TCRLA_Public/150423.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, April 23, 2015, Vol. 16, No. 079


                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: May Benefit From Risk Insurance Partnerships


A R G E N T I N A

ARGENTINA: US 'Vulture Funds' Backed Nisman Before His Death
ARGENTINA: Receives Strong Demand for Bond Top-up


B A H A M A S

ULTRAPETROL (BAHAMAS): Reports $363.7MM Revenue for FY 2014
ULTRAPETROL (BAHAMAS): Moody's Cuts CFR to Caa1, Outlook Negative


C A Y M A N  I S L A N D S

ARROW SPECIAL: Shareholders' Final Meeting Set for May 6
BASEL HOLDINGS: Shareholders' Final Meeting Set for May 28
BLOSSOMS DEVELOPMENT: Shareholders' Final Meeting Set for May 14
CONSTRUCTION INSURANCE: Shareholders' Final Meeting Set for May 5
EARLS COURT: Shareholders' Final Meeting Set for May 14

HESS (INDONESIA-VII): Member to Hear Wind-Up Report on May 14
LBA FUNDING: Shareholders' Final Meeting Set for May 4
LINDSAY FIDUCIARY: Shareholders' Final Meeting Set for May 14
OMB INVESTMENTS: Shareholders' Final Meeting Set for May 5
TORO ABS: Shareholder to Hear Wind-Up Report on May 15

ZARIA LIMITED: Shareholders' Final Meeting Set for May 6


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Unions to Pray, Fight in the Street for Wage Hike


G U A T E M A L A

BANTRAB CAPITAL: Fitch Assigns B+ Rating to 10-Yr. Sub. Notes


M E X I C O

CORPORACION GEO: Sets May 6 to Present Debt Restructuring Plan


P U E R T O    R I C O

PUERTO RICO ELECTRIC: OFG to Take Provision on Credit Line


                            - - - - -


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


* ANTIGUA & BARBUDA: May Benefit From Risk Insurance Partnerships
-----------------------------------------------------------------
The Daily Observer reports that Antigua & Barbuda could see
increased benefits as CCRIF SPC (formerly the Caribbean
Catastrophe Risk Insurance Facility) opens its doors to Central
American countries.

The Council of Ministers of Finance of Central America, Panama and
the Dominican Republic (COSEFIN) and CCRIF SPC signed a memorandum
of understanding that enables Central American countries to
formally join the facility to access low cost, high quality
sovereign catastrophe risk insurance, according to The Daily
Observer.

During the ceremony, which took place on April 18, CCRIF SPC and
the Government of Nicaragua signed a Participation Agreement for
Nicaragua to become the first Central American country to formally
join the facility, the report notes.  Other member nations of
COSEFIN are expected to join CCRIF SPC later this year and in
2016, the report relates.

CCRIF SPC officials believe the partnership between Caribbean and
Central American countries could strengthen economic engagement
throughout the greater Caribbean Basin, the report discloses.

"We foresee a range of benefits to both regions emanating from
this partnership," Milo Pearson, Chairman of CCRIF SPC said,
"including the creation of a strategic mechanism in which
Caribbean and COSEFIN countries can share best practices in
disaster risk management and learn lessons from each other in
advancing collaborative approaches to reducing vulnerabilities to
hazards, alleviating poverty, enhancing debt and financial
sustainability and creating a framework for the sustainable
prosperity of the countries of both regions," the report notes.

While Antigua & Barbuda was not among eight Caribbean countries to
get on board with the CCRIF excess rainfall insurance coverage
last year, the country can still benefit from other initiatives,
the report discloses.

The report notes that nine countries in Central America and the
Caribbean experienced at least one disaster with an economic
impact of more than 50 per cent of their annual gross domestic
product (GDP) since 1980.  The impact of Haiti's earthquake was
estimated at 120 per cent of GDP, the report recalls.  The same
year, tropical cyclone Agatha, in Guatemala, had devastating
consequences and poverty rates increased by 5.5 per cent, the
report notes.

Established in 2007, CCRIF is the world's first multi-country
catastrophe risk pooling mechanism, which offers sovereign
insurance at affordable rates to its members against hurricanes,
earthquakes and excess rainfall.  Currently, 16 Caribbean
countries are members of CCRIF.

