TCRLA_Public/150910.mbx           T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, September 10, 2015, Vol. 16, No. 179


                            Headlines




A R G E N T I N A

ARGENTINA: Cash Shortage May Push Government to Settle Holdouts
CENTRAL PUERTO: S&P Affirms Then Withdraws 'CCC+' Currency Rating


B A H A M A S

BAHA MAR: Bahamian Supreme Court Appoints Provisional Liquidator
BAHA MAR: Wants to File Ch. 11 Plan Without Disclosure Statement


B R A Z I L

BANCO FIBRA: S&P Cuts LT Global Scale Rating to 'B-'; Outlook Neg.


C A Y M A N  I S L A N D S

AFRICA HORIZONS: Creditors' Proofs of Debt Due Sept. 16
ALESSIA B. LTD.: Shareholders' Final Meeting Set for Sept. 14
CANALI INVESTMENT: Shareholders' Final Meeting Set for Sept. 14
DINVEST CONCENTRATED II: Creditors' Proofs of Debt Due Sept. 16
DINVEST CONCENTRATED III: Creditors' Proofs of Debt Due Sept. 16

DVAM CORE: Shareholders' Final Meeting Set for Oct. 17
DVAM CORE MASTER: Shareholders' Final Meeting Set for Oct. 17
GOLVIS ASIA: Creditors' Proofs of Debt Due Sept. 17
GOLVIS OPPORTUNITIES: Creditors' Proofs of Debt Due Sept. 17
MFTX FUNDING: Shareholders' Final Meeting Set for Sept. 21

SHEFFIELD FUNDING: Shareholders' Final Meeting Set for Sept. 21
SUBIC BAY: Creditors' Proofs of Debt Due Sept. 17


C O S T A   R I C A

BAC SAN JOSE: Fitch Affirms 'bb+' Viability Rating


E C U A D O R

* Ecuadorians Win Right to Sue Chevron in Canada


M E X I C O

INTEGRADORA DE SERVICIOS: Amends Bonds Anew Amid Oil Rout
MEXICO: Cuts 2016 Growth Forecast; Plans to Halve Budget Gap


P E R U

COMPANIA MINERA: Fitch Affirms 'BB+' Rating on $350MM Sr. Notes


P U E R T O    R I C O

COCO BEACH: Auction Set for Nov. 23
SAN JUAN RESORT: Seeks Final Decree Closing Chapter 11 Case


T R I N I D A D  &  T O B A G O

TRINIDAD AND TOBAGO: May Face Serious Challenges Soon, Says Aboud


                            - - - - -


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


ARGENTINA: Cash Shortage May Push Government to Settle Holdouts
---------------------------------------------------------------
Charlie Devereux, writing for Bloomberg News, reports that
dwindling reserves in Argentina may pressure the country's
government to negotiate holdout hedge funds held by bondholders.

When Argentine President Cristina Fernandez de Kirchner hands over
the reins in December, her successor may find a central bank
running extremely low on cash, Bloomberg News says. That could be
good news for bondholders, Mr. Devereux notes.

While gross reserves are $33.5 billion, after subtracting debt
arrears, special drawing rights, dollars owed to importers,
private deposits and a currency swap with China, the cash portion
could be close to zero by year-end, according to Jefferies Group,
says the report.

The silver lining for creditors is that dwindling reserves will
prompt the next government to negotiate a solution to a decade-
long legal battle with holdout hedge funds in order to regain
access to international capital markets, said Andres Borenstein,
an economist at Banco BTG Pactual. Advisers to leading
presidential candidate Daniel Scioli are now publicly
acknowledging the need to settle with investors led by billionaire
Paul Singer's Elliott Management Corp., Bloomberg News relates.

"Leaving aside whether there's a political will to do it, we know
that whoever comes along will need to negotiate because there are
few reserves left," the report quoted Borenstein as saying in
Buenos Aires.  "If they had $100 billion in reserves, there would
be no hurry for the government to negotiate."

The report relays that Argentina's dollar-denominated bonds due in
2033 have risen to their highest level in eight years after
economist and adviser Miguel Bein appeared in an interview
alongside Scioli and said a new government would have to negotiate
with holdouts. The leading opposition candidate, Mauricio Macri,
has also said he would talk with the hedge funds. The notes rose
1.9 cent to 107 cents on the dollar at 3 p.m., Sept. 8 in New
York.

Argentina defaulted for the second time in 13 years in 2014 after
U.S. District Judge Thomas Griesa blocked the nation from making
interest payments to holders of restructured bonds unless it pays
the holdouts in full. Fernandez's government has refused to comply
with the ruling and calls the investors vultures.

Bloomberg News reports that the run up to the Oct. 25 presidential
election is exacerbating the shortage of dollars as the government
resists a devaluation of the peso to keep real wages high for
voters. The peso has weakened just 8 percent this year, lagging
neighbors including Brazil to Colombia where currencies have
tumbled by about 30 percent.

According to Bloomberg News, Argentines are taking advantage of
the overvalued peso to spend abroad, adding to the drain of
dollars. Spending on credit cards jumped 58 percent in July from a
year earlier.

