TCRLA_Public/150715.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, July 15, 2015, Vol. 16, No. 138


                            Headlines



B R A Z I L

BANCO INDUSVAL: S&P Affirms 'BB-' LT ICR; Outlook Remains Negative
GOL LINHAS: Delta Plans Equity Purchase as Firm Issues New Stock


C A Y M A N  I S L A N D S

GOLDMAN SACHS 2004: Commences Liquidation Proceedings
GOLDMAN SACHS 2005: Commences Liquidation Proceedings
GOLDMAN SACHS ADVISORS: Commences Liquidation Proceedings
GOLDMAN SACHS COLUMBUS: Commences Liquidation Proceedings
GOLDMAN SACHS DISTRESSED: Commences Liquidation Proceedings

GOLDMAN SACHS EQUITY: Commences Liquidation Proceedings
GOLDMAN SACHS IX: Commences Liquidation Proceedings
GOLDMAN SACHS OFFSHORE: Commences Liquidation Proceedings
GOLDMAN SACHS PEP: Commences Liquidation Proceedings
GOLDMAN SACHS PRIVATE: Commences Liquidation Proceedings


D O M I N I C A

DOMINICA: At "High Risk" of Debt Trap, Says Jubilee


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Cost to Grow Rice Falls 30% Spurred by Trade Pact
DOMINICAN REP: Deportation Row is Hurting Agriculture & Trade


P U E R T O   R I C O

ANNA'S LINENS: SM 101 Seeks to Repossess Santa Maria, Calif. Land
ANNA'S LINENS: Seeks Court's Final Approval of Agency Deal
ANNA'S LINEN: Has Until July 29 to File Schedules and Statements
STANDARD REGISTER: Needs Until Oct. 8 to File Liquidating Plan
STANDARD REGISTER: Creditors Sue Silver Point Over Deal

STANDARD REGISTER: Former Workers' Summary Judgment Bids Denied


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Government Must Tackle Spending


X X X X X X X X X

LATIN AMERICA: CARICOM States to Push for Debt Write-Off


                            - - - - -


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


BANCO INDUSVAL: S&P Affirms 'BB-' LT ICR; Outlook Remains Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale long-
term 'BB-' and short-term 'B' issuer credit ratings on Banco
Indusval & Partners S.A. (BI&P).  At the same time, S&P affirmed
its national scale long-term 'brA-' and short-term 'brA-2' issuer
credit ratings on the bank.  The outlook remains negative.

The negative outlook reflects S&P's view of the negative trend in
Brazil's BICRA Economic Risk; it also reflects potential financial
deterioration from pressures on the Brazilian banking system as a
result of the impact of fiscal and monetary tightening in S&P's
economic assessment of Brazil.  A confirmation of this negative
trend could trigger a downgrade on the ratings on the bank, as
well as a downgrade on SACP, because S&P believes a more difficult
operating environment would hurt the bank.

The outlook also reflects a negative trend that S&P sees in the
bank's business position.  S&P believes its small market presence
and customer base could continue to pressure the bank's business
stability, as demonstrated by poor financial results during the
past 24 months.  S&P will keep monitoring how the bank's revenues
base develops as it deleverages its loans portfolio and focuses on
noncredit related business lines.

S&P could revise its outlook on BI&P to stable if the negative
trend in Brazil's BICRA Economic Risk abates and the bank improves
its profitability through a stable revenue base.


GOL LINHAS: Delta Plans Equity Purchase as Firm Issues New Stock
----------------------------------------------------------------
Edward Dufner at Bloomberg News reports that Delta Air Lines Inc.
will expand its equity stake in Brazil's Gol Linhas Aereas
Inteligentes SA with a stock purchase of as much as $56 million as
the struggling discount carrier issues new shares.

Gol's biggest shareholder, Fundo de Investimento em Participacoes
Volluto, will invest as much as $90 million. Delta also will
guarantee a term loan with third-party lenders for as much as $300
million, Gol said, according to Bloomberg News.

"The board of Gol will determine the exact amount of capital
increase in Brazilian reais," the airline said in a statement,
Bloomberg News relates.

Delta's move expands ties to Gol that include a 2.9 percent
holding and a seat on the board of the Sao Paulo-based airline,
Bloomberg News notes.

