TCRLA_Public/150918.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

            Friday, September 18, 2015, Vol. 16, No. 185


                            Headlines




A R G E N T I N A

ARGENTINA: Fitch Affirms CCC LT Local Curr. Issuer Default Rating


B A H A M A S

BAHA MAR: Comments on US Court Ruling on Chapter 11 Process


B R A Z I L

BRAZIL: July Retail Sales Decline for 6th Straight Month
BRAZIL: Opposition Takes Firsts Steps Toward Impeachment
BRAZIL MINAS SPE: S&P Cuts Rating on Series 5.33% Notes to 'BB+'
ODEBRECHT SA: Alleged Money Man Points Brazil Probe to Banks
PETROLEO BRASILEIRO: Posts Record Output in August


C A Y M A N  I S L A N D S

AGINCOURT LIMITED: Creditors' Proofs of Debt Due Sept. 28
BLUEMOUNTAIN LONG: Creditors' Proofs of Debt Due Sept. 28
FR KENERSYS: Commences Liquidation Proceedings
FRM TAIL: Creditors' Proofs of Debt Due Sept. 28
FUERZA LTD: Creditors' Proofs of Debt Due Sept. 28

GLG EUROPEAN: Creditors' Proofs of Debt Due Sept. 28
GLG NATURAL: Creditors' Proofs of Debt Due Sept. 28
GLG TECHNOLOGY: Creditors' Proofs of Debt Due Sept. 28
GLG TISBURY: Creditors' Proofs of Debt Due Sept. 28
LIQUIDITY PASS: Creditors' Proofs of Debt Due Sept. 28

MAN COMMODITY: Creditors' Proofs of Debt Due Sept. 28
MAN INVESTMENT STRATEGIES: Creditors' Proofs of Debt Due Sept. 28
RANGE WISE: Creditors' Proofs of Debt Due Sept. 28
RENAISSANCE BUSINESS: Creditors' Proofs of Debt Due Sept. 23
RENAISSANCE REAL: Creditors' Proofs of Debt Due Sept. 23

RENAISSANCE RUSSIA: Creditors' Proofs of Debt Due Sept. 23
RENAISSANCE RUSSIA MASTER: Creditors' Proofs of Debt Due Sept. 23


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Gov't to Pay Power Cos. US$861M in Instruments


P U E R T O   R I C O

AMERICAN AGENCIES: Case Summary & 20 Largest Unsecured Creditors


V I R G I N  I S L A N D S

HESS CORP: USVI Gov't. Files Suit Seeking US$1.5BB in Damages
HOVENSA LLC: Case Summary & 20 Largest Unsecured Creditors
HOVENSA LLC: Files for Ch.11, To Sell Assets to Limetree for $184M



                            - - - - -

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

ARGENTINA: Fitch Affirms CCC LT Local Curr. Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Argentina's Long-term foreign currency
IDR at 'RD'.  In addition, Fitch has affirmed Argentina's Long-
term local currency IDR and Country Ceiling at 'CCC' and the
Short-Term Foreign-Currency IDR at 'RD'.

KEY RATING DRIVERS

Fitch's affirmation of the foreign currency IDR at 'RD' reflects
Argentina's inability to cure the default on external market debt.
The legal process related to the dispute between Argentina and
certain holdout creditors that did not participate in the 2005 and
2010 exchange offers culminated in a prohibition that stipulates
that Argentina could not make payments to exchanged bond holders
unless payments were also made to the plaintiffs in the case.

The government has not reached an agreement with holdout creditors
that would allow Argentina to service its restructured debt.
Fitch does not expect a resolution in the near term given the the
electoral cycle.  There is considerable uncertainty regarding the
timing and type of resolution with the holdouts by the incoming
administration.

Fitch's affirmation of the local currency IDR at 'CCC' reflects
Argentina's weak and volatile macroeconomic performance, rising
fiscal financing needs and limited sources of funding.

Funding needs have increased due to widening fiscal deficit, and
external financing sources remain limited.  Fitch estimates that
the national administration's deficit (without taking into account
social security (ANSES) or BCRA transfers) could rise to 7.3% of
GDP in 2015, driven largely by higher spending.

Although the fact that public sector entities hold 61% of
government debt mitigates immediate refinancing risks, continued
monetization of fiscal deficits would feed into greater
macroeconomic instability.  Moreover, access to fresh sources of
FX remains curtailed due to the inability of the sovereign to
directly tap external markets.

External vulnerability is significant given high commodity
dependence, weak external liquidity (69% in 2015), limited
material sources of external financing and protracted tensions in
the FX market that fuel recurrent episodes of capital flight.
While headline international reserves have increased since
entering default in July 2014, partly explained by use of a
currency swap facility with China, Fitch expects available
external liquidity to remain under pressure due to rising FX
interventions and the likely use of international reserves to
service Boden 2015 amortization.

RATING SENSITIVITIES

Note that the Foreign and Local Currency IDRs do not have Rating
Outlooks.

The resumption of timely debt service on defaulted bonds would
lead to the upgrade of the foreign currency IDR.  At such time,
Fitch will review Argentina's ratings and make an assessment based
on the sovereign's capacity to service debt, its economic
fundamentals, and the remaining litigation risks.

KEY ASSUMPTIONS

Fitch expects China to manage a slowdown in its economy, growing
by 6.8% in 2015 and 6.5% in 2016, thus providing limited upside
for commodity prices.

Fitch expects Brazil (an important trading partner for Argentina)
to remain in recession in 2015 and downside risks have increased
for 2016 growth outlook.



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


BAHA MAR: Comments on US Court Ruling on Chapter 11 Process
-----------------------------------------------------------
Baha Mar on Sept. 15 stated that it is disappointed that the
motions by China State Construction and The Export-Import Bank of
China to vacate Baha Mar's Chapter 11 process have been granted by
the U.S. Court, with the exception of the Chapter 11 case of
Northshore Mainland Services.  Accordingly, Baha Mar will explore
its alternatives with respect to the Sept. 15 Court decision.

