TCRLA_Public/150724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, July 24, 2015, Vol. 16, No. 145


                            Headlines



B A H A M A S

BAHA MAR: Bahamian Court Deals Blow to Resort's U.S. Bankruptcy


B A R B A D O S

SAGICOR LIFE: S&P Assigns 'B' Rating to Proposed $320MM Sr. Notes


B R A Z I L

AMERICA LATINA: Moody's Cuts Global Scale CFR to B1
BRAZIL: Cuts Budget Goal as Shrinking Economy Erodes Revenue


C A Y M A N  I S L A N D S

GOLDMAN SACHS 2005: Members' Final Meeting Set for July 31
GOLDMAN SACHS EQUITY: Members' Final Meeting Set for July 31
GOLDMAN SACHS HOLDINGS: Members' Final Meeting Set for July 31
GOLDMAN SACHS IX: Members' Final Meeting Set for July 31
GOLDMAN SACHS OFFSHORE: Members' Final Meeting Set for July 31

GOLDMAN SACHS PEP: Members' Final Meeting Set for July 31
GOLDMAN SACHS PRIVATE: Members' Final Meeting Set for July 31
GS CONCENTRATED: Members' Final Meeting Set for July 31
GS DISTRESSED: Members' Final Meeting Set for July 31
GS HOLDINGS: Members' Final Meeting Set for July 31

SABLE INTERNATIONAL: S&P Assigns 'B' Rating to $750MM Sr. Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Bankruptcy Law a Milestone, AMCHAMRD Says
DOMINICAN REPUBLIC: Big Business Say Talks w/ Haiti Must Continue


J A M A I C A

JAMAICA: To Privatize Assets via the Stock Exchange


P U E R T O    R I C O

DORAL FINANCIAL: Capstone Okayed as Committee's Financial Advisor
DORAL FINANCIAL: Ocasio to Continue Services in Ordinary Course
PUERTO RICO: US Unlikely to Bail Out Country, Moody's Says


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: To De-list From Three Regional Stock Exchanges


                            - - - - -


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


BAHA MAR: Bahamian Court Deals Blow to Resort's U.S. Bankruptcy
---------------------------------------------------------------
Tom Halls at Reuters reports that a judge in the Bahamas has
declined to recognize the U.S. bankruptcy filing by Baha Mar Ltd,
the developer of a $3.5 billion mega resort, a source familiar
with the ruling said.

Recognition of the Chapter 11 U.S. bankruptcy filing would have
prevented creditors from taking action against Baha Mar Ltd in the
Bahamas, according to Reuters.  The decision by Supreme Court
Justice Ian Winder was the latest snag in the nearly completed
project, which is considered vital for the Caribbean country's
fragile economy, the report notes.

The report relates that Baha Mar said in a statement it was
disappointed by the ruling.  "We do not believe [the] ruling, for
which the government strenuously argued, assures the necessary
protection of the assets of Baha Mar, and we do not believe that
it is best for the over 2,500 current employees of Baha Mar."

Work has been halted as the local developer, Sarkis Izmirlian, and
contractor China Construction America (CCA), a unit of China State
Construction Engineering Corp Ltd, have traded blame for missing
two completion deadlines, the report discloses.

CCA has asked the U.S. Bankruptcy Court in Wilmington, Delaware to
dismiss the Chapter 11, the report relays.

The Izmirlian family has invested more than $900 million in the
project, the report adds.

The report discloses that Baha Mar Ltd is trying to renegotiate
with China's export import bank, which bankrolled most of the
project with a $2.45 billion loan.

The Bahamian government has asked a local court to appoint
liquidators for Baha Mar, which is 97 percent complete and will
feature a Las Vegas-style casino and more than 2,000 hotel rooms,
the report notes. Prime Minister Perry Christie called completion
of the project a matter of national importance and has said it
could be finished more quickly through a liquidation process in
the Bahamas, the report says.

A completed resort would employ more than 5,000 people in the
Bahamas, where the unemployment rate is 16 percent, and boost its
gross domestic product by about 12 percent, according to estimates
from the government and Baha Mar Ltd, the report adds.

                         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
===============


SAGICOR LIFE: S&P Assigns 'B' Rating to Proposed $320MM Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' issue-level
rating to Sagicor Finance Ltd.'s proposed $320 million senior
notes.  S&P also affirmed its 'BB-' issuer credit and financial
strength ratings on Sagicor Life Inc. (Sagicor).  At the same
time, S&P affirmed its 'B' issue-level rating on Sagicor Finance's
existing $150 million, 10-year senior unsecured notes.  The
outlook remains negative.