The central bank, which uses a crawling peg system to control the
currency, sold $1.4 billion in the currency market last month to
support the peso, Bloomberg News adds.


CENTRAL PUERTO: S&P Affirms Then Withdraws 'CCC+' Currency Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'CCC+' local currency and 'CCC-' foreign currency ratings on
Central Puerto S.A.  The outlook is negative.

S&P subsequently withdrew the ratings at the company's request.

S&P affirmed the rating because it believes the company's
operating performance, credit measures, and outlook have remained
unchanged since May 2015, when S&P assigned its 'CCC+' local
currency and 'CCC-' foreign currency ratings.

S&P subsequently withdrew the rating at the company's request.



=============
B A H A M A S
=============


BAHA MAR: Bahamian Supreme Court Appoints Provisional Liquidator
----------------------------------------------------------------
The Supreme Court of The Bahamas appointed a provisional
liquidator for Baha Mar with limited authority and scheduled the
winding up petition two months from now.

Baha Mar on Sept. 4 commented on The Supreme Court of The Bahamas'
ruling. The Company said the ruling provides it with further time
to move forward with its efforts to resolve issues so that it can
complete construction properly and open successfully as soon as
possible.

Baha Mar stated: "[Sept. 4] has been an important day for Baha Mar
-- one that gives us further confidence that we will succeed in
our efforts. We are pleased that, in making its ruling, The
Bahamian Supreme Court has made it quite clear that the present
intention is to not have Baha Mar liquidated or its management
replaced. In fact, the judge specifically wants to make sure that
Baha Mar's assets are preserved -- which is a priority we all
share.

"We are confident that Baha Mar will succeed and that the
provisional liquidator will not only confirm that Baha Mar is not
wasting assets but, that Baha Mar has designed the most
expeditious path to move forward with the completion of the
project, as Baha Mar has contended all along.

"With the distraction of this proceeding behind it, Baha Mar and
its counterparties can focus on the tasks at hand, free form the
uncertainty that the petition had caused.

"Baha Mar is 97% complete. The Chapter 11 process is underway.
Baha Mar has developed a plan of reorganization under the Chapter
11 process. This plan is now before the U.S. Court. The plan is
the best alternative. It is designed to enable Baha Mar to have a
sound financial structure and to put Baha Mar in a position from
which it can move forward to be completed properly and open. The
plan effectively addresses Baha Mar's creditor obligations,
including paying in full all valid claims of Bahamian creditors
and the Government of The Bahamas.

"We expect the provisional liquidator to work alongside us for the
best interests of Baha Mar and The Bahamas."

                    About Baha Mar Enterprises

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402). Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York. The Debtors' Delaware counselare Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien. The Debtors' special litigation counsel is Kobre
& Kim LLP. The Debtors' construction counsel is Glaser Weil Fink
Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC. The Debtors' claims and noticing agent is Prime Clerk
LLC. The Committee tapped Cooley LLP as its lead counsel, and
Whiteford, Taylor & Preston LLC as its Delaware counsel.


BAHA MAR: Wants to File Ch. 11 Plan Without Disclosure Statement
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing on Sept. 21, 2015, at 2:00 p.m. to consider a
request by debtors Northshore Mainland Services Inc., et al., for
leave to file a Chapter 11 Plan of Reorganization without the
concurrent filing of an explanatory Disclosure Statement.

Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP,
explains that in addition to operating their businesses in chapter
11, the Debtors have had to devote significant efforts to,
including, without limitation, (i) negotiating, documenting, and
implementing the Debtors' debtor-in-possession financing; (ii)
objecting to motions to dismiss the Chapter 11 cases and
responding to (and propounding) related discovery requests, (iii)
retaining necessary professional advisors, (iv) preparing for and
filing pleadings in the various proceedings in The Bahamas,
including the hearing on the winding-up application, and (v)
attending court hearings both in the Bankruptcy Court and the
Supreme Court of The Bahamas on the winding-up application pending
in that court, as necessary. Additionally, for many weeks, much of
the Debtors' resources and attention were primarily dedicated to
the multi-party negotiations in Beijing, China in the hope of
obtaining a consensual resolution of the issues that precipitated
the commencement of the Chapter 11 Cases.

Nevertheless, the Debtors have been able to formulate the Plan and
seek to file it at this time without concurrently filing the
Disclosure Statement to provide the Court with insight regarding
the Debtors' vision of the forward progression of the Chapter 11
Cases. To date, the Debtors have not been able to complete a
Disclosure Statement to accompany the Plan due to the urgency of
matters described above, but currently anticipate completing and
filing the Disclosure Statement in the near term.

                      About Baha Mar Enterprises

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402). Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York. The Debtors' Delaware counselare Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien. The Debtors' special litigation counsel is
Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC. The Debtors' claims and noticing agent is Prime
Clerk LLC. The Committee tapped Cooley LLP as its lead counsel,
and Whiteford, Taylor & Preston LLC as its Delaware counsel.



