TCRLA_Public/150723.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

            Thursday, July 23, 2015, Vol. 16, No. 144


                            Headlines



A R G E N T I N A

INDUSTRIAL AND COMMERCIAL: Moody's Rates ARS500MM Issuance B1


B R A Z I L

ENERGISA PARAIBA: S&P Revises Outlook to Pos. & Affirms 'BB' CCR


C A Y M A N  I S L A N D S

ABSOLUTE PARTNERS: Members' Final Meeting Set for July 29
ABSOLUTE PARTNERS MASTER: Members' Final Meeting Set for July 29
BHUTAN INVESTMENTS: Shareholders' Final Meeting Set for Aug. 14
E.WORLD (HOLDINGS): Members' Final Meeting Set for July 24
FAR EASTRON: Sole Member to Hear Wind-Up Report on Aug. 4

GOLDMAN SACHS ADVISORS: Members' Final Meeting Set for July 31
GOLDMAN SACHS COLUMBUS: Members' Final Meeting Set for July 31
GOLDMAN SACHS DISTRESSED: Members' Final Meeting Set for July 31
GOLDMAN SACHS HOLDINGS: Members' Final Meeting Set for July 31
TIGER CONSUMER: Shareholder to Hear Wind-Up Report on Aug. 4


C H I L E

CHILE: Copper Output to Fall After 2025, Study Says


C O L O M B I A

BANCO DAVIVIENDA: Fitch Hikes Subordinated Debt Rating From 'BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Gov't, Big Business Agree to Fight 'Smear Campaign'
DOMINICAN REP: Free Zones Scramble as Trans-Pacific Behemoth Looms
DOMINICAN REPUBLIC: Pay US$800MM or Face Blackouts, ADIE Warns


P A R A G U A Y

PARAGUAY: Growth Outlook Remains Relatively Favorable, IMF Says


P U E R T O    R I C O

DORAL FINANCIAL: Taps Fiddler Gonzalez as Puerto Rico Counsel
DORAL FINANCIAL: Sept. 7 Set as Governmental Unit Claims Bar Date
PUERTO RICO: Bankruptcy Bill Has Big Hurdles
STANDARD REGISTER: $5MM of Sale Proceeds Will Go to GUC Trust
STANDARD REGISTER: Court Okays Asset Sale to Taylor Corporation


T R I N I D A D  &  T O B A G O

PETROTRIN: Losses Hikes 11.2 Times to US$168MM for 9Mo Ended June


X X X X X X X X X

LATAM: IMF Cuts Growth Projection for Region, Caribbean


                            - - - - -


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


INDUSTRIAL AND COMMERCIAL: Moody's Rates ARS500MM Issuance B1
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B1 global scale rating and a Aaa.ar national scale
rating to Industrial and Commercial Bank of China (Argentina) S.A.
(ICBC Argentina)'s expected issuance of up to ARS500 million,
which will be due in 18 months, under the bank's US $250 million
medium-term note program.  The outlook for all ratings is
negative.

These ratings were assigned to ICBC Argentina S.A.'s expected
issuance under the debt program:

Expected Issuance of up to ARS 500 million:
B1 Global Local Currency Debt Rating, negative outlook
Aaa.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE
ICBC Argentina's B1 global local currency debt and deposit ratings
derive from the bank's caa1 baseline credit assessment and our
assessment of a high probability of parental support to be
provided by its main shareholder, Industrial & Commercial Bank of
China Ltd. (A1 stable, baa2).

The standalone rating considers the challenging operating
environment in Argentina, characterized by high inflation and weak
economic growth, which will continue to jeopardize household
disposable income, shrinking consumer purchasing power and debt
service capacity, which may impact the bank's asset quality.  It
also incorporates the risks related to increasing government
regulation through mechanisms unfavorable to the earnings
generation, such as lending mandates, lending rate caps and
deposit rate floors.  In addition, while reported profitability
metrics appear to be strong, they are considerably weaker when
adjusted for the country's very high rate of inflation.  These
challenges and risks limit the support provided by ICBC
Argentina's prudent risk management practices, adequate
capitalization, and its well-defined footprint in the corporate
and retail banking segments.

The negative outlook reflects the negative outlook on the
sovereign coupled with the deteriorating operating environment
prompted by Argentina's default.  The ratings could face downward
pressure if the operating environment deteriorates further,
affecting the entities' business prospects, asset quality,
profitability or capitalization or if the sovereign bond rating
and/or the country ceiling are downgraded.

ICBC Argentina is headquartered in Buenos Aires, with assets of
ARS 42.14 billion and equity of ARS 4.71 billion as of March 2015.


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


ENERGISA PARAIBA: S&P Revises Outlook to Pos. & Affirms 'BB' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Energisa
S.A. and its subsidiaries, Energisa Paraiba-Distribuidora de
Energia S.A. (Energisa Paraiba) and Energisa Sergipe-Distribuidora
de Energia S.A. (Energisa Sergipe), to positive from negative.  At
the same time, S&P affirmed its 'BB' global scale and 'brAA-'
national scale corporate credit ratings on the companies.  S&P's
ratings on Energisa Paraiba and Energisa Sergipe mirror the
ratings on their parent, because S&P views them as "core" entities
of the group.

The outlook revision reflects S&P's expectations that Energisa's
credit metrics will improve in the next two to three years due to
its operating improvement, especially at the electricity
distribution assets that Energisa acquired from Rede Energia.  In
addition, Energisa recently prepaid R$1.2 billion in debentures--
which it issued to finance the acquisition of Rede Energia's
assets--through the proceeds from the recent sale of its power
generation assets to Sao Joao Energetica S.A., which Brookfield
Renewable Energy Partners owns.  This transaction consists of
about R$1.7 billion of cash--R$1.5 billion of which Energisa has
already received and will get the remainder over the next few
months, which was above S&P's initial expectations.  The
transaction also resulted in an R$870 million debt transfer to the
new owner.  Finally, the group is planning a capital increase over
the next few months.



