TCRLA_Public/150813.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, August 13, 2015, Vol. 16, No. 159


                            Headlines



B R A Z I L

PETROLEO BRASILEIRO: Moody's Affirms Ba2 Sr. Unsec. Debt Rating


C A Y M A N  I S L A N D S

BAY AREA: Shareholders' Final Meeting Set for Aug. 26
CRYSTAL PRUDENCE: Creditors' Proofs of Debt Due Aug. 25
DX GROUP: Placed Under Voluntary Wind-Up
LEADGATE INVESTMENTS: Shareholders' Final Meeting Set for Aug. 17
MYTHEN LTD: Shareholder to Hear Wind-Up Report on Aug. 28

NSF FINANCE: Shareholders' Final Meeting Set for Aug. 26
ROUND TABLE: Creditors' Proofs of Debt Due Aug. 22
ROUND TABLE MASTER: Creditors' Proofs of Debt Due Aug. 22
STARFISH ACQUISITION: Members' Final Meeting Set for Aug. 18
STARFISH ACQUISITION CO: Members' Final Meeting Set for Aug. 18


C H I L E

CHILE: GDP Growth Remains Lackluster Over Past Year, IMF Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Aqueducts Cut Supply by 75%, Still No Rain in Sight
DOMINICAN REP: To Halt Aggregates, Lumbering Amid Pressure


M E X I C O

ABENGOA MEXICO: Moody's Reviews B2/Ba1.mx Rating for Downgrade
MEXICO: Industrial Production Inches up 0.60%


P E R U

MAESTRO PERU: Fitch Hikes FC Issuer Default Ratings From 'B'


P U E R T O    R I C O

ANNA'S LINENS: Taps Estrella LLC as Special Counsel in Puerto Rico
ANNA'S LINENS: Creditors' Panel Hires EisnerAmper as Advisor
BTB CORPORATION: Files Bankruptcy Rule 2015.3 Report
PUERTO RICO: S&P Reinstates 'D' Rating on Series 2012A Bonds


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Cut London Route
CL FIN'L: Finance Minister to Appeal Ruling


V I R G I N   I S L A N D S

RICHCOURT EURO: Chapter 15 Case Summary


                            - - - - -


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B R A Z I L
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PETROLEO BRASILEIRO: Moody's Affirms Ba2 Sr. Unsec. Debt Rating
---------------------------------------------------------------
Moody's Investors Service affirmed all ratings for Petroleo
Brasileiro S.A. (Petrobras) and ratings based on Petrobras'
guarantee. This includes the affirmation of Petrobras' Ba2 senior
unsecured debt rating.  The company's b2 baseline credit
assessment (BCA) is unchanged.  The outlook is stable for
Petrobras and its guaranteed debt.  The unguaranteed ratings of
Petrobras Argentina S.A., including the B2 Corporate Family
Rating, were affirmed.  The rating outlook for unguaranteed
ratings of Petrobras Argentina is stable.

This rating action follows Moody's Aug. 11, 2015 downgrade of
Brazil's government bond rating to Baa3 from Baa2.  The rating
agency also changed the outlook on the rating to stable from
negative.

Affirmations:
Issuer: Petrobras Global Finance B.V.
  Senior Unsecured Shelf, Affirmed (P)Ba2
  Subordinate Shelf, Affirmed (P)Ba3
  Senior Unsecured Regular Bond/Debentures, Affirmed Ba2

Issuer: Petrobras International Finance Company
  Subordinate Shelves, Affirmed (P)Ba3
  Senior Secured Shelf, Affirmed (P)Ba1
  Senior Unsecured Shelves, Affirmed (P)Ba2
  Senior Unsecured Regular Bond/Debentures, Affirmed Ba2

Issuer: Petroleo Brasileiro S.A. - PETROBRAS
  Corporate Family Rating, Affirmed Ba2
  Pref Shelf, Affirmed (P)B1
  Senior Unsecured Shelves, Affirmed (P)Ba2
  Subordinated Shelves, Affirmed (P)Ba3
  Cumulative Pref Shelf, Affirmed (P)B2
  Senior Secured Shelf, Affirmed (P)Ba2

Issuer: Petrobras Argentina S.A.
  Corporate Family Rating, Affirmed B2
  Senior Secured Medium-Term Note Program, Affirmed (P)B1
  Senior Unsecured Medium-Term Note Program, Affirmed (P)B2

Outlook Actions:
Issuer: Petroleo Brasileiro S.A. - PETROBRAS
  Outlook, Remains Stable

Issuer: Petrobras International Finance Company
  Outlook, Remains Stable

Issuer: Petrobras Global Finance B.V.
  Outlook, Remains Stable

Issuer: Petrobras Argentina S.A.
  Outlook, Remains Stable

RATINGS RATIONALE

The Ba2 rating reflects Moody's joint-default analysis for
Petrobras as a government-related issuer, with an assumption that
there is a high probability for support from the government of
Brazil (Baa3 stable) and moderate default dependence between
Petrobras and the government.  The affirmation of Petrobras'
ratings reflects Moody's belief that the likelihood of support
from the government of Brazil has not meaningfully changed,
despite the government's lower rating.  The last rating action on
Petrobras, in April, was a confirmation of its rating at Ba2 with
a stable outlook, which indicated that the rating was unlikely to
be affected by a sovereign rating downgrade since there was a
negative outlook for the government of Brazil at that time.

Moody's assumption of high support from the government of Brazil
reflects, among other factors, the government's stated willingness
to stand behind Petrobras should that be needed.  Moody's view of
potential government support results in three notches of uplift
for the company's b2 BCA, which reflects its standalone credit
strength.  Moody's recognizes that the company has recently
demonstrated access to international capital markets as well as to
financing from local banks.  Furthermore, the rating agency
believes that the Brazilian government would provide significant
liquidity support to Petrobras if needed, such as through loans
from government banks.