The ratings on Sagicor reflect S&P's view of its "fair" business
risk profile and "less than adequate" financial risk profile.
S&P's assessments are based on the company's strong presence in
the Caribbean, its well-known brand across that region, sound
market position, capitalization levels in line with S&P's 'BBB'
benchmark, and its expectation that its operating performance will
continue to improve gradually.  The major weakness is Sagicor's
bulk of operations in countries that S&P considers to have high
industry and country risks.  S&P's ratings consider Sagicor's
significant exposure to Jamaica (B/Stable/B) because the company's
35.1% of investment portfolio is located there, as of Dec. 2014,
and to Barbados' (B/Negative/B), the insurer's domicile country.
Sagicor passed our sovereign default stress and transfer and
convertibility tests for both Jamaica and Barbados; therefore,
S&P's ratings on the company are above the sovereign ratings of
these two countries.  However, the ratings on Sagicor are two
notches below the potential rating of 'BB+' because the rating on
Barbados limits the rating on the insurer to 'BB-'.  A life
insurer rating is capped at two notches above the sovereign rating
of its country of domicile because of S&P's view that these
entities have a high sensitivity to country risk and the critical
role of regulations for these entities.

S&P expects that Sagicor will use the proceeds from the new debt
to pay down its outstanding $150 million senior unsecured notes
due 2016, its $120 million convertible preferred notes, and its
$43.36 million notes due 2015.  Considering that the company will
replace its existing $120 million convertible preferred notes with
debt, S&P expects the company's capitalization ratios to weaken
after 2016.  On the other hand, although S&P is revising its
capital and earnings score to "upper adequate" from "moderately
strong," S&P's view of Sagicor's overall financial risk profile
remains at "less than adequate".


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


AMERICA LATINA: Moody's Cuts Global Scale CFR to B1
---------------------------------------------------
Moody's America Latina downgraded America Latina Logistica (ALL)'s
global scale corporate family ratings to B1 from Ba3. At the same
time its national scale ratings were downgraded to Baa2.br from
A3.br. This rating action concludes the review for downgrade
initiated on April 2015. The review focused on ALL's new
management strategy, its revised business plan and the company's
perceived ability to improve credit metrics over the next couple
of years. The ratings outlook is stable.

Ratings downgraded as follows:

Issuer: ALL - America Latina Logistica S.A. ("ALL")

-- Corporate Family Rating: to B1 from Ba3 (global scale); to
    Baa2.br from A3.br (national scale)

The outlook for all ratings is stable

RATINGS RATIONALE

The downgrade reflects Moody's belief that ALL's credit metrics,
including leverage, interest coverage and cash generation, will be
weak over the next few years chiefly as a consequence of high
CAPEX investments that will be required to revamp the company's
assets and will depend largely on Brazil Government's Development
Bank BNDES' funding.

ALL's B1/Baa2.br corporate family rating reflects its relevant
market position as a railroad and logistic operator in the South
and Southeastern regions of Brazil, an area that is responsible
for 80% of Brazil's GDP and approximately 80% of the country's
grain exports that currently lack of railroad transportation
capacity. The rating also considers the company's solid
shareholder structure, improved corporate governance and stronger
management team coming from Cosan (Ba2 stable) after the merger
with Rumo. The importance of the company's business to the
Brazil's infrastructure and track record of access to capital
markets and BNDES lines also support the rating.

On the other hand, ALL's high leverage and negative cash
generation stemming from its capital intensive nature and
significant investments constrains the ratings, as does the
company's high dependence on BNDES for funding and the volatile
agricultural commodities industry. The rating is further limited
by the uncertainties brought by the evolving regulatory framework
for rail concessions in Brazil.

After the merger with Rumo, approved in March 2015, ALL made
adjustments and corrections of previous financial statements and
changed accounting practices that resulted in the impairment of
assets that totaled BRL 1.1 billion in 2014. As a result, Moody's
adjusted total debt to EBITDA reached 7.9x in the end of 2014 from
5.2x in the LTM ended September 2014. Moreover, ALL did not comply
with some financial covenants that included maximum leverage
ratios. The company obtained waivers for all debt instruments
except for the 8th and 9th debentures given the widespread
investors base. The company repaid the debentures with a BRL 1.4
billion line of credit with 3 years tenor.

