TCRLA_Public/150520.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, May 20, 2015, Vol. 16, No. 098


                            Headlines



A R G E N T I N A

ARGENTINA: To Get $200M IDB Loan to Improve Living Conditions
BANCO HIPOTECARIO: Reports First Quarter 2015 Results
GPAT COMPANIA: Moody's Rates Global Local Currency Debt at B2
TELECOM ARGENTINA: Posts Consolidated 1Q Results For FY 2015


B O L I V I A

BANCO PRODEM: Moody's Assigns B2 Deposit Ratings, Outlook Stable


B R A Z I L

COMPANHIA DE SANEAMENTO: Moody's Rates BRL300MM Debentures 'Ba1'
PETROLEO BRASILEIRO: Shares Rise After Positive Earnings Report


C A Y M A N  I S L A N D S

ABY HOLDING: Commences Liquidation Proceedings
AURORA MACRO: Commences Liquidation Proceedings
CHINA MEGA: Creditors' Proofs of Debt Due June 10
EATON VANCE CIA: Commences Liquidation Proceedings
EATON VANCE EVG: Commences Liquidation Proceedings

EATON VANCE IIP: Commences Liquidation Proceedings
ECP GALAXY: Commences Liquidation Proceedings
EFG SPHINX: Creditors' Proofs of Debt Due June 11
OVERSEAS MACHINERY: Creditors' Proofs of Debt Due June 11
SSP ENERGY: Creditors' Proofs of Debt Due June 1


E L   S A L V A D O R

* EL SALVADOR: IMF Reveals Keys to Jumpstarting Growth in Country


P U E R T O   R I C O

BTB CORPORATION: Files for Chapter 11 with $13MM in Debt


V E N E Z U E L A

VENEZUELA: Inflation Rate is 200%; Credit Card Firms Cash In


V I R G I N   I S L A N D S

OAS FINANCE: Chapter 15 Case Summary


                            - - - - -


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


ARGENTINA: To Get $200M IDB Loan to Improve Living Conditions
-------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a credit of
$200 million to finance a program aimed at improving living
conditions for 31,000 families living in irregular settlements in
Argentina, by legalizing land tenure, providing basic
infrastructure and supporting community development.

This is the third operation carried out within the framework of a
Credit Line Investment for $1.5 billion approved by the IDB in
2007 to finance the Neighborhood Upgrading Program.  The program's
goal is to improve the quality of life and contribute to the urban
and social inclusion of the poorest families in Argentina that
live in irregular settlements.  The overall goal of this line of
credit is to benefit 250,000 families.

"By focusing on historically disadvantaged urban areas, our
neighborhood improvement programs provide a broad range of
benefits to the city.  Neighborhoods that have basic services and
community facilities can help to reverse urban exclusion and
improve the quality of life of residents," said Francisca Rojas,
IDB project team leader.

The program will finance technical assistance and other services
that will address the shortage of property titles in the targeted
neighborhoods and improve land tenure security.  It will also
provide infrastructure, sanitation and social facilities in
irregular settlements, and will contribute to community
development by promoting the strengthening of grass-roots
community organizations and guaranteeing residents participation.

As part of the program, comprehensive projects will be carried out
that will include networks and linkages of basic urban
infrastructure for potable water, sewage, storm drains, gas
distribution, electrification with connections to homes, street
lighting, paving of streets and sidewalks, and public spaces and
green areas such as plazas and parks.

The program will also provide community facilities such as
multipurpose rooms and nurseries, and will assist with the
execution of environmental mitigation projects.

The IDB's $200 million credit is for 25 years, with a 5.5 year
grace period, an interest rate based on LIBOR and a local
counterpart contribution of $22 million.

                         *     *     *

The Troubled Company Reporter-Latin America, 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.


BANCO HIPOTECARIO: Reports First Quarter 2015 Results
-----------------------------------------------------
Hipotecario S.A. reports first quarter 2015 results.

