TCRLA_Public/150722.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 22, 2015, Vol. 16, No. 142


                            Headlines



A R G E N T I N A

TOYOTA COMPANIA: Moody's Puts B2 Rating to ARS100MM Debt Issuance


B A H A M A S

BAHA MAR: Balks at Bahamian Govt. Order Seeking Winding Up


B A R B A D O S

BARBADOS: Real GDP Growth Remained Weak in 2014, IMF Says


B R A Z I L

BRAZIL: Analysts Expect Economy to Contract 1.7% This Year
CONCESSIONARIA DA RODOVIA: Moody's Assigns Ba1 CFR; Outlook Stable
ENERGISA MATO: Moody's Withdraws Ba2 Rating
PETROLEO BRASILEIRO: Convicts 1st Construction Execs in Scandal


C A Y M A N  I S L A N D S

ARTEFACT PARTNERS: Court Enters Wind-Up Order
CALIBRE FUND: Creditors & Contributories to Meet on July 23
DIRCO EH-I: Creditors' Proofs of Debt Due Aug. 7
HONEYWOOD CHINA: Creditors' Proofs of Debt Due July 28
MEGURO HOLDINGS: Creditors' Proofs of Debt Due Aug. 7

PROJECT FINANCE: Creditors' Proofs of Debt Due Aug. 7
SE ASSOCIATES: Panama Casino to Conduct Asset Sale on Aug. 19
SHIRAZ HOLDINGS: Creditors' Proofs of Debt Due Aug. 7
WACO INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 7
YSPOLIN GP: Creditors' Proofs of Debt Due July 29


H O N D U R A S

HONDURAS: S&P Raises Sov. Credit Rating to 'B+'; Outlook Stable


J A M A I C A

NCB INSURANCE: A.M. Best Assigns Fin'l. Strength Rating of 'B'


P U E R T O    R I C O

CAL DIVE INT'L: Taps Hilco as Exclusive Marketing & Sales Agent
CAL DIVE INT'L: Fee Examiner Wants to Hire OEB as Counsel
CAL DIVE INT'L: Sept. 2 Fixed as Governmental Claims Bar Date
CAL DIVE INT'L: Has Until Sept. 29 to Decide on Unexpired Leases
COCO BEACH GOLF: Hires Luis R. Carrasquillo as Fin'l Consultant

COCO BEACH GOLF: Employs Charles A. Cuprill as Bankruptcy Counsel
PUERTO RICO PFC: S&P Lowers Rating on Bonds to 'CC'; Outlook Neg.


T R I N I D A D  &  T O B A G O

CL FIN'L: Three New Directors on CLICO Board
TRINIDAD CEMENT: Timothy Hamel-Smith Joins Board of Directors
TRINIDAD & TOBAGO: Oil, Gas Production Down 7% Since January


X X X X X X X X X

* Insolvency Practitioners See Rise in Cross-Border Insolvencies


                            - - - - -


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


TOYOTA COMPANIA: Moody's Puts B2 Rating to ARS100MM Debt Issuance
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B2 rating to Toyota Compania Financiera de Argentina
S.A.'s planned 7-year subordinated debt issuance for up to ARS100
million.  This will be the first issuance under the company's new
subordinated debt program, to which Moody's has assigned a (P)B2
global local currency rating and a (P)Caa1 global foreign currency
rating.  At the same time, on the National Scale, Moody's assigned
Aa2.ar local currency subordinated debt rating to both the program
and the expected issuance and a Baa1.ar foreign currency
subordinated debt rating to the program.  The program is
authorized for up to ARS 200 million or its equivalent in other
currencies.  In addition, Moody's affirmed TCFA's baseline credit
assessment (BCA) of caa1 and adjusted baseline credit assessment
(adjusted BCA) of ba2.

These ratings were assigned to Toyota Compania Financiera de
Argentina:

ARS 200 million Subordinated Debt Program:
(P)B2 Global Local Currency Subordinated MTN Debt Rating
(P)Caa1 Global Foreign Currency Subordinated MTN Debt Rating
Aa2.ar Argentina National Scale Local Currency Subordinated Debt
Rating
Baa1.ar Argentina National Scale Foreign Currency Subordinated
Debt Rating

ARS 100 million Subordinated Debt Issuance:
B2 Global Local Currency Subordinated Debt Rating
Aa2.ar Argentina National Scale Local Currency Subordinated Debt
Rating

RATINGS RATIONALE

The local currency subordinated debt ratings are notched down from
the bank's senior debt ratings to reflect higher expected loss due
to subordination.  The global local currency senior debt and
deposit ratings are constrained by Argentina's local currency
country ceiling of B1, which indicates the entity's probability of
default.  Consequently, the senior debt and deposit ratings only
benefit from three notches of uplift from the company's caa1 BCA
despite our assessment of a very high probability of support from
the company's ultimate parent, the Toyota Motor Corporation
(Japan) (Aa3 stable).

The BCA considers the challenging operating environment in
Argentina, characterized by economic deceleration, increasing
inflation, and growing policy uncertainty.  Car finance companies
in Argentina, including TCFA, have suffered a sharp slowdown of
loan growth and revenue due to new lending rate caps on auto
lending and an increase in sales taxes on automobiles in force
since early 2014.

While Moody's foresees a potential increase in delinquency levels
given the current economic situation, for the time being non-
performers remain low at just 1.36% of total loans given the
company's focus on middle and high-income individuals.  In
addition, the company's loans are well collateralized due to
generally conservative underwriting standards as well as the
impact of the high rate of inflation, as a consequence of which
cars hold their value in nominal terms despite being used.

The ratings also include the risk associated with a liability
structure mainly reliant on market funds, which represented 48.4%
of total liabilities as of March 2015.  It deposits, which account
for another 17.2% of total funding, are highly concentrated with
top 10 deposits representing 96% of total deposits.  At the same
time, the company has a very weak liquidity profile, with liquid
resources equal to just 3.3% of its total assets.

Despite these credit challenges, which constrain TCFA's ratings
relative to global peers, the company remains one of the strongest
credits in Argentina.  Together with low delinquency levels, key
credit strengths include strong capitalization levels.  The
company's tangible common equity equaled a 14.3% of risk-weighted
assets as of March 2015, and reported capital was well above
regulatory requirements.

In addition, Moody's assessment of a very high probability of
parental support considers TCFA's key role as the financial agent
for Toyota Corporation in Argentina and its strong commercial and
strategic importance to the corporation.  Notwithstanding a sharp
slowdown, Toyota is one of the few car manufacturers to have
experienced a growth in sales in Argentina in 2014.  TCFA finances
20% of Toyota's sales in Argentina.

What could move the rating up or down
The ratings have no upward pressure at this time.  The ratings
could face downward pressure if the operating environment
deteriorates, affecting the entities' business prospects, asset
quality, profitability or capitalization as well as if the country
ceiling is downgraded.

Toyota Compania Financiera de Argentina S.A. is headquartered in
Buenos Aires, Argentina, with assets of ARS1.51 billion and equity
of ARS197.9 million as of March 2015.


=============
B A H A M A S
=============


BAHA MAR: Balks at Bahamian Govt. Order Seeking Winding Up
----------------------------------------------------------
Baha Mar Ltd. issued the following statement with regard to the
Prime Minister's decision announced on July 16:

"The Bahamian Government's decision to seek a winding up of Baha
Mar is both unnecessary and reactionary, puts Baha Mar's staff and
assets at severe risk, and significantly jeopardizes the future of
the resort.

Baha Mar senior officials have been and continue to be in China
engaged in ongoing discussions with both the general contractor
and the lender.  Yet, notwithstanding those good faith
discussions, the Government announced on July 16 it will seek to
liquidate Baha Mar, creating a distraction from these ongoing
discussions.

Here are the plain hard facts:

Baha Mar adjourned a hearing on its application for recognition of
the U.S. Bankruptcy Court's orders until July 20, such that the
parties can negotiate a global resolution that would permit
completion of the project.  The matter was not adjourned for the
Government to pursue legal remedies.

Discussions seeking a consensual resolution between Baha Mar,
China State Construction and The Export-Import Bank of China
continued to take place in Beijing on July 17 -- even as the Prime
Minister implemented this unnecessary action.

