TCRLA_Public/150617.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, June 17, 2015, Vol. 16, No. 118


                            Headlines



A R G E N T I N A

ARCOS DORADOS: Fitch Cuts Issuer Default Rating to 'BB+'


B R A Z I L

BIC ARRENDAMENTO: Moody's Affirms Ba1 LC Subordinated Debt Rating
BRAZIL: Banks Face $59 Billion Court Dispute
BRAZIL: Real Declines to One-Week Low as Trade Surplus Narrows
BRAZIL: Analysts Expect Economy to Contract 1.35%
BRAZIL: Moody's Assigns CR Assessments to 17 Banks

MDL REALTY: Moody's Downgrades CFR to Caa1, Outlook Negative


C A Y M A N  I S L A N D S

AEM SELECT: Members' Final Meeting Set for June 24
BLUE SKY: Members' Final Meeting Set for June 22
CAL DIVE: Commences Liquidation Proceedings
CBRE COF: Commences Liquidation Proceedings
GGI SRI: Members' Final Meeting Set for June 24

ML KNIGHT 2003: Members' Final Meeting Set for June 24
ML KNIGHT 2003 INVESTOR: Members' Final Meeting Set for June 24
PRESTIGE AIRCRAFT: Shareholders' Final Meeting Set for June 30
RENUK LIMITED: Members' Final Meeting Set for June 22
ZENITH LIFE: Commences Liquidation Proceedings


C H I L E

AUTOMOTORES GILDEMEISTER: Moody's Lowers Global Scale CFR to B3


C O L O M B I A

ISAGEN SA: Defeated Ex-CFO Reemerges to Upend Privatization Plan


J A M A I C A

JAMAICA: Consumer Prices up in May


M E X I C O

CORPORACION GEO: Judge Approves Debt Restructuring Plan


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Gov't Concerned at Rising Household Debt


                            - - - - -


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

ARCOS DORADOS: Fitch Cuts Issuer Default Rating to 'BB+'
--------------------------------------------------------
Fitch Ratings has downgraded the ratings of Arcos Dorados B.V.
(AD) and Arcos Dorados Holdings Inc. (Arcos), as well as the
BRL675 million and USD475 million senior unsecured notes issued by
Arcos, to 'BB+'. The Outlook for the corporate ratings is
Negative.

KEY RATING DRIVERS

The downgrade of Arcos' and AD's ratings reflects the company's
weak operating performance, which has felt the impact of a very
challenging macroeconomic environment in Latin America,
specifically in Venezuela, Brazil, and Mexico. Soft consumption
across the region and currency devaluations have contributed to an
increase in the company's net lease-adjusted leverage above 4.5x,
which is above the 3.5x ratio expected by Fitch. The Negative
Outlook reflects concern that the company may not be able to
reduce its net lease-adjusted debt-to-EBITDAR ratio to below 4.0x
within the next 12 to 24 months.

Weak Regional Performance

Increased volatility in Venezuela, a soft consumer environment in
Brazil and Mexico, and currency devaluations have contributed to a
sharp decline in EBITDA. Arcos' Fitch-calculated EBITDA was USD233
million during the LTM ended March 31, 2015. This figure compares
with USD240 million at year-end 2014 and USD343 million at year-
end 2013. Fitch forecasts regional GDP growth to be 0.5% in 2015
and a contraction of 1% in Brazil, which is Arcos' largest market.

Increased Importance of Brazil

Brazil is the company's largest market, contributing to 50% of
sales and 76% of EBITDA during 2014. Excluding operations in
Venezuela and Argentina, Fitch estimates these figures to be about
60% and 85%, respectively. Brazil has become increasingly
important to the success of Arcos' operations in Latin America and
is the main market for its three-year restaurant opening plan
under the master franchise agreement (MFA) with McDonald's
Corporation ('BBB+', Outlook Stable). Negatively, Brazilian
consumption has stagnated and Fitch expects soft consumption for
the next 12-18 months.

Increased Leverage

Arcos' net lease-adjusted leverage was 4.6x as of Dec. 31, 2014;
this compares negatively to an average of 3.2x maintained from
2010 to 2013. Fitch estimates that its net lease-adjusted
debt/EBITDAR excluding EBITDA from Venezuela and Argentina is
about 4.9x. Arcos' decision to suspend dividend payments in 2015
and slow the pace of its expansion under the MFA is positive and
should reduce pressure on the company's cash flow generation. In
2015 the company expects to have 40-45 gross restaurant openings.
In the absence of real estate asset sales and/or the realization
of other measures announced by the company, such as re-
franchising, Fitch does not expect a significant deleveraging in
the next couple of years. The company seeks to sell around USD200
million of assets, which would lower leverage to around 3.5x.

Exposure to Transferability Risk

Arcos is exposed to high transferability risk in its Venezuelan
operations. Restrictions imposed by the Venezuelan Central Bank
have limited the U.S.-dollar supply in that country, which
constrains the repatriation of available cash and restricts
payment for imported goods as well as royalties. Following
measures announced by the local government, Arcos obtained a
temporary waiver to reduce royalty payments to McDonald's
Corporation in 2012, 2013, and 2014. Fitch estimates that
Venezuela represented about 5% of total sales in 2014. Arcos is
also exposed to transferability risk with its Argentine operation.
However, this risk is partially mitigated by the fact that its
local operation does not generate excess cash, as Arcos'
headquarters is based in Argentina.

MFA with McDonald's

The MFA sets strict strategic, commercial, and financial
guidelines for Arcos' operations which support the operating and
financial stability of the business as well as the underlying
value of the McDonald's brand in the region. Arcos is the largest
McDonald's franchisee in the world in terms of system-wide sales
and number of restaurants. About 75% of the restaurants are
operated by Arcos, and the remaining 25% are franchised
restaurants. The company's 2015 strategy includes 40-45
restaurants (gross openings) that would require investments of
USD90 million to USD120 million. In 2014 Arcos was not in
compliance with certain debt covenants established by the MFA;
McDonald's granted a waiver through March 31, 2015. In addition,
the company is in negotiations with McDonald's to modify the
current three-year expansion plan given the weak Latin American
environment.

Under the terms of the MFA, McDonald's has a call option to
repurchase its assets in the region under certain events. Terms of
the notes specify that these funds should be applied to debt
repayment. The call option price is set as the fair market value
of all assets of the operating companies (80% in the case of a
material breach), minus debt at operating company and
contingencies, plus cash. The MFA requires all group companies to
remain current on their financial obligations to avoid a material
breach of the agreement.