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


ABSOLUTE PARTNERS: Members' Final Meeting Set for July 29
---------------------------------------------------------
The members of Absolute Partners Special Opportunities Fund
Limited will hold their final meeting on July 29, 2015, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Henry Li
          Prosperity Tower, Unit 2102, 21st Floor
          39 Queen's Road Central
          Hong Kong


ABSOLUTE PARTNERS MASTER: Members' Final Meeting Set for July 29
----------------------------------------------------------------
The members of Absolute Partners Special Opportunities Master Fund
Limited will hold their final meeting on July 29, 2015, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Henry Li
          Prosperity Tower, Unit 2102, 21st Floor
          39 Queen's Road Central
          Hong Kong


BHUTAN INVESTMENTS: Shareholders' Final Meeting Set for Aug. 14
---------------------------------------------------------------
The shareholders of Bhutan Investments Ltd. will hold their final
meeting on Aug. 14, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J Barrie
          Telephone: 345 949 9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman, KY1-1105
          Cayman Islands


E.WORLD (HOLDINGS): Members' Final Meeting Set for July 24
----------------------------------------------------------
The members of E.World (Holdings) Ltd. will hold their final
meeting on July 24, 2015, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ng Kwok Cheung Bernard
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946 6145
          Facsimile: (345) 946-6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052, Grand Cayman, KY1-1208
          Cayman Islands


FAR EASTRON: Sole Member to Hear Wind-Up Report on Aug. 4
---------------------------------------------------------
The sole member of Far Eastron Holding Ltd. will hear on Aug. 4,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Yin, Te-Yang
          c/o Michelle R. Bodden-Moxam
          Telephone: 946-6145
          Facsimile: 946-6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052, Grand Cayman, KY1-1208
          Cayman Islands


GOLDMAN SACHS ADVISORS: Members' Final Meeting Set for July 31
--------------------------------------------------------------
The members of Goldman Sachs Distressed Opportunities II Offshore
Holdings Advisors, Inc. will hold their final meeting on July 31,
2015, at 10:30 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for July 31
--------------------------------------------------------------
The members of Goldman Sachs Columbus Co-Investment Advisors
Offshore, Inc. will hold their final meeting on July 31, 2015, at
10:10 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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: Members' Final Meeting Set for July 31
----------------------------------------------------------------
The members of Goldman Sachs Distressed Opportunities II Offshore
Advisors, Inc. will hold their final meeting on July 31, 2015, at
10:20 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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 HOLDINGS: Members' Final Meeting Set for July 31
--------------------------------------------------------------
The members of Goldman Sachs Columbus Co-Investment Advisors
Offshore Holdings, Inc. will hold their final meeting on July 31,
2015, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TIGER CONSUMER: Shareholder to Hear Wind-Up Report on Aug. 4
------------------------------------------------------------
The shareholder of Tiger Consumer Partners Offshore, Ltd. will
hear on Aug. 4, 2015, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Tiger Consumer Management LP
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


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


CHILE: Copper Output to Fall After 2025, Study Says
---------------------------------------------------
EFE News reports that Copper production in Chile, the world's
largest source of the metal, could decline sharply after 2025 due
to lack of appropriate technology, a Chilean Copper Commission, or
Cochilco, study said.

The study found that the location and shape of Chile's huge copper
mines could complicate their expansion after 2025, according to
EFE News.

The study, prepared with assistance from the Catholic University,
examined the lifespan of current mines, the status of major mining
projects and extraction levels, the report relates.

The report discloses that the country might increase its copper
output from the current 6 million tons a year to almost 10 million
tons annually of fine copper by 2025, but there would be a decline
afterward as a result of different factors, Cochilco said.

The study noted the lack of new discoveries of large copper
deposits, the exhaustion of oxide reserves and diminishing
extraction rates in northern Chile, the report relates.

The lower-yield ore and growing technological challenges for
extraction have combined in recent years to increase operating
costs from an average of 90 cents per pound in 2005 to $2.17 per
pound in 2014, the report relays.

The study estimated that Codelco's Andean Division will have a
production capacity of 244,000 tons per day, taking into account
the limitations stemming from the vertical shaft model of the mine
and available technologies, the report notes.

In the case of the privately owned Escondida mine, the world's
largest copper operation, the study projected capacity expansion
up to 437,000 tons of ore per day by 2023, providing a supply for
its three refining plants, the report says.

Escondida is located 1,868 kilometers (1,160 miles) north of
Santiago.

But a further expansion of Escondida seems unlikely because it
would require the removal of an enormous amount of material,
totaling almost 1.5 million tons a day by 2023 and 2024, the study
said, EFE discloses.

The authors said Chile's big copper mines have reached the limits
of known technologies, and a future model for the mining industry
would develop around mines with limited copper output, the report
adds.


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


BANCO DAVIVIENDA: Fitch Hikes Subordinated Debt Rating From 'BB+'
----------------------------------------------------------------
Fitch Ratings upgraded Banco Davivienda S.A.'s (Davivienda)
viability rating (VR) to 'bbb' from 'bbb-' and Issuer Default
Ratings (IDRs) to 'BBB' from 'BBB-'.

The VR, IDRs and senior debt ratings have been upgraded because
the bank restored its capital to levels in line with its peers and
consolidated its performance in spite of the lower (relative to
Colombian operations) profitability of its subsidiaries in Central
America while improving asset quality and maintaining adequate
reserves and liquidity.

The Outlook has been revised to Stable because in Fitch's opinion,
the bank's balance sheet, performance and key credit metrics
should remain roughly the same over the rating horizon.