Baha Mar stated, "With respect to the decision, we do note that
the Court affirmed that it was appropriate for Baha Mar to file
for Chapter 11 in the U.S. Court and that the Chapter 11 filings
were made in good faith."

In its ruling, the Court made clear that the Chapter 11 process
"with all stakeholders participating, under these circumstances,
would be an ideal vehicle for the restructuring of this family of
related companies with the ultimate goal of finishing a project
said to be 97% complete and, upon its exit from Chapter 11, to be
in sound financial footing, with appropriate treatment of
creditors."

The Court also made the point: "If I were convinced that denying
the Dismissal Motions would have the effect desired by the Debtors
-- bringing CCA, CEXIM and the government of The Bahamas back to
the bargaining table, I might consider denying the Dismissal
Motions.  But the evidence does not reflect this and I am not
convinced this will happen in short order."

Furthermore, in his decision, Judge Carey of the U.S. Court noted,
"It may well be that the Northshore Chapter 11 case could serve as
a useful vehicle for the parties as part of an overall resolution
of the corporate family's difficulties, in concert with the
proceedings in The Bahamas."

Baha Mar emphasized, "Our priority continues to be ensuring Baha
Mar is in a position to be completed properly and opened
successfully as soon as possible.  We are continuing to do all we
realistically can, including working with the provisional
liquidators appointed by The Bahamian Supreme Court, to try to
resolve the issues that have prevented Baha Mar from opening."

                         About Baha Mar

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 bankruptcy cases are 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 counsel are 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.



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


BRAZIL: July Retail Sales Decline for 6th Straight Month
--------------------------------------------------------
Peter Millard and Mario Sergio Lima, writing for Bloomberg News,
report that Brazil's retail sales in July fell for the sixth
straight month, as a recession and above-target inflation
discourage shoppers in Latin America's largest economy.
Bloomberg News says sales fell 1 percent after a revised 0.5
percent decline in June, the national statistics agency said in
Rio de Janeiro, in line with the median 1 percent dip estimated by
35 economists surveyed by Bloomberg.

As unemployment rises and inflation runs at double the government-
set target, consumer confidence has slumped, notes the report. The
government's efforts to mend fiscal accounts with tax increases
and spending cuts may further crimp economic activity, with Brazil
facing the worst recession in 25 years.

Bloomberg News relates that swap rates on the contract due January
2017 fell two basis points, or 0.02 percentage point, to 14.97
percent at 9:14 a.m. local time on Sept. 16.  The real
strengthened 0.5 percent to 3.8432 per U.S. dollar.

Sales of food, beverages and tobacco at hypermarkets and
supermarkets fell 1 percent after a revised 0.5 percent decline in
June. Office equipment fell 5.5 percent, while furniture and
electronics dropped 1.7 percent, says the report.

Brazil's central bank has boosted the key interest rate to 14.25
percent, the highest level in nine years, and signaled that it
should remain there for a prolonged period of time to bring
inflation to the 4.5 percent target by the end of 2016, according
to Bloomberg News. Annual inflation through August reached 9.53
percent.

Retail sales in July fell 3.5 percent from the previous year,
versus a median forecast for a 3.8 percent decline. That follows a
2.7 percent drop last month, Bloomberg News adds.

The broader retail index, which includes cars and construction
materials, tumbled 6.8 percent from a year ago, versus a median
estimate for a 7.7 percent drop, notes the report.


BRAZIL: Opposition Takes Firsts Steps Toward Impeachment
--------------------------------------------------------
Bloomberg News' Arnaldo Galvao and Raymond Colitt report that
Brazil's opposition leaders this week are taking the most decisive
steps so far to try and remove President Dilma Rousseff from
office amid growing discontent over her handling of a tanking
economy.

Lawmakers this week for the first time formally discussed the
procedures for impeachment on the floor of the lower house, asking
the head of the chamber, Eduardo Cunha, for clarification on the
steps required to start a process to oust the president, says the
report.  Brazil's largest opposition parties now are rallying
behind an impeachment request filed by Helio Bicudo, a co-founder
and former member of Rousseff's ruling Workers' Party.

Miguel Reale Junior, a constitutional lawyer, presented to the
lower house on Sept. 17 additional information to back his and
Bicudo's impeachment request, Bloomberg News relates.

According to the report, many legislators remain loyal to Rousseff
and party leaders from the governing coalition this week denounced
attempts to remove her from office, saying such a move would be a
break with constitutional rule. Yet the discussions in Congress
and the support of Bicudo's request reflect growing unity within
the opposition toward impeachment as Latin America's largest
economy sinks deeper into recession.

"A vote on impeachment as early as this year is possible, but I
can't say that categorically," the report quotes Jose Mendonca
Filho, leader of Brazil's second biggest opposition party, as
saying.  "From the political point of view, the questions
presented on the floor yesterday were the first step toward the
debate over the vote on President Dilma's impeachment."

                         Junk Rating

The report recalls that Standard & Poor's decision to cut Brazil's
credit rating to junk last week added to Rousseff's challenges by
sparking as sell-off of Brazilian assets. The government unveiled
a plan to shore up fiscal accounts by creating a new tax worth
about BRL30 billion ($7.8 billion), prompting business
associations to join those criticizing the government. Less than a
month ago, the same business associations called on Congress to
support Rousseff's economic plan.

Political consulting firm Eurasia Group this week increased to 40
percent from 30 percent the odds that Rousseff won't finish her
term, saying the government is losing capacity to respond
effectively to economic and political crises, notes Bloomberg
News.

