TCRLA_Public/150819.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 19, 2015, Vol. 16, No. 163


                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Rates ARS250MM Sr. Debt Issuance 'B2'
PETROBRAS ARGENTINA: Moody's Affirms Ba2 Rating on USD300MM Notes


B R A Z I L

BANCO PSA: Moody's Affirms Ba2 Deposit Rating; Outlook Positive
BRAZIL: Analysts Now See Economy Contracting in Both 2015 And 2016


C A Y M A N  I S L A N D S

3G LONG BIASED: Shareholder to Hear Wind-Up Report on Aug. 27
3G LONG PARTNERS: Shareholder to Hear Wind-Up Report on Aug. 27
3G LOW FUND: Creditors' Proofs of Debt Due Aug. 26
3G LOW OFFSHORE: Shareholder to Hear Wind-Up Report on Aug. 27
3G LOW VOLATILITY: Shareholder to Hear Wind-Up Report on Aug. 27

CARRY LTD: Creditors' Proofs of Debt Due Oct. 30
KABLOONA LIMITED: Creditors' Proofs of Debt Due Sept. 3
LATITUDE ZERO: Creditors' Proofs of Debt Due Aug. 28
RENEWABLE CO: Creditors' Proofs of Debt Due Sept. 14
SPARKLING COMBO: Creditors' Proofs of Debt Due Sept. 14


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Firms Fall Short in Quest to Globalize


J A M A I C A

JAMAICA: Oil Futures Price Reach Six-Year Low


M E X I C O

GRUPO SENDA: S&P Retains 'B' Rating on CreditWatch Negative
MEXICANA AIRLINES: Court Authorizes Auction of Assets


P E R U

CORPORACION LINDLEY: S&P Affirms 'BB+' CCR; Outlook Now Neg.


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Creditors Lose 2nd Bid at $149M Clawback
ALONSO & CARUS: Court Denies Triple S Steel Bid to Form Committee
ANNA'S LINENS: Order Approving Liquidators Appealed
DORAL FINANCIAL: HCL Seeks Release of $282K Security Deposit
DORAL FINANCIAL: Court Approves FirstBank Settlement Agreement

PUERTO RICO AQUEDUCT: Moody's Rates $750MM Revenue Bonds Caa3
SPANISH BROADCASTING: Incurs $3.5 Million Net Loss in 2nd Qtr.


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Sales Not Suspended, Business Group Says


U R U G U A Y

URUGUAY: Investment Boosts Economic Growth, Gov't Says


                            - - - - -


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


GPAT COMPANIA: Moody's Rates ARS250MM Sr. Debt Issuance 'B2'
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B2 global scale rating (GSR) and a Aa2.ar national
scale rating (NSR) to GPAT Compania Financiera (GPAT)'s takedown
under its senior debt program of ARS 1500 million.  The issuance,
for up to ARS 250 million, will be due in 18 months.  The outlook
on all ratings is negative.

The following ratings were assigned to GPAT Compania Financiera
S.A.'s Ar$250 million senior unsecured debt issuance:

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

The global scale senior unsecured debt rating considers the
challenging operating environment in Argentina, coupled with the
very high probability that GPAT will receive support from its
foreign-owned parent, B1 rated Banco Patagonia, in the event of
stress.

Argentina's operating environment is characterized by high
inflation and weak economic growth, which will continue to affect
consumer confidence and hit car sales.  Risks associated with the
company's funding structure, mainly reliant on senior debt
issuances and its monoline business orientation were also taken
into account in GPAT's ratings.

These credit challenges outweigh credit strengths including GPAT's
key role as the financial agent for General Motors Argentina and
its strong commercial and strategic importance to the corporation,
as well as its good asset quality, profitability and capital
metrics.  While GPAT's GSR compares poorly with global peers due
to Argentina's weak operating environment, its NSR is one of the
highest in the country.

GPAT is 99% owned by Banco Patagonia (local currency deposit
rating B1 negative, BCA caa1).  Moody's said that the one-notch
differential between the B1 local currency deposit rating for
Banco Patagonia and the B2 debt rating for GPAT reflects the
structural subordination of GPAT's bondholders to all liability
holders of Banco Patagonia.

In line with the negative outlook on the sovereign, the outlook
for all GPAT's ratings is negative, given the risk that the
operating environment will continue to deteriorate, which in turn
will negatively affect GPAT's business prospects and earnings
generation.  The ratings could face downward pressure if the
operating environment deteriorates further, affecting the
entities' business prospects, asset quality, capitalization or
liquidity profile and/or if the sovereign is downgraded.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$1,886 million of total assets and
Ar$683 million of shareholders' equity as of June 2015.


