TCRLA_Public/150626.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

            Friday, June 26, 2015, Vol. 16, No. 125


                            Headlines



A R G E N T I N A

CONVEXITY RENTA: Moody's Confirms B-bf Global Scale Rating


B R A Z I L

BRAZIL: Central Bank Sees Inflation Hitting 9%
MARFRIG GLOBAL: Moody's Retains B2 Rating on Sale of Moy Park


C A Y M A N  I S L A N D S

DAISY CONSULTING: Members' Final Meeting Set for July 8
DALRYMPLE GLOBAL: Shareholders' Final Meeting Set for June 30
DIAM ENHANCED: Shareholder to Hear Wind-Up Report on July 2
ENTERPRISE DATA: Shareholder to Hear Wind-Up Report on July 9
HELPSAUDE HOLDING: Shareholders' Final Meeting Set for June 29

MERCURIUS INTERNATIONAL: Shareholders' Meeting Set for July 10
SJK ABSOLUTE: Members' Final Meeting Set for July 23
STAMFORD INSURANCE: Members' Final Meeting Set for June 29
ZENITH LIFE: Members' Final Meeting Set for July 7


J A M A I C A

* JAMAICA: "Lead by Example!" New JMA President Urges


M E X I C O

BANCO INTERACCIONES: Fitch Raises IDR to 'BB+'; Outlook Stable
BANCO INTERACCIONES: Fitch Raises Viability Rating to 'bb+'
COLIMA MUNICIPALITY: Moody's Withdraws Ba2/A2.mx Issuer Ratings


P U E R T O    R I C O

CENTRO IMAGENES: Case Summary & 20 Largest Unsecured Creditors
STANDARD REGISTER: Posts $13.90 Million Net Loss in March 2015
STANDARD REGISTER: Sale to Taylor to Close in Up to 60 Days
STANDARD REGISTER: 400 Jobs Eliminated in Six Months
TRITON EMISSION: Reports $25K Net Income in First Quarter

TRITON EMISSION: Has Going Concern Doubt Due to Lack of Funding


T R I N I D A D  &  T O B A G O

FIRST CITIZENS: Signs New Collective Deal With Union
RUBY TUESDAY: Reopens in Grand Bazaar
TRINIDAD & TOBAGO: Budget in Challenging Times


U R U G U A Y

* URUGUAY: Looks at Having Venezuela Settle $70MM Debt With Oil


                            - - - - -


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


CONVEXITY RENTA: Moody's Confirms B-bf Global Scale Rating
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo confirmed
the bond fund ratings of Convexity Renta Fija Argentina. The fund
has been under review for downgrade since last December due to the
deterioration of the average credit quality of its portfolios. The
confirmation of Convexity Renta Fija ArgentinaFCI bond fund
ratings follows the improvement of the adjusted average credit
quality of the fund and the expectation that it will remain at
this level.

Moody's confirmed the global scale rating and national scale
rating of the following bond fund:

Convexity Renta Fija Argentina

-- Global scale rating B-bf

-- National scale ratings to A-bf.ar

RATINGS RATIONALE

The rating confirmation at current level of B-bf in the Global
Scale and A-bf.ar in the National Scale of the Convexity Renta
Fija Argentina follows the improvement of the credit quality of
the fund in the last five months. Moody's expects the asset
manager to keep the fund's credit quality in line with the
confirmed rating level.

Convexity SGFCI S.A., the asset management arm of Advanced Capital
Securities, a local brokerage group, is a small independent asset
manager in the Argentinean mutual fund Industry with a 0.4% market
share. As of May 2015, Convexity AM manages assets of
approximately AR$604 million (US$67.3 million).


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


BRAZIL: Central Bank Sees Inflation Hitting 9%
----------------------------------------------
http://latino.foxnews.com/latino/news/2015/06/24/central-bank-
sees-inflation-hitting-pct-in-brazil/
(rousel/revise)

EFE News reports that the Brazilian Central Bank raised its
inflation estimate for 2015 to 9 percent, or almost double the
midpoint in the official range and well above the 6.5 percent top
end target, and said the economy may contract by 1.1 percent this
year, marking the worst performance since 1990.