Moody's understands that the new management's plan to revamp ALL's
assets is positive and healthy for the company's operations in the
medium and long run, but the CAPEX investments that will be needed
for the execution will keep adjusted leverage above 6.0x until at
least 2018 and free cash flow negative beyond 2018.

"In our view, after the merger with Rumo, as part of the Cosan
group, the company will benefit from stronger financial
flexibility, wider access to funding, overall better management
and corporate governance. Nevertheless, ALL has been able to
adequately fund its capital expenditures and the company currently
presents a well-diversified debt structure that includes long-term
debentures in local currency and attractive credit loans from the
BNDES. The B1 rating incorporates the assumption that BNDES will
finance a significant portion of the company's CAPEX needs."

The stable outlook reflects Moody's expectation that ALL will
continue to benefit from a significant global demand for Brazil's
agricultural products. The outlook assumes that ALL will maintain
adequate liquidity while addressing its upcoming debt maturities
and investment requirements.

Although unlikely in the near term, positive rating pressure would
be triggered if ALL maintains high operating margins while
strengthening cash flow generation and reducing leverage.
Quantitatively, an upgrade could be considered if Funds From
Operations (FFO) to Adjusted Debt improves to more than 12% (2.2%
in the LTM ended March 2015) and the leverage as measured by the
Adjusted Debt to EBITDA decreases to less than 4.5x (7.8x in the
LTM ended March 2015) on a sustainable basis.

ALL's rating could be further downgraded lowered or the outlook
changed to negative if the leverage increases for a prolonged
period, such as the Adjusted Debt to EBITDA is maintained at more
than 6.0x (7.8x in the LTM ended March 2015) or if the company's
adjusted interest coverage ratio is maintained persistently below
1.0x (0.4x in the LTM ended March 2015). The ratings could also be
downgraded in view of a material deterioration on the company's
liquidity position, due to unfavorable rulings regarding judicial
disputes and/or changes in the regulatory framework that
negatively affects ALL's business profile, such as a concession
revoke without adequate compensation or if the company is unable
to secure funding sources for its CAPEX needs.

ALL is the largest independent rail-based logistics operator in
Brazil. The company's rail operations comprise four long-term rail
concessions, totaling 12,000 kilometers of rail tracks, 1,000
locomotives and 25,000 railcars, through which the company
transports agricultural commodities and industrial products.
Additionally, ALL develops the intermodal logistic of containers
and related storage services through Brado Logistica. In the LTM
ended March 2015, ALL had net revenues of BRL 3.6 billion and
adjusted EBITDA of BRL 1.6 billion, Rumo will add about BRL 1.1
billion in revenues and BRL 390 million in additional EBITDA per
year.


BRAZIL: Cuts Budget Goal as Shrinking Economy Erodes Revenue
------------------------------------------------------------
Mario Sergio Lima, Arnaldo Galvao, and David Biller at Bloomberg
News report that Brazil's government asked Congress to approve a
reduction in its 2015 primary budget surplus goal as a shrinking
economy erodes fiscal revenue.

Finance Minister Joaquim Levy said he plans to cut the primary
surplus target, which excludes interest payments, to 0.15 percent
of gross domestic product from 1.1 percent. Policy makers also
will freeze BRL8.6 billion ($2.7 billion) in spending this year to
meet the goal, according to Bloomberg News.

"The objective is to reduce uncertainty in the economy by
announcing the target we consider achievable, adequate, certain,"
Levy said in joint news conference with Budget and Planning
Minister Nelson Barbosa, Bloomberg News notes.

Bloomberg News relates that the revised target follows President
Dilma Rousseff's growing difficulties to convince lawmakers to
approve more unpopular austerity measures amid growing
unemployment and surging interest rates.  The deteriorating growth
outlook and political headwinds behind July 22 announcement may
push Brazil closer to eventually losing its investment-grade
rating, said economist Alberto Ramos, Bloomberg News discloses.

"The room for error is much smaller," Mr. Ramos, chief Latin
America economist for Goldman Sachs Group Inc., told Bloomberg
News by phone. "The target is already quite low, the fiscal effort
is progressing quite slowly, but political and institutional
support for the adjustment is wavering."

Bloomberg News notes that weak growth and deteriorating fiscal
accounts led Standard & Poor's in March last year to cut Brazil's
sovereign debt rating to one level above junk.  Moody's Investors
Services followed six months later by reducing Brazil's outlook to
negative.