CCRIF SPC also reports that climate change also represents a
significant development challenge, with average annual economic
losses due to weather-related disasters amounting to 1 percent or
more of GDP in 10 Caribbean countries and four Central American
nations.

The World Bank provided the initial finance and technical advisory
services to establish CCRIF in 2007 and in 2014 the Bank supplied
resources to finance entrance fees to CCRIF for Honduras and
Nicaragua, as well as annual insurance premiums for four years.


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


ARGENTINA: US 'Vulture Funds' Backed Nisman Before His Death
------------------------------------------------------------
The Guardian reports that Argentina's President Cristina Fernandez
de Kirchner has gone on the offensive against her critics by
claiming she is the target of a conspiracy between US "vulture
funds," Jewish community groups and the prosecutor Alberto Nisman,
who died in suspicious circumstances earlier this year.

In a lengthy column published on her official website, President
Fernandez alleges a close connection between pro-Israeli groups
and individuals who, she said, were plotting to undermine her
efforts to secure closer ties to Iran, according to The Guardian.

"We are facing a global modus operandi, which not only severely
injures national sovereignty, but also generates international
political operations of any type, shape and color," she writes in
a post entitled "Everything has to do with everything," the report
notes.

The Guardian says her comments follow massive street
demonstrations over the death of Mr. Nisman, who was found with a
bullet in his brain the day before he was due to allege in
Congress that the president was covering up alleged Iranian
involvement in the 1994 bombing of the Amia Jewish community
center in Buenos Aires because she wanted a trade deal with
Tehran.

President Fernandez at first claimed that Nisman's death was a
suicide, then stated that he was most likely killed by rogue
elements in the secret service who were plotting against her, the
report notes.  The investigation into his death, meanwhile,
remains bogged down in court, where conflicting forensic tests
suggest it could have been either murder or suicide, the report
relays.

The president's latest column adds a new twist by alleging links
between Mr. Nisman and US fund manager Paul Singer, who has been
locked in a decade-long financial battle to collect $1.5 billion
from Argentina on defaulted foreign bonds held by an affiliate NML
Capital, the report relays.

The report notes that President Fernandez says Nisman told leaders
of the Delegation of Argentine Israeli Associations (Daia): "If
necessary, Paul Singer will help us."  This is alleged to have
happened two years ago when Mr. Nisman lobbied the body -- which
represents the country's Jews -- to mount a legal challenge a
memorandum of understanding between Argentina and Iran, the report
relays.

The report discloses that Mr. Nisman and his supporters alleged
that the memorandum was part of a conspiracy to cover up Iran's
involvement in the bombing in exchange for a trade deal -- a
charge denied by both Iran and President Fernandez.

The president's allegations that Singer supported her critics were
based on an article in the government-friendly newspaper Pagina 12
by Jorge Elbaum, a former executive director of Daia, the report
discloses.   Mr. Elbaum claimed Mr. Singer was funding opposition
to the Iran-Argentina deal in Buenos Aires and Washington.  The
article said Mr. Singer also donated $3.6 million between 2008 and
2014 to the Foundation for Defence of Democracies, a thinktank
whose executive director, Mark Dubowitz, claims to be a friend of
Mr. Nisman's, the report notes.

The report relays that President Fernandez said she saw parallels
between these activities and the Israeli government's support for
US members of Congress who aimed to block the recent US-Iran
nuclear deal.  In both cases, she said lobbyists and covert
agencies organized financial attacks and media smear operations
designed to destabilized governments, the report discloses.

"Any similarity is not coincidence," she wrote.  "Everything has
to do with geopolitics and international power.  Sometimes their
effects can be on global peace, such as preventing the possibility
of an agreement between the US and other powers with Iran on
nuclear matters.  Or those effects can be collateral, such as
making impossible an agreement that would contribute bring truth
and justice for victims of the Amia, after 21 years."

A spokesman for Mr. Singer's hedge fund Elliott Management denied
the accusations, says The Guardian.

"The allegation that Mr. Singer had any contact whatsoever with
Mr. Nisman is categorically false.  This is just another desperate
attempt by Cristina Kirchner to blame creditors for her
administration's multiplying scandals and failed economic
policies," the spokesman said, the report notes.

