TCRLA_Public/150402.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, April 2, 2015, Vol. 16, No. 065


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Minister wants Caribbean Governments to Subsidize Airline


A R G E N T I N A

GOAL PESOS: Fitch Keeps Global Scale Rating at 'B-bf'


B R A Z I L

BRAZIL: Oil Industry Calls on Gov't to Change Regulatory System
OAS S.A.: S&P Withdraws 'D' Ratings
MAGNESITA REFRATARIOS: S&P Revises Outlook on 'BB' CCR to Neg.
MINERVA S.A.: S&P Affirms 'BB-' CCR; Outlook Stable


C A Y M A N  I S L A N D S

CHEMICAL EQUITY: Creditors' Proofs of Debt Due April 13
CHEMICAL HOLDINGS: Creditors' Proofs of Debt Due April 13
CHEMICAL IIP: Creditors' Proofs of Debt Due April 13
CHEMICAL INVESTMENTS: Creditors' Proofs of Debt Due April 13
EQUITY ZSC: Creditors' Proofs of Debt Due April 13

FREMAR INVESTMENTS: Commences Liquidation Proceedings
IBIZA BUSINESS: Commences Liquidation Proceedings
JOVI INVESTMENTS: Commences Liquidation Proceedings
MEME INVESTMENTS: Commences Liquidation Proceedings
PETROASIA LIMITED: Creditors' Proofs of Debt Due April 10

STRATUS HOLDINGS: Creditors' Proofs of Debt Due April 23
STRATUS INVESTMENTS: Creditors' Proofs of Debt Due April 23
ZS INVESTMENTS: Creditors' Proofs of Debt Due April 13


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Among Riskiest Countries to Do Business


G U A T E M A L A

BANCO G&T: S&P Affirms 'BB/B' FC ICR; Outlook Remains Stable


J A M A I C A

JAMAICA: Revised STATIN Data Reveals Deeper Economic Contraction


M E X I C O

SERVICIOS CORPORATIVOS: S&P Affirms 'B+' CCR; Outlook Stable


P U E R T O    R I C O

ALCO CORP: Real Estate Transferred to Betteroads Group
ALCO CORP: Issues with Bonding Cos Resolved, Asks Final Decree
ALONSO & CARUS: Files for Chapter 11 with $15MM in Debt
DORAL FINANCIAL: US Trustee Forms Creditors' Committee
MJS LAS CROABAS: Ocean Club HOA May Not Pay Sanctions to FDIC

PUERTO RICO ELECTRIC: Gets Reprieve From Creditors


                            - - - - -


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


LIAT: Minister wants Caribbean Governments to Subsidize Airline
---------------------------------------------------------------
Caribbean360.com reports that the St. Lucia government said there
is sufficient justification for regional governments to subsidize
the cash-strapped regional airline, LIAT, operating as Leeward
Islands Air Transport, indicating that Caribbean countries would
benefit significantly from a successful regional carrier.

Civil Aviation Minister Alva Baptiste said that the airline
industry is inherently unstable citing powerful trade unions and
unprofitable routes as being among the major challenges facing
LIAT, according to Caribbean360.com.

"LIAT has a number of challenges including powerful unions that
can shut down the carrier, and that is a very big issue," Minister
Baptiste said, noting that airlines do not make vast profits,
notes the report.

Minister Baptiste told reporters if the Caribbean market was so
attractive, there would have been a number of private sector
interests investing in the sector, the report relays.

"We saw (Allen) Stanford with Caribbean Airlines which never made
any profit. People are not entering the market," Minister Baptiste
noting that investors were not entering the regional airline
market because of exit problems, the report discloses.  "After you
have invested substantially in buying planes that depreciate very
quickly, who do you sell them to afterwards?"

The report discloses that Minister Baptiste said governments
should make an allocation in their national budgets for aviation
services, since there are at times, no justifications for flying a
particular route.

                            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
Dec. 2, 2014, Caribbean360.com said that chairman of the
shareholder governments of the financially troubled regional
airline, LIAT, operating as Leeward Islands Air Transport, 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.