The company's net income for the first quarter was ARS176.1
million, compared to ARS46.3 million and ARS202.4 million of last
quarter and same quarter of previous year, respectively.

The company's net financial margin for the quarter was ARS608.2
million, compared to ARS452.1 million of last quarter and ARS687.8
million of same quarter of last year.

The company's net income from services for the quarter of ARS656.8
million increased 5.5% QoQ and 76.1% YoY.

Loans to the private sector increased 0.1% in the quarter and
24.5% YoY.

Deposits decreased 7.7% in the quarter and increased 28.3% YoY.
NPL remained stable at 2.3% in the quarter.  Coverage ratio was
97.4%.

Equity ratio of 14.7% compared to 16.3% of previous year.

                       About Banco Hipotecario

Banco Hipotecario S.A. provides various banking services in
Argentina. It accepts deposit products; and offers loan products
comprising mortgage, personal, and SME loans.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
21, 2014, Standard & Poor's Ratings Services affirmed its 'CCC-'
foreign currency ratings on Banco Hipotecario S.A., Banco
Patagonia S.A., and Banco de Galicia y Buenos Aires S.A.  At the
same time, S&P affirmed the 'CCC+' local currency ratings on these
banks and removed the ratings from CreditWatch with negative
implications, where S&P placed them on June 18, 2014.  The outlook
on the ratings is negative.


GPAT COMPANIA: Moody's Rates Global Local Currency Debt at B2
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B2 global local currency debt rating to the expected issuance of
GPAT Compania Financiera (GPAT) Class A, up to the amount of
Ar$200 million which will be due in 9 months, and Class B, up to
the amount of Ar$200 million which will be due in 18 months. The
total amount of both classes must not exceed Ar$200 million. At
the same time, Moody's Latin America assigned a Aa2.ar national
scale local currency debt rating to GPAT's expected issuances. The
issuances are under GPAT's debt program up to the amount of
Ar$1500 million.

The outlook for all ratings is negative, given the deteriorating
operating environment prompted by Argentina's default, which will
negatively affect GPAT's business prospects, asset quality and
earnings generation amid continued economic deceleration and high
inflation.

The following ratings were assigned to GPAT Compa¤¡a Financiera
S.A.'s issuances:

Class A: Ar$200 million senior unsecured debt issuance:

  -- B2 Global Local Currency Debt Rating, with negative outlook

  -- Aa2.ar Argentina National Scale Local Currency Debt Rating,
     with negative outlook

Class B: Ar$200 million senior unsecured debt issuance:

  -- B2 Global Local Currency Debt Rating, with negative outlook

  -- Aa2.ar Argentina National Scale Local Currency Debt Rating,
     with negative outlook

Moody's explained that the local currency senior unsecured debt
rating derives from GPAT's B2 global local currency corporate
family rating (CFR), which is mainly based on the entity's key
role as the financial agent for General Motors and its strong
commercial and strategic importance to the corporation, as well as
its good asset quality, profitability and capital metrics. GPAT's
funding structure, mainly reliant on senior debt issuances and its
monoline business orientation were also taken into account.

On June 2014, new regulations capping interest rates on car loans
went into effect. This new regulation adds pressure on GPAT's
margins, in addition to the drop in consumer confidence and the
resulting decline in demand that has since hit car sales.

GPAT is 99% owned by Banco Patagonia (local currency deposit
rating B1 negative, BCA caa1). Moody's said that the one-notch
differential between the B1 local currency deposit rating for
Banco Patagonia and the B2 debt rating for GPAT reflects the
structural subordination of GPAT's bondholders to all liability
holders of Banco Patagonia.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$1,687 million of total assets and
Ar$633 million of shareholders' equity as of March 2015.


TELECOM ARGENTINA: Posts Consolidated 1Q Results For FY 2015
------------------------------------------------------------
Telecom Argentina SA disclosed a net income of ARS1,041 million
for the period ended March 31, 2015, or +14.9% when compared to
the same period last year. Net income attributable to Telecom
Argentina amounted to ARS1,028 million (+15.6% vs. 1Q14).

