TCRLA_Public/150812.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, August 12, 2015, Vol. 16, No. 158


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): Appoints Sotomayor to Board Of Directors


B R A Z I L

BROOKFIELD INCORPORACOES: Taps Freitas as Chief Executive Officer
COMPANHIA DE SANEAMENTO: Moody's Rates BRL350M Sr. Debentures Ba1
JBS USA: S&P Assigns 'BB+' Rating to Proposed $1.2BB Term Loan B
LIGHT ENERGIA: Moody's Affirms Ba2 Rating; Outlook Now Stable
LIGHT SERVICOS: Moody's Affirms Ba2 Domestic Curr. Issuer Rating

PETROLEO BRASILEIRO: Posts Sharply Lower 1st-Half Net Income


C A Y M A N  I S L A N D S

APOLLO GROWTH: Members' Final Meeting Set for Aug. 25
BALTRA LIMITED: Members' Final Meeting Set for Aug. 20
BUCKINGHAM GROUP: Placed Under Voluntary Wind-Up
DIA MALLORCA: Sole Member to Hear Wind-Up Report on Aug. 19
DIA VALENCIA: Sole Member to Hear Wind-Up Report on Aug. 19

DRAYTON CAPITAL: Shareholders' Final Meeting Set for Aug. 20
JUVE LIMITED: Shareholders' Final Meeting Set for Aug. 17
LONGACRE INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 20
PLATINUM NAVIGATOR: Shareholder to Hear Wind-Up Report on Aug. 14
SMART CAPITAL: Shareholders' Final Meeting Set for Aug. 20


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Produce Scare on Drought & 'Mismanaged Forests'


J A M A I C A

DIGICEL GROUP: Explains Use of Funds to be Raised Through IPO
JAMAICA: NIR Rebounds at End of July, BOJ Says
UC RUSAL: To Discuss Jamaican Energy Options


M E X I C O

MINERA FRISCO: Moody's Assigns B1 CFR; Outlook Stable


P U E R T O    R I C O

COCO BEACH GOLF: U.S. Trustee Objects to Golf Course Sale
DORAL FINANCIAL: Files Bankruptcy Rule 2015.3 Report
PMC MARKETING: San Sebastian's Bid to Dismiss Suit Granted
STANDARD REGISTER: Changes Corporate Name After Sale
STANDARD REGISTER: Taylor Completes Acquisition of Assets


                            - - - - -


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B A H A M A S
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ULTRAPETROL (BAHAMAS): Appoints Sotomayor to Board Of Directors
---------------------------------------------------------------
Ultrapetrol (Bahamas) Limited appointed Raul Sotomayor to the
Company's Board of Directors.  Mr. Sotomayor will fill a position
vacated by Mr. Rodrigo Lowndes, a fellow partner of Southern Cross
Group.

Mr. Sotomayor is a Senior Partner of Southern Cross and a Member
of the Executive Committee of the firm and serves as a board
member at Brinox and SMU S.A., as well as the non-profit
organizations Techo and Fundacion Alimenta. He previously served
as a board member at Essbio S.A., Quintec S.A., Supermercados del
Sur S.A., and Gas Atacama.  Prior to joining Southern Cross, Mr.
Sotomayor was a consultant with the Boston Consulting Group at its
San Francisco and Buenos Aires offices, served in a managerial
position at leading Chilean industrial group Grupo Elecmetal, and
began his career at Fintec, a Chilean private equity fund. Mr.
Sotomayor holds dual degrees in Economics and Business
Administration from the Universidad Cat¢lica de Chile, as well as
an MBA from UCLA.  He is a Member of the Carnegie Endowment for
International Peace's Group of Fifty (G50).

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 12, 2015, Standard & Poor's Ratings Services revised its
outlook on Ultrapetrol (Bahamas) Ltd. to negative from stable.
S&P also affirmed its ratings, including the 'B' corporate credit
and issue-level ratings.

The outlook revision reflects S&P's concerns that continued
weakness in commodity prices, amid high costs of keeping a big
share of fleet idle, will maintain metrics in line with a "highly
leveraged" financial risk profile for at least the next two years.
Despite Ultrapetrol's efforts to strengthen its long-term
contracted position, with more favorable terms that allow for cost
pass-through and higher rates, market conditions remain
challenging given lower-than-expected general volumes of cargo and
greater competition in the Paraguay River area.


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


BROOKFIELD INCORPORACOES: Taps Freitas as Chief Executive Officer
-----------------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that Brookfield
Incorporacoes SA, a hard-pressed Brazilian homebuilder controlled
by Canada's Brookfield Asset Management Inc, named a new chief
executive officer.

Holding company Brookfield Brasil said in a statement that
industry veteran Ubirajara Spessotto de Camargo Freitas will take
over as CEO, replacing Nicholas Reade, who will become the
company's chairman, according to Reuters.

The report notes that the appointment of Freitas still must be
ratified by the board of Brookfield Incorporacoes.

Mr. Freitas, known by his nickname of "Bira", worked previously
for Cyrela Brazil Realty SA and has more than 30 years' experience
in the homebuilding industry, the report relates.

Mr. Reade, who will turn 70 this month, had asked to step down as
CEO, the statement said, the report notes.

Brookfield bought full control of Brookfield Incorporacoes last
year in an effort to turn around a company grappling with cost
overruns, project delays and canceled contracts, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, 2015, Fitch Ratings affirmed the long-term Foreign
Currency Issuer Default Ratings (IDRs) of Brookfield Incorporacoes
S.A. (Brookfield Incorporacoes) at 'B' and its long-term National
Rating, at 'BBB+(bra)'.  The Rating Outlook for the corporate
ratings has been revised to Negative from Stable.


COMPANHIA DE SANEAMENTO: Moody's Rates BRL350M Sr. Debentures Ba1
-----------------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba1 rating on the global
scale (domestic currency), and an Aa2.br national scale rating
(domestic currency) to the BRL350 million senior unsecured, non-
convertible debentures that Companhia de Saneamento de Minas
Gerais S.A. ("Copasa") plans to issue in August 2015.  The outlook
of the debentures' ratings is negative.

RATINGS RATIONALE

The Ba1 and Aa2.br ratings assigned to Copasa's new planned
debenture issuance reflect the company's relatively stable and
predictable operating cash flows derived from: (i) long-term
concession contracts executed with 74% of the municipalities in
the State of Minas Gerais (Baa3 negative); (ii) above average
operating efficiency as compared to domestic peers; (iii) low
delinquency rates; (iv) diversified customer base; and (v) the
evolving sector regulatory framework in the State.  The ratings
also take into account the expected support from the State given
Copasa's role as provider of essential services.