The real depreciated the most among emerging-market currencies
July 22 after press reports anticipated Levy's announcement, which
he made after market close, Bloomberg News adds.


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


GOLDMAN SACHS 2005: Members' Final Meeting Set for July 31
----------------------------------------------------------
The members of Goldman Sachs Pep 2005 Offshore Advisors, Inc. will
hold their final meeting on July 31, 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:

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


GOLDMAN SACHS EQUITY: Members' Final Meeting Set for July 31
------------------------------------------------------------
The members of Goldman Sachs Private Equity Concentrated
Opportunities Offshore Holdings Advisors, Inc. will hold their
final meeting on July 31, 2015, at 11:40 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 Pep 2005 Offshore Holdings Advisors,
Inc. will hold their final meeting on July 31, 2015, at
11:10 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 IX: Members' Final Meeting Set for July 31
--------------------------------------------------------
The members of Goldman Sachs Pep IX Offshore Advisors, Inc. will
hold their final meeting on July 31, 2015, at 11:20 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 OFFSHORE: Members' Final Meeting Set for July 31
--------------------------------------------------------------
The members of Goldman Sachs Pep 2004 Offshore Holdings Advisors,
Inc. will hold their final meeting on July 31, 2015, at
10:50 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 PEP: Members' Final Meeting Set for July 31
---------------------------------------------------------
The members of Goldman Sachs Pep 2004 Offshore Advisors, Inc. will
hold their final meeting on July 31, 2015, at 10:40 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 PRIVATE: Members' Final Meeting Set for July 31
-------------------------------------------------------------
The members of Goldman Sachs Private Equity Concentrated
Opportunities Offshore Advisors, Inc. will hold their final
meeting on July 31, 2015, at 11:30 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


GS CONCENTRATED: Members' Final Meeting Set for July 31
-------------------------------------------------------
The members of GS Concentrated Energy Offshore Advisors, Inc. will
hold their final meeting on July 31, 2015, at 11:50 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


GS DISTRESSED: Members' Final Meeting Set for July 31
-----------------------------------------------------
The members of GS Distressed Opportunities Offshore Advisors, Inc.
will hold their final meeting on July 31, 2015, at 12:10 p.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


GS HOLDINGS: Members' Final Meeting Set for July 31
---------------------------------------------------
The members of GS Concentrated Energy Offshore Holdings Advisors,
Inc. will hold their final meeting on July 31, 2015, at
12:00 noon, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


SABLE INTERNATIONAL: S&P Assigns 'B' Rating to $750MM Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' issue-
level rating on Sable International Finance Ltd.'s (SIFL) $750
million senior unsecured notes due 2022.  SIFL is a subsidiary of
telecommunications company Cable & Wireless Communications, Plc.
(CWC; BB-/Stable/B).  Proceeds from the proposed offering will be
used toward repayment of SIFL's existing $390 million secured and
$300 million unsecured term loans, as well as toward fees and
expenses, and for general corporate purposes.

The notes are senior unsecured obligations and will be fully and
unconditionally guaranteed by CWC, Cable & Wireless Limited, Sable
Holding Limited, CWI Group Limited,  Cable & Wireless (West
Indies) Limited, and CWC-US Co-Borrower, LLC.

The issue-level rating on the notes is two notches below S&P's
corporate credit rating for CWC, reflecting the structurally
subordinated position of the parent company's debt to its
subsidiaries.  The two-notch difference results from a ratio of
priority liabilities to assets exceeding 30%, according to S&P's
criteria.

The rating reflects CWC's leading positions in wireline and
wireless telecommunications and video in most of the markets in
which it operates.  The group also enjoys solid profitability and
good geographic, product, and customer diversification; its recent
acquisition of Columbus International Inc. adds to this diversity.
"We expect that CWC will continue to face fierce competition in
most of its markets, which partially offsets the positives, as
does the low broadband penetration in its markets -- 35% on
average--relative to more mature geographic regions.  It is also
vulnerable to relatively high country risk.

S&P considers CWC's financial risk profile "highly leveraged" and
expects CWC's debt to EBITDA ratio to exceed 8.0x in fiscal 2016
and to remain above 5.0x for the following two years.

RATINGS LIST

Cable & Wireless Communications, Plc.
Corporate Credit Rating               BB-/Stable/B

New Rating

Sable International Finance Ltd.
   Senior Unsec Notes due 2022        B


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Bankruptcy Law a Milestone, AMCHAMRD Says
-------------------------------------------------------------
Dominican Today reports that the approval of the Law on
restructuring and liquidation of companies and individual
businesses is a historic breakthrough in the Dominican business
and economic environment, the American Chamber of Commerce
(AMCHAMRD) said in a statement.