Bicudo says Rousseff should be held responsible and impeached for
doctoring her government's financial accounts, breaking campaign
finance laws and allowing state-run oil company Petrobras to incur
losses because of corruption, adds the report.

"Bicudo and I are together fighting against a dictatorship of
kickbacks," Reale told reporters after meeting with the head of
the lower house Eduardo Cunha, relates Bloomberg News.  Cunha, who
decides whether to advance with the impeachment proceedings, said
he will evaluate the request, without setting a deadline. If he
archives the request, lawmakers can still overrule the decision by
simple majority, says the report.

Bloomberg News recalls that Rousseff in a speech on Sept. 16
likened the impeachment effort to an attempted coup d'etat. Her
legal team has said all accounting practices in question were used
by previous governments and didn't violate the fiscal
responsibility law. The Workers' Party has said all donations it
received were in compliance with Brazilian law.

                       Impeachment Process

If impeachment proceedings are accepted by Cunha or the majority
of lawmakers, a committee will discuss the request and send its
recommendation to the house floor, Bloomberg News relates. At
least 342 out of 513 lawmakers must vote for impeachment hearings
to begin before the case goes to the Senate or Supreme Court,
depending on the charges.

Cunha already rejected five of the 18 impeachment requests sent to
Congress, saying they don't pass legal muster, notes the report.


BRAZIL MINAS SPE: S&P Cuts Rating on Series 5.33% Notes to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered 15 ratings and one
Standard & Poor's underlying rating (SPUR) on 15 Brazilian
structured finance transactions.  Ten of the transactions are
diversified payment rights (DPRs) securitizations backed by U.S.
dollar-denominated Society for Worldwide Interbank Financial
Telecommunications (SWIFT) MT100 or MT200 series payment order
messages, which are a product of the respective Brazilian bank's
international financial operations.  Two of the transactions are
future flow securitizations backed by current and future royalty
and special participation payments from offshore oil and natural
gas production in the Rio de Janeiro State in Brazil.  Finally,
three are synthetic asset-backed securities (ABS) transactions,
two of which have unconditional guarantees from the Federative
Republic of Brazil and one of which has one from Votorantim
Participacoes S.A.

The rating actions follow the Sept. 9, 2015, lowering of S&P's
long-term foreign currency sovereign credit rating on Brazil to
'BB+' from 'BBB-' and its long-term local currency sovereign
credit rating to 'BBB-' from 'BBB+'.  As a result, various rating
actions were taken on Brazilian corporate and infrastructure
entities as well as Brazilian financial services companies on
Sept. 10, 2015.

S&P believe Brazil's credit profile has weakened further since
July 28, 2015, when it revised its outlook on it to negative.  At
that time, S&P signaled greater execution risks to the corrective
policy changes already underway, mainly stemming from fluid
political dynamics in Congress related to investigations of
corruption at state-owned energy company Petroleo Brasileiro S.A.
(Petrobras).  S&P now perceives less conviction within the
president's cabinet on fiscal policy.

In terms of banks, S&P rarely rates financial services companies
above the sovereign long-term rating because, during sovereign
stress, the sovereign's regulatory and supervisory powers may
restrict a bank's or financial system's flexibility, and because
banks are affected by many of the same economic factors that cause
sovereign stress.  Except for BM&F Bovespa, none of the financial
services companies S&P currently rates--including those with a
stand-alone credit profile (SACP) higher than Brazil's sovereign
rating--pass S&P's stress test for ratings above the sovereign.

From the corporate side, the downgrade of Petrobras is in line
with S&P's criteria for government-related entities (GREs).
Petrobras was downgraded to 'BB' due to the two-notch downgrade on
Brazil's local currency rating.  Because S&P assigns a "very high"
likelihood of support from the government and Petrobras' SACP is
assessed as 'b+', the resulting corporate rating is 'BB' for a
'BBB-' local currency rating on the sovereign, according to S&P's
GRE methodology.  Furthermore, the one-notch downgrade of the
Votorantim group--and the negative outlook on these entities--
reflect S&P's view that these entities are currently rated at the
maximum number of notches above the sovereign foreign currency
rating or transfer and convertibility assessment due to their
intrinsic credit factors, sensitivity to country risk, and
liquidity cushion under the sovereign stress tests that S&P runs
for an entity whose rating is above the sovereign's.

Nine of the ratings on the series backed by DPRs were lowered due
to the three-notch cap above the originator's issuer credit rating
(ICR).  However, one rating and SPUR was lowered further given
that the originator's SACP is lower than its peers.  The ratings
and SPUR on these transactions reflect each bank's ability to
generate the specific flow of receivables that are being
securitized, the transactions' supportive structural features, and
S&P's view of the transactions' sovereign interference risk.

The ratings on the future flow transactions backed by royalties
and special participations reflect S&P's view of the credit
quality of the underlying assets, generated mostly by Petrobras'
oil and gas production and payments to Brazil's federal
government, the transaction's structural assessment, and the risk
of sovereign interference.  As a result, they also reflect the
dependency on Petrobras' ICR given the exposure to the company as
obligor.  Moreover, following S&P's counterparty criteria, its
'BB' ratings on both outstanding series are consistent with the
maximum potential rating for the transaction per the rating on
Petrobras as obligor, Banco do Brasil as bank account provider,
and Brazil's government as paying agent.

Finally, S&P lowered its ratings on the synthetic ABS transactions
based on the relevant counterparty's rating as guarantor.

S&P will continue to monitor the ratings on these structured
finance transactions and revise the ratings as necessary to
reflect any changes in the transactions' underlying credit
quality.