The quarterly Central Bank report estimated that the inflation
rate would be 4.8 percent in 2016, a figure closer to the midpoint
in the official range and below the 4.9 percent projected in the
previous report, according to EFE News.

The report notes that the first-quarter projections called for an
inflation rate of 7.9 percent and a drop in the GDP of 0.50
percent.

The Central Bank's Monetary Policy Committee will meet in late
July to adjust the benchmark interest rate, currently at 13.75
percent, as the financial markets push for a halt in the interest
rate hikes that officials justified as a tool for fighting
inflation, the report relates.

"The ongoing macroeconomic adjustment process, necessary and
essential to consolidate the fundamentals favoring a convergence
of inflation with the goal for late 2016, is associated with the
consequences of non-economic events that have had a negative
impact on short-term dynamics," the Central Bank said, the report
relays.


MARFRIG GLOBAL: Moody's Retains B2 Rating on Sale of Moy Park
-------------------------------------------------------------
Moody's commented that the sale of Moy Park Holdings (Europe)
Limited (B1 stable) by Marfrig Global Foods S.A. (B2 stable) to
JBS S.A. (Ba2 stable) for USD 1.5 billion (BRL 4.65 billion) is
credit positive for Marfrig, but it does not alter the company's
ratings.  Proceeds will be largely directed for debt reduction.
As for JBS the acquisition is credit neutral given the company's
sizeable cash position and the limited impact it will have on
leverage ratios, even if it is entirely funded with debt.


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


DAISY CONSULTING: Members' Final Meeting Set for July 8
-------------------------------------------------------
The members of Daisy Consulting Ltd. will hold their final meeting
on July 8, 2015, at 12:00 noon, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

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


DALRYMPLE GLOBAL: Shareholders' Final Meeting Set for June 30
-------------------------------------------------------------
The shareholders of The Dalrymple Global Resources Offshore Fund,
Ltd. will hold their final meeting on June 30, 2015, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Jerry Vane Swank
          3300 Oak Lawn Avenue
          Suite 560, Dallas
          TX 75219
          USA
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


DIAM ENHANCED: Shareholder to Hear Wind-Up Report on July 2
-----------------------------------------------------------
The sole shareholder of Diam Enhanced Active Fund Limited will
hear on July 2, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


ENTERPRISE DATA: Shareholder to Hear Wind-Up Report on July 9
-------------------------------------------------------------
The sole shareholder of Enterprise Data Services Limited will hear
on July 9, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Cathlin Rossiter
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          c/o Neil Montgomery
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


HELPSAUDE HOLDING: Shareholders' Final Meeting Set for June 29
--------------------------------------------------------------
The shareholders of Helpsaude Holding Co. will hold their final
meeting on June 29, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Hernan Kazah
          Aguada Park, Paraguay 2141
          Floor 17, Office 18
          Montevideo, CP 11800
          Uruguay
          Telephone: +598 2927 2418
          Facsimile: +54 11 4789 0373 ext. 7


MERCURIUS INTERNATIONAL: Shareholders' Meeting Set for July 10
--------------------------------------------------------------
The shareholders of Mercurius International Fund Ltd will hold
their meeting on July 10, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Prue Lawson
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


SJK ABSOLUTE: Members' Final Meeting Set for July 23
----------------------------------------------------
The members of SJK Absolute Return Fund, Ltd. will hold their
final meeting on July 23, 2015, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


STAMFORD INSURANCE: Members' Final Meeting Set for June 29
----------------------------------------------------------
The members of Stamford Insurance Company, Ltd. will hold their
final meeting on June 29, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Jessop
          Regatta Office Park, 5th Floor
          P.O. Box 2185 Grand Cayman KY1-1105
          Cayman Islands


ZENITH LIFE: Members' Final Meeting Set for July 7
--------------------------------------------------
The members of Zenith Life Reinsurance Company, SPC will hold
their final meeting on July 7, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Jessop
          Regatta Office Park, 5th Floor
          P.O. Box 2185 Grand Cayman KY1-1105
          Cayman Islands


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


* JAMAICA: "Lead by Example!" New JMA President Urges
-----------------------------------------------------
http://rjrnewsonline.com/business/lead-by-example-new-jma-
president-urges-government
(rousel/revise)

RJR News reports that Metry Seaga, the newly elected president of
the Jamaica Manufacturers Association (JMA), urged the government
to lead by example in buying Jamaican products.

