Strategy Depot
II SPC 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:

          Nicola Smith
          Telephone: +350 200 52545
          Facsimile: +350 200 52546
          Suite 207 Neptune House
          Marina Bay
          Gibraltar


TWO SIGMA: Creditors' Proofs of Debt Due April 20
-------------------------------------------------
The creditors of Two Sigma Horizon Cayman Fund, Ltd. are required
to file their proofs of debt by April 20, 2015, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 12, 2015.

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Telephone: (345) 815-1763
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TWO SIGMA EXPOSURE: Creditors' Proofs of Debt Due April 20
----------------------------------------------------------
The creditors of Two Sigma U.S. Equity Variable Exposure Master
Fund, Ltd. are required to file their proofs of debt by April 20,
2015, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 12, 2015.

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Telephone: (345) 815-1763
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TWO SIGMA MASTER: Creditors' Proofs of Debt Due April 20
--------------------------------------------------------
The creditors of Two Sigma Horizon Master Fund, Ltd. are required
to file their proofs of debt by April 20, 2015, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2015.

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Telephone: (345) 815-1763
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


WATERFORD GP: Placed Under Voluntary Wind-Up
--------------------------------------------
On March 20, 2015, the sole shareholder of Waterford GP 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:

          Philip Moross
          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


WHITEFISH AVIATION: Creditors' Proofs of Debt Due May 4
-------------------------------------------------------
The creditors of Whitefish Aviation Limited are required to file
their proofs of debt by May 4, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 12, 2015.

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


WK CONSULTANTS: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on March 17, 2015, the
shareholder of WK Consultants 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:

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


===============
C O L O M B I A
===============


COLOMBIA: Corporates to See Challenges This Year, Says Fitch
------------------------------------------------------------
The Stable Rating Outlook for Colombian corporates could see some
challenging economic conditions throughout this year, though they
appear to be manageable, according to Fitch Ratings in a new
report.

Fitch has a Stable Outlook for the majority of the 70 companies
analyzed in the report, with 8.6% having a Negative Outlook and
5.7% having a Positive Outlook. This is in stark contrast to
countries such as Brazil and Chile where the rating bias is
overwhelmingly negative. Driving the stability is healthy
liquidity, the positions of which are strong.

That said, Colombian GDP growth figures to come in under
expectations for 2015. Consumption will be hurt by decreased capex
in the oil sector. The depreciation of the Colombian Peso could
pressure inflation. The fiscal shortfall due to dropping oil
revenues will also hurt corporates through higher taxes.

Corporate exposure to the recent Colombian peso depreciation
(close to 30%) appears to be manageable. Few of the analyzed
corporates have U.S. dollar debt. Those that have cross border
debt have manageable tenors and have interest coverage mechanisms
for cash protection.


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


JAMAICA: To Receive US$39MM From IMF After Latest Economic Review
-----------------------------------------------------------------
Caribbean360.com reports that Jamaica is to receive US$39 million
from the International Monetary Fund (IMF) after the Washington-
based financial institution concluded its seventh review of the
island's economic performance under a four year Extended Fund
Facility.

IMF Deputy Managing Director Mitsuhiro Furusawa said the Jamaica
government's commitment to the US$932 million EFF "remains strong"
and that programme performance is on track and all quantitative
performance targets for end-December were met, according to
Caribbean360.com.

The report notes that Mr. Furusawa said structural reforms have
progressed broadly on schedule.

"Macroeconomic performance continues to be good and economic
confidence has reached a two-year peak.  The decline in oil prices
should help lower inflation expectations and boost demand," the
report quoted Mr. Furusawa as saying.

But the IMF official said that stepping up the pace of reforms is
essential to boost growth and employment, the report notes.

"Bold efforts are needed to reform the energy sector, improve the
business climate, and advance investment in critical
infrastructure," Mr. Furusawa said, the report says.

Mr. Furusawa said the 2015-16 national budget demonstrates
Jamaica's continued fiscal discipline and will help keep public
debt on a sustainable path, the report discloses.

Mr. Furusawa said maintaining the momentum for fiscal
consolidation over the medium term requires boosting revenue and
improving public sector efficiency, the report relates.

"This involves strengthening customs and tax administration and
further broadening the tax base.  It is also essential to improve
public financial management, accelerate the reform of the public
sector, and contain public sector wage costs," Mr. Furusawa said,
the report notes.

"Buttressing the financial sector hinges on meeting the key
milestones for reforming the retail repo sector.  Completing the
transition of the retail repo businesses to a trust-based
framework requires careful management. Implementing the Banking
Services Act will be a necessary step to improve financial sector
stability further," Mr. Furusawa added.