During 1Q15 Consolidated Revenues increased by 18.8% to P$8,872
million (+P$1,406 million vs. 1Q14), mainly fueled by the
Broadband businesses, Fixed Data and Mobile Services.  Moreover,
Operating Income reached P$1,680 million (+P$303 million or +22.0%
vs. 1Q14).

A full text copy of the company's financial report is available
free at:

                      http://is.gd/w51hUK

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.

As reported by the Troubled Company Reporter-Latin America on
May 16, 2014, Moody's Latin America Calificadora de Riesgo has
assigned a first time Corporate Family Rating of Caa1 on its
Global Scale and Ba1.ar on its Argentina National Scale to Telecom
Argentina S.A. (Telecom). The outlook is stable.


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B O L I V I A
=============


BANCO PRODEM: Moody's Assigns B2 Deposit Ratings, Outlook Stable
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned B2
global local- and foreign-currency long-term deposit ratings to
Banco Prodem S.A. (Prodem), as well as Aa3.bo long-term national
scale local- and foreign-currency deposit ratings. All Prodem's
long-term ratings carry a stable outlook. In addition, Moody's has
assigned Not Prime global local and foreign currency short-term
deposit ratings, as well as BO-1 short-term national scale local-
and foreign-currency deposit ratings, and B1(cr) / Not Prime (cr)
long and short-term global counterparty risk assessments. This is
the first time that Moody's has rated the bank.

The following ratings were assigned to Banco Prodem S.A.:

  -- Long-term global local and foreign currency deposit rating:
     B2, stable outlook

  -- Short-term global local and foreign currency deposit rating:
     Not Prime

  -- Long-term national scale local and foreign currency deposit
     rating: Aa3.bo

  -- Short-term national scale local and foreign currency deposit
     rating: BO-1

  -- Long- and short-term global counterparty risk assessment:
     B1(cr) / Not Prime (cr), respectively

The B2 long-term ratings are based upon Prodem's b2 standalone
baseline credit assessment (BCA). In assigning the BCA, Moody's
considered the bank's well-established franchise in the Bolivian
microfinance lending niche, which has allowed it to reach a market
share of 5.3% and 4.3% in terms of loans and deposits
respectively. In addition, the bank exhibits good asset quality
indicators despite its focus on a relatively risky market segment.
However, these credit strengths are offset by challenges including
Prodem's deteriorating profitability, below average capitalization
level, tight liquidity position, and reliance on term deposits
from institutional investors.

According to Moody's analyst Fernando Albano, "The bank's good
asset quality and reserve coverage metrics reflect conservative
risk management practices." The bank's non-performing loan (NPL)
ratios have been below 1.5% for four straight years, and its loan
loss reserves are more than 400% of NPLs.

However, recent changes to the Financial Services Law and related
regulations will impose onerous lending mandates that could put
pressure on asset quality indicators as the bank moves from its
specialization in financing traders to granting loans to
manufacturing and agriculture industries and the housing segment.
This intrusive regulation is reflected in Bolivia's weak macro
profile.

The changes also include rate caps on microfinance lending that
will put further pressure on the bank's profitability, which has
already exhibited a sharp decline in recent years. Return on
average assets deteriorated to 1.2% as of March 2015 from 2.8% as
of December 2011, and return on equity dropped to 15% from 28%
during the same period. The trend is evident across the Bolivian
banking system, and results from increasing competition. Prodem is
also challenged by poor operating efficiency; its cost to income
ratio was nearly 80% as of March 2015. This reflects the labor
intensive nature of microfinance lending.

Prodem's capital metrics remain below the banking system average.
Moreover, the bank's owners are not in a position to provide
capital injections in case of need - Prodem is indirectly owned by
the Government of Venezuela, rated Caa3 with stable outlook,
through its development bank (Banco Bandes). However, it is
important to note that there has been no change in the bank's
strategy despite the deteriorating economic environment in
Venezuela. The bank continues to reinvest a significant share of
its net income to support growth and maintain capitalization
rather than pay dividends to Bandes.

