TCRLA_Public/150515.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, May 15, 2015, Vol. 16, No. 095


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Worker Action Intensifies, Banks Hobble


B R A Z I L

GRUPO SCHAHIN: Itau-led Group Sues Firm for $371M in Overdue Loans
LIBRA TERMINAL: Fitch Affirms 'BB+' Issuer Default Ratings
TONON BIOENERGIA: Fitch Cuts Issuer Default Ratings to 'CCC'


C A Y M A N  I S L A N D S

CANYON CAPITAL 2004-1: Members' Final Meeting Set for June 3
CEP MENA 2: Shareholders' Final Meeting Set for May 28
CITATION HIGH: Members' Final Meeting Set for June 10
EMERALD LEASING: Members' Final Meeting Set for June 9
FORT POINT: Members' Final Meeting Set for June 10

IRONSIDE HOLDINGS: Members' Final Meeting Set for June 9
MACQUARIE FUNDS: Members' Final Meeting Set for June 9
OBSIDIAN TAIL: Members' Final Meeting Set for May 26
OPUS COMMODITIES: Members' Final Meeting Set for May 28
PELOTON ABS: Creditors' Final Meeting Set for May 29


C H I L E

MASISA S.A.: S&P Alters Outlook to Negative & Affirms BB- CCR


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Talks for Wage-Raise Pact Fail a Sixth Time


M E X I C O

CEMEX SAB: To Invest $300MM in Cement Plant in Philippines
OHL MEXICO: Senators Want Probe Into Possible Gov't Corruption


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Merger With LIAT Not Likely Any Time Soon


                            - - - - -


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


ANTIGUA & BARBUDA: Worker Action Intensifies, Banks Hobble
----------------------------------------------------------
The Daily Observer reports that the Bankers' Association said
despite May 13's action by employees, banks were still open for
business.

In a statement, the bank said that while this action has impacted
the ability of its members to provide full service to their
customers, all commercial banks in Antigua & Barbuda were open for
business May 13, offering limited services to their customers,
according to The Daily Observer.

The report notes that the association is advising customers to
check with their respective financial institutions to determine
what services are available to customers.

It told customers that given the severely constrained resources in
some areas, customers should expect delays in accessing banking
services, and should, wherever possible, make use of alternative
channels such as ABMs and Internet Banking where available, the
report relays.

Bank employees were protesting government's decision to approve
the banking act 2015 in spite of concerns over their severance,
the report notes.

The workers met May 12 and decided to stay home May 13 in protest.

Prime Minister Gaston Borwne, meanwhile, has said there's really
no issue, adding that before the fallout, he and Attorney General
Steadroy "Cutie" Benjamin assured the workers that all their
concerns would be addressed at the Parliamentary session taking
place mid-June, the report notes.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


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


GRUPO SCHAHIN: Itau-led Group Sues Firm for $371M in Overdue Loans
------------------------------------------------------------------
Anthony Boadle at Reuters reports that thirteen Brazilian and
international banks filed a lawsuit in New York on May 12 against
two units of ailing engineering and oil conglomerate Grupo Schahin
to recover $371 million in overdue principal and interest on
loans.

The lawsuit comes weeks after Grupo Schahin sought for protection
from creditors in Brazil and the United States, and fired 2,500
workers as a corruption scandal at key client Petroleo Brasileiro
SA hampered its efforts to refinance up to BRL6.5 billion ($2.1
billion) in debt, according to Reuters.

The report notes that the banks, led by the Cayman Island-based
branch of Itau Unibanco Holding SA, are seeking to recover
guarantees pledged as collateral on loans made in 2009 to rig
leasing company Deep Black Drilling LLP and guaranteed by Schahin
Engenharia SA.

The lawsuit also involves Schahin Holding SA, court documents
obtained by Reuters showed, the report says.

The report discloses that other banks include:

   -- Cayman Island units of Banco Bradesco SA,
   -- HSBC Holdings Plc's Brazilian unit,
   -- Banco Santander Brasil SA; and
   -- Colombia's Bancolombia SA.


LIBRA TERMINAL: Fitch Affirms 'BB+' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed the ratings for Libra Terminal Rio S.A.
(Libra Rio) as follows:

  -- Long-term foreign and local currency Issuer Default Ratings
     (IDRs) at 'BB+';

  -- National Scale Rating at 'AA(bra)';

  -- Senior unsecured debentures issuance of BRL270 million due
     2019 at 'AA(bra)'.