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


BANCO FIBRA: S&P Cuts LT Global Scale Rating to 'B-'; Outlook Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term global
scale ratings on Banco Fibra S.A. to 'B-' from 'B'.  At the same
time, S&P lowered its national-scale rating on the bank to
'brB-' from 'brBB-'.  S&P lowered the short-term global scale
rating to 'C' from 'B' and cut its short-term national-scale
rating to 'brC' from 'brB'.  The outlook is negative.

The downgrade on Fibra's ratings reflects S&P's revised assessment
of the bank's risk position.  S&P revised this score to "weak"
from "moderate" due to its nonperforming assets (NPAs), which were
consistently higher than its peers'.  Most of the NPAs arose from
the severe asset quality deterioration in the bank's small and
midsize enterprise (SME) portfolio, which includes companies that
are more fragile and sensitive to economic activity.  The negative
outlook reflects S&P's view that the bank's financial profile
could further weaken, bearing down on the bank's capital and
liquidity position amid slow activity and challenging conditions
in Brazil's economy.

S&P could lower the ratings if it sees that the bank reduces its
liquidity, and if S&P sees weakness in its capacity to meet its
financial commitments in the event of adverse business, financial,
or economic conditions.  Furthermore, S&P could take a negative
rating action if it believes the bank's shareholders will not
support the bank with capital injections (if needed) to keep its
Basel III ratio above 11%.



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


AFRICA HORIZONS: Creditors' Proofs of Debt Due Sept. 16
-------------------------------------------------------
The creditors of Africa Horizons 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 Aug. 5, 2015.

The company's liquidator is:

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


ALESSIA B. LTD.: Shareholders' Final Meeting Set for Sept. 14
-------------------------------------------------------------
The shareholders of Alessia B. Ltd. will hold their final meeting
on Sept. 14, 2015, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: 1 (345) 949-9808
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


CANALI INVESTMENT: Shareholders' Final Meeting Set for Sept. 14
---------------------------------------------------------------
The shareholders of Canali Investment Ltd. will hold their final
meeting on Sept. 14, 2015, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: 1 (345) 949-9808
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


DINVEST CONCENTRATED II: Creditors' Proofs of Debt Due Sept. 16
---------------------------------------------------------------
The creditors of Dinvest Concentrated Opportunities II Realization
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:

          Stuart Sybersma
          c/o Robbie Cribb
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2254
          Facsimile: +1 (345) 949 8258


DINVEST CONCENTRATED III: Creditors' Proofs of Debt Due Sept. 16
----------------------------------------------------------------
The creditors of Dinvest Concentrated Opportunities III Exquity
Realization 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:

          Stuart Sybersma
          c/o Robbie Cribb
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2254
          Facsimile: +1 (345) 949 8258


DVAM CORE: Shareholders' Final Meeting Set for Oct. 17
------------------------------------------------------
The shareholders of DVAM Core Fund Ltd will hold their final
meeting on Oct. 17, 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
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman, KY1-1207
          Cayman Islands


DVAM CORE MASTER: Shareholders' Final Meeting Set for Oct. 17
-------------------------------------------------------------
The shareholders of DVAM Core Master Fund Ltd will hold their
final meeting on Oct. 17, 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
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman, KY1-1207
          Cayman Islands


GOLVIS ASIA: Creditors' Proofs of Debt Due Sept. 17
---------------------------------------------------
The creditors of Golvis Asia Opportunities Master Fund Limited are
required to file their proofs of debt by Sept. 17, 2015, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


GOLVIS OPPORTUNITIES: Creditors' Proofs of Debt Due Sept. 17
------------------------------------------------------------
The creditors of Golvis Opportunities Fund are required to file
their proofs of debt by Sept. 17, 2015, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


MFTX FUNDING: Shareholders' Final Meeting Set for Sept. 21
----------------------------------------------------------
The shareholders of MFTX Funding Limited will hold their final
meeting on Sept. 21, 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:

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


SHEFFIELD FUNDING: Shareholders' Final Meeting Set for Sept. 21
---------------------------------------------------------------
The shareholders of Sheffield Funding Limited will hold their
final meeting on Sept. 21, 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:

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


SUBIC BAY: Creditors' Proofs of Debt Due Sept. 17
-------------------------------------------------
The creditors of Subic Bay Energy Company Ltd are required to file
their proofs of debt by Sept. 17, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 7, 2015.

The company's liquidator is:

          Wisarn Chawalitanon
          Telephone: 084 932 9972
          555 Vibhavadi Rangsit Rd
          Bangkok 10900
          Thailand



===================
C O S T A   R I C A
===================


BAC SAN JOSE: Fitch Affirms 'bb+' Viability Rating
--------------------------------------------------
Fitch Ratings has affirmed Banco BAC San Jose, S.A.'s (BAC San
Jose) long-term Issuer Default Rating (IDR) at 'BBB-'. The Rating
Outlook is Stable.