The ratings also consider the bank's reliance on institutional
deposits, as is the case for most Bolivian banks, particularly
from the country's two private pension funds. In addition,
Prodem's has less liquidity than most banks in the country, with
liquid assets equal to just 16% of total assets as of March 2015.
This leaves the bank vulnerable to a decision by one of these
pension funds to withdraw its funds. However, the bank shows no
significant mismatches in its balance sheet maturity structure and
has access to committed credit facilities, which could provide
liquidity in case of stress.

Banco Prodem S.A. is located in La Paz, Bolivia, and has Bs 6.57
billion in assets, Bs 5.26 billion in deposits and Bs 543 million
in equity as of March 2015.


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B R A Z I L
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COMPANHIA DE SANEAMENTO: Moody's Rates BRL300MM Debentures 'Ba1'
----------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba1 rating on the global
scale and a Aa2.br rating on the Brazilian national scale to
senior unsecured amortizing BRL 300 million debentures to be
issued by Companhia de Saneamento do Parana (Sanepar) in up to
three tranches with maturities up to 5 years. At the same time,
Moody's affirmed the a Ba1 issuer rating on the global scale and
Aa2.br issuer rating on the Brazilian national scale to Sanepar.
In addition, Moody's affirmed a Ba1 rating on the global scale and
a Aa2.br rating on the Brazilian national scale to senior
unsecured amortizing BRL 300 million debentures issued by Sanepar
in October 2013. The outlook remains stable.

Sanepar's Fifth Debenture Issuance will have the following
financial covenants: i) Net Debt to EBITDA equal or less than 3.0x
times and EBITDA to Interest Expenses equal or higher than 1.5x.
The proceeds of this issuance will be used to finance CAPEX and
working capital needs.

The Ba1/Aa2.br issuer ratings reflect Sanepar's strong credit
metrics for the rating category along with its relatively
predictable and stable cash flow supported by long-term contracts
with most of the municipalities in the state of Parana to provide
water and sewage services. The agreement between the company's two
major shareholders on the previous BRL 1.1 billion in advances for
capital increase concluded on November 29, 2013 further supports
the ratings.

Sanepar has strong credit metrics for the rating category with
Funds From Operations (FFO) to Net Debt Ratio of 30.9% in 2014 and
interest coverage of 5.3x reflecting the strong growth in cash
generation as measured by FFO. The current level of cash interest
coverage represents a good level of financial flexibility. These
metrics map to the Aa and A categories, respectively, in Moody's
rating methodology for water utilities.

Leverage as measured by Debt to EBITDA increased to 2.5x in 2014
from 2.1x in 2013, as a result of the increased level of debt to
finance CAPEX. Despite these strong credit metrics, Retained Cash
Flow (RCF) to Capex has reduced over the last three years from
1.6x in 2012, 0.7x in 2013 and 0.6x in 2014, reflecting less
flexibility by the shareholders to accommodate the company's Capex
program. (RCF) to Capex ratio maps to the Ba category.

Sanepar's ratings are constrained by the early development stage
of the regulatory framework for the two states where the company
operates, its sizeable capital expenditure program and the track
record of political interference by the state government of Parana
which kept Sanepar's tariffs frozen from 2005 through 2010.

Sanepar is considered a Government Related Issuer (GRI) as defined
in Moody's rating methodology entitled "The Application of Joint
Default Analysis to Government-Related Issuers". Moody's
methodology for GRIs is to systematically incorporate into the
rating both the stand-alone credit risk profile or Baseline Credit
Assessment (BCA) of the Company as well as an assessment of the
likelihood that its government owner would provide extraordinary
support to the company's obligations. Please refer to Moody's
"Government-Related Issuers" published in Oct 2014, available at
moodys.com.br for additional information on GRIs.