Petrobras' b2 BCA continues to reflect high financial leverage,
operating challenges and weak corporate governance.  The company's
guidance in its business plan for 2015-19, which was released in
late June, stated a goal to deleverage faster than previously
planned via divestitures and sharp reductions in capital
expenditures.  This plan would have positive impacts on some key
financial measures, but it also carries execution risks and may
limit production growth.  Petrobras' BCA also reflects challenges
related to corruption investigations, which create management
distractions that may hinder efforts to improve operations, and
concerns about corporate governance and the need to substantially
improve internal controls.  The company may be at risk for
significant losses due to fines and shareholder litigation.  In
addition, the persistence of low oil prices is a credit concern
despite government policies that have thus far cushioned the
impact on the company.

However, Petrobras' ratings are supported by the company's large-
scale reserve base and dominance in the Brazilian oil industry,
and its importance to the Brazilian economy.  In addition, the
ratings reflect the company's sizeable pre-salt discoveries, its
technological offshore expertise and potential for continued
growth in production over the long-term.

Petrobras' ratings have a stable outlook, reflecting Moody's
expectation that the company's operating and financial condition
will not change materially in the next 12 to 18 months.  Moody's
expects Petrobras' financial performance to decline in 2015 before
starting to improve as oil prices slowly recover and management
initiatives to strengthen operations and sell assets begin to have
a more favorable impact on financial measures.  The stable outlook
on Petrobras' ratings also considers the stable outlook on the
rating of the government of Brazil.

Future positive rating actions are likely to depend on Petrobras'
ability to demonstrate improved operating performance that will
support a stronger financial profile.  Negative rating actions
could result from a significant deterioration in the company's
operating performance, major negative developments from the
corruption investigations, or significant liquidity pressures.
Petrobras' rating could also be sensitive to changes in the
government's rating as well as to Moody's assessment of the
strength of support from the government.

The principal methodology used in these ratings was Global
Integrated Oil & Gas Industry published in April 2014.

Petrobras, based in Rio de Janeiro, is an integrated energy
company, with total reported assets of about USD277 billion as of
June 30, 2015.  Petrobras dominates Brazil's oil and natural gas
production, as well as downstream refining and marketing.  The
company also holds a significant stake in petrochemicals and a
burgeoning position in sugar-based ethanol production and
distribution.  The Brazilian government directly and indirectly
owns about 46% of Petrobras' outstanding capital stock and 60.5%
of its voting shares.


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


BAY AREA: Shareholders' Final Meeting Set for Aug. 26
-----------------------------------------------------
The shareholders of Bay Area Finance Limited will hold their final
meeting on Aug. 26, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Gillian Allan
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


CRYSTAL PRUDENCE: Creditors' Proofs of Debt Due Aug. 25
-------------------------------------------------------
The creditors of Crystal Prudence Limited are required to file
their proofs of debt by Aug. 25, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 14, 2015.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


DX GROUP: Placed Under Voluntary Wind-Up
----------------------------------------
At an extraordinary meeting held on June 18, 2015, the sole
shareholder of DX Group Holdings (Cayman) No 1 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:

          Fides Limited
          c/o Dwight Dube
          Telephone (345) 949 7232
          P.O. Box 10338
          The Grand Pavilion, 2nd Floor
          Commercial Centre
          Grand Cayman Cayman Islands KY1-1003


LEADGATE INVESTMENTS: Shareholders' Final Meeting Set for Aug. 17
-----------------------------------------------------------------
The shareholders of Leadgate Investments Limited will hold their
final meeting on Aug. 17, 2015, at 9:30 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


MYTHEN LTD: Shareholder to Hear Wind-Up Report on Aug. 28
---------------------------------------------------------
The shareholder of Mythen Ltd. will hear on Aug. 28, 2015, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          James Trundle
          Kevin Poole
          Telephone: 914-2270/ 914-2265/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 Grand Cayman
          Cayman Islands


NSF FINANCE: Shareholders' Final Meeting Set for Aug. 26
--------------------------------------------------------
The shareholders of NSF Finance Limited will hold their final
meeting on Aug. 26, 2015, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Gillian Allan
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


ROUND TABLE: Creditors' Proofs of Debt Due Aug. 22
--------------------------------------------------
The creditors of Round Table Interest Rate Intermediate Fund, Ltd.
are required to file their proofs of debt by Aug. 22, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 13, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855, Grand Cayman, KY1-1207
          Cayman Islands


ROUND TABLE MASTER: Creditors' Proofs of Debt Due Aug. 22
---------------------------------------------------------
The creditors of Round Table Interest Rate Master Fund, Ltd. are
required to file their proofs of debt by Aug. 22, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 13, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855, Grand Cayman, KY1-1207
          Cayman Islands


STARFISH ACQUISITION: Members' Final Meeting Set for Aug. 18
------------------------------------------------------------
The members of Starfish Acquisition Limited will hold their final
meeting on Aug. 18, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4
          Cricket Square
          P.O. Box 884 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


STARFISH ACQUISITION CO: Members' Final Meeting Set for Aug. 18
---------------------------------------------------------------
The members of Starfish Acquisition Company Limited will hold
their final meeting on Aug. 18, 2015, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4
          Cricket Square
          P.O. Box 884 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613



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


CHILE: GDP Growth Remains Lackluster Over Past Year, IMF Says
-------------------------------------------------------------
On August 4, 2015, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Chile, and considered and endorsed the staff appraisal without a
meeting.

GDP growth has remained lackluster over the past year.  The main
force behind the economic slowdown in 2014 has been the sharp fall
in private investment, mainly the consequence of the end of the
mining boom but also reflecting the uncertainty and adjustment
costs associated with the structural reform agenda.  The external
position has improved markedly, with a large decline in the
current account deficit and a real exchange rate now close to
equilibrium.

The economic recovery that started towards the end of 2014 is
still fragile and recent economic indicators suggest that private
domestic demand is relatively weak.  Staff expects growth to
increase modestly to 2.5 percent in 2015, mainly thanks to strong
fiscal support.  Private domestic demand should strengthen
somewhat in 2016, primarily as very simulative monetary conditions
and a gradual recovery of business confidence sustain private
investment.

