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

            Monday, June 22, 2015, Vol. 16, No. 121


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Appeals Seven-Day Deadline to Pay HMB


B R A Z I L

COSAN LTD: S&P Revises Outlook to Stable & Affirms 'BB' Rating
ODEBRECHT SA: Banks Said to Need Provision Boost After Arrest


C A Y M A N  I S L A N D S

BIVIO CAPITAL: Creditors' Proofs of Debt Due July 8
DEAUVILLE MASTER: Placed Under Voluntary Wind-Up
HANNIBAL INTERNATIONAL: Creditors' Proofs of Debt Due July 8
HITS AFRICA: Appoints Loebell as Additional Liquidator
LOOK'S ABSOLUTE: Creditors' Proofs of Debt Due June 30

MAGNUM HOLDINGS: Creditors' Proofs of Debt Due June 23
RUBICON CAYMAN: Court Enters Liquidation Order
SECOND CURVE: Placed Under Voluntary Wind-Up
SENTINEL CAPITAL: Creditors' Proofs of Debt Due July 8
TANGERINE INVESTMENT: Court Enters Wind-Up Proceedings


J A M A I C A

JAMAICA: JCC Also Concerned About Increased Fees, Fines


P A N A M A

AES PANAMA: S&P Revises Outlook to Stable & Affirms 'BB-' Rating
PANAMA: IDB OKs $300 Million in Loans to Address Development


M E X I C O

GRUPO POSADAS: S&P Affirms 'B' CCR & Rates Proposed Sr. Notes 'B'


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Partnerships Needed for Economic Recovery
TRINIDAD & TOBAGO: Exchange Rate is a Concern


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Sells Interest in U.S. Refinery


X X X X X X X X X

* BOND PRICING: For the Week From June 15 to June 19, 2015


                            - - - - -


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


ANTIGUA & BARBUDA: Appeals Seven-Day Deadline to Pay HMB
--------------------------------------------------------
The Daily Observer reports that one day before Prime Minister
Gaston Browne would have run out of time to comply with High Court
Justice Brian Cottle's order to pay Half Moon Bay (HMB) Holdings
US$10 million, the government filed an application to appeal the
order.

In the application dated June 17, the appellants for government --
Attorney General and David Matthias -- are asking for "a stay of
execution pending the determination of the appeal," according to
The Daily Observer.

The report notes that three grounds of appeal were outlined in the
application: "that the judge erred in law in considering the
proximity of the date the application to vary the Order of April
23 was filed (that date was May 29, 2015); the judge erred in law
failing to have regard to the relevant considerations guiding such
an application to wit, ability to pay in the time ordered and
lastly; that the judge erred in failing to consider the evidence
as a whole prior to rendering a decision."

Government's Chief of Staff Lionel "Max" Hurst, who was first to
publicly disclose that the application was filed, told Observer
media government does not have the finances to comply with the
order of the court, the report relates.

"The object was to sell the property . . . . the government never
intended to use the taxpayers' money to clear the debt, but rather
to have a private investor buy it.  We've had several private
investors come in and they wish to purchase it but some of them
were just unacceptable," Mr. Hurst said, the report relays.

Mr. Hurst said the proposal from one investor seems very
promising, but the sale of the property alone would not cover what
government owes HMB Holdings for the value of the property, along
with the interest accrued on the property that was compulsorily
acquired several years ago, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


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


COSAN LTD: S&P Revises Outlook to Stable & Affirms 'BB' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cosan
Ltd. (CZZ) and its subsidiary, Cosan S.A. Industria e Comercio
(Cosan S.A.), to stable from developing.  At the same time, S&P
affirmed its 'BB' rating on both companies.

The rating on CZZ reflects its solid business position and
resilient cash flow generation that allows the company to maintain
an "adequate" liquidity even amid its significant investment plan
and a more leveraged financial profile.  The ratings also
incorporates CZZ's successful integration of America Latina
Log¡stica S.A. (ALL) and S&P's expectations that the company will
execute its growth strategy while keeping a financial risk profile
in line with S&P's "aggressive" category, but also strengthening
its market position and diversifying its cargo volumes.