KEY RATING DRIVERS

BAC San Jose's IDRs and National Ratings reflect the support it
would receive from its parent, Banco de Bogota ('BBB+/F2'), should
it be required. Banco de Bogota's ability to support BAC San Jose
is reflected in its IDR. The bank's SR of '2' reflects Banco de
Bogota's high probability to provide support to BAC San Jose, if
required.

The Negative Outlook reflects the sovereign's high level of
influence over the financial sector and the broader operating
environment and indicate that the IDRs of this bank would be
downgraded in the event of a Costa Rican sovereign downgrade.
Conversely, a revision of the sovereign's IDR Outlook to Stable
would likely prompt a similar action on the bank's IDR Outlooks.

The VR reflects BAC San Jose's high performance and income
diversification, solid asset quality, as well as an adequate
capital levels considering the bank's risks and growth
expectations. The VR also considers the bank's high dollarization
and sovereign risk exposure. As stated in Fitch's rating criteria,
banks are rarely rated above the sovereign rating given the high
influence of the operating environment over banks' performance. As
such, a downgrade of Costa Rica's sovereign rating will very
likely trigger a downgrade of the bank's VR.

BAC San Jose is the main bank of BAC-Credomatic group. The bank
accounts for 24.5% of its consolidated assets and 21.7% of its net
income, as of March 2015. BAC-Credomatic group integrates banks,
credit card issuers and financial services providers in the
Central American region and enjoys a highly recognized franchise
in the region due to its leadership position in the consumer loan,
credit card businesses and regional treasury management.

BAC San Jose is one of the most profitable banks in Costa Rica.
The bank's results stand out for its income diversification,
outstanding operating efficiency and controlled loan loss
provisions.

Similar to other private bank in Costa Rica, a large portion of
BAC San Jose's operations are denominated in USD. As of June 2015,
65.6% of its assets and 62% of its liabilities are in USD. This
factor, result in a net interest income lower than banking system
average and high net income sensitive by the accounting effect of
exchange rate differentials. Nevertheless, the entity open
currency position avoids a negative impact on its capital rations
resultant from exchange rate devaluation.

The bank has good underwriting-standards, surveillance and
collection processes. These factors in addition to a well balance
loan portfolio by economic sector and lending segments, as well as
a low concentration by borrowers, reduce the bank's credit risk
exposure. Impaired loan ratios remain low, but write-offs have
increased.

In Fitch's opinion, BAC San Jose's capital and liquidity levels
are adequate. The bank accomplishes the liquidity policies of BAC-
Credomatic group and has a stable and broad depositary base.
Although it has a short-term funding, the bank has a sound access
to funding. In addition, deposits tend to be stable as some of
them are associated with another financial services provided by
the bank.

PROFILE

BAC San Jose is the largest private bank in Costa Rica and
competes for the third place in the national banking system. As of
June 2015, its market share is 12.4% in terms of gross loans and
11.4% in terms of deposits. Its strong local franchise is
reflected particularly in credit cards, mortgages, consumer loans
and payroll payments.

RATING SENSITIVITIES

BAC San Jose's IDRs would be downgraded should Costa Rica's
sovereign rating and country ceiling be downgraded. In addition,
the IDRs and national ratings could change if Fitch's assessment
of Banco de Bogota's ability or willingness to support its
subsidiaries changes.

BAC San Jose's VR would be downgraded should Costa Rica's
sovereign rating be downgraded, due to its high exposure to
sovereign risk. Also, should asset quality deteriorate or capital
ratio (Fitch Core Capital/Risk Weighted Assets) decline below to
11% its VR would be pressured downwards.

Fitch has affirmed BAC San Jose's ratings as follows:

International Ratings

-- Long-term IDR at 'BBB-'; Outlook Negative;
-- Short-term IDR at 'F3';
-- Local currency long-term IDR at 'BBB'; Outlook Negative;
-- Local currency short-term IDR at 'F3';
-- Support rating at '2';
-- Viability rating at 'bb+'.

National Ratings

-- Long-term National Rating at 'AAA(cri)'; Outlook Stable;
-- Short-term National Rating a 'F1+(cri)';
-- Programa de Bonos BSJ-2011 Colones at 'AAA(cri)';
-- Programa de Bonos BSJ-2011 Dolares at 'AAA(cri)';
-- Programa de Papel Comercial BSJ-2011 Colones at 'F1+(cri)';
-- Programa de Papel Comercial BSJ-2011 Dolares at 'F1+(cri)'.

Also, Fitch has assigned new ratings as follows:

-- Programa de Bonos BSJ-2015 Colones at 'AAA(cri)';
-- Programa de Bonos BSJ-2015 Dolares at 'AAA(cri)';
-- Programa de Papel Comercial BSJ-2015 Colones at 'F1+(cri)';
-- Programa de Papel Comercial BSJ-2015 Dolares at 'F1+(cri)'.



=============
E C U A D O R
=============


* Ecuadorians Win Right to Sue Chevron in Canada
------------------------------------------------
EFE reports that the Supreme Court of Canada has ruled that a
group of Ecuadorian villagers locked in a long legal battle with
Chevron Corp. may sue the U.S. oil supermajor in an Ontario trial
court as part of their effort to collect on a multi-billion-dollar
pollution verdict.