RATINGS LOWERED

Dollar Diversified Payment Rights Finance Co. (Banco do Brasil)
(Underlying collateral: future DPR receivables)

Series            Rating
             To             From
2008-2       BBB+           A-

HSBC Brazil DPR Finance (No. 1) Ltd.
(Underlying collateral: future DPR receivables)

Series            Rating
             To             From
2006-A       BBB            BBB+
2006-A(SPUR) BBB            BBB+

International Diversified Payment Rights Co. (Banco Bradesco)
(Underlying collateral: future DPR receivables)

Series            Rating
             To             From
2008-1       BBB+           A-
2008-2       BBB+           A-
2009-3       BBB+           A-
2009-4       BBB+           A-
2010-1       BBB+           A-
2010-2       BBB+           A-
2011-1       BBB+           A-
2011-2       BBB+           A-

Rio Oil Finance Trust

Series            Rating
             To             From
2014-1       BB             BBB-
2014-3       BB             BBB-

Brazil Loan Trust 1
(Underlying collateral: synthetic)

Class                                   Rating
                                   To             From
Senior Secured Pass Through        BB+            BBB-

Brazil Minas SPE
(Underlying collateral: synthetic)

Series                                  Rating
                                   To             From
5.33% notes due 2018               BB+            BBB-

Voto-Votorantim Overseas Trading Operations IV Ltd.
(Underlying collateral: synthetic)

Series                                 Rating
                                   To             From
Notes                              BBB- (sf)      BBB (sf)


ODEBRECHT SA: Alleged Money Man Points Brazil Probe to Banks
------------------------------------------------------------
Sabrina Valle and Harry Maurer, writing for Bloomberg News, report
that an investigation into Latin America's largest construction
group is steering prosecutors to a transnational money laundering
scheme allegedly conducted through Swiss branches of banks
including HSBC Holdings Plc, Royal Bank of Canada and Deutsche
Bank AG.

The report says Bernardo Freiburghaus, 47, a Brazilian-Swiss dual
citizen, is accused by a judge in Brazil of setting up a money
laundering operation for Odebrecht SA as part of what prosecutors
say was a pay-to-play scheme at Brazil's state-run oil company
Petroleo Brasileiro SA.  He allegedly oversaw the movement of
illicit money to Switzerland from countries including Brazil and
the U.S. More than $100 million held by his clients has already
been seized from Swiss accounts and returned to authorities in
Brazil.  Freiburghaus's lawyer denied wrongdoing by her client.
Prosecutors say investigators have uncovered correspondence
between international banks and Freiburghaus about Brazilian
clients, including former Petrobras employees, some of whom have
been sentenced to jail for money laundering and are now
collaborating with authorities. Prosecutors say Freiburghaus'
dealings with the banks were a key factor leading to the arrest in
June of Odebrecht's chief executive officer, Marcelo Odebrecht --
the most prominent executive implicated in a scandal that has
hobbled the economy and weighed on the presidency of Dilma
Rousseff.

"Bernardo Freiburghaus acted as kind of an accredited agent for
banks in Switzerland to build the relationship with clients,"
prosecutor Deltan Dallagnol said in an e-mailed response,
mentioning documents sent to Brazil by Swiss authorities, notes
Bloomberg News.  "There are e-mails cited in the accusation that
even show him discussing compliance matters with the banks."

                         Recovered Cash

More than BRL3 billion (US$785 million) has been blocked or
recovered by Brazil related to the investigation into suppliers of
Petrobras, where contractors allegedly bribed company officials to
win contracts and shared some of the proceeds with politicians in
the ruling coalition, the report recalls.

Financial institutions that fail to notify enforcement agencies
about suspicious activities may be subject to administrative
penalties, fines and even criminal charges and sanctions from
enforcement agencies, says the report. The evidence made public in
Brazil signals the potential global reach of a suspected graft
operation at a time when governments are increasing coordination
to combat financial crime.

The Office of the Attorney General of Switzerland is investigating
"over 30 banking institutions in Switzerland that were apparently
used to process the bribery payments under investigation in
Brazil," OAG said in an e-mailed response to Bloomberg, repeating
information from a press release published in March. OAG declined
to list the banks under investigation.

HSBC said it is cooperating with the investigations, and Royal
Bank of Canada said no allegations have been made against it.
Deutsche Bank declined to comment. Petrobras will continue
collaborating with investigations into the scheme, known as
Carwash, and is working to recover graft losses, it said in an
e-mail, the report relates.

                       Citigroup Accounts

According to the report, part of the money Brazilian prosecutors
describe as bribe payments by Odebrecht to public officials came
from Citigroup Inc. accounts in the U.S.  Court documents show at
least 15 transfers from Citibank accounts in New York to
Switzerland totaling more than $120 million from 2006 to 2009 that
are linked to the investigation. Citibank declined to comment,
adds the report.

Freiburghaus, who returned his Brazil passport in 2014 months
after the scandal broke, is currently in Switzerland and
considered a fugitive in Brazil, Brazilian authorities said in
court documents, notes Bloomberg News.  In June he was seen in
Geneva, waiting in line to watch "Jurassic World" on a weekend
shortly after the blockbuster was released, newspaper O Estado de
S. Paulo reported at the time.

Freiburghaus is "not an operator of anything, or of anybody," has
never facilitated bribe payments, and doesn't have powers to open
accounts overseas, make deposits or transfers, his lawyer Fernanda
Telles said in an e-mailed statement, notes Bloomberg News. He is
a Swiss citizen and has provided his address in Geneva to
Brazilian authorities, Telles said.

Odebrecht, Latin America's biggest construction company, has
repeatedly denied wrongdoing and said in an e-mailed response it
will defend current and former employees through the legal
process, Bloomberg News says. Marcelo Odebrecht said this month he
has no intention of collaborating with authorities because he has
no information to share.

                         Rio Meetings

The report, citing court documents, says before police announced
the kickback scheme last year, Freiburghaus would meet with
clients at his firm Diagonal Investimentos in Rio de Janeiro,
where he used to live and where Petrobras is based.  Diagonal is a
small investment firm registered with Brazil's Securities and
Exchange Commission with multiple clients.