In accordance with Moody's methodology for government related
issuers, or GRIs, the Ba1 issuer rating of SANEPAR reflects the
combination of the following inputs:

Baseline credit assessment (BCA) Ba2

- High-level dependence

- Moderate level of government support

- The Baa3 rating of the State Government of Parana, which has a
   negative outlook.

The company's stable rating outlook reflects Moody's view that
Sanepar will manage its capital structure prudently and finance
its Capex program and the payment of dividends in a way that keeps
the company's credit metrics compatible with the current Ba2
rating category. The rating also incorporates the agreement for
the BRL 1.1 billion advances for future capital increase concluded
on November 29, 2013 which contributed to Sanepar's improved
capital structure and liquidity position and the fact that the
South region where the company operates, the reservoirs are in
general at their highest level due to the strong rain
precipitation in the region over the past year.

There could be a rating upgrade if Sanepar strengthens its credit
metrics on a sustainable basis as a result of stronger cash flow
generation and lower leverage which would result if FFO to Net
Debt rises above 25% and interest coverage increases above 4.5x on
a sustainable basis. An upgrade will also depend on the
maintenance of annual tariff adjustments and capital expenditure
discipline. A rating upgrade could also be triggered by a
perceived material evolution in the current regulatory framework.

Moody's would consider a downgrade rating action if the company
fails in securing adequate long-term funding to finance its BRL
2.4 billion current capital expenditure program for 2015 - 2017
period leading to a deterioration in its liquidity position. A
potential new tariff freeze could also prompt a downgrade rating
action that subsequently resulted in the FFO to Net Debt ratio
falling below 15% and interest coverage declining to 3.5x or lower
for an extended period.

Headquartered in Curitiba in the Brazilian state of Parana,
Sanepar was founded in 1963. As of December 31, 2014 Sanepar
distributed water to 10.8 million consumers and sewage service to
7.0 million consumers in 345 municipalities in the state of Paran
and one municipality in the state of Santa Catarina, which
represents approximately 86% of the total municipalities in the
State of Paran . In 2014, Sanepar reported net sales of BRL2.6
billion, EBITDA of BRL 988 million and net income of BRL 422
million.


PETROLEO BRASILEIRO: Shares Rise After Positive Earnings Report
---------------------------------------------------------------
BERNAMA-NNN-AGENCIES reports that investors reacted with
enthusiasm on May 18, after troubled Brazilian state oil company
Petroleo Brasileiro S.A. reported a net profit of BRL5.33 billion
(US$1.77 billion) in the first quarter.

Common shares of Brazil's largest corporation were up 1.33 percent
on the Sao Paulo stock exchange by the middle of the trading day
on May 19, while Petrobras preferred shares rose 1.21 percent,
according to BERNAMA-NNN-AGENCIES.

The report notes that investors showed such an appetite for the
company's shares that Petrobras preferred shares accounted for
27.09 percent of all transactions by value.

Petrobras released its first quarter figures late last May 15,
after the market closed.

The report showed the company's first-quarter profit was down only
1 percent compared with the same period in 2014, despite the
corruption scandal rocking Petrobras and a negative business
climate, the report notes.

The firm, which accounts for almost 12 percent of Brazilian gross
domestic, posted a loss of BRL26.6 billion (US$8.86 billion) in
the fourth quarter of 2014, the report relays.

Besides the fallout from the corruption case, Petrobras is
contending with a 50 percent drop in global oil prices, a 21
percent depreciation of the real against the dollar and a 10
percent fall in domestic fuel sales as a result of the economic
slowdown, the report discloses.

The scandal forced Petrobras to postpone important projects, as
the contracts had been awarded to construction companies
implicated in the illegal activities, the report adds.