Jewish leaders also responded angrily to the president's claims.
"It's a lie," said Daia's vice-president Waldo Wolff, the report
says.  "It's terrible, it's incredible.  If she believes this to
be true she should present the evidence in court," the report
quoted Mr. Wolff as saying.

The report notes that Mr. Wolff said Pres. Fernandez's charges are
"a smokescreen" to cover up Mr. Nisman's death, the report relays.

But the legal case against President Fernandez, inspired by Mr.
Nisman's investigation, appeared to have suffered an almost fatal
blow on April 20, when a prosecutor dismissed claims that the
president helped shield Iranian officials allegedly behind the
1994 bombing, the report discloses.

Citing insufficient evidence to warrant further investigation,
prosecutor Javier De Luca said: "There has been no crime," the
report relays.

The case had earlier been rejected by both a federal judge and an
appeals court, the report notes.

Opinion polls show that about 70% of Argentinians believe Mr.
Nisman was murdered -- but that his death will never be solved,
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'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


ARGENTINA: Receives Strong Demand for Bond Top-up
-------------------------------------------------
Sarah Marsh at Reuters reports that cash-strapped Argentina sold
$1.4159 billion worth of local law Bonar24 bonds in a top-up on
April 21, receiving bids for more than three times the amount on
offer, the Economy Ministry said.

The strong demand, despite risks to payment of the bonds stemming
from Argentina's long-running battle with holdout creditors,
suggests investors are keen to gain exposure to the country ahead
of elections in October, according to Reuters.

The report notes that many expect the vote to usher in a more
market-friendly government that will settle the dispute.

The results also show that, facing low foreign reserves, Argentina
can issue paper to finance itself, albeit at high yields, the
report notes.  The Bonar24 carries a 8.75 percent coupon.

The credit markets pariah, which defaulted on $100 billion in
2002, had said it would offer $500 million worth of the notes but
could increase that amount depending on the demand, the report
relates.  It received bids worth $1.879 billion of bonds, the
ministry said in a statement obtained by Reuters.

Argentina has sought to regain access to international credit
markets over the past year as its foreign reserves tumbled to new
lows and the economy teetered on the brink of recession after
nearly a decade of solid growth, the report notes.

Its legal fight with hedge funds over debt it defaulted on in 2002
has hampered efforts, even leading Argentina to default on bonds
it had restructured in 2005 and 2010 swaps, Reuters recalls.

A ruling by a U.S. court last year stopped Argentina from
servicing that restructured debt unless it also paid the funds who
rejected the swaps, the report relays.

In March, the same U.S. court asked Deutsche Bank and JP Morgan,
bookrunners in a planned sale of Bonar24s to produce documents on
the deal, the report notes.  The two banks promptly backed away,
forcing Argentina to shelve the issuance.

The Economy Ministry said there were no financial intermediaries
helping with this auction, notes Reuters.

Deutsche Bank, along with other intermediaries, is also acting as
an agent, taking any enquiries from clients interested in buying
the paper, said a person familiar with the matter, the report
relates.

NML Capital, the lead holdout creditor suing Argentina for full
repayment of its defaulted bonds, has suggested it could take
legal action over the sale, according to Reuters.

"We are closely scrutinizing this highly unusual transaction to
determine what enforcement actions are appropriate," said Robert
Cohen, an attorney at NML Capital, said in a statement, 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'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


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


ULTRAPETROL (BAHAMAS): Reports $363.7MM Revenue for FY 2014
-----------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed financial results for the
fourth quarter and full year ended December 31, 2014.

The company recorded full year 2014 revenues of $363.7 million.

The company recorded adjusted consolidated EBITDA of $57.1 million
in 2014,1 which includes adjusted EBITDA of $0.2 million from our
River Business, adjusted EBITDA of $48.6 million from our Offshore
Supply Business, adjusted EBITDA of $6.1 million from our Ocean
Business, and adjusted EBITDA of $2.2 million from other
activities - including foreign currency exchange cash gains.