Mr. Seaga, who was elected president, unopposed, of the lobby
group at it's Annual General Meeting, said he will make it his
mandate to get the government to buy local, according to RJR News.

The report notes that the government, Mr. Seaga asserted, "must
buy Jamaican when it is spending our money!"

Elaborating, Mr. Seaga insisted that the State, "as the largest
purchaser of goods and services... is bound to lead by example and
buy locally made products," the report notes.

It is only then, Mr. Seaga said, that local companies will grow
significantly, employment increase, "and our economy grow from
strength to strength," the report relates.

Mr. Seaga says other areas of focus during his term as JMA
President will be crime and violence, energy costs, and continued
tax reform, the report adds.

Mr. Seaga succeeds Brian Pengelley.

                      *     *     *

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
===========


BANCO INTERACCIONES: Fitch Raises IDR to 'BB+'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Banco Interacciones' (Interacciones)
Viability Rating (VR) to 'bb+' from 'bb', and its long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'BB+'
from 'BB'.  The short-term foreign and local currency ratings are
affirmed at 'B'.  The long-term national scale ratings of
Interacciones and Interacciones Casa de Bolsa, S.A de C.V., Grupo
Financiero Interacciones (ICB), a non-bank subsidiary of Grupo
Financiero Interacciones (GFI), are upgraded to 'A+(mex)' from
'A(mex)' and their short-term national scale ratings are affirmed
at 'F1(mex)'.  Fitch revised the Rating Outlook of Interacciones'
IDRs and national scale ratings of both entities to Stable from
Positive.

Interacciones' Support Rating is affirmed at '5' and Support
Rating Floor at 'NF'.  The bank's local issuances of subordinated
securities are upgraded to 'BBB+(mex)' from 'BBB(mex)', and the
local senior unsecured issues are upgraded to 'A+(mex)' from
'A(mex)'.

The upgrade of Interacciones' IDRs and VR are driven by Fitch's
expectation of sustained strengths of the bank's profitability and
loss absorption capacity, which partially offsets Interacciones'
concentrated loan portfolio and pressured maturities mismatches.
Interacciones' upgrade factors in its consistent and good
profitability over the last five years and the continued advances
in terms of ALM.  In addition, the upgrade considers its enhanced
loss absorption capacity reflected in the further improved
capitalization metrics and ample cushion of reserves, together
with a historically very low level of loan impairments (0.15% as
of March 2015).

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT

The bank's ratings consider its strong franchise in its core
market, as it stands as the third largest provider of government
lending in the Mexican banking system; and the willingness of the
bank to diversify its business lines by introducing new products
associated to the government sector, exploiting its competitive
position.  The bank's good financial performance benefits by its
steady and recurrent income, low funding costs and exceptionally
low operating efficiency, aided by the lack of branches.  Its
operating ROAA stood at 1.8% in the first quarter of 2015 (1Q15)
and at 1.6% on average from 2011-2014 and an important component
of the bank's income stream are net fees and commissions, which
Fitch considers stable.

The bank's impairment ratios are outstanding compared to the
banking system given that government lending's source of payment
is guaranteed by government budgetary resources, but Fitch recalls
the bank's loan portfolio exhibits high borrower concentrations of
its main creditors (largest 20th loan exposures were 5.9 times the
bank's FCC as of March 2015).  A lower dependence on a limited
number of debtors could occur gradually as the bank's new business
lines start to weight on its portfolio.

Fitch recognizes the bank's funding profile has been improving
recently in view of its efforts to diversify its funding sources
by increasing its customer deposit base (although it is mainly
institutional) and accessing longer tenor sources.  However, there
are still significant asset-liabilities mismatches, driven by the
long-term nature of its loans and the notably high concentrations
that are also present at the customer deposits of the bank.

The bank's capital position was strengthened relatively recently
as a result of its recurring and high profits, a relatively
conservative dividend pay-out policy and the IPO of the Group in
2013.  The bank's FCC stood above 14% by year-end 2014 (YE14) and
1Q15, and its FEC stands above those levels, aided by hybrid
securities.

