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

            Thursday, June 4, 2015, Vol. 16, No. 109


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: PM Rejects IMF Advice to Cut Wage Bill
STANFORD INT'L: Receiver, Plaintiffs Agree to Settle Claims


A R G E N T I N A

ICBC ARGENTINA: Moody's Rates Global Local Currency Debt at B1
LOMBARD PESOS: Moody's Assigns B-bf Global Scale Bond Fund Rating


B R A Z I L

BRAZIL: To Consider Stake Sale in $1.3 Billion Reinsurer IPO


C A Y M A N  I S L A N D S

ECP VII LIMITED: Commences Liquidation Proceedings
FALCON GROUP: Moody's Rates New $250MM Senior Loan at (P)Ba3
FIA LEVERAGED: Creditors to Hold Annual Meeting on June 17
GUGGENHEIM CONCINNITY: Creditors' Proofs of Debt Due June 15
MAKO SHARK: Creditors' Proofs of Debt Due June 15

MAKO SHARK MASTER: Creditors' Proofs of Debt Due June 15
MARINER ATLANTIC: Creditors' Proofs of Debt Due June 15
RG LEASING: Placed Under Voluntary Wind-Up
SAAD INVESTMENTS: Chapter 15 Case Summary
SIMSBURY CLO: Commences Liquidation Proceedings

TALCOTT NOTCH: Commences Liquidation Proceedings
TS I OFFSHORE: Creditors' Proofs of Debt Due June 15


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industrial Free Zone Exports Jump 6.2% in Q1
DOMINICAN REPUBLIC: Readies Bill to Create Stock Market


J A M A I C A

JAMAICA: Borrowing Down, Revenues Up


P U E R T O    R I C O

ALONZO & CARUS: Stipulation on BPPR Adequate Protection Approved


                            - - - - -


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


ANTIGUA & BARBUDA: PM Rejects IMF Advice to Cut Wage Bill
---------------------------------------------------------
The Daily Observer reports that Antigua and Barbuda Prime Minister
Gaston Browne, in interpreting the International Monetary Fund's
(IMF's) call to reduce the wage bill as a code to lay off workers,
has replied with a resounding the "no" to the body's suggestion to
retrench workers in the public sector.

"The major recommendation is to cut costs.  My question is from
where?  Our debt payments are EC$450 million annually and salaries
and wages $350 million; to be covered from EC$600 million in
revenues.  We cannot unilaterally refuse to pay debts and we will
not retrench," the Daily Observer quoted Mr. Browne as saying.

The IMF has warned that the Antigua Barbuda Labour Party (ABLP)
administration's current policies do not appear sustainable. In
its third post-program monitoring assessment, the IMF said urgent
steps are needed, including immediate spending cuts, the Daily
Observer relays.

But Mr. Browne believes that the ABLP is on the right path and
will fix the fiscal problems in time, notes the report.

"Antigua and Barbuda's fiscal imbalance is structural and will
take about a decade to resolve with prudent fiscal management. We
have been containing expenditure and increasing revenue through
the Citizenship by Investment Program (CIP). Our capital spending
is very low with only EC$14 million allocated to Public Works for
road works," said Mr. Browne, the report relays.

The prime minister threw the ball back in the IMF's court and
suggested that they point to specific areas for cuts and, perhaps,
the tongue-in-cheek suggestion to wipe off the country's loan,
something that Minister of State in the Ministry of Finance Lennox
Weston suggested would never happen, the report discloses.

"Perhaps the IMF should indicate from whence should these cuts
come? I have a suggestion. Why don't they wipe off their loan and
give us some breathing space?" posited Mr. Browne, the report
relays.

The IMF is encouraging the authorities to adopt a comprehensive
medium-term fiscal consolidation program starting in June 2015,
the report says.

Its directors say the government should immediately start
announcing new measures including steps to lower the wage bill,
the report discloses.

They further advise strengthening tax administration to improve
collections, cutting spending on goods and services and giving
less money to state owned enterprises or statutory corporations,
the report relays.  They also suggest improving expenditure and
payment control, reducing public sector cross debts, and
strengthening oversight of state-owned enterprises.