A full text copy of the company's financial results is available
free at:

                        http://is.gd/NlntyV

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013, revenues totaled
$369 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb.
16, 2015, Moody's Investors Service placed the ratings of
Ultrapetrol (Bahamas) Limited ("Ultrapetrol") under review for
downgrade. The review was prompted by Moody's recent downgrade of
Petrobras' ratings given the significant exposure of Ultrapetrol's
offshore supply business to Petrobras, as well as recent weaker-
than-anticipated operating performance in Ultrapetrol's river
segment.  In a related action, Ultrapetrol's speculative grade
liquidity rating was lowered to SGL-3 denoting an adequate
liquidity profile.

Moody's has taken the following rating actions:

On Review for Downgrade:

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

$200 million Ship Mortgage Notes due 2021, Placed on Review for
Downgrade, currently B3

$25 million Sr. Secured Notes due 2021, Placed on Review for
Downgrade, currently B3


ULTRAPETROL (BAHAMAS): Moody's Cuts CFR to Caa1, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Ultrapetrol (Bahamas) Ltd.
("Ultrapetrol")'s Corporate Family Rating to Caa1 from B3
primarily due to the weak operating performance in the company's
River business and negative rate pressures in the North Sea, which
will result in credit metrics that are expected to be commensurate
with the Caa1 rating level over the next year. Concurrently, the
company's liquidity rating was lowered to SGL-4 from SGL-3
reflecting a weak liquidity profile largely based on the company's
near-term debt maturities coming due in 2016. The rating outlook
is negative. This action concludes the review for downgrade that
commenced on February 11, 2015.

The following ratings were downgraded:

  -- Corporate family rating, to Caa1 from B3

  -- $200 million Ship Mortgage Notes due 2021, to Caa1 from B3

  -- $25 million Sr Secured Notes due 2021, to Caa1 from B3

  -- Speculative Grade Liquidity Rating, to SGL-4 from SGL-3

  -- Outlook, Negative

The ratings downgrade resulted from a deterioration in
Ultrapetrol's operating performance in its River business during
the second half of 2014 arising from increased costs the company
incurred to improve the reliability and performance of its
pushboats, as well as from negative rate pressures in the North
Sea stemming from lower crude oil prices affecting the company's
Offshore Supply business operating profit. The downgrade reflects
our expectation that credit metrics will not improve meaningfully
over the near term. Weaker operating performance has increased
debt/EBITDA (including Moody's standard adjustments) to above 8.0x
during the fiscal year ended 2014 from 5.4x for the same period a
year ago, and EBIT/interest coverage has fallen well below 1
times. Although operating performance is expected to improve
moderately over the near-term, unfavorable market conditions such
as the decline in soybean and iron ore prices as well as lower
spot rates in the North Sea are expected to make near-term
meaningful credit metric improvement challenging.

At the same time, Ultrapetrol's Caa1 CFR is supported by the
company's well established position as an operator and supplier of
barges in the Hidrovia region of South America and platform supply
vessels to Petrobras. Positively, the company recently put in
place three-year take-or-pay contacts with Vale S.A.
(Baa2/stable), one of the largest mining companies in South
America. In its Offshore Supply business, the company has been
able to extend multi-year contracts with Petrobras at favorable
daily rates. The incremental EBITDA from two additional platform
supply vessels contracted with Petrobras is expected to be
reflected in operating results in 2015 with a full annual run rate
contribution from these vessels in 2016.

Of note, Moody's views the concentration of business in
Ultrapetrol's offshore supply segment with Petrobras, its largest
customer in this segment, as a credit risk given concerns about
corruption investigations and liquidity pressures at Petrobras.
Petrobras' ratings were recently downgraded to Ba2 with ratings
continuing under review for downgrade. The company's Offshore
Supply business generates well over half of Ultrapetrol's EBITDA.

Moody's lowered Ultrapetrol's speculative grade liquidity rating
to SGL-4 from SGL-3 reflecting a weak liquidity profile. The main
factor underlying the lower rating is the company's $33 million of
debt maturities over the next year, high annual interest expense
of roughly $35 million and expiration of its reducing revolving
credit facility in June 2016. The commitment amount of the
revolving facility currently stands at $32.5 million and is
undrawn. The company is expected to remain in compliance with
covenants under its loan agreements and has alternate sources of
liquidity represented by unencumbered assets in its River
business.

