TCRLA_Public/150907.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

            Monday, September 7, 2015, Vol. 16, No. 176


                            Headlines



A R G E N T I N A

BUENOS AIRES: S&P Affirms 'CCC-' Currency Rating; Outlook Negative
CENTRAL PUERTO: Fitch Assigns 'CCC' IDR; Outlook Negative


B R A Z I L

PETROLEO BRASILEIRO: Sinks as UBS Cuts Profit Outlook by 80%
VIRGOLINO DE OLIVEIRA: S&P Affirms then Withdraws 'D' CCR


C A Y M A N  I S L A N D S

AAA MAGNET: Placed Under Voluntary Wind-Up
DLL INVESTMENTS: Creditors' Proofs of Debt Due Sept. 7
EARTH WIND: Creditors' Proofs of Debt Due Sept. 16
FHR II: Shareholder to Hear Wind-Up Report on Sept. 8
GLOBAL FUND: Creditors' Proofs of Debt Due Sept. 16

GPSF CAYMAN: Creditors' Proofs of Debt Due Sept. 16
HAIN CAPITAL: Creditors' Proofs of Debt Due Sept. 21
MIX INVESTMENTS: Creditors' Proofs of Debt Due Sept. 30
MMI INTERNATIONAL: Commences Liquidation Proceedings
PROJECT FINANCE XIV: Creditors' Proofs of Debt Due Sept. 16

SYZ ALTERNATIVE: Creditors' Proofs of Debt Due Sept. 7


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Border Market Normal 3rd Time After Blockade Lifted


G U A T E M A L A

* GUATEMALA: Guatemalans Begin Choosing Next President


J A M A I C A

JAMAICA: Sale of New Cars on the Decline
JAMAICA: True to Expectation, J$ Devalues Again


P U E R T O    R I C O

BTB CORP: Must Serve Plan Documents to Banco Popular
CUE & LOPEZ CONSTRUCTION: Seeks to Alter Confirmed Plan


T R I N I D A D  &  T O B A G O

LAKE ASPHALT: Prime Minister Meets Protesting Workers
TRINIDAD & TOBAGO: May Face Serious Challenges Soon, DOMA Says


X X X X X X X X X

* BOND PRICING: For the Week From Aug. 31 to Sept. 4, 2015


                            - - - - -


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A R G E N T I N A
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BUENOS AIRES: S&P Affirms 'CCC-' Currency Rating; Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency ratings on the province of Buenos Aires (PBA).  The
outlook remains negative.

RATIONALE

S&P caps its long-term ratings on PBA at the same level as the
'CCC-' T&C on Argentina (foreign currency: SD/SD; local currency:
CCC+/Negative/C).  S&P do so to reflect the likelihood that the
sovereign could restrict the province's access to foreign currency
to meet its debt obligations.  In S&P's view, the province doesn't
meet the criteria under which the foreign currency rating on a
local or regional government (LRG) could be higher than the
related T&C assessment on the sovereign.

Because of the cross-default clauses included in some of the
province's debt obligations, S&P don't believe it has sufficient
liquidity to meet all of its foreign and local currency debt
obligations, should a cross-default clause be activated amid
worsening macroeconomic conditions, with limited financing options
after Argentina's selective default on July 30, 2014.  Therefore,
S&P also caps the local currency rating on the province at 'CCC-'.

A deteriorating macroeconomic environment--low economic growth,
high inflation, capital controls, a dual exchange rate, and
diminished external liquidity (partially from the current
government's  policies and lack of transparency), which further
exacerbate Argentina's "volatile and underfunded"
intergovernmental institutional framework--limit S&P's
creditworthiness on PBA.

Elections at the national and provincial level will be held next
October 2015 and will be an important determinant of Argentina's
macroeconomic situation, while the new provincial government sets
specific priorities and policies at the provincial level.  As it
stands, Daniel Scioli, a member of the currently-governing party's
Frente para la Victoria (FPV), has served as the governor of PBA
since 2007 and will end his term in 2015.  The governor is the
candidate for FPV in the October 2015 presidential elections, and
his performance in the primaries positions him as a favorite to
win the elections.  Still, considering relatively close poll
results, Scioli still lacks sufficient support for a first-round
victory in the Oct. 25, 2015 presidential elections.

At the provincial level, Maria Vidal from Cambiemos Buenos Aires,
obtained 29.4% of the vote followed by Anibal Fernandez and Julian
Dominguez from the FPV, who jointly obtained 40.3%, positioning
FPV to win the October elections.  Felipe Sola from UNA obtained
19.55% of the vote.  If a new FPV government were elected, S&P
would expect a continuation of the main policies in the province.
Regardless of which party comes into power, maintaining a good
relationship and a working agenda with the federal government will
be essential for next governor of PBA.

"We view PBA's financial management as "weak" due to its limited
capital and financial planning.  The province faces significant
infrastructure needs, particularly in light of the 2015 floods
that severely affected most of the province, leading to important
losses and social discontent.  The province has not made
improvements in this respect--and infrastructure will be a key
challenge for the next governor in place.  Although PBA has not
received discretionary transfers since June 2012, the province's
fiscal link to the federal government will remain tight because
PBA still owes 35% of its debt to the federal government, while,
under the Fiscal Responsibility Law, the province requires
authorization from the central government to issue new debt," S&P
said.

"Despite improvements since 2013--from both the positive and
direct effects of high inflation on revenue collection and the
changes to the provincial tax structure-- S&P views PBA's
budgetary performance as "very weak" due to its low operating
surplus and consistent deficits after capital expenditures
(capex).  S&P expects volatility in its fiscal results to persist
in the next two years because high inflation will likely continue
in Argentina.  S&P is projecting an operating surplus close to 1%
of operating revenues in 2015, lower than the 1.7% surplus reached
in 2014.  S&P's base case scenario includes the Argentine peso
(ARP) 4.75 billion extraordinary non-tax revenues obtained by the
province through the 2014 Debt Restructuring Agreement with the
federal government (similar to the ARP4.5 billion obtained in 2014
following the 2013 Debt Restructuring Agreement).

S&P projects a deficit after capex of 2.6% of total revenues in
2015, deteriorating from the 0.4% surplus obtained in 2014, mainly
explained by a significant increase in capital expenses.  PBA's
capex will likely double in 2015 to ARP15 billion because the
government plans to increase public works in an election year.