The balance of risks is on the downside.  The main risk is a
persistent weakness of private sector confidence and investment,
amid continued uncertainty over the structural reform agenda and
the external outlook.  On the external front, a further decline in
copper prices or greater global financial volatility could also
derail the recovery.  High leverage and heavy reliance on foreign
currency debt make Chile's corporate sector vulnerable to a tail-
risk downside scenario, where foreign interest rates increase
sharply, the availability of foreign funding dries out, the peso
depreciates strongly, and the economic slowdown accentuates.
The financial sector appears generally healthy, with banks showing
solid profitability and adequate capital buffers.  On the other
hand, life insurance companies and pension funds continue to be
pressured by the low yield environment and have kept on
restructuring their portfolios towards riskier or less liquid
assets.

The macroeconomic policy mix has remained highly accommodative.
Staff estimates that the cumulative fiscal impulse in 2014 - 15
was equivalent to 1.7 percent of GDP, mainly reflecting an
increase in spending (in infrastructure, education and current
transfers).  The Central Bank has kept the policy rate at 3
percent after reducing it by 200 basis points between September
2013 and November 2014.  The authorities have continued to advance
their structural reform agenda.  Legislation approved early this
year reforms the primary and secondary education systems by ending
for-profit education, co-payments and discrimination practices. A
labor market reform that aims at expanding the coverage and scope
of collective bargaining by empowering trade unions is currently
under discussion at Congress.

                     Executive Board Assessment

In concluding the 2015 Article IV consultation with Chile,
Executive Directors endorsed the staff's appraisal as follows:
Growth has remained lackluster over the past year, as the economy
continues to adjust to the end of the mining boom.  The main force
behind the slowdown has been the sharp fall in fixed investment.
To a large extent, this reflects the inevitable adjustment of the
Chilean economy to the end of the commodity boom, which had pushed
investment and GDP growth to above potential rates over the past
few years. The external position has improved markedly, with a
large decline in the current account deficit and a real exchange
rate now closer to a level consistent with macroeconomic and
policy fundamentals.

But the economy has also been negatively affected by the
adjustment costs from the structural reform agenda launched in
2014.  The decline in fixed investment partly reflects the fall in
business confidence which cannot be fully reconciled with the
external shocks, and likely results from the uncertainty generated
by the structural reform agenda and its short-term costs.  If well
implemented, the reforms have the potential to boost productivity
and long-term growth, but the higher cost of capital and the
complexity of the new tax regime are likely to have a negative
effect on economic activity in the short-term. Moreover, the
announced constitutional and labor market reforms appear to have
increased private sector's uncertainty over Chile's future
economic environment.

GDP growth is expected to increase modestly in 2015 and 2016, but
the balance of risks is tilted to the downside.  In the baseline
scenario, GDP growth picks up modestly to 3.1 percent in 2016 from
2« percent in 2015. Continued accommodative monetary policy
conditions and a gradual recovery of business sentiment will
improve non-mining business investment, more than offsetting
continued weakness in mining investment.  The main risk to the
baseline scenario is a more persistent weakness of private sector
confidence and investment, amid protracted uncertainty over the
structural reform agenda and the external outlook.  On the
external front, a further decline in copper prices from a deeper
than expected downturn in China's economy would imply more
depressed activity in the mining sector, while renewed bouts of
global financial volatility and disruptive asset price shifts may
tighten external financial conditions for Chile's highly leveraged
corporate sector.

Against this background, the macroeconomic policy mix should
combine tighter fiscal policy with continued monetary policy
accommodation.  As the economy is expected to recover gradually,
starting a process of fiscal consolidation next year is warranted.
Reaffirming the commitment to fiscal discipline after the fiscal
impulse in 2015 would also help boost business confidence.  The
pace of fiscal consolidation would need to take into account the
deterioration of the long-term prospects for GDP growth and copper
prices.  On the other hand, the beginning of fiscal consolidation,
the well-anchored inflation expectations, and the downside risks
to growth all give room for monetary policy to remain
accommodative until there are strong signs that the economic
recovery consolidates.

Nurturing the return of business confidence also requires a
careful design and implementation of the structural reform agenda.
It is important to minimize the potential for short-term negative
effects on growth, including those related to higher uncertainty.
In this regard, effective action could be taken to clarify the
procedures of the constitutional reform; ensure that the reform of
the labor market improves its efficiency; and pursue the education
reform with a view to raising the quality of Chile's human
capital, increasing productivity, and lowering income
inequalities.

The authorities' efforts to strengthen public and private sectors'
governance and institutions are commendable.  The measures that
aims at improving corporate governance, investor protection, and
market transparency, could bolster business confidence, increase
market liquidity and reduce the cost of capital.  Improvements in
the institutional framework for PPP arrangements could contribute
to mobilizing private financial resources needed to fill Chile's
infrastructure gap, as well as promoting the efficient use of
public funds.  The recent efforts to restore confidence in public
institutions are also needed and timely.

While Chile's financial sector is healthy, there are a few areas
where financial oversight could be strengthened further.  The
relatively high level of corporate and household debt does not
appear to pose risks to economic and financial stability per se,
but it may reduce Chile's resilience to negative shocks and needs
to be monitored closely.  If the increase in corporate leverage
were to accelerate in the future, the authorities could consider
adopting additional prudential measures to safeguard Chile's
financial sector against these shocks. The adoption of minimum
liquidity standards and the authorities' plan to send the new
General Banking Law to Congress during the second half of 2015
(which will introduce Basel III bank capital standards) are
welcomed.  While the Financial Stability Council law represents an
important step forward, the authorities should keep strengthening
the supervision of financial conglomerates.  As the insurance
companies' expansion into riskier and less liquid investments
continues, it is essential to approve the bill proposal that
implements risk-based supervision and introduces new solvency
requirements for insurance companies.