The negative outlook is underscored by the company's weakened
liquidity profile and challenging end-market conditions.

Ratings could be downgraded if the company's liquidity position
deteriorates with cash balances declining from current levels, or
if credit metrics weaken such that debt/EBITDA is sustained over
8.0 times and interest coverage is sustained below 0.5 times.

Stabilization of the rating outlook would depend on a higher and
steadier profit outlook, particularly for the River business, and
a successful refinancing that would improve the company's
liquidity profile by addressing near-term debt maturities. Ratings
could be upgraded if debt/EBITDA improves to below 6.5 times and
EBIT/interest reaches over 1.0 times combined with an improved
liquidity profile.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a publicly-traded, diverse international marine transportation
company. The company operates in three segments: River, Offshore
Supply, and Ocean. Last twelve months ended December 31, 2014
revenues totaled $364 million. The company is 85% owned by Sparrow
Capital Investments Ltd., a subsidiary of Southern Cross Latin
America Private Equity Funds III and IV.



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


ARROW SPECIAL: Shareholders' Final Meeting Set for May 6
--------------------------------------------------------
The shareholders of Arrow Special Opportunities Fund Inc. will
hold their final meeting on May 6, 2015, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Rob Maxwell
          Arrow Capital Management Inc.
          36 Toronto Street, Suite 750
          Toronto
          Ontario M5C 2C5
          Canada
          Telephone: +1 (416) 323 0477


BASEL HOLDINGS: Shareholders' Final Meeting Set for May 28
----------------------------------------------------------
The shareholders of Basel Holdings Distressed Value Ltd will hold
their final meeting on May 28, 2015, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BLOSSOMS DEVELOPMENT: Shareholders' Final Meeting Set for May 14
----------------------------------------------------------------
The shareholders of Blossoms Development Ltd. will hold their
final meeting on May 14, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court
          Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


CONSTRUCTION INSURANCE: Shareholders' Final Meeting Set for May 5
-----------------------------------------------------------------
The shareholders of Construction Insurance Company, Ltd. will hold
their final meeting on May 5, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Terri D. Klatzkin
          Clark Enterprises, Inc.
          7500 Old Georgetown Road
          15th Floor Bethseda MD, 20814
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


EARLS COURT: Shareholders' Final Meeting Set for May 14
-------------------------------------------------------
The shareholders of Earls Court Investments Limited will hold
their final meeting on May 14, 2015, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Helen Butterworth
          Julie Armstrong
          Citron 2004 Limited
          Telephone: + 44 1534 282276/ 01534 282345
          Facsimile: + 44 1534 282400
          23-25 Broad Street St Helier, Jersey JE4 8ND


HESS (INDONESIA-VII): Member to Hear Wind-Up Report on May 14
-------------------------------------------------------------
The member of Hess (Indonesia-VII) Limited will hear on May 14,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Mr. George C. Barry
          1185 Avenue of the Americas
          New York, N.Y. 10036
          United States of America


LBA FUNDING: Shareholders' Final Meeting Set for May 4
------------------------------------------------------
The shareholders of LBA Funding (Cayman) Limited will hold their
final meeting on May 4, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          A. Lawson
          c/o Georgina Lowry
          Telephone: (345) 914-4398/ (345) 949-4800
          Facsimile: (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


LINDSAY FIDUCIARY: Shareholders' Final Meeting Set for May 14
-------------------------------------------------------------
The shareholders of Lindsay Fiduciary Services (Cayman) Ltd. will
hold their final meeting on May 14, 2015, at 2:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court
          Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


OMB INVESTMENTS: Shareholders' Final Meeting Set for May 5
----------------------------------------------------------
The shareholders of OMB Investments (Cayman) Ltd. will hold their
final meeting on May 5, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


TORO ABS: Shareholder to Hear Wind-Up Report on May 15
------------------------------------------------------
The shareholder of TORO ABS CDO II, Ltd. will hear on May 15,
2015, at 10:15 a.m., 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


ZARIA LIMITED: Shareholders' Final Meeting Set for May 6
--------------------------------------------------------
The shareholders of Zaria Limited will hold their final meeting on
May 6, 2015, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 345 914 6365


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


DOMINICAN REP: Unions to Pray, Fight in the Street for Wage Hike
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic's labor unions
grouped in CNTD said they will host simultaneous masses and
prayers in 18 provinces on April 21 to demand a 30% wage increase
by executive order.