"In a world in which businesses, assets and people cross borders
with ease, courts are increasingly called upon to recognize and
enforce judgments from other jurisdictions," Justice Clement
Gascon wrote in a 7-0 ruling, notes the report.

The dismissal of Chevron's appeal against a December ruling by the
Ontario Court of Appeal means that the villagers can sue in Canada
to collect on a $9.5 billion judgment they obtained in the
Ecuadorian court system.

Courts in the South American country found that Texaco, which
Chevron acquired in 2001, dumped billions of gallons of crude
residue and toxic waste water in the Ecuadorian Amazon between
1964 and the early 1990s.

Chevron, which has no assets in Ecuador, has refused to pay,
saying the court rulings against the company there lack merit

The oil company says Texaco was cleared of liability two decades
ago by Ecuador's then-government after performing remediation work
and blames state-owned Petroecuador, which took over sole
operations in the Ecuadorian Amazon after 1992, for the pollution.

After learning of the Canadian high court's verdict, notes EFE,
Chevron spokesman Morgan Crinklaw said the "decision has no
bearing on the legitimacy or enforceability of the fraudulent
Ecuadorean judgment."

"Instead, the Supreme Court of Canada has simply decided that the
Ontario trial court has jurisdiction to entertain further
proceedings in the action."

In its decision, Canada's high court said "sometimes successful
recognition and enforcement in another forum is the only means by
which a foreign judgment creditor can obtain its due," EFE relays.

But it also made clear that even if the Ontario court rules in
favor of the Ecuadorian plaintiffs, that does not automatically
mean that "Chevron Canada's shares or assets will be available to
satisfy Chevron's debt" and are the result of an unprecedented
fraud, EFE adds.



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


INTEGRADORA DE SERVICIOS: Amends Bonds Anew Amid Oil Rout
---------------------------------------------------------
David Yong and Christine Jenkins, writing for Bloomberg News,
report that Integradora de Servicios Petroleros Oro Negro, a
Mexican oil-rig operator partly owned by Singapore's Temasek
Holdings, is again amending bond covenants as it struggles to win
new contracts.

The report says noteholders agreed at a meeting on changes to the
company's $175 million of securities that come due in December,
for a second time this year. Oro Negro failed to revalue its
newest rig by an Aug. 31 deadline as it tries to lease the asset
to state-owned Petroleos Mexicanos by year-end, according to a
statement, notes the report.

Oil explorers are cutting back spending after crude prices slid
below $40 a barrel in August, says Bloomberg News. In response,
Pemex has separately cut the daily lease rates on existing rigs it
chartered from operators including Oro Negro and Seadrill Ltd. in
the Gulf of Mexico.

The report says investors allowed Oro Negro to push back certain
obligations to the end of September, while also giving it until
then to comply with a minimum asset coverage ratio of 120 percent,
according to a statement from Nordic Trustee ASA. The approval
came after creditors opposed some company requests last month,
including a plan to pay the bond coupon in kind.

Oro Negro's 11 percent 2015 notes have dropped to 75.38 cents on
the dollar after being sold at 97 cents last November, according
to Bloomberg-compiled prices.

The rig operator in April hired advisers to find "strategic
alternatives" for the business whose investors included Mexican
private equity firm Axis Group, Temasek and U.S. private equity
firm Ares Management, according to data on its website, notes
Bloomberg News.


MEXICO: Cuts 2016 Growth Forecast; Plans to Halve Budget Gap
------------------------------------------------------------
Eric Martin Brendan Case, writing for Bloomberg News, reports that
Mexico's government cut its forecast for growth next year, while
reiterating plans to reduce spending and halve the fiscal deficit.

The budget shortfall will narrow to 0.5 percent of gross domestic
product, excluding investment by state-owned oil producer
Petroleos Mexicanos and other national projects, Finance Minister
Luis Videgaray told lawmakers on Sept. 8, notes the report. Latin
America's second-largest economy will grow 2.6 percent to 3.6
percent next year, down from a March estimate of 3.3 percent to
4.3 percent, he added.

According to the report, Mexico has been reducing outlays due to
the lower price of oil, which historically accounts for about a
third of government revenue, and after slumping crude output and
weak U.S. growth led economic expansion to repeatedly miss the
government's forecasts.

The proposal "is a good compromise between doing enough fiscal
consolidation en route to fiscal sustainability and trying to
soften the blow to the economy," Carlos Capistran, Bank of America
Corp.'s chief Mexico economist, said in an e-mailed response to
questions, Bloomberg News relays.

The report says that government will reduce spending next year by
134 billion pesos ($7.97 billion) after a cut of 124 billion pesos
this year. Videgaray said the reduction for next year amounts to
only about 100 billion pesos when taking into account 31.4 billion
pesos in special revenue for the federal government from the
central bank's 2014 operational surplus.

The finance minister also said President Enrique Pena Nieto will
nominate central bank Governor Agustin Carstens for a second six-
year term, sticking with the man who has helped bring the
inflation rate down to the lowest level in almost half a century,
reports Bloomberg News.

