TCRLA_Public/150826.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 26, 2015, Vol. 16, No. 168



BRAZIL: August Mid-Month Inflation Slowest in Nine Months
CONSTRUTORA ANDRADE: Moody's Lowers CFR to B1; Outlook Negative
GENERAL MOTORS: Suspends 800 Job Cuts at Plant, Ending Strike
GOL LINHAS: S&P Lowers Rating to 'B-'; Outlook Stable
PDG COMPANHIA: Moody's Lowers Rating on 15th Series Cert. to Caa3

PETROLEO BRASILEIRO: Uneasy With Aspects of Sete Restructuring

C A Y M A N  I S L A N D S

BUCKINGHAM GROUP: Shareholders' Final Meeting Set for Aug. 28
CHERRY BLOSSOMS: Shareholders' Final Meeting Set for Aug. 26
CRYSTAL PRUDENCE: Shareholders' Final Meeting Set for Aug. 25
DX GROUP: Shareholder Receives Wind-Up Report
LADNER INVESTMENTS: Shareholders' Final Meeting Set for Aug. 31

MARIAH RE: Shareholders' Final Meeting Set for Sept. 1
QUANTITATIVE GLOBAL: Shareholders' Final Meeting Set for Aug. 28
ROUND TABLE: Shareholders' Final Meeting Set for Sept. 22
TCA INVESTMENT: Shareholders Receive Wind-Up Report
YORK BRAZIL: Members' Final Meeting Set for Aug. 24


DIGICEL GROUP: Seeking to Raise More Funds


COBRE DEL MAYO: Moody's Cuts Corp. Family Rating to Caa1

P U E R T O   R I C O

PUERTO RICO: Asks U.S. Court to Overturn Restructuring Ruling
PUERTO RICO: Private Sector Calls for Chapter 9

                            - - - - -


BRAZIL: August Mid-Month Inflation Slowest in Nine Months
David Biller at Bloomberg News reports that Brazil's inflation in
the month through mid-August was the slowest in nine months, as
the central bank maintains the highest benchmark rate since 2006
in the face of a looming recession.

Inflation as measured by the IPCA-15 index slowed to 0.43 percent
from 0.59 percent a month earlier, the national statistics agency
said on its website, according to Bloomberg News.   That was in
line with the median estimate from 43 analysts surveyed by
Bloomberg. Annual inflation quickened to 9.57 percent from 9.25

Bloomberg News notes that monthly inflation is decelerating after
the central bank raised rates in seven straight meetings, leading
to depressed consumer sentiment and shrinking retail sales.
Still, the pace of price increases has not slowed enough to
persuade analysts that policy makers will slow it to target by the
end of next year, even as Latin America's largest economy heads
toward its longest recession since 1931, Bloomberg News relays.

"It could be that 12-month inflation stops increasing now, between
August and September, so we're coming to the end of inflation's
acceleration cycle," Leonardo Costa, an economist at Rosenberg
Consultores Associados, said by phone from Sao Paulo, Bloomberg
News discloses.  "But the perspective for this year remains rather
difficult, rather pressured," he added.

Bloomberg News notes that swap rates on the contract due in
January 2017 rose four basis points, or 0.04 percentage point, to
13.76 percent at 9:35 a.m. local time on Aug. 21.  The real
weakened 0.8 percent to 3.4861 per U.S. dollar.

Prices for food and beverages rose 0.45 percent after a 0.64
percent increase the previous month.  Transport costs fell 0.46
after a 0.14 percent increase in the month through mid-July, with
the price of flights tumbling 25 percent, Bloomberg News relays.

                           Real's Decline

Bloomberg News notes that Brazil's real has lost 24 percent
against the dollar this year, the most among 16 major currencies
tracked by Bloomberg, helping to fuel inflation by boosting import
costs. The government's increases of regulated prices for services
like transport and utilities -- particularly electricity -- has
also contributed to the spike.

Inflation at more than double policy makers' target will prevent
the central bank from reducing the benchmark Selic rate, according
to the text of an Aug. 20 speech by bank director Tony Volpon,
Bloomberg News discloses.