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


GOAL PESOS: Fitch Keeps Global Scale Rating at 'B-bf'
----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo upgraded
the national scale bond fund ratings of five Argentine bond funds.
The action follows sustained improvement in the credit quality of
these funds in recent quarters and the expectation that these
newly achieved levels will be maintained. Moody's upgraded
national scale ratings and left the global scale ratings unchanged
for the following five bond funds:

Goal Pesos FCI

  -- Global scale rating remains at B-bf

  -- Upgraded national scale rating to Aaa-bf.ar from Aa-bf.ar

HF Pesos FCI

  -- Global scale rating remains at B-bf

  -- Upgraded national scale rating to Aaa-bf.ar from Aa-bf.ar

Balanz Capital Renta Fija Ahorro FCI

  -- Global scale rating remains at B-bf

  -- Upgraded national scale rating to Aa-bf.ar from A-bf.ar

Convexity Pesos Plus FCI

  -- Global scale rating remains at B-bf

  -- Upgraded national scale rating to Aa-bf.ar from A-bf.ar

Compass Ahorro FCI

  -- Global scale rating remains at B-bf

  -- Upgraded national scale rating to Aa-bf.ar from A-bf.ar

The rating actions on these bond funds follow an improvement in
the portfolio's average credit quality through investments of
lower average risk and/or lower average duration. As a result of
this improvement, the historical level of expected loss falls in
line with a higher rating in national scale.


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


BRAZIL: Oil Industry Calls on Gov't to Change Regulatory System
---------------------------------------------------------------
EFE News reports that the Brazilian Petroleum Institute, or IBP,
has called on the government to change the regulatory framework to
deal with the crisis caused by the collapse of oil prices and the
corruption scandal at state-controlled oil giant Petroleo
Brasileiro S.A.

The industry would like to discuss the rules for the next auction
of oil exploration rights with the government, which just
postponed the next round of bidding until the end of the year, to
implement changes, executives of the IBP, the industry's trade
association, said in a press conference.

The industry wants the requirement that bidders use a minimum
percentage of equipment manufactured in Brazil dropped from the
next auction, outgoing IBP President Joao Carlos de Luca said,
according to EFE News.

De Luca is handing over the post to Jorge Camargo.

The IBP also wants the government to make changes to the
legislation governing auctions to reduce "uncertainty that causes
investors to stay away," Mr. De Luca said, the report relays.

The report notes that Mr. Camargo, for his part, said the local
sourcing requirement should be changed to apply to sectors in
which Brazilian firms are competitive and eliminated for those in
which domestic suppliers cannot meet the demand for products,
causing supply and cost overrun problems.

"The local industry lacks the capacity to meet the demand
generated by the pre-salt (deepwater Atlantic oil fields that hold
vast petroleum resources).  Before the crisis, we already had
problems," Mr. De Luca said, the report adds.


OAS S.A.: S&P Withdraws 'D' Ratings
-----------------------------------
Standard & Poor's Ratings Services withdrew its ratings on OAS
S.A. following its request.  At the time of the withdrawal, S&P's
global and national scale corporate credit ratings on the company
were at 'D', given its expectation that the company will face a
general default on its outstanding debt obligations.  Prior to the
withdrawal, OAS' and OAS Empreendimentos S.A.'s senior unsecured
debentures due early April 2015 were at 'brCC' and on CreditWatch
with negative implications, reflecting S&P's expectation that
although the company hasn't yet missed any payment or has declared
a formal default on those debts, default was almost certain.


MAGNESITA REFRATARIOS: S&P Revises Outlook on 'BB' CCR to Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its Brazilian national
scale rating on Magnesita Refratarios S.A. to 'brA+' from 'brAA'.
The outlook on this rating is negative.  At the same time, S&P
revised its outlook on its 'BB' global scale corporate credit
rating on the company to negative from stable.  In addition, S&P
affirmed its 'BB' corporate credit rating on the company and 'BB'
issue-level ratings on Magnesita Finance Ltd. and Magnesita
Refractories Co.