KEY RATING DRIVERS

VR, IDRS, NATIONAL RATINGS AND SENIOR DEBT

The bank's VR, IDRs and senior debt ratings reflect Davivienda's
improved capitalization and profitability are considered key for
Fitch in order to keep enhancing the bank's financial profile.
Davivienda's ratings also consider its consistent performance,
strong asset quality and risk management and its clear long-term
strategy and adequate execution. Fitch's view of Davivienda's
creditworthiness is tempered by the bank's moderate but improving
efficiency, which is weaker than its higher rated international
peers (emerging market commercial banks).

Sustained growth and lower yet positive profitability helped
improve capital along with a conservative dividend payout policy.
As of December 2014, Davivienda's Fitch Core Capital ratio was
9.6% and it has hovered in the 9.5%-10% range during 2014; a level
that compares well to that of similarly rated peers. Capital
ratios were under pressure after the acquisitions in 2013, but are
today more in line with its peers, a trend that Fitch expect will
be maintained in the short and medium term..

Sustained loan growth in Colombia and abroad has driven the bank's
performance which in spite of the lower profitability (relative to
Colombia) of the new subsidiaries remains healthy. ROAA stood at
about 1.76% at December 2014, above the 1.55% at YE2013 and poised
to improve gradually in line with the performance of the new
subsidiaries. Besides growth and earnings retention, the bank
should benefit from the introduction of IFRS in Colombia (i.e.
goodwill ceases to be amortized but remains excluded in full for
Fitch Core capital ratio calculations) and slower growth, which
should underpin profitability and help capital consolidate around
10%.

Given the still sound economic prospects at home and the positive
impact that lower oil prices should have on Central American
economies, Davivienda should continue to perform well, maintain
good asset quality and underpin its capital.

Davivienda's new subsidiaries have shown an improvement in their
performance; they have resumed asset growth and re-balanced their
funding while they gained in efficiency and improved asset quality
to be, on average, at par with Davivienda Colombia. As expected,
Davivienda's consolidated capital and profitability had declined
after the acquisition, but these metrics improved since 2012 and
are well in line with previous projections.

Owing to its sound risk management policies and mature
organization, the bank kept asset quality under control while
bolstering reserves under increasingly stringent regulation.
Davivienda's asset quality ratios (90-day NPLs: 1.57% at Dec.
2014, slightly lower than a year earlier but improving in Central
America) compare well to those of its peers even though its loan
portfolio has a slightly riskier profile. However, the bank's
health reserves (2.4x at YE14) provide an adequate cushion against
unexpected asset deterioration.

Davivienda has a proven ability to devise and execute a clear
long-term strategy. Building patiently around its core mortgage
business, Davivienda became a universal bank, a regional player
and diversified its target market, revenue sources, funding base,
and loan portfolio. In the process, the bank's management gained
in depth and expertise; this was key to ensure an uneventful
integration of its new subsidiaries.

Davivienda's funding remains stable at home and has somewhat
changed its mix abroad - deposit growth in Central America was
mainly driven by time deposits - but remains adequate to its
growth needs. The bank tapped global and local markets for senior
and subordinated debt and remains an attractive name for investors
at home and abroad. In addition, its use of capital markets
funding improves its asset/liability matching.

SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating and Support Rating Floor reflect
Davivienda's size, systemic importance and the country's historic
support policy. Fitch believes there is a high probability of
support from Colombia's central bank, whose ability to provide
support reflects the country's financial and fiscal standing
(Colombia is currently rated 'BBB'/'BBB+' with a Stable Outlook).

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Davivienda's subordinated debt is rated one notch below its VR to
reflect lower expected recoveries, while there is no notching
differentiation due incremental non-performance risk given the
terms of the issuances (plain vanilla subordinated debt).

RATING SENSITIVITIES

VR, IDRS, NATIONAL RATING AND SENIOR/SUBORDINATED DEBT
Davivienda's VR and IDRs could benefit from the continued
strengthening of its capital base (Fitch Core Capital Ratio
consolidating above 11%) and/or a sustainable increase of its
profitability (Operating ROAA above 2%), while maintaining
reasonable asset quality and sound reserves.

A significant decline in its performance and or weaker asset
quality that would erode the core capital/reserve cushion (below
9% or 100%, respectively) and/ or a dismal management of the new
subsidiaries would negatively affect the bank's VR and IDR.

Debt ratings will mirror any action on the banks IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR
The SR and SRF are potentially sensitive to any change in
assumptions around the propensity or ability of Colombia to
provide timely support to the bank.

Fitch has taken the following rating actions:

Banco Davivienda

-- Long-term foreign currency IDR upgraded to 'BBB' from 'BBB-';
    Outlook Stable;
-- Long-term local currency IDR upgraded to 'BBB' from 'BBB-';
    Outlook Stable;
-- Short-term foreign currency IDR affirmed at 'F3';
-- Short-term local currency IDR affirmed at 'F3';
-- Viability rating upgraded to 'bbb' from 'bbb-';
-- Support Rating affirmed at '2';
-- Support Rating Floor affirmed at 'BBB-';
-- National long term rating affirmed at 'AAA(Col)'; Outlook
    Stable;
-- National Short term rating affirmed at 'F1+(Col)'.
-- Senior unsecured debt upgraded to 'BBB' from 'BBB-';
-- Subordinated debt upgraded to 'BBB-' from 'BB+';
-- National scale Senior unsecured debt affirmed at 'AAA(col)';
-- National scale Subordinated debt affirmed at 'AA+(col)'.


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


DOMINICAN REP: Gov't, Big Business Agree to Fight 'Smear Campaign'
------------------------------------------------------------------
Dominican Today reports that the government of the Dominican
Republic and the main local business organizations hired
international PR agencies to defend the country and confront "the
smear campaign for implementing the National Plan to Regulate
Aliens."

The announcement was made by the presidents of the National
Business Council (CONEP), Rafael Blanco, and of the Industries
Association (AIRD), Campos de Moya, after a National Palace
meeting with Presidency Administrative minister Jose Ramon
Peralta, according to Dominican Today.