PETROBRAS ARGENTINA: Moody's Affirms Ba2 Rating on USD300MM Notes
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo affirmed
the Ba2/Aaa.ar global scale rating and national scale rating on
Petrobras Argentina S.A.'s USD 300 million in guaranteed Series S
notes (CUSIP 71646JAB5).  The rating action reflects Moody's
Investors Service's rating action on Aug. 11, 2015, of affirming
Petroleo Brasileiro S.A.'s (Petrobras, the guarantor) global debt
ratings at Ba2.  The rating outlook is stable.

Affirmation:

Issuer: Petrobras Argentina S.A.
  Senior Unsecured Regular Bond/Debenture, affirmed at Ba2/Aaa.ar

RATINGS RATIONALE

The rating actions on Petrobras Argentina reflect the affirmation
of Petrobras' ratings, on Aug. 11, 2015, at Ba2, which in turn
followed Moody's downgrade of Brazil's government bond rating to
Baa3 from Baa2 at the same date.  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.


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


BANCO PSA: Moody's Affirms Ba2 Deposit Rating; Outlook Positive
---------------------------------------------------------------
Moody's Investors Service has affirmed the long-term local- and
foreign-currency deposit ratings of Banco PSA Finance Brasil S.A.
(Banco PSA) at Ba2, and changed the outlook on the ratings to
positive, from stable, following the change in the outlook for the
ratings of Banco PSA's French-based parent Banque PSA Finance
(BPF; Baa3/Baa3 positive, ba2).  Moody's also affirmed Banco PSA's
short-term local- and foreign-currency deposit ratings at Not
Prime, and long- and short-term Brazilian national scale deposit
ratings at Aa3.br and BR-1, respectively.  At the same time,
Moody's affirmed Banco PSA's baseline credit assessment (BCA) at
ba3, its adjusted BCA at ba2, as well as its long- and short-term
Counterparty Risk Assessments (CRA) at Ba1(cr) and Not Prime(cr).

For more information on the BPF action, please refer to Moody's 31
July 2015 press release, "Moody's changes outlooks on Banque PSA
Finance's long-term ratings to positive."

These ratings of Banco PSA were affirmed; their outlook changed to
positive from stable:

  Long-term global local-currency deposit rating of Ba2;
  Long-term global foreign-currency deposit rating of Ba2.

These ratings and assessments of Banco PSA were affirmed:

  Short-term global local-currency deposit rating of Not Prime;
  Short-term global foreign-currency deposit rating of Not Prime;
  Long-term Brazilian national scale deposit rating of Aa3.br;
  Short-term Brazilian national scale deposit rating of BR-1;
  Baseline credit assessment of ba3;
  Adjusted baseline credit assessment of ba2;
  Long-term counterparty risk assessment of Ba1(cr);
  Short-term counterparty risk assessment of Not Prime(cr).

RATINGS RATIONALE

The change in the outlook for Banco PSA's deposit ratings reflects
the change in the outlook of BPF's long-term deposit and debt
ratings, which in turn reflects the positive outlook on Peugeot
S.A.'s (PSA) Ba3 long-term corporate family rating (CFR).  An
upgrade of Peugeot would likely result in upgrades to BPF's BCA
and debt and deposit ratings.  The Brazilian subsidiary's adjusted
BCA of ba2 and long-term deposit ratings of Ba2 incorporate one
notch of uplift from Banco PSA's standalone BCA of ba3, owing to
Moody's view of the high probability of affiliate support in the
event of stress, given the shared strategic focus of the
subsidiary and its parent.  In the event of an upgrade of BPF's
BCA, Banco PSA's supported ratings would also be upgraded.

The positive outlook also considers the recent announcement of a
partnership between BPF and Banco Santander (Brasil) S.A. (Baa3
stable, baa3), which will acquire 50% of Banco PSA's equity.  The
transaction, still pending regulatory approval, will provide Banco
PSA with more stable funding at longer tenors, helping the bank to
reduce funding costs and enhancing its liquidity.

In affirming Banco PSA's standalone BCA at ba3, Moody's recognizes
the bank's healthy capitalization, which provides a cushion
against an increase in non-performing loans (NPLs), as well as the
low risk profile of its loan book.  The ba3 BCA also reflects the
bank's role as the captive financing arm of automakers Peugeot and
Citroen.  Although Banco PSA's past due loan ratio rose to 2.58%
last year, from 1.34% in 2013, it remains below the system average
for auto loan delinquencies.  The increase in NPLs reflected the
weakening of the economy, but it also resulted from a 13%
reduction in the bank's loan portfolio.  The drop in loan
origination was tied to the weak performance of the auto industry
in 2014, with an annual decline of 15.3% in car production and of
7.1% in sales.

