TCRLA_Public/151223.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

            Wednesday, December 23, 2015, Vol. 16, No. 253


                            Headlines



A R G E N T I N A

ARGENTINA: Agrees to Hold Debt Talks Next Month
ARGENTINA: Peso Sinks After Currency Controls Lifted


B R A Z I L

CESP-COMPANHIA ENERGETICA: S&P Lowers Global Scale Rating to 'BB+'
HYPERMARCAS SA: S&P Raises CCR to 'BB+' & Removes from Watch Pos.
MAGNESITA REFRATARIOS: Moody's Lowers CFR to B2; Outlook Negative


C A Y M A N  I S L A N D S

AAA MAC 53: Members Receive Wind-Up Report
AGINCOURT LIMITED: Members Receive Wind-Up Report
BLUEMOUNTAIN LONG: Members Receive Wind-Up Report
FARYNER'S HOUSE: Members Receive Wind-Up Report
FUERZA LTD: Members Receive Wind-Up Report

GLG EUROPEAN: Members Receive Wind-Up Report
GLG NATURAL: Members Receive Wind-Up Report
GLG TECHNOLOGY: Members Receive Wind-Up Report
GLG TISBURY: Members Receive Wind-Up Report
MAN COMMODITY: Members Receive Wind-Up Report

MAN INVESTMENT: Members Receive Wind-Up Report
RANGE WISE: Members Receive Wind-Up Report
RIG FUNDING: Members Receive Wind-Up Report


E C U A D O R

ECUADOR: Makes History With $650 Million Payment to Bondholders


J A M A I C A

UC RUSAL: More Trouble for Firm
* JAMAICA: New Highway Project to Boost Tourism in Eastern Part


M E X I C O

EMPRESAS ICA: Loses Value After Unveiling Restructuring Plan
EMPRESAS ICA: S&P Lowers Rating to 'D' & Removes from Watch Neg.


                            - - - - -


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


ARGENTINA: Agrees to Hold Debt Talks Next Month
-----------------------------------------------
Jonathan Randles at Law360.com reports that members of the
administration of newly elected Argentina President Mauricio Macri
plan to negotiate next month in New York City with holdout
bondholders NML Capital Ltd. and Aurelius Capital Partners LP over
litigation involving the country's debt, a court-appointed
mediator said.

Argentina Secretary of Finance Luis Caputo and Vice Chief of the
Cabinet Mario Quintana are scheduled to return to New York in the
second week of January "to commence substantive negotiations with
the bondholders," McCarter & English partner Daniel Pollack said,
according to Law360.com.

                           *     *     *

The Troubled Company Reporter-Latin America reported in Nov. 27,
2015, Moody's Investors Service has changed the outlook on
Argentina's Caa1 issuer rating to positive from stable.  The
outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

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: Peso Sinks After Currency Controls Lifted
----------------------------------------------------
Taos Turner at the Wall Street Journal reports that Argentina's
peso lost more than a quarter of its value against the U.S. dollar
Dec. 17, a day after the new government of President Mauricio
Macri said it would lift currency controls to attract investors
and kick-start the economy.

Within minutes of trading, the peso weakened to 13.9 per dollar
from 9.8 the previous day, its biggest percentage decline since
January 2002, following the abandonment of the peso-dollar parity,
according to the WSJ.  The move lower will hit multinationals that
operate in Argentina and ordinary Argentines who will see the
value of their savings cut in dollar terms, the report notes.

On Dec. 17 in New York, the dollar bought ARS13.3085, from
ARS9.8164 Dec. 16, down 26% on the day and 36% for the year, says
the report.

Economists had expected Argentina's currency to weaken following
Dec. 17's news that the government was ending a four-year policy
of strict limits on the sale of U.S. dollars, a policy that
restricted imports, hurt economic growth and spawned a thriving
black market in the currency, the report notes.  The previous
black-market rate on Dec. 16 was about ARS14.50 to the dollar, the
report discloses.