Strength of McDonald's Franchise

The ratings also incorporate the strength of McDonald's as
franchisor and its long-standing relationship with Arcos' owners
and management. Arcos' controlling shareholder was the joint
venture partner of McDonald's in Argentina for over 20 years and
served as president of the McDonald's South America division from
2004 until the acquisition. On average, the management team has
worked for over 12 years at McDonald's.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Arcos include
the following:

   -- No growth in sales or EBITDA in 2015 due to weak regional
      environment, specifically Brazil
   -- Revenues grow 1% in 2016, 1.5% in 2017 and 2% in 2018
   -- 30% devaluation in Argentina in 2016
   -- EBITDA margin approaches 8% by 2018
   -- No dividends in 2015 or 2016
   -- BRL bond refinanced in 2016
   -- Arcos receives about USD200 million from 2016-2018 in real
      estate asset sales and redevelopment. Proceeds used to
      reduce debt.
   -- Modest annual deleveraging to reach a net lease-adjusted
      leverage ratio of around 3.5x by 2018

Rating Sensitivities

Arcos' ratings could be negatively affected by continued weak
performance in Brazil; significant deterioration of same store
sales; and higher than expected investments and dividends,
pressuring free cash flow FCF and leverage ratios. Additional
factors that could lead to consideration of a further downgrade
include: inability of Argentine and Venezuelan operations to be
self-sustaining; failure to comply with the terms of the MFA;
failure to execute non-core real estate asset sales; and/or a
consolidated net lease adjusted debt-to-EBITDAR ratio above 4.0x
on a sustained basis.

A positive rating action is not likely in the near- to medium-
term. The ratings could be positively affected by higher than
expected cash generation from investment-grade countries that
would lead to a material improvement in leverage metrics such as
net lease-adjusted debt levels below 3.5x.

Liquidity

Arcos had USD2 billion of total adjusted debt and USD71 million of
cash and marketable securities as of March 31, 2015; the company
has about USD4 million of cash in Venezuela which Fitch considers
as restricted cash. Short-term debt totaled USD64 million, which
includes about USD10 million in derivatives, USD5 million in
interest, and a USD5 million current portion of long-term debt.
Liquidity is further enhanced by a USD75 million revolving credit
facility with Bank of America which matures in August 2015. As of
March 31, 2015, Arcos had borrowed USD35 million due in April
2015. Fitch expects that this facility will be renewed for an
additional two years. In addition, Arcos has credit and debit card
receivables of about USD39 million as of Dec. 31, 2014, meal
voucher receivables of USD13 million, and USD38 million in
receivables from franchisees.

Full List of Rating Actions

Fitch has downgraded the following ratings:

AD
   -- Foreign currency Issuer Default Rating (IDR) to 'BB+' from
      'BBB-';
   -- Local currency IDR to 'BB+' from 'BBB-'.

Arcos

   -- Foreign currency IDR to 'BB+' from 'BBB-';
   -- BRL675 million senior unsecured Brazilian-real notes due
      2016 to 'BB+' from 'BBB-';
   -- USD473.767 million senior unsecured notes due 2023 to 'BB+'
      from 'BBB-'.

The Outlook for the corporate ratings was revised to Negative from
Stable.


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


BIC ARRENDAMENTO: Moody's Affirms Ba1 LC Subordinated Debt Rating
-----------------------------------------------------------------
Moody's America Latina Ltda. affirmed all local currency ratings
assigned to BIC Arrendamento Mercantil S.A. (BIC Leasing),
including the Baa3 local currency issuer rating, the Ba1 local
currency subordinated debt rating as well as the long-term
Brazilian national scale ratings of Aa1.br and Aa2.br for issuer
and subordinated debt, respectively. The outlook on BIC Leasing's
issuer ratings remains stable.

Moody's withdrawn the outlook on BIC Leasing's local currency
subordinated instrument ratings covered in this press release for
its own business reasons. Outlooks are now only assigned to long-
term senior debt and deposit ratings, indicating the direction of
any rating pressures.

The affirmation of the local currency ratings assigned to BIC
Leasing follows the affirmation of existing ratings assigned to
its parent bank Banco Industrial e Comercial S.A. (BICBANCO).
BICBANCO's BCA was lowered to ba3 from ba2, to reflect the ongoing
net losses it has reported over the last four quarters and the
challenges to turn around its performance in light of still weak
asset risk, as a meaningful increase in non-performing loans in
early 2015 indicates. Consequently, the bank's tangible common
equity to risk weighted assets ratio fell to 5.6% in 1Q15. At the
same time, BICBANCO's Baa3 deposit and senior debt ratings were
affirmed, benefiting from a three-notch affiliate support uplift
from the ba3 BCA. Moody's assesses a very high likelihood of
support from its parent China Construction Bank Corporation (A1
stable, baa2), based on it owning a majority stake and the
strategic position of the subsidiary given the important trade
linkages between Brazil and China. Ratings remain on stable
outlook.

Upward pressures on BICBANCO's BCA would be related to a clear
improvement on asset risk supported by strong enhancement of
credit risk standards and significant reduction in problem loans.
Consistent improvement in its profitability, and increased
capitalization would also be positive for the ratings. Downward
pressures on the BCA would be driven by asset risk deterioration,
inability to achieve profitability breakeven, and further capital
deterioration. Also, an upward/downward pressure on BICBANCO's
deposit and debt ratings would be mainly driven by a
downgrade/upgrade on CCB's baa2 BCA.

The following ratings assigned to BIC - Arrendamento Mercantil
S.A. were affirmed:

- Long-term global local-currency issuer rating of Baa3, stable
   outlook

- Long-term Brazilian national scale issuer rating of Aa1.br

- Long-term global local-currency subordinate debt rating of Ba1

- Long-term Brazilian national scale subordinate debt rating of
   Aa2.br

Moody's took its last rating action on BIC -- Arrendamento
Mercantil S.A. on Dec. 1, 2014, when Moody's America Latina
upgraded all ratings assigned to BIC Leasing, including the long-
term global local-currency issuer rating to Baa3 from Ba1; the
long-term Brazilian national scale issuer rating to Aa1.br from
Aa2.br; the long-term global local-currency subordinate debt
rating to Ba1 from Ba2; and the long-term Brazilian national scale
subordinate debt rating to Aa2.br from Aa3.br. At the same time,
Moody's changed the outlook on these ratings to stable. The rating
action was in line with the rating action Moody's took on Banco
Industrial and Comercial S.A. (BICBANCO), announced on
Dec. 1, 2014.