Although S&P understands that Cosan S.A. has a lesser leveraged
financial profile than CZZ's, as seen in in its stand-alone credit
profile (SACP) of 'bb+', its ratings mirror those on CZZ.  CZZ
fully controls Cosan S.A., which generates about 50% of the
group's EBITDA.  S&P deems Cosan S.A. as highly unlikely to be
sold, with integral links to the group's reputation and name.
Cosan S.A. was the group's only subsidiary until the spinoff of
the logistics arm, Rumo, which merged with ALL under the new
entity, Cosan Logistica.  The spinoff aimed to better segregate
business strategy between Cosan S.A.'s operations (gas
distribution, lubricants, and the stake in Raizen [BBB/Stable/--])
and Cosan Logistica.

After the regulatory approvals for the merger of ALL with Rumo,
S&P expects CZZ's capital structure and credit metrics to weaken.
CZZ, TPG, Gavea, and BNDESPAR control about 42% of Cosan
Logistica's shares.  CZZ holds the right to elect the majority of
Cosan Logistica's board.

ALL--through Cosan Logistica -- has high debt and will invest
heavily to improve its operating efficiency.  However, S&P views
it as having significant competitive advantages thanks to its
concession to operate a large portion of the Brazilian rail
network in country's south and southeast.  S&P also believes that
its predictable cash from long-term contracts with cost pass-
through and take-or-pay clauses partly compensate for ALL's
heavier balance sheet.

Cosan Logistica's R$7.4 billion investment plan for 2015-2019
should increase EBITDA by about R$1.5 billion until 2019.  The
investment for the first 18 months is for asset maintenance and is
likely to improve operating efficiency and generate about R$500
million in EBITDA.


ODEBRECHT SA: Banks Said to Need Provision Boost After Arrest
-------------------------------------------------------------
Cristiane Lucchesi and Francisco Marcelino at Bloomberg News
report that Brazilian banks will need to increase provisions set
aside for losses on loans to Odebrecht SA after its chief
executive officer was arrested, people familiar with Brazil
accounting requirements said.

Odebrecht SA, owner of the biggest construction company in Latin
America, had net debt of BRL63.3 billion ($20 billion) as of
December, according to its financial statements.  About 25 percent
is owed to local Brazilian lenders and 13 percent to foreign
banks, according to the Salvador-based company, the report notes.

Those lenders need to adjust their accounts to reflect higher risk
after the arrest, the people said, asking not to be identified
discussing internal bank matters, the report relays.

Federal police said that Chief Executive Officer Marcelo Odebrecht
was detained as part of a probe into allegations that construction
companies paid bribes to the state-run oil producer, Petroleo
Brasileiro SA.

It was a surprise turn for a builder that had avoided the defaults
and bankruptcies that hit smaller rivals, the report notes.

Odebrecht SA's construction unit said in an e-mail that its
offices had been searched and arrest warrants executed.
Detentions weren't necessary because the company and its
executives have cooperated with the investigation, it said, the
report adds.


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


BIVIO CAPITAL: Creditors' Proofs of Debt Due July 8
---------------------------------------------------
The creditors of Bivio Capital Ltd. are required to file their
proofs of debt by July 8, 2015, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


DEAUVILLE MASTER: Placed Under Voluntary Wind-Up
------------------------------------------------
On May 29, 2015, the sole shareholder of Deauville Master Fund
Ltd. 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:

          Deauville Capital Management LP
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HANNIBAL INTERNATIONAL: Creditors' Proofs of Debt Due July 8
------------------------------------------------------------
The creditors of Hannibal International Ltd. are required to file
their proofs of debt by July 8, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2015.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


HITS AFRICA: Appoints Loebell as Additional Liquidator
------------------------------------------------------
Claire Loebell was appointed as additional liquidator of Hits
Africa Ltd. to act jointly and severally with Mr. Keiran
Hutchison.

