TCRLA_Public/150921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, September 21, 2015, Vol. 16, No. 186


                            Headlines



A R G E N T I N A

TOYOTA COMPANIA: Moody's Puts B1 Sr. Debt Rating on ARS130MM Notes


B A H A M A S

BAHA MAR: CCA Bahamas Comments on Chapter 11 Case Memorandum


B O L I V I A

BOLIVIA: Small-Scale Farmers to Get $62-Million IDB Loan


B R A Z I L

ESPIRITO SANTO: S&P Affirms 'BB+' Rating; Outlook Negative
FORD: Accepts Plan to Avert Layoffs in Brazil
MASISA SA: Fitch Lowers IDR to 'B+'; Outlook Remains Negative


C A Y M A N  I S L A N D S

BACH II MOZART: Creditors' Proofs of Debt Due Sept. 30
GMPIM EQUITY: Creditors' Proofs of Debt Due Sept. 30
JUMAR ALLOCATION: Placed Under Voluntary Wind-Up
KING'S REEF: Creditors' Proofs of Debt Due Sept. 23
NESOI LIMITED: Creditors' Proofs of Debt Due Sept. 30

PYRAMIS GLOBAL CARE: Placed Under Voluntary Wind-Up
PYRAMIS GLOBAL HEALTH: Placed Under Voluntary Wind-Up
PYRAMIS GLOBAL MASTER: Placed Under Voluntary Wind-Up
PYRAMIS GLOBAL NEUTRAL: Placed Under Voluntary Wind-Up
RAFFLES CITY: Placed Under Voluntary Wind-Up

SIGNUM VERDE 2007-04: S&P Lowers Credit Rating to BB
TIEDEMANN DISTRESSED: Placed Under Voluntary Wind-Up
TRACTMANAGER INTERNATIONAL: Placed Under Voluntary Wind-Up
WALNUT STREET: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Haiti Ban on Products Again Roils Ties


M E X I C O

* 2016 Budget Could Affect Some States Negatively, says Moody's


P U E R T O    R I C O

ANNA'S LINENS: Court Approves Hiring of BDO as Accountant
ANNA'S LINENS: Court Okays Hiring of RCS as Real Estate Consultant
PUERTO RICO ELECTRIC: Sanctions Bid Over Talks Just a Distraction


T R I N I D A D  &  T O B A G O

TRINIDAD AND TOBAGO: To Begin Discussion With Venezuela


V I R G I N   I S L A N D S

HOVENSA LLC: Files for Ch.11, To Sell Assets to Limetree for $184M


X X X X X X X X X

* BOND PRICING: For the Week From Sept. 14 to Sept. 18, 2015


                            - - - - -


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


TOYOTA COMPANIA: Moody's Puts B1 Sr. Debt Rating on ARS130MM Notes
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B1 local currency global senior debt rating and a
Aaa.ar national scale debt rating to Toyota Compania Financiera de
Argentina S.A. expected issuance up to ARS130 million of senior
notes. The issuance, which will due in 21 months, is under
Toyota's ARS800 million senior unsecured medium term note program.
At the same time, Moody's assigned B2 global scale and a Aa2.ar
national scale debts ratings to the company's planned 7-year
subordinated debt issuance for up to ARS50 million. This will be
the second issuance under the company's ARS200 million
subordinated debt program.

All the ratings have negative outlook.

The following ratings were assigned to Toyota Compania Financiera
de Argentina:

ARS130 million Senior Unsecured Debt Issuance:

  B1 Global Local Currency Senior Unsecured Debt Rating

  Aaa.ar Argentina National Scale Local Currency Senior Unsecured
  Debt Rating

  ARS50 million Subordinated Debt Issuance:

  B2 Global Local Currency Subordinated Debt Rating

  Aa2.ar Argentina National Scale Local Currency Subordinated Debt
  Rating

RATINGS RATIONALE

The B1 global local currency senior debt and deposit ratings are
reflect the very high probability that Toyota's ultimate parent,
the Toyota Motor Corporation (Japan) (Aa3 stable), will support
the issuer, whose standalone credit quality is reflected by its
caa1 BCA. Nevertheless, the ratings are constrained by Argentina's
local currency country ceiling of B1. The local currency
subordinated debt ratings are notched down from the bank's senior
debt ratings to reflect higher expected loss due to subordination.