The central bank "should only entertain policy accommodation when
current inflation is significantly lower than present levels,"
Volpon said, according to a transcript on the bank's website,
Bloomberg News says.

Analysts surveyed by the bank have increased their 2016 inflation
forecast for two straight weeks, to 5.44 percent, Bloomberg News
notes.  The bank targets inflation of 4.5 percent, plus or minus
two percentage points, Bloomberg News adds.

CONSTRUTORA ANDRADE: Moody's Lowers CFR to B1; Outlook Negative
Moody's Investors Service downgraded to B1 from Ba2 the corporate
family rating assigned to Construtora Andrade Gutierrez S.A. (CAG)
and to B1 from Ba2 the rating on its guaranteed notes issued by
Andrade Gutierrez International S.A. (AGInt).  The outlook for all
ratings is negative.

The rating action concludes the review for downgrade initiated on
June 20, following the preventive and temporary arrests of some of
the company's executives, as part of the "Car-Wash" investigations
on corruption allegations.  While the administrative proceedings
and judicial disputes are still ongoing, and final sentencing or
penalties have not been reached, these events will negatively
affect the execution of the company's growth strategies in the
near term and further strain the already challenging industry
fundamentals for engineering and construction in Brazil.

Ratings changed:

Issuer: Construtora Andrade Gutierrez S.A. (CAG), Brazil

   -- Corporate Family Rating: to B1 from Ba2

Issuer: Andrade Gutierrez International S.A. (AGInt), Luxemburg

   -- USD500 million senior unsecured notes due 2018: to B1 from
      Ba2 foreign currency rating

The outlook for all ratings is negative


The downgrade of CAG' ratings to B1 reflects a significant
deterioration in the company's credit profile over the last twelve
months due to weaker than anticipated operating performance and
further deterioration in the current industry fundamentals for
engineering and construction companies operating in Brazil and
Latin America.

CAG's B1 rating reflects its significant size and scale, as the
second largest construction company in Brazil.  The rating also
incorporates its long track record and experience in the local and
international engineering and construction markets, along with
strong financial support from its shareholders.  On the other
hand, the rating is currently limited by CAG's revenue profile,
volatile operating margins, high leverage and still evolving
corporate governance.

The negative outlook considers the uncertainties coming from the
administrative proceedings related to contracts between the
company and the Brazilian state oil company Petrobras, along with
judicial disputes involving some of the group's existing and
former executives.  These events will negatively affect new
business opportunities for the company and strain the already
challenging industry fundamentals for engineering and construction
in Brazil and Latin America.  CAG's adequate liquidity profile
only partially mitigates those risks, because it does not fully
insulates the company from major credit risks associated with
eventual penalties or payments for contingencies and disgorgement.

Even though Brazil has a huge need to relieve its infrastructure
bottlenecks in transportation and logistics, and to address poor
sanitation and expensive energy availability, Moody's expect few
infrastructure projects going up for auction through 2016, with
more frequent project delays and some cancelations due to the
country's ongoing fiscal adjustment, weak growth rate and
political instability.  For other countries in Latin America,
Moody's expects moderate increase in infrastructure spending over
the next couple years, since the region's economic growth is also
constrained by lower commodity prices trends in the metals and
mining and oil and gas industries.

CAG reported a strong project's backlog of BRL30.5 billion in the
1Q15, which is equivalent to about four years of revenues.
Although the backlog is well diversified in terms of segments
supported by its solid execution experience in large scale and
complex infrastructure projects, it has a strong geographic
concentration within Latin America, with Brazil (Baa3 stable) and
Venezuela (Caa3 stable) representing, respectively, 35% and 37% of
the total backlog at the end of the 1Q15.  The company is also
primarily exposed to public clients, which account for
approximately 80% of its contracted projects.

In 2014, CAG experienced a sharp deterioration in net revenues of
11.2%, as a result of the completion of certain projects at the
start of the year and a lower backlog replacement ratio of
0.4x, which compared unfavorably with previous years when new
additions to the backlog outpaced production.  At the same time,
the company also experienced many cost pressures as per delays in
recovery of certain claims, higher taxes and provisions for
contingencies, which contributed to a sharp deterioration in
profitability.  As a result, the company's leverage ratio, as
measured by its total adjusted debt to EBITDA, exceeded 19 times
in 2014.