WHAT COULD CHANGE THE RATINGS

An upgrade of BPF's BCA to ba1 from ba2 could lead to an upgrade
of Banco PSA's adjusted BCA owing to parent support
considerations.  Without changes to BPF's BCA, however, changes in
Banco PSA's standalone BCA would be unlikely to affect its deposit
ratings at the current time.

LAST RATING ACTION

The last rating action on Banco PSA Finance Brasil S.A. was on 25
June 2015, when Moody's downgraded the bank's long-term global
local and foreign currency deposit ratings to Ba2 from Ba1; the
long-term Brazilian national scale deposit rating to Aa3.br, from
Aa2.br; and the Adjusted BCA to ba2 from ba1.  The rating action
followed Moody's 23 June 2015 downgrade of BPF's standalone BCA.

METHODOLOGY USED

The principal methodology used in this rating was Banks published
in March 2015.

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 an ".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."

Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL2.9 billion ($1.09 billion) and
total equity of BRL454 million ($171 million) as of Dec. 31, 2014.


BRAZIL: Analysts Now See Economy Contracting in Both 2015 And 2016
-----------------------------------------------------------------
EFE News reports that analysts now expect Brazil's economy to
contract in both 2015 and 2016, marking the first negative
forecast for next year, the Central Bank said.

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

The report notes that analysts expect the Brazilian economy to
contract by 0.15 percent in 2016.

For this year, analysts are forecasting that the economy will
contract by 2.01 percent, which would be the worst performance
since 1990, when the South American country's GDP dropped 4.35
percent, the report relays.

Last week, analysts said they expected Brazil's economy to
contract by 1.97 percent in 2015, the report relays.

On the inflation front, for the first time in 17 weeks, analysts
left their forecast unchanged at 9.32 percent, the report notes.

The government still expects inflation to end the year within its
target range of 4.5 percent, with a 2 percent band that would put
the top end rate at 6.5 percent, the report discloses.

If the forecasts prove accurate, Brazil would post its highest
inflation rate since 2002, when the consumer price index rose
12.53 percent, adds the report.


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


3G LONG BIASED: Shareholder to Hear Wind-Up Report on Aug. 27
-------------------------------------------------------------
The shareholder of 3G Long Biased Equity Offshore Fund Ltd. will
hear on Aug. 27, 2015, at 9:00 a.m., the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


3G LONG PARTNERS: Shareholder to Hear Wind-Up Report on Aug. 27
---------------------------------------------------------------
The shareholder of 3G Long Biased Equity Fund Partners Ltd. will
hear on Aug. 27, 2015, at 9:00 a.m., the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


3G LOW FUND: Creditors' Proofs of Debt Due Aug. 26
--------------------------------------------------
The creditors of 3G Low Volatility Fund Partners Ltd. are required
to file their proofs of debt by Aug. 26, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2015.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


3G LOW OFFSHORE: Shareholder to Hear Wind-Up Report on Aug. 27
--------------------------------------------------------------
The shareholder of 3G Low Volatility Offshore Fund Ltd. will hear
on Aug. 27, 2015, at 9:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


3G LOW VOLATILITY: Shareholder to Hear Wind-Up Report on Aug. 27
----------------------------------------------------------------
The shareholder of 3G Low Volatility Onshore Fund Ltd. will hear
on Aug. 27, 2015, at 9:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


CARRY LTD: Creditors' Proofs of Debt Due Oct. 30
------------------------------------------------
The creditors of Carry Ltd. are required to file their proofs of
debt by Oct. 30, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 22, 2015.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


KABLOONA LIMITED: Creditors' Proofs of Debt Due Sept. 3
-------------------------------------------------------
The creditors of Kabloona Limited are required to file their
proofs of debt by Sept. 3, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2015.

The company's liquidators are:

          Helier Pirouet
          David Le Roux
          Citron 2004 Limited
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          23-25 Broad Street
          St Helier Jersey


LATITUDE ZERO: Creditors' Proofs of Debt Due Aug. 28
----------------------------------------------------
The creditors of Latitude Zero Investment Management Ltd. are
required to file their proofs of debt by Aug. 28, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 17, 2015.

The company's liquidator is:

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


RENEWABLE CO: Creditors' Proofs of Debt Due Sept. 14
----------------------------------------------------
The creditors of Renewable Co. Ltd. are required to file their
proofs of debt by Sept. 14, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 14, 2015.

The company's liquidator is:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-652


SPARKLING COMBO: Creditors' Proofs of Debt Due Sept. 14
-------------------------------------------------------
The creditors of Sparkling Combo Investments Inc are required to
file their proofs of debt by Sept. 14, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 10, 2015.