The rating actions reflect S&P's expectations that despite its
currently weak credit metrics, the company's revenues will
strengthen in 2015 thanks to its flexibility to increase sales to
global markets and to the weaker Brazilian currency, which will
gradually strengthen EBITDA and revenues, because about 50% of
revenues are in dollars.  The real's sharp depreciation in the
past six months has weakened the company's credit metrics because
about 45% of its debt is denominated in dollars.  However, the
foreign-currency revenue stream, which accounts for 70% of the
company's total revenues, mitigates this risk.

S&P believes the company benefits from fairly predictable demand
and flexibility to ship its products to several global markets,
which can mitigate the weak prospects for the Brazilian steel
industry, which is one of Magnesita's main markets.  Nonetheless,
the negative outlook reflects that weaker market conditions could
pose a risk to the company's performance.

Even though Magnesita's capital structure is very long term, the
exposure to multiple currencies, high interest burden, and
sizeable capex program have hampered the free cash flow generation
in the past three years.  Despite the company's efforts to reduce
interest rates and the effects of the real's depreciation, cash
flow and leverage metrics should remain in line with the
"aggressive" financial risk profile assessment at least during
2015.


MINERVA S.A.: S&P Affirms 'BB-' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
and 'brA' Brazil national scale corporate credit ratings on
Minerva S.A.  The outlook on both ratings remains stable.  At the
same time, S&P is affirming its 'BB-' issue-level ratings on
Minerva's subsidiaries, Minerva Luxembourg S.A., Minerva Overseas
Ltd., and Minerva Overseas II Ltd.

The affirmation reflects S&P's expectation that Minerva will
continue to bolster its cash flow generation by integrating
recently acquired assets and improving their operating efficiency,
while maintaining the production capacity of its plants above 70%.
S&P also believes the company will continue pursuing small
acquisitions, but with very limited leverage impact.  Despite the
current ramp-up of some plants and high cattle prices, S&P expects
Minerva's EBITDA margins to be above 9% thanks to its sound
operating efficiency and higher export volumes, which will benefit
from resilient demand and the weaker Brazilian currency.  S&P
believes these factors will generate free operating cash flow
(FOCF) in 2015, which the company will use to gradually lower its
debt.

Minerva has consistently expanded its business while maintaining
slightly higher margins than those of its two main domestic peers,
despite its smaller scale in cattle sourcing, sales, and
distribution.  The company's exported-oriented business and
efficient strategy help to rapidly adjust sales and volumes
according to market conditions.  Minerva has also gradually
expanded its presence into some of the most productive cattle
breeding regions in the world, such as Uruguay, Paraguay, and
Colombia, which enables it to access the world's largest beef
consumer markets.  On the other hand, the company's bulk of
revenues consist of the commoditized "in natura" beef, exposing
Minerva to the volatility in global prices and demand, as well as
to the currency fluctuations and trade and sanitary barriers.

The company's core metrics are still weak for its financial risk
profile, which S&P assess as "aggressive."  This is mainly due to
Brazilian real's depreciation that immediately increased Minerva's
dollar-denominated debt, but only a minor bump in revenues.  Also,
after the company used its cash position to repurchase one of its
outstanding bonds, S&P considers only 20% of it as surplus cash.



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


CHEMICAL EQUITY: Creditors' Proofs of Debt Due April 13
-------------------------------------------------------
The creditors of Chemical Equity Limited are required to file
their proofs of debt by April 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL HOLDINGS: Creditors' Proofs of Debt Due April 13
---------------------------------------------------------
The creditors of Chemical Holdings Limited are required to file
their proofs of debt by April 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL IIP: Creditors' Proofs of Debt Due April 13
----------------------------------------------------
The creditors of Chemical IIP Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL INVESTMENTS: Creditors' Proofs of Debt Due April 13
------------------------------------------------------------
The creditors of Chemical Investments Limited are required to file
their proofs of debt by April 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


EQUITY ZSC: Creditors' Proofs of Debt Due April 13
--------------------------------------------------
The creditors of Equity ZSC Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


FREMAR INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 30, 2015, the sole member of Fremar Investments Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 31, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


IBIZA BUSINESS: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 28, 2015, the sole member of Ibiza Business Inc. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 31, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


JOVI INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 28, 2015, the sole member of Jovi Investments Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 31, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


MEME INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 28, 2015, the sole member of Meme Investments Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 31, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


PETROASIA LIMITED: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Petroasia Limited are required to file their
proofs of debt by April 10, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 25, 2015.