But Mr. Browne said the only thing the IMF advises that the ABLP
is not doing is cutting the wage bill and he maintains that his
stance will not change, notes the report.

"Retrenchment would plunge more of our people into a life of
poverty which is extremely high.  Despite all of the adjustments
that were made by the IMF under the UPP regime, over 20 per cent
of the population was unemployed and over 35 per cent lived in
poverty.  The hard cold recommendation of the IMF to retrench is
contrary to my government's people empowerment philosophy," said
Mr. Browne, the report relays.

However, the IMF had a lot of positives to say about the ABLP
administration, says the report.  It recognized that funds from
the CIP are helping the situation, but warned the extra money
should not encourage the government to loosen plans to sort out
its poor financial situation, the report adds.


STANFORD INT'L: Receiver, Plaintiffs Agree to Settle Claims
-----------------------------------------------------------
The receiver for Stanford International Bank Ltd. ("SIBL") and
certain plaintiffs have reached an agreement to settle all claims
asserted against BDO USA LLP ("BDO") and several BDO entities
relating to or in any way concerning SIBL.

As part of the BDO settlement, the receiver and plaintiffs have
requested orders to permanently enjoin all interested parties,
including Stanford Investors (i.e. customers of SIBL, who, as of
Feb. 16, 2009, had funds on deposit at SIBL and were holding
certificates of deposit issued by SIBL), from bringing any legal
proceeding or cause of action arising from or relating to the
Stanford Entities against the BDO released parties.

Complete copies of the BDO settlement agreement, proposed bar
orders, and other settlement documents are available at
http://www.stanfordfinancialsreceivership.com/

Interested parties may file written objections on or before Aug.
7, 2015.

                       About Stanford Group

The Stanford Financial Group was a privately held international
group of financial services companies controlled by Allen
Stanford, until it was seized by United States (U.S.) authorities
in early 2009.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management served more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The case in district court was Securities and Exchange Commission
v. Securities Investor Protection Corp., 11-mc-00678, U.S.
District Court, District of Columbia (Washington).

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.


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


ICBC ARGENTINA: Moody's Rates Global Local Currency Debt at B1
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B1 global local currency debt rating to Industrial and Commercial
Bank of China (Argentina) S.A. (ICBC Argentina)'s expected
issuance of up to ARS 500 million, which will be due in 18 months,
under the bank's US $250 million medium-term note program. At the
same time, Moody's Latin America assigned a Aaa.ar national scale
local currency debt rating to the expected issuance.

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

The following ratings were assigned to ICBC Argentina S.A.'s
expected issuance under the debt program:

Expected Issuance of up to ARS 500 million:

  -- B1 Global Local Currency Debt Rating, negative outlook

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

ICBC Argentina's B1 global local currency debt and deposit ratings
derive from the bank's caa1 baseline credit assessment and the
assessment of a high probability of parental support to be
provided by its shareholder, Industrial & Commercial Bank of China
Ltd. (deposits A1 stable/BCA baa2).

The standalone rating considers the challenging operating
environment in Argentina and incorporates the risks related to
increasing government intervention through mechanisms unfavorable
to the earnings generation, funding dynamics and financial
flexibility of financial institutions. These challenges and risks
limit the support provided by ICBC Argentina's prudent risk
management practices, adequate capitalization and its well-defined
footprint in the corporate and retail banking segments. In
addition, while reported profitability metrics are strong, they
are considerably weaker when adjusted for the country's very high
rate of inflation.

ICBC Argentina is headquartered in Buenos Aires, with assets of
ARS 42.14 billion and equity of ARS 4.71 billion as of March 2015.

The principal methodology used in this rating was Banks published
in March 2015.


LOMBARD PESOS: Moody's Assigns B-bf Global Scale Bond Fund Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned
bond fund ratings to Lombard Pesos Plus (the Fund), a newly
created short-term bond fund domiciled in Argentina. The Fund will
be managed by Patagonia Inversora S.A.SGFCI (Patagonia).

The ratings assigned are as follows:

  -- Global scale bond fund rating: B-bf

  -- National scale bond fund rating: Aa-bf.ar

The Fund ratings are based on Moody's expectation that Lombard
Pesos Plus, a pure time deposit fund, will invest only in time
deposits and callable time deposits in local currency, with the
balance held in a central bank account and sight deposits in
relatively strong local financial entities. The average portfolio
duration will not exceed 30 days.