"Overall, we assess PBA's budgetary flexibility as "very weak".
Our base-case scenario estimates that PBA's own-source revenues
will remain around 70% of operating revenues in 2015-2017, still
higher than most local peers.  At the same time, we expect capital
expenses to remain low, accounting for less than 5% of total
expenses.  We believe the province presents a highly limited
capacity to increase own source revenues, given economic
deceleration, particularly after several tax modifications made
over the past five years.  At the same time, we believe the
government has limited ability to cut capex levels, given already
low levels and the province's high infrastructure needs," S&P
said.

"We assess the province's debt burden as "moderate," representing
about 45.6% of operating revenues as of the end of 2014.  Debt
levels have been declining in relative terms for the past five
years, and operating revenues have significantly increased because
of high inflation.  At the same time, its nominal debt levels
increased albeit at a slower pace.  Despite its recent issuance in
June 2015 of a $500 million international bond due in 2021, we
expect its debt level to decline to about 40% of operating
revenues in 2015 and to continue to decline at a similar rate for
the next two years.  PBA's debt level is still higher than those
of other rated LRGs in Argentina, but remains lower than those of
its Brazilian peers, such as the states of Sao Paulo and Rio de
Janeiro," S&P noted.

"As of the end of March 2015, the province's debt totaled
ARP84.3 billion, of which almost 60% was denominated in foreign
currency.  Adverse exchange rate movements could raise total debt,
as the Argentine peso continues to slide.  Such an incident
occurred in 2014, when we observed an ARP11.14 billion rise in
debt because of the effect of peso depreciation on foreign
currency-denominated debt.  As of March 31, 2015, the federal
government held 35% of the province's total debt; local and
international bondholders, 55%; multilateral credit organizations,
8.4%; and bilateral credit agencies and other creditors, 1.4%,"
S&P said.

PBA's weak economy reflects the province's estimated 2014 GDP per
capita of $9,500, which is lower than the national average of
$12,700, and lower than other local peers, such as the city of
Buenos Aires.  With around 15.6 million inhabitants, PBA's
population accounts for almost 39% of Argentina's total population
and 37% of the country's GDP.

Liquidity

The province has, in S&P's view, a "weak" liquidity position.
Continuous deficits after borrowing in its fiscal results,
together with limited access to external financing, have resulted
in a low cash position.  The province's liquidity reserves are
insufficient to cover its projected debt service, estimated at
about ARP21.2 billion in 2015.

S&P views PBA's access to external liquidity as limited, following
Argentina's July 2014 default on part of its external debt.
Still, the province was able to access international capital
markets in June 2015, issuing a $500 million bond.  The province's
capital market debt amortization profile is relatively smooth for
the next three years.  After facing the $675 million amortization
in October 2015 ($375 of which was exchanged in June 2015 for a
longer term bond) of its $1.05 billion bond, the province will
only face the bullet amortization of its $475 million bond due in
2018, followed by the $750 million bond due in 2021.  The province
has already secured most of the dollars it needs to face its
October bullet bond.  Since 2012, the province has faced semi-
annual interest and capital payments of its discount bond due
April 15, 2017.

OUTLOOK

The negative outlook reflects S&P's expectation that further
restrictions to foreign currency access could jeopardize PBA's
ability to honor its financial obligations, considering its
already-limited external financing due to the sovereign's 2014
selective default.  S&P could lower the ratings on the province if
the central government further tightens its exchange control
regime, which could impair PBA's ability to service foreign
currency debt in 2015.  On the other hand, S&P could raise the
ratings if the risks to the sovereign's access to foreign currency
abate.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Buenos Aires (Province of)
Issuer Credit Rating                   CCC-/Negative/--
Senior Unsecured                       CCC-


CENTRAL PUERTO: Fitch Assigns 'CCC' IDR; Outlook Negative
---------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings (IDRs) of 'CCC' and 'B-', respectively, to Central
Puerto S.A. (CEPU).  Fitch has simultaneously assigned a rating of
'CCC+' to CEPU's notes with an outstanding balance of USD49.4
million that have a final maturity during 2017.  The 'RR3'
Recovery Rating assigned to the notes reflects the expectation of
a recovery in the range of 50% to 70% in the event of default due
to the company's extremely strong balance sheet and Fitch's belief
that a default by CEPU would most likely be driven by transfer and
convertibility restrictions imposed upon the payment of foreign
debt, not a material deterioration of the company's business or
financial profile.

The Rating Outlook is Negative.

KEY RATING DRIVERS

Sovereign Constrained Rating

Fitch has assigned a country ceiling of 'CCC' to the Republic of
Argentina, which limits the foreign currency rating of most
Argentine corporates, including CEPU to 'CCC'.  Country ceilings
are designed to reflect the risks associated with sovereigns
placing restrictions upon private sector corporates, which may
prevent them from converting local currency (LC) to any foreign
currency (FC) under a stress scenario, and/or may not allow the
transfer of FC abroad to service FC debt obligations.  Key
concerns of corporates domiciled in Argentina include high
inflation, government meddling, economic uncertainty, and limited
access to debt markets, especially after the country's recent
default.  The Negative Outlook on CEPU's ratings reflects the high
degree of risk for corporates operating in Argentina.

Regulatory Risk Remains High

CEPU ratings reflect high regulatory risk given strong government
influence in both the electric utilities and energy sectors.  CEPU
operates in a strategic industry where the government has a role
as the price/tariff regulator and also controls subsidies for
industry players.  On this basis, CEPU is highly dependent on
payments from Compania Administradora del Mercado Mayorista
Electrico S.A. (CAMMESA), an agency through which the government
regulates the industry, as its main counterparty.  Payments from
CAMMESA can be volatile given its weak credit quality as it
depends on the national government for funds to make these
payments, and Argentina is currently suffering through a
significant economic slowdown.  In 2014, CAMMESA received
approximately USD8.7 billion in funds from the Argentine treasury,
which was a significant increase from the USD6.6 billion injection
in 2013.  Additionally, CAMMESA centralizes fuel management and
allocation to energy generators, and therefore the company could
face difficulties if CAMMESA changes its role as fuel provider.

Strong Competitive Position

CEPU owns a portfolio of well diversified generation assets in
terms of technologies and geographical presence within Argentina.
After the organizational restructuring carried out during the
fourth quarter of 2014 (4Q14), the company owns generation
capacity of close to 4 GW.  It is the largest local private
generator in Argentina with a 15% market share.  The geographic
location of CEPU's generation plants provides relevant advantages
in terms of access to fuel and nearness to Buenos Aires (Sitio
Puerto); to the city of Mendoza (Sitio Mendoza) and to two of the
main refineries of YPF (Sitio La Plata and Sitio Mendoza).  The
combination of these factors gives CEPU a significant competitive
advantage compared to other players of smaller scale.  During the
second half of 2014 (2H14), CEPU absorbed and merged the assets
and liabilities of three sister companies: Hidroelectrica Piedra
del Aguila (HPDA), Central Termica Mendoza (CTM) and La Plata
Cogeneracion (LPC), all of them energy generators.  Through these
transactions, CEPU added to its 1.8 GW of thermal installed
capacity an additional 2.1 GW of capacity, of which 1.4 GW is
hydro.  These mergers positively enhanced the company's geographic
diversification within Argentina.