The business leaders revealed that four agencies -- three from the
United States and one from Europe -- have already been contracted
for that purpose.


DOMINICAN REP: Free Zones Scramble as Trans-Pacific Behemoth Looms
------------------------------------------------------------------
Dominican Today reports that the Dominican Free Zones Association
(ADOZONA) will form part of the delegation of DR-CAFTA countries
that will meet in Washington to defend the region's interests
leading to the Trans-Pacific Partnership (TPP) -- anew 12-country
bloc including the US -- is signed and takes effect.

The TPP free trade agreement seeks lower trade barriers and
promotes investment among the countries, which account for around
40 percent of world trade, according to Dominican Today.

The report notes that ADOZONA Vice President Jose Manuel Torres
said meetings with members of Congress and government officials
will be held during the visit to the US capital.

The report relays that Mr. Torres said once the TPP takes effect
likely in the coming months, it could negatively impact textiles
and footwear from CAFTA-DR member countries.

Mr. Torres noted, however, that during the last three years
Dominican Republic has been very active in preventing the TPP's
potential effects, by securing trade and investment toward the
local free zones, notes the report.


DOMINICAN REPUBLIC: Pay US$800MM or Face Blackouts, ADIE Warns
--------------------------------------------------------------
Dominican Today reports that Dominican Electricity Industry
Association (ADIE) president Marcos Cochon warned that "financial
blackouts" could return nationwide if the government fails to pay
the US$800.0 million owed to the power companies.

Mr. Cochon said if the banks decide to curtail their credit lines
on a strictly financial situation, the energy sector won't have
enough funds to continue normal operations, according to Dominican
Today.

Interviewed by Hector Herrera on Telesistema Channel 11, Mr.
Cochon noted that an important decision such as giving financial
blackouts, has never been in the mind of the power companies,
adding that they also incur in debts to produce electricity, the
report notes.


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


PARAGUAY: Growth Outlook Remains Relatively Favorable, IMF Says
---------------------------------------------------------------
Mitsuhiro Furusawa, Deputy Managing Director of the International
Monetary Fund (IMF), made the following statement in Asuncion:

"It is a great pleasure to be in Paraguay for my first visit. I
had the privilege to meet President Horacio Cartes and members of
his government, including Central Bank Governor Carlos Fernandez,
Finance Minister Santiago Pena, Minister of Public Works and
Communications Ramon Jimenez Gaona, Minister of Agriculture and
Livestock Jorge Gattini, and Planning Minister Jose Molinas.  I
also had the opportunity to meet with representatives of the
private sector and visit several agricultural and industrial
sector businesses. I would like to express my gratitude to the
Paraguayan people for their warm welcome.

"I am impressed by the vibrancy of this young country, the
dynamism of its economy, and the ambitious plans the government
has laid out for the future.  Steadfast implementation of the
reform agenda will help attract investment, raise employment and
productivity, and support Paraguay's economic and social
development.

"With activity growing at around 4 percent through the first
quarter of this year, Paraguay has continued to perform well in a
difficult regional environment.  To be sure, the domestic economy
is not immune to the effects of weak activity in neighboring
countries and the decline in agricultural commodity prices.
However, the growth outlook remains relatively favorable,
alongside the ongoing transformation and diversification of the
Paraguayan economy.

"Paraguay's robust performance is underpinned by sound
macroeconomic fundamentals.  Public debt is moderate, inflation is
low, the external current account is close to balance, and
official reserve holdings are ample.  These sound fundamentals are
the bedrock of macroeconomic stability in a volatile environment.
They ensure that Paraguay has buffers to absorb adverse shocks and
provide confidence to households, entrepreneurs, and financial
investors.

"Macroeconomic policy frameworks have been strengthened further in
recent years. The Central Bank has successfully transitioned to an
inflation targeting regime, coupled with greater flexibility of
the exchange rate.  Meanwhile, the Fiscal Responsibility Law has
introduced a set of rules aimed at keeping public debt
sustainable.  Achieving this objective while pursuing an
appropriate rise in public investment will require continued
efforts to strengthen the budget process, improve tax collection,
and rationalize current spending.

"The authorities have also initiated welcome steps to upgrade the
regulation and supervision of the financial sector.  Vigilant
monitoring of the financial system is crucial to contain risks
after an extended period of strong credit growth.

"To secure sustained and inclusive growth, the authorities have
launched an ambitious program of improving Paraguay's physical
infrastructure, enhancing public services, and alleviating
poverty.  These are important reform objectives that deserve
unwavering support.

"In sum, the challenge for Paraguay is two-fold: to achieve a
significant structural transformation of the economy while
cementing macroeconomic stability.  I am optimistic about
Paraguay's prospects and impressed by the authorities'
determination to succeed.  The IMF remains committed to help
Paraguay in this endeavor."


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


DORAL FINANCIAL: Taps Fiddler Gonzalez as Puerto Rico Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on July 23, 2015, at 2:00 p.m., to consider
Doral Financial Corporation's application for permission to employ
Fiddler, Gonzalez, Rodriguez, P.S.C. as special Puerto Rico
Counsel nunc pro tunc to the Petition Date.

According to the Debtor, it intends FGR to:

   1. continue to represent the Debtor on all legal matters
pending before the courts and administrative agencies of the
Commonwealth of Puerto Rico, the U.S. Court for the District of
Puerto Rico, and the U.S. Bankruptcy Court for the District of
Puerto Rico in which FGR has appeared and represents DFC as a
creditor;

   2. perform any legal matters before said courts and
administrative agencies that may arise in the future; and

   3. perform corporate transactions involving the laws of Puerto
Rico.