The bank has local senior unsecured certificates (long term),
which were also upgraded to the same level as its national scale
rating given Fitch's appreciation that the likelihood of default
of any given senior unsecured obligation is the same as the
likelihood of default of the bank.

SUPPORT RATING AND SUPPORT RATING FLOOR
Interacciones' Support Rating and Support Rating Floor are
affirmed at '5' and 'NF', respectively, in view of the bank's low
systemic importance.  In Fitch's view, external support cannot be
relied upon.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The local subordinated hybrids of Interacciones were upgraded to
'BBB+(mex)' from 'BBB(mex)', three notches below the applicable
anchor rating, the bank's long-term national scale rating of
'A+(mex)', in order to maintain the relativity.  The issue's
rating is notched down reflecting the loss severity and non-
performance risk.  The notching for non-performance risk (-2) is
typical for hybrids issued by Mexican banks, since Fitch considers
that the triggers for coupon deferrals or cancellations are
relatively high, according to applicable local regulations.  In
turn, the notching for loss severity (-1) reflects that these
securities are plain-vanilla subordinated debt (subordinated
preferred, under the local terminology).

AFFILIATED COMPANY
The ratings of ICB are driven by Fitch's view that its importance
for GFI's is high, given that ICB's activities are core for the
group's strategy and business model; especially given its position
as funding mechanism for the bank.  The ratings also consider the
legal obligation of GFI to support its subsidiaries, according to
local regulations.  The credit profile of GFI is associated with
that of its main subsidiary, Interacciones.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT
A downgrade of Interacciones' ratings will be given by any
deterioration or deviation of its loss absorption capacity and
stable profitability, as a FCC below 14%; together with higher
concentrations or in an event of a material deterioration of its
impairment loans.  An upgrade for Interacciones' ratings is hardly
conceivable at present, as Fitch considers significant declines on
its concentrations at the loan portfolio and customer deposit
base, and a material reduction of its assets and liabilities
maturity mismatches, are not foreseeable over the rating horizon.

The bank's senior debt ratings would mirror any change in the
bank's national scale ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR
A potential upgrade of Interacciones' Support Rating and Support
Rating Floor is limited at present, since external support cannot
be relied upon, although it is possible.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The bank's subordinated debt ratings will likely mirror any change
in the bank national scale ratings, as these are expected to
maintain the same relevance to Interacciones' credit rating.

SUBSIDIARY AND AFFILIATED COMPANIES
Any potential changes of ICB's ratings will be driven by any
changes in Interacciones' ratings or in the legal framework that
could alter the propensity of the group to support them, an
unlikely scenario at present.  A modification on the entity's
strategic importance to GFI could also, lead to changes of its
ratings.

Fitch has taken these rating actions:

Banco Interacciones, S.A.:
   -- Long-term foreign and local currency IDRs upgraded to 'BB+'
      from 'BB', Outlook revised to Stable from Positive;
   -- Short-term foreign and local currency IDRs affirmed at 'B';
   -- Viability rating upgraded to 'bb+' from 'bb';
   -- Support rating affirmed at '5';
   -- Support rating floor affirmed at 'NF';
   -- National scale long-term rating upgraded to 'A+(mex)' from
      'A(mex)', Outlook revised to Stable from Positive;
   -- National scale short-term rating affirmed at 'F1(mex)';
   -- National scale long-term rating for local senior unsecured
      debt issues upgraded to 'A+(mex)' from 'A(mex)';
   -- National scale long-term rating for local subordinated debt
      issues upgraded to 'BBB+(mex) from 'BBB(mex)'.

Interacciones Casa de Bolsa, S.A. de C.V.:
   -- National scale long-term rating upgraded to 'A+' from
      'A(mex)', Outlook revised to Stable from Positive;
   -- National scale short-term rating affirmed at 'F1(mex)'.