Conversely, the company managed to reduce its gross debt
outstanding in about BRL1.1 billion, driven by the elimination of
intercompany guarantees, lower working capital requirements and an
equity injection of BRL430 million from its shareholders, which
partially compensated its poor profitability that year.  Still,
Moody's expect gross leverage ratio to remain above 6.5 times in
2015 (10.3 times as of 30 March, 2015) constrained by relatively
weaker EBITDA margins in the project mix in the 6%-7% range.

CAG reported cash balance of BRL2.3 billion as of March 2015,
which provides strong liquidity in face of BRL720 million short-
term debt maturities.  Although the company has no committed
credit facilities for unexpected cash needs, its reported cash
balance was sufficient to cover about 83% of its total adjusted
debt including intercompany guarantees.  This level is considered
adequate for an engineering and construction company.
Historically, the CAG presented solid internal cash flow
generation with good working capital management supported by
advanced payments from customers that are equivalent to
approximately 10% of its current backlog.  Nevertheless, Moody's
expects its working capital requirements to moderately increase
over the next few years, as a consequence of the more challenging
business environment.

The B1 ratings consider a potential backlog reduction of up 30%
over the next two to three years.  But, Moody's base case does not
incorporate contingency payments or regulatory sanctions as per
the ongoing administrative and judicial proceedings related to its
former businesses with Petrobras.  Any action or rulings under
those related proceedings, or any agreement CAG enters into to
settle the same, that may result in substantial fines and/or other
sanctions or liabilities would have material adverse consequences
for the company's credit.

CAG's ratings could be further downgraded if company's total
adjusted debt to EBITDA ratio remains above 6.5 times for an
extended period of time (10.3x as of LTM 1Q15), or if its cash
balance is insufficient to cover all of the company's debt service
in the short term, or if its funds from operations (FFO) to debt
remain below 10% (3.0% as of LTM 1Q15), without expectation of
improving in the long term.  A liquidity deterioration that
results in a sudden cash drain for CAG would also trigger a

A ratings upgrade is unlike at this time, but ratings
stabilization will be considered if CAG is able to sustain its
adequate liquidity profile and current market position by
improving its backlog replacement and reducing revenue
concentration risk.  Quantitatively, ratings upgrade depends on
CAG's adjusted leverage to improve below 4.5 times and if its
adjusted FFO to debt remains above 20% on a sustainable basis

The principal methodology used in this rating was Construction
Industry published in November 2014.

Construtora Andrade Gutierrez (CAG) is the second largest
engineering and heavy construction company in Brazil, with net
revenues of BRL7.2 billion (USD2.9 billion) as of LTM 31 March
2015.  The company's backlog of BRL30.5 billion (USD9.6 billion)
as of March 31, 2015, is comprised of 74 diversified projects
including hydro power plants, basic infrastructure projects,
industrial and civil construction, and oil and gas projects, of
which 35% are located in Brazil, 42% in other Latin American
countries and 23% in Africa, Europe and Asia.  As of March 31,
2015, the company's outstanding cash position was BRL2.3 billion
(USD721 million) for a total gross debt of BRL2.8 billion (USD865
million) that includes its off balance debt guarantees.

CAG is one of the main subsidiaries of Andrade Gutierrez S.A.
(AGSA, unrated), one of the largest infrastructure conglomerates
in Brazil, with strategic interests in telecommunication services
and public concessions in transport, energy and sanitation.  In
addition to 100% ownership in CAG, the Andrade Gutierrez group
indirectly holds 1.2% of Oi S.A. (Ba1, Negative), 10.26% of Contax
(unrated), 17.0% of CCR (Ba1, stable), 8.8% of Cemig (Ba1,
negative), and 8.3% of Sanepar (Ba1, negative), among other
smaller stakes in infrastructure and concession companies.