The Finance Ministry predicts an average export price for Mexican
crude of $50 per barrel for 2016 on 2.25 million barrels a day of
production and an average peso level of 15.9 per dollar, stronger
than the 16.8232 close on Tuesday, Videgaray said, discloses
Bloomberg News.

"The main goal of this package, given the international economic
circumstances, is to preserve the stability of our economy,"
Videgaray told reporters in Mexico City, adds Bloomberg News.



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


COMPANIA MINERA: Fitch Affirms 'BB+' Rating on $350MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign currency Issuer
Default Rating (IDR) and long-term local currency IDR of
Hochschild Mining Plc (Hochschild) at 'BB+'. The Rating Outlook is
Stable. Fitch has also affirmed the rating for the $350 million
7.75% senior unsecured notes due 2021 issued by the company's 100%
owned subsidiary in Peru, Compania Minera Ares S.A.C. (Cia Minera
Ares), at 'BB+'.

KEY RATING DRIVERS

Deleveraging Expected Due to Inmaculada:

The company's 'BB+' ratings and Stable Outlook reflect
Hochschild's expected deleveraging to around 3.5x total
debt/EBITDA in 2015, 2.5x in 2016 and below 2.0x thereafter on a
consolidated basis following the successful start-up of operations
at Inmaculada during June 2015. Fitch anticipates close to 7
million oz of new low cost production of higher grade silver
equivalents during the second half of 2015 (2H15) from this new
mine, increasing to around 12 million to 13 million oz per year
from 2016 onwards. Total consolidated silver equivalent production
will increase to about 29 million oz in 2015, rising to around 34
million oz in 2016, compared to 22 million oz in 2014.

Spike in Leverage Temporary:

Hochschild reported very high leverage ratios during the first
half of the year with total debt to latest 12 month (LTM) EBITDA
of 6.5x and net debt to LTM EBITDA of 5.4x as of June 30, 2015.
Elevated leverage ratios followed the 18% decline in the average
price of silver and 42% decline in production from Pallancata
since 1H14 that coincided with the completion of the company's
investment in Inmaculada. The final total cost for this project is
estimated at around $450 million with Hochschild's debt levels
correspondingly high at $540 million as of June 30, 2015.
Production from Inmaculada, that has a lower cost of production
and higher average ore grade than the company's other mines, will
significantly contribute to reducing Hochschild's leverage ratios
by year-end 2015.

New Volumes will Augment EBITDA:

The company's consolidated LTM EBITDA declined to $85 million with
a margin of 21% as of June 30, 2015 compared to $194 million with
a margin of 33% for the same period of 2014. This decline
illustrates the average price of silver falling by 31% from $24/oz
in 2013 to $16.50/oz in 1H15 with a lagging decrease in production
costs exacerbated by lower production volumes from Pallancata.
Fitch's base case indicates approximately $70 million of
additional EBITDA being generated by the silver equivalent
production volumes from Inmaculada augmenting the next six months
of production from existing operations resulting in a full year
EBITDA of around $150 million in 2015. Fitch's base case indicates
EBITDA of around $210 million in 2016 and almost $270 million in
2017.

Continued Cost Reduction:

Partially offsetting the silver and gold price declines has been
Hochschild's continued focus on cost reduction, with the company
reporting an all-in sustaining cost of production of silver
equivalents of $15/oz in 1H15, a decline of 9% compared to 1H14,
and a target of $13-$14/oz for the full year aided by the
contribution from Inmaculada. The 6% depreciation of the Peruvian
Nuevo Sol against the USD during 1H15 has also benefited the cost
position of the company due to 50% of its operating costs and
capex being denominated in the local currency and the other half
in USD. This dynamic is slightly improved in Santa Cruz in
Argentina with approximately 60% of operating costs and capex
denominated in Argentinian Pesos that has depreciated against the
USD by 5% during the semester. Lower fuel prices have also aided
production and operating costs.

Positive Free Cash Flow (FCF) Expected in 2016:

Fitch expects Hochschild to generate FCF of around $40 million in
2016 and $60 million in 2017 following FCF of negative $114
million in 2015 as the company completes Inmaculada, allowing it
to reduce debt from current levels. The company announced no
dividends in 2015 and will reassess in 2016. FCF has been negative
since 2012 due to a number of acquisitions and investments
exacerbated by declining precious metal prices. The company-
changing acquisition of the 40% interest held in Inmaculada and
Pallancata held by IMZ in 2013 for $270 million, financed by cash
from asset sales, additional debt, and $73 million of equity, took
Hochschild's ownership to 100% for these two low-cost projects.
This strategy is set to bear fruit amidst a period of low silver
prices.

Additional Debt Incurrence Covenant:

Hochschild has a 3.0x gross debt to EBITDA incurrence covenant
ratio relating to the company's 7.75% senior unsecured notes
issued by Cia Minera Ares. Due to this ratio being breached as of
1H15 it limits the company's ability for additional borrowing to
10% of its consolidated net tangible asset base. As of 1H15, this
translates to maximum total debt permitted of $550 million. Total
debt as of 1H15 was $540 million, a peak due to Inmaculada,
expected to decline to around $520 million in 2016 when FCF
returns to positive post-investment and $490 million as of 2017.
The company has also renegotiated its bank covenants until 2017
providing it with additional headroom under a prolonged low silver
price scenario.