BANCO INTERACCIONES: Fitch Raises Viability Rating to 'bb+'
-----------------------------------------------------------
Following its peer review of three Mexican Midsized banks, Fitch
Ratings has upgraded these ratings for these banks:

Banco Interacciones, S.A.:
   -- Long-term foreign and local currency IDRs to 'BB+' from
      'BB'; Outlook revised to Stable from Positive;
   -- Viability rating to 'bb+' from 'bb';
   -- National scale long-term rating to 'A+(mex)' from 'A(mex)';
      Outlook revised to Stable from Positive;
   -- National scale long-term rating for local senior unsecured
      debt issues to 'A+(mex)' from 'A(mex)';
   -- National scale long-term rating for local subordinated debt
      issues to 'BBB+(mex) from 'BBB(mex)'.

Fitch has also affirmed these ratings for these banks:

Banco Interacciones, S.A.:
   -- Short-term foreign and local currency IDRs at 'B';
   -- Support rating at '5';
   -- Support rating floor at 'NF';
   -- National scale short-term rating at 'F1(mex)'.

Banco del Bajio, S.A.:
   -- Long-term foreign and local currency IDRs at 'BBB-'; Outlook
      Stable;
   -- Short-term foreign and local currency IDRs at 'F3';
   -- Viability rating at 'bbb-';
   -- Support Rating at '4';
   -- Support Rating Floor at 'BB-';
   -- National scale long-term rating at 'AA-(mex)'; Outlook
      Stable;
   -- National scale short-term rating at 'F1+(mex)'.

Banco Regional de Monterrey, S.A.:
   -- National-scale long-term rating at 'AA(mex)'; Outlook
      Stable;
   -- National-scale short-term rating at 'F1+(mex)'.


COLIMA MUNICIPALITY: Moody's Withdraws Ba2/A2.mx Issuer Ratings
---------------------------------------------------------------
Moody's de Mexico has withdrawn the municipality of Colima's
Ba2/A2.mx issuer ratings.  Prior to withdrawal, the ratings had a
negative outlook.


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

CENTRO IMAGENES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Centro Imagenes Del Noreste, Inc.
        PO Box 20160
        San Juan, PR 00928

Case No.: 15-04746

Nature of Business: Health Care

Chapter 11 Petition Date: June 26, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Luis D Flores Gonzalez, Esq.
                  LUIS D FLORES GONZALEZ LAW OFFICE
                  80 Calle Georgetti Suite 202
                  San Juan, PR 00925-3624
                  Tel: 787 758-3606
                  Fax: 787-753-5317
                  Email: ldfglaw@coqui.net

Total Assets: $1 million

Total Liabilities: $5.7 million

The petition was signed by Rafael Emilio Torres Requena,
president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-04746.pdf


STANDARD REGISTER: Posts $13.90 Million Net Loss in March 2015
--------------------------------------------------------------
The Standard Register Company, et al., on May 19, 2015, filed an
operating report for the period March 12 to 29, 2015.

The Debtors incurred a net loss of $13.90 million for the current
reporting period.

At March 29, the Debtors had $453.67 million in total assets,
$224.01 million in total liabilities, and $229.66 million in total
shareholders' deficit.

The Debtors listed $2.12 million in total cash inflow and $30.11
million for March.

A copy of the monthly operating report is available at:

                       http://is.gd/Cpot01

                     About Standard Register

Standard Register -- http://www.standardregister.com/-- provides
market-specific insights and a compelling portfolio of workflow,
content and analytics solutions to address the changing business
landscape in healthcare, financial services, manufacturing and
retail markets.  The Company has operations in all U.S. states and
Puerto Rico, and currently employs 3,500 full-time employees and
16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.


STANDARD REGISTER: Sale to Taylor to Close in Up to 60 Days
-----------------------------------------------------------
Standard Register Co.'s sale to Taylor Corp. for more than $307
million is expected to close in 45 to 60 days, after the deal
received U.S. Bankruptcy Judge Brendan Shannon's approval, David
Phelps at Star Tribune reports.

Court documents show that Taylor negotiated a deal with Silver
Point Capital, the previous top bidder for the Company, to pay $2
million over its bid.

According to Asicentral.com, the Company's official creditors
committee said that Silver Point and Taylor were the only bidders
at the auction.

Star Tribune relates that final approval of the sale is subject to
resolution of outstanding objections by various creditors and the
settlement of a complaint filed against Silver Point by the
Committee.