The principal attorneys designated to represent the Debtor and
their current standard hourly rates are:

     Name                  Position              Hourly Rate
     ----                  --------              -----------
Jose A. Acosta Grubb   senior shareholder          $315
Pedro J. Manzano       division head               $315
Jose Sosa Llorens      division head               $315
Arline V. Bauza        shareholder                 $305
Charles A. Bimbela     shareholder                 $305
Juan C. Gomez Escarce  shareholder                 $305
Jose E. Gonzalez       shareholder                 $305
Maria Montalvo         shareholder                 $305
Maria T. Szendrey      shareholder                 $305
Carlos Padilla         shareholder                 $285
Jose L. Ramirez        coll member                 $260
Rebeca Caquias         member                      $260
Rosamar Garcia         junior member               $230
Melissa Hernandez      senior associate            $200
Maria E. Echenique     senior associate            $200
Omar Hopgood           senior associate            $200
Jose I. Caraballo      associate                   $185
Ruben Fernandez        associate                   $185
Alicia Perez           associate                   $185
Paralegals                                         $110
Law Clerks                                          $95

To the best of the Debtor's knowledge, FGR does not represent or
hold any interest adverse to the Debtor or to the estate with
respect to the matter on which the attorney is to be employed.

Subject to attorney client privilege limitations, FGR also intends
to make a reasonable effort to comply with the U.S. Trustee's
requests for information and additional disclosures as set forth
in the U.S. Trustee Guidelines, both in connection with this
Application and fee applications to be filed by FGR in the chapter
11 case.

These information is provided in response to the request for
additional information set forth in Paragraph D.1. of the U.S.
Trustee Guidelines:

Question: Did you agree to any variations from, or alternatives
          to, your standard or customary billing arrangements for
          this engagement?

Answer:   No. The hourly rates charged by FGR for this engagement
          are consistent with the rates FGR charges for other
          comparable clients. The rate structure provided by FGR
          is appropriate and not significantly different from (a)
          the rates that FGR charges in other non-bankruptcy
          representations or (b) the rates of other comparably
          skilled professionals for similar engagements.

Question: Do any of the professionals included in this engagement
          vary their rate based on the geographic location of the
          bankruptcy case?

Answer:   No.

Question: If you represented the client in the 12 months
          prepetition, disclose your billing rates and material
          financial terms for the prepetition engagement,
          including any adjustments during the 12 months
          prepetition. If your billing rates and material
          financial terms have changed postpetition, explain the
          difference and the reasons for the difference.

Answer:   During the 12 months prepetition period, FGR represented
          and provided legal services to the Debtor mainly
          pursuant to three fixed monthly retainer agreements with
          Doral Bank, which totaled $123,000 per month, and
          covered basic contract, tort and/or general type of
          civil litigation, labor and employment claims and
          litigation, and bankruptcy matters for or against Doral
          Bank and the Debtor.  In general terms, the retainers
          included full service advice in addition to
          representation before the courts and government agencies
          in contested matters.  Matters of a complex nature or
          involving protracted litigation where Doral Bank and DFC
          were parties were charged separately from the retainer
          agreements at hourly rates lower than FGR's standard
          rates, in consideration of the volume based retainer
          fees agreed to with Doral Bank.  The vast majority of
          the work was done for Doral Bank, not the Debtor.  FGR
          no longer represents Doral Bank and is not receiving the
          retainer fees going forward; thus, FGR has no incentive
          to provide postpetition services to the Debtor based on
          rates other than the standard rates FGR charges all
          clients that do not have similar arrangements as those
          FGR once had with Doral Bank.  It is noted that in the
          consolidated class action cases filed against DFC before
          the U.S. District Court for the District of Puerto Rico,
          due to the complex nature of the actions, the rates
          charged to the Debtor prepetition were substantially
          higher than the standard hourly rates charged by FGR.
          However, going forward, FGR has agreed to charge the
          Debtor FGR's standard hourly rates as set forth in the
          application and FGR's declaration in all actions and/or
          matters for which the Debtor requires FGR's assistance,
          advice and representation, including the consolidated
          class action cases.

Question: Has your client approved your prospective budget and
          staffing plan, and, if so for what budget period?

Answer:   FGR and the Debtor are currently working on a budget and

          staffing plan for FGR's work in for the Debtor.  The
          budget contemplates that FGR will assist the Debtor with
          the litigations in which FGR already represents the
          Debtor and provide other advice related to Puerto Rico
          law as requested.  The budget necessarily involves a
          projection of future events with limited
          information and is subject to change as the case
          develops.  The Debtor anticipates a budget and staffing
          plan will be approved by the Debtor by June 26, 2015.

                       About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due
July 9, 2015.  The initial case conference is set for April 10,
2015.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.


DORAL FINANCIAL: Sept. 7 Set as Governmental Unit Claims Bar Date
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
established these dates in relation to Doral Financial
Corporation's Chapter 11 case:

   * General Bar Date: July 10, 2015 at 5:00 p.m.
   * Governmental Bar Date: Sept. 7, at 5:00 p.m.

Proofs of claim must be submitted to:

   i) the Debtor's claims agent, Garden City Group, LLC:

          Doral Financial Corporation
          c/o GCG
          P.O. Box 10168
          Dublin, OH 43017-3168

  ii) or in person, by courier service, or by hand delivery to:

          Doral Financial Corporation
          c/o GCG
          5151 Blazer Parkway, Suite A
          Dublin, OH 43017.

A proof of claim form is available on GCG's Web site at --
http://www.gardencitygroup.com/cases/dor

                       About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.


PUERTO RICO: Bankruptcy Bill Has Big Hurdles
--------------------------------------------
Kasia Klimasinska and Billy House at Bloomberg News report that
several Republicans on the U.S. House Judiciary Committee said
they've seen no signs of movement on legislation to aid Puerto
Rico as the commonwealth moved a step closer to default.

"We're talking about a lot of things," Representative of Idaho, a
Raul Labrador Judiciary Committee member viewed by colleagues as a
key voice on the issue, said, according to Bloomberg News.