With debts denominated in dollars, the currency weakening and
Brazil sliding into recession, Gol has been mired in annual losses
since 2011, Bloomberg News says.  Its shares have tumbled 60
percent this year, Bloomberg News adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2015, Standard & Poor's Ratings Services revised its
outlook on the 'B' global scale rating on Gol Linhas Aereas
Inteligentes S.A. to negative from stable.  S&P also affirmed this
rating.  At the same time, S&P lowered its Brazilian national
scale rating on the company to 'brBB' from 'brBBB-'.  The outlook
on this rating is also negative.


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


GOLDMAN SACHS 2004: Commences Liquidation Proceedings
-----------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Pep 2004
Offshore Holdings Advisors, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS 2005: Commences Liquidation Proceedings
-----------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Pep 2005
Offshore Holdings Advisors, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS ADVISORS: Commences Liquidation Proceedings
---------------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Pep 2005
Offshore Advisors, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS COLUMBUS: Commences Liquidation Proceedings
---------------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Columbus
Co-Investment Advisors Offshore, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS DISTRESSED: Commences Liquidation Proceedings
-----------------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Distressed
Opportunities II Offshore Advisors, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS EQUITY: Commences Liquidation Proceedings
-------------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Private
Equity Concentrated Opportunities Offshore Holdings Advisors, Inc.
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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS IX: Commences Liquidation Proceedings
---------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Pep IX
Offshore Advisors, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Distressed
Opportunities II Offshore Holdings Advisors, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS PEP: Commences Liquidation Proceedings
----------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs PEP 2004
Offshore Advisors, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS PRIVATE: Commences Liquidation Proceedings
--------------------------------------------------------
On June 19, 2015, the sole shareholder of Goldman Sachs Private
Equity Concentrated Opportunities Offshore Advisors, Inc. 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


===============
D O M I N I C A
===============

DOMINICA: At "High Risk" of Debt Trap, Says Jubilee
---------------------------------------------------
Caribbean360.com reports that four Caribbean Community (CARICOM)
nations have been named among countries at risk of government
external debt crises -- one of them specially highlighted among
those "rapidly heading" in that direction.

Guyana, Haiti and St. Lucia are in a list of 29 countries
identified by Jubilee Debt Campaign -- a coalition of national
organizations and local groups around the UK calling for the
unjust and unpayable debts of the poorest countries to be
cancelled -- as facing a risk of finding themselves in debt
crisis, while Dominica is said to be at "high risk" based on large
external debt, a large and persistent current account deficit, and
high projected future government debt payments, according to
Caribbean360.com.

The report notes that the information is contained in the
Jubilee's 40-page document entitled The new debt trap: How the
response to the last global financial crisis has laid the ground
for the next, which analyses public and private debts owed by
countries across the world.

Jubilee's analysis defines countries as at risk of a government
debt crisis if they have net debt higher than 30 per cent of GDP,
or current account deficit more than five per cent of GDP); and
future government debt payments exceeding 10 per cent of
government revenue or, where projections are not available,
current government external debt already over 40 per cent of GDP,
the report relays.

The 14 countries at high risk have net debt of more than 30 per
cent of GDP; future government debt payments exceeding 15 per cent
of government revenue or, where projections are not available,
current government external debt already over 50 per cent of GDP;
and a current account deficit that is more than five per cent of
GDP, the report says.

"Of these, some are already likely to be back in debt crisis, but
the figures are not yet available to show that they are. These are
expected to have high government debt payments over the next few
years; they include nations such as Dominica, Ghana and
Mauritania," the report stated, Caribbean360.com discloses.

It also pointed out that Belize, the Dominican Republic, Grenada,
Jamaica and St. Vincent and the Grenadines are among 22 countries
already in a government external debt crisis, with "high
government debt payments leading to large amounts of money leaving
their country each year, along with an overall net debt with the
rest of the world," the report notes.

Net debt for that group stands at over 30 per cent of GDP and
external debt payments exceed 15 per cent of government revenue,
the report relays.

No Caribbean nation was named in the list of 28 countries at risk
of facing a private-sector debt crisis, the report adds.



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


DOMINICAN REP: Cost to Grow Rice Falls 30% Spurred by Trade Pact
----------------------------------------------------------------
Dominican Today reports that the cost to grow rice has fallen by
30% on half of local production in the last three years, as the
result of a process that will ensure the sector's competitiveness
when the tariff of CAFTA free trade pact is lifted.

Agriculture Bank (Bagricola) Administrator Carlos Segura said that
when producer was using 20 pounds of seed per 630 per square meter
on average, now uses only six pounds, by eliminating tillage, soil
leveling and by planting in bulk, "considerably reducing
production costs," according to Dominican Today.