The company's liquidator is:

          Chris Narborough
          Telephone: +1 (345) 9253199
          CN Cayman Law
          Ground Floor, DMS House, Genesis Place
          Dr. Roy's Drive, George Town
          Grand Cayman
          Cayman Islands


STRATUS HOLDINGS: Creditors' Proofs of Debt Due April 23
--------------------------------------------------------
The creditors of Stratus Holdings Limited are required to file
their proofs of debt by April 23, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 9, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


STRATUS INVESTMENTS: Creditors' Proofs of Debt Due April 23
-----------------------------------------------------------
The creditors of Stratus Investments Limited are required to file
their proofs of debt by April 23, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 9, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS INVESTMENTS: Creditors' Proofs of Debt Due April 13
------------------------------------------------------
The creditors of ZS Investments Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


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


DOMINICAN REPUBLIC: Among Riskiest Countries to Do Business
------------------------------------------------------------
Dominican Today reports that Dominican Republic is one of the
riskiest countries in the world to do business, according to
insurer FM Global's 'resilience index' of supply chain risk.

FM Global, which is one of the world's largest commercial property
insurers, considers that everything from political instability to
natural disasters can rock a supply chain, in addition to economic
turmoil, war and corruption, according to Dominican Today.

Venezuela is at the foot of the 130 country/territory list, which
takes into account factors including oil dependence (big tick for
Venezeula), exposure to and management of natural hazards and
infrastructure, the report notes.  Other nations in the bottom 10
include central Asia's Tajikistan and the Kyrgyz Republic and
hurricane-battered Caribbean island Jamaica, the report relates.

Norway, Switzerland and Netherlands lead the top countries, with
Qatar being the only non-Western nation in the top 10, mainly due
to its stable economy and security, the report notes.


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


BANCO G&T: S&P Affirms 'BB/B' FC ICR; Outlook Remains Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' foreign
currency issuer credit ratings on Banco G&T Continental S.A.
(Banco G&TC).  The stand-alone credit profile (SACP) remains at
'bb+'.  The outlook is still stable.

The ratings on the bank reflect its "strong" business position
thanks to its large market share, S&P's expectation of moderate
risk-adjusted capital (RAC) ratios of about 5.55% for the next two
years, and a "moderate" risk position given the dollarized balance
sheet, high-risk concentration, and lending expansion and asset
quality metrics in line with Guatemala's banking system.  In
addition, the bank has "average" funding, "adequate" liquidity,
and a stable and growing customer deposit base.  The sovereign
ratings limit the ones on the bank mainly because of its exposure
to Guatemala (90% of its total assets) and S&P's belief that the
bank can't withstand stress on its liquidity and capital in a
scenario of massive deposit runs, severe devaluation, and a sharp
increase in nonperforming assets without the central bank's
support.

S&P's assessment of Banco G&TC's business position remains
"strong," because the bank is the second-largest financial
institution as consolidated group in the Guatemalan banking
system.  The bank has a track record of moderate growth, solid
business stability, professional management, and timely strategy
execution.

S&P's capital and earnings overall score remains "moderate" due to
its projected RAC ratio of 5.55% for the next two years.  The bank
received $50 million in capital in 2014, which helped
capitalization levels remain above 5%.  S&P incorporated this
injection in its 2014 base-case scenario.

S&P's assessment for risk position is "moderate" due to the bank's
stable asset quality metrics, loan concentration in terms of
clients, segment, and geography, and foreign currency exposure.


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


JAMAICA: Revised STATIN Data Reveals Deeper Economic Contraction
----------------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica, Statin
has released final data showing that the economic contraction in
the last quarter of 2014 was slightly deeper than previously
thought.  Statin said the contraction was 0.4%.

Estimates from the Planning Institute of Jamaica, PIOJ, had put
the contraction at 0.3%, according to RJR News.

The report notes that despite the bigger than estimated decline in
the economy, Statin affirmed estimates that growth last year was
measured at 0.4%.