Notwithstanding, the ratings are constrained by the fact that the
company has been facing a severe drought where it operates with
decreasing water reservoir levels and ongoing unfavorable rainfall
conditions.  In order to mitigate the effect of the drought, in
early January 2015 the company asked its consumers to voluntarily
cut consumption by 30%.  In the first half of 2015, there was a
decrease in 8.2% in consumption, compared to the same period of
the previous year, which has materially impacted the company's
operating revenues and cash flows.  The ratings are also
constrained by the company's high dependence on the State of Minas
Gerais due to the exposure of common credit risks, such as shared
industry exposure as well as by its ambitious annual CAPEX
investment program.  The potential for political interference,
given the importance of the services provided by COPASA to a very
large portion of the State's population, also constrains the
ratings.

The ratings' negative outlook reflects our expectation that the
severe ongoing regional drought will continue in the short to
medium term, thus increasing the risk of water rationing which
could drastically affect the company's operating revenues and cash
flows.

In an effort to address the severe ongoing drought scenario in the
largest service area in the State, the Belo Horizonte metropolitan
area, COPASA has entered into the Rio Manso Public-Private
Partnership (PPP) project, which aims at increasing treated water
reservoir capacity in a material way, thus mitigating the risk of
a potential water rationing program.  The Rio Manso PPP
construction is, according to the Company, on schedule and slated
to begin operations in December 2015 when the rainy season is
expected to start.

Proceeds of the new issuance will be used to pay BRL140mm
outstanding promissory notes that were issued by Copasa in 4Q2014,
and to finance the restructuring of its operations , including a
voluntary employee dismissal program.  The debentures are expected
to contain leverage and interest coverage financial covenants.

The State of Minas Gerais controls COPASA by holding 51.1% of its
voting shares.  Consequently, COPASA is considered a Government-
Related Issuer (GRI) in accordance with Moody's rating methodology
entitled "Government-Related Issuers".  Moody's methodology for
GRIs incorporates the Company's stand-alone credit risk profile or
Baseline Credit Assessment (BCA) as well as the likelihood that
the government would provide support to the Company to help meet
its debt obligations if and when needed.

WHAT COULD CHANGE THE RATING - UP

A stabilization of the outlook would require: (i) a relevant
increase in the water reservoir levels that would normalize the
company's operations on a sustained basis; (ii) the timely
implementation of the Rio Manso PPP project; and (iii) a stronger
perceived support from the State of Minas Gerais, given that
COPASA is a GRI.

While an upgrade is highly unlikely given the current drought and
hydrology conditions, upgrade pressure could develop with (i) the
implementation of a market-based tariff review methodology,
combined with a positive track record of the water sector
regulator in administering the water and sewage regulatory
framework in the State; (ii) the perceived absence of political
interference in the sector's legal and regulatory framework; (iii)
the continued access to sources of financing in line with the
long-term nature of COPASA's business at adequate terms; and (iv)
credit metrics in line with the Baa3 rating category, according to
our Global Regulated Water Utilities methodology.

WHAT COULD CHANGE THE RATING - DOWN

Conversely, downward rating pressure could result from the
following factors: (i) the company's failure to implement the Rio
Manso PPP project on a timely and cost efficient basis; (ii)
further deterioration in rainfall conditions that would
drastically impact COPASA's future operating revenues and cash
flows; (iii) the failure to timely implement a program of water
consumption reduction, as needed, to avoid a potential water
rationing; (iv) tariff adjustments that do not reflect, at a
minimum, official inflation; (v) political interference, which
could affect COPASA's operating and financial performance; (vi)
weaker perceived support from the State of Minas Gerais as a
result of a rating downgrade of the State; (vii) deteriorating
liquidity; (viii) deteriorating metrics as a result of increased
leverage to finance CAPEX and/or high dividend payouts, and/or
lower cash generation, which would result in an FFO/Net Debt ratio
below 10%, and FFO Interest Coverage below 2.0 times for an
extended period.; and (ix) the breach of the financial covenants
due to deteriorating financial and operating performance.

Companhia de Saneamento de Minas Gerais S.A. -- COPASA was founded
in 1963.  Today it is the second largest state water and sewage
company in Brazil, serving 74% of the municipalities in the State
of Minas Gerais through its 48,805 km water distribution and
23.526 km sewerage collection networks (as of March 2015).  COPASA
is controlled by the Government of Minas Gerais (Baa3/NEG), which
owns 51.1% of COPASA's shares (as of December 2014), the remaining
are listed on BM&FBOVESPA's stock exchange (Symbol: CSMG3).

In the last twelve months (LTM) ended on March 31, 2015, COPASA
had net operating revenues (excluding construction revenues) from
water and sewage services of about BRL3.1 billion, a decrease of
0.5% over net operating revenues in 2014 (BRL 3.15 billion).
According to our standard adjustments, EBITDA and net income had a
decrease in the LTM ended on March 31, 2015 to BRL 1.06 billion
from BRL 1.14 billion in FY 2014, and to BRL 226 million from BRL
325 million in FY 2014, respectively.


JBS USA: S&P Assigns 'BB+' Rating to Proposed $1.2BB Term Loan B
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue-level
rating to JBS USA LLC's proposed $1.2 billion term loan B due
2022.  S&P has also assigned a '3H' recovery rating to this
issuance.

The issue-level rating reflects the credit quality of JBS USA's
parent company, JBS S.A. (JBS; BB+/Stable/--) because it and its
wholly owned subsidiary, JBS USA, unconditionally guarantee the
debts.  JBS will use the proceeds to fund the recent acquisition
of Cargill's pork business.  The recovery of '3' indicates S&P's
expectation of meaningful recovery (50%-70%; the high end of the
band) in the event of a payment default.  This recovery rating is
the same as on the company's other secured term loans and higher
than '4H' on its senior unsecured debts.  The term loans are
guaranteed by real assets in the U.S., which will increase after
the Cargill pork unit acquisition.