Baha Mar believes that these parties have developed an
understanding of what is needed to finish the project and are
willing to provide the required financing.  As the Prime Minister
had correctly stated to us, once the parties have agreed on such a
pathway for consensual resolution, the rest is just details.

The discussions were not ended; the Government left the ongoing
discussions to follow its own path rather than to continue to act
in a mediator capacity between the private parties as it had
announced it would do.

The Government fails to explain how availing itself of the Winding
Up Act of Bahamian law provides more or better relief that the
Chapter 11 process.  The statute does not have the robust
protections afforded to all creditors under Chapter 11.  In effect
the Government of The Bahamas legal maneuvers are an attempted
nationalization of a private investor's assets.

Further, Bahamas law itself provides for recognition of
proceedings such as Chapter 11 to give legal effect on Bahamas
soil.  Such mutual recognition of cross border insolvencies is a
common international legal standard existing among many countries.

Many of the statements of the Prime Minister are just plain
misleading:

There was no agreement in June as the Prime Minister said.  There
was a not finalized understanding discussed by Baha Mar and The
Export-Import Bank of China to which China State Construction and
CCA had not agreed.  Indeed, there was no construction timeline or
cost to complete from the general contractor or terms received
from the lender.

Baha Mar has not refused to dismiss the Chapter 11.  We have
agreed to dismiss the case as soon as parties have a mutually-
beneficial binding agreement to the benefit of all parties, an
interest the Government should share, rather than taking actions
that risk irreparably damaging the discussions.

Even so, the Chapter 11 is not an attack on the sovereignty of the
country in any manner.  The application for the recognizing orders
was not intended to enjoin any action by the Government.

The project was on budget, even with a four month delay, had it
opened on March 27, the date that China State Construction
repeatedly promised the developer and the Prime Minister,
including during his visit to Beijing in January.  The project
continued to survive past that date, and employees were paid, in
no small part due to contributions of more than $18 million by the
Izmirlian family.  The Izmirlian family has invested over $900
million in the project, has repeatedly announced its willingness
to invest millions more, as recently as offering $80 million to
Baha Mar.

"We urge the Government of The Bahamas not to seize private party
assets and to allow the private parties in what is after all a
commercial enterprise to come to an agreement that would allow for
the completion and opening of Baha Mar as soon as possible, as the
Government has publicly and explicitly urged."

"For our part, Baha Mar is evaluating its alternatives with
respect to addressing the Government's precipitous action and will
continue to move forward with its ongoing appropriate efforts to
position the resort to be properly completed and opened
successfully as soon as possible."

                        About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


===============
B A R B A D O S
===============


BARBADOS: Real GDP Growth Remained Weak in 2014, IMF Says
---------------------------------------------------------
On June 19, 2015, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Barbados.

Real GDP growth remained weak in 2014, weighed down by fiscal drag
and stagnant tourism inflows, and unemployment averaged 12.3
percent at end-2014.  However, tourism arrivals jumped over the
winter season and real GDP is projected to expand by 1.0 percent
in 2015 as stronger growth in key markets underpins arrivals.

Lower oil prices and new tourism investment will provide a boost
to demand, though ongoing fiscal adjustment will dampen the growth
upside.  Inflation is forecast to fall to 0.9 percent by year end,
reflecting lower energy and commodity prices.

The balance of payments improved in 2014.  The current account
deficit fell slightly to 8.5 percent of GDP as export growth was
flat and imports declined slightly, while stronger private capital
inflows helped support a small increase in international reserves
to US$563 million (3.4 months of imports) at end-March 2015. With
oil prices low, the current account deficit is projected to fall
to 5 percent of GDP in 2015.  Private capital flows are expected
to stabilize, leaving foreign reserves at about US$545 million at
end 2015 (3.3 months of imports).  The central government deficit
fell from 11.2 percent of GDP in 2013/14 (year ending March) to
6.6 percent of GDP in 2014/15, though domestic arrears continued
to accumulate.

This fiscal outcome represents an adjustment of 5 percent of GDP
in the primary balance, as revenue gains mostly from income taxes
were met with cuts in the wage bill and transfers.  Current
revenue growth benefited from improved tax administration and a
new municipal waste tax.  While data on government arrears is not
complete, the stock is estimated at about 4 percent of GDP, not
including arrears of public enterprises or net overdues at the
Revenue Authority (BRA).  Central government debt excluding
securities held by the National Insurance Scheme (NIS) rose to 101
percent of GDP at end-March 2015, up from 76 percent of GDP in
March 2011.  Financing of the government in 2014/15 came largely
from the central bank (CBB), the nonbank financial sector, and a
draw-down in government deposits in the banking system, while
commercial banks reduced exposure to the sovereign by 1.5 percent
of GDP.  Domestic short term interest rates declined to about 2.8
percent on average in the first four months of 2015.  The impact
on liquidity of central bank lending to the government was offset
largely by a rise in excess reserves at the CBB, reflecting the
absence of new private sector lending and capital account
restrictions.

                    Executive Board Assessment

Executive Directors welcomed the improvement in macroeconomic
conditions and the authorities' commitment to tackle urgently
needed reforms.  Directors cautioned, however, that the country
faces daunting challenges, including external risks, high fiscal
deficit and debt levels, and competitiveness challenges.  Against
this backdrop, they urged the authorities to implement a
comprehensive reform program that includes strong fiscal
adjustment and structural reforms to foster growth and external
and debt sustainability.

Directors commended the authorities' progress with fiscal
consolidation over the past year, and welcomed the direction of
policies outlined in the recent budget statement.  They stressed
the need for continued ambitious adjustment efforts, which could
be supported by a simple fiscal anchor as an interim step toward
the development of a more comprehensive fiscal rule.  Directors
underlined the importance of reducing current spending and
addressing the stock of government arrears, while securing room to
increase public investment.  They welcomed efforts to improve the
monitoring and fiscal discipline of public enterprises, and urged
the authorities to strengthen their accountability and accelerate
their restructuring.  Directors stressed the need to improve some
universal social programs to ensure they are reaching the most
vulnerable.  They also encouraged the authorities to consider
divesting some state assets in order to lower debt. On the revenue
side, Directors welcomed the recent tax measures, and encouraged
the authorities to broaden the tax base further and remove tax
waivers.

Most Directors encouraged the central bank to phase out direct
financing of the government and reorient monetary policy toward
supporting the fixed exchange rate regime.  They agreed that, if
financing sources are not sufficient, the central bank should
allow domestic interest rates to rise to a level that reflects a
credible country risk premium.

Directors underscored that the growth strategy should be focused
on strengthening the business environment and improving the
efficiency and effectiveness of public services.  They commended
recent efforts to improve the business climate, and encouraged
strengthening competitiveness in the tourism sector and preparing
a cohesive strategy for the agriculture sector.  Directors also
advised a review of labor regulations to boost job creation, while
preserving workers' rights.

Directors commended the progress made in implementing FSAP update
recommendations, and encouraged the authorities to continue
strengthening regulatory and supervisory frameworks.  While
domestic banks have sound balance sheets, Directors called for
continued vigilance and close monitoring of asset quality and
potential vulnerabilities in non-bank financial institutions.
Directors noted the inconsistency in GDP data, and encouraged the
authorities to quickly resolve these issues, with help from IMF
technical experts.


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


BRAZIL: Analysts Expect Economy to Contract 1.7% This Year
----------------------------------------------------------
EFE News reports that analysts expect Brazil's economy to contract
by 1.70 percent this year, with the inflation rate reaching 9.15
percent, the Central Bank said.

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

The report notes that analysts surveyed for the previous edition
of the Boletin Focus had expected Latin America's largest economy
to contract by 1.50 percent.

The government has revised its GDP estimate for this year to a
contraction of 1.20 percent, which would be Brazil's worst
economic performance since 1990, the report discloses.

The report relates that Brazil has experienced slow GDP growth
combined with rising inflationary pressures over the past four
years.

The government is responding to Brazil's economic problems by
slashing spending and implementing new policies to increase tax
collection, the report relays.

The austerity measures taken by President Dilma Rousseff's
administration have put the brakes on economic activity and led to
higher unemployment, with the jobless rate rising to 6.7 percent
in May from 4.8 percent at the end of 2014, the report says.

Economic activity contracted by 2.64 percent during the first five
months of this year, the Central Bank said, adds the report.