Its figures also confirmed that the country did not enter a
recession in the last half of last year, the report relates.  Even
though output in the October to December quarter was lower when
compared to the same period in 2013, it was higher by 0.6% than
the output between July and September, says RJR News.  For a
recession, the output would have had to fall quarter over quarter
for at least two quarters, the report relays.

In the meantime, the country's trade deficit declined by 3.6% or
US$163 million last year, notes RJR News.  The value of oil
imports, driven by price cuts and weak domestic demand fell by 11%
to US$1.9 billion, the report relates.

Declines were seen in other imports such as food down 16% and
chemicals down 18%, the report discloses.  The weaker currency
also helped in the contraction of imports, the report notes.

Overall imports last year were valued at US$5.8 billion.  Exports
on the other hand were lower by 8%t to just under US$1.5 billion,
adds the report.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'.  The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable.  The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.


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


SERVICIOS CORPORATIVOS: S&P Affirms 'B+' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and issue-level ratings on Servicios Corporativos Javer
S.A.P.I. de C.V. (Javer).  The outlook on the corporate credit
rating remains stable.

Javer's "weak" business risk profile reflects its smaller scale
than those of the company's regional peers and its high
concentration in Mexico's northern region, particularly the state
of Nuevo Leon.  Moreover, Javer continues to rely heavily on
mortgage lender, Infonavit, and subsidy programs for low-income
homebuyers.  However, S&P believes that the company can reduce its
reliance on these programs and diversify its sales mix to the
middle-income segment in 2015 and afterwards.

S&P believes that the company's business model, leading market
position in the highly fragmented homebuilding industry, well-
known brand, effective marketing strategy, adequate land
procurement, and strong industry fundamentals will support its
growth in the next few years.  S&P also incorporates Javer's solid
operating efficiency, which has improved working capital
management and profitability over the past few years.  Javer's
product offering remains in line with the government's current
housing policy.  Therefore, S&P believes it's well-positioned to
take further advantage of the rising market trends.


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


ALCO CORP: Real Estate Transferred to Betteroads Group
------------------------------------------------------
Pursuant to its court-approved settlement with Betteroads Asphalt
Corporation, Alco Corporation sought and obtained approval from
the U.S. Bankruptcy Court for the District of Puerto Rico to sell
and transfer its real estate and personal properties.

The settlement between the parties provides for the payment of the
Betteroads Group's Claims Nos. 82, 83 and 84 through the private
sale and transfer of the Debtor's real estate and personal
properties.  Included in the transfer are the Debtor's real estate
property located at Canovanas, Puerto Rico, and real estate
property located at Guayama, Puerto Rico.

A copy of the sale order is available for free at:

          http://bankrupt.com/misc/AlcoCorp_Sale_Order.pdf

                      About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D.P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.


ALCO CORP: Issues with Bonding Cos Resolved, Asks Final Decree
--------------------------------------------------------------
Alco Corporation is asking the U.S. Bankruptcy Court for the
District of Puerto Rico to enter a final decree closing its
Chapter 11 case.

Bankruptcy Judge Mildred Caban Flores in Puerto Rico issued an
opinion and order on March 11, 2013, confirming the Amended
Chapter 11 Plan of Reorganization filed by Alco Corporation.  The
Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.

The Debtor on Jan. 12, 2015, filed a supplement to its confirmed
Plan.  The Debtor filed the supplement after it reached a
settlement with PRAPI, Travelers Casualty and Surety Company,
Reliance Insurance Company, MAPFRE PRaico Insurance Company
(collectively, "Bonding Companies"), and Betteroads Asphalt
Corporation, Petroleum Emulsion Manufacturing Corporaption and
Betterrecycling Corporation (collectively the "Betteroads Group")
reached and filed a settlement agreement in order to resolve all
contested matters between the parties.  A copy of the supplement
is available for free at:

   http://bankrupt.com/misc/AlcoCorp_P_Conf_Plan_Changes.pdf

On Jan. 13, 2015, the Court entered an order providing that the
Debtors will be required to submit an amended supplement that will
indicate how other creditors will be affected and will be filed
with ballots for votes. In the case of any changes in votes, the
Debtor had until Feb 17, 2015, to submit new tabulations.