RATINGS LIST

JBS S.A.
JBS USA LLC
  Corporate credit rating         BB+/Stable/--

Rating Assigned

JBS USA LLC
  $1.2B term loan B due 2022      BB+
  Recovery rating                 3H


LIGHT ENERGIA: Moody's Affirms Ba2 Rating; Outlook Now Stable
-------------------------------------------------------------
Moody's America Latina Ltda. changed the outlook to stable from
negative for Light Energia S.A. and affirmed the domestic currency
issuer as well as senior unsecured ratings (backed) at Ba2 on the
global scale and Aa3.br on the national scale rating ("NSR").  In
a related action on 8/10/2015, Moody's downgraded the domestic
currency Corporate Family Rating (CFR) of Light S.A., the parent
company and guarantor of Light Energia's rated debt securities, to
Ba2 from Ba1 on the global scale, and to Aa3.br from Aa2.br on the
NSR.  The outlook of Light remains stable.

RATINGS RATIONALE

Despite the ongoing challenging hydrology conditions that have
existed in the last 12-24 months, new generation capacity from
greenfield projects coming on stream starting later in 2015 will
help the company to offset in a material way the ongoing
challenging hydrology conditions, which we expect will continue to
exert pressure on the company's operating cash flows in the next
12 to 18 months.  The ratings are supported by (i) the company's
capital structure, characterized by its relatively low level of
indebtedness with a Total Debt-to-EBITDA of 2.2x in the last
twelve months (LTM) ended on 3/31/2015 as per Moody's standard
adjustments (ii) healthy debt maturity profile with a majority of
debt maturing in the long term (iii) relatively stable operating
cash flows mainly due to its long-term concession contracts, which
allow the company to operate its generating fleet until 2026 and
(iv) ultimate shareholders' financial strength, which further
supports the ratings.

On the other hand, the ratings continue to be constrained by (i)
the uncertainties in the sector due to the ongoing challenging
hydrology conditions (ii) high expected dividend distributions
(based on current dividend pay-out policy and track record), and
(iii) the impact of potential corporate acquisitions by Light on
Light Energia's cash flow and leverage.  Nevertheless, leverage on
a consolidated basis is limited by financial covenants in the
indentures of outstanding debt issued by Light Energia as well as
Light Servi‡os de Eletricidade S.A. ("Light SESA"), Light's
electricity distribution subsidiary.  Dividend payments are also
conditioned to the compliance with these covenants.  Light
Energia's covenants require that: (i) Light's (consolidated) Total
Net Debt-to-EBITDA (including regulatory assets and liabilities)
shall not exceed 3.75 times, and (ii) Light's (consolidated)
EBITDA-to-Adjusted and Consolidated Gross Interest Expense shall
not be less than 2.5 times.  According to the March 31, 2015
audited financial statements, these covenants were met.

At the same time, Moody's is downgrading Light's corporate family
ratings to Ba2/Aa3.br on the global and national scales (local
currency), respectively, to align them with Light Energia and
Light SESA's ratings.  Light is the guarantor of Light SESA's and
Light Energia's rated debt.  As of the LTM ended on March 31,
2015, Light SESA and Light Energia represented 87% and 6% of the
consolidated operating revenues, and 60% and 40% of the
consolidated EBITDA, respectively.  Presently, there is no
outstanding debt that has been incurred by the parent, and Moody's
assumes that this will remain so in our projections.

Although Light has strong consolidated credit metrics for its
rating category with relatively stable cash flows that are now
expected to continue given the actions taken by the government
over the past nine months, the ratings are somewhat constrained by
a sizeable consolidated capital expenditure program, relatively
high dividend distributions, the impact of potential corporate
acquisitions as well as high levels of energy losses and
delinquency rates at its main operating subsidiary, Light SESA.

In FY2014, 5% of Light Energia's electricity was sold in the
short-term (spot) market; there were no sales in the regulated
market (ACR) as the last contracts expired in December 2013.
According to Moody's standard adjustments, in the LTM ending on
March 31, 2015 (LTM 03/31/2015), Light Energia had net operating
revenues of BRL527 million and EBITDA of BRL491 million, an
increase of 12.7% and of 4.6%, respectively, over the LTM ended on
March 31, 2014.

In Moody's forward looking perspective, Moody's expects a recovery
of Light Energia's operational cash flows from 2017 onward, as a
result of more normalized hydrology conditions coupled with its
increasing generation capacity.  According to Moody's standard
adjustments, we expect that interest coverage, as measured by (CFO
pre-WC plus interest)-to-interest will remain relatively stable at
4.0x in 2015 from 3.8x in the LTM ending on 03/31/2015, improving
somewhat to 5.2x in 2016; in the same period Retained Cash Flow
(RCF)-to-Total Debt is expected to average at 18.8% from 6.6% in
the LTM ended on 03/31/2015, as Moody's project lower dividend
distributions in the short-term so that the company will maintain
an adequate liquidity level.  Even assuming a significantly lower
generation scaling factor (GSF) in 2016 (85%), 2017 (90%) and in
2018 (95%), in Moody's 12-24 month (2015-2016) forward view Light
Energia's rating maps to a Ba2, whereas in the longer term (2015
to 2018) it maps to a Ba1.

WHAT COULD CHANGE THE RATING - UP

The ratings or outlook could be upgraded if the company's Retained
Cash Flow (RCF) over Total Debt were to exceed 15%, and interest
coverage (i.e. CFO pre-WC plus interest-to-cash interest) were to
exceed 4.2 times on a sustainable basis, as a result of hydropower
reservoir levels returning to more normal conditions in the next
rainy season (starting in December 2015) combined with new
generating capacity coming on-line, thus reducing the company's
exposure to the spot market.

WHAT COULD CHANGE THE RATING - DOWN

The ratings could be downgraded as a result of continuing adverse
hydrology conditions beyond 2016 combined with significant delays
in the commissioning of the new generating capacity, which would
exert significant downward pressure on Light Energia's credit
metrics.  A rating downgrade could also be triggered by a
deterioration of the company's liquidity as well as by a breach in
Light Energia's financial covenants.  Quantitatively, a rating
downgrade could be triggered if Light Energia's RCF-to-Total Debt
ratio fell below 8%, and interest coverage fell below 2.8 times,
remaining below these trigger thresholds for an extended period of
time.  A negative change in the perceived supportiveness of the
Brazilian regulatory environment could also trigger a rating
action.