The Liquidators can be reached at:

          Claire Loebell
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands; and

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


LOOK'S ABSOLUTE: Creditors' Proofs of Debt Due June 30
------------------------------------------------------
The creditors of Look's Absolute Return Fund are required to file
their proofs of debt by June 30, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2015.

The company's liquidator is:

          Andrew Look
          1801-02, Onfem Tower, 18th Floor
          29 Wyndham Street
          Central
          Hong Kong
          Telephone: (345) 949 6258


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

The company commenced liquidation proceedings on May 22, 2015.

The company's liquidator is:

          A.W. Lawson
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Giji Alex
          Telephone: +1 (345) 914-4350/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


RUBICON CAYMAN: Court Enters Liquidation Order
----------------------------------------------
On May 27, 2015, the Grand Court of Cayman Islands entered an
order to liquidate the business of Rubicon Cayman Holdings.

The company's liquidators are:

          Stuart Sybersma
          Michael Penner
          Deloitte & Touche
          P.O Box 1787, Grand Cayman, KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258


SECOND CURVE: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 29, 2015, the sole shareholder of Second Curve Opportunity
Fund International, Ltd. 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:

          Second Curve Capital, LLC
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SENTINEL CAPITAL: Creditors' Proofs of Debt Due July 8
------------------------------------------------------
The creditors of Sentinel Capital Ltd. are required to file their
proofs of debt by July 8, 2015, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


TANGERINE INVESTMENT: Court Enters Wind-Up Proceedings
------------------------------------------------------
On May 27, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Tangerine Investment Management
Limited.

Simon Conway of PwC Corporate Finance & Recovery (Cayman) Limited
was appointed as the company's liquidator.


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


JAMAICA: JCC Also Concerned About Increased Fees, Fines
-------------------------------------------------------
RJR News reports that the Jamaica Chamber of Commerce (JCC) has
joined other private sector groups in expressing concern about the
increase in license fees and fines paid by companies.

In a statement, Warren McDonald, JCC President, said this new
imposition had resulted from inadequate planning and faulty
implementation, according to RJR News.

Mr. McDonald said there should have been a periodic review of
outdated regulations, as well as associated licenses and fees,
instead of sudden changes, the report relates.

The Gleaner newspaper reported that the increases are part of a
move by the Government to rationalize outdated fees, fines and
penalties, as well as trade and business licenses, the report
adds.

                          *     *     *

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'.


===========
P A N A M A
===========


AES PANAMA: S&P Revises Outlook to Stable & Affirms 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on AES
Panama S.R.L. to stable from negative.  In addition, S&P affirmed
its 'BB-' ratings on the company.  S&P also assigned its 'BB-'
issue-level rating on AES Panama's proposed seven-year senior
unsecured bonds for up to $375 million.

The outlook revision reflects S&P's expectation that the company's
finances will strengthen in 2015 and afterwards as a result of
improved hydrology conditions, overall lower spot prices, and the
additional EBITDA generation from the power barge, Estrella del
Mar.  Spot prices in Panama have stabilized as oil prices dropped,
installed capacity in the system rose about 15%, and hydrology
conditions improved.

The rating on the new notes reflects the credit rating on AES
Panama.  The company will use the proceeds to refinance its
existing senior unsecured bond due 2016 and its syndicated bank
loan.


PANAMA: IDB OKs $300 Million in Loans to Address Development
------------------------------------------------------------
The Inter-American Development Bank (IDB) approved $300 million in
loans to address two important areas for the development of
Panama: reduce social inequalities, with a special focus on
extremely poor families, and strengthen the institutions and
regulatory framework of the nation's freight logistics system.
The two areas are part of the Government's strategic plan for
2015-2019 and will help to generate inclusive growth and to
improve the country's competitiveness.