Strong Credit Metrics Post Merger

CEPU's credit metrics remains strong post the merger of the
aforementioned sister companies.  The company's total debt to
EBITDA ratio, including debt with CAMMESA, stood at 2.8x, while
its EBITDA-to-interest expenses coverage ratio was 4.7x.  Net of
the debt with CAMMESA, CEPU's gross leverage ratio was 1.4x.
Fitch expects gross leverage to remain below 3.0x level in the
short-to-medium term, though long-term forecasts for Argentina can
be volatile and highly dependent on macroeconomic conditions in
the country.  The basis for this appropriate credit profile was
the significant remuneration adjustments received by the sector
both in 2014 and 2015, which on average increased remuneration for
energy generators of 23%-25% each, together with a conservative
leverage strategy.

Sound Balance Sheet

As of June 2015, CEPU had USD200 million of financial debt and
USD181 million of cash and marketable securities.  The company's
debt is mainly composed of USD denominated notes (USD74.1 million
of capital, due in 2017) and debt with CAMMESA (USD100 million).
During the first days of July, the company prepaid USD24.7 million
of the notes.  CEPU's repayment capacity on its notes is
negatively affected by the currency mismatch between its revenues
in pesos and its dollar-denominated debt service.  Regarding the
debt with CAMMESA, it is mostly related to loans provided by the
government agency for maintenance and / or improvements of
generation assets.  Such debt, denominated in local currency, has
special conditions according to the local regulation and it will
be cancelled against specific credits (accounts receivable for
certain remuneration items) that CEPU has with CAMMESA, and
therefore it does not result in direct cash outflows.

Positive Regulatory Rulings

CEPU has benefited from positive regulatory rulings during 2014
and 2015.  Such adjustments increased the remuneration received by
generators by 23% to 25%, allowing companies to at least break-
even or generate slightly positive EBITDA in the electricity
segment during 2015.

KEY ASSUMPTIONS

   -- Consistent double-digit currency depreciation per year;
   -- Energy production to range between 18.000GWh/year and
      22.000GWh/year;
   -- Overall, EBITDA to be consistently in the USD100
      million/year range;
   -- Leverage in the 2.5x level during next five years.

RATING SENSITIVITIES

CEPU's ratings could be negatively affected by a combination of
the following: further economic deterioration and the Republic of
Argentina's inability to convert and transfer foreign exchange for
CEPU; given high dependence on the subsidies by CAMMESA from the
Treasury, any further weakening of Argentina's fiscal accounts
could have a negative impact on the company's collections / cash
flow; a significant deterioration of credit metrics and/or
sustained failure to adjust remuneration scheme for generation
companies that could threaten the company's operational viability.

The resumption of timely debt service on defaulted bonds would
likely lead to an upgrade of Argentina's foreign currency IDR as
well as CEPU's.

LIQUIDITY

Solid Liquidity Threatened by Transfer and Convertibility Risks:

CEPU has a sound liquidity profile, although the company remains
highly exposed to a further devaluation of the Argentine peso.  As
of June 2015, CEPU reported cash and equivalents of USD181
million, most of it denominated in ARS and located in Argentina.
Some 25% of such cash (USD45 million) is located abroad and
denominated in USD, mainly invested in Argentine sovereign bonds.
According to CEPU, such bonds could be used to repay its USD
denominated debt in the event restrictions to transfer funds
abroad are tighter in the future.  The company's reported cash and
equivalent of USD181 million positively compares to short-term
debt of USD106 million.  Excluding debt with CAMMESA, the coverage
ratio would stand at 3.6x.



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


PETROLEO BRASILEIRO: Sinks as UBS Cuts Profit Outlook by 80%
------------------------------------------------------------
Denyse Godoy at Bloomberg News reports that the outlook for
Petroleo Brasileiro SA worsened further after UBS AG cut its
earnings projection by 80 percent, spurring a slide in the oil
producer at the center of Brazil's largest graft probe.  The
Ibovespa followed a selloff in global stocks.

Shares of Petrobras extended a plunge over the past year to 64
percent on Sept. 1, more than double the decline in the stock
benchmark, after the Zurich-based bank said that a weaker currency
may sap profitability, according to Bloomberg News.  The Ibovespa
has slumped 4.7 percent over the past three days, while the real
led global losses, Bloomberg News notes.

Bloomberg News relates that beset by a bribery scandal, years of
disappointing drilling results and the collapse in crude, the
world's most-indebted oil producer has seen analyst earnings
estimates plummeting by half over the past year.  With Latin
America's largest economy set for the longest recession since the
1930s amid a meltdown in emerging markets, Petrobras has also
joined the slide in the Ibovespa, Bloomberg News relays.  The
stock selloff has accelerated this week on speculation that
Brazil's credit rating will be cut to junk, Bloomberg News
discloses.

                            'Hard Times'

"These are really hard times for Brazil," Vitor Suzaki, an analyst
at brokerage Lerosa Investimentos, said from Sao Paulo, Bloomberg
News notes.   "Petrobras is involved in a big crisis that's far
from ending.  The economy is contracting, and there's no
improvement in sight.  To make matters worse, global investors are
moving away from riskier assets."

The Ibovespa fell 2.5 percent to 45,477.06 at the close of trading
in Sao Paulo on Sept. 1, led by Petrobras and banks.  Only 12 of
the 66 stocks in the gauge rose on Sept. 1, including steelmakers
Gerdau SA and Usinas Siderurgicas de Minas Gerais SA, Bloomberg
News relays.

Bloomberg News notes that the real retreated 2.2 percent to 3.6987
per dollar.  Brazil's bond risk, measured by credit default swaps,
surged to the highest level since 2009.

Bloomberg News says that Brazilian equities had entered a bear
market last month, after slumping more than 20 percent from their
peak in May, on concern that the nation would lose its investment-
grade status as the government struggles to shore up the budget.

Finance Minister Joaquim Levy's pledge to avert a credit downgrade
to junk is proving increasingly ambitious as he faces the
challenge of a deeper-than-expected recession and congressional
resistance to spending cuts and tax increases, Bloomberg News
discloses.