Headquartered in Rio de Janeiro - Brazil, Light S.A. is an
integrated utility company with activities in generation,
distribution and commercialization of electricity.  Light's
generation subsidiary, Light Energia operates 5 hydroelectric
power plants (HPPs) with 855 MW of combined installed capacity
pursuant to a 30-year concession, which ends in June 2026.  The
Company has also direct (full) or shared control of several other
entities dedicated to renewable energy production, such as Renova
Energia S.A. (with a 15.9% stake), Guanhaes Energia S.A. (51%
stake), Sao Judas Tadeu as well as Fontainha wind parks and Lajes
Energia S.A. (with 100% ownership in each).  Companhia Energetica
de Minas Gerais ("CEMIG"), rated Ba1/Aa2.br with negative outlook,
is a major shareholder of LIGHT, holding directly and indirectly,
a 26.1% and 32.5% stake, respectively, in Light S.A.

Light's electricity distribution subsidiary, Light SESA, holds a
thirty-year concession, which was granted by the Brazilian Federal
Government on June 4, 1996, expiring in July 2026.  LIGHT SESA's
concession covers thirty one (31) municipalities in the State of
Rio de Janeiro (not rated), including the municipality of Rio de
Janeiro serving a population of approximately ten (10) million.
LIGHT SESA distributes 70% of the electricity consumed in the
State of Rio de Janeiro, which is the second wealthiest in Brazil.

According to Moody's standard adjustments, in the last twelve
months ended on March 31, 2015 (LTM ended on 03/31/2015) Light, on
a consolidated basis, reported net operating revenues (net of
construction revenues) of BRL9,144 million, EBITDA of BRL2,210
million; Cash Flow from Operations (CFO) reached BRL2,255 million,
a 20.2% increase over the LTM ended on 12/31/2014 driven mainly by
(i) the new methodology calculation for regulatory assets defined
on December 09, 2014 by Deliberation 732 from CVM (ii) the
implementation of the tariff flag mechanism in January 2015 and
(iii) the extraordinary tariff increase approved by Aneel (the
"Regulator") which went into effect in March 2015 to offset the
impacts of higher electricity acquisition costs due to ongoing
abnormally adverse hydrology conditions.


LIGHT SERVICOS: Moody's Affirms Ba2 Domestic Curr. Issuer Rating
----------------------------------------------------------------
Moody's America Latina Ltda. changed Light Servicos de
Eletricidade S.A.'s ("Light SESA" or the "company") outlook to
stable from negative and affirmed the domestic currency issuer as
well as the senior unsecured ratings (backed) at Ba2 on the global
scale and Aa3.br on the national scale.  At the same time, Moody's
downgraded the domestic currency Corporate Family Rating (CFR) of
Light S.A., the parent company and guarantor of Light SESA's rated
debt securities to Ba2 from Ba1 on the global scale, and to Aa3.br
from Aa2.br on the NSR.  The outlook of Light remains stable.

RATINGS RATIONALE

Despite the ongoing challenging hydrology conditions that have
existed in the last 12-24 months, Light SESA continues to generate
relatively stable operating cash flows from its regulated
distribution business which has benefited from the significant
tariff adjustments implemented in November 2014 and March 2015
that have materially improved the company's liquidity position.
In addition, the implementation of the "tariff flags" mechanism in
the beginning of 2015 should help to protect the company from any
further material increases in the cost of power.

The ratings continue to be somewhat constrained by the high level
of electricity losses, a sizeable CAPEX program, high dividend
distributions (based on current dividend pay-out policy and track
record), and the impact of potential corporate acquisitions by its
parent and guarantor, Light S.A., on Light SESA's operating cash
flows and leverage.  Nevertheless, leverage on a consolidated
basis is limited by financial covenants in the indentures of
outstanding debt issued by Light Energia S.A., the electricity
generation affiliate, as well as Light SESA.  Light SESA's
covenants require that: (i) Light's (consolidated) Total Net Debt-
to-EBITDA (including regulatory assets and liabilities) shall not
exceed 3.75 times, and (ii) Light's (consolidated) EBITDA-to-
Adjusted and Consolidated Gross Interest Expense shall not be less
than 2.5 times.  According to the March 31, 2015 audited financial
statements, these covenants were met.

At the same time, we are downgrading Light's corporate family
ratings to Ba2/Aa3.br on the global and national scales (local
currency), respectively, to align them with Light Energia and
Light SESA's ratings.  Light is the guarantor of Light SESA's and
Light Energia's rated debt.  As of the LTM ended on March 31,
2015, Light SESA and Light Energia represented 87% and 6% of the
consolidated operating revenues, and 60% and 40% of the
consolidated EBITDA, respectively.  Presently, there is no
outstanding debt that has been incurred by the parent, and Moody's
assume that this will remain so in its projections.

Although Light has strong consolidated credit metrics for its
rating category with relatively stable cash flows that are now
expected to continue given the actions taken by the government
over the past nine months, the ratings are somewhat constrained by
a sizeable consolidated capital expenditure program, relatively
high dividend distributions, the impact of potential corporate
acquisitions as well as high levels of energy losses and
delinquency rates at its main operating subsidiary, Light SESA.

In 2013 and 2014, the Federal Government provided relief to
electricity distribution companies from the higher-cost thermal
electricity by transferring sector funds to prevent those
increased electricity prices from being passed through to
consumers, and has approved higher annual tariff adjustments that
distribution companies are entitled to receive in order to offset
the continued tight electricity supply conditions given the
challenging hydrology conditions.  In FY2014, Light SESA received
transfers of BRL1,669 million from the CDE, a federally-managed
sector fund, which compares to approximately BRL801 million in
2013.

In January 2015, ANEEL, the regulator, approved the procedures to
implement the tariff flag mechanism, which is an automatic tariff
adjustment system for consumers according to the electricity
generation conditions.  The flag is defined monthly by ANEEL.  The
green flag means that conditions are favorable for the energy
generation and the tariff does not increase.  The yellow flag
indicated less favorable conditions so that the tariffs would
increase by BRL1.50 for every 100 kWh consumed.  In turn, the red
flag signals the worst electricity generation scenario, raising
the energy tariff by BRL3.00 for every 100 kWh consumed.  The flag
system took place on Jan/15 and has been indicating red flag ever
since.

Light SESA's credit metrics have materially benefited from the
tariff flag mechanism, as well as the extraordinary tariff
adjustment in March 2015, which has provided more stable operating
cash flows by significantly decreasing the time lag in the
recovery of increased electricity costs to one month from previous
one year as regular annual tariff adjustments for Light SESA take
place every November.  This has had a credit positive effect on
Light SESA's credit metrics and liquidity.