                         About Standard Register

Standard Register -- http://www.standardregister.com/-- provides
market-specific insights and a compelling portfolio of workflow,
content and analytics solutions to address the changing business
landscape in healthcare, financial services, manufacturing and
retail markets.  The Company has operations in all U.S. states and
Puerto Rico, and currently employs 3,500 full-time employees and
16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.


STANDARD REGISTER: 400 Jobs Eliminated in Six Months
----------------------------------------------------
Joe Cogliano at Dayton Business Journal reports that in the last
six months, Standard Register Co. let go of more than 80 of its
Dayton workers and 400 of its workers company wide.  Business
Journal says that as of June 22, 2015, the Company has 765 workers
in Dayton and 3,200 workers company wide.

According to Business Journal, officials say the decline in
employment from last year is mostly a result of attrition.  The
report states that the Company implemented a hiring freeze prior
to its bankruptcy filing in March and has not filled some vacant
positions.

                      About Standard Register

Standard Register -- http://www.standardregister.com/-- provides
market-specific insights and a compelling portfolio of workflow,
content and analytics solutions to address the changing business
landscape in healthcare, financial services, manufacturing and
retail markets.  The Company has operations in all U.S. states and
Puerto Rico, and currently employs 3,500 full-time employees and
16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.


TRITON EMISSION: Reports $25K Net Income in First Quarter
---------------------------------------------------------
Triton Emission Solutions, Inc., filed its quarterly report on
Form 10-Q, disclosing net income of $25,000 on $15,200 of revenues
for the three months ended March 31, 2015, compared with a net
loss of $10.6 million on $24,900 of revenues for the same period
last year.

The Company's balance sheet at March 31, 2015, showed $1.64
million in total assets, $5.13 million in total liabilities, and a
stockholders' deficit of $3.48 million.

A copy of the Form 10-Q is available at:

                        http://is.gd/sMqRfI

Triton Emission Solutions, Inc., develops and markets
environmental and pollution emission control solutions such as the
DSOX-15 and DSOX-20 fuel purification systems.  The company was
founded on March 2, 2000 and is headquartered in San Juan, Puerto
Rico.

Dale Matheson Carr-Hilton Labonte LLP expressed substantial doubt
about the Company's ability to continue as a going concern citing
that the Company has incurred losses and further losses are
anticipated.  The Company requires additional funds to meet its
obligations and the costs of its operations.

The Company reported a net loss of $61.8 million on $39,300 in
revenue for the year ended Dec. 31, 2014, compared with a net loss
of $2.19 million on $321,000 of revenue in the same period last
year.

The Company's balance sheet at Dec. 31, 2014, showed $2.22 million
in total assets, $6 million in total liabilities, and
stockholders' deficit of $3.78 million.


TRITON EMISSION: Has Going Concern Doubt Due to Lack of Funding
---------------------------------------------------------------
Triton Emission Solutions, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K for the
fiscal year ended Dec. 31, 2014.

Dale Matheson Carr-Hilton Labonte LLP expressed substantial doubt
about the Company's ability to continue as a going concern citing
that the Company has incurred losses and further losses are
anticipated.  The Company requires additional funds to meet its
obligations and the costs of its operations.

The Company reported a net loss of $61.8 million on $39,300 in
revenue for the year ended Dec. 31, 2014, compared with a net loss
of $2.19 million on $321,000 of revenue in the same period last
year.

The Company's balance sheet at Dec. 31, 2014, showed $2.22 million
in total assets, $6 million in total liabilities, and
stockholders' deficit of $3.78 million.

A copy of the Form 10-K is available at:

                        http://is.gd/YoGPhZ

Triton Emission Solutions, Inc., develops and markets
environmental and pollution emission control solutions such as the
DSOX-15 and DSOX-20 fuel purification systems.  The company was
founded on March 2, 2000 and is headquartered in San Juan, Puerto
Rico.


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


FIRST CITIZENS: Signs New Collective Deal With Union
----------------------------------------------------
http://www.newsday.co.tt/business/0,213153.html
(rousel/revise)

Trinidad and Tobago Newsday reports that First Citizens Bank and
the Banking, Insurance and General Workers Union have signed new
collective agreements for the period January 1, 2012 to December
31, 2014 and for the period January 1, 2015 to December 31, 2017.