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


DOMINICAN REP: Aqueducts Cut Supply by 75%, Still No Rain in Sight
------------------------------------------------------------------
Dominican Today reports that the Haina, Isa-Mana and Duey aqueduct
systems have cut back supply by 75 percent as piped water
continues to be scarce in Greater Santo Domingo.

The Valdesia and Jiguey dams are also operating with a deficit of
14.31 (135.69) and 37.14 (504.36) meters above sea level,
respectively, while the flow of the Nizao River, which supplies
both reservoirs, fell by 1.8 cubic meters per second, when normal
flow is as much as 12 CM/second, according to Dominican Today.

The report notes that the drought which has parched the country
since mid-2014 prompted the government to enact emergency measures
20 days ago, with drastic reductions in piped water.


DOMINICAN REP: To Halt Aggregates, Lumbering Amid Pressure
-----------------------------------------------------------
Dominican Today reports that after weeks of intense pressure
Environment minister Bautista Rojas disclosed the suspension of
all extraction of aggregates and lumbering as long as the drought
lasts in the Dominican Republic.

In a statement, Environment said the precautionary measure aims to
protect the country's environment and natural resources, according
to Dominican Today.  "All extraction of construction materials and
timber are provisionally suspended throughout the national
territory while the dry season continues as a way to protect our
natural resources," the report quoted Mr. Rojas as saying.

"The Ministry of Environment and Natural Resources will continue
the efforts to protect and preserve the environmental heritage,"
the agency said, Mr. Rojas said.

"Faced with the effects of the seasonal drought in the country,
the measure is necessary for the population continue to become
aware of this phenomenon and take the measures recommended by the
authorities," Mr. Rojas added.


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M E X I C O
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ABENGOA MEXICO: Moody's Reviews B2/Ba1.mx Rating for Downgrade
--------------------------------------------------------------
Moody's de Mexico placed on review for downgrade Abengoa Mexico
S.A. de C.V.'s B2/Ba1.mx issuer rating and NP/MX-3 short term
national scale rating of its up to MXN3 billion short term
certificados bursatiles (local notes) program.  The downgrade
reflects Moody's review of Abengoa S.A.'s B2 ratings for possible
downgrade.

RATINGS RATIONALE

Given the close financial and operating relationship between
Abengoa S.A. and Abengoa Mexico, the ratings of the latter are
directly linked to its parent company's corporate family rating.
As a result, when assessing the credit risk of Abengoa Mexico,
Moody's considered the conditions that relates the default
probability of Abengoa Mexico in comparison with that of its
parent company.  Moody's assessment is that there is a high
correlation between Abengoa Mexico's default risk vis-a-vis the
default risk of its parent company.  Main drivers behind Moody's
assessment are: 1) the lack of ring-fencing provisions in Abengoa
Mexico's credit agreements; 2) the lack of restriction by the
Mexican corporate law on leverage and distributions to the parent;
3) existence of intercompany loans and cash pooling policies
between Abengoa Mexico and Abengoa S.A.; 4) existence of
guarantees from Abengoa Mexico to parent company's debt; and 5)
our consideration that there is a high business dependence of
Abengoa Mexico on Abengoa S.A.  As long as these dynamics hold,
Abengoa Mexico's rating will be constrained by its parent
company's rating.

On Aug. 7, 2015, Moody's Investors Service placed on review for
possible downgrade the B2 ratings of Abengoa S.A.  The rating
action reflected Moody's concern over Abengoa S.A.'s high
financial leverage ratios reported for the first half of 2015,
well above Moody's expectations for the B2 rating, higher than
expected capex spending with significant negative impact on
expected free cash flows, and the weakening of the company's
liquidity situation.  The review process will focus on the
company's free cash flow generation capacity, including the impact
of financing commitments into existing projects, and, more
generally, on its financial policy and liquidity management.  The
review will assess the company's deleveraging plans and its
capacity to meet its declared targets of profitable growth and
debt reduction.

The centralized treasury in Abengoa S.A. concentrates excess cash
from all the subsidiaries without restrictions in order to have an
optimal investment while allowing the group to cover temporary
cash shortfalls at a subsidiary level.  Given Abengoa Mexico's
strong cash generation, it has run surplus in the centralized
treasury and we expect this trend to continue.  However, given the
lack of restrictions of the group to extract cash in the
centralized treasury, this may not be available for Abengoa
Mexico's needs should the group's liquidity weaken.

Abengoa Mexico's B2/Ba1.mx issuer ratings reflect the company's
experience in the Mexican construction market and longstanding
relationship with relevant customers like CFE (Baa1, stable), the
Mexican public electric utility.  The rating also considers the
positive business prospects in light of the recently passed energy
reform in Mexico and the strong technical capabilities that the
company could access through its parent company, Abengoa S.A.

Balancing these positives are the company's small size compared to
its local and global peers, concentrated market base with public
counterparties in Mexico, and a relatively weak business diversity
assessment.  The rating is further pressured by liquidity risk
that could arise should its parent company's liquidity
deteriorate, as there are no ring fencing provisions.

Abengoa Mexico also uses uncommitted lines with local banks and
issuances of local commercial paper to cover its financing needs.
As of June 2015, the company has around MXN532 million in bank
debt out of which MXN360 million are due within a year.  Also, the
company has MXN1,928 million commercial paper issuances
outstanding maturing within July 2015 and May 2016.  Since the
registration of the program, the company has been issuing longer
tenor commercial papers, with maturities around 360 days, a
practice that we consider prudent on a liquidity perspective.

The principal methodology used in these ratings was Construction
Industry published in November 2014.

The period of time covered in the financial information used to
determine Abengoa Mexico, S.A. de C.V. 's rating is between
01/01/2012 and 06/30/2015 (source: Audited Financial Statements).