HSBC and Freiburghaus discussed compliance risks involved in
maintaining an account for Paulo Roberto Costa, the former head of
Petrobras' refining business and one of the first executives to
turn state's witness in the graft probe, according to documents
from Swiss authorities given to Brazilian counterparts and made
public, notes the report.

Freiburghaus would open accounts, suggest how to shift cash around
to cloud the trail, and destroy bank records after every meeting,
according to witness accounts that are part of the records made
public by the court overseeing the case in Curitiba, Brazil,
Bloomberg News says.


PETROLEO BRASILEIRO: Posts Record Output in August
--------------------------------------------------
EFE reports that state-controlled oil giant Petrobras said on
Sept. 16 that it produced an average of 2.88 million barrels of
oil equivalent per day in August at its fields in Brazil and
abroad, a new company record.

Average daily production in August was up 0.8 percent from the
previous record of 2.86 million boe per day set in December 2014,
Petrobras, whose shares trade on the Sao Paulo, New York, Madrid
and Buenos Aires stock exchanges, said in a statement, EFE
relates.

                   About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

The Troubled Company Reporter-Latin America reported on March 6,
2015, that the deepening investigation into the alleged kickback
scheme at Petrobras has triggered concerns for the Brazilian banks
with exposures not only to the state-controlled oil company, but
also to its large base of suppliers, as well as the broader oil
and gas (O&G) and construction industries, says Moody's Investors
Service.

On March 12, 2015, the TCR-LA reported that Moody's Investors
Service said the corruption investigation into Petrobras will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

Moody's Investors Service has downgraded all ratings for
Petrobras, including a downgrade of the company's senior unsecured
debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating
to the company, the TCRLA reported on Feb. 27, 2015.  Its failure
to estimate its losses from the alleged corruption scheme and
produce audited third-quarter results prompted Moody's to cut its
rating to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.



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


AGINCOURT LIMITED: Creditors' Proofs of Debt Due Sept. 28
---------------------------------------------------------
The creditors of Agincourt Limited are required to file their
proofs of debt by Sept. 28, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


BLUEMOUNTAIN LONG: Creditors' Proofs of Debt Due Sept. 28
---------------------------------------------------------
The creditors of Bluemountain Long Short Grassmoor Fund Ltd. are
required to file their proofs of debt by Sept. 28, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


FR KENERSYS: Commences Liquidation Proceedings
----------------------------------------------
On Aug. 20, 2015, the shareholders of FR Kenersys Cayman I Ltd
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:

          Daren Schneider
          c/o Matt Bernardo
          Telephone: +1 (345) 914 4268


FRM TAIL: Creditors' Proofs of Debt Due Sept. 28
------------------------------------------------
The creditors of FRM Tail Hedge Limited are required to file their
proofs of debt by Sept. 28, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


FUERZA LTD: Creditors' Proofs of Debt Due Sept. 28
--------------------------------------------------
The creditors of Fuerza Ltd. are required to file their proofs of
debt by Sept. 28, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG EUROPEAN: Creditors' Proofs of Debt Due Sept. 28
----------------------------------------------------
The creditors of GLG European Opportunity (Lehman Recovery) Fund
are required to file their proofs of debt by Sept. 28, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG NATURAL: Creditors' Proofs of Debt Due Sept. 28
---------------------------------------------------
The creditors of GLG Natural Resources Master Fund Ltd. are
required to file their proofs of debt by Sept. 28, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG TECHNOLOGY: Creditors' Proofs of Debt Due Sept. 28
------------------------------------------------------
The creditors of GLG Technology (Lehman Recovery) Fund are
required to file their proofs of debt by Sept. 28, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG TISBURY: Creditors' Proofs of Debt Due Sept. 28
---------------------------------------------------
The creditors of GLG Tisbury Opportunity Master Fund Limited are
required to file their proofs of debt by Sept. 28, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


LIQUIDITY PASS: Creditors' Proofs of Debt Due Sept. 28
------------------------------------------------------
The creditors of Liquidity Pass Through Holdings SPC are required
to file their proofs of debt by Sept. 28, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


MAN COMMODITY: Creditors' Proofs of Debt Due Sept. 28
-----------------------------------------------------
The creditors of Man Commodity Plus Ltd. are required to file
their proofs of debt by Sept. 28, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


MAN INVESTMENT STRATEGIES: Creditors' Proofs of Debt Due Sept. 28
-----------------------------------------------------------------
The creditors of Man Investment Strategies SPC are required to
file their proofs of debt by Sept. 28, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


RANGE WISE: Creditors' Proofs of Debt Due Sept. 28
--------------------------------------------------
The creditors of Range Wise MAC 58 Ltd. are required to file their
proofs of debt by Sept. 28, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2015.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


RENAISSANCE BUSINESS: Creditors' Proofs of Debt Due Sept. 23
------------------------------------------------------------
The creditors of Renaissance Business Real Estate Fund are
required to file their proofs of debt by Sept. 23, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 19, 2015.

The company's liquidator is:

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


RENAISSANCE REAL: Creditors' Proofs of Debt Due Sept. 23
--------------------------------------------------------
The creditors of Renaissance Real Estate Fund are required to file
their proofs of debt by Sept. 23, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 19, 2015.

The company's liquidator is:

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


RENAISSANCE RUSSIA: Creditors' Proofs of Debt Due Sept. 23
----------------------------------------------------------
The creditors of Renaissance Russia Fund SPC are required to file
their proofs of debt by Sept. 23, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 19, 2015.

The company's liquidator is:

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


RENAISSANCE RUSSIA MASTER: Creditors' Proofs of Debt Due Sept. 23
-----------------------------------------------------------------
The creditors of Renaissance Russia Master Fund SPC are required
to file their proofs of debt by Sept. 23, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2011.