Bloomberg News notes that pressed on whether the House will take
action, Labrador responded, "What's Puerto Rico going to do about
making sure they have a path forward so it doesn't happen again?
That's the question."

Representative Doug Collins, a Georgia Republican, said he's been
given no signal of any commitment to advance legislation sponsored
by Puerto Rico's non-voting member of Congress, Pedro Pierluisi,
that would let commonwealth agencies file for Chapter 9 bankruptcy
protection, Bloomberg News relays.

Bloomberg News discloses that House Judiciary Committee Chairman
Bob Goodlatte, a Virginia Republican, declined to talk about the
matter, and a growing number of analysts also said the legislation
isn't likely to win passage in Congress.

Lawmakers are facing pressure to act as Puerto Rico, with $72
billion of debt, inches closer to a default, Bloomberg News notes.
The commonwealth said one of its agencies failed to transfer cash
to a trustee to cover an Aug. 1 debt payment, Bloomberg News
relays.

Mr. Collins met this week with Puerto Rico Governor Alejandro
Javier Garcia Padilla.

"I've heard from all sides," Mr. Collins said, Bloomberg News
discloses.  "His was a very frank assessment of where they are --
and also just not to the point of just gloom and doom.  He said
here's some of what we're doing that's positive," Mr. Collins
added, notes the report.


STANDARD REGISTER: $5MM of Sale Proceeds Will Go to GUC Trust
-------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 cases of The Standard Register Company, et al., asks
the U.S. Bankruptcy Court for the District of Delaware to approve
a settlement agreement among the Debtors, Silver Point Finance,
LLC, and the Creditors' Committee.

The Settlement is intended to resolve all claims of the Debtors'
estates that can be asserted by the Debtors or any estate
representative of the Debtors, including the Committee, against
the Released Parties, including, without limitation, the Silver
Point Entities and each of the lenders party to either or both of
the First Lien Term Loan Facility and Second Lien Term Loan
Facility.

In addition, the Committee will (a) withdraw with prejudice its
objection and supplemental objection to the proposed sale of
substantially all of the Debtors' assets; (b) affirmatively
support the sale of the assets to Taylor Corporation; and (c) not
object to the distribution of proceeds of the sale to the Debtors'
estates.

The Committee's agreements and commitments under the settlement
will be in exchange for:

   -- $5,000,000 of the Additional Cash Component of the Sale that
would otherwise be allocable to the Second Lien Lenders under the
APA will be designated for a distribution solely to holders of
allowed general unsecured claims against the Debtors.

   -- A percentage of the aggregate recovery from the estate of
Second Lien Lenders will be funded into the GUC Trust.

   -- If the APA between the Buyer and the Debtors is terminated
and the Debtors alternatively close a sale transaction with
Standard Acquisition Holdings, LLC, as the Back-Up Bidder, and the
Back-Up Bidder is subsequently sold to a third party, a cash
payment in an aggregate amount equal to the following: 10% of the
excess, if any, of (x) the net proceeds of the Subsequent
Transaction over (y) $337,400,000.

The Official Committee of Unsecured Creditors is represented by:

          Kenneth A. Rosen, Esq.
          Sharon L. Levine, Esq.
          Paul Kizel, Esq.
          Wojciech F. Jung, Esq.
          Andrew Behlmann, Esq.
          LOWENSTEIN SANDLER LLP
          65 Livingston Avenue
          Roseland, NJ 07068
          Telephone: (973)597-2500
          Facsimile: (973)597-2400
          Email: krosen@lowenstein.com
                 slevine@lowenstein.com
                 pkizel@lowenstein.com
                 wjung@lowenstein.com
                 abehlmann@lowenstein.com

          Gerald C. Bender, Esq.
          LOWENSTEIN SANDLER LLP
          1251 Avenue of the Americas
          New York, NY 10020
          Telephone: (212)262-6700
          Facsimile: (212)262-7402
          Email: gbender@lowenstein.com

          - and -

          Christopher A. Ward, Esq.
          Justin K. Edelson, Esq.
          POLSINELLI PC
          222 Delaware Avenue, Suite 1101
          Wilmington, DE 19801
          Telephone: (302)252-0920
          Facsimile: (302)252-0921
          Email: cward@polsinelli.com
                 jedelson@polsinelli.com

                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: Court Okays Asset Sale to Taylor Corporation
---------------------------------------------------------------
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized the sale of substantially all of
The Standard Register Company, et al.'s assets free and clear of
all liens, claims, encumbrances and interests.  The Court approved
the asset purchase agreement.

A copy of the order is available for free at http://is.gd/A5LzGH

The objections of Chaotic Moon, LLC, International Paper Company,
Liberty Mutual Insurance Company, Salesforce.com, Inc., and Cisco
Systems Capital Corporation have been resolved.

In accordance with the sale procedures order, the Debtors
commenced an auction on June 15, 2015.  At the conclusion of the
auction, the Debtors selected Taylor Corporation as the successful
bidder.  The Court approved in a sale hearing held on June 17,
2015, the sale to Taylor and instructed the buyer to submit a
consensual form of the sale order under certification of the
counsel.  The revised sale order was submitted on June 19, 2015.
A copy of the final asset purchase agreement is available for free
at http://is.gd/wexpRT

The aggregate consideration for the sale, assignment, transfer,
conveyance and delivery of the assets to the buyer at the closing,
will consist of (i) cash consideration necessary to result in full
payment of (A) the DIP obligations, (B) pre-petition ABL debt, (C)
the first lien term loan facility and (D) the wind-down amount;
and (ii) the second lien credit bid.

On March 11, 2015, the Debtors entered into the APA with a group
led by Standard Acquisition Holdings, LLC, the stalking horse
bidder and an affiliate of Silver Point Capital, L.P.  On March
12, 2015, the Debtors filed the sale motion which sought approval
of the Debtors' entry into the stalking horse APA and the
procedures for soliciting higher and better bids.