The company's liquidator is:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


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


* DOMINICAN REPUBLIC: Firms Fall Short in Quest to Globalize
------------------------------------------------------------
Dominican Today reports that Dominican Republic's industrial
sector requires permanent investment in innovation, linking
industrial companies with universities and technical institutes,
and proactive financial and industrial policies as well.

Given that, the sector can achieve becoming a net exporter and
revert the consequences of economic policies that have weakened
it, Dominican Republic Industries Association (AIRD) President
Campos de Moya cautioned, according to Dominican Today.

The report notes that Mr. de Moya said the country has been in an
economic environment that has weakened the manufacturing sector in
recent years, creating a hurdle to becoming a net exporting
nation.

By analyzing the adverse elements, Mr. De Moya said the country
falls short innovation policies, productive linkages to benefit
from globalization, education and other elements, the report adds.



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


JAMAICA: Oil Futures Price Reach Six-Year Low
---------------------------------------------
RJR News reports that oil futures finished below US$42 a barrel on
August 17 to mark their lowest settlement in almost six-and-half
years.

This, as traders continued to fret over a global crude glut, and
analysts predicted declines in demand and prices in the coming
weeks, according to RJR News.

The report notes that oil for delivery in September fell 63 cents,
or 1.5%, to settle at US$41.87 cents a barrel on the New York
Mercantile Exchange.

That's the lowest settlement price for a front-month contract
since March 3, 2009, the report relays.

                         *     *     *

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.


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


GRUPO SENDA: S&P Retains 'B' Rating on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on Grupo
Senda Autotransporte S.A. de C.V., including S&P's 'B' global
scale and 'mxBBB-/mxA-3' national scale corporate credit ratings
and 'mxA-3' debt rating, remain on CreditWatch, where they were
placed with negative implications on May 12, 2015.

"The CreditWatch update reflects our understanding that the
company expects to sign the final agreements on the refinancing of
its loan within the next 60 days," said Standard & Poor's credit
analyst Francisco Gutierrez.

Additionally, the company's operational performance slightly
improved during the quarter ended June 30, 2015, mainly as a
result of good performance in its international passengers and
personnel business segment; diesel savings from increased
efficiency, higher use of U.S. fuel, and partial tax netting of
diesel expenses against income taxes amid lower oil prices; and
other operating efficiencies.

For the 12 months ended June 30, 2015, the company posted FFO to
debt of 14.4% and debt to EBITDA of 4.0x, compared with 12.8% and
4.0x for the same period of the previous year.  Also, cash
balances improved from MXN$101.7 million as of March 31, 2015 to
MXN$159.1 million as of June 30, 2015, which contributed to the
MXN$125 million debt maturity payment at the end of July 2015.
The next payment of about MXN$125 million is due October 2015.

S&P expects to resolve its CreditWatch once the company closes its
refinancing agreements.

S&P could lower the rating if the company is unable to refinance
its syndicated loan within the next 60 days, which would continue
to limit its financial flexibility or if the company were to raise
new debt to fund its cash flow needs, undermining its financial
risk profile.  S&P could also lower the ratings if Senda can't
obtain covenant waivers under its syndicated loan in case it
breaches them, which could potentially trigger an acceleration of
debt.


MEXICANA AIRLINES: Court Authorizes Auction of Assets
-----------------------------------------------------
EFE News reports that a court has authorized an auction of the
assets of bankrupt Mexican airline Compania Mexicana de Aviacion
or Mexicana Airlines, the top administrative body of Mexico's
judiciary, known as the CJF, said.

The auction was scheduled to kick off Aug. 13 in accordance with
the asset disposal procedure proposed by the trustee in Mexicana's
bankruptcy proceedings, the CJF said, according to EFE News.

In its decision, the Mexico City court gave its authorization for
a two-stage auction, the report notes.

The report relates that the first is to cover non-restricted
assets, which include rights to use service buildings and a cargo
terminal, office furniture and machines, and special equipment and
installations located at the Mexico City International Airport.

The second is to encompass restricted assets, including components
and parts that were used as collateral for a loan the airline
received from Aeropuertos y Servicios Auxiliares, the federal
corporation that oversees the management, operations and
development of Mexico's airports, the report discloses.

Mexicana -- once Mexico's leading carrier -- grounded its
operations and filed for bankruptcy protection in 2010 to
restructure a debt load of more than $800 million, the report
notes.

It was declared bankrupt in April 2014.

A group of investors led by magnate Gaston Azcarraga acquired the
airline for $165 million in 2005, although in 2010 it was sold to
a consortium known as Tenedora K for a symbolic amount, the report
says.

Several criminal and administrative proceedings have been brought
against Azcarraga in connection with his alleged fraudulent
management of the airline, the report adds.