The company's liquidator is:

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



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


DOMINICAN REPUBLIC: Gov't to Pay Power Cos. US$861M in Instruments
------------------------------------------------------------------
Dominican Today reports that Dominican State-owned electric
utility (CDEEE) EEO Ruben Jimenez said the government will pay the
US$861 million owed to the various power companies, and will
disclose the details of the agreements.

"It's debt renegotiation. It's to provide bankable instruments to
the debt's owners and they'll do with those instruments what they,
as a private company, understand," Dominican Today quoted the
official as saying.

The report says the Dominican Electrical Industry Association's
(ADIE) latest report released at the end of August placed the
accumulated debt at 873 million dollars.

The official spoke during the third country objective forum
organized by the American Chamber of Commerce and consulting firm
Deloitte, Dominican Today relates.


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


AMERICAN AGENCIES: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                       Case No.
       ------                                       --------
       American Agencies Co., Inc.                  15-07088
       Urbanizacion Caribe
       Sector El Cinco
       1554 Avenida Ponce De Leon
       Barrio Monacillos
       San Juan, PR 00926

       New Steel, Inc.                              15-07090
       Carr. 887 KM 0.7
       Ind. Julio N. Matos
       Bo. Saint Just
       Carolina, PR 00986

Nature of Business: Manufacturer of steel structures

Chapter 11 Petition Date: September 15, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtors' Counsel: Carmen D Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  Email: notices@condelaw.com

Debtors'          Doris Barroso Vicens, CPA
Accountant:       RSM ROC & COMPANY

                                       Total       Total
                                      Assets     Liabilities
                                    ----------   -----------
American Agencies Co.                $6.8-Mil.    $9.7-Mil.
New Steel, Inc.                      $8.4-Mil.    $12.2-Mil.

Total Assets: $6.8 million

Total Liabilities: $9.7 million

The petition was signed by Omir Mendez, president.

A. List of American Agencies Co.'s 20 Largest Unsecured Creditors:


   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Air Louvers                            Vendor           $10,545

Blueline Rental PR, Inc.               Vendor            $7,030

Cal-Royal Products, Inc.               Vendor           $14,364

Carribean Express Freight, Inc.    Freight Services     $16,667

Caribe Tecno, S.E.                    Overpayment      $197,968

Daniel Delgado Lopez                Prof. Services      $17,635

Gonzalez Trading Corp.                 Vendor           $21,719

Hager Hinge Company                    Vendor           $23,795

Joviri, Inc.                        Credit Facility    $420,000
Ave. Ponce De Leon, #1554
Bo. Monacillos
San Juan, PR 00927

Lawrence Hardware 1, Inc.                 Vendor         $6,780

Linde Gas PR. Inc.                        Vendor         $8,047

Luis Figueroa                        Prof. Services      $4,840

Master Lock Company, LLC                  Vendor         $7,610

New Steel, Inc.                        Inventory &   $6,188,833
PO Box 9021516                           Services
San Juan, PR 00902-1216

Nu-Vue Industires of PR                   Vendor         $4,534

Overly Door Company                       Vendor         $6,225

Pioneer Industries, Inc.                  Vendor        $91,109

PR Wire Products, Inc.                    Vendor        $32,458

Sargent MFG. Co.                          Vendor        $26,625

Trujillo Trucking Rental, Inc.            Vendor         $5,800

B. List of New Steel's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Anacleto Jimenez                   Vacation Salary       $1,710

Angel Rodriquez Gonzalez           Preferred Stocks  $6,455,773
Las Flores De                         Type "A"
Montehiedra
300 Blvd. De La Montana
APT #646
San Juan, PR 00926-7029

Carolina Building Materials             Vendor           $9,926

Guillermo Menendez Rodriquez       Preferred Stock     $578,578
URB. Sagrado Corazon                  Type "B"
354  Calle San Gerardo
San Juan, PR 00926

Infra-Metals Company                    Vendor           $4,350

Jorge Velazquez                    Vacation Salary         $789

Jose Lajara                        Vacation Salary         $773

Jose Perez                         Vacation Salary         $829

Linde Gas PR, Inc.                      Vendor           $2,998

Lucy Rodriquez                     Preferred Stock   $1,818,304
URB. Sagrado Corazon                 Type "B"
354 Calle San Gerardo
San Juan, PR 00926

Power Security, Inc.              Security Services      $5,500

Praxair PR                             Vendor            $4,122

Prendes Safety                         Vendor              $870

Priscilla Menendez                 Preferred Stock     $578,578
URB. Sagrado Corazon                   Type "B"
San Genero 354
San Juan, PR 00926

Rafael Benitez                         Vendor            $1,016

Rimco, Inc.                            Vendor              $798

Rodriquez Vacuum Services, Inc.        Vendor            $2,250

Sherwin Williams Co.                   Vendor            $3,789

Sigma Sales, Inc.                      Vendor            $8,215

Steel Services & Supplies, Inc.        Vendor            $6,978



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


HESS CORP: USVI Gov't. Files Suit Seeking US$1.5BB in Damages
-------------------------------------------------------------
Caribbean 360 reports that the US Virgin Islands (USVI) government
has filed a lawsuit charging Hess Corporation, accusing the oil
company of serious violations of the territory's law after the
company abandoned operations at one of the largest gas refineries
in the western hemisphere nearly a decade before its legal
obligations were complete.

The report says the complaint against American integrated oil
company was filed in court Sept. 14.

Caribbean 360 relates that the government is seeking damages of at
least US$1.5 billion to cover US$150 million per year in benefits
to the people of the USVI over the 10-year period from 2012 to
2022 that Hess was obligated under the law to continue operating
the refinery. The damages triple under Virgin Islands law.