                           *     *     *

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
===========


QUALITAS COMPANIA: A.M. Best Affirms 'B' Fin'l. Strength Rating
---------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of B
(Fair) and the issuer credit rating (ICR) of "bb" of Qualitas
Compania de Seguros S.A.B. de C.V. (Qualitas) (Mexico).  The
outlook for all ratings is stable.

The ratings on Qualitas reflect its consistent elevated
underwriting leverage, weak risk-adjusted capitalization measured
by Best's Capital Adequacy Ratio (BCAR) and dependence on
financial income in order to counterweight underwriting losses.
Partially offsetting these weaknesses are Qualitas' leading market
position in Mexico's increasingly competitive automobile insurance
segment, its outstanding distribution network and solid overall
profitability.

Historically, the company has operated with underwriting leverage
considered higher than expected for an automobile insurance
provider.  At the end of 2014, the company's underwriting
leverage, as measured by the ratio of net premiums written to
surplus, remains elevated at 4.5 times.  Additionally, Qualitas
maintains combined ratios close to breakeven due to its high level
of loss and loss adjustment expenses recorded each year.

Qualitas operates through a network of local agents, financial
institutions and service offices and has established a formidable
distribution capability throughout Mexico.  This has enabled the
company to maintain its leading market position in Mexico's
automobile insurance segment amid extremely challenging economic
and market conditions.  Qualitas' profitability has been pressured
over the past two years, given the highly competitive environment
in its niche and lower financial products derived from the global
low interest rate environment, but still compares well among its
peers, standing at a 19.6% return on equity in 2014.  The company
is adjusting its underwriting practices in order to improve its
bottom line results.

Key rating drivers that could lead to positive rating actions for
Qualitas include continued favorable trends in revenues and
earnings, capital growth and improvement in the underwriting
leverage.  Key factors that could lead to negative rating actions
include unfavorable operating performance or weakened risk-
adjusted capital.


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


ALONSO & CARUS: Continues Talks with Lender on Cash Collateral Use
------------------------------------------------------------------
Alonso & Carus Iron Works, Inc., and its secured creditor, Banco
Popular de Puerto Rico, informed the U.S. Bankruptcy Court for the
District of Puerto Rico that they are currently continuing
discussions regarding the use of cash collateral securing the
Debtor's prepetition indebtedness to BPPR.

The parties have agreed to provide to BPPR a replacement lien and
a postpetition security interest on all of the Cash Collateral
acquired by the Debtor on and after the Petition Date and to which
BPPR may be entitled.  The Replacement Liens will remain in the
same priority and will encumber to the same extent as BPPR's
prepetition Cash Collateral, and will be deemed effective and
perfected as of the Petition Date without the need of the
execution or filing by Debtor or BPPR of any additional security
agreements, pledge agreements, financing statements or other
agreements.

Alonso & Carus Iron Works, Inc., sought Chapter 11 protection
(Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on
March 27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debts.

The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.


PUERTO RICO ELECTRIC: Creditors Offer $2-Billion Capital Plan
-------------------------------------------------------------
Bondholders of Puerto Rico's Electric Power Authority are offering
a plan that would inject $2 billion into the junk-rated utility to
modernize facilities and repair its finances, various news sources
reported.

According to Michelle Kaske, writing for Bloomberg News, the
authority, known as Prepa, is negotiating an agreement with
creditors to extend loans and lower its dependence on oil.  That
contract is set to end April 15 after Prepa, investors, banks and
insurance companies agreed to a 15-day extension, Bloomberg said.

Reuters reported that General Electric would commit to financing
the new natural gas plant in Puerto Rico under the debt
restructuring plan.  Reuters said the plan, which also includes
creation of more than 3,400 new jobs, comes during ongoing
negotiations between PREPA and its creditors to restructure the
utility's $9 billion in debt.

Stephen Spencer, managing director of Houlihan Lokey and adviser
to PREPA bondholders, said in a statement that the plan was
designed for "immediate implementation to support the
transformational efforts at PREPA and help bolster the credit
profile of the island at a critical point for the Puerto Rican
economy," Law360 cited.

"Because the plan provides significant PREPA rate related and
broader economic benefits while continuing to service bond debt,
it provides a critically needed positive signal to the capital
markets," Law360 related, further citing Mr. as saying.  "Both
PREPA and Puerto Rico need continued access to new investment
capital at reasonable rates, and the creditor plan is a big step
toward restoring market confidence in the overall island economy."

                       *     *     *

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 * * *