"Based on a pro-forma portfolio, the Fund's credit quality profile
is comparable to those of similarly rated peers", said Moody's
lead analyst Carlos de Nevares.

The Fund's objective is to serve as a cash alternative for
institutional investors. The custodian entity will be Banco
Patagonia.

Patagonia Inversora S.A.SGFCI, is a mid-sized asset manager in the
Argentinean mutual fund industry which has quickly grown its
market share to 3.0%. As of April 2015, Patagonia Inversora had
assets under management of approximately AR$5,069.4 billion.

The principal methodology used in rating the funds was Moody's
Bond Fund Rating Methodology published in May 2013. Other
methodologies and factors that may have been considered in the
process of rating this fund can also be found under Rating
Methodologies on Moody's website.


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


BRAZIL: To Consider Stake Sale in $1.3 Billion Reinsurer IPO
------------------------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that Brazil's
government is considering the sale of some of its stake in IRB-
Brasil Resseguros SA, the largest reinsurer in Latin America, in a
BRL4 billion ($1.3 billion) initial public offering, two people
with direct knowledge of the matter said.

In addition to the government, which owns 27 percent of IRB,
insurer BB Seguridade Participacoes SA and units of Itau Unibanco
Holding SA might sell stakes in an IPO later this year, the people
said, asking not to be identified because the discussions are
private, according to Bloomberg News.  BB Seguridade owns about 20
percent of IRB and Sao Paulo-based Itau holds 15 percent.  A
capital increase is also being considered, the people said,
Bloomberg News relates.

A deal might help Brazil boost its coffers as policy makers
struggle to meet budget goals, Bloomberg News discloses.  The
government is also planning an IPO for Caixa Economica Federal's
insurance unit, seeking to raise as much as BRL10 billion, people
with knowledge of the matter said last month, Bloomberg News
notes.

BB Seguridade, owned by the government-controlled Banco do Brasil
SA, raised BRL10.2 billion in 2013 with a share offering, the
world's biggest IPO that year, Bloomberg News relates.

Companies trying to go public in Brazil have faced a difficult
market, with the first IPO in the past eight months set for June 2
for insurance seller Par Corretora de Seguros SA, Bloomberg News
relates.  Demand for stocks has slumped amid predictions the
economy will post the worst recession since 1990 and benchmark
interest rates will jump to a nine-year high, Bloomberg News
discloses.  The nation's benchmark Ibovespa stock index has
dropped 7 percent from this year's peak on May 5.

                           Golden Share

Banco Bradesco SA owns about 20 percent of IRB and pension funds
including Previ and Funcef have a combined 10 percent stake,
Bloomberg News notes.  The government also has a "golden share"
that gives it veto rights in matters involving the company,
Bloomberg News relates.

Itau is selling insurance businesses it considers "non-core,"
Chief Executive Officer Roberto Setubal said in December,
Bloomberg News discloses.  Ace Ltd. agreed to buy Itau's high-risk
insurance business for BRL1.52 billion in July to become the
biggest property and casualty insurer in Brazil.

Created in 1930 by the Brazilian government, IRB had a monopoly on
the reinsurance business in Brazil until a process of
privatization and liberalization started in the 1990s, Bloomberg
News relates.  The firm does business in more than 100 countries
and has offices in Sao Paulo, Buenos Aires, London and New York,
according to its website, Bloomberg News adds.


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


ECP VII LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
On May 13, 2015, the shareholders of ECP VII 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:

          Kenneth W. Moore
          c/o First Reserve Corporation
          One Lafayette Place, Third Floor
          Greenwich, Connecticut, 06830
          USA


FALCON GROUP: Moody's Rates New $250MM Senior Loan at (P)Ba3
------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 to the
proposed USD250 million Term Loan B, to be issued by Falcon Group
Holdings (Cayman) Ltd (Falcon). Moody's also affirmed Falcon's Ba3
Corporate Family Rating (CFR). Following the assignment of the
rating on the Term Loan B, Moody's has withdrawn Falcon's Ba3
Issuer Rating. The outlook on all ratings is stable.