It said the law gives the nation a modern and updated standard for
insolvency that protects the rights of creditors and employees,
"thereby contributing positively to the investment climate,
essential element for sustained economic development," according
to Dominican Today

The report notes that AMCHAMRD said it has developed studies,
analyzes, discussions and finally proposals first individually and
then jointly, to establish a legal and institutional framework on
insolvency in the Dominican Republic.

It also lauds the leadership of Monte Plata senator Charlie
Mariotti and National District deputy Ito Bisono; the work by the
Economy Ministry headed by Temistocles Montas and other officials,
in addition to the consensus among private sector organizations
such as the ABA, FINJUS and CONEP, the report relates.

"This step represents progress that aims to reduce the perception
of risk and facilitate private investment, thus contributing to
the improvement of corporate governance systems, protection and
maintenance of employment and the rights of creditors," the
business association said, noting that the fact today, "we have
this law which lets companies and individuals in business to deal
with scenarios without the first option being financial or
operational difficulties by shuttering the business or commercial
activity," the report relays.

The report discloses that AMCHAMDR said the law aims to establish
mechanisms and procedures to protect creditors from debtors'
financial difficulty, which can lead to failure to meet
obligations, and allows businesses and individuals to continue
operating by restructuring or liquidation procedures.  "It also
establishes the legal framework regarding cooperation and
coordination of cross-border restructuring and insolvency in the
Dominican Republic," AMCHAMDR added.


DOMINICAN REPUBLIC: Big Business Say Talks w/ Haiti Must Continue
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's major business
association (CONEP) said the talks between Dominican Republic and
Haiti mustn't be halted but encouraged instead.

CONEP President Rafael Blanco's statement comes after several
government officials and political leaders call for a suspension
of the dialogue between Santo Domingo and Port-au-Prince, and even
the severing of diplomatic ties, according to Dominican Today.

The report relates that Mr. Blanco asked the Haitian government
and the international community to focus on documenting all
Haitians to secure a life of dignity for those citizens.

Mr. Blanco said the current situation benefits only the extremist
sectors in both nations to change an agenda which should bolster
bilateral ties, the report relates.

In a press conference to announce the 8th annual Grand
Entrepreneurial Convention from October 20 to 21, Mr. Blanco
reiterated CONEP's support for the government program to legalize
foreigners, the report adds.


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


JAMAICA: To Privatize Assets via the Stock Exchange
---------------------------------------------------
RJR News reports that Jamaican Government is moving to change the
model for the privatization of state-owned entities.

Ann-Marie Rhoden, Deputy Financial Secretary with responsibility
for Public Enterprises, disclosed that the Ministry of Finance is
planning to list public entities that are suitable for
privatization on the Jamaica Stock Exchange, according to RJR
News.

The report relates that Mrs. Rhoden, who was speaking at a JIS
Think Tank, said this method will replace the existing process of
extending private invitations to investors to purchase entities,
or soliciting requests for proposals.

Mrs. Rhoden said, when this model is approved and implemented, it
should result in a quicker turnaround time in privatization of
loss-making entities, the report notes.

Mrs. Rhoden said the procedure was used successfully in the past
for privatization of the National Commercial Bank and Cement
Company, adds the report.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2015, Standard & Poor's Ratings Services raised its long-
term foreign and local currency sovereign credit ratings on
Jamaica to 'B' from 'B-'.  In addition, S&P affirmed the 'B'
short-term ratings on Jamaica.  The outlook on the long-term
ratings is stable.  S&P also raised the transfer and
convertibility assessment to 'B+' from 'B'.


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


DORAL FINANCIAL: Capstone Okayed as Committee's Financial Advisor
-----------------------------------------------------------------
The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York authorized, on June 15, 2015, the
Official Committee of Unsecured Creditors in the Chapter 11 case
of Doral Financial Corporation, to retain Capstone Advisory Group,
LLC, together with its wholly-owned subsidiary Capstone Valuation
Services, LLC, as its financial advisor, nunc pro tunc to March
26, 2015.

Capstone will render these financial advisory services:

   a. actively monitor the auction processes for the Debtor's
business and assets to ensure the process proceeds in the most
efficient manner to maximize recoveries to unsecured creditors;

   b. review offers received for the Debtors' assets; and

   c. attend and participate in 363 sales process, with counsel,
on behalf of the Committee.