In the days since he took office, Mr. Macri has moved quickly to
undo the economic legacy of 12 years of populist policies by his
predecessors, Cristina Kirchner and her late husband, Nestor, the
report relates.  The pair expanded the government's role in the
economy, including nationalizing some companies, expanding
subsidies and launching price controls.

The report says that Mr. Macri's administration has eliminated
most farm export taxes, cut personal income taxes, begun
restaffing Argentina's discredited statistics agency, and replaced
the central-bank president.

But scrapping currency controls is the biggest move so far and one
that will shape the coming months of his administration, the
report notes.

The decision to let the peso float is aimed at sparking growth by
getting Argentina's agribusiness sector to start exporting again
due to a more competitive exchange rate, the report discloses.
Those exports will bring badly needed dollars to the country, says
WSJ.  It also is aimed at giving a jolt of confidence to
investors, the report says.

The key in coming days will be whether the Argentine central bank
can prevent the currency from sliding further and entering an
unpredictable tumble, the report notes.  To keep the lid on price
increases and attract investment, Argentina's central bank on Dec.
15 raised its benchmark rate as high as 38%, the report discloses.

"We are still going through the process of price discovery," said
Goldman Sachs economist Alberto Ramos, WSJ relays.  "The fact that
there wasn't a crazy move early in the morning to 15.50 or 16, and
the central bank had to show its hand very quickly, is in itself
evidence that they prepared the ground relatively well and
communicated the move relatively well to make this a successful
experiment."

Argentina's central bank said it didn't intervene to support the
peso on Dec. 17, WSJ says.

According to one currency trader, volume was low in U.S. dollar-
peso trading due to problems that banks and other market makers
had in reprogramming their operating software to accommodate new
central-bank regulations, the report relays.  The trader said
volume and demand will increase after these adjustments, adding he
believes the peso will then fall further, the report discloses.

Other economists said they expected the move to succeed in the
short term.

"I don't expect to see strong pressures on the local currency over
the short term, as an adjustment in the exchange rate to 14 or 15
pesos per dollar has been already assimilated," said Jose Luis
Machinea, who served as Argentina's economy minister from 1999 to
2001, the report notes.

"A lot will depend on inflationary pressures over the next two
months, as the government has implemented several policy measures
at once that could have a strong impact on prices, just as unions
prepare for wage negotiations early next year," the report quoted
Mr. Machinea as saying.

Many ordinary Argentines, accustomed to their country's long
history of financial booms and busts, said they anticipated the
decline, which is expected to raise the country's 25% inflation
rate by making imports more expensive in local currency terms,
notes WSJ.

"Even at 14 pesos the exchange rate is still cheap; that's what it
costs to buy a bar of chocolate," WSJ qouted Jose Luis Mata, an
immigrant from Venezuela who works at a record store, as saying.
"Like it or not, prices are going to go up here. But I've seen how
currency controls ruined my home country and getting rid of them
will help Argentina's economy."

Retailers and their suppliers have been marking up prices in
anticipation of a devaluation, the report notes.

Retail prices rose 1.2% in the first week of December alone, the
fastest clip since Argentina devalued the peso by 20% in January
2014, according to Elypsis, an economic research firm, the report
says.

Still, the move to let the peso float freely is fraught with
risks.  For many in Latin America, the price of their currency in
dollars is seen as a gauge of economic well-being, the report
discloses.

"The losers from this are Argentine consumers that will now face a
higher import bill, foreign investors that have assets in
Argentine pesos -- they're the textbook losers -- and Argentine
companies that have dollar debts but revenue streams in Argentine
pesos," said Neil Shearing, chief emerging-markets economist at
Capital Economics, the report relays.

Argentina doesn't have deep dollar reserves to defend the peso, by
buying the currency to prop up its price against the greenback,
WSJ notes.  Over the past four years, the central bank's foreign-
currency reserves have plummeted to about $24 billion from more
than $52 billion, the report says.  Economists said the central
bank's real net reserves are far lower considering liabilities
such as money owed to importers and outstanding bond payments, the
report discloses.