Significant Exposure to Argentina:

Hochschild's San Jose mine in Argentina currently represents about
40% of the company's production of silver equivalents and 30% of
its EBITDA. Hochschild owns 51% of Santa Cruz, San Jose's
operating company, is the sole operator, and fully consolidates
the mine. On a proportional basis for Hochschild's 51% ownership
in Santa Cruz, the company's total debt to EBITDA ratios would be
4.1x in 2015, 2.8x in 2016, and 2.0x in 2017. Inmaculada's
production is expected to dilute San Jose to represent about 30%
of production and 20% of EBITDA by 2017. Excluding San Jose's
EBITDA completely from Hochschild's consolidated financial
profile, Fitch expects a total debt to EBITDA ratio of 4.7x in
2015, declining swiftly to 3.2x in 2016 and 2.2x in 2017,
consistent with through-the-cycle leverage levels.

Santa Cruz Dividends Extracted:

Hochschild is a key net exporter for the Government of Argentina,
allowing it to extract dividends from the country following
payment of a 10% dividend tax at the official exchange rate. The
company has been able to successfully repatriate dividends from
Santa Cruz on this basis historically. Due to the volatility in
the geopolitical landscape in Argentina, the ability to extract
dividends could change in the future.

Pallancata Exploration Developments:

Hochschild has reported the preliminary findings of a new ore
vein, Pablo, at Pallancata, that has the potential to bolster the
company's credit profile significantly. Drill holes indicate it
has similar composition to the Angela vein at Inmaculada but is
approximately 25% wider, with similar length, and with a higher
average ore grade. Due to the vein being located within
Hochschild's boundary of operations at Pallancata, existing
operational and environmental licences allow for swift access to
the vein through the construction of a new ramp. Preliminary
expectations of building the ramp are approximately $2 million,
compared to $450 million to access and produce from the Angela
vein. Existing production facilities at Pallancata are expected to
process the new ore from Pablo resulting in extremely low AISC
estimated at around $8/oz of silver equivalents. This may be
achievable by late 2016 or early 2017. Further studies are taking
place that will provide more accurate data over the next couple of
months.

KEY ASSUMPTIONS

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

-- Average silver price of $15.72/oz in 2015, $14.50/oz in 2016,
    $15.00/oz in 2017;
-- Average gold price of $1,164/oz in 2015, $1,200/oz
    thereafter;
-- Consolidated silver equivalent production of 29.7 million oz
    in 2015, 34.7 million oz in 2016 and 39.5 million oz in 2017.

RATING SENSITIVITIES

Inmaculada is Key:

Hochschild's ratings could be downgraded or result in a Negative
Outlook following lower than forecasted sales volumes from
Inmaculada that could keep production costs relatively elevated,
negatively affecting the capital structure of the company in the
medium term. Lower sales volumes from Peru would also exacerbate
already significant exposure to Argentina, currently a volatile
jurisdiction. Financial performance consistently worse than
Fitch's base case, such as sustained total debt to EBITDA leverage
above 3.5x, with longer than expected negative FCF post-Inmaculada
completion in 2015, could also result in a negative rating action.

Positive Rating Momentum:

Significantly diluting the company's exposure to Argentina could
result in a rating upgrade or Positive Outlook. Continued
reduction in production costs to remain profitable through the
precious metal pricing trough, alongside reduction in leverage
with sustained total debt to EBITDA ratios below 2.0x, would also
be requisites under this scenario.

LIQUIDITY

Sufficient Cash Position:

Hochschild exhibits sufficient liquidity headroom with cash and
marketable securities of $84 million as of June 30, 2015. Short-
term bank debt of $97 million was partially refinanced with $15
million due in June 2016 and $35 million due in July 2016 at which
point Inmaculada will have achieved full-scale production levels
with cash increased correspondingly. Short-term debt of $25
million is due in December 2015, payable from cash. Committed
credit lines are not available in Peru. As per the local practice,
the company has access to approximately $70 million of additional
undrawn credit lines as of June 30, 2015. Additional liquidity is
expected to be made available through the company's major
shareholder and/or banking partners, should it be required.

FULL LIST OF RATING ACTIONS

Fitch affirms the following ratings:

Hochschild Mining Plc

-- Foreign Issuer Default Ratings (IDR) at 'BB+';
-- Local currency IDR at 'BB+'.

The Rating Outlook is Stable.

Compania Minera Ares S.A.C.

-- Senior unsecured debt rating at 'BB+'.



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


COCO BEACH: Auction Set for Nov. 23
-----------------------------------
Judge Enrique Lamoutte of the United States Bankruptcy Court for
the District of Puerto Rico approved the bidding procedures
governing the sale of substantially all assets of Coco Beach Golf
& Country Club, Inc. and sets the auction for Nov. 23.