BRAZIL: Banks Face $59 Billion Court Dispute
--------------------------------------------
Mario Sergio Lima and Arnaldo Galvao at Bloomberg News report that
Brazilian banks would have to pay upfront if they were to lose a
$59 billion class-action suit against them over government anti-
inflation plans that caused depositor losses.

Government and banks were expecting that the damages could be
diminished if they lost, either by postponing payments or reducing
the amount, according to a senior government official and a bank
executive, notes Bloomberg News.  Yet laws governing the Supreme
Court require at least eight of 11 votes in favor to reduce the
immediate financial impact of the decision, a result that has
become impossible after three judges recused themselves and Judge
Marco Aurelio Mello said he opposed the plan, says the report.

"I've already made my position clear many times: I'm against," Mr.
Mello told Bloomberg News in a phone interview.  He said that
without his support the court won't be able to mitigate any ruling
against the banks.

Bloomberg News relates that the Supreme Court is expected as early
as August to resume the case that has been working its way through
the judicial system for decades.  The judges suspended the ruling
in November 2013, after the central bank said a decision against
the banks could drain a quarter of the lenders' capital and
further strain Brazil's economy, Bloomberg News relays.

Banco do Brasil SA, Latin America's largest bank by assets, and
Itau Unibanco Holding SA, the biggest by market value, are among
companies targeted by depositors seeking compensation for losses
stemming from government policies adopted to fight hyperinflation
in the 1980s and 1990s, Bloomberg News notes.  The banks deny any
wrongdoing, saying they implemented changes ordered by the
government.

                           Biggest Concern

Bloomberg News notes that Itau Chief Executive Officer Roberto
Setubal said in February that the case is the Sao Paulo-based
bank's biggest concern.  Banks don't have provisions to cover all
the claims, according to the banking association, Febraban,
Bloomberg News discloses.

The report notes tht Brazil's central bank estimated in 2013 that
restitution could cost the industry about BRL150 billion ($48
billion).

That would jump to about BRL182 billion with interest, based on
the average annual benchmark rate for the period under review,
according to data compiled by Bloomberg.

President Dilma Rousseff's administration expected the Supreme
Court to use as a model a March decision on a separate matter that
gave cities and states until 2020 to pay some debt based on court
order, Bloomberg News notes.  That would relieve banks of the
immediate financial impact, a government official said in a May
interview, Bloomberg News adds.


BRAZIL: Real Declines to One-Week Low as Trade Surplus Narrows
--------------------------------------------------------------
Filipe Pacheco and Paula Sambo at Bloomberg News report that
Brazil's real dropped to a one-week low as the South American
nation posted a trade surplus that was about a third of the
previous level, reviving concern that inflows are diminishing amid
economic weakness.

"Even though the real is considerably cheaper in the recent
months, we don't see exports picking up as much as desirable,"
Reginaldo Galhardo, a foreign-exchange manager at Treviso
Corretora de Cambio in Sao Paulo, told Bloomberg News in a
telephone interview.  "We recognize a widespread bad sentiment
even among exporters."

The real decreased 0.5 percent to 3.1269 per dollar at the close
of trade in Sao Paulo on June 15, the weakest level on a closing
basis since June 5, after climbing 0.8 percent, Bloomberg News
notes.  One-month implied volatility on options for the real,
reflecting projected shifts in the exchange rate, climbed to 17.12
percent from last week's 16.73 percent, which was the lowest since
Feb. 5, Bloomberg News relays.

The government posted a trade surplus of $678 million for the week
ended June 14, compared with $1.98 billion in the prior period.
The real climbed earlier on enhanced prospects for the nation's
inflows as Embraer SA announced orders for regional jets worth
$2.6 billion, Bloomberg News relays.

The report notes that swap rates on the contract maturing in
January 2017, a gauge of expectations for changes in Brazil's
borrowing costs, increased 0.18 percentage point to 14.06 percent,
a six-year high.

Policy makers voted unanimously this month to lift the benchmark
lending rate by 0.5 percentage point to 13.75 percent, the highest
level since 2009, says Bloomberg News. As inflation remains above
target, Brazil is the only member of the Group of 20 nations
raising borrowing costs this year, the report adds.

                            GDP Outlook

According to Bloomberg News, analysts are becoming more
pessimistic about the economy. Gross domestic product will
contract 1.35 percent in 2015 before expanding 0.9 percent next
year, according to the median of about 100 estimates in a central
bank survey published, Bloomberg News notes.  Previously, they
predicted a contraction of 1.30 percent this year and a 1 percent
expansion in 2016, Bloomberg News relays.

In a positive sign for trade, executives at Embraer announced at
the Paris Air Show deals with United Continental Holdings Inc. and
other foreign buyers, cementing its standing as the biggest maker
of regional jets, Bloomberg News discloses.

Brazil extended the maturity on 6,300 foreign-exchange swap
contracts worth $308.9 million, compared with 8,100 daily last
month, Bloomberg News notes.

The central bank monitors hedge demand and not the exchange rate
when preparing swap offerings, a member of President Dilma
Rousseff's economic team said, Bloomberg News relays.  Policy
makers consider risks to financial stability, according to the
official, who asked not to be identified because the discussions
aren't public, Bloomberg News adds.


BRAZIL: Analysts Expect Economy to Contract 1.35%
-------------------------------------------------
EFE News reports that analysts have revised their estimates
downward and now expect Brazil's economy to contract 1.35 percent
this year, the Central Bank said.

The gross domestic product (GDP) estimate comes from the Boletin
Focus, a weekly Central Bank survey of analysts from about 100
private financial institutions on the state of the national
economy, according to EFE News.

A week ago, analysts surveyed for the Boletin Focus expected Latin
America's largest economy to contract by 1.3%, the report relays.

Analysts expect Brazil to finish 2015 with an inflation rate of
8.79 percent, up from the 8.46 percent estimate released last
week, the report discloses.

The government has revised its GDP estimate for 2015 to show a
contraction of 1.20 percent, the report notes.