WHAT COULD CHANGE THE RATING - UP

An upgrade in the ratings or outlook could occur if Light SESA's
[Pre-WC -- Dividends]/Total Debt becomes higher than 14% and
interest coverage (i.e. CFO pre-WC plus interest-to-cash interest)
remains higher than 3.5x, on a sustained basis as a result of the
hydropower reservoir levels returning to more normal conditions in
the rainy season starting in December 2015, which would
significantly improve the company's margins and liquidity given
lower electricity acquisition costs.

WHAT COULD CHANGE THE RATING - DOWN

The ratings or outlook could be downgraded as a result of
continuing adverse hydrology conditions well into 2016, which
would exert significant downward pressure on Light SESA's
operating margins and credit metrics.  Material cash outlays
related to existing contingent liabilities could also result in a
downgrade in the ratings or outlook.  A rating downgrade could
also be triggered by a deterioration of the company's liquidity as
well as by a breach in the aforementioned financial covenants.
Quantitatively, a downgrade in our ratings could be triggered if
Light SESA's [CFO pre-WC -- Dividends]/Total Debt fell below 9%,
and interest coverage fell below 2.5x for an extended period of
time.  Moody's perception of a weaker degree of supportiveness
from the Brazilian regulatory environment could also trigger a
downward rating action.

Headquartered in Rio de Janeiro - Brazil, Light is an integrated
electricity utility with activities in generation, distribution
and commercialization of electricity.  Light SESA holds a thirty-
year concession, which was granted by the Brazilian Federal
Government on June 4, 1996, expiring in July 2026.  LIGHT SESA's
concession covers thirty one (31) municipalities in the State of
Rio de Janeiro (not rated), including the municipality of Rio de
Janeiro serving a population of approximately ten (10) million.
LIGHT SESA distributes 70% of the electricity consumed in the
State of Rio de Janeiro, which is the second wealthiest in Brazil.
Companhia Energetica de Minas Gerais ("CEMIG"), rated Ba1/Aa2.br
with a negative outlook, is a major shareholder of Light S.A,
holding directly and indirectly a 26.1% and a 32.47% stake,
respectively, in Light S.A.

Light's electricity generation subsidiary, Light Energia S.A.,
operates 5 (five) hydroelectric power plants (HPPs) with 855 MW of
combined installed capacity pursuant to a 30-year concession,
which ends in June 2026.  The company has also direct (full) or
shared control of several other entities dedicated to renewable
energy production, such as Renova Energia S.A. (with a 15.9%
stake), Guanhaes Energia S.A. (51% stake), Sao Judas Tadeu as well
as Fontainha wind parks and Lajes Energia S.A. (with 100%
ownership in each).

According to Moody's standard adjustments, in the last twelve
months ended on March 31, 2015 (LTM ended on 03/31/2015) Light, on
a consolidated basis, reported net operating revenues (net of
construction revenues) of BRL9,144 million, EBITDA of BRL2,210
million; Cash Flow from Operations (CFO) reached BRL2,255 million,
a 20.2% increase over the LTM ended on 12/31/2014 driven mainly by
(i) the new methodology calculation for regulatory assets defined
on December 09, 2014 by Deliberation 732 from CVM (ii) the
implementation of the tariff flag mechanism in January 2015 and
(iii) the extraordinary tariff increase approved by Aneel (the
"Regulator") which went into effect in March 2015 to offset the
impacts of higher electricity acquisition costs due to ongoing
abnormally adverse hydrology conditions.


PETROLEO BRASILEIRO: Posts Sharply Lower 1st-Half Net Income
------------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. (Petrobras), which
is currently embroiled in a major corruption scandal, posted net
income of BRL5.86 billion ($1.67 billion) in the first half, down
43 percent from the same period of last year.

Brazil's largest company attributed the profit drop to the sharp
depreciation of the real relative to the dollar and a nearly 47
percent decline in global oil prices, according to EFE News.

The report notes that the company's finance charges soared due to
the depreciation of the real because most of its debt is dollar-
denominated. Its bottom line also was adversely affected by a
large tax settlement with Brazilian authorities.

The result is a new setback for the company, which in 2014 posted
a net loss of BRL21.59 billion (some $6.17 billion), its first
year in the red since 1991, the report relates.

Despite the drop in net income, Petrobras said its operating
profit, which excludes financial items such as interest and taxes,
rose 39 percent in the first six months to BRL22.82 billion (some
$6.52 billion) and earnings before interest, taxes, depreciation
and amortization, or EBITDA, climbed 35 percent, the report says.

The improved operating results were attributed to a 9 percent
increase in crude and natural gas output, which rose to a daily
average of 2.78 million barrels of oil equivalent in the first
half, the report discloses.

The company's derivatives production also rose 7 percent to 2.18
million barrels per day, the report says.

Petrobras, which has lost access to capital markets financing amid
a massive corruption scandal, announced plans earlier this year to
slash its investment budget and divest assets, the report notes.

The company has already written off nearly $2 billion in
corruption-related losses from the period between 2004 and 2014,
the report discloses.

The wide-ranging scandal involves allegations that leading
domestic engineering and construction groups overcharged the oil
giant for contracts, splitting the extra money with corrupt
Petrobras officials while setting aside some of the loot to pay
off politicians who provided cover for the graft, the report adds.

                     About Petroleo Brasileiro

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

                       *     *     *

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

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

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

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

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


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


APOLLO GROWTH: Members' Final Meeting Set for Aug. 25
-----------------------------------------------------
The members of Apollo Growth Opportunities Fund L.P. will hold
their final meeting on Aug. 25, 2015, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maria Kannava
          3 Markou Botsari
          3040 Limassol
          Cyprus
          Telephone: 00357 25585583
          Facsimile: 00357 25585582


BALTRA LIMITED: Members' Final Meeting Set for Aug. 20
------------------------------------------------------
The members of Baltra Limited will hold their final meeting on
Aug. 20, 2015, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Kent Limited
          c/o Michelle R. Bodden-Moxam
          Telephone: 345-946-6145
          Facsimile: 345-946-6146
          Bridge Street Services Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands


BUCKINGHAM GROUP: Placed Under Voluntary Wind-Up
------------------------------------------------
On July 13, the sole shareholder of The Buckingham Group Limited
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor
          64 Earth Close
          PO Box 715, Grand Cayman KY1-1107
          Cayman Islands