The Debtors entered into an asset purchase agreement with
OHorizons Global, LLC. In order to receive the highest and best
price for the assets, competing bids are due Nov. 16. If more than
one qualified bid is received, an auction will be conducted on
Nov. 23, with the sale hearing to occur on Dec. 1.

Puerto Rico Tourism Development Fund filed a limited objection to
the proposed bidding procedures, asserting that the time frame
provided to potential interested bidders is too short and will
chill what should otherwise be an open and competitive bidding
process. The TDF complained that, in essence, the Proposed Bidding
Procedures propose a period of not more than 45 days, commencing
on the date of entry of an order approving the bidding procedures,
for the Debtor to provide and publish notice of the proposed sale
to all potential bidders, for such potential bidders to receive
and analyze the sale notice and sale documents, for such potential
bidders to hire professionals and commence and conclude their due
diligence analysis, negotiate and secure a firm financing for the
acquisition, and submit a Qualified Bid.

The Debtor, in response, asked the Court to expand the time for it
to provide and publish notice of the sale and for potential
qualified bidders to submit bids to 60 days from the date the Sale
Notice is published and served on creditors and parties in
interest and that the deadline for submission of bids be set for
fifteen after the conclusion of the due diligence period.

The Debtor is represented by:

  Charles A. Cuprill-Hernandez, Esq.
  Charles A. Cuprill, P.S.C., Law Offices
  356 Fortaleza Street - Second Floor
  San Juan, PR 00901
  Tel: (787) 977-0515
  Fax: (787) 977-0518
  Email: ccuprill@cuprill.com

Puerto Rico Tourism Development Fund is represented by:

  Luis C. Marini, Esq.
  Myrna L. Ruiz-Olmo, Esq.
  O'NEILL & BORGES LLC
  250 MuĀ¤oz Rivera Avenue, Suite 800
  San Juan, Puerto Rico 00918-1813
  Tel: (787) 764-8181
  Fax: (787) 753-8944
  Email: luis.marini@oneillborges.com
         myrna.ruiz@oneillborges.com

                     About Coco Beach Golf

Coco Beach Golf & Country Club, S.E., owner of a first class golf
and country club in Rio Grande, Puerto Rico, currently operating
under the name of Trump International Golf Club Puerto Rico,
sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-05312) in
Old San Juan, Puerto Rico, on July 13, 2015, and immediately filed
a motion seeking to sell most of the assets for $2.04 million in
cash to OHorizons Global, LLC, subject to higher and better
offers.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, P.S.C. Law
Offices, serves as counsel to the Debtor.


SAN JUAN RESORT: Seeks Final Decree Closing Chapter 11 Case
-----------------------------------------------------------
The Chapter 11 Plan of San Juan Resort Owners Inc. has been fully
consummated and accordingly, the Debtor asks the Bankruptcy Court
to issue a final decree closing the Chapter 11 case.

U.S. Bankruptcy Judge Mildred Caban Flores confirmed the Chapter
11 Plan on Aug. 25, 2015.

The Debtor has paid all administrative expenses, including court
authorized professional compensation, US Trustee Fees,
post-petition taxes, and the sale closing costs.

The Holders of Allowed Priority Tax Claims, basically composed of
Room Taxes due to the Tourism Company of Puerto Rico and the
secured claims of CRIM, have been paid in full in cash, out of the
proceeds of the Debtor's Assets Sale. These payments amount to
$678,436.52.

The secured claims of Banco Popular de Puerto Rico (BPPR) received
$7,857,930 from the proceeds of the sale of the Debtor's assets,
executed on July 17,2015, as per the agreement reached with this
secured creditor.

The Holders of Allowed General Unsecured Claims, including those
arising from rejected executory contracts, but excluding BPPR's
deficiency claim, were paid in full satisfaction of such Claims
approximately 0.3% thereof, from the $50,000 carve out reserved
from the proceeds of the sale of Debtor's assets.

                     About San Juan Resort

San Juan Resort Owners Inc. sought Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-01627) in Old San Juan,
Puerto Rico on March 5, 2015. The petition was signed by Luis A.
Carreras Perez as president. The Debtor is represented by William
M. Vidal, Esq., at William Vidal Carvajal Law Offices in San Juan,
Puerto Rico.

The Debtor disclosed $12,787,943 in assets and $33,014,219 in
liabilities as of the Chapter 11 filing.

When it filed for bankruptcy, the Debtor owned a parcel of land of
1,637 square meters, with commercial property known as the San
Juan Beach Hotel, a 96-room hotel. The hotel is located at 1045,
Ashford Avenue, Condado, San Juan, Puerto Rico. The company claims
the property is worth $11 million based on appraised value. Banco
Popular de Puerto Rico is owed $17.5 million, of which $6.56
million is unsecured.



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


TRINIDAD AND TOBAGO: May Face Serious Challenges Soon, Says Aboud
-----------------------------------------------------------------
Camille Hunte, writing for Daily 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, notes the report.

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.





                            ***********


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.
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Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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