Moody's issues provisional ratings in advance of the final release
of the Terms and Conditions of the deal and these ratings reflect
Moody's preliminary credit opinion regarding the transaction only.
Upon a conclusive review of the final versions of all the
documents and legal opinions, Moody's will endeavour to assign
definitive corporate family and senior secured ratings. A
definitive rating may differ from a provisional rating. The
definite rating for the senior secured debt would be subject to
the inclusion of certain commitments in the final documentation of
the transaction.

This rating is contingent upon Falcon's successful completion of
the proposed USD250 million senior secured loan transaction and
the inclusion in the final loan documentation of (1) a commitment
to increase its issued share capital to at least US$150m by the
end of 2015 as it reinvests the accumulated profits incurred
subsequent to the drawdown date before any dividends payments are
made, and (2) a commitment to limit the dividend pay-out ratio to
a maximum of 50% subject to certain leverage conditions.

Falcon operates as a global provider of trade finance to corporate
clients. The company acts as a principal, funding clients
directly, with the ability to refinance transactions. Falcon
hedges the vast majority of the transactions it carries out and is
exposed to limited balance sheet risk.

Falcon however, plans to use the proceedings of the proposed
transaction to increase its direct exposure to the banks issuing
advance payment guarantees, stand-by letters or other trade
financial instrument to back the loans of Falcon's customers for a
period of typically 180 days. Although in Moody's view, the
transactions will increase Falcon's risk profile, it will also
reduce its reliance on a limited number of top-tier banks, which
have traditionally acquired its hedged trade finance transactions.
Moody's also believes that the proposed funding transaction would
also allow Falcon to diversify its funding structure and gain
flexibility on the use of its available funds.

Falcon's ratings are supported by its solid profitability and a
good underwriting track record, reflected in a very low level of
impairments compared to the volume of transactions; however,
Moody's also sees constraints to the rating as a result of the
firm's monoline business model, relative concentration on
counterparty financial institutions, and increased level of
leverage along with a relatively highly encumbered balance sheet.

Moody's notes positively that Falcon has been implementing an
enhanced risk management and corporate governance framework over
the recent months.

The (P)Ba3 assigned to Falcon's senior secured loan, fully
reflects its commitment to increase issued share capital to at
least US$150m before any dividends are paid, and subsequently
impose limitations on dividend distributions. The rating also
incorporates, other financial covenants which in Moody's view
provide protection to creditors such as a maximum of 3.0x debt to
equity, and a minimum 2 to 1 interest coverage.

All of Falcon's future funding transactions will be assigned on an
individual basis according to their level of subordination or
asset encumbrance compared to the Term Loan B. Moody's has
withdrawn Falcon's issuer rating for its own business reasons.

Rating could be upgraded if Falcon (1) maintains high asset
quality metrics following the deployment of the raised funds; (2)
improves liquidity to reflect the increased size of its balance
sheet; (3) and consolidates its progress of improving its
corporate governance and risk framework.

The rating could come under downward pressure due to (1) the non-
fulfillment of capital commitments in the final documentation; (2)
increase in leverage beyond the expectations; (3) material
deterioration in asset quality (4) or a considerable decline in
profitability and cash flow from operations, stemming from higher
than expected credit losses or decreasing margins.


FIA LEVERAGED: Creditors to Hold Annual Meeting on June 17
----------------------------------------------------------
The creditors of Fia Leveraged Fund will hold their annual meeting
on June 17, 2015, at 11:00 a.m.

Any person intending to participate in the meetings must send
their written notice by June 12, 2015.

The company's liquidator is:

          Roy Bailey
          c/o Tom Bussanich
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 8977


GUGGENHEIM CONCINNITY: Creditors' Proofs of Debt Due June 15
------------------------------------------------------------
The creditors of Guggenheim Concinnity Master Strategy Fund SPC
are required to file their proofs of debt by June 15, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 4, 2015.

The company's liquidator is:

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


MAKO SHARK: Creditors' Proofs of Debt Due June 15
-------------------------------------------------
The creditors of Mako Shark Fund, Limited are required to file
their proofs of debt by June 15, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2015.