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.  For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

Headquartered in Mexico City, Abengoa Mexico is a fully owned
subsidiary of Abengoa S.A.  The company was founded in 1981 to
conduct Abengoa S.A.'s business in Mexico.  The company is well
integrated into its parent's operation, with its main activity
being the engineering & construction (E&C) of projects related
with the energy industry.  For the last twelve months ended June
2015, Abengoa Mexico's revenue and Moody's-adjusted EBITDA margin
were USD 216 million and 23.6% respectively.


MEXICO: Industrial Production Inches up 0.60%
---------------------------------------------
EFE News reports that Industrial production rose 0.60 percent in
Mexico in June, compared to the same month in 2014, thanks to
increases in three of the four components that make up the
indicator, the National Institute of Statistics and Geography
(INEGI) said.

The positive results were the product of growth in construction,
up 1.4 percent; manufacturing, up 2.9 percent; and utilities, up
2.3 percent, according to EFE.

The report notes that mining, however, contracted 6.2 percent, the
INEGI said in a statement.

On a seasonally adjusted basis, industrial production rose 0.20
percent in June, compared to May, on a 0.40 percent rise in
construction; a 0.10 percent increase in manufacturing; a 1.1
percent rise in mining; and a 0.60 percent increase in the
utilities sector, the report relates.

The report says that Mexico's industrial production rose 1.9
percent in 2014.

The government expects Mexico's economy to grow between 2.2
percent and 3.2 percent this year, the report notes.

The gross domestic product (GDP) grew 2.1 percent in 2014, the
report adds.


=======
P E R U
=======

MAESTRO PERU: Fitch Hikes FC Issuer Default Ratings From 'B'
------------------------------------------------------------
Fitch Ratings has upgraded Maestro Peru S.A.'s (Maestro) Local and
Foreign Currency Issuer Default Ratings (IDR) and senior unsecured
notes ratings to 'BBB' from 'B'. The Ratings have been removed
from Rating Watch Positive.

The Rating Outlook is Stable.

Maestro's ratings upgrade reflects the strong operational and
strategic ties between Maestro and its holding company S.A.C.I.
Falabella (Falabella). Maestro was acquired by Falabella
subsidiary, Sodimac Peru, in September, 2014. Falabella purchased
100% of Maestro's shares for approximately USD492 million. Maestro
and Sodimac Peru are strategically important to one of Falabella's
core retail businesses, home improvement retail. Collectively,
Maestro and Sodimac Peru represent 14.2% of Falabella's home
improvement retail store revenue and 6.5% of Falabella's total
revenues as of LTM March 2015.

KEY RATING DRIVERS

Strong Rating Linkage to Parent

Falabella is actively involved in the management of Maestro and
has complete control of Maestro's Board of Directors due to its
100% ownership stake. Following the acquisition, Maestro adopted
all the same accounting policies and procedures of Falabella's
operating subsidiaries. Although there are no legal guarantees on
Maestro's debt obligations or cross-default provisions, tangible
financial support is provided to Maestro through intercompany
loans and liquidity facilities from Sodimac Peru S.A. and
Falabella Peru S.A. As of March 2015, intercompany short-term
loans to Maestro were USD55 million. Additionally, Falabella has
recently announced a USD77 million equity injection in order to
prepay 35% of the USD200 million senior unsecured notes later this
year. Maestro is a key component of Falabella's strategy to grow
in the home improvement retail division in Peru.

Strong Equity Holder:

Falabella (rated 'BBB+'/Stable Outlook by Fitch) is a regional
retailer with operations in Chile, Peru Colombia, Argentina,
Brazil, and Uruguay. Falabella has 439 stores, including
department stores, home improvement stores, and supermarkets, as
well as 38 shopping malls. The company also has a large and solid
financial services business that has over 4.6 million active
accounts and a loan portfolio of USD5.9 billion. As of LTM March
2015, the group had revenues of USD12.4 Billion. Sodimac Peru S.A.
started operations in 2004 to provide expertise advice on all home
improvement related projects, including supplying building
products and financing. It currently operates 27 stores. In 2014,
Sodimac Peru's sales were USD569 million.

Sustainable Market Position:

By acquiring Maestro, Falabella strengthened its leadership in
home improvement retail business in Peru. Through Maestro,
Falabella acquired its main competitor and doubled its market
share in the modern retail channel in Peru, which represents 23%
of the total home improvement market, diversified into a new
brand, increased home improvement stores from 27 to 57 in
strategic locations nationwide and acquired an important land bank
for future developments. Maestro maintains an established and
recognized brand and it is well positioned as a low-price
specialist focused on both do-it-yourself (DIY) individuals as
well as professional customers, while Sodimac targets more on
family oriented customers. Maestro's sustainable market position
is supported by the positive medium-term fundamentals of Peru's
home improvement industry reflected in increasing purchasing power
of households and the industry's low penetration. Although the
economy faced a slowdown in the last year, it is expected to
recover in the short term.

FCF trending to positive:

During LTM March 2015, the company's FCF was negative at USD12.2
million considering Funds From Operations (FFO) of USD32 million
minus USD42.6 million from increases in working capital and USD1.7
million in Capex. Negative Working Capital is the result of
account payables reductions in order to align Maestro to the
Falabella Group's practices and get more favorable purchasing
conditions from suppliers. Capex of LTM March 2015 was significant
lower at USD1.7 million compare to 2014 level (USD70.9 million).
For YE2015, Fitch expects limited capex for maintenance and FCF
trending to positive; the group more than doubled its number of
stores in Peru's home improvement segment will reduce the number
of new store openings in 2015 as the company consolidates its
market position.

Weak Operating Results

Maestro's revenues of USD505 million during the LTM March 2015
decreased compared to 2014 (USD524 million) and 2013 (USD543
million) after showing a high revenue growth in the prior years.
Same store sales (SSS) decreased by 4.9% during 2014 and the
company reached average sales levels of USD3,177 per square meter,
which were lower than the USD3,294 and USD3,826 per square meter
recorded during 2014 and 2013, respectively. Lower sales per
square meter were due to the adverse business environment
affecting the Peruvian's home improvement retail sector as well as
the opening of new stores - 7 new stores opened during 2013 adding
41,936 m2 (25.4% of total store area); new locations take between
3 to 4 years to mature and reach expected more mature store square
meter sales levels.