                           Budget Deficit

The government now foresees a budget deficit next year excluding
interest payments of BRL30.5 billion ($8.2 billion), or about 0.5
percent of gross domestic product, Budget Minister Nelson Barbosa
said in Brasilia, Bloomberg News notes.  That contrasts to a
targeted surplus of 2 percent at the beginning of the year and a
revised objective of 0.7 percent announced in July, Bloomberg News
relays.

All 10 groups in the MSCI Brazil index retreated, led by energy
shares, Bloomberg News says.  Petrobras also joined a plunge in
crude. Vale SA, the world's largest iron-ore producer, extended
this year's plunge to 28 percent amid fresh signs China's slowdown
is hampering global growth, Bloomberg News discloses.  Lenders
Banco Bradesco SA and Itau Unibanco Holding SA lost more than 2
percent.

Rio de Janeiro-based Eletrobras's $1.75 billion of bonds due 2021
have tumbled 13 percent since December, while Gol's $325 million
in notes due 2022 slumped 17 percent, Bloomberg News 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.


VIRGOLINO DE OLIVEIRA: S&P Affirms then Withdraws 'D' CCR
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed and then withdrew its
global scale corporate credit and issue-level ratings on Virgolino
de Oliveira at the issuer's request.  At the time of the
withdrawal, all ratings were 'D'.


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


AAA MAGNET: Placed Under Voluntary Wind-Up
------------------------------------------
On July 22, 2015, the sole member of AAA Magnet Global Opportunity
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 3, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

         Georges M. De Tilly,
         Telephone: + 852 2869 4588
         Magnet Investment Advisors Limited
         Unit B, Winning Center, 19th Floor
         48 Wyndham Street Central
         Hong Kong


DLL INVESTMENTS: Creditors' Proofs of Debt Due Sept. 7
------------------------------------------------------
The creditors of DLL Investments Limited are required to file
their proofs of debt by Sept. 7, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 3, 2015.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


EARTH WIND: Creditors' Proofs of Debt Due Sept. 16
--------------------------------------------------
The creditors of Earth Wind & Fire Fund Ltd. are required to file
their proofs of debt by Sept. 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 30, 2015.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


FHR II: Shareholder to Hear Wind-Up Report on Sept. 8
-----------------------------------------------------
The sole shareholder of FHR II, Ltd. will hear on Sept. 8, 2015,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on July 31, 2015.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


GLOBAL FUND: Creditors' Proofs of Debt Due Sept. 16
---------------------------------------------------
The creditors of Global Fund Exchange Platform SPC are required to
file their proofs of debt by Sept. 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2015.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


GPSF CAYMAN: Creditors' Proofs of Debt Due Sept. 16
---------------------------------------------------
The creditors of GPSF Cayman II LDC are required to file their
proofs of debt by Sept. 16, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 30, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


HAIN CAPITAL: Creditors' Proofs of Debt Due Sept. 21
----------------------------------------------------
The creditors of Hain Capital Holdings Ltd. are required to file
their proofs of debt by Sept. 21, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 30, 2015.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: 345 949 9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman, KY1-1105
          Cayman Islands


MIX INVESTMENTS: Creditors' Proofs of Debt Due Sept. 30
-------------------------------------------------------
The creditors of Mix Investments Ltd are required to file their
proofs of debt by Sept. 30, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2015.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Carli Ebanks
          Telephone: (345) 943-6055


MMI INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------
On Aug. 3, 2015, the sole shareholder of MMI International
(Cayman) Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Terence P. Gallagher
          Kohlberg Kravis Roberts & Co.
          9 West 57th Street, Suite 4200
          New York, New York, 10019
          United States of America


PROJECT FINANCE XIV: Creditors' Proofs of Debt Due Sept. 16
-----------------------------------------------------------
The creditors of Project Finance XIV Ltd. are required to file
their proofs of debt by Sept. 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 25, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


SYZ ALTERNATIVE: Creditors' Proofs of Debt Due Sept. 7
------------------------------------------------------
The creditors of SYZ Alternative Investments SPC are required to
file their proofs of debt by Sept. 7, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2015.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


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


DOMINICAN REP: Border Market Normal 3rd Time After Blockade Lifted
------------------------------------------------------------------
Dominican Today reports that the binational border market held
Mondays and Fridays takes place normally since 8:00 a.m. Sept. 4,
the third time after Dominican truckers lifted their 28-day
blockade of freight into Haiti.

Local media report that hundreds of Haitians buy Dominicans
products and goods to take back to their country, especially eggs,
live and processed chicken, pasta, bananas, green bananas,
chayote, eggplant, tomatoes, cassava and rice among other staples,
according to Dominican Today.

The report notes that trucks hauling containers have been crossing
the border bridge full of household merchandise and construction
materials into Haiti, as Dominican troops were reinforce, while
police and customs inspectors from both countries look on.

Haiti Customs inspectors check the passports or special visas of
their compatriots before letting them to enter Dominican
territory, the report adds.


=================
G U A T E M A L A
=================


* GUATEMALA: Guatemalans Begin Choosing Next President
------------------------------------------------------
Michael D. McDonald at Bloomberg News reports that one week after
they saw their president resign and spend the weekend in jail for
his alleged role in a corruption scheme, Guatemalans head to the
polls on Sept. 6 to start choosing a new president to take office
in January.

With scandals having forced their president, vice president and
central bank president to step down or await trial in jail,
government corruption emerged as a top concern of voters in
Central America's biggest economy, according to Bloomberg News.
As many as 70,000 people in the country of 14.6 million turned out
at rallies this year demanding Perez Molina's resignation, which
was accepted in a unanimous vote in Congress on Sept. 3. Alejandro
Maldonado, 79, who was named vice president in May, was appointed
to finish Perez Molina's term last week.

"For the first time corruption has surpassed security as the top
concern among voters in Guatemala," said Luis Haug, Central
America's regional director for Cid Gallup, Bloomberg News relays.
"People are becoming very critical of the political issues in the
country," Mr. Haug added, Bloomberg News notes.

Polls opened at 9:00 a.m. EST on Sept. 6 and closed at 8:00 p.m.
About 7.5 million people are eligible to vote.

                          14 Candidates

Bloomberg News notes that polls show none of the 14 candidates
having enough support to win Sept. 6's vote outright.  Businessman
and former lawmaker Manuel Baldizon leads while comedian Jimmy
Morales and former First Lady Sandra Torres trail in second and
third, Bloomberg News relates.  The top two finishers will face
each other in an Oct. 25 runoff.