                    About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


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


ABY HOLDING: Commences Liquidation Proceedings
----------------------------------------------
On April 28, 2015, the sole shareholder of ABY Holding GP resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          York European Opportunities Domestic Holdings, LLC
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +4420 7220 4987


AURORA MACRO: Commences Liquidation Proceedings
-----------------------------------------------
On April 27, 2015, the sole shareholder of Aurora Macro
Opportunities Offshore Fund Ltd. resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          Scott Montpas
          c/o Aurora Investment Management L.L.C.
          300 N. La Salle Street
          Chicago
          Illinois 60654
          United States of America
          Telephone: +312 762 6717


CHINA MEGA: Creditors' Proofs of Debt Due June 10
-------------------------------------------------
The creditors of China Mega Trend Fund are required to file their
proofs of debt by June 10, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 11, 2015.

The company's liquidator is:

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


EATON VANCE CIA: Commences Liquidation Proceedings
--------------------------------------------------
On April 27, 2015, the sole shareholder of Eaton Vance CIA
Commodity Subsidiary, Ltd resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Boston Management and Research
          c/o Two International Place
          Boston, MA 02110
          USA
          Telephone: +1 (345) 914 6365


EATON VANCE EVG: Commences Liquidation Proceedings
--------------------------------------------------
On April 27, 2015, the sole shareholder of Eaton Vance EVG
Commodity Subsidiary, Ltd resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Eaton Vance Investment Managers
          c/o Two International Place
          Boston, MA 02110
          USA
          Telephone: +1 (345) 914 6365


EATON VANCE IIP: Commences Liquidation Proceedings
--------------------------------------------------
On April 27, 2015, the shareholder of Eaton Vance IIP Commodity
Subsidiary, Ltd resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Eaton Vance Investment Managers
          c/o Two International Place
          Boston, MA 02110
          USA
          Telephone: +1 (345) 914 6365


ECP GALAXY: Commences Liquidation Proceedings
---------------------------------------------
On April 29, 2015, the sole shareholder of ECP Galaxy Holdings
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Alex T. Krueger
          c/o First Reserve Corporation
          One Lafayette Place, Third Floor
          Greenwich, Connecticut 06830
          USA
          Telephone: +1 (345) 914 4268


EFG SPHINX: Creditors' Proofs of Debt Due June 11
-------------------------------------------------
The creditors of EFG Sphinx Platform SPC, Ltd are required to file
their proofs of debt by June 11, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 20, 2015.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands
          Telephone: (345) 815 4558


OVERSEAS MACHINERY: Creditors' Proofs of Debt Due June 11
---------------------------------------------------------
The creditors of Overseas Machinery Corporation are required to
file their proofs of debt by June 11, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 10, 2015.

The company's liquidator is:

          Martha I. Uruena
          c/o Carrera 1 Este No. 76-04
          Ap. 602, Bogota D.C.


SSP ENERGY: Creditors' Proofs of Debt Due June 1
------------------------------------------------
The creditors of SSP Energy Ltd. are required to file their proofs
of debt by June 1, 2015, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 29, 2015.

The company's liquidator is:

          Richard Fear
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


=====================
E L   S A L V A D O R
=====================


* EL SALVADOR: IMF Reveals Keys to Jumpstarting Growth in Country
-----------------------------------------------------------------
Private sector leadership, infrastructure development and
productivity-enhancing reforms are essential to kick-start growth
in El Salvador, participants of the forum "Building Opportunities
for Employment, Investment, and Growth" in San Salvador said at
its conclusion.

The forum, which brought together El Salvador's top policymakers,
parliamentarians across the political spectrum, private sector
representatives, academics, and officials from international
financial institutions, was organized by the government of El
Salvador in collaboration with the International Monetary Fund
(IMF), the Inter-American Development Bank (IDB), and the World
Bank.

"The Forum offered a great opportunity for a broad range of
Salvadoran public and private sector representatives and key
international financial institutions (IFIs) to discuss ways to
overcome growth bottlenecks, lower social inequality, and achieve
stable public finances" said Oscar Ortiz, Vice-President of El
Salvador.