The report relates that Mr. Segura stressed the improved equipment
used to prepare soil throughout the production process, saving 27
pesos per sack of rice.

Mr. Segura said Bagricola finances, promotes and develops rice
production with loans to the subsector, notes the report.  "In
recent years this institution formalized RD$976.8 million in loans
to rice farmers, or 58.5% compared with those targeting other
agricultural items, and the funding allowed to cover a surface of
more than 72,000 hectares of the grain," Mr. Segura added.


DOMINICAN REP: Deportation Row is Hurting Agriculture & Trade
-------------------------------------------------------------
Dominican Today reports that Agriculture Minister Angel said he
shares the American Chamber of Commerce's concern voiced on the
situation between Dominican Republic and Haiti as it affects trade
in farm products, though he hopes the two nations reach an
understanding.

The official said he expects Dominican and Haitian authorities to
find a solution to this conflict over deportation, according to
Dominican Today.  "We both need each other, this will pass and all
will be alright," the report quoted Mr. Angel as saying.

"As minister of agriculture I'm worried because it's something
affects which affects the workflow in both areas of agriculture
and trade, but that will be resolved," said Estevez, who also
noted that both countries have always reached agreements.  "Like
it or we have to get along with our Haitian brothers because we
live face to face."


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


ANNA'S LINENS: SM 101 Seeks to Repossess Santa Maria, Calif. Land
-----------------------------------------------------------------
SM 101 Six, LLC, asks the U.S. Bankruptcy Court for the Central
District of California, Santa Ana Division, to lift the automatic
stay imposed in the Chapter 11 case of Anna's Linens, Inc., in
order to repossess a property located at 2342 South Bradley Road,
Unit B, in Santa Maria, California.

SM 101's counsel, Gordon G. May, Esq., at Grant, Genovese &
Baratta, LLP, in Irvine, California, asserts that the Debtor has
no right to continue occupying the leases premises as the lease
had already expired on June 11, 2015, and an unlawful detainer
proceeding was already commenced on June 12, 2015.  Mr. May tells
the Court that lease payments have not been made after the filing
of the bankruptcy petition.

Mr. May further asserts that the Debtor has no equity in the
Property and that the Property is not necessary to an effective
reorganization.  Mr. May says that if relief from stay is not
granted with respect to the Property because the Property is the
subject of a lease that may be assumable, SM 101 asks that the
Court grant it adequate protection in the form of regular payments
at the lease rate from the petition date until assumption or
rejection if the lease.

The hearing on the Motion is scheduled on July 28, 2015, at 10:30
am.

SM 101 is represented by:

          Gordon G. May, Esq.
          GRANT, GENOVESE & BARATTA, LLP
          2030 Main Street, Suite 1600
          Irvine, CA 92614
          Telephone: (949)660-1600
          Facsimile: (949)660-6060
          Email: ggm@ggb-law.com


                   About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


ANNA'S LINENS: Seeks Court's Final Approval of Agency Deal
----------------------------------------------------------
Anna's Linens Inc. is seeking U.S. Bankruptcy Judge Theodor
Albert's final approval of its bid to assume an agency agreement
with a joint venture selected to conduct the sale of its assets.

The bankruptcy judge earlier gave the retailer interim approval to
assume the agreement with a joint venture between Hilco Merchant
Resources LLC and Gordon Brothers Retail Partners LLC.

The joint venture emerged as the winning bidder at an auction held
last month for the right to liquidate Anna's Linens' assets,
beating out the stalking horse bidder Tiger Capital Group LLC and
Yellen Partners LLC.

The winning bid offers a guaranteed recovery of 111% of the cost
value of Anna's Linens' merchandise with a so-called "merchandise
threshold" of not less than $61.5 million and not more than $67
million, subject to certain adjustments, court filings show.

Judge Albert must consider whether to approve or not the payment
of a breakup fee to the stalking horse bidder and to The Great
American Group LLC, which also took part in the auction.

Anna's Linens' has proposed to pay the stalking horse bidder a
breakup fee of $650,000, plus expense reimbursement of up to
$350,000.  Meanwhile, the retailer has proposed to pay $250,000 to
Great American.

Anna's Linens' official committee of unsecured creditors filed in
court an objection to the terms of the sale.  The group expressed
concern the deal would leave Anna's Linens' estate
"administratively insolvent," unable to pay millions of dollars of
creditors holding administrative claims.

The group also questioned the proposed payment of breakup fees,
saying they "do not meet the statutory criteria for administrative
expenses that can be put ahead of unsecured creditors."