To ease those fears, Finance Minister Alfonso Prat-Gay said that
Argentina is on track to obtain between $15 billion and $25
billion in cash from agreements with international banks, grain
exporters and China's central bank, according to WSJ.

Still, one of the underlying problems for the country's currency,
in addition to inflation, is Argentina's gap between what it
spends and takes in, a shortfall surpassing 7% of annual economic
output, the report relays.  That difference has until now been
made up by stimulus measures, fueling inflation, the report notes.
Mr. Macri has promised to trim the deficit and has already
announced cuts to fuel subsidies, the report adds.

                           *     *     *

The Troubled Company Reporter-Latin America reported in Nov. 27,
2015, Moody's Investors Service has changed the outlook on
Argentina's Caa1 issuer rating to positive from stable.  The
outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

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


CESP-COMPANHIA ENERGETICA: S&P Lowers Global Scale Rating to 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services downgraded the global scale
ratings on CESP-Companhia Energetica de Sao Paulo to 'BB+' from
'BBB-' and cut the national scale ratings to 'brAA+' from 'brAAA'.
S&P also removed the ratings from CreditWatch negative, where it
placed them on Sept. 14, 2015.  The outlook on the corporate
credit ratings is negative.

S&P continues to assess the stand-alone credit profile (SACP) on
CESP as 'bbb-' a result of its "fair" business risk profile,
"minimal" financial risk profile, "adequate" liquidity, and "low"
probability of extraordinary government support from the State of
Sao Paulo (global scale: BB+/Negative; national scale:
brAA+/Negative/--).  The issuer credit rating reflects the low
likelihood that the company would withstand a sovereign default
stress scenario.  It further incorporates a ratings cap at the
level of the State of Sao Paulo.

Under S&P's hypothetical sovereign foreign currency default
scenario, it considers, among other factors, the negative impact
of a 50% local currency devaluation against the U.S. dollar over
its $239 million bonds in foreign currency and an EBITDA reduction
of 60%, due to the negative effect of stress inflation on costs,
while considering a freeze on tariffs applied to regulated
contracts to distributors.  This would lead CESP's liquidity to be
less than 1.0x.  Therefore, the ratings on CESP are limited by
those on the sovereign.

The company is a government-related entity of the state of Sao
Paulo, and S&P continues to expect a "low" likelihood of
government extraordinary support to CESP.  Even though the ratings
on State of Sao Paulo are lower than those on the Brazilian
sovereign (global scale: foreign currency: BB+/Negative/--; local
currency: BBB-/Negative/A-3; national scale: brAAA/Negative/--),
S&P believes that the ratings on CESP are also limited by those on
the State, due to the absence of a legal framework that would
protect the company from the risk of "negative intervention" in
the case of a the state's default, or other financial stress Sao
Paolo may come under.


HYPERMARCAS SA: S&P Raises CCR to 'BB+' & Removes from Watch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and
debt ratings on Hypermarcas S.A. to 'BB+' from 'BB' on global
scale and to 'brAA+' from 'brAA-' on Brazilian national scale.
S&P also removed the ratings from CreditWatch positive, where it
placed them on Nov. 3, 2015.  The recovery rating on Hypermarcas's
debt remains at '3' which reflects S&P's expectations of
substantial recovery (70%-90%), in the higher band of the range.
The outlook on the corporate ratings is stable.

The upgrade reflects S&P's expectation that Hypermarcas will
considerably reduce its leverage and improve liquidity following
the completion of the sale of its cosmetics assets to Coty Inc.
(BB+[Prelim]/Stable/--) for R$3.8 billion.  In S&P's forecast, the
company will end 2016 with a net cash position, which enables it
to have enough liquidity cushion to pass the stress test to be
rated above the foreign currency sovereign rating of Brazil
(BB+/Negative/B).

While the sale of cosmetics, which has been already approved by
the Brazilian antitrust authority, will reduce the company's net
revenues by about R$ 1 billion and narrow somewhat its business
diversification, S&P's business risk profile assessment remains
"fair."  This is because the company's leading positions in OTC
and consumer health products and the ongoing sound growth prospect
for the generic products support our expectation of revenue growth
and the higher EBITDA margins.

Despite currently weak consumption in Brazil, S&P expects
Hypermarcas to present a solid cash flow generation in 2016,
thanks to the growing demand in the pharmaceutical market and amid
a significant reduction of interest burden as it reduces debt.
This, absent large acquisitions, should lead to a gradual increase
in free operating cash flow (FOCF) in the next few years.


MAGNESITA REFRATARIOS: Moody's Lowers CFR to B2; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Magnesita Refratarios
S.A.'s corporate family ratings to B2 from B1 and the ratings of
the senior unsecured notes due 2020, issued by Rearden G Holdings
Eins Gmbh and guaranteed by Magnesita, to B2 from B1.  The outlook
changed to negative from stable.

Ratings downgraded:

Issuer: Magnesita Refratarios S.A.

  Corporate family ratings: to B2 from B1 (global scale)

Issuer: Rearden G Holdings Eins GmbH (Germany)

  USD400 million senior unsecured guaranteed notes due 2020: to
   B2 from B1 (foreign currency)

Outlook actions:

Issuer: Magnesita Refrat rios S.A.

  Outlook: changed to negative from stable

Issuer: Rearden G Holdings Eins GmbH (Germany)

  Outlook: changed to negative from stable

RATING RATIONALE

The downgrade reflects the persistently weak fundamentals for the
global steel industry, and even weaker fundamentals for the
Brazilian steel industry, a key market for Magnesita.  Although
the company's strategy foresees a lower dependency on the steel
industry, the refractories segment has a large share of revenues
coming from this industry (about 84% in the first 9 months of
2015).  Accordingly, Moody's anticipates Magnesita's leverage and
interest coverage metrics to further weaken, with adjusted
leverage (total debt to Ebitda) remaining above 6.0x and interest
coverage (EBIT to interest expense) not higher than 1.0x, despite
the lower level of interest expenses after the tender for the 2020
bonds in the 3Q15.

The B2 ratings continue to acknowledge the company's strong market
position as a leading supplier of refractories, supported by long-
standing client relationships and significant import barriers in
Brazil due to complex logistics and infrastructure.  In addition,
Magnesita's good geographic diversity, with operations in four
continents, provides a balanced revenue mix, and the company
proved to have the ability to gain market share in markets outside
of Brazil to offset sales volumes decline in major steel markets.
Also, Magnesita's operations have a high level of vertical
integration, including sizeable prime-quality mineral reserves and
efficient logistics.  Finally, liquidity remains adequate based on
a sizeable cash position of BRL 523 million at the end of
September 2015, sufficient to cover debt maturities through 2017,
which are mostly represented by the debentures issued by the
company in December 2013.

On the other hand, the ratings remain constrained by the company's
high leverage on a gross debt basis (6.5x total adjusted debt to
Ebitda as of September 2015), its relative small size when
compared to global peers within the mining industry and its high
exposure to the cyclical steel industry, which is pressured on
weak capacity utilization and low prices although we recognize the
company's performance has been historically more stable than that
of steelmakers.

The negative outlook reflects Moody's expectations that the
challenges faced by the steel industry worldwide will weaken
Magnesita's credit metrics at least until the end of 2016, with
further risk to the downside.  The outlook also incorporates our
expectation that the company will prudently manage dividends and
capex to maintain a healthy liquidity position.

The ratings of Magnesita could be further downgraded if debt
protection metrics continue to deteriorate and free cash flow
remains negative without prospects of improvement.
Quantitatively, the ratings could be downgraded if leverage ratio
(total debt to Ebitda) does not evidence a trend back to 5.5x on a
sustainable basis over the medium term (6.5x as of Sept. 30, 2015,
LTM) and if EBIT to interest expenses does not trend back to
levels around 1.5x (0.9x as of Sept. 30, 2015 LTM).  Deterioration
in Magnesita's liquidity would also have negative implications to
the rating.

Although unlikely in the near term given the challenges faced by
Magnesita and its main markets, an upward rating movement would
require that Magnesita's leverage (measured by total adjusted debt
to EBITDA) declines to below 4.5x (6.5x in the last twelve months
ended September 2015), interest coverage (measured by adjusted
EBIT to interest) metrics improve to 2x at minimum (0.9x in the
last twelve months ended September 2015) and (CFO - dividends) to
debt remains at 12.5% or above (6.5% as of Sept. 30, 2015 LTM),
while maintaining healthy liquidity position.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Magnesita Refratarios S.A. is a vertically integrated low-cost
producer of refractories used in the steel, cement and glass
manufacturing process, among others.  Magnesita is the largest
manufacturer of refractories in Latin America and the third
largest worldwide by sales volume.  Besides Brazil, Magnesita has
operations in South America, USA, Europe and Asia.  Magnesita
reported consolidated net revenues of BRL 3.2 billion in the last
twelve months ended Sept. 30, 2015.


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


AAA MAC 53: Members Receive Wind-Up Report
------------------------------------------
The members of AAA MAC 53 Ltd. received on Dec. 3, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


AGINCOURT LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Agincourt Limited received on Dec. 3, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


BLUEMOUNTAIN LONG: Members Receive Wind-Up Report
-------------------------------------------------
The members of Bluemountain Long Short Grasmoor Fund Ltd. received
on Dec. 3, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


FARYNER'S HOUSE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Faryner's House Funding Limited received on Dec. 3,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


FUERZA LTD: Members Receive Wind-Up Report
------------------------------------------
The members of Fuerza Ltd. received on Dec. 3, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


GLG EUROPEAN: Members Receive Wind-Up Report
--------------------------------------------
The members of GLG European Opportunity (Lehman Recovery) Fund
received on Dec. 3, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


GLG NATURAL: Members Receive Wind-Up Report
-------------------------------------------
The members of GLG Natural Resources Master Fund Ltd. received on
Dec. 3, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


GLG TECHNOLOGY: Members Receive Wind-Up Report
----------------------------------------------
The members of GLG Technology (Lehman Recovery) Fund received on
Dec. 3, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


GLG TISBURY: Members Receive Wind-Up Report
-------------------------------------------
The members of GLG Tisbury Opportunity Master Fund Limited
received on Dec. 3, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


MAN COMMODITY: Members Receive Wind-Up Report
---------------------------------------------
The members of Man Commodity Plus Ltd. received on Dec. 3, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


MAN INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------
The members of Man Investment Strategies SPC received on Dec. 3,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


RANGE WISE: Members Receive Wind-Up Report
------------------------------------------
The members of Range Wise Mac 58 Ltd. received on Dec. 3, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


RIG FUNDING: Members Receive Wind-Up Report
-------------------------------------------
The members of Rig Funding (Cayman) Limited received on Dec. 3,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O Box 510 Grand Cayman KY1-1106
          Cayman Islands


=============
E C U A D O R
=============


ECUADOR: Makes History With $650 Million Payment to Bondholders
---------------------------------------------------------------
Nathan Gill at Bloomberg News reports that Ecuador repaid $650
million of its foreign debt due Dec. 15, marking the first time in
the South American nation's more than 180-year history that it's
repaid global bonds on time, even as a collapse in the OPEC
country's crude prices saps liquidity needed to keep the
government operating normally.

President Rafael Correa, who led the nation's default on $3.2
billion of overseas debt seven years ago, said on his Twitter
account that the government would also meet public workers'
December salary payments without problems, Bloomberg News relays.
Ecuador announced a pact with Houston-based Schlumberger Ltd.,
granting the oil-services provider a 20-year contract to pump oil
at one of its biggest oil fields in return for a $1 billion
payment in the "coming days," Bloomberg News notes.