DIA MALLORCA: Sole Member to Hear Wind-Up Report on Aug. 19
-----------------------------------------------------------
The sole member of Dia Mallorca Leasing Ltd. will receive on
Aug. 19, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Benjamin Booker
          Marguerite Britton
          Sterling Trust (Cayman) Limited
          69 Dr. Roy's Drive, George Town
          c/o P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands


DIA VALENCIA: Sole Member to Hear Wind-Up Report on Aug. 19
-----------------------------------------------------------
The sole member of Dia Valencia Leasing Ltd. will receive on
Aug. 19, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Benjamin Booker
          Marguerite Britton
          Sterling Trust (Cayman) Limited
          69 Dr. Roy's Drive, George Town
          c/o P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands


DRAYTON CAPITAL: Shareholders' Final Meeting Set for Aug. 20
------------------------------------------------------------
The shareholders of Drayton Capital Limited will hold their final
meeting on Aug. 20, 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:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


JUVE LIMITED: Shareholders' Final Meeting Set for Aug. 17
---------------------------------------------------------
The shareholders of Juve Limited will hold their final meeting on
Aug. 17, 2015, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          P.O. Box 897 Windward 1,
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


LONGACRE INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 20
-------------------------------------------------------------
The creditors of Longacre International II, Ltd. are required to
file their proofs of debt by Aug. 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 2, 2015.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          c/o Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

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


PLATINUM NAVIGATOR: Shareholder to Hear Wind-Up Report on Aug. 14
-----------------------------------------------------------------
The shareholder of Platinum Navigator Fund Limited will hear on
Aug. 14, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Platinum Trading Management Ltd.
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SMART CAPITAL: Shareholders' Final Meeting Set for Aug. 20
----------------------------------------------------------
The shareholders of Smart Capital Investment will hold their final
meeting on Aug. 20, 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:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands



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


DOMINICAN REP: Produce Scare on Drought & 'Mismanaged Forests'
--------------------------------------------------------------
Dominican Today reports that several farm products including
tubers and vegetables cost more while others are becoming scarce
from the nationwide drought now into several months, as vendors
worry about what will occur in the next three months.

Banana and plantain grower Luis Bonilla warned that plantain crops
fell 40%, banana 20% and rice 30%, according to Dominican Today.
"The plantain (green banana) is selling for as much as 17 and 20
pesos, but cassava (yucca), sweet potatoes and bananas are also
more expensive," the report quoted Mr. Bonilla as saying.

Quoted by eldia.com.do by phone the farmer who hails from the
Northwest said the drought isn't just from the lack of rain but
also abandoned irrigation systems and mismanaged Dominican
forests, the report relates.


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


DIGICEL GROUP: Explains Use of Funds to be Raised Through IPO
-------------------------------------------------------------
RJR News reports that Digicel Group has updated its filings with
the U.S. Securities and Exchange Commission, making it clear what
the proceeds of funds raised in an initial public offering will be
used for.

Digicel Group said the funds will be used to finance its
establishment of fiber broadband throughout the region, according
to RJR News.

The telecoms firm is trying to raise US$200 million in an IPO,
which is believed will not be issued until about November this
year, the report relays.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL
  -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
     Outlook;
  -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
     'B-/RR5';
  -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
     -/RR5'.

DL

  -- Long-term IDR at 'B' with a Stable Outlook;
  -- USD 250 million 7% senior notes due 2020 at 'B/RR4';
  -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';
  -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

  -- Long-term IDR at 'B' with a Stable Outlook;
  -- Senior secured credit facility at 'B+/RR3'.


JAMAICA: NIR Rebounds at End of July, BOJ Says
----------------------------------------------
RJR News reports that the Bank of Jamaica disclosed that the
country's Net International Reserves (NIR) at the end of July was
US$2.36 billion.

The reserves increased by more than US$247 million, to recover
most of June's decline, according to RJR News.

At current levels, the reserves are able to purchase 21 weeks of
imported goods, the report notes.

                           *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


UC RUSAL: To Discuss Jamaican Energy Options
---------------------------------------------
RJR News reports that Phillip Paulwell, Jamaica's Mining Minister,
has disclosed that UC Rusal will soon be meeting with the
Electricity Sector Enterprise Team (ESET) to give a report on
energy projects it is contemplating for its alumina refineries in
Jamaica.

UC Rusal is considering a number of options to generate
electricity for ALPART, its alumina refinery at Nain in St.
Elizabeth, with a view to selling extra power to the national
grid, according to RJR News.

The report notes that it had initially considered LNG and coal as
fuel sources, but is believed to be reconsidering those options,
given the current low price of oil.

"They will be in Jamaica at the end of this month," Mr. Paulwell
told RJR News, adding that the fuel source issue will be a key
feature of the discussions.

The Jamaican Government will also be getting "an updated timetable
on the refinery project," Mr. Paulwell added.

According to the Minister, UC Rusal is "sticking with the
schedule, which is that next year December the refinery will be up
and running," the report relates.

The report discloses that UC Rusal recently resumed bauxite mining
in St Elizabeth and will be exporting the commodity before the end
of this year.

It has committed to restarting alumina processing at ALPART by
next year December, but the future of its Kirkvine Alumina plant
in Manchester remains uncertain, the report notes.

The Windalco plant at Ewarton in St. Catherine is the third
alumina facility owned by the Russian company, and is the only one
that is currently in operation, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, RJR News said Jamaica Mining Minister Phillip
Paulwell, who returned to Jamaica from his trip to Russia, has
declared that all is well with the arrangements that have been
made for full restoration of operations at the Alumina Partners of
Jamaica (Alpart) bauxite/alumina plant at Nain in St. Elizabeth.

After being closed for six years, work resumed at the plant
earlier this year, but only in respect of mining of the ore for
shipment to Russia, in the first instance, according to RJR News.
The phased resumption plan should see the resumption of alumina
refining towards the end of 2016, the report said.

TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal
has re-ignited its war of words with the London Metal Exchange,
saying it has allowed financial speculators to distort prices.
Vladislav Soloviev, Chief Executive Officer of the heavily
indebted Russian group, said the price of aluminum traded on the
LME has been depressed by as much as 30 per cent by the actions of
money-market players, according to RJR News.

UC Rusal has been involved in a bitter legal wrangle with the LME
over plans to reform the exchange's warehousing system and
introduce rules to tackle long queues that built up in the
aftermath of the global financial crisis, the report said.