Fitch expects revenues to recover in 2016 along with the economic
cycle. Following the acquisition, Maestro's EBITDA significantly
reduced in 4Q14 mainly due to one-time adjustments. Fitch projects
EBITDA to be around USD38 million in 2015 and USD45 million in
2016 due to recovery on revenues and improvement on margins as a
result of the focus on higher profitable products and synergies
coming from the operational integration with Sodimac Peru.

High Leverage, No Covenant Issue

As of LTM March 2015, leverage was negatively affected by the
prior year adjustments which reduced EBITDA while amount of debt
slightly increased from YE 2013. The company's total adjusted debt
was approximately USD307 million at the end of March 2015. This
debt includes USD217 million in on-balance-sheet debt, mostly
comprised of the USD200 million unsecured notes issued on
September 2012; the notes are 100% hedged against currency risk.
Total off-balance-sheet debt of USD90 million is calculated
adjusting by 7x the company's rental payments of USD13 million
during LTM March 2015.

Considering EBITDA recovery and the prepayment of USD70 million
debt, Gross Adjusted Leverage is projected to be around 5.0x by YE
2015. The company's USD200 million bond indenture considers a
limitation on additional indebtedness of a consolidated debt to
EBITDA ratio no greater than 4.5x prior to year two after
issuance, 4x in year two and prior to year three; and 3.5x
thereafter. The indenture also includes carveouts that allow for
additional new debt - up to USD40 million - despite being above
the maximum financial leverage covenant. As of March 2015, the
company's financial leverage ratio was above the covenant maximum
limit but the additional new debt incurred was USD10 million below
the maximum allowed for additional indebtedness (USD40 million).

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- Revenues decrease at 4.4% in 2015 and recover since 2016 at an
    annual growth rate of 5%.
-- EBITDA margin improvement from 8% in 2015 to 9% in 2016 and
    10% in 2017 onwards.
-- Capex for maintenance: Around USD4-5 million per year. Number
    of stores maintains at current level (30 stores).
-- No dividend payments.
-- Positive FCF.
-- Equity injection for USD77 million to prepay 35% of USD200
    million Senior Unsecured Notes.
-- Operational and financial support from Falabella.

RATING SENSITIVITIES

Negative: Maestro's ratings benefit from its ownership by
Falabella because of its strong operational and strategic ties,
based on Fitch's Parent and Subsidiary linkage criteria. Should
the current level of operational and strategic ties be reduced,
then a rating action based on Maestro's much weaker standalone
credit profile could follow. If Maestro encountered operational
and financial difficulty, Fitch would expect Falabella to take
steps to demonstrate support to its subsidiary. Should such
support not be forthcoming a rating downgrade could take place.
Maestro's ratings would also be downgraded following a rating
downgrade of Falabella.

Positive: While not expected at this time, an upgrade and/or
Positive Outlook would depend on positive actions in Falabella's
rating and/or improvements on Maestro's operational performance
combined with a balance between capex, liquidity and capital
structure.


LIQUIDITY

The company's liquidity is benefited by the potential support from
Falabella. Due to a lower capex and recovery on margins as well as
the equity injection for USD77 million, Fitch expects Maestro to
improve liquidity and reduce leverage. As of LTM March 2015, the
amortization schedule is manageable as most of its debt, the
USD200 million bond, due on September 2019 from which 35% would be
prepaid at September 2015. Additionally, Maestro, through its
parent, currently has access to bank financing although it has
limitations on additional indebtedness.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the ratings for Maestro Peru S.A. as follows:

-- Local & Foreign IDR to 'BBB' from 'B';
-- Senior unsecured debt to 'BBB' from 'B/RR4'


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

ANNA'S LINENS: Taps Estrella LLC as Special Counsel in Puerto Rico
------------------------------------------------------------------
Anna's Linens, Inc. asks for authorization from the U.S.
Bankruptcy Court for the Central District of California to employ
Estrella LLC as special Puerto Rico counsel, effective June 14,
2015.

The Debtor anticipates that issues may arise in connection with
its Puerto Rico operations and business and requires the services
of Estrella to attend to those issues. The Debtor seeks to employ
Estrella as special counsel solely to address issues of Puerto
Rico law in connection with its operations and business in Puerto
Rico.  Estrella will not be involved in the administration of the
Chapter 11 Case.

The Debtor has 4 stores in Puerto Rico. These stores have a total
of 53 employees.

Estrella will be paid at these hourly rates:

       Partners            $250
       Associates          $200
       Paralegals          $100

Estrella will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Albert G. Estrella, managing member of Estrella, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

Estrella can be reached at:

       Albert G. Estrella, Esq.
       ESTRELLA, LLC
       150 Calle Tetuan
       San Juan, PR 00901
       Tel: (787) 977-5050
       Fax: (787) 977-5090

                        About Anna's Linens

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

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

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

Salus Capital Partners, LLC, as administrative agent for a
consortium of lenders, agreed to provide a DIP Facility of up to
approximately $20 million in excess of the outstanding secured
debt to Salus and other prepetition secured lenders.

The U.S. trustee appointed seven creditors to serve on the
official committee of unsecured creditors.


ANNA'S LINENS: Creditors' Panel Hires EisnerAmper as Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Anna's Linens
Inc. seeks authorization from the Hon. Theodor C. Albert of the
U.S. Bankruptcy Court for the Central District of California to
retain EisnerAmper LLP as financial advisor to the Committee,
effective June 30, 2015.