GENERAL MOTORS: Suspends 800 Job Cuts at Plant, Ending Strike
Brad Haynes at Reuters reports that workers at a General Motors Co
plant in Brazil ended a two-week strike on Aug. 24 after the
company agreed to suspend nearly 800 job cuts, buying time in an
industry where idle assembly lines have roiled labor tensions.

GM and the local metalworkers' union said they agreed that the
workers facing termination would spend the next five months on
paid leave and would get an extra rescission payment if their jobs
are cut early next year, according to Reuters.  The company will
also open a voluntary buyout program and the union said it was
open to discussions about retirement plans, the report notes.

"GM believes this is a positive decision, but it does not resolve
the competitiveness issues with the Sao Jose dos Campos complex,"
the company said in a statement obtained by the news agency.

Last month, GM said its Sao Jose plant would not be included in
BRL6.5 billion ($1.9 billion) of new investments in Brazil through
2019 because the factory is not cost competitive, the report
relays.  Labor relations at the plant have deteriorated amid
layoffs and a dwindling production lineup, the report says.

The walkout, which halted operations at the Sao Jose dos Campos
factory starting Aug. 10, was one of the longest strikes at the
plant in the past two decades, underscoring the depth of the
sector's current crisis, the report discloses.

Brazilian auto sales are down around 20 percent this year as
rising inflation, unemployment and interest rates contribute to a
slump expected to last through early 2016, the report says.
Automakers have cut about 10,000 jobs in Brazil in the past year.

Separately, Daimler AG (DAIGn.DE) said it was cutting an
additional 1,500 jobs at a Mercedes-Benz truck plant near Sao
Paulo, leading workers to declare an open-ended strike at the
factory, the report adds.

GOL LINHAS: S&P Lowers Rating to 'B-'; Outlook Stable
Standard & Poor's Ratings Services said it downgraded Gol Linhas
Aereas Inteligentes S.A. (GOL) to 'B-' from 'B' on global scale
and to 'brB' from 'brBB' on national scale.  S&P affirmed its 'BB'
issue-level rating on GOL's debt guaranteed by Delta Air Lines
(BB+/Stable/--).  The outlook on the corporate ratings is stable.

S&P has also revised the recovery ratings' band on GOL's senior
unsecured debts to '4L' from '4H' as a result of the increasing
debt collateralized by shares of GOL's frequent flier subsidiary,
Smiles S.A. (not rated).

The stable outlook reflects S&P's expectation that GOL's recently
improved liquidity and cost-cutting efforts should cushion it
against weak market conditions in Brazil, while the company
gradually improves cash flow generation in the next few quarters.

A downgrade is possible if further deterioration in market
conditions result in the need to further reduce ticket prices,
which coupled with lower load factors and weaker Brazilian real,
can increase pressure on cash flow pressures and weaken GOL's
liquidity.  Also, if S&P believes the company's capital structure
and interest burden are unsustainable for the next few years, S&P
could lower the ratings.

S&P could upgrade GOL if the improved market conditions and more
efficient operations bolster margins and cash generation,
resulting in adjusted debt to EBITDA consistently below 5x and FFO
to debt above 12%, while the company maintains at least an
"adequate" liquidity position.

PDG COMPANHIA: Moody's Lowers Rating on 15th Series Cert. to Caa3
Moody's America Latina Ltda. has downgraded to Caa3 from B3
(global scale, local currency) and to from (national
scale) the ratings of the 15th series of the 1st issuance of real
estate certificates (CRI or certificates) issued by PDG Companhia
Securitizadora, following the downgrade of the underlying CCB to
Caa3/ from B3/

The real estate certificates are backed by a CCB (cedula de
credito bancario) issued by PDG Realty S.A. Empreendimentos e
Participacoes (PDG).

This rating action follows Moody's downgrade of PDG's ratings on
Aug. 21, 2015.

Issuer: PDG Companhia Securitizadora

  15th Series / 1st Issuance of Certificates: downgrade to Caa3
   from B3 (global scale, local currency), and to from (national scale);


Moody's views the certificates as full pass-through securities of
the underlying CCB.  Given that the ratings of the 15th series of
certificates are primarily based on PDG's ability to make payments
under the bank loan agreement (CCB), any changes in ratings of the
underlying CCB will cause a change in the ratings of the CRIs.