===========
M E X I C O
===========


MINERA FRISCO: Moody's Assigns B1 CFR; Outlook Stable
-----------------------------------------------------
Moody's de Mexico assigned a B1 global scale and a Baa2.mx
national scale corporate family ratings to Minera Frisco, S.A.B.
De C.V..  At the same time, Moody's assigned a long term (P)B1/
Baa2.mx rating and a short term MX-2 rating to Minera Frisco's
proposed dual senior unsecured debt program of Certificados
Bursatiles (local notes) for a total combined amount of up to
MXN20 billion.  The outlook on the ratings is stable. This is the
first time Moody's rates Minera Frisco.

Assignments:

Issuer: Minera Frisco, S.A.B. De C.V.
  Issuer Rating, Assigned B1/Baa2.mx
  Corporate Family Rating, Assigned B1/Baa2.mx
  Senior Unsecured Medium-Term Note Program, Assigned
   (P)B1/Baa2.mx/MX-2
  Senior Unsecured Regular Bond/Debenture, Assigned B1/Baa2.mx

Outlook Actions:
Issuer: Minera Frisco, S.A.B. De C.V.
  Outlook, Assigned Stable

RATINGS RATIONALE

Minera's Frisco B1 and Baa2.mx ratings reflect its limited
geographical diversification and modest size, as well as the
relative modest reserve life in some of its key mines.  The rating
also captures modest credit metrics, although improving, as a
result of completion of projects and the resolution of strikes in
2013 in some mines, which resulted in lower profitability.
Nevertheless, the ratings are supported by Minera Frisco's good
mine diversification and expected further metal diversification by
2017 once Tayahua mine duplicates its copper production.

The ratings also incorporate the expectations of improved
liquidity.  Minera Frisco plans to refinance its coming maturities
with the proceeds from the proposed program and other instruments.
The rating also considers that, pro-forma for the new issuances,
and repayment of existing secured syndicated facilities, the
structural subordination will be eliminated from company's capital
structure, with all existing debt instruments ranking pari passu
with each other.

The company properties include 9 mines.  El Coronel in Zacatecas;
San Felipe in Baja California; El Porvenir in Aguascalientes; and
Ocampo and Concheno in Chihuahua are gold and silver mines.
Asientos in Aguascalientes; San Francisco del Oro in Chihuahua;
and Tayahua (in expansion) produce gold, silver, zinc, lead and
copper concentrates, while Maria is a pure-copper mine to be
phased out at the end of 2016.  Minera Frisco is also initiating
works - such as geological, metallurgical and environment permits
   -- in Durango, through Guanacevi gold, silver, zinc, lead and
copper mine.

Minera Frisco currently generates about 73% of its total revenues
out of four mines.  Concheno and El Coronel represent 23% each,
followed by San Felipe, with about 16%, and Tayahua, with about
11%.  In addition, Asientos and San Francisco represent 8% of
revenues each, and the balance is related to the remaining three
mines.  The ratings consider low execution risks now that most of
the expansion projects have been completed and the potential for
positive effects coming from increased reserves; restrained
exploration spending going forward; and cost improvements due to
the phase out of Maria.

The ratings also reflect Moody's expectation that the company will
gradually continue to increase output with its new projects,
improving cost and operating efficiency and reducing leverage.
Moody's estimates that, by the end of 2015, output could increase
to about 877 thousands of gold equivalent ounces (GEOs),
generating USD 917 million in revenues and USD 260 million of
EBITDA as adjusted by Moody's, based on a gold price assumption of
$1,160 per ounce.  These figures does not take into consideration
existing hedges.  Pro forma for the issuance of the notes and the
other instruments, Minera Frisco will have the bulk of its
maturities after 2018, improving its debt profile with an
estimated leverage ratio ranging from 5.5x to 4.2x, as adjusted by
Moody's, between 2015 and 2016.

Pro forma for the new proposed transactions, Minera Frisco will
have adequate liquidity, considering an estimated free cash flow
of about USD 170 million, after paying capex of about USD 90
million, almost 50% less than capex paid in 2014.  No payment of
dividends is considered by the company over the next years.

The stable outlook reflects our expectation that Minera Frisco
will improve its production profile with commensurate cost
improvements that will lead to reasonable cash flow generation, as
well as our expectation that, excluding the two new development
projects, the company will devote most of expected cash generation
to deleverage over the next few years.

An upgrade would require further improvements in liquidity and
credit metrics.  Quantitatively, an upgrade could be triggered if
leverage reduces to below 3.5 times and EBIT/interest expense
increases to above 3 times on a sustained basis, both as adjusted
by Moody's.

The ratings could be lowered if Minera Frisco experiences any
significant operational difficulties, substantial increase in
operating costs, or material deterioration in liquidity position.
A downgrade would also be considered should debt/ EBITDA increase
to above 5.0x as adjusted by Moody's on a sustained basis and if
the company is not able to execute its liability management
strategy.  In addition, the ratings on the local notes could be
revised down if the company proves unable to repay its secured
syndicated loan and therefore eliminate structural subordination
from its capital structure.


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


COCO BEACH GOLF: U.S. Trustee Objects to Golf Course Sale
---------------------------------------------------------
Kirk O'Neil, writing for The Deal, reported that Guy G. Gebhardt,
Acting U.S. Trustee for Region 21, objected to a proposed sale of
Coco Beach Golf & Country Club SE, a bankrupt Puerto Rico golf
course that licenses the Trump brand, on grounds that include
concerns that the $2.04 million purchase price may be too low.

According to the report, the U.S. Trustee asserted that the
Debtor's assets, which include two 18-hole championship golf
courses and a luxury clubhouse, were originally transferred to the
debtor by an insider and valued at $16.6 million.  The property
now allegedly has a value of $1 million and the stalking-horse
bidder OHorizons Global LLC has offered to buy the assets for
$2.04 million, the report said, citing court papers.

Coco Beach Golf & Country Club, S.E., owner of a first class golf
and country club in Rio Grande, Puerto Rico, currently operating
under the name of Trump International Golf Club Puerto Rico,
sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-05312) in
Old San Juan, Puerto Rico, on July 13, 2015, and immediately filed
a motion seeking to sell most of the assets for $2.04 million in
cash to OHorizons Global, LLC, subject to higher and better
offers.  Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC
Law Office, serves as counsel to the Debtor.  The case is assigned
to Judge Enrique S. Lamoutte Inclan.