                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--Mexico's largest airline, is a
privately held airline and a subsidiary of Nuevo Grupo
Aeronautico.  Founded in 1921, Mexicana is the oldest commercial
carrier in North America.  Charles Lindbergh piloted the first
trip for Mexicana between Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

The Mexicana group of airlines includes MexicanaClick (Click),
formerly Click Mexicana, and MexicanaLink (Link).  Click is
Mexicana's regional operator while Link operated as a feeder
airline for both Mexicana and Click.

Compania Mexicana de Aviacion or Mexicana Airlines filed for
bankruptcy in the U.S. and Mexico on Aug. 2, 2010.  In the U.S.,
the company filed in the U.S. Bankruptcy Court in Manhattan for
Chapter 15 bankruptcy protection (case no. 10-14182), and in
Mexico, it filed for the equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.


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P E R U
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CORPORACION LINDLEY: S&P Affirms 'BB+' CCR; Outlook Now Neg.
------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Peru-based Corporacion Lindley S.A.'s corporate credit
rating to stable from negative.  At the same time, S&P affirmed
its 'BB+' corporate credit and issue-level ratings on Lindley.

The outlook revision reflects S&P's view that Lindley has
successfully improved its profitability and credit metrics since
the last quarter of 2014.  Such improvements in operating
performance stem from continued sales growth, primarily driven by
both volume and price increases due to Peru's improved economy and
higher consumption during that period.  Improvement in various
operating efficiencies--specifically in production and supply
chain processes--along with lower raw material prices, and
reductions in operating expenses also contributed to the company's
better profitability and credit metrics during that period.  These
reductions allowed the company to meet S&P's expectations in terms
of profitability and credit metrics, with EBITDA margins trending
towards 20% and debt to EBITDA below 4.0x.

The stable outlook reflects S&P's view that Lindley will continue
to improve its operating and financial performance, as observed
since fourth quarter 2014, and will post mid-single digit revenues
growth and a gradual improvement in profitability in the next 12-
24 months.  S&P now expects Lindley to post positive FOCF
generation from 2015 onward due to its significant capex reduction
plan, which, together with various non-core asset disposals, will
support the company's deleveraging strategy, resulting in debt to
EBITDA of about 3.8x in 2015 and 3.1x in 2016.

A negative rating action is possible if Lindley posts weaker than
expected operating and financial performance, and/or if its
liquidity deteriorates.  This could occur if EBITDA margin
declines, or if the company adopts a more aggressive financial
policy (if it, for example, incurs additional debt, has higher
than expected capex, and/or dividend payments, and/or a delay in
asset sales), resulting in a debt-to-EBITDA above 4.0x on a
consistent basis over the next two years.

Although unlikely in the short term, given Lindley's limited scale
and geographic diversification, S&P could take a positive rating
action if the company successfully sustains its profitability and
deleverages its capital structure through the divestments of
various non-core assets, which could enhance its liquidity and
improve its credit metrics--with debt to EBITDA of less than 3.0x
and EBITDA interest coverage ratio above 6.0x on a consistent
basis.


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


ADELPHIA COMMUNICATIONS: Creditors Lose 2nd Bid at $149M Clawback
-----------------------------------------------------------------
Law360 reported that a New York federal judge has affirmed a
bankruptcy court ruling that defunct Adelphia Communications Corp.
was solvent at the time of a 1999 stock buyback from energy
holdings firm FPL Group Inc. and creditors therefore cannot claw
back $149 million from the transaction.

According to the report, U.S. District Judge Valerie Caproni
denied an appeal by the Adelphia Recovery Trust to recover $149
million from the stock buyback on grounds the company was
insolvent at the time of the transaction.

The case is Adelphia Communications Corporation et al v. FPL
Group, Inc. et al., Case No. 1:14-cv-05532 (S.D.N.Y.).

               About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.


ALONSO & CARUS: Court Denies Triple S Steel Bid to Form Committee
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico denied
the request of Triple S Steel Supply Co. to form a committee that
will represent unsecured creditors of Alonso & Carus Iron Works
Inc.

The court ruled that the motion filed by the company is moot since
the U.S. trustee overseeing Alonso & Carus' bankruptcy case has
already appointed an unsecured creditors' committee.

The U.S. trustee, the Justice Department's bankruptcy watchdog,
appointed five unsecured creditors, including Triple S Steel, to
serve on the committee barely a week after the company filed its
motion.

The four other members of the committee are Infra Metals Co. Inc.,
Olympic Steel Inc., Saginaw Pipe Co. Inc., and Valley Joist Inc.

                        About Alonso & Carus

Alonso & Carus Iron Works, Inc., sought Chapter 11 protection
(Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on
March 27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debts.

The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.