If the GDP forecast proves to be accurate, it would be Brazil's
worst performance since 1990, when the economy contracted by 4.35
percent, the report says.

The South American country's economy grew just 0.10 percent last
year, compared to 2013, the report adds.


BRAZIL: Moody's Assigns CR Assessments to 17 Banks
--------------------------------------------------
Moody's Investors Service assigned Counterparty Risk Assessments
(CR Assessments) to seventeen Brazilian banks. The announcement
follows the publication of the rating agency's new bank rating
methodology.

The 17 Brazilian banks covered are:

- Banco Alfa de Investimento S.A.

- Banco Cetelem S.A.

- Banco Daycoval S.A.

- Banco do Estado de Sergipe S.A.

- Banco do Estado do Para S.A.

- Banco GMAC S.A.

- Banco Industrial do Brasil S.A.

- Banco Indusval S.A.

- Banco Mizuho do Brasil S.A.

- Banco Modal S.A.

- Banco Original S.A.

- Banco Original do Agroneg¬Ęcio S.A.

- Banco Paulista S.A.

- Banco PSA Financial Brasil S.A.

- Banco Santander (Brasil) S.A.

- Banco Sofisa S.A.

- BES Investimento do Brasil S.A.

A list of the affected credit ratings is available at
http://is.gd/lkrHP4

As part of the actions, Moody's has assigned a Counterparty Risk
Assessment (CR Assessment) to 17 banks and their branches. CR
Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than expected loss and (2) apply to counterparty
obligations contractual commitments rather than debt or deposit
instruments. The CR Assessment is an opinion of counterparty risk
related to a bank's covered bonds, contractual performance
obligations (servicing), derivatives (e.g. swaps), letters of
credit, guarantees and liquidity facilities.

For these 17 Brazilian banks, the CR Assessment is positioned,
prior to government support, one notch above each bank's
respective Adjusted BCAs and, therefore, above the senior
unsecured and deposit ratings, reflecting Moody's view that its
probability of default is lower than that of senior unsecured debt
and deposits. Moody's believe that senior obligations represented
by the CR Assessment will be more likely preserved in order to
limit contagion, minimize losses and avoid disruption of critical
functions.

Moody's notes that the CR Assessment does not benefit from any
government support, in line with our support assumption on
deposits and senior unsecured debt ratings for these 17 banks.
This reflects our view that operating activities and obligations
reflected by the CR Assessments are unlikely to benefit from any
support provision from resolution authorities to senior unsecured
debt and deposits.

The principal methodology used in these ratings/analysis was Banks
published in March 2015.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

Moody's took its last rating action on Banco Santander (Brasil)
S.A. (Santander Brazil) on Sep. 9, 2014, when the rating agency
changed to negative, from stable, the outlook on Santander
Brazil's long-term global local and foreign currency deposit
ratings, as well as on the senior unsecured rating assigned to the
bank and to the Cayman branch. At the same time, all ratings were
affirmed. These rating actions followed the change in outlook to
negative, from stable, on Brazil's government bond ratings.

Moody's took its last rating action on Banco Alfa de Investimento
S.A. (Alfa) on Sep. 9, 2014, when the rating agency changed to
negative, from stable, the outlook on Alfa's long-term local and
foreign currency deposit ratings of Baa2. The Prime-3 short-term
local and foreign currency deposit ratings as well as the baa2
baseline credit assessment and the Aaa.br/BR-1 long and short-term
Brazilian national scale ratings remained unchanged. The action
followed the change in outlook to negative, from stable, on
Brazil's government bond ratings.

Moody's took its last rating action on Banco Mizuho do Brasil S.A.
(Mizuho Brazil) on Sep. 15, 2014, when the rating agency changed
to negative, from stable, the outlook on Mizuho Brazil's long-term
foreign currency deposit rating of Baa2. At the same time, Moody's
affirmed all ratings assigned to Mizuho Brazil and maintained its
baseline credit assessment (BCA) at ba3. The outlook on the long-
term global local currency deposit rating of Baa2 and the long-
term Brazilian national scale deposit ratings of Aaa.br remained
stable. This rating action follows the change in outlook to
negative, from stable, on Brazil's government bond ratings.

Moody's took its last rating action on Banco Daycoval S.A.
(Daycoval) on Aug. 12, 2014, when Moody's America Latina Ltda
assigned a Baa3 global local currency debt rating and a Aa1.br
national scale debt rating to the 2016 and 2017 local currency
senior unsecured banknotes (letras financeiras) issued by
Daycoval. Other ratings remained unchanged. The outlook on the
ratings was placed on stable.

Moody's took its last rating action on Banco Cetelem S.A.
(Cetelem) (former Banco BGN S.A.) on Sep. 22, 2009, when the
rating agency upgraded the bank's foreign currency deposit rating
to Ba1, from Ba2 as a result of the upgrade of Brazil's deposit
ceiling to Baa3 from Ba2. The outlook on all ratings was placed on
stable.

Moody's took its last rating action on Banco PSA do Brasil S.A.
(Banco PSA) on March 5, 2015, when the rating agency upgraded
Banco PSA's long-term global local and foreign currency deposit
ratings to Ba1, from Ba2, and the long-term Brazilian national
scale deposit rating to Aa2.br, from Aa3.br. The rating action
follows Moody's upgrade of the ratings of its French parent Banque
PSA Finance, announced on 27 February 2015. The outlook on all
ratings remained stable.

Moody's took its last rating action on Banco Industrial do Brasil
S.A. (BIB) on April 26, 2013, when the rating agency affirmed all
ratings assigned to BIB, including the global local-currency and
foreign-currency deposit ratings of Ba2 and Not Prime, and the
Brazilian national scale deposit ratings of A1.br and BR-1. The
outlook on all ratings remained stable.

Moody's took its last rating action on Banco GMAC S.A. (GMAC) on
Nov. 3, 2014, when the rating agency affirmed GMAC's standalone
baseline credit assessment at ba3, and upgraded its long-term
global local and foreign currency deposit ratings to Ba2, from
Ba3. The short-term global local currency and foreign currency
deposit ratings remained unchanged. Moody's downgraded GMAC's
Brazilian national scale deposit ratings to A1.br and BR-1, from
A3.br and BR-2, long- and short-term, respectively. The outlook on
all ratings remained stable.