Moody's assessment of a very high probability of parental support
considers TCFA's key role as the financial agent for Toyota
Corporation in Argentina and its strong commercial and strategic
importance to the corporation. Notwithstanding a sharp slowdown,
Toyota is one of the few car manufacturers to have experienced a
growth in sales in Argentina in 2014. TCFA finances 20% of
Toyota's sales in Argentina. Thanks to parental support, the
company remains one of the strongest credits in Argentina despite
significant credit challenges that constrain TCFA's BCA and its
debt ratings relative to global peers.

These challenges include the difficult operating environment in
Argentina, characterized by economic deceleration, increasing
inflation, and growing policy uncertainty. Car finance companies
in Argentina, including TCFA, have suffered a sharp slowdown of
loan growth and revenue due to new lending rate caps on auto
lending and an increase in sales taxes on automobiles in force
since early 2014.

While non-performers remain low at just 1.34% of total loans for
the time being given the company's focus on middle and high-income
individuals, we foresee a potential increase in delinquency levels
given the current economic situation. However, the company's loans
are well collateralized due to generally conservative underwriting
standards as well as the impact of the high rate of inflation, as
a consequence of which cars hold their value in nominal terms
despite being used.

The ratings also include the risk associated with a liability
structure mainly reliant on market funds. At the same time, the
company has a very weak liquidity profile, with liquid resources
equal to just 7.4% of its total assets. These challenges outweigh
credit strengths that include strong capitalization levels in
addition to low delinquency levels and strong collateralization.

Toyota's negative outlook, which is in line with the negative
outlook on the Argentina's Caa1 issuer rating, reflects the
country's deteriorating operating environment.

What could move the rating up or down

Given the negative outlook, the ratings have no upward pressure at
this time. The ratings could face downward pressure if the
operating environment deteriorates further, affecting the
entities' business prospects, asset quality, profitability or
capitalization, or if the country ceiling is lowered.

Toyota Compania Financiera de Argentina S.A. is headquartered in
Buenos Aires, Argentina, with assets of ARS1.52 billion and equity
of ARS208 million as of June 2015.


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


BAHA MAR: CCA Bahamas Comments on Chapter 11 Case Memorandum
------------------------------------------------------------
CCA Bahamas Ltd., a wholly owned indirect subsidiary of China
State Construction Engineering Corporation Limited and the
construction manager/general contractor for the $3.5 billion Baha
Mar resort project, on Sept. 16 issued the following statement in
response to The United States Bankruptcy Court for the District of
Delaware's memorandum regarding motions to dismiss Baha Mar Ltd.'s
Chapter 11 cases.

"CCA Bahamas welcomes Judge Kevin Carey's ruling to dismiss the
vast majority of Baha Mar Ltd.'s Chapter 11 cases and supports the
Court's decision that issues concerning the Baha Mar Resort
Project are best resolved within The Bahamas.  This decision
protects the interests of all principal stakeholders and provides
greatest certainty to the future of the Baha Mar Resort.

"CCA Bahamas remains committed to working with the Provisional
Liquidators appointed by The Bahamian Supreme Court as this
process moves forward.  We possess unique expertise and
understanding of the project, and we stand ready, willing and able
to re-mobilize the appropriate resources to complete the Baha Mar
Resort as soon as possible."

Established in 1985, China Construction America (CCA) is the North
American and South American subsidiary of CSCEC.  CSCEC is a
public company listed on the Shanghai Stock Exchange with a total
market capitalization of $48 billion as of June 2015.  Ranked 37th
among Fortune Global 500 companies in 2015 and no. 1 on the ENR
Global Contractors list in 2014,  CSCEC is unrivaled by any other
construction company in the world.

CCA Bahamas is a wholly owned indirect subsidiary of CSCEC with
founding principles of integrity and innovation with quality
assurance and value creation.  With revenue of approximately $2
billion in 2014, CCA is ranked no. 32 top contractor in the US.
In accordance with its core values, CCA is committed to creating
value for all stakeholders and building a better Bahamas and a
better world.