CONCESSIONARIA DA RODOVIA: Moody's Assigns Ba1 CFR; Outlook Stable
------------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba1 global scale and a
Aa2.br Brazilian national scale (NSR) corporate family rating to
Concessionaria da Rodovia dos Lagos S.A. ("ViaLagos" or the
"company").  At the same time, Moody's assigned a Ba1 global scale
and a Aa2.br NSR rating to the senior unsecured debentures, which
will be issued in the form of infrastructure debentures pursuant
to Law 12,431, in the amount of up to BRL150 million.  The outlook
for all ratings is stable.  This is the first time that Moody's
has rated the company and its debentures.

RATINGS RATIONALE

ViaLagos is a privately-managed toll road concessionaire that
holds a 40-year concession to operate and maintain the 57-
kilometer (km) RJ-124 road, which connects the municipality of Rio
Bonito (not rated) to Sao Pedro da Aldeia (not rated), in the
northeast part of the State of Rio de Janeiro (not rated).
ViaLagos' concession was granted by the State of Rio de Janeiro
(not rated) in 1996 for a 25-year period.  In 2011, following
negotiations with the granting authority for additional
investments to enhance safety along the toll road, the concession
life was extended by 15 additional years, thus expiring in January
2037.

ViaLagos connects with BR-101 at Rio Bonito which is operated by
Arteris (not rated) under a concession awarded by the Brazilian
Federal Government (Baa2 negative).  ViaLagos also has two access
points to the state-operated RJ-106, which serves the sea resort
area "Costa do Sol" that includes the municipalities of Saquarema
(not rated), Araruama (not rated) and Iguaba Grande (not rated);
ViaLagos and RJ-106 finally intercept each other at Sao Pedro da
Aldeia (not rated), the end of ViaLagos road.  As a result,
ViaLagos' traffic profile is composed primarily by light vehicles
(80%), with a relatively large proportion of leisure traffic.  The
remaining 20% consists of heavy vehicle traffic (commercial), a
portion of which is originated by BR-101.

Traffic volume supports the company's credit metrics for its
rating category, which is further supported by the fact that
tariffs are adjusted annually (in August) according to the
concession contract.  For the 3-year period 2012-2014, the average
Funds from Operations (FFO)-to-Debt ratio was 33% with Cash
Interest Cover of 14.8x, and Retained Cash Flow-to-CAPEX of 1.4x.
Furthermore, over the aforementioned period Moody's Debt Service
Coverage Ratio was 5.2x, and Moody's Concession Life Coverage
Ratio was 13.0x.

ViaLagos' senior unsecured non-convertible infrastructure
debentures will have a 5-year tenor from the issuance date, with a
bullet payment at maturity and interest paid semi-annually.  The
proceeds of the debentures will be used to reimburse the company
for CAPEX investments made in the two preceding years pursuant to
Law 12,431, which were financed through a loan from Bank of
America Merrill Lynch.  The debentures do not have cross default
provisions with other debt issued by the company, or its parent
(CCR), or any of the parent's subsidiaries or affiliate companies.
The debentures will contain a Net Debt / EBITDA financial covenant
of < 4.0x for dividend distributions.

ViaLagos is an operating subsidiary of CCR S.A. (CCR) (Ba1/Aa2.br
stable), one of Brazil's largest infrastructure concession groups
that operates and maintains 3,284 km of toll road concessions.
ViaLagos accounts for approximately 1.5% of CCR's consolidated
operating net revenues and EBITDA, which reached about BRL5.6
billion and BRL4.1 billion (according to Moody's standard
adjustments), respectively, in FY2014.

The stable outlook reflects our view that ViaLagos will continue
to generate strong operating cash flows and credit metrics in line
with the Ba1 rating category, based on a strong track record of
traffic volume.  Moody's also expects that ViaLagos will continue
to be able to raise funds on the capital and bank markets to
ensure a solid liquidity position.

WHAT COULD CHANGE THE RATINGS UP/DOWN
The ratings could be upgraded if ViaLagos were to demonstrate
sustained growth of traffic volume above domestic GDP growth.
Quantitatively, an FFO-to-Debt ratio higher than 26% and a Cash
Interest Cover ratio higher than 4.5x, on a sustainable basis,
would create upward pressure on the ratings.  A rating upgrade of
CCR would also create upward pressure on the ratings.

On the other hand, the rating or outlook could be downgraded if
the traffic growth deteriorates compared to historical levels for
an extended period.  A higher liquidity risk combined with more
restrictive access to the bank or capital markets financing would
also create downward pressure on the ratings.  A material negative
change of the State's concession and regulatory framework could
also cause a downgrade in the ratings or outlook.

Quantitatively, the rating or outlook could come under downward
pressure if the FFO-to-Debt ratio were to fall below 7% combined
with a Cash Interest Cover below 1.8x for an extended period.


ENERGISA MATO: Moody's Withdraws Ba2 Rating
-------------------------------------------
Moody's America Latina has withdrawn all Energisa Mato Grosso
Distribuidora. Energia.S.A.'s ratings for commercial reasons.

RATINGS RATIONALE

Moody's last rating action on Energisa Mato Grosso was on May 6,
2015 when Moody's upgraded the company's issuer ratings to Ba2
from B2 on the global scale and to Aa3.br from Ba2.br on the
Brazilian national scale.  At the same time, Moody's changed the
outlook to stable from positive for all of Energisa Mato Grosso's
ratings.

These ratings have been withdrawn:

Issuer Rating -Dom Curr Ba2

NSR LT Issuer Rating -Dom Curr Aa3.br

Energisa Mato Grosso, headquartered in the city of Cuiaba, has a
30-year concession contract that expires in 2027 to distribute
electricity to 141 cities in the state of Mato Grosso. Energisa
Mato Grosso is controlled by Rede Energia S.A. (unrated) which in
turn has been controlled by Energisa S.A. (Energisa, Ba1/Aa2.br
stable) since April 11, 2014. Energisa S.A. is listed on the
Brazilian stock exchange (BM&FBOVESPA) and is controlled by the
Botelho family.

In 2014, Energisa Mato Grosso sold 6.725 GWh to approximately 1.3
million consumers with net revenues of BRL 2.6 billion which
excludes BRL180 million of construction revenues and net income of
BRL105 million.


PETROLEO BRASILEIRO: Convicts 1st Construction Execs in Scandal
---------------------------------------------------------------
Jeb Blount at Reuters reports that three executives of Brazil's
Camargo Correa group were convicted of money laundering,
corruption and other charges, the first construction-industry
executives to be sentenced in a giant price fixing and bribery
scandal involving state-run oil company Petroleo Brasileiro S.A.

Dalton dos Santos Avancini, chief executive officer of Camargo
Correa Construcoes e Participacoes SA, Joao Ricardo Auler, the
company's chairman, and Eduardo Hermelino Leite, a senior
executive, were all convicted of corruption and membership in a
criminal organization, according to Reuters.  The ruling was
handed down by Judge Sergio Moro of Brazil's Federal Court in
Curitiba.

Also, Mr. Avancini and Mr. Leite were each convicted of 38 counts
of money laundering, the report notes.

The report relates that the convictions came the day Federal
Police decided to formally accuse Marcelo Odebrecht, CEO of
Odebrecht SA, of having a role in the scandal.  The police
accusations are expected to be followed by similar charges that
prosecutors plan to present later to judge Moro asking him to
indict the executive, the report relates.

Odebrecht is among the major Brazilian construction and
engineering companies that prosecutors accuse of fixing contracts
to rob billions of dollars from Petroleo Brasileiro SA, as
Petrobras is formally known, the report says.  The money was then
kicked back to Petrobras executives and politicians as bribes and
campaign contributions, according to prosecutors, the report
notes.

While Mr. Avancini and Mr. Leite each received prison sentences of
16 years and four months and fines of BRL1.3 million ($406,250),
their assistance in the case resulted in the judge knocking that
down to about four months already served, a year of house arrest
with electronic monitoring, and two to six years of modified house
arrest, the report discloses.

If modified house arrest is approved in 2016, the pair would be
free weekdays, but confined to their homes on nights and on
weekends, the report relays.  Failure to comply could result in
them being sent to prison.