The downgrade of the Corporate Family Ratings (CFR) assigned to
PDG, and the ratings of the CCB that backs the 15th series of
CRIs, was prompted by Moody's perception of increased credit risk
following PDG's announcement that it has started a debt
restructuring process, which will include the renegotiation of
several of its contractual arrangements.  These events portend
material changes in the company's debt structure that could result
in high expected losses for the existing secured and unsecured
creditors.  Moody's believes, however, that PDG remains fully
committed to finding a solution to its unsustainable capital
structure and is vigorously pursuing options to improve liquidity.

The Caa3 CFR and CCB ratings reflect PDG's weak operating
performance, untenable capital structure and poor liquidity with
significant near-term debt maturities.  The rating considers the
high likelihood of a distressed restructuring that would result in
significant losses for the creditors, especially the unsecured
debtholders.  On Aug. 17, PDG's announced that it has hired a
financial advisor to start a debt restructuring process with the
purpose of simplifying its debt structure and achieve a better
match of the company's indebtedness profile to its working capital
requirements and evolving capital structure.  Earlier, on July 16,
2015, PDG also announced changes in its management structure, with
the replacement of its CEO and CFO positions.

The Caa3/ ratings reflect an expected recovery rate of less
than 80% for PDG's secured creditors in an event of default.

Factors that would lead to an upgrade or downgrade of the rating:

Any changes to the CCB ratings will lead to a change in the
ratings assigned to the certificates.

PETROLEO BRASILEIRO: Uneasy With Aspects of Sete Restructuring
Guillermo Parra-Bernal at Reuters reports that Petroleo Brasileiro
SA is growing uneasy with some aspects of the business
reorganization of ailing oil-drilling-rig builder Sete Brasil
Participacoes SA, a situation that may pose risks on the
refinancing of $3.8 billion in debt, two sources said.

Officials at Petrobras, as the oil company is known, are
questioning technical aspects of Sete Brazil's reorganization,
including how to proceed if legal limits on the rigs' minimum
local content are breached and the fines that a breach could
generate, said the first source, who requested anonymity because
of legal impediments to discussing the issue publicly, according
to Reuters.

According to both sources, Petrobras' stance on some of those
aspects marks a shift from views expressed in May when Sete Brasil
presented the reorganization plan, the report notes.  The sources
also said that neither the number of rigs that Sete Brasil agreed
to build under the new business plans or the cost of daily lease
charge, or "day rate" to Petrobras are keeping the parties at
odds, the report relates.

Petrobras owns 9 percent of Sete Brasil and plans to lease all of
its drillships, the report says.

Without Petrobras' full support, the refinancing of Sete Brasil
debt with state lenders Banco do Brasil SA and Caixa Economica
Federal, as well as private-sector lenders Itau Unibanco Holding
SA, Banco Bradesco SA and Banco Santander Brasil SA, could face
serious hurdles, the report notes.

Early in July, the banks agreed to refinance Sete Brasil's debt
payments for another 90 days so long as the rig maker would
present a plan to restructure operations, the report discloses.
According to the first source, banks want to stretch out the loans
because they believe an orderly reorganization could bring about
more benefits than a liquidation of Sete Brasil, the report

"None of the parties are interested in entering a scenario of
liquidation," the source noted, notes the report.

When founded in 2011, Sete Brasil pledged to spend more than $25
billion to build as many as 28 deepwater drillships that would be
leased to Petrobras, the report relays.  A corruption scandal
involving Petrobras and some of its key contractors such as
engineering firms and equipment suppliers, have paralyzed rig and
equipment purchases, the report says.

Rio de Janeiro-based Sete Brasil, founded by Petrobras and banks
including Grupo BTG Pactual SA, faces a chronic cash-flow shortage
as Petrobras delays payments and as borrowing costs spiked, the
report discloses.