                         Social Protection

The social protection program will cost $150 million and seeks to
increase the transparency, efficiency and coverage of the
Conditional Cash Transfer Programs (CCTP) for poor and extremely
poor families.  This will be achieved by improving the targeting
of beneficiaries, increasing the co-responsibilities of recipients
on health and education, and implementing an integrated model for
efficient, and high quality early childhood care.

Other areas to be addressed include the creation of a Single
Registry of Beneficiaries and a single platform for payments
linked to government information systems of the CCTP, and
strengthening the institutional structures of the Social
Development Ministry.

The program is aimed at helping to reduce poverty in the country,
improve the efficiency of social spending and ensure that social
services offered by the government meet the needs of the country's
most vulnerable citizens.

                             Logistics

The freight logistics sector is of strategic importance for Panama
because of its economic impact and its role as a generator of jobs
and hard currency.  The $150 million program approved by the IDB
will strengthen areas essential to the optimal functioning of the
sector, such as the legal, institutional and operational
frameworks and the process of commercial facilitation, inter-
institutional planning, and strengthening of human resources.  It
also includes efforts to improve the connectivity of
transportation and logistical services for the agricultural
sector.

Among the measures supported by the program are the creation of a
Secretariat for Competitiveness and Logistics, the formulation of
a Master Logistics Plan, the simplification of customs procedures,
the creation of a one-stop seaport office, improvements in the
one-stop office for foreign trade and the formulation of a
strategy to expand the availability of technicians in the area of
logistics.

These actions will permit improvements in the planning of
investments in the Panama Canal area and in the rest of the
country, and pave the way for increased foreign investment in the
logistics sector and support for the development of value-added
logistics services.

The program will improve the integration of Panama into
international production chains, contributing to its consolidation
as a regional center for freight logistics and transportation
services and strengthening the country's competitiveness in the
medium term.

Both loans are for 15 years, with a one-year grace period and an
interest rate based on LIBOR.


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


GRUPO POSADAS: S&P Affirms 'B' CCR & Rates Proposed Sr. Notes 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit and debt ratings on Grupo Posadas (Posadas).  S&P also
assigned a 'B' rating to the company's proposed long-term senior
unsecured notes.  The recovery rating on the existing and proposed
notes is '3' indicating S&P's expectation of a meaningful (50%-
70%recovery, in the lower half of the range for bondholders in the
hypothetical event of a payment default.  The outlook on the
corporate credit rating remains stable.

The ratings on Posadas reflect S&P's "fair" business risk profile
due to its expectation that the company will maintain its strong
brand and market positions in Mexico with 21,742 rooms as of
March 31, 2015.  The ratings also reflect S&P's expectations that
the company will maintain its EBITDA margins slightly above 20% in
the next 12 months.

Posadas announced on June 17, 2015, that it intends to issue long-
term dollar-denominated senior unsecured notes to refinance its
debt, including the euro-denominated commercial paper due during
the fourth quarter of 2015 and at least a portion of the
$310 million senior unsecured notes due 2017 if the recent tender
offer succeeds (which means at least 50.1% of the bondholders
would accept it).

Given that the company plans to use the new issuance for
refinancing rather than increasing its debt, S&P expects Posadas
will maintain relative stable debt levels and credit metrics.
Moreover, S&P believes the company can cover its short-term debt
obligations without the tender offer or the new issuance thanks to
its solid cash position as of March 31, 2015 and its already
approved committed credit line.  Finally, S&P believes the fixed-
interest rate, long-term nature of the proposed notes, and
Posadas' cash position in dollars--to cover the coupons--mitigate
the currency risk of the proposed dollar-denominated issuance.


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


TRINIDAD & TOBAGO: Partnerships Needed for Economic Recovery
------------------------------------------------------------
Trinidad Express reports that the region has been told that the
time is ripe for further development of Public Private
Partnerships (PPPs) especially as the economies in the region are
coming out of a recession.