The report says the company pledged to invest a total of $4.9
billion over the life of the contract, according to a statement
published on the vice presidency's website.

By honoring the 2015 bond payment, Ecuador has said it can help
restore investor confidence and lower future borrowing costs,
Bloomberg News notes.  Still, the government is having problems
meeting payments to local contractors and has asked for more time
to find enough cash to repay its overdue debts, Correa said Dec.
12, the report relays.

The Finance Ministry has said it plans to borrow more than $5.86
billion next year to cover budgeted outlays, Bloomberg News
discloses.

Finding the money to pay the nation's creditors in December "was a
very serious problem," Mr. Correa said in his weekly speech to the
nation. "You can't imagine all of the things that we've done," Mr.
Correa added, notes Bloomberg News.

Yields on the nation's bonds due in 2020 were little changed at
16.3 percent as of 11:29 a.m., Dec. 16, in New York, according to
data compiled by Bloomberg.  Yields on the government's notes due
in 2024 fell 14 basis points, or 0.14 percentage point, to 12.6
percent, the data show, says the report.

Finance Minister Fausto Herrera and Economic Policy Minister
Patricio Rivera told reporters in Quito on Nov. 4 that they've
been working with credit-rating companies, the International
Monetary Fund and foreign investors to help lower the perceived
risk of investing in Ecuador, Bloomberg News relays.  President
Correa, who's criticized past governments for paying foreign
bondholders before Ecuadorean citizens, won praise from the IMF in
October for taking measures to shore up the nation's finances,
Bloomberg News notes.  He's trimmed government spending, halted
some infrastructure investments and cut fuel subsidies this year.

Mr. Correa's decision to stop paying foreign debt seven years ago
earned the country the distinction of being the most frequent
defaulter in Latin America, eclipsing Argentina and Paraguay, says
the report.

Ecuador first fell into default in 1832, according to the book
"Debt Defaults and Lessons from a Decade of Crises" by Federico
Sturzenegger, a former secretary of economic policy in Argentina,
and Jeromin Zettelmeyer, a former assistant to the Western
Hemisphere Department director at the IMF, Bloomberg News
discloses.  At the time, the two-year-old nation was saddled with
debts accumulated during its wars of independence, Bloomberg News
relays.  Decades of internal revolt and weak government
institutions kept the nation's early leaders from meeting payments
on time, according to university professor Carlos Espinosa's book
"Historia del Ecuador," Bloomberg News adds.


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


UC RUSAL: More Trouble for Firm
-------------------------------
RJR News reports that UC Rusal, which has mining operations in
Jamaica, has been hit with news that the European Union has
imposed an anti-dumping duty on imports of Russian aluminum foil.

The duty took effect on Dec. 18 after an investigation showed the
product was being sold across the bloc at below market prices,
according to RJR News.

A definitive anti-dumping duty of 12.2% is to be levied on
aluminum foil from Russia, which is all made by the UC Rusal
group, the report notes.

The report relays that the UC Rusal, in response, has declared
that it considers the decision unfair and based on unjustified
conclusions.

The aluminum market is experiencing a significant oversupply,
putting downward pressure on prices, the report says.

Benchmark aluminum prices on the London Metal Exchange have
slumped nearly 20 per cent this year, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, RJR News said Jamaica Mining Minister Phillip
Paulwell, who returned to Jamaica from his trip to Russia, has
declared that all is well with the arrangements that have been
made for full restoration of operations at the Alumina Partners of
Jamaica (Alpart) bauxite/alumina plant at Nain in St. Elizabeth.

After being closed for six years, work resumed at the plant
earlier this year, but only in respect of mining of the ore for
shipment to Russia, in the first instance, according to RJR News.
The phased resumption plan should see the resumption of alumina
refining towards the end of 2016, the report said.

TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal
has re-ignited its war of words with the London Metal Exchange,
saying it has allowed financial speculators to distort prices.
Vladislav Soloviev, Chief Executive Officer of the heavily
indebted Russian group, said the price of aluminum traded on the
LME has been depressed by as much as 30 per cent by the actions of
money-market players, according to RJR News.

UC Rusal has been involved in a bitter legal wrangle with the LME
over plans to reform the exchange's warehousing system and
introduce rules to tackle long queues that built up in the
aftermath of the global financial crisis, the report said.


* JAMAICA: New Highway Project to Boost Tourism in Eastern Part
---------------------------------------------------------------
RJR News reports that Dr. Wykeham McNeil, Jamaica's Tourism
Minister, is predicting that the construction of the Harbor View
to Morant Bay Highway is likely to result in increased investments
in the tourism sector in the eastern end of the island.

Dr. McNeil told RJR News that the infrastructural project will
lead to new tourism development in the Corporate Area, St. Thomas,
and Portland.

"That's to open up the eastern side of the island in a real way;
the St. Thomas area and parts of Portland, as well, will now have
much greater access," Dr. McNeil said, the report relays.

According to Dr. McNeil, the highway development is coming at an
opportune time, coinciding with the imminent divestment of the
operations of Kingston's Norman Manley International Airport, the
report notes.  The consequent further development of the airport,
will "improve access" and enable the marketing of Kingston as a
tourism destination, he added.

RJR News notes that cabinet recently approved the award of a
US$385 million contract to China Harbour Engineering Company for
the Southern Coastal Highway Improvement Project.

This is part of the segment from Harbor View to Port Antonio,
covering 65 kilometers.

                           *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


EMPRESAS ICA: Loses Value After Unveiling Restructuring Plan
------------------------------------------------------------
EFE News reports that Mexico's Empresas ICA S.A.B. de C.V. has
lost nearly a third of its market value since the end of last
week, when the construction holding company announced a
restructuring and cost-cutting plan.

The company's shares were battered once again on Dec. 21, falling
9.82 percent, says the report.

On Dec. 18, ICA's share price plunged 23.95 percent after it said
it would "not pay the approximately $31 million interest payment
which was due Nov. 30, 2015, on ICA's 8.875 percent senior notes
due 2024, prior to expiration of the grace period on Dec. 29,
2015," EFE News discloses.

ICA said it decided to restructure its debt "in order to preserve
liquidity, prioritize ongoing operations and fund projects
currently under development," the report relays.

The report notes that the company added that it had begun
negotiations with its creditors and other stakeholders and
expected the initial restructuring plan would be finalized by mid-
February.

"Over the next 30 to 60 days, with the help of its financial
advisors, Rothschild and FTI Consulting, ICA will work on a cost-
cutting plan and a restructuring plan," the holding company said,
the report discloses.


EMPRESAS ICA: S&P Lowers Rating to 'D' & Removes from Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale rating
on Empresas ICA S.A.B. de C.V. to 'D' from 'CC' and its national
scale rating to 'D' from 'mxCC'.  At the same time, S&P lowered
its issue-level ratings to 'D' from 'C'.  The '5' recovery rating
on the company's senior unsecured notes due 2017, 2021, and 2024
remains unchanged, which indicates a "modest" (10% to 30%; the
lower band of the range) expectation for recovery in the event of
a payment default.  S&P is also taking the ratings off CreditWatch
with negative implications.

The 'D' ratings reflect Empresas ICA's decision that it will not
make the $31 million interest payment which was due Nov. 30, 2015
on its 8.875% senior notes due 2024, prior to expiration of the
grace period on Dec. 29, 2015.  S&P believes that the default will
be a general default and the company will fail to pay all or
substantially all of its obligations as they come due.

S&P's conclusion is based on the company's announcement that it is
working on a restructuring plan and has begun the process of
engaging with its creditors and other stakeholders.  The company
expects that the initial restructuring plan will be finalized by
mid-February 2016.



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *