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

            Thursday, July 9, 2015, Vol. 16, No. 134


                            Headlines



B A H A M A S

BAHA MAR: Chinese Firm Blames Bankruptcy on Developer


B R A Z I L

* BRAZIL: Producers Plan Big Ethanol Push


C A Y M A N  I S L A N D S

ANNAPURNA FUND: Commences Liquidation Proceedings
AQUARIUS DIVERSIFIED: Creditors' Proofs of Debt Due July 13
BLUEWATER BIO: Creditors' Proofs of Debt Due July 22
CAISSON INDEMNITY: Creditors' Proofs of Debt Due July 22
HYPERION CAPITAL: Creditors' Proofs of Debt Due July 22

JASPER (CAYMAN): Commences Liquidation Proceedings
L.B. DELTA: Creditors' Proofs of Debt Due July 13
L.B. DELTA (CAYMAN) 1: Creditors' Proofs of Debt Due July 13
SAGITTARIUS DIVERSIFIED: Creditors' Proofs of Debt Due July 13
SILVERTON REAL: Creditors' Proofs of Debt Due July 14

YAOLAN NEW: Creditors' Proofs of Debt Due July 22


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Must be Wary of Foreign Loans Linked to Purchases
* DOMINICAN REP: River Basin Needs US$70MM Yearly to Survive


J A M A I C A

JAMAICA: Achieves Primary Surplus Target for June, EPOC Says


M E X I C O

PETROLEOS MEXICANOS: Employees Arrested on Extortion Charges


V E N E Z U E L A

* VENEZUELA: Caricom Cautions Country on Guyana Border Dispute


                            - - - - -


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


BAHA MAR: Chinese Firm Blames Bankruptcy on Developer
-----------------------------------------------------
Tim McLaughlin at Reuters reports that the Chinese construction
company building the unfinished $3.5 billion Baha Mar resort in
the Bahamas accused the developer of mismanaging the project's
design and not securing adequate financing.

China Construction America (CCA) has been blamed for the delays
that caused the Baha Mar project to file for bankruptcy protection
late last month in a Delaware court, according to Reuters.

But CCA said the developer of the project replaced the mega
resort's principal architect after construction began and had more
than 1,300 change orders for construction contractors, the report
notes.  Developer Baha Mar Ltd is run by Sarkis Izmirlian, the son
of an Armenian billionaire.

Construction delays, funding squabbles, lagging inspections and
faulty work at the Nassau resort have led to finger pointing among
Izmirlian, CCA and China's export finance bank, which bankrolled
most of the project with a $2.45 billion loan, the report notes.

Baha Mar Ltd called CCA's statement an "attempt at damage control"
and declined further comment, according to a spokeswoman for the
developer, the report discloses.

Meanwhile, the turmoil over Baha Mar has roiled the Caribbean
nation's fragile economy, aggravated would-be tourists and idled
thousands of workers amid already high Bahamian unemployment and
slack revenue growth, the report relates.

"Baha Mar Ltd's decision to file for bankruptcy protection is the
direct result of its failure to secure adequate financing and its
mismanagement of the design of Baha Mar resort project," China
Construction America said in its first public statement since Baha
Mar's bankruptcy filing, the report relays.

CCA is a unit of China State Construction Engineering Corp Ltd and
Baha Mar's general contractor.

Izmirlian and Baha Mar Ltd have accused the Chinese construction
firm of falling behind schedule and causing the project to go into
bankruptcy, according to U.S. court filings, the report notes.
CCA said those claims are "insulting."

CCA said it has hired Island Capital Group, led by Andrew Farkas,
as its restructuring and financial adviser, the report says.
Farkas formerly was chief executive officer of Insignia Financial
Group, which he merged with CB Richard Ellis in 2003 to form one
of the largest commercial real estate services companies in the
world, the report relays.

Baha Mar Ltd recently told a bankruptcy judge the project is 97
percent complete. Work has been stalled for weeks and there is no
timeline for construction to resume, the report discloses.

Baha Mar was originally scheduled to open in December.  That
deadline was missed, as was an end-of-March deadline, the report
notes.  The second delay proved "devastating" to Baha Mar Ltd,
which had hired more than 2,000 hotel and casino workers to staff
the opening, the developer said in its court filing, the report
adds.

                          About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


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


* BRAZIL: Producers Plan Big Ethanol Push
-----------------------------------------
EFE News reports that Brazil's ethanol producers called at the
Ethanol Summit 2015 in Sao Paulo for bolstering sales of the
biofuel, which has lost market share to petroleum derivatives in
recent years, in an effort to have a more balanced energy mix.

Ethanol is essential for cuttting imports of gasoline, Petrobras
CEO Aldemir Bendine said.

The biofuel currently accounts for 16 percent of Brazil's energy
mix and the government has the legal tools to provide greater
support to the industry, National Petroleum, Gas and Biofuels
Agency, or ANP, director Magda Chambriard said, according to EFE
News.

Brazil has been producing ethanol from sugar cane for three
decades, but the industry lost its competitive edge in recent
years due to a drought and the government's decision to freeze
gasoline prices in 2014 as a way of fighting inflation, the report
relates.

Ethanol's share of the national fuel mix has fallen from 54
percent to 36 percent over the past six years, and a University of
Sao Paulo study found that 300,000 jobs were lost in the industry
and several plants were on the verge of bankruptcy, the report
says.

The government approved an increase in the amount of ethanol that
must be blended into gasoline from 25 percent to 27 percent in
March in an attempt to boost the biofuels industry, the report
notes.

The report discloses that about 90 percent of the automobiles in
Brazil are equipped with engines that can use any blend of
gasoline and ethanol.

Recent studies concluded that Brazil could achieve advanced
biofuels production of 170 billion liters annually by 2030,
allowing the South American country to reduce gasoline consumption
by 83 percent, the report says.

Ethanol, made from crops such as sugar cane and corn, is basically
grain alcohol. The clean-burning fuel is usually mixed with
unleaded gasoline and can be pumped into vehicles at existing
service stations, the report notes.

The two-day Ethanol Summit 2015 drew about 1,300 participants.


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


ANNAPURNA FUND: Commences Liquidation Proceedings
-------------------------------------------------
On May 28, 2015, the sole shareholder of The Annapurna Fund
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Ewan Christian
          Telephone: +442073402825
          Facsimile: +448707108448
          29 Queen Anne's Gate
          London SW1H 9BU
          UK


AQUARIUS DIVERSIFIED: Creditors' Proofs of Debt Due July 13
-----------------------------------------------------------
The creditors of Aquarius Diversified Asian Long/Short Equities
Ltd. are required to file their proofs of debt by July 13, 2015,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2015.

The company's liquidator is:

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


BLUEWATER BIO: Creditors' Proofs of Debt Due July 22
----------------------------------------------------
The creditors of Bluewater Bio International are required to file
their proofs of debt by July 22, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 9, 2015.

The company's liquidator is:

          Eleanor Fisher
          Zolfo Cooper
          38 Market Street, 2nd Floor, Canella Court
          Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          c/o Christina Ward
          Telephone: +1 (345) 814 4037


CAISSON INDEMNITY: Creditors' Proofs of Debt Due July 22
--------------------------------------------------------
The creditors of Caisson Indemnity SPC, Ltd. are required to file
their proofs of debt by July 22, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 9, 2015.

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


HYPERION CAPITAL: Creditors' Proofs of Debt Due July 22
-------------------------------------------------------
The creditors of Hyperion Capital Fund, L.P. are required to file
their proofs of debt by July 22, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2015.

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


JASPER (CAYMAN): Commences Liquidation Proceedings
--------------------------------------------------
On June 4, 2015, the sole shareholder of Jasper (Cayman) Closing
Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Anna Yonge
          Gary Butler
          Telephone: 345-949-4244
          Facsimile: 345-949-8635
          P.O. Box 61
          Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands


L.B. DELTA: Creditors' Proofs of Debt Due July 13
-------------------------------------------------
The creditors of L.B. Delta Funding Limited are required to file
their proofs of debt by July 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 9, 2015.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Allan Virtue
          Telephone (345) 947 4700


L.B. DELTA (CAYMAN) 1: Creditors' Proofs of Debt Due July 13
------------------------------------------------------------
The creditors of L.B. Delta (Cayman) No. 1 Limited are required to
file their proofs of debt by July 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 9, 2015.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Allan Virtue
          Telephone (345) 947 4700


SAGITTARIUS DIVERSIFIED: Creditors' Proofs of Debt Due July 13
--------------------------------------------------------------
The creditors of Sagittarius Diversified Long/Short Equities Ltd.
are required to file their proofs of debt by July 13, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2015.