The Rating Outlook has been revised to Negative from Stable.

Libra Rio's ratings incorporate the analysis of the Libra group on
a consolidated basis. In Fitch's view, there are strong
operational and financial linkages between the issuer and the
whole group. Libra Rio is the key EBITDA generator of the Libra
Group and used to be the main dividend distributor for its parent,
Libra Holding S.A. (Libra Holding). Additionally, Libra Holding is
strongly committed to the other companies within the group,
providing guarantees to a great part of its subsidiaries' debt.
This could pressure Libra Rio's cash flow through aggressive
dividend payments.

The Outlook was revised to Negative from Stable due to the group's
business challenges, with a potential and significant mandatory
capex plan to be implemented during the next years and a likely
material regulatory concession obligation to be incorporated in
its balance sheet. Libra's consolidated operational cash flow
should also be moderately pressured in 2015 due to the weak
economic environment in Brazil, and a higher business competition
on its port terminals located in Santos Port. These events may
result in increasing consolidated net leverage to the 4.0x - 4.5x
range; high for the current rating category. This scenario differs
from Fitch's previous base case that Libra Holding's consolidated
net leverage would be limited at 3.5x during the capex period.

Libra Rio's ratings gains support from the group's solid business
profile, based on port terminal operations in Rio de Janeiro and
in Santos. This business is complemented by logistics, airport and
navigation activities in the country, which enjoy positive long-
term fundaments based on moderately high profitability and
predictable demand. The group has presented positive track record
of robust EBITDA margins over the last five years, enhanced by the
strong profitability of Libra Rio's business. The analysis also
reflected the consolidated sound capital structure, underpinned
adequate liquidity and moderate leverage.

KEY RATING DRIVERS

Low Business Risk

Libra Rio operates in a low-risk industry in Brazil. Although the
industry's operational variables, such as volumes and tariffs, has
deteriorated and is not expected to resume during 2015, the port
sector benefits from solid long-term business fundamentals. The
lack of logistics infrastructure in Brazil, mainly port terminals,
combined with an increase in international trading over the last
decade, supports the operational trends of the country's current
ports. On the other hand the negative outlook for the Brazilian
economic scenario may threat the industry in the short term, since
sluggish industrial activity put pressures in port volumes and
prices, within the scenario of high increasing competition, mainly
in Santos Port.

Adequate Business Profile

Libra Rio is a mature operation in Rio de Janeiro Port. It holds a
solid concession contract that started in 1998, was renewed in
2011, and expires in 2048. It provides clear visibility of the
company's future cash flow. This terminal is the third largest
operator in the Rio de Janeiro Port, with 25% of market share.

The Libra group's consolidated operations are more concentrated in
the port sector when compared to other peers in the infrastructure
segment rated by Fitch. In 2014, about 68% and 81% of Libra
group's consolidated net revenues and EBITDA, respectively, was
generated by the port activity, and the second-largest business
(logistics) is also closely related to the port business. Libra
Rio represented 31% and 53% of the consolidated net revenues and
EBITDA.

Libra group's port business has an important track record of
successfully operating in Brazil for almost 20 years. While Libra
Rio has not faced aggressive competition over the last year, its
sister company, Libra Santos, has faced some operating challenges
due to the entrance of new important players in the market during
2013, which has enhanced competition.

Challenges of Operational Cash Flow Generation

Libra Holding has exhibited solid consolidated operational cash
flow up to 2013, based on a relatively stable volume of cargo
handled and stored combined with increasing port tariffs. During
2014, the sluggish economic environment combined with increasing
competition in Santos Port threated Libra group's operation. That
year, the combined volumes handled and stored in both port
terminals declined to 921 million TEUs, from 1,079 million TEUs in
2013. Average tariffs remained in line with those of 2013,
supported by Libra Rio's average tariff increase of 5%, while
Libra Santos' tariffs declined by 8%. As a result, the company
generated consolidated EBITDAR of BRL410 million, compared with
BRL450 million in 2013.

Fitch foresees a more challenging scenario to the container port
activity in Brazil during 2015, following industrial slowdown. It
is likely to result in severe declining on prices and volumes of
the port activity, with a potential slight resume in 2016. These
factors are expected to pull 2015' Revenues, EBITDA and margins to
the lowest levels since 2011. The potential effect of the loss of
T-37 concession contract, in Santos Port, that matures in
September 2015, on Libra Holding's consolidated cash generation is
limited, as this terminal is estimated by Fitch to generate less
than5% of the Libra Santos's revenues and immaterial EBITDAR.
Consolidated EBITDAR margins have been relatively high, above
31.7% over the last three years and are expected to slightly
decline to around 30% as a result of the loss of scale.

Capex Plan Expected to Pressure Cash Flow

Libra group's free cash flow may continue to be pressured by a
significant capex program, in case of the renewal of T-37 and T-35
concessions. The group plans to invest about BRL840 million until
2018, being BRL580 million in the terminals in Santos Port, mainly
related to increase capacity. Funding for this capex should come
from a combination of long-term debt, operating cash flow
generation, and reimbursements from the grant power. This scenario
may not happen if the port authority does not approve the renewal
of the T-37 concession and does not anticipate the renewal of the
T-35 concession that matures in June 2018.

Moderate Leverage; Increase Expected

Fitch expects consolidated adjusted net leverage to remain
moderate at 3.4x by 2015, considering a maintenance capex during
this year. Net leverage may increase to above 4.0x over the next
three years, reflecting the Libra Santos' capex financing and
likely additional debt with the grant power of BRL340 million.

As of December 2014, Libra Holding's total adjusted debt was
BRL1.8 billion, including around BRL325 million of port authority
obligations, according to Fitch's calculation. This indicates an
adjusted net debt-to-EBITDAR ratio of 3.3x, compared with 2.6 x in
2013 and 2.0x in 2012. The leverage increase in 2014 mainly
reflects the huge capex already incurred in Libra Rio during the
last couple of years.

Healthy Liquidity

Libra's financial profile benefits from a high liquidity position
and lengthened debt maturity profile. As of December 2014, the
cash of BRL474 million covered the short-term debt of BRL359
million by 1.3x. This coverage ratio is expected to be sustainable
at this level and consistent to the current ratings. The funding
of the future capex is expected to come from long-term financings
provided by BNDES.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

  -- Renewal of T-37 and T-35 concession contract;

  -- Decline in volumes of Libra Santos od 10% in 2015;

  -- Increase of volumes of Libra Rio of 10% in 2015;

  -- EBITDA margin contraction to 30% in 2015;

  -- Capex of BRL60 million in a consolidated basis in 2015;
     BRL780 million from 2016 to 2018;

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

  -- Consolidated net adjusted debt-to-EBITDAR ratio consistently
     above 4.0x;

  -- Cash+CFFO/short-term debt below 2.0x; and

  -- EBITDAR margins above 28.0% on a consistent basis.

An upgrade is unlikely in the medium term due to the challenges of
the company to keep leverage bellow 3.0x even with a scenario of
maintenance capex. The Outlook may be revised to Stable from
Negative if consolidated net leverage is below 3.0x on a
sustainable basis, along with the Libra group keeping its business
profile.


TONON BIOENERGIA: Fitch Cuts Issuer Default Ratings to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Tonon Bioenergia S.A's (Tonon)
foreign and local currency Issuer Default Ratings (IDRs) to 'CCC'
from 'B-'. Fitch has also downgraded to 'CCC/RR4' from 'B-/RR4'
the ratings on the company's USD300 million senior unsecured notes
due 2020 and the USD230 million senior secured notes due 2024
issued by Tonon's fully-owned subsidiary Tonon Luxembourg S.A. The
Rating Watch Negative has been removed.

KEY RATING DRIVERS

The downgrades reflect Fitch's concerns about Tonon's short-term
liquidity position and escalating refinancing risks due to its
inability to generate positive free cash flows (FCF). The company
has not reported any improvement of its capital structure in the
past month and faces a coupon payment of USD12 million on May 14
for its USD230 million senior secured notes due 2024.

Systemic risk remains high for Brazil's sugar and ethanol (S&E)
sector due to numerous defaults within the sector. Tonon has been
finding it difficult to roll over its maturing obligations with
new long-term loans as bank lending activity in the sector has
been focused on short-term borrowings. The company does not own
land properties against which to borrow new medium or long-term
loans, which reduces its refinancing prospects and makes the
company dependent on the availability of short-term credit lines.
As of Dec. 31 2014, Tonon's cash position of BRL159 million
unfavorably compared with short-term debt of BRL257 million to
yield a 0.62x coverage ratio.

Fitch expects Tonon's net adjusted debt to EBITDAR to reach over
6.0x in March 2015 and stay above 5.0x in March 2016. The
company's total adjusted debt as per Fitch's internal criteria
amounted to BRL2.3 billion as of Dec. 31, 2014, unfavorably
comparing to BRL1.8 billion in March 31, 2014. In the last 12
months ended Dec. 31, 2014, the company's consolidated net
adjusted debt/EBITDAR ratio was 4.9x compared with 4.0x in March
2014 and 3.0x in March 2013.

Tonon's FCF should remain negative in fiscal 2016, even with an
estimated reduction on capital expenditures to BRL260 million
after the end of the capacity expansion. A rebound of
international sugar prices is taking much longer to materialize
than previously projected and weak currencies further exacerbate
low prices. A series of government measures both at the federal
and state levels have improved the prospects for the ethanol
industry, but the positive short-term impact is expected to be
limited. The increase in crushed volumes and generation of more
robust operational cash flow in the new season ending March 31,
2016 depends largely on higher international sugar prices and the
maintenance of favorable weather conditions as seen in early 2015.

KEY ASSUMPTIONS

  -- Increased systemic risk and scarce availability of medium and
     long-term finance;

  -- Average sugar prices at USD14 cents/pound in 2015/2016, USD16
     cents/pound in 2016/2017 and flat at USD17 cents/pound from
     2017/2018 on;

  -- Domestic ethanol prices keeping the historical correlation
     with international sugar prices.

RATING SENSITIVITIES

Further deterioration of liquidity will lead to a negative rating
action.

A positive rating action is unlikely in the short term. In the
medium term, a positive rating action will depend on increased
bank lending to the sector and higher prices for sugar and ethanol
leading to more robust operating cash flows and improved liquidity
position for Tonon. A large equity injection or the takeover of
the company by a peer would be viewed positively


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

CANYON CAPITAL 2004-1: Members' Final Meeting Set for June 3
------------------------------------------------------------
The members of Canyon Capital CLO 2004-1 Ltd. will hold their
final meeting on June 3, 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:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


CEP MENA 2: Shareholders' Final Meeting Set for May 28
------------------------------------------------------
The shareholders of CEP Mena 2 will hold their final meeting on
May 28, 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:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


CITATION HIGH: Members' Final Meeting Set for June 10
-----------------------------------------------------
The members of Citation High Grade ABS CDO I, Ltd. will hold their
final meeting on June 10, 2015, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


EMERALD LEASING: Members' Final Meeting Set for June 9
------------------------------------------------------
The members of Emerald Leasing, Ltd. will hold their final meeting
on June 9, 2015, at 9:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


FORT POINT: Members' Final Meeting Set for June 10
--------------------------------------------------
The members of Fort Point CDO I Ltd will hold their final meeting
on June 10, 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:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


IRONSIDE HOLDINGS: Members' Final Meeting Set for June 9
--------------------------------------------------------
The members of Ironside Holdings will hold their final meeting on
June 9, 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:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


MACQUARIE FUNDS: Members' Final Meeting Set for June 9
------------------------------------------------------
The members of Macquarie Funds Management SPC will hold their
final meeting on June 9, 2015, at 9:10 a.m., at the offices of
MaplesFS Limited, 4th Floor of Boundary Hall, in Cricket Square,
Grand Cayman, KY1-1102, Cayman Islands.


OBSIDIAN TAIL: Members' Final Meeting Set for May 26
----------------------------------------------------
The members of Obsidian Tail Risk Fund Ltd. will hold their final
meeting on May 26, 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:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


OPUS COMMODITIES: Members' Final Meeting Set for May 28
-------------------------------------------------------
The members of Opus Commodities Fund Limited will hold their final
meeting on May 28, 2015, at 1:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


PELOTON ABS: Creditors' Final Meeting Set for May 29
----------------------------------------------------
The creditors of Peloton ABS Master Fund will hold their final
meeting on May 29, 2015, at 11:00 a.m.

The company's liquidator is:

          Tammy Fu
          Zolfo Cooper (Cayman) Limited
          38 Market Street, 2nd Floor
          Canella Court, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands



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C H I L E
=========


MASISA S.A.: S&P Alters Outlook to Negative & Affirms BB- CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Masisa
S.A. to negative from stable. At the same time, S&P affirmed its
'BB-' corporate credit and senior unsecured ratings on the
company.

The outlook revision reflects S&P's expectation that Masisa's
liquidity could weaken in the next few quarters as a result of
significant currency depreciation in Argentina and Venezuela,
which would shrink Masisa's cash flow and cash position. The
company generates about 50% of its consolidated EBITDA in
Argentina and Venezuela. In addition, due to existing foreign
exchange transfer restrictions and controls in those countries,
Masisa doesn't have full access to funds to serve its consolidated
debt.

The sharp currency devaluation in Argentina and Venezuela and the
economic slowdown in the region reduced the company's EBITDA
generation to $156 million in 2014 from $208 million in 2013. In
2015 and 2016, S&P estimates that EBITDA will recover to its 2013
levels, partly due to the company's cost-savings initiatives.  S&P
expects Masisa's credit metrics to improve starting in 2017 due to
more stable macroeconomic conditions in the countries where it
operates, coupled with higher revenue from Mexico, where its
medium-density fiberboard plant will start operating.


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


DOMINICAN REPUBLIC: Talks for Wage-Raise Pact Fail a Sixth Time
---------------------------------------------------------------
Dominican Today reports that for the sixth time management and
labor again failed to reach an agreement to raise wages in the
meeting of around three hours May 13 at the Labor Ministry's
Salary Committee.

Employers' representative huddled for more than an hour and then
the Committee postpone the talks so they can meet with their
associations, on which Wage Committee director Felix Hidalgo
scheduled a new meeting next May 20, according to the report.

Dominican Today discloses that, for their part, union leader
Rafael 'Pepe' Abreu said management's proposed increase of around
9% was under the condition discuss the reclassification of
companies, but said they won't agree to that and would be willing
to lower their demand increase from 35% to 25%.

The union leader Gabriel del Rio also said employers aren't
working for peace in the labor sector and warned that if they fail
to put forth a sensible proposal at the next meeting, the workers
would decide on further action, the report adds.


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


CEMEX SAB: To Invest $300MM in Cement Plant in Philippines
----------------------------------------------------------
EFE News reports that CEMEX S.A.B. de C.V. said it planned to
invest $300 million to add an integrated cement production line at
its Solid plant on the island of Luzon in the Philippines.

"This will double the capacity of the Solid plant and will
represent a 25 percent increase in the company's cement capacity
in the Philippines," CEMEX said in a statement obtained by the
news agency.

The report notes that CEMEX Philippines officially inaugurated its
"completed capacity expansion in its APO plant in Cebu, the
largest cement plant in the country, as well as a network of
logistics centers in Visayas and Mindanao," earlier this month,
the Mexican cement giant said.

The $80 million project boosted CEMEX's cement production capacity
at the APO plant by 40 percent and helped improve distribution
capabilities with additional terminals in Iloilo and Davao, the
report relates.

"We are preparing our facilities for the increasing demand in the
Philippines, reiterating our commitment to support the development
of the country," the report quoted CEMEX Asia President Joaquin
Estrada as saying.

CEMEX Philippines has also built an $18.6 million waste heat-to-
energy power plant "which will capture the excess heat in one of
its cement production facilities to produce usable electricity,"
the company said, the report notes.

The Mexican cement giant's unit in the Philippines is already
using alternative fuels, such as rice husks and refuse-derived
fuel, in an effort to cut energy costs, the report relates.

CEMEX Chief Executive Officer Fernando Gonzalez Olivieri recently
visited the Asian nation and expressed his commitment to promoting
growth, the report notes.

"We see a positive outlook in the business environment and we are
committed to be a reliable cement supplier given the growing need
for high-quality building materials required for public
infrastructure, commercial projects and housing," the report
quoted Mr. Gonzalez as saying.

CEMEX, which was founded in 1906 in the northern Mexican city of
Monterrey, has operations in more than 50 countries.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2015, Standard & Poor's Ratings Services revised its
outlook on CEMEX S.A.B. de C.V. (CEMEX) to positive from stable.
At the same time, S&P affirmed its 'B+' global scale and 'mxBBB'
national scale ratings on CEMEX and its subsidiaries, CEMEX Espana
S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc.


OHL MEXICO: Senators Want Probe Into Possible Gov't Corruption
--------------------------------------------------------------
EFE News reports that Mexican opposition senators are calling for
a thorough investigation into possible wrongdoing by the Mexican
unit of Spanish construction group OHL and local government
authorities in the setting of highway tolls.

Two senators representing that state -- Laura Angelica Rojas, a
member of the conservative National Action Party, or PAN, and
Alejandro Encinas, of the leftist Party of the Democratic
Revolution, or PRD -- led the call for the probe, according to EFE
News.

The report notes that they said that after the release of
suspicious audio recordings involving purported senior OHL Mexico
executives a thorough investigation must be conducted to
"determine the acts of corruption committed and identify if there
was acquiescence by state authorities."

In that regard, Rojas, a member of the Senate's Anti-Corruption
and Citizen Participation Committee, recalled that Mexico state
Gov. Eruviel Avila, of the ruling Institutional Revolutionary
Party, or PRI, said in recent days that the state comptroller's
office will audit the contract awarded to OHL Mexico for
construction of the Viaducto Bicentenario toll road, the report
relates.

The federal government's Public Function Secretariat and
Pricewaterhouse Coopers will assist with the audit, Ms. Avilla
added.

The senators called on Congress to urge the secretariat and the
government of Mexico state to send it a detailed report on the
results of the investigation and to determine any administrative
responsibilities, the report relays.

A newspaper column published last week accused the company of
sharply raising a highway toll without justification.

In his column published May 6 in Mexican daily La Razon,
journalist Mauricio Flores cited the audio recordings involving
purported company executives as proof of wrongdoing by OHL Mexico,
the report recalls.

OHL Mexico has raised the toll it charges motorists to use the
Viaducto Bicentenario, which runs from the Cuatro Caminos
intersection to the Mexico City-Queretaro highway junction, by 30
percent this year, according to Flores, who said the hike was
seven times the inflation rate, the report relates.

The report discloses that Mr. Flores said the toll hike was
irregular because the company has been effectively charging for
the construction of a second phase of the highway project even
though it has not started it yet.

In one of the other recordings, which were uploaded to YouTube,
OHL Mexico executive Pablo Wallentin appears to offer to pay for a
family vacation of the communications secretary of Mexico state,
apparently as a favor for allowing the toll hike, the report
relays.

Mr. Wallentin resigned after being implicated in the scandal, OHL
Mexico said.

The report notes that Enrique Weickert, the chief financial
officer of OHL Mexico's parent company, said in Spain that the
group is confident that the investigations into alleged
irregularities in Mexico will show the allegations are false.

OHL Mexico is a construction and highway management company.


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T R I N I D A D  &  T O B A G O
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CARIBBEAN AIRLINES: Merger With LIAT Not Likely Any Time Soon
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RJR News reports that Larry Howai, Trinidad & Tobago's Finance
Minister, has declared that a merger of Caribbean Airlines Limited
and LIAT, operating as Leeward Islands Air Transport, is not
likely to occur at this time.

The suggestion of a merger was recently made by Dr. Ralph
Gonsalves, Chairman of the shareholder governments which own LIAT,
according to RJR News.

The report notes that Mr. Howai, the line minister for CAL, told
Trinidad's Business Day newspaper that the matter was not under
consideration by the airline.

But, Trade Minister, Vasant Bharath said although both airlines
have had their share of financial troubles, he was willing to have
further discussions on the issue, the report relates.

CAL has been recording significant financial losses while LIAT,
which is also strapped for cash, has begun a redundancy program,
under which 180 employees will be released, the report discloses.

Dr. Gonsalves, who is Prime Minister of St. Vincent & the
Grenadines, threw out his merger proposal while in Port-of-Spain
last week attending a conference, the report relays.

Dr. Gonsalves provided two reasons to justify his proposal --
deepening regional integration, and the fact that LIAT has
acquired a new fleet of ATR aircraft, the report adds.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


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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


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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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