Under the rescue package, Sete Brasil will use the funds to build
14 rigs, with the ownership of another five being shared with
Japanese and Singaporean creditors, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2015, 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.

C A Y M A N  I S L A N D S

BUCKINGHAM GROUP: Shareholders' Final Meeting Set for Aug. 28
The shareholders of The Buckingham Group Limited will hold their
final meeting on Aug. 28, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

CHERRY BLOSSOMS: Shareholders' Final Meeting Set for Aug. 26
The shareholders of Cherry Blossoms Limited will hold their final
meeting on Aug. 26, 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:

          Tadatsugu Ishimoto
          3-3-12 Wakamiya Nakano-ku
          Tokyo 165-0033

CRYSTAL PRUDENCE: Shareholders' Final Meeting Set for Aug. 25
The shareholders of Crystal Prudence Limited will hold their final
meeting on Aug. 25, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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: Shareholder Receives Wind-Up Report
The shareholder of DX Group Holdings (Cayman) No 1 Limited
received on Aug. 13, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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

LADNER INVESTMENTS: Shareholders' Final Meeting Set for Aug. 31
The shareholders of Ladner Investments Limited will hold their
final meeting on Aug. 31, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Campbells Directors Limited
          P.O. Box 268 Willow House
          Cricket Square
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613

MARIAH RE: Shareholders' Final Meeting Set for Sept. 1
The shareholders of Mariah Re Ltd will hold their final meeting on
Sept. 1, 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:

          Jess Shakespeare
          c/o Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9900
          Facsimile: (345) 943 9900

QUANTITATIVE GLOBAL: Shareholders' Final Meeting Set for Aug. 28
The shareholders of Quantitative Global 1X Fund Master Ltd will
hold their final meeting on Aug. 28, 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:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647

ROUND TABLE: Shareholders' Final Meeting Set for Sept. 22
The shareholders of Round Table Interest Rate Fund, Ltd. will hold
their final meeting on Sept. 22, 2015, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

TCA INVESTMENT: Shareholders Receive Wind-Up Report
The shareholders of TCA Investment Fund Limited received on
Aug. 25, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands

YORK BRAZIL: Members' Final Meeting Set for Aug. 24
The members of York Brazil Fund Limited will hold their final
meeting on Aug. 24, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Nicholas Quin
          Laura McGeever
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


DIGICEL GROUP: Seeking to Raise More Funds
RJR News, citing The Independent, reports that Digicel Group is
likely to raise US$1.5 billion in its upcoming initial public
offering.  An investor road show is expected to start shortly,
according to RJR News.

The report notes that The Independent said a Digicel Group
spokesman declined to comment on the fundraising reports.

Digicel Group is in the process of evolving from a pure mobile
telecoms company into a communications and entertainment provider,
the report notes.

In June, the company filed a prospectus with the US Securities
Exchange Commission, announcing an intention to list shares on the
New York Stock Exchange, the report relates.  It intends to use
the proceeds for general corporate purposes, including capital
expenditures and acquisitions, as well as repay debt, the report

According to the documents, Digicel Group's debt was around US$6.5
billion at the end of March, the report adds.

                       *     *     *

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

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


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


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


COBRE DEL MAYO: Moody's Cuts Corp. Family Rating to Caa1
Moody's Investors Service downgraded Cobre del Mayo, S.A. de C.V's
Corporate Family Rating (CFR) and the rating on its guaranteed
senior notes due 2018 to Caa1 from B3 respectively.  This rating
action reflects increased liquidity risk and significant
deterioration in credit metrics, which are expected to remain
pressured.  The outlook was changed to RUR for downgrade from


The downgrade of Cobre del Mayo's ratings to Caa1 is driven by the
heightened liquidity risk after the cancellation of Banco Azteca's
(Ba1, stable) committed facility, which raises concerns on the
ability of the company to meet its coupon payment of about USD
11.7 million in November of this year.  Although the company is
seeking to reinstate the credit facility with Banco Azteca as well
as pursue other alternative sources of support, including
shareholder contributions, there is little clarity at this point
on the likely outcome.  Consequently liquidity available to the
company is very limited given its negative free cash flow
generation and modest cash position.