The Committee requires EisnerAmper LLP to:

   (a) assist, advise and represent the Committee in analyzing the

       Debtor's assets and liabilities, investigating the extent
       and validity of liens and participating in and reviewing
       any proposed asset sales, and any asset dispositions or
       proceedings;

   (b) review of inventory accumulation and reconciliation process
       and analyses;

   (c) review and prepare analyses relating to various motions by
       the Debtor relating to the payment of sales taxes,
       warehouse/carrier liens, and other expenditures;

   (d) assist in the monitoring of the sales and disbursements and

       other transactions relating to the Debtor's going out of
       business sale;

   (e) assist the Committee in investigating the acts, conduct,
       assets, liabilities and the Debtor's financial condition,
       business operations and the desirability of the continuance

       of any portion of the business, and any other matters
       relevant to this case or to the formulation of a plan;

   (f) assist in the preparation of analyses to assess proposed
       Debtor-in-Possession financing;

   (g) assist in the review and monitoring of any asset sale
       process, including but not limited to an assessment of the
       adequacy of the marketing process, completeness of any
       buyer lists, review and quantifications of any bids;

   (h) assist in the review of the claims reconciliation and
       estimation process;

   (i) assist in the review of other financial information
       prepared by the Debtor, including, but not limited to, cash

       flow projections and budgets, cash receipts and
       disbursements analyses, asset and liability analysis, and
       the economic analysis of proposed transactions for which
       Court approval is sought;

   (j) attend at meetings and assistance in discussions with the
       Debtor, potential buyers, secured lender, the Committee in
       these chapter 11 proceedings, the U.S. Trustee, other
       parties in interest and professionals hired by the same, as

       requested;

   (k) assist in the review and prepare of information and
       analyses necessary for the confirmation of a plan and
       related disclosure statement in this Chapter 11 proceeding;

   (l) assist in the evaluation and analyses of claims and any
       litigation matters, including avoidance actions;

   (m) assist in the prosecution of Committee responses/objections

       to the Debtor's motions, including attendance at
       depositions and provision of expert reports/testimony on
       case issues as required by the Committee; and

   (n) render such other general business consulting or such other

       assistance as the Committee or its counsel may deem
       necessary that are consistent with the role of a financial
       advisor and not duplicative of services provided by other
       professionals in this proceeding.

EisnerAmper LLP will be paid at these hourly rates:

       Directors/Partners             $475-$550
       Managers/Senior Managers       $275-$475
       Paraprofessionals/Staff        $125-$275

EisnerAmper LLP will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Anthony R. Calascibetta, partner of EisnerAmper LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
EisnerAmper LLP can be reached at:

       Anthony R. Calascibetta, Esq.
       EISNERAMPER LLP
       111 Wood Ave S Ste 600
       Iselin, NJ 08830-2700
       Tel: (732) 243-7000
       Fax: (732) 951-7589
       E-mail: anthony.calascibetta@eisneramper.com


                        About Anna's Linens

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

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

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

Salus Capital Partners, LLC, as administrative agent for a
consortium of lenders, agreed to provide a DIP Facility of up to
approximately $20 million in excess of the outstanding secured
debt to Salus and other prepetition secured lenders.

The U.S. trustee appointed seven creditors to serve on the
official committee of unsecured creditors.


BTB CORPORATION: Files Bankruptcy Rule 2015.3 Report
----------------------------------------------------
BTB Corp. filed a report with the U.S. Bankruptcy Court for the
District of Puerto Rico, disclosing that it holds a substantial or
controlling interest in these companies:

   Companies                              Interest of Estate
   ---------                              ------------------
   Asphalt Solutions Hatillo LLC            80% Common Stock
   The Placco Company of Puerto Rico Inc.   100% Common Stock
   BTB Milling & Equipment LLC              100% Common Stock

The company filed the report pursuant to Bankruptcy Rule 2015.3.
The report dated July 20, 2015, is available for free at
http://is.gd/ClHkc2

                       About BTB Corporation

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.


PUERTO RICO: S&P Reinstates 'D' Rating on Series 2012A Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services has corrected by reinstating
its 'D' rating on Puerto Rico Public Finance Corp.'s series 2012A
bonds due Aug. 1, 2015.

Caribbean Business Online Staff recalls that on Aug. 4, S&P
lowered its rating on $1 billion of Puerto Rico Public Finance
Corp. (PFC) series 2011A, 2011B and 2012A bonds to 'D' from 'CC'
following an incomplete payment on the bonds' Aug. 1 due date.

Although a partial payment of $628,000 in interest was made Aug.
3, the amount "was far short of the $58 million of principal and
interest due. We assign a rating of 'D' to obligations in default
of full and timely debt service on their due date, unless we
believe that such payments will be made within five business
days," the credit rating company said in a statement, notes the
report.

According to Caribbean Business Online Staff, S&P said this first
default by Puerto Rico on tax-supported debt "represents a
significant departure from Puerto Rico's past practice of timely
funding of debt service. We believe the default signals severe
liquidity distress, whereby Puerto Rico must now choose among
which financial obligations it can honor, and presages other
possible defaults as liquidity becomes further constrained during
the next few months. The default follows the legislature's
decision not to appropriate debt service for these bonds in its
fiscal 2016 budget.

"In our view, Puerto Rico's decision to deliberately miss the PFC
bonds' relatively small $58 million debt service payment, compared
to annual revenues of about $9 billion, indicates that short-term
liquidity distress has taken priority over preserving access to
debt markets.

"We believe the small, short-term improvement in liquidity will
come at the cost of investors' worsened perception of Puerto
Rico's willingness to pay debt, at a time when Puerto Rico needs
cash flow financing to avoid running out of cash in the next few
months."

Last year, Puerto Rico sold $1.2 billion of fiscal 2015 cash flow
notes; "the $703 million general fund operating deficit recently
disclosed for the fiscal year ended June 30 has likely placed
additional liquidity pressure on the commonwealth. We believe the
PFC default may further impede Puerto Rico's ability to obtain
financing for cash flow needs.

"We believe these bonds may have been selected due to their
limited recourse for PFC bondholders in the event of legislative
non-appropriation; the 2016 budget does appropriate debt service
for other series of bonds. In addition, the Aug. 1 PFC payment
represented the start of principal repayment for the PFC bonds,
for $36.3 million, and thus an increase in debt service from
previous years' PFC interest-only payments," S&P wrote in its
release, notes the report.