Capstone has agreed to a 20% discount off of the standard hourly
rates.  The current standard hourly rates for Capstone (without
discount) are:

         Executive Director                 $625 - $895
         Managing Director                  $475 - $640
         Director                           $425 - $475
         Consultant                         $250 - $375
         Support Staff                      $125 - $325

Capstone professionals anticipated to be assigned to the
engagement through Dec. 31, 2015, and their hourly rates are:

         Christopher Kearns                      $895
         John Salomon                            $825
         Jack Surdoval                           $675
         Norman Haslun                           $640

To the best of the Committee's knowledge, Capstone is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                       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: Ocasio to Continue Services in Ordinary Course
---------------------------------------------------------------
Ferdinand Ocasio, owner of the firm Ocasio Law Firm, filed with
the U.S. Bankruptcy Court Southern District of New York a
declaration in relation to Doral Financial Corporation's
application to employ Ocasio law firm in the ordinary course of
its business.

The Debtor wishes that the firm continue providing ordinary course
services during the Chapter 11 case.  The declaration is submitted
in compliance with the order authorizing the employment and
compensation of certain professionals in the ordinary course of
business.

The attorneys designated to represent the Debtor will be
compensated $150 per hour.

The firm asserts a prepetition claim of $10,933.

To the best of the Debtor's knowledge, the firm does not represent
or hold any interest adverse to the Debtor or its estate with
respect to the engagement for which it is to be retained.

                       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: US Unlikely to Bail Out Country, Moody's Says
----------------------------------------------------------
Moody's ratings assume no US federal payment on Puerto Rico's
(Caa3 negative) debt, and any effort by the federal government on
the commonwealth's behalf would have marginal near-term effects,
Moody's Investors Service says in a new report.

"The federal government does not provide states or local
governments with extraordinary funds to avert defaults on their
debt, in part because doing so would induce other governments to
take on unsustainable amounts of debt or engage in reckless fiscal
practices," says Moody's VP -- Senior Credit Officer Ted Hampton
in "Frequently Asked Questions About Puerto Rico's Fiscal and Debt
Crisis."

The FAQ also addresses the challenges Puerto Rico faces in current
efforts to introduce Chapter 9 bankruptcy measures under the US
bankruptcy code.

"Since Chapter 9 is unlikely to be a viable way to achieve a
consolidated restructuring of all the commonwealth's debt,
bankruptcy authorization would not be sufficient by itself to
manage Puerto Rico's current pressures," says Hampton in the FAQ.

The very high likelihood that Puerto Rico will default and
significantly restructure its obligations affecting all of its
bondholders to varying degrees, provokes questions about
expectations for bondholder recoveries.

"We believe bondholder recoveries will be lowest on securities
lacking explicit contractual or other legal protections. These
securities consist of those rated Ca, including notes issued by
the Government Development Bank for Puerto Rico (GDB, Ca negative)
and the commonwealth's subject-to-appropriation debt," Hampton
says.

Moody's ratings' below investment grade are based on both the
probability of default and the expected bondholder loss given
default.

The expected debt restructuring will be unusual, consistent with
Puerto Rico's status as neither an independent nation nor a US
state. While similar to US states, Puerto Rico lacks the same
legal rights and does not have representation in the US Congress.
Unlike Greece (Caa3 on review for downgrade) Puerto Rico cannot
turn to a lender of last resort, such as the International
Monetary Fund.

The FAQ also address other questions regarding the recent loan by
bond insurers to the Puerto Rico Electric Power Authority
(PREPA -- Caa3 negative), pension assets and the ability of the
commonwealth recover fast enough to support its debt.


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


TRINIDAD CEMENT: To De-list From Three Regional Stock Exchanges
---------------------------------------------------------------
RJR News reports that Trinidad Cement Limited (TCL) -- the parent
of Jamaica based Caribbean Cement Company -- will be de-listed
from the Barbados Stock Exchange, the Guyana Association of
Securities Companies, and the Eastern Caribbean Securities
Exchange.

Before asking TCL's annual general meeting for approval to de-list
the company, Chairman Wilfred Espinet said little or no trading of
the company's shares takes place on those exchanges, yet the
company still incurs listing costs, according to RJR News.

It will remain listed on the Jamaica and Trinidad & Tobago Stock
Exchanges, 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.


                            ***********


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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