Moody's took its last rating action on Banco Sofisa S.A. (Sofisa)
on Dec. 22 2011, when the rating agency downgraded Sofisa's long-
term global local and foreign currency deposit ratings to Ba2,
from Ba1, as a result of the downgrade of the bank's baseline
credit assessment to ba2, from ba1. Moody's also downgraded the
bank's long-term Brazilian national scale deposit rating to
Aa3.br, from Aa2.br. The ratings outlook was changed to stable.
All short-term ratings remained unchanged.

Moody's took its last rating action on Banco do Estado de Sergipe
S.A. (Banese) on April 29, 2014, when the rating agency assigned
first-time ratings to the bank, including a ba2 baseline credit
assessment in the global rating scale. At the same time, Moody's
assigned a Ba2 and Not Prime long- and short-term global local-
and foreign-currency deposit ratings, and a A1.br and BR-1 long-
and short-term Brazilian national scale deposit ratings. All
ratings were given a stable outlook.

Moody's took its last rating action on Banco do Estado do Par
S.A. (Banpar ) on Oct. 11, 2013, when the rating agency assigned
first-time ratings to Banpar , including a ba3 baseline credit
assessment, a Ba3/Not Prime global local- and foreign-currency
deposit ratings, long- and short-term, respectively; as well as
A2.br/BR-2 long- and short-term Brazilian national scale deposit
ratings. All ratings were placed on stable outlook.

Moody's took its last rating action on Banco Original S.A. (BOM)
and on its sister-bank Banco Original do Agroneg¬Ęcio S.A. (BOA) on
Oct. 23, 2014, when the rating agency affirmed the global scale
ratings assigned to both BOM and BOA, including the b1 baseline
credit assessment, the B1/Not Prime long- and short-term local and
foreign-currency deposit ratings. At the same time, Moody's
upgraded these banks' long-term Brazilian national scale deposit
ratings to Baa1.br, from Baa2.br, as well as the BR-2 for short-
term. The outlook remained stable for all ratings.

Moody's took its last rating action on Banco Indusval S.A. (BI&P)
on Sep. 8, 2014, when the rating agency downgraded the ratings
assigned to BI&P, including the long-term global local and foreign
currency deposit ratings to B1 from Ba3, as well as the long- and
short-term Brazilian national scale deposit rating, to Baa2.br and
BR-3 from A2.br and BR-2, respectively. At the same time, Moody's
lowered the baseline credit assessment to b1, from ba3. The short-
term global ratings remained unchanged at Not Prime. The outlook
on all ratings was changed to stable from negative.

Moody's took its last rating action on Banco Modal S.A. (Modal) on
Sep. 8, 2014, when the rating agency downgraded the ratings
assigned to Modal, including the long-term global local and
foreign currency deposit ratings to B1 from Ba3, as well as the
long- and short-term Brazilian national scale deposit rating, to
Baa2.br and BR-3 from A2.br and BR-2, respectively. At the same
time, Moody's lowered the baseline credit assessment to b1, from
ba3. The short-term global ratings remained unchanged at Not
Prime. The outlook on all ratings remained stable.

Moody's took its last rating action on Banco Paulista S.A.
(Paulista) on Oct. 24, 2013, when the rating agency downgraded its
long-term local- and foreign-currency deposit ratings to B2, from
B1, and lowered the baseline credit assessment (BCA) to b2, from
b1. Moody's also downgraded Paulista's long-term Brazilian
national scale rating to Baa3.br, from Baa2.br. The outlook on all
ratings remained stable.

Moody's took its last rating action on BES Investimento do Brasil
S.A.(BESI Brazil) on Dec. 19, 2014, when the rating agency
confirmed BESI Brazil's B2 long-term global local- and foreign-
currency deposit ratings and its Ba2.br long-term Brazilian
national scale deposit rating. The outlook on these ratings
remained developing. At the same time, the bank's unsupported
baseline credit assessment (BCA) was maintained at b2. The Not
Prime short-term global local- and foreign-currency deposit
ratings and the BR-4 short-term Brazilian national scale deposit
ratings were also affirmed. This rating action followed an
announcement about the sale of Portugal's Banco Espirito Santo de
Investimentos S.A. (unrated), BESI Brasil's controlling
shareholder, to Haitong Securities Company Limited (unrated), made
on Dec. 8, 2014.


MDL REALTY: Moody's Downgrades CFR to Caa1, Outlook Negative
------------------------------------------------------------
Moody's America Latina downgraded the corporate family ratings
assigned to MDL Realty Incorporacoes S.A. to Caa1 from B3 on the
global scale and to Caa1.br from Ba3.br on the Brazilian national
scale. At the same time, Moody's has downgraded to Caa1/Caa1.br
from B3/ Ba3.br the ratings assigned to the company's BRL100
million senior secured debentures due in 2018. Moody's has also
changed the outlook on the ratings to negative from stable.

Issuer: MDL Realty Incorporacoes S.A. (MDL Realty)

Ratings downgraded:

  -- Corporate Family Ratings: to Caa1 from B3 (global scale) and
     to Caa1.br from Ba3.br (national scale)

  -- BRL100 million senior secured debentures due in 2018: to
     Caa1/Caa1.br f from B3/Ba3.br

The outlook of all ratings changed to negative from stable

The downgrade of MDL Realty's ratings was prompted by an ongoing
deterioration in the company's credit metrics and liquidity
profile driven, not only by a deterioration in homebuilding
industry fundamentals, but also due to changes in its capital
structure as per large intercompany loans denominated in US
dollars that resulted in increased exposure to foreign currency
volatility and higher debt costs.

The negative outlook reflects the difficulties ahead of the
management to improve its cash generation and financial risk
profile amid weak macroeconomic trends and challenging industry
fundamentals over the next twelve to eighteen months.

MDL Realty's Caa1/Caa1.br ratings reflect its: (i) small size and
limited revenue diversification when compared to its international
peers and local competitors, (ii) limited track record of
operations as an integrated homebuilder and associated execution
risks, and (iii) weak corporate governance practices and financial
policies compared to other public rated peer companies. Other
factors constraining MDL Realty's rating include its high leverage
and growing exposure to foreign currency volatility. These risks
are partially mitigated by MDL Realty's attractive operating
margins, expected improvement in internal cash flow generation
from project completion and the track record of equity support
from the shareholders.