Alejandro Werner, Director of the Western Hemisphere Department at
the IMF noted that "El Salvador should take advantage of the
current external conditions, with the solid recovery in the United
States, low oil prices, and favorable interest rates, to advance
structural reforms to stimulate inclusive growth".

World Bank Vice President for Latin America and the Caribbean,
Jorge Familiar declared being "optimistic that the dialogue that
began today will help generate the necessary consensus to jump-
start economic growth for the benefit of all Salvadoran citizens".

As expressed by Santiago Levy, Vice-President for Sectors and
Knowledge of the IDB, "a sustainable pensions system fosters
growth and employment, and at the same time it contributes to
lowering inequality and reducing informality.  There is consensus
about the need to correct the imbalances which affect the pensions
system, while promoting an open dialogue about the necessary
reforms and formulating a balanced, quick, equitable, and
sustainable solution".

The IMF, the World Bank, and the IDB reiterated their commitment
to working together with El Salvador in many of the initiatives
highlighted during the forum.

The summary conclusions from the Forum included:

   -- The private sector must take a lead role in investment,
      employment, and growth while the government should do its
      part by improving the ease of doing business and upgrading
      infrastructure.

   -- A vibrant export sector is key to sustainable growth. El
      Salvador should rely on its comparative advantages to reach
      its full potential.  The participants highlighted the
      importance of an education system that promotes skill-based
      products and services.

   -- Forum participants noted that in order to achieve private
      sector-led growth, it is necessary to cut red-tape and
      improve the business climate and access to financing,
      especially for small and medium-sized businesses.

   -- Reducing crime and violence would help create a virtuous
      cycle of lower costs of doing business and higher investment
      and employment.  This also requires allocation of proper
      budget resources.  Participants also noted that a
      comprehensive strategy that combines effective sanctions
      with educational and employment opportunities for the young
      would lower crime and violence.

   -- Infrastructure upgrades can also anchor an increase in the
      growth potential, promote competitiveness, lower the costs
      of transportation and energy, and increase the supply of
      productive services.  Additionally, well-designed Public-
      Private Partnerships can expand investment opportunities and
      reduce potential risks.

   -- In this context, participants also highlighted that
      regaining fiscal sustainability would support long-term
      growth and noted that, for this effort to be successful, it
      will be critical to maintain a continuous and open dialogue
      between the government and the Salvadoran society.


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


BTB CORPORATION: Files for Chapter 11 with $13MM in Debt
--------------------------------------------------------
BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor filed schedules of assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $16,567,214
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $5,940,035
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $7,350,373
                                 -----------      -----------
        TOTAL                    $16,567,214      $13,290,408

A copy of the schedules filed together with the petition is
available for free at:

        http://bankrupt.com/misc/prb15-03681_SAL.pdf

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as counsel.


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


VENEZUELA: Inflation Rate is 200%; Credit Card Firms Cash In
------------------------------------------------------------
Anatoly Kurmanaev at Bloomberg News reports that Venezuela's
economic collapse is driving factories out of business, leaving
store shelves barren and wiping out workers' purchasing power.
MasterCard Inc. is doing just fine.

Two powerful forces are pushing Venezuelans to rely increasingly
on credit cards amid the chaos: runaway inflation and soaring
crime, according to Bloomberg News.

Bloomberg News notes that people are racing to spend their money
as fast as they can, trying to keep ahead of consumer price
increases that Bank of America Corp. estimates could almost reach
200 percent this year.

Yet because that inflation surge has decimated the value of
Venezuela's money, shopping with cash would require carrying
around a brick-sized wad of 100-bolivar bills -- not a great idea
in a country with the world's second-highest murder rate,
Bloomberg News notes.

"We're enlarging our participation into the consumption of
families, displacing cash, even though those families might be
consuming the same or even less," Gilberto Caldart, head of Latin
America for MasterCard, the world's second-biggest payments
network, said in an interview with Bloomberg in his Miami office.
"That's the paradox," Mr. Caldart added.