The Debtor filed a new computation of ballots in considered with
its proposed plan to take into account creditors who changed their
votes.  According to the tabulation, as to class 8, five creditors
holding $28,578 in claims accepted the Plan, while four creditors
holding $34,696 in claims rejected the Plan.  Creditors in Classes
10 and 12 overwhelmingly accepted the Plan.  A copy of the
document is available for free at:

     http://bankrupt.com/misc/AlcoCorp_New_Ballots.pdf

The Debtor's post confirmation modification to the Plan dated Jan.
20, 2015, was confirmed by the Court on Feb. 18, 2015.  The Court
on Feb. 18 also approved the Settlement and Release Agreements.

The Debtor says that it has made all the payments under the post
confirmation modification of the Plan and under the Settlement and
Release Agreements.

Accordingly, the Debtor asks the Court to take notice of its
report of payments under the Plan and that it enters an order in
which the Debtor's request for final decree is granted.

A copy of the Final Decree Motion is available for free at:

      http://bankrupt.com/misc/AlcoCorp_Final_Decree.pdf

                      About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D.P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.


ALONSO & CARUS: Files for Chapter 11 with $15MM in Debt
-------------------------------------------------------
Alonso & Carus Iron Works, Inc., sought Chapter 11 protection
(Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on
March 27, 2015.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                $4,390,000
  B. Personal Property           $18,638,113
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $11,393,818
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $586,319
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $2,939,009
                                 -----------      -----------
        TOTAL                    $23,028,113      $14,919,146

According to the SALs, the Debtor has two properties in Catano
with a total value of $4.39 million.  Banco Popular de Puerto Rico
is owed $7.52 million on a mortgage loan secured by the Debtor's
properties, and is also owed $3.66 million on a line of credit
secured by the Debtor's account receivables and inventories.

A copy of the Schedules is available for free at:

          http://bankrupt.com/misc/prb15-02250_SAL.pdf

The case is assigned to Judge Enrique S. Lamoutte Inclan.

The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.


DORAL FINANCIAL: US Trustee Forms Creditors' Committee
------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.

The unsecured creditors' committee is composed of:

     (1) BankUnited, N.A.
         7815 N.W. 148th St.
         Miami Lakes, FL 33016
         Attention: Frank Martorana
         (305) 818-8587
         Email: fmartorana@BankUnited.com

     (2) Citibank, N.A.
         Office of the General Counsel
         388 Greenwich St., 17th Floor
         New York, NY 10013
         Attention: James S. Goddard
         (212) 816-0062
         Email: james.goddard@citi.com

     (3) Eton Park Master Fund, Ltd.
         399 Park Avenue, 10th Floor
         New York, NY 10022
         Attention: Mark Erickson
         (212) 756-5451
         Email: mark.erickson@etonpark.com

     (4) SL Puerto Rico Fund L.P.
         555 Fifth Ave., 18th Floor
         New York, NY 10017
         Attention: Justin G. Brass
         (212) 843-1200
         Email: jbrass@stonelioncapital.com

     (5) U.S. Bank National Association
         Global Corporate Trust Services
         One Federal Street, 3rd Floor
         Boston, MA 02110
         Attention: Laura L. Moran
         (617) 603-6429
         Email: Laura.Moran@usbank.com

                        About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.


MJS LAS CROABAS: Ocean Club HOA May Not Pay Sanctions to FDIC
-------------------------------------------------------------
In the bankruptcy case of MJS Las Croabas Properties Inc., the
Homeowners Association of Ocean Club at Seven Seas (HOA), through
its legal counsel, Ms. Anabelle Quinones Rodriguez of the
Castellanos Law Group Firm L.L.C., sought relief from the
automatic stay in order to pursue an action against the debtor for
construction defects in a development project.  About three weeks
after the filing, however, the HOA filed a formal motion
withdrawing the Stay Relief Motion without prejudice.

In response, the Federal Deposit Insurance Corp. and the Chapter 7
Trustee sought sanctions against the HOA and its legal counsel for
withdrawing the Stay Relief Motion on September 8, 2014 at 4:51
p.m. -- the eve of the hearing scheduled for September 9, 2014.
The FDIC said the withdrawal is "unprofessional and contemptible."