The third executive, Mr. Auler, faces nine years and six months
plus a fine of BRL627,150, the report says.  The first part of his
sentence must be served in a penitentiary, Judge Moro said, adding
that any easing of the terms will be dependent on the return of
illegally obtained funds, notes the report.

Three others were convicted along with the Camargo Correa
executives, all for helping them launder money or by taking part
in their criminal organization, the report discloses.

They include Paulo Roberto Costa and Alberto Yousseff whose
original testimony helped kick-start the current investigations,
the report notes.

The report adds that Camargo Correa said it has been cooperating
with authorities to clean up irregularities since the
investigation began. Odebrecht representatives were not
immediately available for comment.

                   About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


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


ARTEFACT PARTNERS: Court Enters Wind-Up Order
---------------------------------------------
On June 19, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Artefact Partners Global
Opportunities Fund Limited.

The company's liquidators are:

          Andrew Morrison
          David Griffin
          FTI Consulting (Cayman) Limited
          2D Landmark Square, 64 Earth Close, SMB
          P.O. Box 30613, Grand Cayman KY1-1203
          Cayman Islands


CALIBRE FUND: Creditors & Contributories to Meet on July 23
-----------------------------------------------------------
The creditors and contributories of Calibre Fund, SPC will hold an
annual general meeting on July 23, 2015, at 10:00 a.m.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Tom Bussanich
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 8977
          Facsimile: (345) 814 8529


DIRCO EH-I: Creditors' Proofs of Debt Due Aug. 7
------------------------------------------------
The creditors of Dirco EH-I Ltd are required to file their proofs
of debt by Aug. 7, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 22, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


HONEYWOOD CHINA: Creditors' Proofs of Debt Due July 28
------------------------------------------------------
The creditors of Honeywood China Fund are required to file their
proofs of debt by July 28, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 19, 2015.

The company's liquidator is:

          Irene Fung
          3501 The Centrium
          60 Wyndham Street
          Central
          Hong Kong
          Telephone: +852 2110 8319
          Facsimile: +852 2110 9378


MEGURO HOLDINGS: Creditors' Proofs of Debt Due Aug. 7
-----------------------------------------------------
The creditors of Meguro Holdings Limited are required to file
their proofs of debt by Aug. 7, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


PROJECT FINANCE: Creditors' Proofs of Debt Due Aug. 7
-----------------------------------------------------
The creditors of Project Finance X, Ltd. are required to file
their proofs of debt by Aug. 7, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


SE ASSOCIATES: Panama Casino to Conduct Asset Sale on Aug. 19
-------------------------------------------------------------
A 100% of the limited liability company interests in Panama Casino
Holdings II LLC, a Delaware limited liability company will be
offered for sale and sold to the highest qualified bidder on
Aug. 19, 2015, at 3:00 p.m., at the law offices of Skadden, Arps,
Slate, Meagher & Flom LLP in Four Times Square, New York, New
York.  The principal asset of the company is 100% equity interest
in SE Associates (Cayman) Ltd.  The principal asset of SE is a
100% equity interest in Silver Associates (Cayman) Ltd. and a 99%
equity interest in Veneto Hotel & Casino S.A..

Interested parties should contact Bill Grice at
Bill.Grice@am.ill.com or 404-995-2154.


SHIRAZ HOLDINGS: Creditors' Proofs of Debt Due Aug. 7
-----------------------------------------------------
The creditors of Shiraz Holdings Ltd. are required to file their
proofs of debt by Aug. 7, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 23, 2015.

The company's liquidator is:

          Peter Goulden
          c/o Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Reference: JFL
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or


WACO INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 7
--------------------------------------------------------
The creditors of Waco International Ltd are required to file their
proofs of debt by Aug. 7, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 25, 2015.

The company's liquidator is:

          Sharon Lim
          St. George's Building, 14th Floor
          2 Ice House Street
          Central Hong Kong
          Telephone: +852-2533-1880


YSPOLIN GP: Creditors' Proofs of Debt Due July 29
-------------------------------------------------
The creditors of Yspolin GP Limited are required to file their
proofs of debt by July 29, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 15, 2015.

The company's liquidator is:

          Liliya Vidanova
          Unit No: 30-01-1659 Jewellery & Gemplex 3
          Plot No: DMCC-PH2-J&GPlexS Jewellery & Gemplex
          Dubai
          United Arab Emirates
          Telephone: +971 55 868 06 98


===============
H O N D U R A S
===============


HONDURAS: S&P Raises Sov. Credit Rating to 'B+'; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local currency sovereign credit ratings on the Republic of
Honduras to 'B+' from 'B'.  The outlook is stable.  S&P affirmed
its short-term foreign and local currency sovereign credit ratings
on Honduras at 'B'.  S&P also raised the transfer and
convertibility assessment to 'BB-'.

RATIONALE
The upgrade reflects recent fiscal and other reforms that are
likely to stabilize the government's debt burden in the coming two
years.  S&P expects that continued implementation of recent
revenue measures, along with energy-sector restructuring, will
contain Honduras' general government fiscal deficit to around 4%
of GDP over the next two years.  That, along with a modest
increase in economic growth, should help keep net general
government debt below 40% of GDP over the same period.  S&P
forecasts that real GDP growth could reach 3.7% over the next two
years (equivalent to 1.6% per capita GDP growth), up from 3.1% in
2014.

Fiscal consolidation undertaken in 2014 improved Honduras' fiscal
flexibility and should sustain further improvement this year and
in 2016.  S&P estimates that the general government's fiscal
deficit--which includes the central bank's losses on open market
operations and budgetary transfers to public utilities, such as
the public energy firm ENEE--would average around 4% of GDP in
2015 and 2016, down from 4.5% and 7.9% in the previous two years,
respectively.  Based on this expected trend, net general
government would stabilize around 37% of GDP in 2016-2017.  In
addition, S&P expects that continued liability management
operations would improve the profile of the government's domestic
debt.  That, along with a sustained increase in general government
revenues, should reduce general government interest expenses to
about 9% of revenues this year from 13.3% in 2014.  Strengthening
reforms to national electricity company (ENEE) could give the
government additional fiscal room over the next two years.

Improved external conditions could continue lowering Honduras'
current account deficit (CAD).  S&P projects the CAD to hover
around 7% of GDP this year and in 2016--down from a high 9.6% of
GDP in 2013--based on recovery of exports and solid remittances
growth close to 10% a year, both linked to the recovery of the
U.S. economy, its main trading partner.  Also, lower oil prices
should help cut the import bill and overall production costs going
forward.  Still, S&P projects that the country's gross external
financing needs would remain close to 100% of current account
receipts and usable reserves over the next two years, similar to
the 97% of 2014.

The improving economic environment, along with compliance with
performance targets set in the country's standby agreement with
the International Monetary Fund (IMF), could boost investor
confidence.  Foreign direct investment grew to 5.8% of GDP last
year and could reach 6% of GDP on average in the next two years,
largely funding the CAD.

S&P's rating on Honduras reflects its weak political institutions,
low-income economy, and exchange rate rigidities that constrain
monetary policy.

Honduras' political institutions, including the system of checks
and balances among government branches, remain weak and volatile.
A recent decision by the Supreme Court that could allow
presidential reelection illustrates the volatility of the
country's laws and constitutional norms.  It could, under certain
scenarios, result in a high concentration of political power in
the presidency, in detriment to other branches of government.
Also, a recent corruption scandal at the Honduran Institute of
Social Security (IHSS) reflects the weakness of internal controls
and limited transparency in the public sector.  Despite relevant
improvements during the last year and a half, the country suffers
from a high level of crime and violence.  In addition, the
government has limited institutional capacity to implement
reforms, especially in the important energy sector.

Exchange rate rigidities continue to constrain the central bank's
monetary policy.  Honduras has heavily managed its exchange rate
within a narrow band since 2011.  Based on the Central Bank
Monetary Program for 2015-2016, S&P expects a 5% nominal
devaluation this year, with inflation staying within target of
4.75% (plus or minus 1%), broadly in line with the 6% of 2014.
Dollar-denominated assets and liabilities in the banking system
account for about one-third of commercial bank claims and deposit
liabilities, creating a vulnerability to sharp movements in the
exchange rate.

Honduras is a low-income country with projected per capita GDP of
$2,202 in 2015.  Over the past five years, per capita GDP has
grown at a modest 1.4% per year on average.  Its small, open
economy is relatively diversified across agriculture, low-value-
added manufacturing factories, and tourism.  However, it remains
vulnerable to external shocks, such as higher oil prices or a
downturn in the U.S. economy.  S&P forecasts that real GDP growth
could reach 3.4% this year, up from 3.1% in 2014.  Sustained
higher growth would be necessary to overcome the country's large
development needs in the years to come.

OUTLOOK
The stable outlook reflects S&P's expectation that continued
fiscal correction and higher GDP growth would help the government
reduce its fiscal deficit over the next two years, containing its
debt burden.  S&P expects net general government debt to represent
34% of GDP in 2015.  S&P also expects continuity in key economic
policies, including energy-sector reforms, for the next two years,
anchored in part by the country's agreement with the IMF.

Unexpected fiscal slippage, or developments that undermine the
government's ability to reform and modernize the public sector,
could reverse the recent strengthening of public finances.  The
resulting loss of investor confidence could lower the country's
GDP growth rate, contributing to a rising burden of government
debt.  S&P could lower the rating under such a scenario.

Conversely, strengthening the reform of the energy sector could
contribute to stronger public finances, higher investment, and
cheaper energy costs.  That, along with improved security and
other policies that promote GDP growth, could strengthen the
government's financial profile, resulting in a higher rating.

In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "debt assessment" had improved.  All
other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Upgraded; Ratings Affirmed
                                  To                 From
Honduras (Republic of)
Sovereign Credit Rating          B+/Stable/B        B/Stable/B

Upgraded
                                        To                 From
Honduras (Republic of)
Senior Unsecured                       B+                 B
Transfer & Convertibility Assessment   BB-                B+


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


NCB INSURANCE: A.M. Best Assigns Fin'l. Strength Rating of 'B'
--------------------------------------------------------------
A.M. Best Co. has assigned a financial strength rating of B (Fair)
and an issuer credit rating of "bb+" to NCB Insurance Company
Limited (NCBIC) (Jamaica).  The outlook assigned to both ratings
is stable.  The company's direct banking parent is National
Commercial Bank Jamaica Limited and is traded on the Jamaican and
Trinidad stock exchanges.

The ratings reflect NCBIC's strong risk-adjusted capitalization
and history of stable operating earnings with expectations that
the company will continue to operate with similar historical
financial stability in the future.  NCBIC provides the Jamaican
market with its core group life and creditor life products sold
through its banking parent.  In addition, a modest premium volume
is generated by its unit-linked annuity product.

While NCBIC has demonstrated a favorable operating profile, the
company's operations are concentrated in the Jamaican geographic
territory that is rated as a country risk tier five country (CRT-
5) by A.M. Best.  A CRT-5 country risk rating denotes a stressed
economic environment with significant economic, financial and
political headwinds placing strain on wages and employment, which
in turn has the potential to constrain the future growth potential
of NCBIC.  While these challenges are clearly present, it is noted
that NCBIC has been able to demonstrate a history of stable
financial performance to date and is anticipated by A.M. Best to
maintain this stable financial and operating profile going
forward.


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


CAL DIVE INT'L: Taps Hilco as Exclusive Marketing & Sales Agent
---------------------------------------------------------------
Cal Dive International Inc. and its debtor-affiliates ask the Hon.
Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware for authority to employ Hilco Industrial LLC
as exclusive marketing and sales agent for certain equipment and
other personal property of the Debtors' located at 8200 Yacht Club
Rd. in Port Arthur, Texas, nunc pro tunc to June 8, 2015

A hearing is set for July 24, 2015 at 10:00 a.m. (EDT) to consider
approval of the Debtors' request.  Objections, if any, are due
July 17, 2015 at 4:00 p.m. (EDT)

The firm has agreed to provide these services:

     a) develop an advertising and marketing plan for the sale of
the Assets;

     b) implement the advertising and marketing plan as deemed
necessary or appropriate by Hilco to maximize the net recovery on
the Assets;

     c) prepare for the sale of the Assets, including gathering
specifications and photographs for pictorial brochures and
arranging the Assets in a manner, which in Hilco's judgment would
be designed to enhance the net recovery on the assets;

     d) provide fully qualified and experienced personnel who will
prepare for and sell the Assets;

     e) provide a complete auction crew to handle computerized
accounting functions necessary to provide auction buyers with
invoices and the Debtors with a complete accounting of all Assets
sold at the auction

     f) sell the Assets for cash or other immediately available
funds to the highest bidder(s) on an "AS IS," "WHERE IS" and "all
sales are final" basis and in accordance with the terms of this
Agreement;

     g) charge and collect on behalf of the Debtors from all
purchasers any purchase price together with all applicable taxes
in
connection therewith;

     h) deposit all collected gross proceeds into a separate
client
trust account maintained by Hilco and remit such proceeds to the
Debtors by transferring them to the account within 15 days after
the sale of each Asset; and

     i) submit an initial sales report to the Debtors within
fourteen days after the sale of the Assets and a final complete
sales report to the Debtors within 14 days after the end of the
term of the marketing agreement.

To market and facilitate the sale of the Assets, Hilco plans to
subcontract with Dixon Marine Services, a consulting firm that
provides specialized marine and environmental science consulting
services.  Hilco plans to engage Dixon in order to benefit from
the firm's industry related expertise and connections to potential
buyers of the Assets, factors that I believe are critical to
maximizing the value realized for the Assets.  As part of Dixon's
engagement, Hilco will have access to Dixon's customer lists and
Dixon will facilitate the negotiation of potential sales with
their customers.

Under the Fee Structure, Hilco will be entitled to charge and
retain for its own account an industry-standard buyer's premium of
16% for any of the Assets that are sold.  The Buyer's Premium is a
fee charged in addition to the sale price and is paid by the buyer
of the Asset(s).  Hilco will pay Dixon 25% of any Buyer's Premium
it receives from the sale of the Assets, while the Debtors will be
entitled to receive a portion of the collected Buyers' Premiums in
accordance with the following schedule:

                            Portion to   Net to
Gross Proceeds             Company      Hilco
--------------             ----------   ------
$0.00 to 2,000,000$        0%           16%
$2000,001 to $4,000,000    1%           15%
$4,000,001 to $6,000,000   2%           14%
$6,000,001 to $8,000,000   4%           12%
$8,000,001 to $10,000,000  7.5%         8.5%
$10,000,001 and over       2.5%         13.5%

In addition, Hilco is entitled to reimbursement by the Debtors for
all out-of-pocket expenses, in an amount not to exceed $77,900,
incurred by Hilco in connection with Hilco's performance of its
services.

Eric W. Kaup, general counsel and executive vice president of
Hilco Trading, LLC, the managing member of Hilco Industrial, LLC,
assures the Court that the firm is a "disinterested person" within
the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

   Eric W. Kaup
   Hilco Industrial LLC
   5 Revere Dr Suite 206
   Northbrook, IL 60062
   Tel: 847-509-1100
   Email: ekaup@hilcoglobal.com

                        About Cal Dive

Houston, Texas-based marine contractor Cal Dive International,
Inc., provides manned diving, pipelay and pipe burial, platform
installation and salvage, and light well intervention services to
the offshore oil and natural gas industry on the Gulf of Mexico
OCS, Northeastern U.S., Latin America, Southeast Asia, China,
Australia, West Africa, the Middle East, and Europe.  Cal Dive and
its U.S. subsidiaries filed simultaneous voluntary petitions
(Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.

Through the Chapter 11 process, the Company intends to sell
non-core assets and intends to reorganize or sell as a going
concern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones Walker
LLP as corporate counsel; and Kurtzman Carson Consultants, LLC, as
claims and noticing agent.  The Debtors also tapped Carl Marks
Advisory Group LLC as crisis managers and appoint F. Duffield
Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the case.  The Committee retained Akin Gump
Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel;
and Guggenheim Securities, LLC as exclusive investment banker.

Cal Dive Offshore Contractors, Inc., disclosed total assets of
$233,273,806 and $311,339,932 in liabilities as of the Chapter 11
filing.


CAL DIVE INT'L: Fee Examiner Wants to Hire OEB as Counsel
---------------------------------------------------------
David M. Klauder, the examiner for the bankruptcy estates of Cal
Dive International Inc. and its debtor-affiliates, ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ O'Kelly Ernst & Bielli LLC as his counsel.