ANNA'S LINENS: Order Approving Liquidators Appealed
---------------------------------------------------
Creditors P & A Marketing, Inc., and Shewak Lajwanti Home
Fashions, Inc., are appealing an order entered by the U.S.
Bankruptcy Court for the Central District of California approving
Anna's Linens, Inc.'s selection of a joint venture among Hilco
Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC
as the Debtor's exclusive agent to conduct sales of certain FF&E
and merchandise.  The appellants want the appeal to be heard by
the Bankruptcy Appellate Panel.

In his July 6, 2015 order, Judge Theodor C. Albert, affirmed the
Debtor, with the assistance of Wunderlich Securities as investment
banker, thoroughly marketed the assets and conducted a bidding
solicitation fairly and conducted a prebankruptcy auction among
national liquidators to produce the highest and best bid.

The July 6 order did not rule with respect to the Debtor's request
for (i) bid protections to be paid to the Tiger/Yellen stalking
horse consisting of a break-up fee of $650,000 and an expense
reimbursement of up to $350,000 for reasonable fees and expenses
of the Tiger/Yellen stalking horse's legal, accounting and
financial advisors and the out-of-pocket costs and expenses
incurred by the Tiger/Yellen stalking horse in connection with
conducting due diligence and the negotiation, documentation and
implementation of the stalking horse agency agreement and the
transactions contemplated thereby and (ii) the break-up fee of
$250,000 to be paid to The Great American Group, LLC.  The Court
ruled that he'd consider the proposed bid protections at a
subsequent hearing.

The joint venture between Hilco and Gordon Brothers emerged as the
winning bidder at an auction held for the right to liquidate
Anna's Linens' assets, beating out the stalking horse bidder Tiger
Capital Group LLC and Yellen Partners LLC.

The winning bid offers a guaranteed recovery of 111% of the cost
value of Anna's Linens' merchandise with a so-called "merchandise
threshold" of not less than $61.5 million and not more than $67
million, subject to certain adjustments, court filings show.

Anna's Linens' has proposed to pay the stalking horse bidder a
breakup fee of $650,000, plus expense reimbursement of up to
$350,000.  Meanwhile, the retailer has proposed to pay $250,000 to
Great American.

Anna's Linens' official committee of unsecured creditors filed in
court an objection to the terms of the sale.  The group expressed
concern the deal would leave Anna's Linens' estate
"administratively insolvent," unable to pay millions of dollars of
creditors holding administrative claims.  The group also
questioned the proposed payment of breakup fees, saying they "do
not meet the statutory criteria for administrative expenses that
can be put ahead of unsecured creditors."

Anna's Linens' also received an objection from tax authorities in
Texas and from Welcome Industrial Corp., the retailer's largest
unsecured creditor.  The tax agencies said they will oppose any
move to distribute proceeds from the sale of their collateral
unless their claims are paid in full.  Welcome Industrial
meanwhile sought clarification that any liens asserted by the
company will attach to proceeds from the sale.  Both objections
have already been resolved, court filings show.

                       About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered inCosta
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.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


DORAL FINANCIAL: HCL Seeks Release of $282K Security Deposit
------------------------------------------------------------
HCL America, Inc., asks the United States Bankruptcy Court for the
Southern District of New York to modify the automatic stay imposed
on the Chapter 11 case of Doral Financial Corporation to have a
security deposit released to Fifth Avenue Building Company LLC.

On or about January 12, 2015, the Debtor, as sublandlord, and HCL,
as subtenant, entered into a written sublease for the use and
occupancy of the entire nineteenth floor.  HCL paid security to
the Debtor in the amount of $282,477.  HCL has recently entered
into a direct lease with the Landlord for use and occupancy of the
Subleased Premises.  The New Lease requires HCL to move to have
the security deposit returned.

HCL America, Inc., is represented by:

          Frank F. Velocci, Esq.
          Marita S. Erbeck, Esq.
          DRINKER BIDDLE & REATH LLP .
          1177 Avenue of the Americas
          41st Floor
          New York, New York 10036
          Tel: (212) 248-3140
          Fax: (212) 248-3141
          Email: frank.velocci@dbr.com
                 Marita.erbeck@dbr.com

                       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.


DORAL FINANCIAL: Court Approves FirstBank Settlement Agreement
--------------------------------------------------------------
Doral Financial Corporation sought and obtained from Judge Shelley
C. Chapman of the U.S. Bankruptcy Court for the Southern District
of New York, approval of its settlement agreement with FirstBank
Puerto Rico.

The settlement agreement deals with the release of $394,955 held
in an escrow account by Chicago Title & Trust Company, and
contains, among others, the following relevant terms:

     (1) The Parties will submit to the Escrow Agent a
fully-executed Escrow Release Letter, which instructs the Escrow
Agent to (I) immediately release to the Debtor from the Escrow
Account the full amount of the Debtor Release Amount, which is
$58,094; and (ii) immediately release to FirstBank from the Escrow
Account the full amount of the FirstBank Release Amount, which is
$336,861, simultaneously with the release of the Debtor Release
Amount. The Settlement Approval Order shall authorize and direct
the Escrow Agent to comply therewith.