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


CARIBBEAN AIRLINES: To Cut London Route
---------------------------------------
Trinidad Express reports that three years after its launch, due to
weaker-than-expected performance, Caribbean Airlines Limited is
planning to cut its London Gatwick route, and return planes it
leased.

International airline news website Airways News initially quoted
airline sources on Aug. 10, and Caribbean Media Corporation (CMC)
said it received confirmation of the decisions with the London
route and return to lessor of the aircraft, according to Trinidad
Express.

The report notes that Caribbean Airlines will return to the
International Lease Finance Corporation (ILFC), its Boeing 767
aircraft by March 2016.

                      About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2015, RJR News said that Caribbean Airlines Limited is
still facing an acute shortage of pilots.  Trinidad's Newsday
newspaper said the airline is still reeling from the loss of close
to a dozen pilots from its Jamaican operations last year, forcing
it to send Trinidadian pilots to operate some of the Jamaican
routes to US destinations, according to RJR News.

The TCRLA reported on Sept. 24, 2014, that Trinidad Express said
Caribbean Airlines Limited will get a total of TT$1.8 billion
support from the Government during the period 2013 and 2015.
Finance Minister Larry Howai stated that the Caribbean
Airlines management had informed him that the company expects to
break-even in three years time.  Mr. Howai, however, said that
government would have to provide funds for CAL in 2015, 2016 and
2017.

On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday,
said that Caribbean Airlines is facing a loss.  Minister Howai was
hopeful the loss could be narrowed down to less than TT$100
million.

Caribbean Airlines Limited recorded losses estimated at US$70
million in 2012.  In 2011, CAL had recorded losses of US43.7
million, the TCRLA reported on May 20, 2013.


CL FIN'L: Finance Minister to Appeal Ruling
-------------------------------------------
Trinidad Express reports that despite a ruling by High Court Judge
Ronnie Boodoosingh that the Ministry of Finance release the
financial records relating to the January 2009 bailout of Colonial
Life Insurance Company (CLICO) and a call by the Trinidad and
Tobago Transparency Institute (TTTI) that it comply, Finance
Minister Larry Howai said he will appeal the ruling.

In a statement issued to the press, Minister Howai said his
decision was arrived after discussion with Senior Counsel and the
Attorney General Garvin Nicholas, according to Trinidad Express.

The report notes that Mr. Howai's rationale is that, "several
important principles came to the fore as a result of the judgment
and the primary objective of the appeal is to ensure that as we
guard the best interests of the people of Trinidad and Tobago, we
also abide by our responsibility to both uphold the law, and
protect the privacy and rights to confidentiality of citizens."

"The ministry is appealing the order to provide any list of
creditors of CL Financial existing at the date of the requests,
the identities of EFPA holders and the dates of repayment of those
EFPA holders.  The Ministry believes that the order constitutes
unreasonable disclosure of personal information of third parties
without notification to such third parties," the report quoted Mr.
Howai as saying.

"Another important ground for the appeal of the High Court ruling
is that the order is contrary to the doctrine of the separation of
powers and impinges on parliamentary privilege.  This is a most
important principle which was impacted by the decision of the
court and may constrain the very deliberations of Parliament in
the future in areas such as national security, energy and the
economy, for example and may be in breach of Section 55 of the
Constitution," Mr. Howai said, the report relays.

According to the report, Mr. Howai noted that while the ministry
"robustly defends the rights of citizens to benefit from all
aspects of Government policy that seek to grow and develop the
economy" it also "robustly defends the rights of citizens to
privacy, and pursuing this appeal will seek to establish the very
clear lines that separate confidentiality and accountability."

"The Government operates by the principle of accountability to the
citizens and that carries a very grave responsibility of ensuring
as we defend citizen rights, we also act responsibly and in the
best interest of the people of Trinidad and Tobago," the report
quoted Mr. Howai as saying.

On July 22, Justice Boodoosingh said Raymond was entitled to the
financial records relating to the January 2009 bailout of Colonial
Life Insurance Company Ltd. (CLICO), the report recalls.

                       About CL Financial

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reports that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.

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

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

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

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

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, reported that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


===========================
V I R G I N   I S L A N D S
===========================


RICHCOURT EURO: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioners: John D. Ayres and Matthew Wright, in their
                        capacity as joint liquidators

   Chapter 15 Debtors                       Case No.
   ------------------                       --------
   America Alternative Investments Inc.     15-12268
   c/o Intertrust Corporate Services Ltd.
   171 Main Street
   P.O. Box 92
   Road Town VG1110
   Tortola, British Virgin Islands

   Optima Absolute Return Fund Ltd          15-12269

   Richcourt Allweather B Inc.              15-12270

   Richcourt Allweather Fund Inc            15-12271

   Richcourt Composite Inc.                 15-12272

   Richcourt Euro Strategies Inc.           15-12273

Type of Business: Open-ended investment companies

Chapter 15 Petition Date: August 12, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Chapter 15 Petitioners' Counsel: Steven J. Reisman, Esq.
                                 L. P. Harrison 3rd, Esq.
                                 James V. Drew, Esq.
                                 Lauren Tauro, Esq.
                                 CURTIS, MALLET-PREVOST, COLT &
                                   MOSLE LLP
                                 101 Park Avenue
                                 New York, NY 10178
                                 Tel: 212-696-6065
                                 Fax: (212) 697-1559
                                 Email: sreisman@curtis.com
                                        lharrison@curtis.com
                                        jdrew@curtis.com
                                        ltauro@curtis.com

                                    Estimated     Estimated
                                     Assets      Liabilities
                                   -----------   -----------
America Alternative Investments    $100K-$500K   $10MM-$50MM
Richcourt Euro Strategies          $1MM-$10MM    $1MM-$10MM



                            ***********


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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