The company's liquidator is:

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


SILVERTON REAL: Creditors' Proofs of Debt Due July 14
-----------------------------------------------------
The creditors of Silverton Real Estate Fund are required to file
their proofs of debt by July 14, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 29, 2015.

The company's liquidator is:

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


YAOLAN NEW: Creditors' Proofs of Debt Due July 22
-------------------------------------------------
The creditors of Yaolan New Media Ltd. are required to file their
proofs of debt by July 22, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 4, 2015.

The company's liquidator is:

          Anthony Tong Yi Chang
          c/o Global Education Learning
          Suite 901, The Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong
          Telephone: +852 3152-7680
          Facsimile: +1 484 582 1062


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


* DOMINICAN REP: Must be Wary of Foreign Loans Linked to Purchases
------------------------------------------------------------------
Dominican Today reports that Dominican Republic Industries
Association (AIRD) Executive Vice President Circe Almanzar urged
the government to be wary of loans from countries that require the
purchase of all items associated with the funded projects.

Ms. Almanzar said government purchases must be carried out under
public policies favoring locally manufactured products in state
calls for tenders, according to Dominican Today.

The AIRD executive spoke during the opening of the 3rd. Business
Roundtable for MSMEs which concludes in the Embajador hotel, co-
hosted jointly by the Public Procurement Agency (DGCP) and the
Inter-American Bank's IDB-MIF, the report relays.

"This Third Public Market Business Roundtable for MSMEs is a
success and is a sign that we must continue to consolidate
capacity: to sit at the same table to negotiate the best not only
for the government or for business, but also for the country," the
report quoted Ms. Almanzar as saying.


* DOMINICAN REP: River Basin Needs US$70MM Yearly to Survive
------------------------------------------------------------
Dominican Today reports that the head of the north Yaque river
basin sustainable development plan director said the fact that
only 40% of the basin is forested reveals its degradation.

Humberto Checo said the Plan aims to increase coverage to 80% in
five years to make it a healthy watershed, for which US$70.0
million needed each year, according to Dominican Today.  "We have
to reach 8%, which is 200,000 hectares of watershed, which require
planting 80 million trees per year," according to Mr. Checo.

Mr. Checo said a study on rainfall and volume in 20 of the north
Yaque's 75 watersheds found that the recent drought cut the
average flow to only 40%, "which reveals deterioration."  "They
aren't healthy; a healthy watershed has a stable forest cover and
has water flowing even if it stops raining.  The water seeps into
the subsoil through the forests," Mr. Checo added, the report
relays.

Interviewed on the program Quidando el Huerto (Tending the
Vegetable Garden), Mr. Checo said the priority now is to restore
lost forest areas and keep them there through appropriate
management and reforestation, for which he affirms that as many as
60,000 days of work per person are needed per year, the report
discloses.

The north Yaque basin's 7,053 square kilometers are spread over La
Vega, Santiago, Valverde, Santiago Rodriguez, Montecristi and
Dajabon provinces home to 40 cities and towns with a population of
1.5 million.


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


JAMAICA: Achieves Primary Surplus Target for June, EPOC Says
------------------------------------------------------------
RJR News reports that Jamaica has reportedly achieved the primary
surplus target of J$17 billion, set in agreement with the
International Monetary Fund (IMF) for the month of June.

Accordingly, it is expected that the country will have satisfied
all the requirements of the IMF for June, the report notes.

Word of this came from Richard Byles, Co-Chair of the public-
private sector Economic Program Oversight Committee (EPOC), who
said he had been provided with the data by the Ministry of Finance
& Planning, according to RJR News.

The report relates that Mr. Byles, giving EPOC's monthly report on
the performance of the economy, said the government had maintained
a strong fiscal management program during the first two months of
the current financial year.

April and May were "particularly good months for the country," he
said, with revenues of J$1.25 billion (5.2%) ahead of target and
expenditures J$3.34 billion (7.6%) less than projected, the report
discloses.

The report notes that there was a cumulative primary surplus of
J$2.8 billion, which is J$4.4 billion better than the projected
deficit target of J$1.6 billion, Mr. Byles reported.

                             Revenues

Tax revenues for the April to May period were also above budget
and stood at J$58.7 billion, better than the J$55.9 billion
projected, the report relays.

The report says that the main contributors to the higher than
expected tax revenues were General Consumption Tax (GCT) and
Special Consumption Tax (SCT).

Mr. Byles said there was still cause for concern regarding the
underperformance of revenue items such as grants, customs duty and
stamp duty, as well as company tax and dividend tax, the report
relates.

At the end of June, the country's Net International Reserves (NIR)
stood at US$2.12 billion.  The target set was US$1.3 billion, says
RJR News.

"Notwithstanding the payout of debt of US $350 million, the NIR
remains considerable ahead of target," Mr. Byles noted, the report
relates.

Two other strong economic indicators that continue to record
strong performances for the country, the EPOC Co-Chair said, were
remittance inflows and tourist arrivals, the report discloses.

During the January to March quarter, remittances were US$471
million, up 1.8% per over the equivalent period last year, while
gross earnings in the tourism sector for May stood at J$2.25
billion, he reported, RJR News adds.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2015, Standard & Poor's Ratings Services raised its long-
term foreign and local currency sovereign credit ratings on
Jamaica to 'B' from 'B-'.  In addition, S&P affirmed the 'B'
short-term ratings on Jamaica.  The outlook on the long-term
ratings is stable.  S&P also raised the transfer and
convertibility assessment to 'B+' from 'B'.


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


PETROLEOS MEXICANOS: Employees Arrested on Extortion Charges
------------------------------------------------------------
Latin American Herald Tribune reports that three people, including
an employee of state-owned oil giant Petroleos Mexicanos (Pemex)
were arrested for running an extortion racket that targeted the
Super Pereyra company, Pemex officials said.

The Public Administration Secretariat is investigating a complaint
filed by a Pemex Exploracion y Produccion employee, who alleged
that officials of the state-owned oil company were involved in a
scheme that targeted Super Pereyra, according to Latin American
Herald Tribune.

The report notes that the allegations are linked to bidding for a
food and housing services contract for platforms in the Sound of
Campeche, Pemex said in a statement.

The suspects allegedly demanded that Super Pereyra pay MXN10
million ($635 million) in cash and provide two SUVs to "support"
development of the contract, Pemex said, the report notes.

The Public Administration Secretariat and Super Pereyra filed
complaints on June 25 with the Attorney General's Office, leading
to the arrest of the three suspects at a restaurant in Mexico
City's upscale Polanco district, the report relates.

"Three days later, the prosecutor's office charged the suspects
with extortion, and they were ordered held in prison on July 5,
for the crime of extortion," Pemex said, the report adds.

The investigation continues "to determine whether any other public
servants are involved," Pemex said, adding that management ordered
full cooperation from the start so officials could "get to the
bottom" of what happened, the report relates.

Petroleos Mexicanos, together with its subsidiaries, engages in
the exploration, exploitation, refining, transportation, storage,
distribution, and sale of crude oil, natural gas, and derivatives
of petroleum and natural gas in Mexico.


=================
V E N E Z U E L A
=================


* VENEZUELA: Caricom Cautions Country on Guyana Border Dispute
---------------------------------------------------------------
RJR News reports that the heads of Government of the Caribbean
Community (CARICOM) ended their three-day summit in Barbados on
July 4, warning Venezuela that its action regarding the border
dispute with Guyana could poison relations with the regional
group.

Venezuela has recently renewed a longstanding claim to a large
portion of Guyana's territory, sparking concerns about instability
and tension in the region, according to RJR News.

The leaders also condemned the action of the Dominican Republic in
deporting people of Haitian descent and making them stateless, the
report discloses.

Prime Minister Freundel Stuart of Barbados, who currently chairs
CARICOM, also acknowledged that the leaders had not agreed on a
candidate for the position of Commonwealth Secretary General, the
report notes.  Prime Minister Stuart said moves were afoot to have
that matter settled as quickly as possible, the report adds.


                            ***********


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.

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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
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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,
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202-362-8552.


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