All three leading candidates had backed the resignation of Perez
Molina, who the attorney general said last month received bribes
from companies seeking to avoid customs taxes, Bloomberg News
notes.  Facing a judge two weeks ago, Perez Molina said he never
"received a cent" and that he has "nothing to hide," Bloomberg
News notes.  Former Vice President Roxana Baldetti, who has been
jailed as her trial in the same case continues, has also rejected
the accusations, Bloomberg News relays.

Bloomberg News discloses that the political crisis has had little
impact on the $59 billion economy, which exports coffee, textiles
and gold and serves as a gateway between Latin America and the
U.S. for migrants and drugs.  Gross domestic product is expected
to expand between 3.6 percent and 4.2 percent this year, interim
central bank President Sergio Recinos said last month, Bloomberg
News relays.  The yield on the country's dollar bonds maturing in
2022 fell five basis points, or 0.05 percentage point, last week
to 4.98%, Bloomberg News adds.

                         Fiscal Discipline

"I would not be panicking and selling at these levels," said
Franco Uccelli, an emerging markets analyst at JPMorgan Chase &
Co. in Miami, Bloomberg News notes.  Guatemala's "long-standing
tradition of fiscal discipline characterized by relatively low
fiscal deficits and a relatively low debt burden is not likely to
be altered," Mr. Uccelli added.

Mr. Baldizon has pledged to limit spending if elected and said he
will continue plans to build a gas pipeline connecting Mexico and
Guatemala, Bloomberg News notes.

"Employment, education and the fight against corruption are
priorities in our government plan," he wrote on his Twitter
account, Bloomberg News adds.


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


JAMAICA: Sale of New Cars on the Decline
----------------------------------------
RJR News reports that there was a decline in new car sales in
Jamaica during the first half of the year.

According to the Automobile Dealers Association (ADA), sales were
down six per cent, compared to last year when there was also a
decline, RJR News notes.

Kent LaCroix, ADA Chairman, linked the fall-off mainly to initial
concerns regarding the possibility of new taxes being levied on
the motor vehicle trade in the 2015/2016 national budget,
according to RJR News.

Those fears ultimately were allayed, with the Government not
announcing any new motor vehicle duty, but Mr. LaCroix believes
the pre-budget jitters did affect sales for a while, RJR News
notes.

Regarding the slide in the value of the Jamaican dollar, Mr.
LaCroix does not believe this has had a significant impact on the
price of new vehicles, the report relates.

"Fortunately, many of us are dealing with Japanese vehicles, and
the yen has been going in the opposite direction, and therefore,
that creates a net benefit to the price of the vehicles, so (the
prices of) the vehicles haven't been going up significantly," Mr.
LaCroix revealed, the report adds.

                         *     *     *

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.


JAMAICA: True to Expectation, J$ Devalues Again
-----------------------------------------------
RJR News reports that a week after a Bank of Jamaica report showed
local business leaders were expecting the pace at which the
Jamaican dollar loses value to increase, the currency has
depreciated against its US counterpart.

At the close of trading on Sept. 2 it was costing an average
J$118.01 for the American currency, according to RJR News.  It had
started the week at J$117.87.

According to the Bank of Jamaica's July survey of inflation,
business leaders are expecting the Jamaican dollar to lose 1.4% of
its value in the next three months, and 2.6% in six months, the
report relates.

That is compared to the survey in May, which showed the
expectation was for a one per cent depreciation of the currency in
three months and 1.5 per cent in six months, the report notes.

Authorized dealers are also selling the Canadian dollar for an
average J$88.94, while the pound sterling is going for J$179.35,
the report adds.

                 *     *     *

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.



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

BTB CORP: Must Serve Plan Documents to Banco Popular
----------------------------------------------------
U.S. Bankruptcy Judge Mildred Caban Flores granted Banco Popular
de Puerto Rico's motion requesting to be served with a copy of the
disclosure statement and plan to be filed by BTB Corporation in
its Chapter 11 case.

According to a court filing, the Debtor expects to file a plan by
Sept. 14, 2015.

Banco Popular's representatives can be reached at:

         Banco Popular PR-Special Loans
         PO Box 362708
         San Juan, PR 00936-2708
         Tel: (787) 764-3983
         Fax: (787) 281-4140
         Migadlia Effie Guasp, Esq.
         E-mail: migdalia.guasp@popular.com

                      July 30 Status Report

Ahead of the status conference scheduled for Aug 5, 2015, the
Debtor on July 30 submitted a status report, disclosing:

  a. The Debtor's business is dedicated to the sale of liquid
asphalt;

  b. The reason for filing the captioned bankruptcy was the
refusal of the Debtor's secured lender in renewing the line of
credit and the issuance by said bank of letters foreclosing on
Debtor's receivables;

  c. The Debtor is not a small business as defined in 11 U.S.C.
101
(51C);

  d. Debtor will file a disclosure statement and plan on or before
Sept. 14, 2014;

  e. All professional fees are expected to be approximately
$60,000;

  f. No significant event is anticipated; and

  g. The Debtor does not foresee a need for future status
conferences.

                      About BTB Corporation

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

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

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


CUE & LOPEZ CONSTRUCTION: Seeks to Alter Confirmed Plan
-------------------------------------------------------
Cue & Lopez Construction, Inc., won confirmation of its
reorganization plan in October 2014, but the plan has not yet been
substantially consummated.  It is now asking the U.S. Bankruptcy
Court for District of Puerto Rico to authorize post-confirmation
modifications to the proposed treatment of Oriental Bank's secured
claim.

The Debtor on June 30, 2014 filed its plan of reorganization.  The
Court on Oct. 29, 2014, confirmed the Plan.

On April 29, 2013, notified on August 1, 2013, the Court of First
Instance of the Commonwealth of Puerto Rico, San Juan Section,
pursuant to a stipulation, inter alia, subscribed by Debtor and
Oriental Bank (the "Stipulation"), entered judgment in Case Number
KCD2013-0668, Oriental Bank v. Cue & Lopez Contractors Inc.; Cue &
Lopez Construction Inc. et als., (the "Judgment") providing that
upon default of the Stipulation by Debtor, Oriental Bank could
proceed with the foreclosure of its mortgages on the Debtor's real
properties (the "Properties").  Since Debtor defaulted under the
terms of the Stipulation, pursuant to the Judgment, Oriental Bank
is entitled to foreclose on the mortgages on the Properties.

The Plan provides for this classification and treatment of
Oriental Bank:

   (a) Impairment and Voting - Class 3 is impaired under the
Plan and is entitled to vote to accept or reject the Plan.