The deterioration in the overall homebuilding industry dynamic has
been driven by a sharp contraction in consumer confidence, based
on Brazil's macroeconomic and political uncertainties that are
contributing to an increase in unemployment rates, lower
disposable income and reduced funding availability for home
acquisition. Moody's anticipates continued pressure in
homebuilders' cash flows from sales cancellations in 2015, along
with delays in the process of credit takeout after project
completions and some deterioration in real estate prices,
particularly in the middle income housing segment.

In 2014, MDL Realty launched approximately BRL134 million in
potential sales value (PSV) representing a 60% decrease over the
launches in 2013. Historically, the company's launches have been
in the range of BRL 250 million to BRL350 million per year.
Similar to other local homebuilders, the company has adjusted its
growth strategy to preserve cash in face of weaker sales speed and
a longer than expected cash conversion cycle. Nevertheless, the
ratio of cash availability to short term debt maturities has
decreased to 17% in 2014 from 44% in 2013, while the gross debt to
capitalization ratio increased to 64.4% in 2014, up from 60.5% in
2013. In the absence of a significant change in the company's
capital structure, Moody's expect leverage to reach 70% in 2015.

A ratings upgrade is unlikely at this time, but Moody's could
consider an outlook stabilization if the company balances its
capital structure and improves its financial risk profile in order
to maintain a higher cash balance availability that covers at
least 100% of its debt service in the short term. Rating's upward
pressure would also depend on improvement in corporate governance
or in market fundamentals, leading to revenue growth and/or better
than expected credit metrics.

MDL Realty's rating could be further downgraded if the company
faces a continued deterioration in its leverage and liquidity
profile leading to a distressed exchange or significant loss to
creditors. Quantitatively the ratings could be further downgraded
if total debt to capitalization ratio increases above 70% or if
its EBIT to interest coverage falls below 1.0x.

MDL Realty Incorporadora S.A. (MDL Realty) is a private company
headquartered in Rio de Janeiro, Brazil. The company is a regional
niche player in the fragmented Brazilian homebuilding market.
Despite its origin as a developer in the mid-low income housing
segment, the company is now focused in the real estate development
for the middle and high income segments markets in the states of
Rio the Janeiro and Sao Paulo, currently with a backlog of 11
projects under construction. In 2014, MDL reported net revenues of
BRL452 million (USD 193 million) and net income of BRL35million
(US$15 million).



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


AEM SELECT: Members' Final Meeting Set for June 24
--------------------------------------------------
The members of AEM Select Fund, Ltd. will hold their final meeting
on June 24, 2015, at 1:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


BLUE SKY: Members' Final Meeting Set for June 22
------------------------------------------------
The members of Blue Sky will hold their final meeting on June 22,
2015, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CAL DIVE: Commences Liquidation Proceedings
-------------------------------------------
On May 11, 2015, the sole shareholder of Cal Dive Offshore
Services, 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:

          Quinn J. Hebert
          2500 CityWest Blvd.
          Suite 2200, Houston
          Texas 77042
          USA
          Telephone: (713) 361-2600
          Facsimile: (713) 587-7338


CBRE COF: Commences Liquidation Proceedings
-------------------------------------------
On May 13, 2015, the sole member of CBRE COF Management 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:

          Jean-Francois Gillard
          Flat 4, Grd/F, Blk F Deepdene
          55 Island Road
          Deep Water Bay
          Hong Kong


GGI SRI: Members' Final Meeting Set for June 24
-----------------------------------------------
The members of GGI SRI, Ltd. will hold their final meeting on
June 24, 2015, at 1:10 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ML KNIGHT 2003: Members' Final Meeting Set for June 24
------------------------------------------------------
The members of ML Knight 2003 Holding Corp. will hold their final
meeting on June 24, 2015, at 1:20 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ML KNIGHT 2003 INVESTOR: Members' Final Meeting Set for June 24
---------------------------------------------------------------
The members of ML Knight 2003 Investor Corp. will hold their final
meeting on June 24, 2015, at 1:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


PRESTIGE AIRCRAFT: Shareholders' Final Meeting Set for June 30
--------------------------------------------------------------
The shareholders of Prestige Aircraft Leasing (Pal), Inc. will
hold their final meeting on June 30, 2015, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RENUK LIMITED: Members' Final Meeting Set for June 22
-----------------------------------------------------
The members of Renuk Limited will hold their final meeting on
June 22, 2015, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


ZENITH LIFE: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on April 17, 2015, the members of
Zenith Life Reinsurance Company, SPC 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:

          Stuart Jessop
          5th Floor, Windward 3
          Regatta Office Park, West Bay Road
          Grand Cayman KY1-1105
          Cayman Islands


=========
C H I L E
=========


AUTOMOTORES GILDEMEISTER: Moody's Lowers Global Scale CFR to B3
---------------------------------------------------------------
Moody's Investors Service downgraded Automotores Gildemeister
("AG")'s global scale corporate family rating to B3. At the same
time, Moody's downgraded its Senior Unsecured Notes due 2021 and
2023 to B3. The outlook for the ratings remains negative.

The following ratings have been downgraded:

Issuer: Automotores Gildemeister S.A.

  -- Corporate Family Rating: to B3 from B2 (global scale)

  -- US$400 million Senior Unsecured Notes due 2021: to B3 from
     B2 (foreign currency)

  -- US$300 million Senior Unsecured Notes due 2023: to B3 from
     B2 (foreign currency)

The downgrade to B3 primarily reflects AG's weakened credit
metrics and liquidity profile. Contrary to our initial
expectations for the year, performance recovery will be very
gradual as a result of weak vehicle sales trends experienced both
in Chile and Peru, with modest impacts in the company's credit
metrics in 2015. The company's leverage, as measured by Moody's
adjusted debt-to-EBITDA, has shown strong deterioration over the
last year as a result of the negative impacts coming from the
Brazilian operations. Still, even after the removal of such
effect, we estimate leverage to remain above 10 times over the
next two years.

In terms of liquidity, although AG will not face material debt
maturities in the short term, its cash position of USD 55mm as of
March 2015 is modest when compared to its combined upcoming debt
maturities, interest expenses and capex, among other expense
needs. Mitigating this concern is some extent is the company's
significant amount of unencumbered inventory, of about USD 300
million as of March 31 2015, that could be used for liquidity
purposes.