DORAL FINANCIAL: Files Bankruptcy Rule 2015.3 Report
----------------------------------------------------
Doral Financial Corp. filed a report with the U.S. Bankruptcy
Court for the Southern District of New York, disclosing that it
holds 100% interest in these companies:

   Companies                   Interest of Estate
   ---------                   ------------------
   Doral Insurance Agency LLC         100%
   Doral Properties Inc.              100%
   Doral Recovery Inc.                100%

The company filed the report pursuant to Bankruptcy Rule 2015.3.
The report dated June 19, 2015, is available for free at
http://is.gd/nlkJpj

                  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 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.


PMC MARKETING: San Sebastian's Bid to Dismiss Suit Granted
----------------------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for
the District of Puerto Rico granted the Municipality of San
Sebastian's motion to dismiss a complaint filed by Noreen
Wiscovitch Rentas, as Chapter 7 Trustee for PMC Marketing Corp.

The Chapter 7 Trustee filed the complaint to recover monies
pursuant to Section 547 of the Bankruptcy Code.  The complaint
alleged that the Debtor was insolvent at the time of the alleged
transfer and that said transfer was made within 90 days of March
18, 2009, the date of filing of the Debtor's voluntary chapter 11
bankruptcy petition.

The defendant filed a Motion to Dismiss.  It argued that the
complaint alleged that the debtor was insolvent at the time of the
alleged transfer and that said transfer was made within 90 days of
March 18, 2009, the date of filing of the debtor's voluntary
chapter 11 bankruptcy petition, but the Trustee provided no facts
to form the basis of her allegations.  The defendant contended
that no information was provided as to the debtor's economic
conditions prior to the order for relief, nor are any dates given
as to when the alleged transfers took place.

Judge Tester held that the complaint does not state a claim upon
which relief can be granted.  The judge explained that while the
complaint recites the statutory language of Section 547 and
incorporates that "Debtor made a transfer of funds which were part
of its property to the herein Defendant, a creditor of the Debtor.
The transfer of funds was for the amount of $9,157.51." the
complaint contains no information as to the form of payment or the
dates such payments were made.

The case is IN RE: PMC MARKETING CORP, Chapter 7, Debtor(s), CASE
NO. 09-02048 (Bankr. D.P.R.).

The adversary proceeding is NOREEN WISCOVITCH RENTAS, CHAPTER 7
TRUSTEE Plaintiff(s), v. MUNICIPALITY OF SAN SEBASTIAN
Defendant(s), ADVERSARY NO. 12-00113 (Bankr. D.P.R.).

A copy of the Judge Tester's July 27, 2015 opinion and order is
available at http://is.gd/LU5ro7at Leagle.com.

PMC Marketing Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 09-02048) on March 18, 2009.  The case was
converted into a Chapter 7 proceeding on May 19, 2010.  On May 20,
2010, Noreen Wiscovitch-Rentas was appointed the Chapter 7
trustee.

STANDARD REGISTER: Changes Corporate Name After Sale
----------------------------------------------------
The Standard Register Company, et al., requested that the U.S.
Bankruptcy Court for the District of Delaware approve the change
of (i) their corporate names; and case caption used in these
chapter 11 cases.

The changes will reflect:

   Old Company Name                      New Company Name
   ----------------                      ----------------
The Standard Register Company         SRC Liquidation Company
Standard Register Holding Company     SR Liquidation Holding
                                      Company
Standard Register Technologies,       SR Liquidation Technologies,

Inc.                                  Inc.
Standard Register International,      SR Liquidation
Inc.                                  International, Inc.
iMedConsent, LLC                      iMLiquidation, LLC
Standard Register of Puerto Rico      SR Liquidation of Puerto
Inc.
                                 Rico Inc.
Standard Register Mexico Holding      SR Liquidation Mexico
Company
                              Holding Company
Standard Register Holding, S.         SR Liquidation Holding, S.
de
R.L. de C.V.                       de R.L. de C.V.
Standard Register de Mexico,          SR Liquidation de Mexico, S.
S. de R.L. de C.V.                    de R.L. de C.V.
Standard Register Servicios,          SR Liquidation Servicios, S.
S. de R.L. de C.V.                    de R.L. de C.V.
Standard Register Technologies        SR Liquidation Technologies
Canada ULC                            Canada ULC

As reported in the Troubled Company Reporter on July 30, 2015, the
Debtor said in court documents that the sale of its assets to
Taylor Corp. is expected to close by July 31.

The Company filed a motion with to change its corporate and
business names, as required under the asset purchase agreement
between Standard Register and Taylor Corp., to become SRC
Liquidation Co.

According to Dave Larsen at Dayton Daily News, a hearing on the
name change is set for Aug. 18, 2015.

Dayton Daily related that the Court extended, at the behest of the
Company, the 120-day period for the Company to file a plan by an
additional 90 days to Oct. 8, 2015, from the July 10, 2015.  The
report added that the Court extended Company's period to solicit
acceptance of the plan to Dec. 7, 2015, from Sept. 8, 2015.

                     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 and Jefferies LLC as its exclusive
investment banker.


STANDARD REGISTER: Taylor Completes Acquisition of Assets
---------------------------------------------------------
Taylor Corp., one of the U.S.'s largest privately held companies,
on Aug. 3 disclosed that it completed its acquisition of the
assets of Standard Register.  The combined company has more than
12,000 employees working in more than 80 companies with operations
in 32 states and nine countries.

"The successful close officially turns the page for Standard
Register's customers and employees and moves us into a new chapter
that we believe is strengthened as a combined organization," said
Deb Taylor, chief executive officer of Taylor Corp.  "Moving
forward together, we have an even broader range of communications
services, products and technologies, and an experienced team
dedicated to providing the highest quality customer service in the
industry.  As we integrate the two companies, we are finding even
more ways to provide value to our customers."

Taylor Corp. was the successful bidder for Standard Register
through a bankruptcy auction held June 19, 2015. Standard
Register's Chapter 11 case will conclude when all claims are
settled.

                       About Taylor Corp.

Leveraging the diverse capabilities of its more than 80 companies
around the world, Taylor Corporation -- http://www.taylorcorp.com
-- one of the largest privately held companies in the U.S., helps
millions of consumers celebrate events and milestones and enables
businesses -- including more than half of the Fortune 500 -- to
express their brands and differentiate themselves in the
marketplace.  Headquartered in North Mankato, Minn., Taylor Corp.
owns world-class companies in the U.S., Canada, Mexico, the United
Kingdom, France, India, China, Bulgaria and the Philippines.


                     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 and Jefferies LLC as its exclusive
investment banker.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

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