Bloomberg News says that while reluctant to delve into specifics,
Mr. Caldart said that the company's Venezuela business is growing
in line with the rest of its Latin America operations, an amazing
statement given the depths of the country's recession.  The
International Monetary Fund predicts a 7 percent economic
contraction in the oil-producing nation this year following a 4
percent decline in 2014, Bloomberg News says.

                            Ford, Clorox

The Purchase, New York-based Company does, of course, still face
the problem of getting profits out of a country that tightly
controls its dwindling supply of dollars through a maze of
foreign-exchange restrictions, Bloomberg News says.  Those
controls have driven out other multinationals: Air Canada has
stopped flying to the South American nation; consumer-products
giant Clorox Co. pulled out too; and Ford Motor Co. wrote down the
value of its local business to zero, Bloomberg News relays.

MasterCard has an advantage there too, though.  Mr. Caldart said
the company collects dollars, not bolivars, for some of the fees
it charges banks on each credit-card transaction, Bloomberg News
discloses.  Mateo Lleras, a spokesman for MasterCard, declined to
provide a specific revenue breakdown.

American Express Co., one of MasterCard's main competitors in the
country along with Visa Inc., also collects fees in dollars,
according to Marina Norville, a spokeswoman for the company,
Bloomberg News relays.

The value of MasterCard's bolivars trapped in the country is
plummeting quickly, Bloomberg News notes.  Since President Nicolas
Maduro, the successor to the late Hugo Chavez, unveiled a new
foreign-exchange market in February to give Venezuelans more
access to hard currency, the bolivar has sunk 74 percent against
the dollar, Bloomberg News discloses.

                           Unusual Hedge

MasterCard recently tried an unconventional hedge to protect the
value of those bolivars, Bloomberg News relays.  It took out a
bank loan in local currency and then used the cash to buy
property, whose value is typically set in dollars in Venezuela,
Bloomberg News notes.

"What happens when you have a devaluation of that currency, of the
bolivar, is you're actually having to devalue that monetary asset,
the loan, and that results in a gain," Chief Financial Officer
Martina Hund-Mejean told analysts on an April 29 conference call,
Bloomberg News notes.

Hedging strategies such as these may become even more important if
the company's dollar revenues disappear. Last month the
government, which has been squeezed by the plunge in oil prices,
banned private banks from processing dollar travel allowances for
Venezuelans going abroad, Bloomberg News says.

That eliminated the banks' foreign currency revenue stream and
fueled speculation that they will now seek to start paying
bolivars, rather than dollars, for credit-card transaction fees.
In the meantime, business remains good for MasterCard, Bloomberg
News discloses.  "The more people spend, the more revenue we
generate," Bloomberg News quoted Mr. Caldart as saying. "Venezuela
is still a tremendous opportunity," Mr. Caldart added.


===========================
V I R G I N   I S L A N D S
===========================


OAS FINANCE: Chapter 15 Case Summary
------------------------------------
Chapter 15 Petitioners: Marcus Allender Wide and Mark T. McDonald

Chapter 15 Debtor: OAS Finance Limited (in provisional
                   liquidation)
                   c/o Trident Chambers, P.O. Box 146
                   Road Town, Tortola VG 1110
                   British Virgin Islands

Chapter 15 Case No.: 15-11304

Type of Business: Finance/SPV

Chapter 15 Petition Date: May 18, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Chapter 15 Petitioners'   Andrew Rosenblatt, Esq.
Counsel:                  Eric Daucher, Esq.
                          Howard Seife, Esq.
                          CHADBOURNE & PARKE LLP
                          1301 Avenue of the Americas
                          New York, NY 10019-6022
                          Tel: (212) 408-5559
                          Fax: (212) 541-5369
                          Email: andrew.rosenblatt@chadbourne.com
                                 edaucher@chadbourne.com
                                 hseife@chadbourne.com

Estimated Assets: $500 million to $1 billion

Estimated Debts: $500 million to $1 billion


                            ***********


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
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Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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202-362-8552.


                   * * * End of Transmission * * *