The company's liquidator is:

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


MAKO SHARK MASTER: Creditors' Proofs of Debt Due June 15
--------------------------------------------------------
The creditors of Mako Shark Master Fund, Limited are required to
file their proofs of debt by June 15, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2015.

The company's liquidator is:

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


MARINER ATLANTIC: Creditors' Proofs of Debt Due June 15
-------------------------------------------------------
The creditors of Mariner Atlantic Tips, Ltd. are required to file
their proofs of debt by June 15, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2015.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


RG LEASING: Placed Under Voluntary Wind-Up
------------------------------------------
On May 13, 2015, the sole shareholder of RG Leasing Limited
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands


SAAD INVESTMENTS: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Petitioners: Hugh Dickson of Grant Thornton Specialist
                       Services (Cayman) Limited and Stephen Akers
                       and Mark Byers of Grant Thornton U.K. L.L.P

Chapter 15 Debtor: Saad Investments Company Limited
                   Grant Thornton Special Services
                   10 Market Street, # 765
                   Canella Court, Camana Bay
                   Grand Cayman, Cayman Islands

Chapter 15 Case No.: 15-11440

Type of Business: SICL is the main holding company of a group of
                  Saad entities.  The Saad Group's Chairman and
                  SICL's beneficial owner is Maan Al-Sanea of
                  Saudi Arabia.  According to Forbes magazine, Al-
                  Sanea's net worth was once $7 billion, ranking
                  him as the world's 62nd richest person.  SICL's
                  stated purpose was to hold and manage Al-Sanea's
                  non-Saudi Arabian assets, including a portfolio
                  consisting of equities, funds, interest bearing
                  securities, and real estate.

Chapter 15 Petition Date: May 29, 2015

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

Judge: Hon. James L. Garrity Jr.

Chapter 15 Petitioner's Counsel: Randall Adam Swick, Esq.
                                 William T. Reid, IV, Esq.
                                 REID COLLINS & TSAI LLP
                                 One Penn Plaza, 49th Floor
                                 New York, NY 10119
                                 Tel: 212-344-5200
                                 Fax: 212-344-5299
                                 Email: aswick@rctlegal.com
                                        wreid@rctlegal.com

                                   - and -

                                 Joshua J. Bruckerhoff, Esq.
                                 Paul T. Harle, Esq.
                                 REID COLLINS & TSAI LLP
                                 1301 S Capital of Texas Hwy
                                 Building C, Suite 300
                                 Austin, Texas 78746
                                 Tel: (512) 647-6100
                                 Email: jbruckerhoff@rctlegal.com
                                        pharle@rctlegal.com

Estimated Assets: US$9 billion

Estimated Debts: US$4.5 billion


SIMSBURY CLO: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on May 12, 2015, the shareholders
of Simsbury CLO 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


TALCOTT NOTCH: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on May 14, 2015, the shareholders
of Talcott Notch CBO I 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


TS I OFFSHORE: Creditors' Proofs of Debt Due June 15
----------------------------------------------------
The creditors of TS I Offshore Limited are required to file their
proofs of debt by June 15, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 11, 2015.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: Industrial Free Zone Exports Jump 6.2% in Q1
----------------------------------------------------------------
Dominican Today reports that exports from the industrial free zone
jumped 6.2% in the first quarter compared with the same period
last year, topping US$1.25 billion, the figure highest posted in a
3-month span since 2011, the head of the National Free Zones
Council disclosed.

In a statement, Luisa Fernandez said the major sub-zones motorized
the growth in exports, including textiles, garments, leather goods
and footwear, which jumped 4.6%; chemicals (11.0%); medical and
surgical equipment manufacturing (7.3%), and other industries
(4.4%), according to Dominican Today.

The official said the United States is the main market for
products from export processing zones and posted first quarter
growth, according to the US International Trade Commission
(USITC), the report notes.


DOMINICAN REPUBLIC: Readies Bill to Create Stock Market
-------------------------------------------------------
Dominican Today reports that Dominican Republic Central Banker
Hector Valdez Albizu and Securities superintendent Gabriel Castro
on Monday met with representatives of the local financial market
to discuss a new version of the bill to amend the Law on
Securities Market and hear their comments and continue to
strengthen the proposed legislation.