   (b) Distribution- Oriental Bank's Claim, as may be finally
allowed, partially secured by the following collateral:

        (i) Residential Unit, Penthouse No. 515, at Hills View
Plaza Condominium, Frailes Ward, Guaynabo, Puerto Rico with an
estimated disposition value of $237,527;

       (ii) Residential Unit (Apartment No. 633), at Vistas de
Gurabo, Navarro Ward, Gurabo, Puerto Rico with an estimated
disposition value of $132,434;

      (iii) Residential Unit at Urb. Gran Palm II, Sabana Ward,
Vega Alta, Puerto Rico, with an estimated disposition value of
$174,825;

      (iv) The remaining retainage for $311,587 corresponding to
the "Casa Maggiore Project;

      shall be paid on or before the Effective Date, by the
transfer to Oriental Bank of the above properties, with a combined
estimated value of $856,373, and the assignment of the remaining
retainage set forth above.  In addition, the Debtor will pay
Oriental Bank $100,000 arising from the retainage assigned by
Debtor to Oriental Bank as to the Casa Maggiore Project, not
property of Debtor's estate, paid by Casa Maggiore, Inc., to
Debtor and returned by Debtor thereto.  The $100,000 will be paid
by a payment of $25,000 on the Effective Date, the balance to be
paid through twelve consecutive equal monthly payments of $3,125
due on the 30th day of the subsequent twelve month and a balloon
payment for $37,500 on the 30th day of the 13 months after the
Effective Date.  Oriental Bank's Class 5 Claim for $4,192,778,
which includes Oriental Bank's deficiency claim under Class 3, and
Oriental Bank's current unsecured claim, will he dealt with under
Class 5 of the Plan.

      The Debtor will submit quarterly operating reports to
Oriental Bank detailing Debtor's revenues, expenses, and results
of operations, during the term of the Plan."

The Debtor as the proponent of the Plan, with the consent of
Oriental Bank, wishes to modify Oriental Bank's treatment to
provide the secured claim will be paid on or before the Effective
Date, by the transfer to Oriental Bank of the three real
properties described above, with a combined estimated value of
$856,373, either by deeds of transfers or within 12 months of the
Effective Date through a mortgage foreclosure process in execution
of the judgment issued on April 29, 2013, notified on Aug. 1,
2013, by the Court of First Instance of the Commonwealth of Puerto
Rico, San Juan Section, in case number KCD2013-0668, titled
Oriental Bank v. Cue & Lopez Contractors Inc. ; Cue & Lopez
Construction Inc. et als., as Oriental Bank shall elect in its
sole and absolute discretion. The transfer of all or either of the
three real properties to Oriental Bank by either method shall have
the benefits of the provisions of 11 U.S.C. Sec. 1146(a).  The
automatic stay provisions of 11 USC Sec. 362(a) will be deemed
lifted for the event that Oriental Bank elects to proceed with the
foreclosure of the properties.  In addition, Debtor will pay
Oriental Bank $100,000 arising from the retainage assigned by
Debtor to Oriental Bank as to the Casa Maggiore Project, not
property of Debtor's estate, paid by Casa Maggiore, Inc. to Debtor
and returned by Debtor thereto.  The $100,000.00 will be paid by a
payment of $25,000 on the Effective Date, the balance to be paid
through 12 consecutive equal monthly payments of $3,125 due on the
30th day of the subsequent 12 months and a balloon payment for
$37,500 on the 30th day of the 13 month after the Effective Date.
Oriental Bank's Class 5 Claim for $4,192,778, which includes
Oriental Bank's deficiency claim under Class 3, and Oriental
Bank's current unsecured claim, will be dealt with under Class 5
of the Plan.

On July 15, 2015, the Debtor transferred by deed to Oriental Bank,
the Vistas de Gurabo and Grand Palm II properties.

In order to further consummate the Plan as to Debtor's payment of
Oriental Bank's secured claim through the transfer of the
Properties, the Debtor and Oriental Bank agree that in the event
Oriental Bank chooses to proceed with the foreclosure process as
to
the Hills View Plaza property and is either (a) the winning bidder
in the mortgage foreclosure process or (b) acquires the same if no
third party bidder bids and prevails, then the transfer of the
Hills View Plaza property will be considered a "transfer" for
purposes of applying the provisions of 11 U.S.C. Sec. 1146(a), as
the definition of transfer under the Bankruptcy Code includes the
voluntary or involuntary disposing of or parting with property or
an interest in property.

Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C.
Law Offices, asserts that the proposed modification of the Plan,
does not affect any other creditor or party in interest, meets the
requirements of 11 U.S.C. Sec. 1122 and 1123 and will allow
Oriental Bank the option of either receiving the Hills View Plaza
property, through a transfer by deed or by a mortgage foreclosure
which for all purposes achieves the same results, as provided for
in the Plan.

Counsel for the Debtor can be reached at:

         CHARLES A. CUPRILL, P.S.C. LAW OFFICES
         Charles A. Cuprill-Hernandez
         356 Fortaleza Street, Second Floor
         San Juan, PR 00901
         Tel: 787-977-0515
         Fax: 787-977-0518
         E-mail: ccuprill@cuprill.com

Attorneys for Oriental Bank can be reached at:

         DE DIEGO LAW OFFICES, PSC
         William Santiago-Sastre
         PO BOX 79552
         Carolina, PR 00984-9552
         Tel: (787) 622-3942
         Fax: (787) 622-3941
         E-mail: wssbankruptcy@gmail.com

                       About Cue & Lopez

San Juan, Puerto Rico-based Cue & Lopez Construction, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 13-08297) on Oct. 4, 2013.  The case is assigned to Judge
Brian K. Tester.

Cue & Lopez Contractors, Inc., filed a separate Chapter 11
petition
(Case No. 13-08299) on the same date.

The Debtors are represented by Charles Alfred Cuprill, Esq., at
Charles A Curpill, PSC Law Office, in San Juan, Puerto Rico.  CPA
Luis R. Carrasquillo & Co., P.S.C., serves as accountant.

Cue & Lopez Construction scheduled $13.3 million in total assets
and $17.5 million in total liabilities.  The Chapter 11 petitions
were signed by Frank F. Cue Garcia, president.


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


LAKE ASPHALT: Prime Minister Meets Protesting Workers
-----------------------------------------------------
Sue-Ann Wayow at Trinidad Express reports that Trinidad and Tobago
Prime Minister Kamla Persad-Bissessar had an impromptu meeting
with protesting Lake Asphalt of Trinidad and Tobago workers when
she listened to their concerns about wages and safety.

However, Prime Minister Persad-Bissessar made no promises that
their concerns would be addressed, according to Trinidad Express.

Prime Minister Persad-Bissessar attended the sod-turning ceremony
for the Caribbean Gas Chemical Ltd plant at the Union Industrial
Estate in La Brea.  The workers who are members of the Contractors
and General Workers' Trade Union staged a protest nearby, the
report notes.  They have held several protests this year, hoping
to get their issues addressed, the report relates.