Anna's Linens' also received an objection from tax authorities in
Texas and from Welcome Industrial Corp., the retailer's largest
unsecured creditor.

The tax agencies said they will oppose any move to distribute
proceeds from the sale of their collateral unless their claims are
paid in full.  Welcome Industrial meanwhile seeks clarification
that any liens asserted by the company will attach to proceeds
from the sale.  Both objections have already been resolved, court
filings show.

                     About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


ANNA'S LINEN: Has Until July 29 to File Schedules and Statements
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
extended until July 29, 2015, Anna's Linens, Inc.'s time to file
schedules of assets and liabilities and statement of financial
affairs.

                       About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


STANDARD REGISTER: Needs Until Oct. 8 to File Liquidating Plan
--------------------------------------------------------------
The Standard Register Company, et al., ask the U.S. Bankruptcy
Court for the District of Delaware to further extend their
exclusive plan filing period to October 8, 2015, and their
exclusive solicitation period to December 7, 2015, to give them
time to close the sale of substantially all of their assets, and,
subsequent thereto, wind down their estates.

According to the Debtors, following the closing, they intend to
pursue a Chapter 11 plan of liquidation to efficiently and
expeditiously conclude the proceedings.

The extension motion was filed by Andrew L. Magaziner, Esq.,
Michael R. Nestor, Esq., and Kara Hammond Coyle, Esq., at Young,
Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware; and
Michael A. Rosenthal, Esq., Samuel A. Newman, Esq., Jeremy L.
Graves, Esq., and Matthew G. Bouslog, Esq., at Gibson, Dunn &
Crutcher LLP, in New York, on behalf of the Debtors.

                     About Standard Register

Standard Register 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.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel, Polsinelli PC as Delaware counsel and
conflicts counsel, Jefferies LLC as its exclusive investment
banker, and Zolfo Cooper, LLC, as its financial and forensic
advisors.


STANDARD REGISTER: Creditors Sue Silver Point Over Deal
-------------------------------------------------------
The Official Committee of Unsecured Creditors in Standard
Register's Chapter 11 cases in June filed a lawsuit against
Company's board and officers, as well as equity firm Silver Point
Capital, L.P., and other firms.  The Committee claims that the
Company received "less than reasonably equivalent value" in
connection with its assumption of $210 million of secured debt
related to its acquisition of WorkflowOne, LLC, in 2013.

"These Chapter 11 Cases are the final act in a strategy
orchestrated by Silver Point to obtain ownership of the Debtors'
business, eviscerate hundreds of millions of dollars of unsecured
claims, offload liability for the Debtors' underfunded defined
benefit pension plan onto the PBGC, and reap the resulting cash
flow benefits entirely for itself at the expense of the Debtors'
other creditors and stakeholders," the Committee's attorney,
Kenneth A. Rosen, Esq., at Lowenstein Sandler LLP, says in the
lawsuit.

Through the adversary proceeding commenced in the U.S. Bankruptcy
Court for the District of Delaware, the Creditors Committee, on
behalf of the Debtors' estates, seeks to (among other things):

   * avoid and unwind, pursuant to sections 544 and 548 of the
Bankruptcy Code and applicable state law, the fraudulent transfers
made and obligations incurred by certain Debtors, in their largest
acquisition ever, in exchange for ownership of their deeply
insolvent competitor WorkflowOne in a lopsided transaction in
which the Debtors received less than reasonably equivalent value
and were left insolvent, undercapitalized, and unable to pay their
debts as they came due;

   * recover damages from the Debtors' board of directors and
certain key officers for the breach of their fiduciary duties in
approving the wasteful acquisition of WorkflowOne;

   * recover fees and transaction bonuses paid in connection with
the WorkflowOne acquisition;

   * avoid liens on certain of the Debtors' assets that were not
properly perfected prior to the commencement of the Chapter 11
Cases; and

   * obtain a judgment declaring that certain of the Debtors'
assets were unencumbered prior to the commencement of the Chapter
11 cases.

The Committee says the relief it seeks through the adversary
proceeding will, among other things, substantially reduce the
Debtors' obligations, preserve the value of the Debtors'
unencumbered assets for the benefit of unsecured creditors,
provide meaningful financial recoveries for the Debtors' estates,
and prevent Silver Point from obtaining all of the value of the
Debtors' business at the expense of the Debtors' other
stakeholders, including unsecured creditors.