CNTD President Jacobo Ramo said the workers will be praying in
churches to also demand respect for freedom of association, the
reinstatement of 31 air traffic controllers fired over a year ago
from the Civil Aviation Institute among other grievances,
according to Dominican Today.

The report notes that Mr. Ramos said he expects management bring a
concrete proposal to April 22's Salaries Committee meeting, and to
no longer delay the pay raise "with baseless arguments and sit
with the unions to discuss the increase."

The report relays that Mr. Ramos said the masses form part of
labor's struggle, that he affirms will culminate with President
Danilo Medina's executive order to increase wages and pensions.
"Employers must discard their big profits and spread it a little
with increases on the salaries of its employees."

Mr. Ramos also warned that the unions will take their fight to the
streets to prevent employers from imposing a Labor Code reform
that eliminates severance pay and benefits of pregnant women and
extend the working hours, the report relays.


=================
G U A T E M A L A
=================


BANTRAB CAPITAL: Fitch Assigns B+ Rating to 10-Yr. Sub. Notes
-------------------------------------------------------------
Fitch Ratings assigns Bantrab Capital Notes Trust's (BCNT)
upcoming 10-year USD subordinated loan participation notes (the
notes) a long-term foreign currency rating of 'B+ (exp)'.  The
final rating is contingent upon the receipt of final documents
conforming to information already received.

The notes will be issued for an amount to be determined (up to
USD100 million) and will be secured by BCNT's sole asset, a 100%
participation in and to a subordinated loan (the loan) from
Deutsche Bank to Banco de los Trabajadores (Bantrab).  As part of
the transaction, Deutsche Bank will transfer its rights on the
loan to BCNT which will in turn pledge the loan rights to the
indenture trustee (The Deutsche Bank Trust Company Americas) as
collateral for the notes; thus, in Fitch's opinion, the notes
attain Bantrab's Viability Rating (VR), notched for subordination.

The notes will mirror all the conditions of the loan.  Principal
under the notes will mature in 10 years, and interest payments
will be made semi-annually while capital will be paid at maturity
of the loan.  The notes will carry a fixed interest rate to be set
at the time of issuance.  The loan will be recognized by
Guatemala's regulator as Tier II capital for regulatory capital
purposes.

Given the securities have no discretion to cancel payments and no
conversion to 'first loss' capital before, in Fitch's opinion, the
bank becomes non-viable, Fitch has assigned no equity credit.

The expected rating of the notes is one notch below Bantrab's VR
of 'bb-'.  The notching for loss severity reflects the notes'
subordinated status, and the fact that they effectively rank
junior to all Bantrab's present and future senior indebtedness,
pari passu with all other unsecured subordinated debt and senior
to Bantrab's capital.  No additional notching is given for non-
performance risk given the absence of gone-concern loss-absorption
features.

Bantrab will use the net proceeds of the loan for funding the
expansion of its loan portfolio.

Bantrab's long-term Issuer Default Rating (IDR) is driven by its
intrinsic creditworthiness, as reflected in its VR.  The VR
reflects Bantrab's moderate franchise, sound and recurring
profitability driven by ample margins and good asset quality.  The
rating also considers the bank's concentration in the public
sector, rapid loan growth and pressured capitalization.

Bantrab's support rating and support rating floor of '5' and 'NF',
respectively, indicate that, although possible, external support
cannot be relied upon, given the currently low state ownership and
limited systematic importance.

RATINGS SENSITIVITIES

Changes in the notes' rating are contingent upon rating actions
for Bantrab.

BANTRAB'S PROFILE

Bantrab was established in Guatemala in 1965 with an initial
equity investment of Qtlz.  500,000 from the Central Government of
Guatemala.  The bank is mainly retail oriented and focuses its
services on consumption loans to low-middle-income employees.
Bantrab is currently the fifth-largest bank in Guatemala in terms
of assets and deposits (5.9% and 6.1%, respectively, as of YE2014)
and has traditionally provided its services through an ample
network of branches, covering most parts of the country.  It is
supported by a workforce of 3,400 employees.