On June 1, 2015, Avery Dennison Corporation, which sells label
stock and other goods to Standard Register, filed a limited
objection to the motion, and requested that: (1) the Debtors
confirm in any order that Section 2.3(iv) of the stalking horse
APA would apply to Avery Dennison's postpetition and its 503(b)(9)
claims and that Section 2.1(p) will apply to the Debtors' claims,
if any, against Avery Dennison; (2) Sections 2.3(iv) and 2.1(p)
remain unchanged regardless of the successful bid and successful
bidder at the Auction; and (3) any rebate which might be due or
owing by Avery Dennison not be transferred to any buyer except by
assumption and assignment pursuant to Section 365 of the U.S.
Bankruptcy Code.

The Official Committee of Unsecured Creditor, on June 1, objected
to the proposed sale of the Debtors' business as a going concern
to Standard Acquisition.  The Committee stated in its objection --
a copy of which is available for free at http://is.gd/QPUdCMthat
Silver Point and the other lenders should not be permitted to use
Chapter 11 in place of a state court foreclosure action without a
commitment to fund a confirmable and feasible Chapter 11 plan that
provides for the payment of all administrative expenses and a
distribution to unsecured creditors.

On June 4, 2015, Georgia-Pacific Consumer Products LP filed a
limited objection -- a copy of which is available for free at
http://is.gd/J7giWT-- to the sale, insofar as the Debtor seeks to
sell to the stalking horse bidder the paper products
Georgia-Pacific has supplied and continues to supply to the Debtor
on consignment.  Per the the terms of the sale and purchase
agreement dated April 1, 2013, Georgia-Pacific said that it
maintains full legal and beneficial title to the consigned
products until the Debtor withdraws them from consignment, at
which time a sale is recognized and the Debtor is invoiced.

On June 15, 2015, the Debtors filed an omnibus reply -- a copy of
which is available for free at http://is.gd/YUvHgE-- to the
objections, saying, "Although the Debtors received over 100 formal
and informal objections to the sale, the Debtors have been
proactive and diligent in seeking to resolve objections where
possible.  There are only a relatively small number of remaining
objections that the Court may be asked to resolve.  Approval of
the sale will enable the Debtors' businesses to be sold as a going
concern, which is in the best interest of the Debtors' estates and
their stakeholders."

Bank of America, N.A., in its capacity as administrative and
collateral agent for the ABL DIP Lenders, requested in a filing
dated June 16, 2015 -- a copy of which is available for free at
http://is.gd/T9lCgr-- that the Court (i) grant the Sale Motion
and approve the sale only after sustaining and resolving the
objections of the ABL DIP credit parties and (ii) grant to the ABL
DIP credit parties other and further relief as may be necessary or
appropriate under the circumstances.  The ABL Agent stated, "due
to the fluid nature of the sale process, there may be other
objections to or arguments made against court approval of the
proposed sale by the Committee or other parties in interest, or
other issues may arise with respect to the proposed sale.  These
other objections, arguments and issues may cause the ABL DIP
credit parties to object or decline to consent to the relief
requested in the sale motion."

On June 16, the Committee filed a supplemental objection -- a copy
of which is available for free at http://is.gd/RdHVf6-- to the
sale, saying that at the June 15 auction, Standard Acquisition and
Taylor were the only bidders and that at the conclusion of the
auction, the Debtors selected the Standard Acquisition as the
winning bidder.  Taylor expressly stated at the conclusion of the
auction that it would not submit a further bid.  Without any prior
notice to the Committee, the Debtors informed the Committee that
Silver Point and Taylor engaged in discussions after the auction
and as a result of those discussions, Taylor increased its bid by
$2 million and Silver Point agreed to allow Taylor to be the
winning bidder.  The same day that the auction took place, the
Committee, the Debtors, and Silver Point reached an agreement in
principle to resolve (among other issues) the issues set forth in
the sale objection and the supplemental objection and the claims
and causes of action the Committee asserts against a number of
Silver Point-affiliated parties in the Committee complaint.
However, the parties have not yet memorialized the terms of that
agreement in writing and it is not certain that the tentative
settlement will come to fruition, the Committee claimed.

Andrew L. Magaziner, Esq., at Young Conaway Stargatt & Taylor,
LLP, the attorney for the Debtors, said in a certification filed
on June 19, 2015, that, following good faith negotiations, the
Debtors, the Committee and the second lien bidders have agreed
upon the terms of the final settlement and the revised sale order.
In addition, the Debtors and Taylor finalized the APA which was
approved, in broad terms, by the Court.

The ABL Lender is represented by:

      Richards, Layton & Finger, P.A.
      Mark D. Collins, Esq.
      Tyler D. Semmelman, Esq.
      One Rodney Square, 920 North King Street
      Wilmington, DE 19801
      Tel: (302) 651-7700
      Fax: (302) 651-7701
      E-mail: collins@rlf.com
              semmelman@rlf.com

                  and

      Parker Hudson Rainer & Dobbs LLP
      C. Edward Dobbs
      James S. Rankin, Jr., Esq.
      1500 Marquis Two Tower
      285 Peachtree Center Avenue NE
      Atlanta, GA 30303
      Tel: (404) 523-5300
      Fax: (404) 522-8409
      E-mail: edobbs@phrd.com
              jrankin@phrd.com

Georgia-Pacific is represented by:

      Morris James LLP
      Jeffrey R. Waxman, Esq.
      500 Delaware Avenue, Suite 1500
      Wilimington, Delaware 19801-1494
      Tel: (302) 888-6800
      E-mail: jwaxman@morrisjames.com

                  and

      Alston & Bird LLP
      David A. Wender, Esq.
      Jonathan T. Edwards, Esq.
      One Atlantic Center
      1201 West Peachtree Street
      Atlanta, GA 30309-3424
      Tel: (404) 881-7000

Avery Dennison is represented by:

      Morris James LLP
      Brett D. Fallon, Esq.
      500 Delaware Avenue, Suite 1500
      P.O. Box 2306
      Wilmington, DE 19899-2306
      Tel: (302) 888-6800
      Fax: (302) 571-1750
      E-mail: bfallon@morrisjames.com

                  and

      Frantz Ward LLP
      John F. Kostelnik, Esq.
      Timothy J. Richards, Esq.
      200 Public Square, Suite 3000
      Cleveland, OH 44114-1230
      Tel: (216) 515-1660
      Fax: (216) 515-1650 (fax)
      E-mail: jkostelnik@frantzward.com
              trichards@frantzward.com


                      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.