A hearing is set for July 24, 2015 at 10:00 a.m., to consider
approval of fee examiner's request.  Objections were due July 17.

The firm will:

a) review the fee and expense applications and related invoices
for compliance with:

     i. Sections 328, 329, 330 and 331 of the Bankruptcy Code;

    ii. Rule 2016 of the Bankruptcy Rules;

   iii. Local Rule 2016-2 of the Local Rules for the United States
Bankruptcy Court for the District of Delaware;

    iv. The United States Trustee Guidelines for Reviewing
Applications for Compensation & Reimbursement of Expenses filed
under Section 330; and

     v. The Order Appointing Fee Examiner and Establishing Related
Procedures for Compensation and Reimbursement of Expenses for
Professionals and Consideration of Fee Applications;

b) Assist the Fee Examiner in any hearings or other proceedings
before the Court to consider the Fee Applications including,
without limitation, advocating positions asserted in the reports
filed by the Fee Examiner and on behalf of the Fee Examiner;

c) Assist the Fee Examiner with legal issues raised by inquiries
to and from the Retained Professionals and any other professional
services provider retained by the Fee Examiner;

d) Where necessary, attend meetings between the Fee Examiner and
the Retained Professionals;

e) Assist the Fee Examiner with the preparation of preliminary and
final reports regarding professional fees and expenses;

f) Assist the Fee Examiner in developing protocols and making
reports and recommendations; and

g) Provide such other services as the Fee Examiner may request.

The firm's current hourly rates applicable to the principal
attorneys proposed to represent the Fee Examiner are:

   Ryan M. Ernst          $325
   Shannon J. Dougherty   $195
   Cory P. Stephenson     $170

The fee examiner assures the Court that the firm is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

   Ryan M. Ernst, Esquire
   Shannon J. Dougherty, Esquire
   Cory P. Stephenson, Esquire
   O'KELLY ERNST & BIELLI, LLC
   901 N. Market Street, Suite 1000
   Wilmington, DE 19801
   Tel: (302) 778-4000
   Fax: (302) 295-2873
   Email: rernst@oeblegal.com
          sdougherty@oeblegal.com
          cstephenson@oeblegal.com

                         About Cal Dive

Houston, Texas-based marine contractor Cal Dive International,
Inc., provides manned diving, pipelay and pipe burial, platform
installation and salvage, and light well intervention services to
the offshore oil and natural gas industry on the Gulf of Mexico
OCS, Northeastern U.S., Latin America, Southeast Asia, China,
Australia, West Africa, the Middle East, and Europe.  Cal Dive and
its U.S. subsidiaries filed simultaneous voluntary petitions
(Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.

Through the Chapter 11 process, the Company intends to sell
non-core assets and intends to reorganize or sell as a going
concern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones Walker
LLP as corporate counsel; and Kurtzman Carson Consultants, LLC, as
claims and noticing agent.  The Debtors also tapped Carl Marks
Advisory Group LLC as crisis managers and appoint F. Duffield
Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the case.  The Committee retained Akin Gump
Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel;
and Guggenheim Securities, LLC as exclusive investment banker.

Cal Dive Offshore Contractors, Inc., disclosed total assets of
$233,273,806 and $311,339,932 in liabilities as of the Chapter 11
filing.


CAL DIVE INT'L: Sept. 2 Fixed as Governmental Claims Bar Date
-------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware established Sept. 2, 2015, at 5:00 p.m.,
as the deadline for any governmental units to file proofs of claim
against Cal Dive International, Inc., et al.

Proof of claim forms may be obtained by visiting KCC's Website --
https://www.kccllc.net/caldive -- or by contacting KCC by regular
mail, overnight mail or hand delivery to Cal Dive Claims
Processing c/o Kurtzman Carson Consultants LLC, 2335 Alaska
Avenue, El Segundo, CA 90245 or by telephone (888) 647-1733 FREE
(toll free) or (310) 751-2623 (international callers).

The Debtors, in an omnibus reply in support of their bar date
motion and in response to the objection filed by Doerle Food
Services, Inc., McDonough Marine Service, and MacTech Offshore,
Inc. as joined by Gulf Copper & Manufacturing Corp., related that
the Court must overrule the objection and grant the bar date
motion because they are meritless.

According to the Debtors, there is no reason why the bar date
order must not apply to creditors asserting liens based on federal
maritime law and that dispute how the Debtors have scheduled their
claims.

                         About Cal Dive

Houston, Texas-based marine contractor Cal Dive International,
Inc., provides manned diving, pipelay and pipe burial, platform
installation and salvage, and light well intervention services to
the offshore oil and natural gas industry on the Gulf of Mexico
OCS, Northeastern U.S., Latin America, Southeast Asia, China,
Australia, West Africa, the Middle East, and Europe.  Cal Dive and
its U.S. subsidiaries filed simultaneous voluntary petitions
(Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.

Through the Chapter 11 process, the Company intends to sell non-
core assets and intends to reorganize or sell as a going concern
its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones Walker
LLP as corporate counsel; and Kurtzman Carson Consultants, LLC, as
claims and noticing agent.  The Debtors also tapped Carl Marks
Advisory Group LLC as crisis managers and appoint F. Duffield
Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the case.  The Committee retained Akin Gump
Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel;
and Guggenheim Securities, LLC as exclusive investment banker.

Cal Dive Offshore Contractors, Inc., disclosed total assets of
$233,273,806 and $311,339,932 in liabilities as of the Chapter 11
filing.


CAL DIVE INT'L: Has Until Sept. 29 to Decide on Unexpired Leases
----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware extended from July 1, 2015, to Sept. 29,
2015, Cal Dive International, Inc., et al.'s time to assume or
reject unexpired eases.

As reported in the Troubled Company Reporter on June 22, 2015, the
Debtors are parties to two unexpired leases.  First, under the
Office Lease Agreement, dated May 19, 2000, between Cal Dive and
2500 CityWest Blvd, LLC, Cal Dive leases office space for Debtors'
corporate headquarters in Houston, Texas.  Second, under the
Commercial Lease, dated Sept. 24, 2012, between Cal Dive Offshore
Contractors, Inc. and Sabine Breakwater LLC, CDOCI leases a dock
facility in Jefferson County, Texas, where several of the Debtors'
vessels and related equipment are stored.

                         About Cal Dive

Houston, Texas-based marine contractor Cal Dive International,
Inc., provides manned diving, pipelay and pipe burial, platform
installation and salvage, and light well intervention services to
the offshore oil and natural gas industry on the Gulf of Mexico
OCS, Northeastern U.S., Latin America, Southeast Asia, China,
Australia, West Africa, the Middle East, and Europe.  Cal Dive and
its U.S. subsidiaries filed simultaneous voluntary petitions
(Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.

Through the Chapter 11 process, the Company intends to sell non-
core assets and intends to reorganize or sell as a going concern
its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones Walker
LLP as corporate counsel; and Kurtzman Carson Consultants, LLC, as
claims and noticing agent.  The Debtors also tapped Carl Marks
Advisory Group LLC as crisis managers and appoint F. Duffield
Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the case.  The Committee retained Akin Gump
Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel;
and Guggenheim Securities, LLC as exclusive investment banker.

Cal Dive Offshore Contractors, Inc., disclosed total assets of
$233,273,806 and $311,339,932 in liabilities as of the Chapter 11
filing.


COCO BEACH GOLF: Hires Luis R. Carrasquillo as Fin'l Consultant
---------------------------------------------------------------
Coco Beach Golf & Country Club S.E. seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to appoint CPA
Luis R. Carrasquillo & Co., P.S.C., to assist its management in
the financial restructuring of its affairs by providing advice in
strategic planning and the preparation of the company's plan of
reorganization, disclosure statement and related documents, and
participating in the Debtor's negotiations with its creditors.

The duties of Carrasquillo will consist of strategic counseling
and advice, pro forma modeling preparation, financial assistance,
preparation of documentation as requested for and during the
company's Chapter 11, specifically as it is related to and has an
effect on Debtor, as well as recommendations and financial
assessments.

The Debtor has retained Carrasquillo on the basis of a $15,000
advance retainer, paid by the Debtor's affiliate, Petroleum
Emulsion Manufacturing Co.

The Debtor assures the Court that Carrasquillo and the members of
his accounting firm are "disinterested persons" as the term is
defined in Section 101(14) of the Bankruptcy Code and do not
represent any interest adverse to the Debtor and its estates.

The Debtor discloses that except that Carrasquillo has acted as
financial consultant in other bankruptcy cases in which Charles A.
Cuprill, PSC Law Offices, the Debtor's counsel, has or is
representing the debtor, and that Carrasquillo has provided
financial advice to the Debtor's affiliates in reference to the
case In re Scotiabank de Puerto Rico v. Coco Beach Development
Corporation, R-3 Development, LLC, Coco Beach Holdings, Inc., in
Case No. N3CI2012-00608, before the Court of First Instance of
Puerto Rico, Rio Grande Section; and the Debtor's affiliates
Betteroads Asphalt, LLC, Betterecycling Corporation, as creditors
in the case of Alco Corporation, Case No. 12-00139(MCF),
Carrasquillo has no other prior connections with the Debtor, its
officers, directors and insiders, any creditor, or other party in
interest, their respective attorneys and accountants, the United
States Trustee or any person employed in the office of the United
States Trustee.

Coco Beach Golf & Country Club, S.E., owner of a first class golf
and country club in Rio Grande, Puerto Rico, currently operating
under the name of Trump International Golf Club Puerto Rico,
sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-05312) in
Old San Juan, Puerto Rico, on July 13, 2015, and immediately filed
a motion seeking to sell most of the assets for $2.04 million in
cash to OHorizons Global, LLC, subject to higher and better
offers.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as counsel to the Debtor.  The case is assigned to
Judge Enrique S. Lamoutte Inclan.


COCO BEACH GOLF: Employs Charles A. Cuprill as Bankruptcy Counsel
-----------------------------------------------------------------
Coco Beach Golf & Country Club S.E. seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Charles
A. Cuprill, P.S.C., Law Offices, to represent the company on court
proceedings in its petition for reorganization.

The Debtor has retained Cuprill on the basis of a $30,000
retainer, paid by Debtor's affiliate, Petroleum Emulsion
Manufacturing Co., against which the law firm will bill on the
basis of $350 per hour, for work performed or to be performed by
Charles A. Cuprill-Hernandez, Esq.; $250 per hour for any
associate, $150 per hour for any junior associate, and $85 for
paralegals.

Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C.,
Law Offices, in San Juan, Puerto Rico, assures the Court that the
firm is a "disinterested entity" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

Mr. Cuprill discloses that except for having represented the
Debtor's affiliates in the case styled In re Scotiabank de Puerto
Rico v. Coco Beach Development Corporation, R-3 Development, LLC,
Coco Beach Holdings, Inc., in Case No. N3CI2012-00608, before the
Court of First Instance of Puerto Rico, Rio Grande Section, and
the rendering of advice thereto in reference to their settlement
negotiations with Scotiabank de Puerto Rico; Debtor's affiliates
Betteroads Asphalt, LLC, Betterecycling Corporation, Petroleum
Emulsion Manufacturing Corporation, as creditors in the case of
Alco Corporation, Case No. 12-00139(MCF); and Debtor's affiliates
Betteroads Asphalt, LLC and Betterecycling Corporation, as
creditors in the case of BTB Corporation, Case No. 15-03681(MCF),
Cuprill nor its members have any other prior connections with the
Debtor or any insider, any creditor, or other party in interest,
their respective attorneys and accountants, the United States
Trustee or any person employed in the office of the United States
Trustee.

Mr. Cuprill may be reached at:

         Charles A. Cuprill-Hernandez, Esq.
         CHARLES A. CUPRILL, P.S.C., LAW OFFICES
         356 Fortaleza Street, Second Floor
         San Juan, PR 00901
         Tel: (787) 977-0515
         Fax: (787) 977-0518
         Email: ccuprill@cuprill.com

Coco Beach Golf & Country Club, S.E., owner of a first class golf
and country club in Rio Grande, Puerto Rico, currently operating
under the name of Trump International Golf Club Puerto Rico,
sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-05312) in
Old San Juan, Puerto Rico, on July 13, 2015, and immediately filed
a motion seeking to sell most of the assets for $2.04 million in
cash to OHorizons Global, LLC, subject to higher and better
offers.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as counsel to the Debtor.  The case is assigned to
Judge Enrique S. Lamoutte Inclan.


PUERTO RICO PFC: S&P Lowers Rating on Bonds to 'CC'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its 'CCC-' rating
on Puerto Rico Public Finance Corp. (PFC) series 2011A and B and
series 2012 A bonds to 'CC' following non-appropriation of debt
service by the legislature in the fiscal 2016 budget.  S&P sees
default for this debt on its next debt service date, Aug. 1, 2015,
as a virtual certainty.  The rating outlook is negative.

At the same time S&P has placed all other Puerto Rico tax-backed
debt, currently rated 'CCC-/Negative' on CreditWatch with negative
implications.  In S&P's view, non-appropriation of PFC debt
service represents a departure from Puerto Rico's previous
practice of timely funding of debt service and signals
deteriorating liquidity, which could call into question the
ability to fund debt service payments as early as September.  If
liquidity pressures intensify so as to call into question near-
term debt payments, S&P would likely lower its rating.  Puerto
Rico's administration has called for restructuring discussions
with all creditors.  S&P believes a default on the PFC bonds would
be further demonstration of increasing unwillingness to pay debt
in full and also raises the potential for future unequal treatment
between various types of bondholders.  S&P expects more clarity
after the presentation to the governor and the legislature of
recommendations from a special commission on Sept. 1, which could
discuss restructuring options.

The legislature did not appropriate for debt service payments for
the PFC bonds in its fiscal 2016 budget (the fiscal year began
July 1), despite a request by the Puerto Rico Office of Management
and Budget to do so.  S&P believes it is very unlikely the
legislature will appropriate for debt service before an upcoming
Aug. 1 debt service payment date, as that would require the
governor to call a special session of the legislature.  To S&P's
knowledge, there are no plans to call a special session.  It is
S&P's understanding that default on these bonds would not create a
cross-default with other debt, and PFC bondholders would have
limited remedies against the Commonwealth.


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


CL FIN'L: Three New Directors on CLICO Board
--------------------------------------------
Anna Ramdass at Trinidad Express reports that three directors have
been appointed to Colonial Life Insurance Company Ltd. (CLICO)
board.

Trinidad Express relates that a release from the Central Bank
stated that the following directors were appointed with effect
from July 13, 2015 to assist the Central Bank in the performance
of its special emergency functions, pursuant to the bank's powers
under section 44D(1)(vii) of the Central Bank Act Chap. 79:02:

-- Ulric Miller, FLMI, ACS, AIRC, CAMS

-- Delia Joseph, BA, Master's HRM

-- Raymond Bachoo, BA (Economics)

The appointment of these directors comes after the collapse of the
CLICO board last month following the dismissal of Chairman Gerald
Yetming and Managing Director Carolyn John, according to Trinidad
Express.

The report notes that the two former directors -- Jagdeesh
Siewrattan and Denyse Mehta -- took issue with Central Bank
Governor Jwala Rambarran's handling of this situation and quit the
board.  Their resignation letters were critical of Rambarran, the
report relates.  The board, which is supposed to consist of five
directors, was left with Krishna Boodhai and Wendy Ho Sing, the
new executive chairman, the report discloses.

Mr. Siewrattan's letter of resignation, dated June 12, 2015, and
Mehta's letter, dated June 14, 2015, both copied to Minister of
Finance Larry Howai, came in the wake of the June 5 dismissal of
Mr. Yetming and Ms. John following the controversy over payments
to former CLICO directors, Trinidad Express relays.

The two former directors corroborated Mr. Yetming's claim that the
Central Bank knew and supported the decision of CLICO to pay the
former directors and at no time indicated its opposition until
after public controversy developed, the report discloses.

The report says that Ms. Mehta suggested that the Central Bank's
behaviour was "unethical" because of its failure to acknowledge
joint accountability in the matter.  In standing in solidarity
with Mr. Yetming and Ms. John, Siewrattan said if they were
dismissed, then so should he, the report notes.