"This is not about a business disagreement. It is about Hess
breaking the law," the report quoted Governor Kenneth Mapp as
saying.  "The territory of the Virgin Islands expects that the law
is followed by every entity that does business here. Hess violated
the law and its obligations to the people. There are consequences
to breaking the law and Hess must fulfill its legal obligations to
the Territory."

According to Carribean 360, the Hess oil refinery was established
in the mid-1960s as a long-term commercial relationship based on
mutual obligations and benefits, involving the construction,
maintenance and operation of a large, world-class refinery on St.
Croix, the largest of the four main islands in the US Caribbean
territory.

The agreement, which included significant tax benefits for Hess,
was enacted by the Virgin Islands legislature. The agreement was
renewed most recently in 1998 with a legal obligation through
2022.

The report recalls that John Hess, the CEO of the Hess
Corporation, notified the government in January 2012 that the
company would shut down the refinery within a month, violating the
law that dictated operations through 2022, a statement from the
USVI government said.

"As a result of the shutdown of operations at the plant, thousands
of jobs were lost as well as income and other benefits for
government and people of the Virgin Islands. The refinery provided
more than a quarter of the private income on the island of St.
Croix. In addition to the economic hardship, there were
significant environmental consequences related to the plant
shutdown, for which Hess was fined US$40 million. Those fines have
not yet been paid," the statement added, the report relates.  "The
Virgin Islands government, during the past three years, has tried
to reach accommodations with Hess, including the sale of the
refinery. As recently as 2013, Hess was given additional
concessions to allow it time to sell the refinery, but failed to
honor their commitments it made even then."

The suit charges Hess in violation of the Criminally Influenced
Corrupt Organization Act and other violations.


HOVENSA LLC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Hovensa L.L.C.
        1 Estate Hope
        Christiansted, VI 00820

Case No.: 15-10003

Type of Business: Energy

Chapter 11 Petition Date: September 15, 2015

Court: United States Bankruptcy Court
       District of the Virgin Islands (St. Croix)

Judge: Hon. Mary F. Walrath

Debtor's Counsel: Richard H. Dollison, Esq.
                  LAW OFFICES OF RICHARD H. DOLLISON, P.C.
                  48 Dronningens Gade, Suite 2C
                  5302 Store Tvaer Gade, PMB 111
                  St. Thomas, VI 00802
                  Tel: 340-774-7044
                  Fax: 340-774-7045
                  Email: rhd@rdollisonlaw.com

Debtor's          PRIME CLERK LLC
Claims and
Noticing
Agent:

Estimated Assets: $100 million to $500 million

Estimated Liabilities: More than $1 billion

The petition was signed by Sloan Schoyer, authorized signatory.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
VWNA Caribbean, LLC                  Trade Debt        $1,225,000
1131 King Street
Christiansted, VI 00820-4971
United States

Geogas Trading SA                    Trade Debt          $840,000
28 Boulevard Pont D'Arve
Geneva, 1205
Switzerland

Pinnacle Services LLC                Trade Debt          $501,600
6002 Diamond Ruby - Ste 3-125
Christiansted, VI 00820
United States

Groundwater & Environmental          Trade Debt          $336,847
440 Creamery Way, Suite 500
Exton, PA 19341-2577
United States

AON Risk Services Companies, Inc.    Trade Debt          $191,198

AON Risk Services, Inc. of New York  Trade Debt          $135,873

Seven Seas Water Corp.               Trade Debt          $131,547

Christiansted Equipment, Ltd.        Trade Debt          $120,000

I-Tech                               Trade Debt           $96,000

Marine Services Tug & Tankers, Ltd.  Trade Debt           $93,391

Morgan Lewis & Bockius LLP          Legal Services        $61,703

National Response Corporation        Trade Debt      Undetermined

Pension Benefit Guaranty Corp       Pension Plan     Undetermined

United States Environmental         Environmental    undetermined
Protection Agency, Region 2          Obligations

United Steel Workers AFL/CIO-CLC       Union         Undetermined
                                    Obligations

United Industrial Workers of the       Union         Undetermined
Seafarers International Union       Obligations
of North America AFL/CIO

Government of the Virgin Islands     Litigation      Undetermined

Commonwealth of Puerto Rico          Litigation      Undetermined

Francisca Almestica and Avilio       Litigation      Undetermined
Navarro Jr., et al.

Cruz, Elvira, Et al., v.             Litigation      Undetermined
Hovensa, LLC


HOVENSA LLC: Files for Ch.11, To Sell Assets to Limetree for $184M
------------------------------------------------------------------
Hovensa L.L.C. has filed for Chapter 11 bankruptcy protection
blaming, among other things, fluctuating crude oil prices due to
the 2008 economic downturn.

Hovensa's oil refinery operations suffered approximately $1.3
billion in financial losses between 2009 and 2011.

In addition to significant challenges from competition from other
fuel suppliers, the Debtor said it also faces additional potential
liabilities, including those relating to environmental compliance
and remediation obligations and pending and potential lawsuits.

Hovensa idled some of its refinery operations in 2011 and its
remaining refinery operations in February 2012, terminating close
to 300 employees (including independent contractors).  Hovensa
continued to operate its facility solely as an oil storage
terminal.

The Debtor believes that the marketing and sale process for its
assets is the only and best path forward.  To this end, the Debtor
entered into a definitive stalking horse asset purchase agreement
with Limetree Bay Holdings, LLC, pursuant to which Limetree will
acquire the Debtor's assets for $184 million, subjec to higher and
better bids.

"If consummated, the sale transaction with the Stalking Horse
Bidder . . . will generate proceeds sufficient to pay in full in
cash the $40 million secured claim asserted by the Government of
the Virgin Islands in connection with certain prepetition
litigation regarding alleged environmental liability," says Thomas
E. Hill, proposed chief restructuring officer of the Debtor.