Speaking at the successful opening of the CIBC First Caribbean
International Bank's (CIBC FCIB) infrastructure conference held at
the Hyatt Ziva Rose Hotel in Montego Bay, Jamaica, on Thursday,
June 18, CIBC FCIB chief executive officer Rik Parkhill said such
partnerships are necessary, especially in the area of
infrastructure, according to Trinidad Express.

Mr. Parkhill said, however, that many regional Governments which
still have relatively fragile economies and stretched budgets
cannot undertake major capital works projects alone, the report
notes.

"Tourism infrastructure in many territories such as hotel plants,
airports and cruise terminals are in desperate need of renewal and
rebuilding," Mr. Parkhill said, the report relays.

"Deteriorated road networks need to be repaired and replaced.  The
economic potential of renewable energy remains largely untapped
and are ripe for unlocking and provide ready opportunities for
some of these partnerships to take place," Mr. Parkhill said, the
report discloses.

The report notes that Mr. Parkhill said IMF projections of
positive economic growth for all Caribbean markets this year and
going beyond 2016 are a clear indication that the shadow of a
recession which spread over the region is finally decreasing, the
report relays.

"We believe that with most of the economies of this region heading
out of recession and some showing signs of growth, this is the
opportune time for Public-Private Partnerships to take deeper root
in the financial landscape of the region," Mr. Parkhill said, the
report says.

This year's CIBC FCIB conference is being held under the theme
Unlocking Economic Potential, the report discloses.

CIBC First Caribbean operates in 17 countries and is the largest
regionally listed bank in the English and Dutch-speaking
Caribbean, the report adds.


TRINIDAD & TOBAGO: Exchange Rate is a Concern
---------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that UWI
Economic Lecturer, Dr. Anthony Birchwood, said that in the short-
term this country may have to accept a deterioration in the
exchange rate between Trinidad and Tobago and US dollars.

Dr. Birchwood made the comment during a panel discussion at the
Third Annual Breakfast with Professionals entitled, "Budget 2016:
Realities, Risks and Ramifications" held by the Trinidad and
Tobago Group of Professional Associations Limited at The Normandie
Hotel, St Ann's, according to Trinidad and Tobago Newsday.

Other panelists were Marla Dukharan, Group Economist at RBC
Caribbean; Diana Mahabir-Wyatt, Executive Director of PMSL
Limited; and Dr Thackwray Driver, President and Chief Executive
Officer of The Energy Chamber of Trinidad and Tobago, the report
relays.

The report notes that Mr. Birchwood said while the country had
become accustomed to having the exchange rate at just over TT$6.3
to US$1 and many people would not like to see the exchange rate
depreciate, the Central Bank was injecting massive amounts of U.S
dollars into the financial system to maintain the exchange rate.
In recent times the exchange rate has been hovering at around
TT$6.34 to $6.38 to US$1, the report relates.

Dr. Birchwood said this country supposedly has a floating exchange
rate but the Central Bank has been injecting huge amounts of US
dollars into the system to stabilize the exchange rate and because
of this the country does not have a long-term, permanent solution
to the problem of what is the true value of the US dollar, the
report says.

Dr. Birchwood said because of this the Central Bank was forced to
resort to monetary policy to try to dry up the liquidity in the
financial system, the report notes.  Dr. Birchwood said in the
long-term this country will have to face the problem of how to
stabilize its exchange rate and in the short-term the country may
have to allow some deterioration in the exchange rate, the report
relays.

Dr. Driver urged the Government to begin negotiations with
Suriname toward finalizing a double taxation treaty between the
two countries, the report says.  Dr. Birchwood said that was a
measure that would help with the diversification of the economy,
the report discloses.  Dr. Driver said Suriname was a great
economy and was close to TT but it was difficult for local
companies to make money there because their profits were taxed
twice -- once in Suriname and again in this country, the report
relays.