On Oct. 2, 2014, the Court entered orders granting expenses and
costs incurred by the FDIC and the Trustee.

On Oct. 8, 2014, the HOA filed an Opposition to the Request for
Sanctions.  The Court, on Oct. 16, 2014, entered orders vacating
its previous orders granting the expenses of the FDIC and the
Trustee.

On Oct. 30, 2014, the HOA filed a Motion for Reconsideration of
the Oct. 16 Order, whereby the court granted the FDIC and the
Trustee 21 days to reply to the HOA's Opposition to Motion for
Sanctions sustaining that "the term awarded is not only excessive;
it is not contemplated in any of the Local Bankruptcy Rules, the
Federal Rules for Bankruptcy or in the Puerto Rico Local Rules for
the US District Court for that matter."

Bankruptcy Judge Enrique S. Lamoutte entered an Opinion and Order
on March 13, 2015, available at http://is.gd/1NMsfCfrom
Leagle.com, ruling that:

  -- The HOA's Motion for Reconsideration is denied;

  -- Ms. Rodriguez and the Castellanos Law Firm are sanctioned to
     pay the excess costs, expenses and fees in favor of the FDIC
     and the Trustee.

  -- The request for sanctions against the HOA is denied.

  -- The FDIC and the Trustee are further ordered to submit an
     itemized description of their fees, excess costs and expenses
     in the manner described in subsection (F), supra, within 14
     days of the order.  Ms. Rodriguez and the Castellanos Law
     Firm may file a response 14 days thereafter.

                       About MJS Las Croabas

MJS Las Croabas Properties, Inc., is a real estate company formed
in 2004 for the purpose of purchasing real property and
constructing residential units for marketing and resale to third
parties in a development located in Fajardo, Puerto Rico.  The
company filed for Chapter 11 protection (Bankr. D.P.R. Case No.
12-05710) on July 19, 2012.  The case was converted to Chapter 7
on September 13, 2012.


PUERTO RICO ELECTRIC: Gets Reprieve From Creditors
--------------------------------------------------
Aaron Kuriloff at The Wall Street Journal reports that Puerto Rico
Electric Power Authority (PREPA), Puerto Rico's cash-strapped
power utility, got a reprieve from creditors at a time of
heightened worry about the financial health of the U.S. territory.

Prices on some Puerto Rico bonds slumped to record lows amid
concerns that problems at PREPA could be the harbinger of bigger
trouble, according to The Wall Street Journal.

The report notes that the utility said it reached another
agreement with creditors to push back a deadline --this time by 15
days -- to extend some loans.  Without a deal, it may need to
repay about $696 million borrowed to help fund operations, the
report relates.  The most recent deadline was March 24.

"All parties believe advances have been made and there is merit to
continue conversations with our creditors to find feasible
solutions," the report quoted Lisa Donahue, the authority's chief
restructuring officer, as saying.

The report notes that some general-obligation bonds backed by the
island and issued last year as part of a $3.5 billion sale traded
at about 82 cents on the dollar last week.  Some bonds touched a
record low of about 79.4 cents March 27, below the previous low in
February of 81 cents, the report notes.  Yields, which rise as
prices fall, rose to about 10%.

The S&P Municipal Bond Index Puerto Rico, a broad, market-value-
weighted index of debt from the island, has fallen 1.3% this
month, including prices and interest payments, the report relays.
The Journal says this contrasts with the rest of the bond market,
where investors have shrugged off warnings about a rise in
interest rates by the Federal Reserve, sending yields on the 10-
year Treasury note to 1.959% on March 30, and pushing the broad
municipal market index up 0.2%.

"Puerto Rico seems to be moving on its own nowadays, meaning it
moves down while the rest of the market is stable or up," said
Daniel Solender, director of municipal-bond management at Lord
Abbett & Co., which oversees about $17 billion in tax-exempt debt,
the report relays.  Mr. Solender declined to discuss if he had
bought or sold the commonwealth's bonds recently.