Workflow, a competitor of Standard Register, filed for Chapter 11
bankruptcy in September 2010.  It emerged from bankruptcy in
February 2011 with a plan pursuant to which, (i) WF Holdings, an
entity affiliated with Silver Point, acquired all of the assets,
and (ii) the Workflow secured loans were converted into first and
second lien notes issued by WF Holdings.

Standard Register in 2013 acquired WorkflowOne by agreeing to pay
$218 million, notwithstanding WorkflowOne's deteriorating
revenues. Standard Register incurred $210 million of new term loan
obligations as of the closing of the acquisition.

According to the Committee, prior to the WorkflowOne acquisition,
Standard Register had very little interest-bearing debt.  Although
its defined benefit pension plan was underfunded, its capital
structure was manageable.   Immediately following the acquisition,
the Debtors' liabilities exceeded the fair value of their assets.

Because Silver Point knew that the acquisition would leave the
Debtors overleveraged and that the Debtors would thereafter need
to use a chapter 11 proceeding to eliminate their pension
liability (in addition to other liabilities), the Committee
contends that Silver Point did not act in good faith in extending
the terms loans to the Debtors through the WorkflowOne
acquisition.

The Committee says that Silver Point, as it had done with the
Workflow Debtors, caused the Standard Register to commence the
Chapter 11 cases on March 12, 2015 to effectuate an acquisition of
the Debtors' assets free and clear of liens and claims (including
but not limited to the Debtors' underfunded pension liability)
pursuant to section 363 of the Bankruptcy Code, with a Silver
Point affiliate credit bidding a substantial portion of the
prepetition term loans as the stalking horse purchaser.

The Committee claims that CEO Joseph P. Morgan, Jr., and CFO
Robert M. Ginnan had a significant personal interest in pursuing
the WorfklowOne acquisition by virtue of their interest in
maintaining their senior officer positions and receiving
significant bonuses and other compensation upon consummation of
the transaction.

A copy of the complaint is available for free at:

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

                         *     *     *

The Committee in June 2015 won approval of its motion for standing
to pursue the lawsuit against the Company's board and Silver Point
Capital, L.P., an equity firm that agreed to acquire the Company,
over the acquisition of WorkflowOne in 2013.  The Debtors, Bank of
America, N.A., as agent for the prepetition and postpetition ABL
lenders, Silver Point, strongly opposed the Committee's plans to
sue, noting, among other things, that the value of Standard
Register's common stock increased 380%, from $3 per share to
$14.40 per share following the announcement of the WorkflowOne
transaction.

                     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: Former Workers' Summary Judgment Bids Denied
---------------------------------------------------------------
Judge J. Michael Seabright of the United States District Court for
District of Hawaii denied motions for summary judgment in the case
filed by Standard Register Company and WorkflowOne LLC against
their former employees Lynden Keala, Jaxcine Kaulili-Guzon, and
Sharon Brown-Henry, as well as against the Individual Defendants'
current employer, American Business Forms, Inc., dba American
Solutions for Business, based on diversity of citizenship under 28
U.S.C. Section 1332.

The Plaintiffs allege that the Individual Defendants violated non-
solicitation and/or non-disclosure provisions of their employment
agreements when, after leaving to work for ASB, they solicited
and/or accepted business from the Plaintiffs' clients and/or
disclosed trade secrets.  The Amended Complaint makes claims
against the Individual Defendants for breach of contract, and
against all the Defendants for misappropriation of trade secrets
and tortious interference with business relations.  WorkflowOne's
business is "providing print, print-related, and promotional
marketing solutions, including print and promotional marketing and
distribution of promotional products."  ASB is a competitor of
WorkflowOne in the same business.

Judge Seabright denied the Defendants' motions for summary
judgment as to the consideration issue.  Any other aspects of the
Motions, if appropriate, may be raised in subsequent motions after
sufficient discovery is completed in compliance with the previous
Scheduling Order, Judge Seabright ruled.  Further, the Plaintiffs
are directed to notify the Court and the Defendants regarding
their position as to further injunctive relief (given that the
covenants at issue appear to be restricted to one year after an
individual leaves WorkflowOne).  The parties are also directed to
contact Magistrate Judge Puglisi to establish new dates and
deadlines for the remaining aspects of the litigation.

The case is THE STANDARD REGISTER COMPANY, ET AL., Plaintiffs, v.
LYNDEN KEALA, ET AL., Defendants, CIV. NO. 14-00291 JMS-RLP (D.
Haw.).

A full-text copy of Judge Seabright's Order dated June 8, 2015, is
available at http://is.gd/xEpKiffrom Leagle.com.