Dr. Birchwood said Suriname was a new market in which local
businesses could enjoy a lot of growth, the report notes.

Dr. Birchwood said that one of the easiest ways for TT to
diversify its economy was to aggressively promote all its products
in all markets, the report relates.  Borrowing the theme from the
Star Trek movie and television series, he said Government and the
private sector must aggressively go where they had not gone
before, the report notes.

Responding to a question about productivity, Dr. Birchwood said
economists, "still do not know how to measure productivity." He
said there have been calls to pay salaries commensurate with
productivity, but wondered: "how do you measure productivity of
service industries?"

The report relays that Dr. Birchwood said orthodox economics
provided a formula for measuring productivity but that formula
would not work for the service industry "so it is always tricky
how you are going to measure productivity when it comes to your
service industries" and the question then is how do you match that
with salaries? Dr. Birchwood said more studies are needed and
economists were still trying to grapple with such issues, the
report notes.

Ramkissoon disagreed with Dr. Birchwood on the existence of
productivity measures, the report says.  "There are certainly no
perfect measures," Dr. Birchwood said, adding that the country
would be heading down a "very dangerous path" if it did not try to
link wage increases to productivity, the report relays.  Dr.
Birchwood said there were methods for measuring productivity,
admitting that these measures were imperfect and were "not very
econometric" he said they existed and the country must use them to
try to define productivity, the report discloses.

The report relates that Dr. Driver said there was need for a look
at the number of loss-making State enterprises in the country,
especially at those which competed with companies in the private
sector.  Dr. Driver was also critical of the three year contracts
which he said were the "flavor of the month" in both the public
and the private sector, the report relays.  Dr. Driver said such
contracts were not very productive because the employee on a three
year renewable contract spent the first year learning the job, the
second year doing the job and the third year looking for a job so
what the employer was really getting was one year of real work,
the report adds.


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


PETROLEOS DE VENEZUELA: Sells Interest in U.S. Refinery
-------------------------------------------------------
EFE News reports that state-owned oil giant Petroleos de
Venezuela, or PDVSA, said it was selling its 50 percent interest
in a refinery in Chalmette, Louisiana, to U.S.-based PBF Energy
for an undisclosed amount.

"PDVSA has reached an agreement to sell its stake in the Chalmette
Refinery (Chalmette Refining LLC) located in Chalmette, Louisiana,
to PBF Energy Inc.," the state-owned oil company said in a
statement obtained by EFE News.

U.S.-based supermajor ExxonMobil, which owned the other 50 percent
interest in the refinery, said it sold its stake to PBF Energy
Inc., the report relays.

The deal is expected to close by the end of this year, PDVSA said,
the report discloses.

PDVSA's U.S. unit, Citgo Petroleum, will now operate two
refineries -- in Texas and Illinois -- and a network of service
stations, the report notes.

The Chalmette Refinery, located outside New Orleans, has a
capacity of 189,000 barrels per day (bpd), PBF Energy said in a
statement, the report adds.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From June 15 to June 19, 2015
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA            8.5     66.7    11/2/2017      VE       USD
PDVSA            5.25    42.09   4/12/2017      VE       USD
Venezuela
Int'l Bond       12.75   44.7    8/23/2022      VE       USD
Transocean Inc    6.8    73.8    3/15/2038      KY       USD
PDVSA            12.75   47.52   2/17/2022      VE       USD
Venezuela