     (2) FirstBank and the Debtor, and its estate, knowingly,
voluntarily and irrevocably release, discharge and acquit each
other from any and all manner of actions related to the Escrow
Agreement, Purchase Agreement, and/or Mortgage Loans, upon their
receipt from the Escrow Agent of the full amounts of their
respective release amounts.

Judge Chapman held that based upon the representations set forth
in the Agreement, (i) there are good, sufficient, and sound
business reasons for the Debtor to enter into the Agreement; (ii)
the Agreement represents a fair and reasonable resolution of the
Parties' respective interests in the Escrow Balance; and (iii) the
Agreement was entered into by the Debtor and FirstBank, and
formally acknowledged by the Official Committee of Unsecured
Creditors, in good faith and from arm's-length bargaining
positions.

Doral Financial's attorneys can be reached at:

          Mark I. Bane, Esq.
          Meredith S. Tinkham, Esq.
          ROPES & GRAY LLP
          1211 Avenue of the Americas
          New York, NY 10036-8704
          Telephone: (212)596-9000
          Facsimile: (212)596-9090
          E-mail: Mark.Bane@ropesgray.com
                  Meredith.Parkinson@ropesgray.com

                       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.


PUERTO RICO AQUEDUCT: Moody's Rates $750MM Revenue Bonds Caa3
-------------------------------------------------------------
Moody's Rating
Issue: Revenue Bonds Series 2015A (Senior Lien); Rating: Caa3;
Sale Amount: $750,000,000; Expected Sale Date: 8/18/2015; Rating
Description: Revenue: Government Enterprise

OPINION

Moody's Investors Service has assigned a Caa3 to the Puerto Rico
Aqueduct and Sewer Authority's (PRASA's) planned issuance of as
much as $750 million of Series 2015A senior lien revenue bonds.
The outlook for the new bonds and approximately $3.4 billion of
parity debt is negative.

SUMMARY RATING RATIONALE

The rating incorporates exposure to intense fiscal, debt and
economic pressures on the Commonwealth of Puerto Rico (Caa3,
negative), a factor that outweighs strengths such as PRASA's role
as the sole provider of water and sewer service on the island, and
its adequate coverage of debt service by pledged revenues.  On
Aug. 1, the central government's dwindling liquidity and tenuous
market access culminated in a missed payment (which Moody's
classifies as a default) on subject-to-appropriation bonds issued
by the Public Finance Corporation bonds (Ca, negative).  Puerto
Rico's intention to embark on a broad debt restructuring has
implications even for bonds with comparatively strong legal
protections, Moody's believes.  However, the Government
Development Bank for Puerto Rico (GDB), the government's fiscal
agent, "currently does not contemplate" involving PRASA debt in
the restructuring, according to an Aug. 11 GDB statement.  A
working group appointed by Puerto Rico's governor faces an Aug. 30
deadline to devise a "fiscal adjustment plan" that would include
reforms as well as debt restructuring.

OUTLOOK

PRASA's outlook is negative, reflecting expectations that the
commonwealth will pursue a consolidated restructuring of its debt.
While PRASA revenues have increased substantially since a 2013
rate hike, exposure to the central government's financial,
economic and political risks indicates a heightened loss
potential.

WHAT COULD MAKE THE RATING GO UP
  Restoration of central government liquidity and progress toward
   structural balance and market access
  Evidence that a Puerto Rico debt restructuring would not affect
   PRASA bondholders

WHAT COULD MAKE THE RATING GO DOWN
  Declaration of a public debt moratorium by elected officials
  Efforts to restructure PRASA's bonds resulting in lower expected
   recovery rates

OBLIGOR PROFILE

PRASA, the sole provider of water and wastewater services on the
island of Puerto Rico, was created in 1945.  For many years, it
received regular subsidies from the central government or the
Government Development Bank for Puerto Rico (Ca, negative).  PRASA
provides water to 97% of Puerto Rico residents and commercial
enterprises, and it provides sewer service to 59% of residents.
It has a nine-member board of directors, most of whom are
appointed by the governor of Puerto Rico.  Five of the directors
are private citizens, and the rest are ex-officio.  While the
authority can raise its rates without legislative action,
increases of more than 4.5% per year require a public hearing
process than can take 60 to 90 days.  The authority is subject to
regulatory compliance mandates from both the US Environmental
Protection Agency and the commonwealth's Department of Health.  In
addition, the authority has struggled with water losses, resulting
from theft, leakage and other factors.  More than half of the
water PRASA produces (59% in 2014) does not produce revenue.