The agreement of 2012-2014 grants payments to employees that also
include a Capital Sum based on the Bank's salary proposal of a 3-
3-5 percentage over the period and, an additional one-off lump sum
payment will be made only to employees within Bargaining Unit 2,
according to Trinidad and Tobago Newsday.

The report notes that the agreement for 2015-2017 provides for
percentage salary increases of 5-5-4 over the three year period.
The Bank also introduced a Profit Sharing Scheme to take effect
from the financial year ending September 30, 2015, the report
relates.

In a release, First Citizens said, the signing of these agreements
brought to fruition almost (3) three years of negotiations between
the bank and the union, which commenced initially in July 2012 for
the negotiating period of 2012-2014, the report says.

The signing ceremony for the two collective agreements took place
at the First Citizens Corporate Centre, 9 Queen's Park East, Port-
of-Spain recently, the report notes.

Signatories to the Agreements included Dr. Shafeek Sultan-Khan --
Legal/Management Consultant, Sharon Christopher -- First Citizens
Deputy Chief Executive Officer, Corporate Administration and other
officials on the Bank's negotiating team as well as the Deputy
President of the Union, Mario Als and 1st Vice President, Mr. Don
Devenish and other members on the Union's negotiating team, the
report adds.


                    About First Citizens Bank

First Citizens Bank Limited is headquartered in Port of Spain,
Trinidad and Tobago, and is 82.64% owned by the Republic. The bank
reported total consolidated assets of TT$ 35.8 billion (US$ 5.6
billion) and shareholders' equity of TT$6 billion (US$ 945
million) as of March 31, 2014.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2014, Moody's Investors Service has downgraded First
Citizens Bank Limited (FCBL) standalone bank financial strength
rating (BFSR) to D+ from C-, lowering the baseline credit
assessment (BCA) to baa3 from baa1.  The outlook has been revised
to stable from negative.


RUBY TUESDAY: Reopens in Grand Bazaar
-------------------------------------
http://www.newsday.co.tt/business/0,213200.html
(rousel/revise)

* One time reporting.  Thanks.

Trinidad and Tobago Newsday reports that eight months after a fire
closed its doors, Ruby Tuesday at Grand Bazaar, Valsayn has re-
opened.

DaChin Group of Companies chairman, Derek Chin speaking at the
restaurant said they hoped it would have re-opened in six months,
but it took longer than expected, according to Trinidad and Tobago
Newsday.

"We lost all the potential revenue as we were closed down for
eight months, it should have been six months, but we took longer
than we had planned so basically we opened last week and it cost
under TT$6 million to get it up and running," the report quoted
Mr. Chin as saying.

The report relates that Mr. Chin noted that while the restaurant
was being rebuilt, its staff was absorbed in their other
restaurants.

The report notes that Mr. Chin disclosed that because the US based
franchise has been experiencing financial difficulties, they were
able to design the new restaurant the way they wanted.

"The franchise in the US is not doing very well, primarily I think
it's about competition and they have run into some financial
difficulty so a lot of us on the outside have been given a free
slate to do what we think once it complies within reason," Mr.
Chin said, the report relays.

The Grand Bazaar restaurant was designed with a musical theme with
musical notes around the restaurant and guitars on the walls.

Mr. Chin revealed that there were plans to open a Ruby Tuesday
restaurant at the Piarco International Airport, which will have
the theme of "things that fly," the report notes.  Mr. Chin said
it took three months of negotiating, but all that was left was to
sign the documents and they can begin building a "world class
restaurant," the report adds.


TRINIDAD & TOBAGO: Budget in Challenging Times
----------------------------------------------
http://www.newsday.co.tt/business/0,213097.html
(rousel/revise)

Kinnesha George at Trinidad and Tobago Newsday reports that under
the theme "Continued delivery in challenging times", Tobago House
of Assembly (THA) Finance Secretary Assemblyman Joel Jack
presented a TT$5.8 billion budget for the financial year 2016 at
the THA Assembly Legislature, Scarborough, Tobago.

With a total of TT$3.36 billion requested for recurrent estimates,
the THA has also requested a further TT$2.31 billion for the 2016
development program, according to Trinidad and Tobago Newsday.