Investors have faced months of uncertainty from Puerto Rico's
economic woes, the report relays.  The island has more than $70
billion in debt that is widely held because it is exempt from
federal, state and local taxes, the report discloses.

A Puerto Rico law that attempted to create an orderly bankruptcy-
like process for the power authority and other agencies has been
thrown out in court, the report relays.

Plans for tax overhauls have bogged down.  The commonwealth is
working to borrow as much as $2.9 billion to fund operations.
Several island lawmakers have proposed amending the island's
constitution to remove protections for bondholders, the report
notes.

Mutual funds are among those paring holdings.  Almost one-quarter
of municipal-bond funds that owned Puerto Rico debt sold it last
year, according to data from research firm Morningstar Inc., the
report says.

More than half of municipal-bond mutual funds still have debt from
the commonwealth, down from about 70% at the end of 2013, the
report notes.

Hedge funds and distressed-debt traders were among the buyers of
the $3.5 billion sale in 2014, the report notes.  Some are now
purchasing the debt below face value, expecting to recover more
than they spent even in the event of a restructuring or default,
several investors said, the report relays.

PREPA is at the forefront of the island's financial woes.  The
authority, which has about $9 billion of debt, is struggling to
find cash to fund operations and pay lenders as the commonwealth
struggles with steep unemployment and a weak economy, the report
notes.

PREPA will likely default on a $400 million July payment to
bondholders, according to Moody's Investors Service.  The junk-
rated authority has already missed a March 2 deadline to provide
lenders with a restructuring plan, the report relays.

According to Richard Donner, vice president and senior credit
officer at Moody's, it is a good sign that creditors are still
negotiating.

A spokeswoman for Prepa declined to comment, citing a
confidentiality agreement.

Overhauling the island's public entities has been a priority for
the administration of Gov. Alejandro Garcia Padilla as it tries to
restart the economy, eliminate budget deficits and reassure
investors that the island's fiscal health is improving, the report
relays.

That included passing a law in June that would have allowed the
island's power, water and transportation authorities to
restructure about $20 billion in debt, the report notes.  Puerto
Rico is barred from permitting its government entities to access
Chapter 9 bankruptcy protections afforded cities like Detroit.

PREPA bond prices, which fell after the law's passage, rose after
a federal judge blocked it last month, saying it was
unconstitutional, the report relays.  That ruling is under appeal,
the report notes.  Also last month, a U.S. House of
Representatives panel held a hearing on a bill that would permit
Puerto Rico to allow its agencies access to Chapter 9 protections,
the report discloses.

A report by Janney Capital Markets this month said that a PREPA
default may be just the beginning, the report relays.  Population
declines, increasing debt and pension burdens still drag on the
economy, and other Puerto Rico bonds will probably also default or
restructure in coming years, including general-obligation and
sales-tax bonds, the report notes.

Melba Acosta, president of the island's Government Development
Bank, who is also fighting for the governor's tax-overhaul plan,
said in a statement that the bank and administration both oppose
the proposed legislation that would reduce investor protections on
tax-supported debt, the report notes.

"There seems to be a drumbeat on the island toward bondholders
sharing pain," said Robert Donahue, managing director at Concord,
Mass., research firm Municipal Market Analytics, the report notes.

That could complicate efforts for a new bond sale by the
government.  Fitch Ratings downgraded Puerto Rico's general-
obligation debt further into junk territory, citing recent
statements by lawmakers that call into question the ability of the
government to borrow the money and its willingness to repay debt.

John Mousseau, director of fixed income at Cumberland Advisors,
Sarasota, Fla., said his firm bought the 2014 bonds and traded
them quickly, the report says.  While Mr. Mousseau now restricts
Puerto Rico holdings to bonds protected by insurance, he said
there may be value there eventually, the report discloses.

"You start to wonder at what price they would be a great buy," the
report quoted Mr. Mousseau as saying.


                       *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said that it maintained its
'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA)
power revenue bonds on CreditWatch with negative implications.
S&P originally placed the rating on CreditWatch on June 18, 2014.

on Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2. This rating action concludes the
rating review that Moody's initiated on July 1, 2014. PREPA's
rating outlook is negative.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *