TCRLA_Public/150625.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, June 25, 2015, Vol. 16, No. 124


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Expected to be Denied Tortola-San Juan Route


B R A Z I L

BRAZIL: May Current Account Deficit Smaller Than All Forecasts


C A Y M A N  I S L A N D S

BLACKSTONE SEN: Shareholders' Final Meeting Set for July 2
CHINA MEGA: Members Receive Wind-Up Report
CONTINENTAL HOLDING: Members Receive Wind-Up Report
EQUIPMENT ASSURANCE: Shareholders' Final Meeting Set for July 7
GPB-DI HOLDINGS: Shareholder to Hear Wind-Up Report on July 13

LIONGATE RECOVERY: Shareholders' Final Meeting Set for July 17
MILLBROOK INTERNATIONAL: Members' Final Meeting Set for July 23
MSGP LIMITED: Shareholders' Final Meeting Set for July 10
RAM RATIONAL: Members' Final Meeting Set for July 23
SOJITZ INTERNATIONAL: Shareholders' Final Meeting Set for June 30


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Power Firms Reiterate 'Worrisome' Debt
DOMINICAN REPUBLIC: Haiti Government to 'Ban Several Products'


M E X I C O

MEXICO: Foreign Reserves Fall by $57 Million


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Signs Energy MOU, TT$4.5 Million Grant Approved


                            - - - - -



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


LIAT: Expected to be Denied Tortola-San Juan Route
---------------------------------------------------
The Daily Observer reports that aviation consultant Lesroy Browne
said he expects US authorities to reject the request of LIAT,
operating as Leeward Islands Air Transport, for a license to fly
between San Juan, Puerto Rico and Tortola, British Virgin Islands,
after a US airline objected.

Cape Air said LIAT included the request in an otherwise routine
annual license renewal with the US Department of Transportation,
according to the Daily Observer.  Cape Air objected to the
airline's bid saying three US airlines already flew the route, the
report notes.

"I would imagine that the US government will probably not allow
LIAT to operate the route," Mr. Browne who worked for over a
decade with LIAT, including as a commercial director, director of
scheduling, director of ground operations and finally as advisor
to the CEO, said, the report relates.

"I don't think it will affect LIAT services too much. I think LIAT
recently included in their summer schedule a flight very late at
night continuing from Tortola to San Juan and very early in the
morning from San Juan to Tortola.  They are going to be obliged to
leave those routes out of the summer schedule if they do not
receive approval," the report quoted Mr. Browne as saying.

According to the Barbados Nation, on May 18, LIAT's legal
representative in Washington DC, Lee A Bauer, of law firm Roller &
Bauer, submitted a 13-page application for the renewal of LIAT's
exemption, authorizing it to "engage in scheduled foreign air
transportation of persons, property and mail" to and from
destinations including Barbados and some US territories, the
report notes.

However, on June 1, Andrew Bonney, senior vice president of
planning at Cape Air, a US airline based in Hyannis,
Massachusetts, formally objected to what, he said, was LIAT's
request for the exemption to include service between San Juan,
Puerto Rico and Tortola, British Virgin Islands, the report
relays.

"LIAT is obliged to request relief from the US government to fly
between points in the US, which are mainly the US Virgin Islands
and San Juan to and from points in the Eastern Caribbean.  For
years, we have been obliged to do this, it's now on an annual
basis," Mr. Browne said, the report notes.

The Barbados Nation reported that in his objection letter, Bonney
said Cape Air, which "has been serving the San Juan to Tortola
non-stop market since 1999", had a problem with LIAT flying that
route when three American carriers were plying it, the report
discloses.

In addition to this airline, he mentioned San Juan-based Seaborne
Airlines, with its "multiple daily frequencies" and Air Sunshine,
which "operates scheduled service in the San Juan to Tortola
market as well," the report notes.

"For a relatively small market, the San Juan to Tortola route has
robust competition," he said.  Bonney also complained that LIAT
was a "government-owned and subsidized" carrier and that any
competition provided "cannot be expected to be fair," the report
notes.

"Permitting . . . LIAT is decidedly not in public interest,
because it would materially disrupt the healthy competitive market
between San Juan and Tortola, which already has unusually vibrant
service for a small market. . . ," Mr. Browne said, the report
discloses.

"If LIAT removes that portion of their request for exemption
authority and suspends sales activity in such markets, Cape Air
would have no further objection," he said, the report relays.

The report notes that Mr. Browne said, "I don't think it's the
first time LIAT has received an objection from Cape Air, and I
think Cape Air is basically making the case that there are three
US carriers operating between San Juan and Tortola and hence there
is no need for a foreign carrier, which as they claim is
subsidized by governments.  This is certainly not the case."

"All it does it is basically saying we don't want you to fly
passengers between Tortola and San Juan, it has nothing else to do
with the rest of what LIAT is doing," Mr. Browne added, notes the
report.

                               About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, Caribbean360.com said that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer


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


BRAZIL: May Current Account Deficit Smaller Than All Forecasts
--------------------------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Brazil's current
account deficit in May was narrower than economists estimated, as
the trade surplus grew from the month before.

The deficit in the current account, the broadest measure of trade
in goods and services, narrowed in May to $3.4 billion from $6.9
billion a month earlier, the central bank said in a report
distributed in Brasilia, according to Bloomberg News.

The gap was smaller than estimated by all 19 economists surveyed
by Bloomberg, whose median forecast was for a deficit of $4.6
billion.  Foreign investment in Brazil during the month rose to
$6.6 billion from $5.8 billion, Bloomberg News relates.

Bloomberg News says that the narrower current account gap comes as
the real has fallen the most among emerging market currencies
since January, helping to boost exports.  The central bank expects
the annual deficit to narrow by the end of the year on the back of
higher commodity prices and slower economic growth that will lower
imports, notes Bloomberg News.

Swap rates on the contract due in January 2016, the most traded in
Sao Paulo June 22, fell four basis points, or 0.04 percentage
point, to 14.19 percent at 10:43 local time, Bloomberg News
relays.  The real strengthened 0.8 percent to 3.0724 per U.S.
dollar and has dropped 13.5 this year, Bloomberg News notes.

The current account gap through May totaled $35.8 billion, down
from a $44.9 billion deficit in the same period last year,
Bloomberg News discloses.  Foreign direct investment reached $25.5
billion through May, compared with $39.3 billion during the same
period of 2014, Bloomberg News relays.  The central bank lowered
its estimate for the current account to a gap of $81 billion this
year from $84 billion, and left its forecast for foreign
investment unchanged at $80 billion, Bloomberg News notes.

Inflation in the month through mid-June accelerated more than
economists estimated, as the central bank says advances in
fighting higher prices are insufficient even after six rate
increases in a row, Bloomberg News says.

Analysts forecast Latin America's largest economy in 2015 will
record the worst recession in 25 years, contracting by 1.45
percent, Bloomberg News notes.  Unemployment is expected to reach
6.6 percent in May, as the economy shed more than 240 thousand
formal jobs through that month, Bloomberg News adds.


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


BLACKSTONE SEN: Shareholders' Final Meeting Set for July 2
----------------------------------------------------------
The shareholders of Blackstone Sen Offshore Fund II Ltd. will hold
their final meeting on July 2, 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:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


CHINA MEGA: Members Receive Wind-Up Report
------------------------------------------
The members of China Mega Trend Fund received on June 30, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Nicholas Ng
          Suite G-06B, Ground Floor
          Menara Zurich
          12 Jalan Dewan Bahasa
          50460 Kuala Lumpur
          Malaysia


CONTINENTAL HOLDING: Members Receive Wind-Up Report
---------------------------------------------------
The members of Continental Holding Company received on June 29,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Charalambos Michaelides
          Telephone: (357) 22 555800
          Facsimile: (357) 22 555801
          5 Themistokli Dervi Street, Elenion Building
          P.C. 1066 Nicosia
          Cyprus


EQUIPMENT ASSURANCE: Shareholders' Final Meeting Set for July 7
---------------------------------------------------------------
The shareholders of Equipment Assurance Limited will hold their
final meeting on July 7, 2015, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Stuart Jessop is the company's liquidator.


GPB-DI HOLDINGS: Shareholder to Hear Wind-Up Report on July 13
--------------------------------------------------------------
The shareholder of GPB-DI Holdings (Cayman) Limited will hear on
July 13, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Constantinos Meivatzis
          Telephone: 0035722749000
          20 Spyrou Kyprianou, Chapo Central
          3rd Floor, CY 1075, Nicosia
          Cyprus


LIONGATE RECOVERY: Shareholders' Final Meeting Set for July 17
--------------------------------------------------------------
The shareholders of Liongate Recovery Fund Ltd will hold their
final meeting on July 17, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MILLBROOK INTERNATIONAL: Members' Final Meeting Set for July 23
---------------------------------------------------------------
The members of Millbrook International Fund, Ltd. will hold their
final meeting on July 23, 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:

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


MSGP LIMITED: Shareholders' Final Meeting Set for July 10
---------------------------------------------------------
The shareholders of MSGP Limited will hold their final meeting on
July 10, 2015, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


RAM RATIONAL: Members' Final Meeting Set for July 23
----------------------------------------------------
The members of Ram Rational Asset Management (Cayman) Ltd will
hold their final meeting on July 23, 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:

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


SOJITZ INTERNATIONAL: Shareholders' Final Meeting Set for June 30
-----------------------------------------------------------------
The shareholders of Sojitz International Finance Cayman Limited
will hold their final meeting on June 30, 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:

          Stuart Sybersma
          c/o Mike Green
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258


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


DOMINICAN REPUBLIC: Power Firms Reiterate 'Worrisome' Debt
----------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
grouped in the ADIE reiterated that the country's debt with the
electricity sector exceeds US$800.0 million and that the
authorities have yet to provide an installment.

ADIE Executive Vice President Milton Morrison said the debt with
the power companies is higher this year than previous years,
according to Dominican Today.  "The government has yet to respond
to this very worrisome situation, since this debt has a
significant impact on the power companies, one way or another it's
something which merits attention," the report quoted Mr. Morrison
as saying.

"If the country pays those bills on time, it could save
significant amounts of money that could be used in other social
areas," Mr. Morrison said, the report notes.

Mr. Morrison said AIDE has proposed several measures to the
Government to settle the debt on several occasions and wants to
disclose to apprise the country since it can impact the service at
any time, the report relates.  "If there comes a time when
resources are not sufficient to buy fuel to generate power, it
will make the power supply difficult," Mr. Morrison added.


DOMINICAN REPUBLIC: Haiti Government to 'Ban Several Products'
--------------------------------------------------------------
Dominican Today reports that Haiti government officials reportedly
announced a ban on the entry of several products from Dominican
Republic to their country starting June 26.

A source with knowledge of the meeting said Haiti Prime minister
Evans Paul announced the ban after a meeting at Haiti Customs
offices in Ouanaminthe, Haiti, with officials of his country.

Among the products which could be banned from entering Haitian
territory figure green bananas (plantains), eggs, chicken,
cabbage, lettuce and other vegetables, according to the source.


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


MEXICO: Foreign Reserves Fall by $57 Million
--------------------------------------------
EFE News reports that Mexico's foreign reserves fell by $57
million to $193.18 billion, the Bank of Mexico said.

Gold and foreign currency reserves fell in the week ending June 19
mainly due to the daily auctions of $52 million with no minimum
price aimed at slowing the depreciation of the Mexican peso
against the U.S. currency, the central bank said, according to EFE
News.

Reserves have fallen by $57 billion since Jan. 1, the Bank of
Mexico said in a statement obtained by the news agency.

The M1 money supply, which includes currency, coins and demand
deposits, fell by MXN8.31 billion (about $542 million) to MXN1.06
trillion (some $68.93 billion), the central bank said, the report
notes.

The money supply has contracted by MXN5.47 billion ($357 million)
since Jan. 1, adds the report.


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


TRINIDAD & TOBAGO: Signs Energy MOU, TT$4.5 Million Grant Approved
------------------------------------------------------------------
Kim Boodram at Trinidad Express reports that a TT$4.5 million
grant has been approved for extraction and heavy oil research and
development through the University of Trinidad and Tobago (UTT),
as the Ministry of Energy looks to maximise these aspects of local
resources and conservation.

Energy Minister Kevin Ramnarine and Tertiary Education Minister
Fazal Karim signed a Memorandum of Understanding (MOU) to seal the
partnership at Karim's Tower C, Port of Spain Waterfront office,
according to Trinidad Express.

                      34 Active Contracts

The report notes that Minister Ramnarine said the funding comes
from reserves accumulated by production sharing contracts signed
with the Government by energy companies who are obligated to set
aside a portion for local research and development.

There are at least 34 active contracts of that nature at this
time, Minister Ramnarine said, notes Trinidad Express.

It was time to begin accessing some of that funding for investment
in the future of local energy, Minister Ramnarine said, adding
that Trinidad still has a lot of ground reserves that haven't been
tapped by conventional extracting methods, the report relates.

At the same time, this country's status as the world's second
largest emitter of carbon dioxide, which climate change watchers
argue is the main contributor to the greenhouse effect, is not
desirable, the report says.

The research and development grant, which will fund two projects,
will look not only at the use of heavy oil but also at innovative
extraction methods that include the capture, use and confinement
of carbon dioxide, notes the report.

                       Steady Daily Output

Steam and CO2 injections to eject ground oil are being used in
countries like Canada and neighboring Venezuela, Minister
Ramnarine said, and the new methods show promise for controlling
to some effect the impact of energy producers, the report says.

Locally, the production of ammonia is the most prolific
contributor of CO2, Ramnarine said, while the industry as a whole
puts out up to 53 million tons of the gas annually, the report
discloses.

Minister Ramnarine added that this country has for the past three-
and-a-half years maintained a steady daily output of 81,000
barrels of oil but left alone, it will decline.  He said the
country is still seeing investors in energy, the report says.


                            ***********


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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