In her letter, addressed to the Governor, Ms. Mehta, who was
appointed on September 31, 2010, stated that it had become
untenable to continue on the board in view of the "unfair, unjust
and unprofessional treatment meted out to my fellow directors,
Gerald Yetming and Carolyn John. . . . by you, with great
disrespect," the report says.

The report notes that Mr. Siewrattan also stated that throughout
the deliberations of the board, its members, led by Mr. Yetming
and Ms. John, "paid meticulous attention to directions from the
Central Bank," the report adds.

                    About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.  CL Financial Limited is a privately held
conglomerate in Trinidad and Tobago.  Founded as an insurance
company by Cyril Duprey, Colonial Life Insurance Company was
expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.


TRINIDAD CEMENT: Timothy Hamel-Smith Joins Board of Directors
-------------------------------------------------------------
Sean Douglas at Trinidad and Tobago Newsday reports that former
Senate President, Timothy Hamel-Smith, joined the Board of
Directors of Trinidad Cement Limited and immediately expressed his
optimism in the company's future at July 20's AGM at the Hilton
Trinidad, St Ann's.

"It was almost a bankrupt organization compared to what it is
today, where expectations are that it will make $200 million by
the end of the year," Hamel-Smith told Trinidad and Tobago Newsday
in an interview.  "So to come from almost folding up to being a
profitable organization is a tremendous achievement.  TCL has done
a marvelous job in reconstructing this company."

The report notes that the three other new directors voted into
office were CEMEX director, Jose Bavaro; National Insurance Board
deputy chairman, Reuben Mc Sween; and Trinity Exploration chief
financial officer, Bryan Ramsumair.

The meeting also re-elected existing directors Wilfred Espinet
(chairman), Christopher Derring, Nigel Edwards, and Francisco
Aguilera, the report relays.

The report discloses that shareholders also agreed to a motion to
delist the company from the Stock Exchanges of Barbados, Guyana
and the Eastern Caribbean, on the premise that the cost of
maintenance of the listings was not justified by the minimal,
sporadic and nominal trading there.

TCL Chief Executive Officer Jose Seijo Gonzalez, in his address,
urged all to work together to take care of customers, "If we at
TCL don't take care of our customers, somebody else will," Mr.
Gonzalez warned, says the report.

The report notes that Chairman Espinet said under the board sworn
in last year the company's debt has been reduced from US$298
million to US$245 million, while also having a "reasonably
healthy" cash generation.  Yet, he warned that while TCL's six
months results showed the company had done well, they had also
included the benefits of a one-off gain derived from the company's
restructuring, but which would need to be matched in the future by
"a lot of work," the report relays.

Chairman Espinet urged TCL to change the way it has traditionally
seen itself -- as a protected company operating in TT -- to one
that is competitive in the wider world, the report notes.

In the question session, a shareholder, one Dr. Elias, praised the
Espinet-led board for now showing the true figures that had been
paid as directors' fees in the past by their predecessor(s), the
report relays.  He claimed the old auditors had refused to give
him such details in reply to his query, saying it was none of his
business, the report discloses.

In the TCL Annual Report 2014, Espinet in the Group Chairman's
Review, spelt out the past year's successes and challenges, the
report relays.

The company had raised US$50 million in new equity by a rights
issue, and had tackled debt by negotiating a two percent reduction
in interest rates, forgiveness of penalty interest, and a discount
on the principal repayment of between 10 percent and 20 percent,
the report discloses.  "In the incredibly short period of seven
months, employees, lenders and shareholders have come together in
an unprecedented exercise that has rescued TCL from what was
undoubtably a misguided course of destruction of wealth and
livelihoods," said Mr. Espinet, the report relays.

Mr. Espinet said Group revenues were TT$2.1 billion, an eight
percent rise over 2013, with operations in both Trinidad and
Tobago and Jamaica showing better year-on-year performances in
both volume-increases and price-increases, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 1, 2015, Fitch Ratings has upgraded the Foreign and Local
currency Issuer Default Ratings (IDRs) of Trinidad Cement Limited
(TCL) to 'B-' from 'D' and assigned an expected rating to the
company's proposed senior secured term loan of 'B-(EXP)/RR4'. The
Rating Outlook is Stable.


TRINIDAD & TOBAGO: Oil, Gas Production Down 7% Since January
------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago's crude oil and
natural gas production has been falling since the start of the
year.  Crude oil production in May fell 6.7 per cent since
January, while natural gas production dropped 7.5 per cent over
the same period, according to the Energy Ministry's Consolidated
Bulletin released in July, says the report.

The report notes that crude production fell to 78,275 barrels of
oil per day (bopd) in May versus 83,882 bopd in January. Year-on-
year (y-o-y), May oil production fell 2.2 per cent from 80,071
bopd.

Offshore, the country's oil production fell 2.2 per cent to 56,127
bopd in May from 59,549 in January, the report relates.  May 2014
offshore production was 56,979 bopd, the report says.

The report discloses that land production fell nine per cent in
May to 22,148 bopd from 24,333 bopd in January.  May 2014 land
production was 23,092 bopd, meaning there was also a y-o-y decline
onshore, the report relays.

Repsol continues to lead the charge as the highest oil producer
after the State via Petrotrin and Trinmar, the report says.
Repsol produced 13,234 bopd in May, growing its production 5.4 per
cent since the start of the year.

The report relays that BP production is down 30.4 per cent since
start of year.

BP Trinidad and Tobago (bpTT), like the sovereign, has seen its
production fall consistently every month since January, ending May
with 9,130 bopd, which is 30.4 per cent down from January's 13,109
bopd, the report notes.

BHP Billiton crude oil production remained flat at 8,092 bopd in
May versus 8,089 bopd in January, the report says.

The report discloses that another industry metric, rig days,
signalling increased exploration drilling and potential
production, rose by 31.5 per cent y-o-y in May to reach 317, its
highest for the year.

BG, BP and Trinmar, in that order, accounted for most of the
increase in rig days, the report relays.

The report notes that natural gas production was down too.

Trinidad and Tobago's natural gas production is also still falling
and Energy and Energy Affairs Minister Kevin Ramnarine has said he
sees no improvement in sight (if and) until bpTT's Juniper field
starts production in mid-2017, the report relays.

Natural gas production fell 7.5 per cent in May to 3.8 billion
standard cubic feet of gas per day (bscf/d) from 4.1 bscf/d in
January, the report discloses.  BP's natural gas production over
the same period decreased 14 per cent, the report relays.  BG
remained stable at 948 million scf/d, the report adds.


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


* Insolvency Practitioners See Rise in Cross-Border Insolvencies
----------------------------------------------------------------
Richard Crump at Accountancy Age reports that insolvency
practitioners expect to see a hike in cross-border insolvencies
with the Cayman Islands pinpointed as a preferred offshore
jurisdiction.

According to the report, research commissioned by Grant Thornton
and barristers chambers South Square, found that around two thirds
of insolvency practitioners expect the number of insolvencies
involving offshore jurisdictions to increase over the next three
years as a result of an uplift in activity in financial services.

Accountancy Age relates that IPs want to see collaboration between
offshore jurisdictions rise further up the agenda, with three
quarters suggesting that courts in different jurisdictions should
collaborate more to make multi-jurisdictional insolvencies fairer
and more efficient.

"With an anticipated uptick in cross-border insolvencies on the
horizon, jurisdictions need to ensure their basic legal process
and infrastructure is fit for purpose," the report quotes Steve
Akers, recovery and reorganisation partner at Grant Thornton, as
saying.

"Clearly, no single jurisdiction has got everything absolutely
right, so we should be encouraging a wider debate about how all
those involved in the legislative and judicial process might learn
from each other and work more closely together to help ensure
consistent and reliable standards are in place around the world."

Accountancy Age notes that the Cayman Islands was pinpointed as a
preferred offshore jurisdiction for having the most effective
insolvency laws, followed by the British Virgin Islands and
Hong Kong.

Singapore emerged as a very effective location for cross-border
insolvency for those with direct experience of multi-
jurisdictional insolvency in the territory but was ranked poorly
by respondents who provided feedback on the jurisdiction without
direct experience there, indicating a potential gap in perception,
relates Accountancy Age.

Accountancy Age says the top three factors when evaluating the
attractiveness of a jurisdiction are: its legal process and
infrastructure, cross-border assistance provisions and
enforceability of foreign court orders and judgements.



                            ***********


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 * * *