Jason W. Hilliard, Esq. -- jason.hilliard@dinsmore.com -- and Ryan
W. Green, Esq. -- ryan.green@dinsmore.com -- of Dinsmore & Shohl
and James H. Hershey, Esq. -- jhh@fmhc-law.com -- of Fukunaga
Matayoshi Hershey Ching & Kop serve as counsel for Plaintiff The
Standard Register Company.

Richard M. Rand, Esq. -- rrand@marrjones.com -- of Marr Jones &
Wang LLLP serves as counsel for Defendant Lynden Keala.

                     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.


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


TRINIDAD & TOBAGO: Government Must Tackle Spending
--------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
government must "have the political will to address spending."
This was the view advanced by the Unit Trust Corporation of
Trinidad and Tobago (UTT) in a recent power point presentation on
the local and international economic outlook for the second
quarter of 2015.

In expressing this view, the UTC did not indicate whether it was
referring to the incumbent People's Partnership administration or
any other political party which could form the government after
the September 7 General Election, according to Trinidad and Tobago
Newsday.

In examining the issue of expenditure, the UTC said the nominal
budget shortfall will widen this year, the report notes.
"Government may reduce expenditure but given an election year,
expect spending to outpace revenues thus driving deficit further
into the red," UTC said, the report relates.

The report adds that the fiscal deficit is projected to come in at
3.1 percent of Gross Domestic Product (GDP) this year, compared to
the estimated shortfall of 2.6 percent of GDP in the last
financial year.

Total government revenues are expected to fall by ten percent in
the 2015 financial year to TT$53. 9 billion, following growth of
13.6 percent in the 2014 financial year, the report discloses.

The report notes that the UTC also said this country's nominal
budget balance is expected to "remain in the red over the coming
years."

Structural weakness, an over-reliance on the energy sector amid
lower crude oil prices (50 percent of real GDP); according to the
UTC, "will serve as headwinds to Trinidad and Tobago's economic
performance in the years ahead," notes the report.

The report discloses that the UTC said, "These factors will
prevent the economy from returning to the 7.8 average annual real
GDP growth seen in the decade prior to the 2009 crisis."  Against
this background, the UTC said, the country can "expect modest real
GDP growth averaging 1.5 percent through to 2024."

West Texas Intermediate (WTI), the crude oil price against which
this country's annual budget is pegged, is expected to average
between US$52 and US56 per barrel in 2015 and 2016, the report
relays.

WTI prices are expected to remain below US$65 per barrel through
to 2019, the report notes.

The UTC observed that lower oil prices "could spur a prolonged
recession," particularly if foreign direct investment (FDI) into
the energy sector dries up on the back of smaller prospective
profit margins, the report discloses.

However on a positive note, the UTC said Government may be able to
secure major bilateral loans, which could help to soften the
impact of lower oil prices on the country's fiscal account, the
report relays.

The UTC added that the expansion of the Panama Canal in 2016 could
facilitate larger shipments of natural gas to higher priced
markets in Asia, notes the report.

While TT has crude oil, liquefied natural gas (LNG) and a
significant stock of foreign reserves, it is an "open small
economy with no controls on profit remittance or capital
repatriation," the report says.

The report discloses that the UTC explained this means that TT
"can run the risk of strong fluctuations in capital outflows
(large unidentified foreign exchange transactions)."

The UTC also expected a modest depreciation of the TT and
identified factors which would prevent a more substantial
depreciation of the local currency, the report notes.

These included the Central Bank selling US dollars to local banks
to soak up the excess liquidity held in reserve at the Central
Bank and interest rate hikes to support exchange rate stability,
the report relates.


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


LATIN AMERICA: CARICOM States to Push for Debt Write-Off
--------------------------------------------------------
RJR News reports that Caribbean Community (CARICOM) is considering
a proposal for the region to pursue a gradual write-off of its
members' multi-lateral debt.

The debt relief strategy was presented by the Economic Commission
of Latin America and the Caribbean (ECLAC), at the recent Caricom
Heads of Government meeting in Barbados, according to RJR News.

Senator A.J Nicholson, Jamaia's Foreign Affairs Minister, in a
report in the Senate, said the proposal is for 100 per cent debt
write-off over time, and would involve cooperation of multi-
lateral institutions, donor countries and small state debtor
countries, the report notes.

Senator Nicholson said the debt relief would create more fiscal
space, and assist member governments in adapting to social,
economic and climate challenges, 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.

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Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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,
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202-362-8552.


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