Gildemeister's B3 rating still considers its solid market position
as one of the leading automotive distributors and retailers in its
markets in Chile and Peru. The rating also incorporates the
benefit of Gildemeister's hybrid business model as both a
distributor and retailer of car brands which has resulted in
historically above average operating margins when compared to the
traditional U.S. based auto retailers. Gildemeister's ratings are
constrained by its very weak credit metrics, high dependence on
the Hyundai brand, as well as the cyclical nature of the
automotive industry and light vehicle sales, which is easily
affected by changes in consumer preferences and product mix.

The negative outlook reflects Gildemeister's deteriorating
liquidity, credit metrics and weak margins. The negative outlook
also reflects the company's exposure to a slowing macroeconomic
environment throughout Latin America, particularly in Chile and
Peru, which will likely strain demand growth in 2015 and 2016 and
increase pressure on profitability.

Gildemeister's ratings could be further downgraded if liquidity
worsens or if the company is unable to significantly improve
current credit metrics. The ratings or outlook could also be
downgraded in case its agreement with Hyundai were to be
unfavorably altered. Structurally, a substantial increase in
secured debt could also lead to a downgrade of the B3 rating on
the senior unsecured bonds.

Although an upgrade is unlikely in the near to-medium-term, the
ratings could be stabilized if Gildemeister's liquidity improves,
adjusted debt to EBITDA were to reduce sustainably to below 8.0x
and interest coverage is maintained above 1.0x.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.

Gildemeister S.A., headquartered in Santiago, Chile, is one of the
largest importers and distributors in Chile and Peru operating a
network of company-owned and franchised vehicle dealerships. Its
principal car brand is Hyundai for which it is the sole importer
in both of its markets. For the last twelve months ended March 31,
2015, Gildemeister reported consolidated net revenues of about USD
1.4 billion with approximately 58.1% being generated from its key
market, Chile.


===============
C O L O M B I A
===============


ISAGEN SA: Defeated Ex-CFO Reemerges to Upend Privatization Plan
----------------------------------------------------------------
Christine Jenkins and Jonathan Levin at Bloomberg News report that
Rodrigo Toro, Isagen's former chief financial officer, isn't going
to watch his old company be sold off without a fight.

The 62-year-old engineer, who led a failed attempt to buy the
Colombian state-controlled hydropower producer in 2013, is among a
group that successfully sued to suspend the latest auction last
month of the government's COP5.3 trillion ($2.1 billion) majority
stake, according to Bloomberg News.

Bloomberg News relates that the delay has left bidders from Canada
to Europe in limbo on a transaction that could have highlighted
Colombia's potential as an investment destination and helped
offset slowing economic growth.

Instead, it has become a reminder of the difficulty of doing
business in the Latin American nation, drawing attention to a
legal and administrative system the World Economic Forum ranks
below those in Guatemala and Honduras, the report notes.

"What happened with Isagen SA is definitely a bad signal for
international investors," Mario Castro, a Colombia strategist at
Nomura Holdings Inc., told Bloomberg in a telephone interview from
New York.

"It makes clear one of the institutional weaknesses of the
country: legal uncertainty," Mr. Castro added.

Bloomberg News notes that the government said canceling the sale
would be a setback in funding President Juan Manuel Santos's
signature infrastructure initiative, known as 4G, according to a
response filed with the court.  It's meant to overhaul roads the
economic forum says are worse than those in Bolivia and
Kyrgyzstan, Bloomberg News relays.

The government established a development-bank fund to help
construction companies finance spending on 4G projects, and the
Isagen SA sale was supposed to provide equity, according to a
November 2013 Colombian Finance Ministry presentation, Bloomberg
News says.

                            400 Workers

The court in charge of the case based the suspension on three
complaints: one from a union, one from a workers' group and --
"especially," according to court documents -- the suit by Mr.
Toro, who worked at the company for 14 years and says he
represents more than 400 current and former workers who want to
buy the business, Bloomberg News discloses.

Bloomberg News says that Mr. Toro, speaking in a telephone
interview from Medellin, said he was called in to lead the
"crusade" for a worker takeover during the 2013 sales effort.

While he's not against the transaction in principle this time, Mr.
Toro said his group didn't get fair treatment, Bloomberg News
relays.

Under Colombian law, the government must offer special conditions
during privatizations to current and former workers and related
pension funds, Bloomberg News discloses. That means first offering
shares to this so-called solidarity sector before proceeding to a
second phase that opens shares to the public -- including foreign
funds and corporations, Bloomberg News relays.

                        Buying Restrictions

Bloomberg News discloses that Mr. Toro and his group held talks
with advisers and lenders, including Banco Itau BBA SA, Morgan
Stanley and KPMG LLP, and intended to buy shares in the first
round of the sale.  Instead, Mr. Toro said the government placed
unfair restrictions on the number of shares they could buy,
Bloomberg News relays.

Pablo Cardenas, coordinator of the Finance Ministry's legal
affairs group, said in an e-mailed response to questions that the
government's opponents in the case are trying to confuse the
public and "sabotage the process," Bloomberg News notes.  Mr.
Cardenas said share limits are meant to discourage outsiders who
may try to game the system by buying shares through the workers,
Bloomberg News notes.

"The limits on this process are the same that have always existed
in other sales," Bloomberg News quoted Mr. Cardenas as saying.
They are "limits that until now have been validated in court on
various occasions," Bloomberg News says.

A definitive ruling on the lawsuits may take as long as three
months, according to a May 20 e-mailed response to questions from
Magistrate Hugo Bastidas, Bloomberg News relays.

                          Demand Outlook

Colombia's Energy Ministry projects electricity demand will grow
3.6 percent a year during the next five years, making Isagen SA
appealing to foreign companies that already have a foothold,
including Toronto-based Brookfield Asset Management Inc.,
Bloomberg News discloses.

Bloomberg News notes that Brookfield is among the bidders, along
with Courbevoie, France-based Engie, formerly known as GDF Suez
SA, and Colbun SA in Santiago.

Colbun SA said it would wait for the Colombian courts to resolve
the matter before considering its next steps, Bloomberg News
relays.

The difficulty of selling Isagen SA underscores the prickly nature
of state-asset sales, Bloomberg News says.  Most Colombian adults
still remember the blackouts of the 1990s, which spawned changes
in electricity policy and helped spur the creation of Isagen 20
years ago, Bloomberg News notes.

The government said in its response to the court last month that
it gets a 3.5 percent dividend yield on its Isagen SA investment,
Bloomberg News discloses. If it invests the same amount of money
in infrastructure loans, it said it can earn a 5 percentage point
spread over inflation, which is currently 4.41 percent, Bloomberg
News notes.