Cobre del Mayo's Caa1 CFR considers the deteriorated credit
profile, significantly weaker debt protection metrics, and
negative cash flow generation as a consequence of weakening
fundamentals in the copper markets along with operating
difficulties faced over the last several quarters.  Moody's
expects that weaker market conditions will continue through 2016.
The rating also reflects the lower EBITDA generation in the first
two quarters of 2015 and more highly leveraged position.  Moody's
estimates that adjusted EBITDA at the end of 2015 will be in the
range of USD 25 to 30 million against original estimated EBITDA of
USD 88 million, while debt/EBITDA is expected to be around 8
times.  Over the next 12 to 18 months Moody's anticipates that
Cobre del Mayo will continue dealing with operational issues
mainly as a result of expected lower ore grades and altered ore.
While the company has completed the expansion of its fines
classification system, which will help to improve the process of
altered ore, as well on a number of different initiatives to lower
its cost structure, the higher costs in the interim and weak
copper prices will maintain downward pressure on earnings and cash
flow generation.

The review for potential further downgrade captures the
uncertainty over the company's ability to identify and obtain
sufficient funds to meet the November 2015 coupon payment.  The
review also will focus on the ability of the company to correct
operational issues, improve its cost performance, and strengthen
its debt protection metrics, particularly as copper prices,
currently trading around USD2.25/lb. are expected to remain weak
with risk to the downside for the balance of 2015.

Cobre del Mayo is a Mexican mining company that operates the
Piedras Verdes (PV) open-pit copper mine in Mexico.  It is 71.2%
owned by Invecture Group S.A. de C.V. and 28.8% by Lawrie
Associates LLP.  Back in October 2014, CDM's owners acquired 40%
of Kupari Metals, the operator of the flotation plant at Piedras
Verdes.  Cobre del Mayo is currently producing LME grade A copper
cathode and sells refractory and vein type ore for processing into
concentrate.  Mineral reserves are 1.3 million tons of copper and
the mine life is estimated at more than 15 years.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

P U E R T O   R I C O

PUERTO RICO: Asks U.S. Court to Overturn Restructuring Ruling
Reuters reports that Puerto Rico asked the U.S. Supreme Court to
overturn a ruling that blocks the restructuring of the
commonwealth's public agencies, as the island grapples with trying
to restructure its huge debt load.

In a petition seeking the court's review, which was provided by
one of the island's lawyers, Puerto Rico said a lower court erred
in concluding that U.S. bankruptcy law blocks the restructuring of
the agencies' debts, according to Reuters.

The report notes that Puerto Rico also said the lower court
decision leaves its public utilities in a legal "no man's land"
because neither federal law nor the island's own law permits the
needed restructuring.

"That decision leaves Puerto Rico's public utilities, and the 3.5
million American citizens who depend on them, at the mercy of
their creditors," the commonwealth said, the report relays.  "This
court's review is warranted -- and soon," the commonwealth added.

The report notes that Puerto Rico's Governor Alejandro Garcia
Padilla shocked investors in June when he said the island's debt,
totaling $72 billion, was unpayable and required restructuring.
The island has been in recession for nearly a decade, the report

Puerto Rico passed the so-called Recovery Act last year to give
certain public corporations, with around $20 billion in debt, the
ability to restructure financially in an orderly process, the
report discloses.

That was struck down by a federal court in Puerto Rico in February
after bondholders in the island's power authority, argued in a
lawsuit that the legislation contravened the U.S. bankruptcy code,
which expressly excludes Puerto Rico, the report recalls.  A U.S.
appeals court in July affirmed the lower court decision, notes the

A separate effort is underway in Congress to gain support for
extending U.S. Chapter 9 to Puerto Rico entities, the report says.

"The basic question is whether Congress can say to the states that
Chapter 9 is the only way to restructure municipal debt," said
Stephen Lubben, a bankruptcy expert and law professor at Seton
Hall university school of law, the report notes.  "Trouble is,
Puerto Rico, which is not a full fledged state, has had trouble
getting the courts to focus on that issue," Mr. Lubben added.