Int'l Bond       11.95   41.95    8/5/2031      VE       USD
CSN Islands

XII Corp          7      70.25                  BR       USD
Banco Mercantil
do Brasil SA      9.62    45.5    7/16/2020     BR       USD
Banco do
Brasil SA/Cayman  6.25    68.5                  KY       USD
Transocean Inc    3.8     73.8    10/15/2022    KY       USD
MIE Holdings
Corp              7.5     60.12    4/25/2019    HK       USD
PDVSA             9       39.5    11/17/2021    VE       USD
Anton Oilfield    7.5     68.85   11/6/2018     CN       USD
PDVSA             5.37    31.84    4/12/2027    VE       USD
PDVSA             6       33.15    5/16/2024    VE       USD
PDVSA             6       32.24   11/15/2026    VE       USD
PDVSA             9.75    38.25    5/17/2035    VE       USD
Schahin II
Finance Co
SPV Ltd           5.87    60.5     9/25/2022    KY       USD
Odebrecht Oil
& Gas
Finance Ltd       7       54.5                  KY       USD
Kaisa Group
Holdings Ltd     10.25    57       1/8/2020     CN       USD
Venezuela
Int'l Bond       11.75    41.75   10/21/2026    VE       USD
Offshore Group
Investment Ltd    7.5     57.27   11/1/2019     KY       USD
PDVSA             5.5     31.5     4/12/2037    VE       USD
PDVSA             5.12    60.25   10/28/2016    VE       USD
Kaisa Group
Holdings Ltd      9       51.5     6/6/2019     CN       USD
Cimento Tupi SA   9.75    40       5/11/2018    BR       USD
Kaisa Group
Holdings Ltd      6.87    52.12    4/22/2016    CN       CNY
Honghua
Group Ltd         7.45    53.75    9/25/2019    CN       USD
Venezuela
Int'l Bond        7.75    36.75   10/13/2019    VE       USD
Venezuela
Int'l Bond        9.37    37.9     1/13/2034    VE       USD
Venezuela
Int'l Bond        6       34.75    12/9/2020    VE       USD
Automotores
Gildemeister SA   8.25    40.25     5/24/2021   CL       USD
Tonon
Bioenergia SA     9.25    29.75     1/24/2020   BR       USD
Gol Finance       8.75    68.4                  BR       USD
MIE Holdings
Corp              6.87    68        2/6/2018    HK       USD
Venezuela
Int'l Bond        9       37.1      5/7/2023    VE       USD
Venezuela
Int'l Bond        7       40.95    12/1/2018    VE       USD
Mongolian
Mining Corp       8.87    70        3/29/2017   MN       USD
USJ Acucar
e Alcool SA       9.875   45        11/9/2019   BR       USD
Venezuela
Int'l Bond        9.25    37.4       5/7/2028   VE       USD
Automotores
Gildemeister SA   6.75    34         1/15/2023  CL       USD
Offshore Group
Investment Ltd    7.12    53.95      4/1/2023   KY       USD
CA La
Electricidad
de Caracas        8.5     37         4/10/2018  VE       USD
Kaisa Group
Holdings Ltd      8       66.2      12/20/2015  CN       CNY
Venezuela
Int'l Bond       13.62    68         8/15/2018  VE       USD
Inversiones
Alsacia SA        8       67.03     12/31/2018  CL       USD
Polarcus Ltd      2.87    51.40      4/27/2016  AE       USD
China Precious
Metal Resources
Holdings          7.25     49.83      2/4/2018  HK       HKD
SMU SA            7.75     71.8       2/8/2020  CL       USD
NQ Mobile Inc     4        65        10/15/2018 CN       USD
Glorious
Property
Holdings Ltd      13.25    63.37      3/4/2018  HK       USD
Schahin II
Finance Co
SPV Ltd           5.87     60.715     9/25/2022 KY       USD
BA-CA Finance
Cayman Ltd        1.21     61.625               KY       EUR
Odebrecht
Finance Ltd       8.25     74.35      4/25/2018 KY       BRL
BCP Finance Co    2.10     56.375               KY       EUR
Polarcus Ltd      8        25.5       6/7/2018  AE       USD
Newland
International
Properties Corp   9.5      38.5       7/3/2017  PA       USD
PSOS Finance
Ltd              11.75     73.25      4/23/2018 KY       USD
BA-CA Finance
Cayman 2 Ltd      0.69     60.5                 KY       EUR
Polarcus Ltd      8.73     25         7/8/2019  AE       NOK
Inversora de
Electrica
de Buenos
Aires SA IEBA     6.5      44.5       9/26/2017 AR       USD
Tonon
Bioenergia SA     9.25     30.35      1/24/2020 BR       USD
PDVSA             8.5      66.6      11/2/2017  VE       USD
MIE Holdings
Corp              7.5      69.5       4/25/2019 HK       USD