Prime Minister Persad-Bissessar received a note listing the
concerns, and during her speech, said she would assign an official
to speak with the employees, the report relays.

However, when Prime Minister Persad-Bissessar was exiting the
area, she stopped and spoke with the group, led by Trevor
Aberdeen, an executive member of the union, the report notes.

                          Litany of Woes

The report relates Mr. Aberdeen began: "Madam Prime Minister, we
at Lake Asphalt strongly believe that there is wanton spending and
wastage and corruption at Lake Asphalt.  We say so based on that
workers at this point in time, we are in the month of September
and we have not yet received basic PPE (personal protection
equipment) clothing and footwear for the year of 2015.  In
addition to that, we find it very strange that very close to
election we understand that the board of directors have given the
CEO directive to engage a company, a foreign company, we
understand it is a Chinese company to build an administration
building and our understanding is that the cost of that is well
over $100 million."

The report relays that Mr. Aberdeen said: "Madame Prime Minister,
you might be surprised to find out the prehistoric working
conditions that workers at Lake Asphalt undergo on a daily basis
so we have a problem with the way the organization is attempting
to build an administration building well over $100 million.  We
cannot settle negotiations as yet.  We into the fifth year,
workers at Lake Asphalt are presently working at 2011 salaries and
you may not be aware of what is taking place.  So we are trying to
highlight to you what is taking place."

The report discloses that Mr. Aberdeen added: "Another problem why
we say we believe there is a great amount of corruption at Lake
Asphalt, we have been ordering hardboard that is unnecessary, that
is what we use to package the product.  We have over $40 million
of hardboard stored at Lake Asphalt and we have a termite problem.
We want to know what is taking place.  Is it some sort of money
passing under the table? When that is happening, workers
suffering.  We at Lake Asphalt are suffering Madame Prime Minister
and we are here to highlight to you hoping that you could take
some steps or whoever be, but you are the Prime Minister of the
country at this point in time.  We are 100 per cent owned by the
Government and we are not a burden.  We maintain our own. "

                   Someone Will Get Back to You

The report adds that Prime Minister Persad-Bissessar replied: "Set
of wages, you are working on 2011 salary, $100 million for admin
building, no money to fix the plant, nine months no personal
protection equipment, and you raised allegations here, about the
CEO, some allegations about the CEO and the board.  So one, two,
three, four issues I have here.  Put your name and phone number
and I will have someone get back to you. "


TRINIDAD & TOBAGO: May Face Serious Challenges Soon, DOMA Says
-------------------------------------------------------------
Trinidad Express reports that President of the Downtown Owners and
Merchants Association (DOMA) Gregory Aboud says he is not
surprised by the findings about the economy in the Central Bank's
latest Economic Bulletin.

The bulletin, dated July 2015, revealed the economy of Trinidad
and Tobago contracted by -1.2 per cent in the first quarter of
2015, according to Trinidad Express.

The bulletin also revealed that not only did economic activity
slow in the first quarter of 2015, but the energy sector
contracted -3.3 per cent while non-energy shrunk to 0.2 per cent
over the same period, the report notes.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From Aug. 31 to Sept. 4, 2015
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
Anton Oilfield
Services
Group/Hong Kong    7.5     74.65   11/6/2018      CN       USD
Argentina Bocon    2      307       1/3/2016      AR       ARS
Argentina Bocon   20.5     50.3     1/4/2016      AR       ARS
Argentina Bonar
Bonds             23.6              9/10/2015     AR       ARS
Automotores
Gildemeister SA    8.25    49.25    5/24/2021     CL       USD
Automotores
Gildemeister SA    6.75    49       1/15/2023     CL       USD
Automotores
Gildemeister SA    8.25    48.87    5/24/2021     CL       USD
Automotores
Gildemeister SA    6.75    46.12    1/15/2023     CL       USD
BA-CA Finance
Cayman 2 Ltd       0.69    60.5                   KY       EUR
BA-CA Finance
Cayman Ltd         0.60    60                     KY       EUR
Banco do Brasil
SA/Cayman          6.25    65.08                  KY       USD
Banco do Brasil
SA/Cayman          6.25    65.26                  KY       USD