As of the Petition Date, the Debtor has approximately $750,000 in
cash on hand.  Hovensa has no outstanding secured or unsecured
funded debt, other than with respect to the promissory note
obligations, and does not have a credit facility with any lender.

Hovensa is a joint venture between Hess Oil Virgin Islands
Corporation, a subsidiary of Hess Corporation, and PDVSA V.I.,
Inc.

HOVIC and PDV-VI have agreed to provide the Debtor with $40
million of additional liquidity through a debtor-in-possession
financing facility.

                          DPNR Settlement

Hovensa became subject to a lawsuit initiated by the Virgin
Islands Department of Planning and Natural Resources on May 5,
2005, which alleged that HOVIC's and Hovensa's operations at the
refinery contaminated and injured the public's natural resources,
the marine environment, plant life, and wildlife.  The DPNR sought
damages, the reimbursement of costs associated with the
government's investigation and litigation, and the performance of
environmental cleanup and remediation.

Following extensive litigation, in which a number of the DPNR's
claims were dismissed, Hovensa decided that despite its view that
the remaining claims were without merit, it needed to settle the
DPNR Litigation in order to allow it to pursue a marketing and
sale process free from the overhang of litigation.  Accordingly,
on May 28, 2014, in anticipation of a sale, HOVIC and Hovensa
entered into a settlement agreement with the DPNR, pursuant to
which Hovensa agreed to pay the GVI $43.5 million in settlement of
the purported $800 million in claims raised by the DPNR complaint.

Hovensa paid $3.5 million of the settlement amount immediately
upon the execution of the DPNR Settlement Agreement.  The
remaining $40 million obligation remains outstanding as of the
bankruptcy filing date.  Pursuant to the DPNR Settlement
Agreement, in consideration for Hovensa's agreement to pay $43.5
million to the GVI and to grant a first priority lien on certain
of its assets, the GVI released HOVIC, Hovensa, and related
parties from all claims asserted in the DPNR Litigation and
associated litigation costs.

Hovensa expected that it would be able to pay the remaining $40
million payment in respect of the DPNR Settlement Agreement by
Dec. 31, 2014, in connection with a sale transaction with Atlantic
Basin Refining.  However, when the ABR Sale Transaction was
rejected by the USVI Senate, Hovensa was unable to make the
additional payment by that date.

On Jan. 26, 2015, the GVI commenced a Superior Court foreclosure
action to collect the $40 million payment under the DPNR
Settlement Agreement, despite the USVI Senate's decision to reject
the ABR Operating Agreement that would have funded the payment.
On March 17, 2015, Hovensas filed an answer to the GVI's
complaint.  As of the Petition Date, the Foreclosure Action
remains in its preliminary stages.

The Honorable Douglas A. Brady, presiding over the Foreclosure
Action, has issued, sua sponte, an order requiring Hovensa and the
GVI to meet and confer on a discovery schedule to be put into
place by Sept. 30, 2015.

                          Sale Agreement

Starting in November 2013, Hovensa and its professional advisors
engaged in an extensive marketing and sale process to find a
purchaser for all of its assets.

Nearly a year after the failed ABR Sale Transaction, the Debtor
ultimately entered into the APA with Limetree, an affiliate of
ArcLight Capital Partners, LLC.

Under the APA, the Debtor has agreed to sell, subject to higher
and better offers and approval of the Court, certain assets,
including all of its oil storage terminal assets, for a purchase
price of $184 million.

Simultaneously with the commencement of the chapter 11 case, the
Debtor has filed a motion seeking approval of bidding procedures
pursuant to which a competitive sale process will take place.  By
this process, the Debtor will solicit bids for the sale of the its
assets.

Amanda Rayborn at Platts, citing people familiar with the matter,
says Limetree Bay wants to scrap plans to operate the complex as a
refinery and instead reboot it as a storage facility with 15
million barrels of operable capacity.

"Other parties will have the opportunity to submit competing
offers for Hovensa's assets . . . and a federal judge will ensure
that the 'highest and best' offer is approved," Platts quoted the
Company as saying.

Citing the Company, Lauren Baccus and Stephanie Hanlon-Nugent at
St. Croix Source report that proceeds from any sale will be used
to repay creditors, and the the U.S. Virgin Islands -- owed at $40
million -- will be the first creditor paid.

Gov. Kenneth Mapp insists that the government is owed a total of
$92 million and hopes that through the lawsuit, the government
would get $1.5 billion in damages for the territory in addition to
the sale of the terminal, St. Croix Source says.

The sale, according to St. Croix Source, hinges on the approval of
an operating accord with the V.I. government, and then approval of
that agreement by the V.I. Senate and the Bankruptcy Court.

As reported by the Troubled Company Reporter on Sept. 16, 2015,
citing an Associated Press article, the V.I. Government sued the
Company for more than $1 billion, alleging that the Company
abandoned a massive oil refinery it had pledged to run through the
year 2022.  The complaint alleged that Hess conspired to strip the
facility's assets in order to leave the government with claims
against a broke, polluted and inoperable refinery, the report
further noted.

                         First Day Motions

To enable the Debtor to achieve its objectives in this chapter 11
case, the Debtor is seeking approval to:

   (a) obtain post-petition financing;

   (b) use existing cash management system;

   (c) pay critical vendor claims;

   (d) honor employee obligations;

   (e) prohibit utility providers from discontinuing services;
       and

   (f) extend time to file Schedules and Statements.

A copy of the declaration filed in support of the First Day
Motions is available for free at:

       http://bankrupt.com/misc/3_HOVENSA_Declaration.pdf

                         About Hovensa

Hovensa, L.L.C. produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

The Law Offices of Richard H. Dollison, P.C., serves as the
Debtor's counsel.  Prime Clerk LLC is the Debtor's claims and
noticing agent.

Judge Mary F. Walrath is assigned to the case.



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

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