Banco do Brasil
SA/Cayman         6.25     67.25                KY       USD
General
Exploration
Partners Inc      11.5     73.5      11/13/2018 CA       USD
PDVSA              6       32         5/16/2024 VE       USD
ESFG
International Ltd  5.75     0.326               KY       EUR
USJ Acucar
e Alcool SA        9.87    46        11/9/2019  BR       USD
Odebrecht Oil
& Gas Finance
Ltd                7       54                   KY       USD
PDVSA             12.75    53.25     2/17/2022  VE       USD
Automotores
Gildemeister SA    6.75    34.5      1/15/2023  CL       USD
Mongolian
Mining Corp        8.87    70.25     3/29/2017  MN       USD
Automotores
Gildemeister SA    8.25    36.31     5/24/2021  CL       USD
PDVSA              9       37.12    11/17/2021  VE       USD
Venezuela
Government
Int'l Bond         13.62   61.88     8/15/2018  VE       USD
Anton Oilfield
Services
Group/Hong Kong     7.5    70       11/6/2018   CN       USD
EDNAR              10.5    84.5     10/9/2017   AR       USD
Cimento Tupi SA     9.75   48        5/11/2018  BR       USD
Honghua Group Ltd   7.45   54.75     9/25/2019  CN       USD
Banco Mercantil
do Brasil SA        9.625  42.625    7/16/2020  BR       USD
PDVSA               9.75   38.7      5/17/2035  VE       USD
EDNAR               9.75   74       10/25/2022  AR       USD
Greenfields
Petroleum Corp      9      25.05     5/31/2017  US       CAD
CSN Islands
XII Corp            7      70.47                BR       USD
Gol Finance         8.75   65.875               BR       USD
Argentina Bocon    21.875  73.73      1/4/2016  AR       ARS
Newland
International
Properties Corp      9.5   37.75      7/3/2017  PA       USD
Venezuela
Government
TICC Bond            5.25  55.36     3/21/2019  VE       USD
SMU SA               7.75  72.44     2/8/2020   CL       USD
Provincia
de Tucuman
Argentina            0.40   42.7     9/5/2015   AR       USD
Ruta del Bosque
Sociedad
Concesionaria
SA                   6.3     65.67   3/15/2021  CL       CLP
Cia Cervecerias
Unidas SA            4       53.32  12/1/2024   CL       CLP
Cia Sud
Americana
de Vapores SA        6.4     54.31  10/1/2022   CL       CLP
Provincia
del Chaco            4       68.01  12/4/2026   AR       USD
Talca Chillan
Sociedad
Concesionaria SA     2.75    48.77  12/15/2019  CL       CLP
Venezuela
Government
Int'l Bond           7.65    34.5    4/21/2025  VE       USD
Venezuela
Government
Int'l Bond           7       35      3/31/2038   VE      USD
Decimo Primer
Fideicomiso
de Bonos de
Pres                 4.54    66.5   10/25/2041   PA      USD
Venezuela
Government
Int'l Bond          13.62    66.12   8/15/2018   VE      USD
Venezuela
Government
Int'l Bond           8.25    35.4   10/13/2024   VE      USD
Venezuela
Government
Int'l Bond           9.25    40.25   9/15/2027   VE      USD
Empresa de
los Ferrocarriles
del Estado           6.5     71.4    1/1/2026    CL      CLP



                            ***********


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 * * *