Banco Mercantil
do Brasil SA       9.62    75.25    7/16/2020     BR       USD
BCP Finance Co     2.05    57.53                  KY       EUR
CA La
Electricidad
de Caracas         8.5     41.2     4/10/2018     VE       USD
China Precious
Metal Resources
Holdings Co Ltd    7.25    44.98    2/4/2018      HK       HKD
Cia Cervecerias
Unidas SA        450.45            12/1/2024      CL       CLP
Cia Sud
Americana
de Vapores SA      6.4     56.36   10/1/2022      CL       CLP
CSN Islands
XI Corp            6.87    72.5     9/21/2019     KY       USD
CSN Islands
XI Corp            6.87    88.75    9/21/2019     KY       USD
CSN Islands
XII Corp           7       59.5                   BR       USD
CSN Islands
XII Corp           7       58.75                  BR       USD
Decimo Primer
Fideicomiso
de Bonos de
Prestamos
Hipoteca           4.54     60      10/25/2041    PA       USD
Empresa de
los Ferrocarriles
del Estado         6.56              1/1/2026     CL       CLP
Empresa
Distribuidora Y
Comercializadora
Norte             10.5      84.75   10/9/2017     AR       USD
ESFG
International
Ltd                5.75      0.41                 KY       EUR
General
Exploration
Partners Inc      11.5       63.62  11/13/2018    CA       USD
General
Shopping
Finance Ltd       10         51                   KY       USD
Glorious
Property
Holdings Ltd      13.25      58.03    3/4/2018    HK       USD
Gol Finance        8.75      65                   BR       USD
Gol Finance        8.75      64.75                BR       USD
Greenfields
Petroleum Corp     9          1.08    5/31/2017   US       CAD
Hidili Industry
Int'l Development
Ltd                8.625     74      11/4/2015    CN       USD
Hidili Industry
Int'l Development
Ltd                8.62      67.375  11/4/2015    CN        USD
Honghua
Group Ltd          7.45      67.2     9/25/2019   CN        USD
Honghua Group
Ltd                7.45      55.87    9/25/2019   CN        USD
Inversora de
Electrica de
Buenos Aires SA    6.5       51       9/26/2017   AR        USD
Kaisa Group
Holdings Ltd      10.25      52       1/8/2020    CN        USD
Kaisa Group
Holdings Ltd       6.87      55.18    4/22/2016   CN        CNY
Kaisa Group
Holdings Ltd       9         55       6/6/2019    CN        USD
Kaisa Group
Holdings Ltd       8         68      12/20/2015   CN        CNY
MIE Holdings
Corp               7.5       69       4/25/2019   HK        USD
MIE Holdings Corp  7.5       71       4/25/2019   HK        USD
Mongolian Mining
Corp               8.87      60.69    3/29/2017   MN        USD
Mongolian Mining
Corp               8.87      58.5     3/29/2017   MN        USD
Newland Int'l
Properties Corp    9.5       38.12    7/3/2017    PA        USD
Newland Int'l
Properties Corp    9.5       38.12    7/3/2017    PA        USD
Noble Holding
Int'l Ltd          5.25      70.84    3/15/2042   KY        USD
NQ Mobile Inc      4         65.12   10/15/2018   CN        USD
Odebrecht
Drilling Norbe
VIII/IX Ltd        6.35      71       6/30/2021   KY        USD
Odebrecht Drilling
Norbe VIII/IX Ltd  6.35      72.87    6/30/2021   KY        USD
Odebrecht
Finance Ltd        7.5       70                   KY        USD
Odebrecht
Finance Ltd        4.37      65.75    4/25/2025   KY        USD
Odebrecht
Finance Ltd        7.12      64.5     6/26/2042   KY        USD
Odebrecht
Finance Ltd        5.25      64.52    6/27/2029   KY        USD
Odebrecht
Finance Ltd        8.25      64.93    4/25/2018   KY        BRL
Odebrecht
Finance Ltd        4.37      65       4/25/2025   KY        USD
Odebrecht
Finance Ltd        7.12      68.25    6/26/2042   KY        USD
Odebrecht
Finance Ltd        5.25      63.5     6/27/2029   KY        USD
Odebrecht
Finance Ltd        7.5       74.25                KY        USD
Odebrecht
Offshore Drilling
Finance Ltd        6.75      60.5     10/1/2022   KY        USD
Odebrecht
Offshore Drilling
Finance Ltd        6.62      60.73    10/1/2022   KY        USD
Odebrecht
Offshore Drilling
Finance Ltd        6.75      64.75    10/1/2022   KY        USD
Odebrecht
Offshore Drilling
Finance Ltd        6.62      62.25    10/1/2022   KY        USD
Odebrecht
Oil & Gas
Finance Ltd        7         46.6                 KY        USD
Odebrecht
Oil & Gas
Finance Ltd        7         54.24                KY        USD
Offshore Group
Investment Ltd     7.5       48.87    11/1/2019   KY        USD
Offshore Group
Investment Ltd     7.12      48.25     4/1/2023   KY        USD
Oi SA              5.75      74.35     2/10/2022  BR        USD
Oi SA              5.75      74.12     2/10/2022  BR        USD
PDVSA              8.5       65.32    11/2/2017   VE        USD
PDVSA             44.62                2/17/2022  VE        USD
PDVSA             44.87                4/12/2017  VE        USD
PDVSA             30                   4/12/2027  VE        USD
PDVSA             37.25               11/17/2021  VE        USD
PDVSA             62.15               10/28/2016  VE        USD
PDVSA             37.75                5/17/2035  VE        USD
PDVSA             32                   5/16/2024  VE        USD
PDVSA             30                   4/12/2037  VE        USD
PDVSA             31.75               11/15/2026  VE        USD
PDVSA             66.37               11/2/2017   VE        USD
PDVSA             33.6                 5/16/2024  VE        USD
PDVSA             31.65               11/15/2026  VE        USD
PDVSA             43.2                 2/17/2022  VE        USD
PDVSA             36.75               11/17/2021  VE        USD
PDVSA             36                   5/17/2035  VE        USD
Polarcus Ltd       5.6      53.331     4/27/2018  AE        USD
Polarcus Ltd      27                   6/7/2018   AE        USD
Polarcus Ltd      27.04                7/8/2019   AE        NOK
Provincia de
Tucuman
Argentina          0.51     42.6       9/5/2015   AR        USD
Provincia del
Chaco              4        64.40     12/4/2026   AR        USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.36                3/15/2021  CL        CLP
Schahin II
Finance Co
SPV Ltd            5.87      34.9      9/25/2022  BR        USD
Schahin II
Finance Co
SPV Ltd            5.87      34.5      9/25/2022  BR        USD
Talca Chillan
Sociedad
Concesionaria SA   2.75               12/15/2019  CL        CLP
Tonon
Bioenergia SA      9.25    34.08      1/24/2020   BR        USD
Tonon
Bioenergia SA      9.25    33.12      1/24/2020   BR        USD
Transocean Inc     6.8     69         3/15/2038   KY        USD
Transocean Inc     4.3     70.71     10/15/2022   KY        USD
Transocean Inc     7.5     73.63      4/15/2031   KY        USD
Transocean Inc     7.85    72.46     12/15/2041   KY        USD
USJ Acucar e
Alcool SA          9.87    48.51     11/9/2019    BR        USD
USJ Acucar e
Alcool SA          9.87    48        11/9/2019    BR        USD
Vantage
Drilling Co        5.5     58.75      7/15/2043   US        USD
Venezuela Int'l
Bond              12.75    44         8/23/2022   VE        USD
Venezuela
Int'l Bond        11.95    38.25      8/5/2031    VE        USD
Venezuela
Int'l Bond        11.75    41        10/21/2026   VE        USD
Venezuela
Int'l Bond         7.75    34.25     10/13/2019   VE        USD
Venezuela
Int'l Bond        13.62    66.75      8/15/2018   VE        USD
Venezuela
Int'l Bond         9.37    34.25      1/13/2034   VE        USD
Venezuela
Int'l Bond        13.625   59.00      8/15/2018   VE        USD
Venezuela
Int'l Bond         9       36.5       5/7/2023    VE        USD
Venezuela
Int'l Bond         8.25    35.75     10/13/2024   VE        USD
Venezuela
Int'l Bond         6       32.5      12/9/2020    VE        USD
Venezuela
Int'l Bond         7.65    32.25      4/21/2025   VE        USD
Venezuela
Int'l Bond         7       34         3/31/2038   VE        USD
Venezuela
Int'l Bond         9.25    36.5       5/7/2028    VE        USD
Venezuela
Int'l Bond        13.62    59.00      8/15/2018   VE        USD
Venezuela
Int'l Bond         9.25    38         9/15/2027   VE        USD
Venezuela
Int'l Bond         7       41.5      12/1/2018    VE        USD
Venezuela
Int'l Bond         5.25    49.274     3/21/2019   VE        USD


                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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