Fitch currently rates Bantrab as:

   -- Foreign currency long-term IDR 'BB-'; Outlook Stable;
   -- Foreign currency short-term IDR 'B';
   -- Local currency long-term IDR 'BB-'; Outlook Stable;
   -- Local currency short-term IDR 'B';
   -- Viability Rating (VR) 'bb-';
   -- Support rating '5';
   -- Support rating floor 'NF'.
   -- Long-term national rating at 'A(gtm)'; Outlook Stable;
   -- Short-term national rating at 'F1(gtm)'.



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


CORPORACION GEO: Sets May 6 to Present Debt Restructuring Plan
--------------------------------------------------------------
Gabriela Lopez at Reuters reports that Corporacion GEO SAB de CV
has called a meeting to present a debt restructuring plan, which
it hopes will be approved by the majority of its creditors, the
company said.

The meeting will be on May 6 in Mexico City, Geo said in a notice
to the Mexican stock exchange, notes the report.

The company, whose shares have been suspended since 2013 for not
reporting financial statements, entered into bankruptcy protection
last April, according to Reuters.

Under the restructuring plan, which Geo recently released, 88
percent of the company's share capital will be distributed among
its creditors, 8 percent will be given to its current
shareholders, and 4 percent to the administration, the report
notes.

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 24, 2014, Corporacion GEO SAB de CV filed for bankruptcy
protection in Mexico with a prearranged restructuring plan it
hopes will get the struggling company building again, according to
Amy Guthrie at The Wall Street Journal.  GEO SAB is one of three
major Mexican home builders struggling with serious cash
restraints amid drastic changes in Mexico's low-income housing
sector, the report added.

The TCRLA on April 2, 2014, reported that Moody's Investors
Service downgraded Corporacion GEO, S.A.B de C.V's (GEO)'s global
scale foreign currency senior unsecured debt rating to C from Ca
as a result of GEO's filing of a judicial recovery request.

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.


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


PUERTO RICO ELECTRIC: OFG to Take Provision on Credit Line
----------------------------------------------------------
OFG Bancorp on April 17 disclosed that its Oriental Bank
subsidiary will place its $200 million participation in a fuel
purchase line of credit with the Puerto Rico Electric Power
Authority (PREPA) on non-accrual status and will take a $24.0
million provision.

Oriental is forced to take the provision because PREPA, despite
its increasing ability to meet contractual obligations with
creditors, has signaled an unwillingness do so.

The provision will impact OFG's earnings per share net of tax by
$0.35 for the first quarter ended March 31, 2015.  It will impact
tangible book value per common share by the same amount, not
considering 1Q15 earnings.  TBV per common share was $15.25 at
December 31, 2014.  OFG plans to report 1Q15 results on Friday,
April 24, 2015.

Jose Rafael Fernandez, President and CEO of OFG and Oriental,
said, "Our credit analysis, based principally on data provided by
PREPA and its advisors, shows the utility has the financial
capability to pay its creditors.  However, in the recent
negotiation for extending the more than 8-month forbearance period
previously granted by its creditors, PREPA clearly demonstrated a
reluctance to commit to do so, despite the utility's improved cash
flows."

Notwithstanding the provision, Mr. Fernandez said OFG and
Oriental's regulatory capital ratios remain significantly above
requirements for a well-capitalized institution.  Oriental's $200
million PREPA exposure was acquired through the late 2012 purchase
of BBVA's Puerto Rico operations, and is part of a syndicated $550
million fuel purchase line of credit.

                       About OFG Bancorp

Now in its 51st year in business, OFG Bancorp --
http://www.ofgbancorp.com-- is a diversified financial holding
company that operates under U.S. and Puerto Rico banking laws and
regulations.  Its three principal subsidiaries, Oriental Bank,
Oriental Financial Services and Oriental Insurance, provide a full
range of commercial, consumer and mortgage banking services, as
well as financial planning, trust, insurance, investment brokerage
and investment banking services, primarily in Puerto Rico, through
53 financial centers.

                         *     *     *

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.


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