The changes would readjust and expand the regulatory framework, to
deal with the evolution of the securities market in recent years
and the need to update regulation and supervision, based on the
best international practices, according to Dominican Today.

Mr. Albizu stressed the need for stakeholder agreement before
submitting the bill to the National Securities Council and the
Monetary Board, and to the Executive Branch and Congress, the
report notes.

The official stressed the bill's importance in contributing to
transparency and market depth, by promoting savings via new
investment alternatives and generating additional financing
sources, the report relates.

For Mr. Castro, the bill bolsters the country's stance to form
part of the Multilateral Memorandum of Understanding (MMoU) of the
International Organization of Securities Commissions (IOSCO),
whose cooperation will allow the Securities Superintendence to
receive tools to strengthen and have access to the exchange of
information between regulators, the report discloses.

Mr. Albizu said the piece would also improve the country's
position in the World Bank Group's flagship publication 'Doing
Business' which provides objective regulatory measures over
business activity and quantitative indicators for 189 economies,
the report notes.

Mr. Castro noted that various international organizations provided
technical assistance to prepare the draft, specially the World
Bank, the Andean Development Corporation (CAF) and the
International Monetary Fund (IMF), through it regional Technical
Assistance Center for Central America, Panama and Dominican
Republic (CAPTAC-DR), which provided several specialized
consultants in the area, the report relays.


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


JAMAICA: Borrowing Down, Revenues Up
------------------------------------
RJR News reports that the government of Jamaica has borrowed less
money than it had planned, so far.

The projection was that J$11.6 billion would have been borrowed in
April, according to RJR News.  However less than J$2 billion was
actually borrowed, the report notes.

                         Tax Collection

The report says Government also reported positive results in the
area of tax collection, bringing in more than projected.

Tax collected in April was J$337 million dollars higher than the
targeted amount, the report relays.

The higher than expected revenue intake came mainly from
collections at the ports, says the report.

As reported in the Troubled Company Reporter-Latin America on
June 2, 2015, Moody's Investors Service upgrades Jamaica's
government bond rating and government-related entities to Caa2
from Caa3, changes the country ceilings, and maintains a positive
outlook.

Moody's decision to upgrade Jamaica's rating was driven by the
following factors:

   1. Fiscal consolidation and strong commitment to structural
      reforms

   2. Improving balance of payments position and reduced external
      Vulnerabilities

The positive outlook reflects Moody's expectation that Jamaica
will sustain the reform momentum under the IMF-supported program,
solidify fiscal adjustment to put government debt metrics firmly
on a downward trajectory.


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


ALONZO & CARUS: Stipulation on BPPR Adequate Protection Approved
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico approved
an urgent joint stipulation between debtor Alonso & Carus Iron
Works, Inc., and secured creditor Banco Popular De Puerto Rico.

Prior to the Petition Date, the Debtor had entered into various
loan agreements with BPPR (then Westernbank), pursuant to which
BPPR provided certain credit facilities to Debtor.

BPPR has not consented to Debtor's use of the cash collateral, and
the Court has not authorized any use thereof.

The parties engaged in discussions to explore whether a
consensual use of cash collateral, its extent and adequate
protection can be agreed to by them.

To allow these discussions to conclude, the parties have agreed to
provide to BPPR a replacement lien.  Pursuant to section 361 of
the Bankruptcy Code, as adequate protection for BPPR, Debtor
grants to BPPR a replacement lien and a postpetition security
interest on all of the cash collateral acquired by the Debtor on
and after the Petition Date and to which BPPR may be entitled.
The replacement liens will remain in the same priority and will
encumber to the same extent as BPPR's prepetition cash collateral,
and shall be deemed effective and perfected as of the Petition
Date without the need of the execution or filing by Debtor or
BPPR of any additional security agreements, pledge agreements,
financing statements or other agreements.

A copy of the stipulation is available for free at:

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

                          *     *     *

The Debtor has filed a motion seeking to amend its summary of
schedules and schedule B of its schedules of assets and
liabilities and to update its statement of financial affairs.

                       About Alonso & Carus

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 case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debts.

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.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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