LEGAL SECURITY

PRASA's senior bonds are secured by a first lien on the gross
revenues of the authority.  Under the Master Agreement of Trust
(MAT), authority revenues flow to a trustee-held account from
which monthly transfers are made to the bonds' debt service funds.
Only after the required amounts have been set aside for debt
service do funds become available for PRASA'S operating expenses
and other purposes.  The MAT also requires the authority to manage
its debt burden and service rates such that gross revenues will
cover maximum annual debt service by at least 2.5 times.  The
bonds will be issued under New York State law, with the exception
of any provisions related to receivership.

USE OF PROCEEDS

Proceeds of the current issue will finance elements of PRASA's
capital improvement program for the five years ending with fiscal
2019, and will also repay $67 million owed to the GDB and
refinance $90 million of short-term bank-held senior debt.  As
much as $288 million of the proceeds will reimburse the authority
for past operating revenue spent on capital improvements.


SPANISH BROADCASTING: Incurs $3.5 Million Net Loss in 2nd Qtr.
--------------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $3.5 million on $38.1 million of net revenue for the
three months ended June 30, 2015, compared to a net loss of $3.2
million on $40.8 million of net revenue for the same period during
the prior year.

For the six months ended June 30, 2015, the Company reported a net
loss of $12.2 million on $70.2 million of net revenue compared to
net loss of $9.3 million on $73.6 million of net revenue for the
same period in 2014.

As of June 30, 2015, Spanish Broadcasting had $448 million in
total assets, $534.3 million in total liabilities and a
stockholders' deficit of $86.3 million.

"During the second quarter, we continued to invest in the build-
out of our AIRE Radio Network platform, which is gaining traction
with listeners, advertisers and station partners," commented
, Jr., Chairman and CEO.  "Our radio stations also continue to
rank among the most successful platforms serving the
Spanish-speaking population in the nation's largest Hispanic media
markets.  Looking ahead, we remain focused on strengthening our
content offerings, expanding our digital footprint and leveraging
our multi-media assets to further build our audience and connect
advertisers with the rapidly expanding Latino population."

A full-text copy of the Form 10-Q is available for free at:

                      http://is.gd/Cm5V0V

                   About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.



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


TRINIDAD & TOBAGO: Sales Not Suspended, Business Group Says
-----------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago Chamber of
Commerce, the country's biggest business group, said reports
suggesting that Republic Bank has suspended all foreign currency
sales with immediate effect has led to panic and concern in the
business community.

Republic Bank said it was tightening controls with regard to the
distribution of foreign currency but was not suspending sales,
according to Trinidad Express.

"Given the continued unavailability of US foreign exchange at the
banks which has negatively impacted upon business operations
locally, these latest reports have understandably led to a fair
degree of panic and concern among members of the business
community and the wider public," the Chamber said in a statement
obtained by the news agency.


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


URUGUAY: Investment Boosts Economic Growth, Gov't Says
------------------------------------------------------
EFE News reports that investment is one of the factors behind the
average 5 percent annual growth rate posted by the Uruguayan
economy over the past decade, Deputy Economy Secretary Pablo
Ferreri said.

Investment is the starting point of a "virtuous cycle" because it
promotes higher productivity, leading to "very important levels of
growth which, in turn, create the conditions to receive new
investment," Mr. Ferreri said during a real estate conference,
according to EFE News.

"Confidence" is what sustains the cycle, allowing Uruguay to
attract foreign and domestic investment, the report quoted Mr.
Ferreri as saying.

The high-level official noted changes in the economic model
spurred by investment over the past 10 years, boosting "quality"
exports of goods and services that have a higher added value, a
factor that was "absolutely relevant," the report notes.

Uruguay's services exports grew from $500 million a year in 1990
to $4 billion in 2014, Mr. Ferreri said, the report relates.

Exports with a high technological content increased from 20
percent to 40 percent of total overseas sales, while exports with
a low technological content decreased, Mr. Ferreri said, the
report discloses.

President Tabare Vazquez's administration plans to invest $12
billion in infrastructure over the next five years, using
government funds and public-private partnerships, said Mr.
Ferreri, the report notes.

The report relays that port modernization and upgraded freight
trains are among the programs included in the government's
investment plan, the deputy economy secretary said, adding that
these areas were priorities in the budget proposal to be submitted
to Congress before Aug. 31.

Infrastructure investments are "counter-cyclical" because they
help the country get through economic slowdowns, while increasing
the "physical potential" for more growth, Mr. Ferreri said, the
report adds.


                            ***********


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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                            ***********


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.
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Chapman, Editors.

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

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