The Supreme Court typically hears arguments in only about 70 to 75
of the thousands of cases it is asked each year to consider, most
often when lower courts are divided on an issue, Reuters notes.

Puerto Rico said no such split is realistically possible in its
case given its "anomalous treatment" under U.S. bankruptcy law,
the report relays.  But it said the court should step in as the
island tries to arrest a "financial meltdown" that threatens its
future, the report adds.

PUERTO RICO: Private Sector Calls for Chapter 9
Dr. Jose Vazquez Barquet at Huffington Post writes that a private
sector coalition of over 20 trade associations is speaking with a
single voice and asking Congress to grant Puerto Rico the right to
allow its public corporations access to protections under Chapter
9 of the U.S. Bankruptcy Code.

According to the report, from a business perspective, Chapter 9 is
part of the solution to Puerto Rico's complicated debt and
liquidity crisis.  The alternative -- doing nothing and watching
bondholders subject Puerto Rico to years of litigation and chaos -
- would be a disaster for a business community that thrives on
predictability and order, Mr. Barquet said, according to
Huffington Post.

"If we subject ourselves to a long and disorderly process, this
unsustainable burden would leave Puerto Rico with little chance to
grow its own economy.  Chapter 9 would provide an orderly legal
process -- guided by a federal judge -- to restructure what its
public corporations owe and give our island the chance to fight
for its future," Mr. Barquet said, Huffington Post relays.

The report notes that Mr. Barquet said: "During these tough times,
we believe that the private sector needs to lead Puerto Rico into
economic recovery."

The report discloses that the Garcia Padilla administration has
promoted economic development and attracted investments from
multinational firms such as Lufthansa Technik, investors such as
John Paulson & Co., and other high-profile job creators.  But
without the organized process that Chapter 9 can deliver, this
crisis could create uncertainty that is not conducive to
commitments and investments from the business community, the
report notes.  Puerto Rico needs the private sector's help if it
is to emerge from this crisis -- and Chapter 9 is the most
important step it can take to secure it, the report relays.

The report discloses that this solution would not "bail out"
Puerto Rico with the use of mainland taxpayer dollars.   All that
is needed is a technical fix to the current Bankruptcy Code -- a
fix that Senator Bob Dole, who served on the Senate Judiciary
Committee when the current law was framed in 1984, has already
endorsed, Mr. Barquet said, the report notes.   "Any businessman
will tell you that bankruptcy is a trying, difficult process --
but it is a necessary first step.  It's also the right thing to do
for a struggling population," Mr. Barquet added.

The report notes that while many bondholders have been willing to
fairly negotiate with Puerto Rico on a debt agreement, some others
have proven intractable.  In the highly complex world of municipal
bond negotiations, good will can never be enough, the report
discloses.  The troubled Puerto Rico Electric Power Authority, for
example, has spent a year in talks with its bondholders, without
success, the report relays.

Dozens of lawsuits and protracted legal battles will surely ensue
in Chapter 9's absence, the report says.  This outcome would be a
great benefit to lawyers and politicians, but it would provide no
comfort to Puerto Rico's business community or struggling
families, the report discloses.  Chapter 9 is the only solution
that provides confidence that the Island's future is in safe
hands, says Huffington Post.

The report notes that granting Puerto Rico's public corporations
access to Chapter 9 of the Bankruptcy Code should not be done in a
vacuum.  The Island's business leaders strongly believe that it
has to be accompanied by firm commitments from the local
government to implement structural reforms, the report relays.
"We are in the threshold of a new era of fiscal responsibility,
with spending constraints, business permit processes, and labor
law reforms being evaluated, but we must make sure that we do not
turn back now," Mr. Barquet said, the report notes.

The report adds that the private sector knows that it must play an
important role in moving Puerto Rico's economy forward.  But
prosperity first requires stability.  Without the tried-and-true
legal framework that only Chapter 9 protection can provide,
confident and ambitious investors will be difficult to find, the
report relays.  "We urge Congress to pass this vital legislation
to give Puerto Rico a new beginning," Mr. Barquet said.


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.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

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

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