                            Bad Timing

The delay in the sale comes at a time when Colombia is least able
to handle a hit to its infrastructure plans and cross-border
investment flows, according to Mr. Castro, Bloomberg News
discloses.

Oil, which has plummeted 44 percent in price during the past year,
accounts for more than half of exports and about 30 percent of
foreign direct investment, Bloomberg News notes.  The government
also depends on oil revenue to subsidize spending, Bloomberg News
says.

The economy grew at the slowest pace in two years during the first
quarter as manufacturing and mining output contracted, Bloomberg
News notes.

"If the sale doesn't happen in the end, it puts at risk the
development of these infrastructure projects," Bloomberg News
quoted Mr. Castro as saying.  "I don't see many options for the
government to replace these $2 billion," Mr. Castro added.

Isagen SA is the operator of Colombia's largest hydropower plant.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Bloomberg News said that Isagen SA may fall in Bogota
trading after Oscar Ivan Zuluaga, who opposes the sale of the
government's stake in the power company, led the first round of
Colombia's presidential vote, according to Bancolombia SA.  Mr.
Zuluaga, an ally of former President Alvaro Uribe, won 29.3
percent of the votes with 99.9 percent of polling stations
reporting.  Mr. Santos, 62, had 25.7 percent.  The two candidates
are set for a runoff June 15.

TCRLA reported on April 4, 2013, Fitch Ratings has upgraded Isagen
S.A. ESP's Foreign and Local Currency Issuer Default Ratings
(IDRs) to 'BBB-' from 'BB+'.  The Rating Outlook has been revised
to stable from positive.



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


JAMAICA: Consumer Prices up in May
----------------------------------
RJR News reports that consumer prices rose by an average 0.5% in
May.

The increase was largely attributable to rises in the prices of
vegetables and starches, as well as electricity, gas and other
fuel, outweighing declines in the prices of water and
miscellaneous services, according to RJR News.

Over the last twelve months, consumer prices have gone up by four
per cent, the report notes.

                         *     *     *

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


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


CORPORACION GEO: Judge Approves Debt Restructuring Plan
-------------------------------------------------------
Gabriela Lopez at Reuters reports that a Mexican judge said he had
approved the debt restricting plan for Mexican homebuilder
Corporacion GEO Sab de CV, which entered into bankruptcy
protection in April 2014.

The judge said bankruptcy protection for Geo and four of its units
was over, according to a court statement, Reuters notes.  A ruling
has not yet been issued for Geo's 11 other subsidiaries, the
report relays.

The report recalls that the company's shares have been suspended
since 2013 because it was not reporting financial statements.

Geo's shareholders approved the debt restructuring plan in May,
which included raising MXN34.16 billion ($2.21 billion) of capital
by issuing 60.9 million new shares in exchange for liabilities,
the report notes.

Geo board President and Director Luis Orvananos said in a
statement that the court decision would enable the company to
recover its operational and financial viability, adds the report.

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 24, 2014, Corporacion GEO SAB de CV said it filed for
bankruptcy protection in Mexico with a prearranged restructuring
plan it hopes will get the struggling company building again,
according to Amy Guthrie at The Wall Street Journal.  GEO SAB is
one of three major Mexican home builders struggling with serious
cash restraints amid drastic changes in Mexico's low-income
housing sector, the report added.

The TCRLA on April 2, 2014, reported that Moody's Investors
Service downgraded Corporacion GEO, S.A.B de C.V's (GEO)'s global
scale foreign currency senior unsecured debt rating to C from Ca
as a result of GEO's filing of a judicial recovery request.



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


TRINIDAD & TOBAGO: Gov't Concerned at Rising Household Debt
-----------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that Finance
Minister Larry Howai suggested that the Government may have to
look at regulating the competition among retail store chains to
sell consumer goods to the public.

In a speech delivered on Mr. Howai's behalf by Minister of State
in the Ministry of Finance, Rudranath Indarsingh, the Minister of
Finance said the Government had begun developing a National
Financial Crisis Management Plan which would provide for an
orderly resolution of any crisis in future faced by any of the
financial institutions deemed to be systemically important and
regulated by the Central Bank, according to Trinidad and Tobago
Newsday.

However, Mr. Howai raised concerns about institutions which are
not regulated by the Central Bank, saying that the current low
interest rate environment had caused many households to take on
more debt and had also created "fertile ground" for retail store
chains to compete to lend to households, the report notes.

The speech was delivered at the First Caribbean Fraud Conference,
"Promoting a Stable Financial Sector" organized by the Trinidad
and Tobago Coalition of Service Industries (TTCSI) and Global
Forensic Institute at the Hilton Trinidad and Conference Centre,
the report relays.

"According to the Central Bank of Trinidad and Tobago, anecdotal
evidence suggests certain retail chains, which are neither
regulated by the Central Bank nor any other authority have been
rapidly increasing their sales of consumer durables on hire
purchase terms to households.  One can surmise that as these
retail stores compete for market share in an unregulated
environment, there may be greater incentives for these retail
stores to underprice risk.  This can have a negative impact on
these retail stores as well as consumers exposed to interest rate
risk in the event of rising domestic interest rates and negative
economic shocks.  If these activities remain unregulated they can
pose a systemic risk to the domestic financial system," Mr. Howai
said in the speech delivered by Indarsingh, the report notes.

Mr. Howai added that 617 suspicious activities and transactions
with a total value of $698 million were reported to the Financial
Intelligence Unit (FIU) last year, the report relays.  The speech
referred to the recent introduction of the $50 polymer currency
notes in the country, observing that these notes were more
difficult to counterfeit because of the advanced security features
they contain.  "The possibility of the total conversion of all the
remaining denominations of local currency into polymer bank notes
would certainly be supported by the Ministry of Finance and the
Economy. A more secure currency notes system would certainly lead
to a more stable financial system."

Susan Francois, director of the FIU, said that 88 of the 617
suspicious transactions reported to the unit in 2014 were fraud
related, the report relays.

Ms. Francois said there had been an increase in the reports of
suspicious transactions made to the FIU between 2010 and 2014 and
attributed this to the work done by the unit in training and
sensitizing the country's financial institutions and businesses in
recognizing and reporting suspicious transactions, the report
adds.


                            ***********


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

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

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 * * *