The report notes that in response to the budget presentation, THA
Chief Secretary Orville London said, "There is hope and if we work
together as Tobagonians, I think we would be able to surmount the
challenges."

"This budget is being delivered in a very challenging period; a
period where both politically and economically, we're not certain
what the situation is, but I think that it was a very balanced
presentation and it gave a very clear idea as to what the Assembly
was able to achieve despite the limitations and the challenges,"
Mr. London responded, the report discloses.

The report relates that Shamfa Cudjoe, the People's National
Movement candidate for the Tobago West seat in the September 7
general election, told Newsday the budget presentation was "a
balanced and reasonable request."

"The presentation was in fact a balanced and reasonable request.
It is in keeping with the aspirations of the people of Tobago and
in keeping also with the plans that the Tobago House of Assembly
has for Tobago's development.  Whether or not the Central
Government grants Tobago what is requested that's another story,
but plans that are made are based upon what is necessary or the
development of Tobago," the report quoted Mr. Cudjoe as saying.

The PNM controls the THA with all 12 seats after a heavy defeat of
the Tobago Organization of the People (TOP) By in the 2013 THA
elections, the report relates.

Meanwhile, political leader of Tobago Forwards, attorney Christlyn
Moore commended the Finance Secretary for two issues, the report
notes.

"I must commend the Finance Secretary on two particular matters.
The recognition and commitment to supporting the elderly on the
island.  The assembly certainly has an excellent track record in
that vein and the secretary has signaled his intention to continue
and additionally, Central Government's continued promise of
reconstructing Tobago's only airport; that matter is long
outstanding, it is a burning issue and he is quite right to have
highlighted it and commented on what we now have, which is a
renovation rather than a rebuild," the report quoted Ms. Moore as
saying.

Newsday contacted Tobago Hospitality and Tourism Association
president Chris James and president of the Tobago chapter of the
Trinidad and Tobago Chamber of Industry and Commerce, Dianne
Hadad, who asked to refer their comment to a later date as they
did not have a chance to listen to the presentation.  TOP
political leader Ashworth Jack is expected to address the issue at
a press conference scheduled for June 23.


=============
U R U G U A Y
=============


* URUGUAY: Looks at Having Venezuela Settle $70MM Debt With Oil
---------------------------------------------------------------
http://latino.foxnews.com/latino/politics/2015/06/24/uruguay-
looks-at-having-venezuela-settle-70-mn-debt-with-oil/
(rousel/revise)

EFE News reports that the government is working to settle a $70
million debt Venezuela owes to Uruguayan exporters via an exchange
for oil, Foreign Minister Rodolfo Nin Novoa said.

"This pertains, basically, to dairy products and other products,
such as chemicals and textiles," the report quoted Nin Novoa as
saying.  "The government has an inter-ministerial commission
working to find options to settle the debt through some
compensation in our purchases of oil from Venezuela," Mr. Nin
Novoa added.

The foreign minister spoke with reporters about the issue after
attending a conference on Uruguay's global strategy at the Spanish
Chamber of Commerce in Montevideo, according to EFE News.

The report notes that the situation with Venezuela is the "result
of trade competition" with New Zealand, a country that has
returned as a dairy products supplier to Venezuela, Mr. Nin Novoa
said.

"Venezuela traditionally imported dairy products from New
Zealand," the foreign minister said, the report relays.  "When
Venezuela joined Mercosur, it didn't have to pay tariffs anymore.
Uruguay and Argentina became its main suppliers of dairy products
and we pushed New Zealand a bit aside," the minister added.

"Now, Venezuela is bringing products from New Zealand in again,"
Mr. Nin Novoa said, the report notes.  "It is a matter of trade
competition," he added.

Uruguayan Exporters Union, or UEU, economist Maria Laura
Rodriguez, for her part, said the problem worsened last year when
oil prices fell, but the situation predates the drop in the price
of Venezuela's main export commodity, the report says.

"Uruguayan exporters have had problems for many years getting paid
by Venezuela," Ms. Rodriguez said, the report relays.  "Venezuelan
importers face difficulties in obtaining the dollars they need to
pay for overseas purchases and it has become more difficult for
Uruguayan exporters to collect on debts," 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 * * *