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


PETROTRIN: Losses Hikes 11.2 Times to US$168MM for 9Mo Ended June
-----------------------------------------------------------------
Trinidad Express reports that state-owned Petroleum Company of
Trinidad and Tobago (Petrotrin) multiplied its losses 11.2 times
to reach US$168 million for the nine months ended June 30 compared
to US$15 million loss for the same period last year, but its
earnings before income tax, depreciation and amortisation (EBITDA)
rose 132 per cent between March and June, preliminary financials
show.

Petrotrin Chief Financial Officer Ronald Huff confirmed via e-mail
that the Oppenheimer data released to bondholders on July 16 is
accurate, according to Trinidad Express.

The report notes that Omar Zeolla, senior analyst responsible for
Petrotrin at Oppenheimer wrote to bondholders: "I believe
Petrotrin's results for the quarter ended June reflect the
expected improving trend in financial performance as its refining
capacity came back online and oil prices and refining margins
improved.  While results for the first nine months of the 2015
fiscal year ending June 2015 are still being affected by the weak
performance of the first quarter of the fiscal year, the last two
quarters have shown a return to financial performance similar to
previous years."

The report relates that Mr. Zeolla added that earnings before
income tax, depreciation and amortization (EBITDA) margins are
back to the 11-12 per cent range and free cash flow has been
positive for the last two quarters.

Petrotrin's nine-months ending on June 30 showed positive results,
especially when calculating the results for the quarter ending
June 2015, Oppenheimer said, the report relays.

"The nine month figures show a positive EBITDA of US$24 million by
my calculations.  EBITDA was negative $75 million through the six
months through the end of the first calendar quarter of this year.
This was a result of the inventory write-down in the quarter
ending December 31, 2014 (the first quarter of the 2015 fiscal
year)," Oppenheimer added, notes the report.

The report discloses that results through that first quarter had
also been weak due to lower oil prices and the interruption in
refinery operations which reduced refinery capacity utilization to
25 per cent in fiscal 2014.  "The improved results in the last two
quarters reflect improved utilization rate in refining -- this was
the major problem affecting results in the last year -- now up to
70 per cent in the last two months.  Refining margins have
improved since early this year," Oppenheimer found, the report
says.

"Margins reached five-year highs recently, positively contributing
to results; throughput and product mix have also improved and fuel
production increased. The company is benefiting from strong
refining margins in the region, especially in some areas of the US
West Coast as a result of strong demand and limited supply of
refined products," the report quoted Mr. Zeolla as saying.

                    Refinery Only 40% Supplied

The report notes that Oppenheimer told bondholders Petrotrin's
upstream production is also expected to increase after September,
improving the company's own supply of oil for its refining
operations.  Petrotrin projects 25 per cent growth in oil and gas
production by 2019 from current levels, the report discloses.

Increasing oil production improves the company's integration and
should increase the own supply of oil from the current approximate
40 per cent of total needs, the report says.

                     Over US$175 Million Lost

Backing out the quarterly results for Q3 FY2015 from the nine-
month cumulative US$168 million net loss by the company, "the June
quarter seems the strongest quarter so far for this fiscal year,"
Mr. Zeolla said, the report notes.  "I estimate EBITDA of US$100
million for the quarter after a negative $125 million in the
quarter ending December 2014; this figure included a US$175
million inventory write-down as a result of declining oil prices,"
Mr. Zeolla said, the report relays.

The report discloses that free cash flow also improved to a total
of US$124 million for Q3 FY2015 as quarterly revenues rose to
US$882 million for the last quarter and EBITDA margins improved.
"Free cash flow is expected to be -- at worst -- neutral for this
fiscal year after capital expenditure (capex) was budgeted in the
US$300 million range but will likely be below that number.  Capex
through the first nine months of FY2015 was US$130 million, so it
is running lower than expected," said Mr. Zeolla, the report
notes.

The report relays that preliminary financials show cash balances
declined to US$133 million from US$277 million at the end of
fiscal year 2014 (September 30, 2014) but mostly due to repayment
of debt (total debt declined from US$2.2 billion at the end of
FY2014 to US$1.9 billion).  Cash balances declined close to the
US$100 million minimum level the company is comfortable with but
the company expects to close a US$500 million committed bank
revolver by the end of this month, which should be used to repay
short term debt and leave about US$300 million available to fund
working capital and investments, helping maintain cash balances at
least at current levels, Oppenheimer said, the report notes.
Petrotrin's short-term debt declined to US$725 million at the end
of June from US$945 million at the end of FY2014 (September 30,
2014), the report adds.

                     About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.  The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


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


LATAM: IMF Cuts Growth Projection for Region, Caribbean
--------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) said
growth projections for Latin America and the Caribbean have been
revised down further, to 0.5% in 2015.

This marks the fifth consecutive year in which economic activity
in the region has decelerated, according to RJR News.

The report notes that IMF's last regional outlook in April 2015
focused on the differences along North--South lines, with strong
economic activity in the North partially offset by weak growth in
South America.


                            ***********


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.


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