                          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 O L I V I A
=============


BOLIVIA: Small-Scale Farmers to Get $62-Million IDB Loan
---------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan so that
small-scale farmers can adopt technologies that will boost their
farm output, the value of their production and their efficiency in
Bolivia.

Direct support will finance the distribution of non-refundable
vouchers to cover partially the costs of adopting different farm
technologies including mechanized irrigation, dehydrators, mills,
huskers, electrified fences and greenhouses, and overall tecnical
assistance.

The program aims to benefit 45,500 small-scale, low-income
producers from indigenous communities.  The operation hopes to
promote the participation of farm women by facilitating contact
with associations of women who work the land and providing gender-
specific technical assistance, among other kinds of aid.

This is the second initiative in Bolivia that seeks to use IDB
support to boost productivity and competitiveness in the sector by
furnishing farm technologies.

Evaluation of the impact of the first such program showed that it
increased income of the targeted households by 36 percent.  It
also eased the risk of food insecurity by at least 32 percent.
Agriculture is a key part of the Bolivian economy.

It accounts for nearly 13 percent of GDP and provides jobs for
approximately 30 percent of the workforce, and 62 percent in rural
areas.

Still, despite the expansion and high potential of the farm
sector, Bolivia has one of the lowest levels of productivity in
the region.  According to the Food and Agriculture Organization of
the United Nations, farm output of grain and tubers is about 43
percent of the average in the rest of South America.

The total cost of the program is $62 million and will be financed
by the IDB with the blended loan approach. A total of $49.6
million will come from Ordinary Capital resources, with a 30-year
repayment period, a grace period of six years and an interest rate
pegged to the LIBOR.  The remaining $12.4 million will come from
the Fund for Special Operations, with grace and repayment periods
of 40 years and an interest rate of 0.25 percent.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2015, Fitch Ratings has upgraded Bolivia's long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'BB'
from 'BB-'.  Fitch also upgraded the issue ratings on Bolivia's
senior unsecured foreign and local currency bonds to 'BB' from
'BB-'.



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


ESPIRITO SANTO: S&P Affirms 'BB+' Rating; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA' Brazil national scale ratings on Espirito Santo
Centrais Eletricas S.A. (Escelsa).  The outlook on both ratings
remains negative.

At the same time, S&P affirmed its 'brAA' rating on Bandeirante
Energia S.A.  The outlook also remains negative.

S&P views Bandeirante and Escelsa as "core" entities for EDP
Energias do Brasil S.A.'s (EDP Brasil; not rated) business
activities and strategy.  Therefore S&P's ratings on these two
companies are based on EDP Brasil's consolidated figures and
business strategy.  Another key consideration is S&P's belief that
EDP Brasil is a "strategically important" subsidiary for its
controlling shareholder, EDP - Energias de Portugal S.A. (EDP;
BB+/Positive/B) as the consolidated Brazilian operation is the
group's third-largest EBITDA contributor, about 17% in 2014.


FORD: Accepts Plan to Avert Layoffs in Brazil
---------------------------------------------
EFE News reports that U.S. multinational automaker Ford will trim
hours and labor costs at its factory in the southeastern Brazilian
city of Sao Bernardo do Campo under a government program that will
avert the company's plans to lay off 200 workers, a labor union
said.

Ford and workers' representatives agreed to adhere to the federal
government-proposed employment protection program, or PPE, that
entails a reduction in the work day and salaries, the
metalworkers' union of the ABC, an industrial region of Greater
Sao Paulo that includes Sao Bernardo do Campo, said in a statement
obtained by the news agency.

After the agreement was reached, workers announced the end of a
strike launched in protest against the planned layoffs by Ford,
EFE News notes.

Earlier, Mercedes-Benz and Volkswagen, which also have operations
in the ABC, agreed to adhere to the same program, the report
relates.

In talks with the union, the three companies negotiated a 20
percent reduction in the work day for six months, extendable by an
equal length of time, and a 10 percent decrease in salaries, the
report says.

EFE News discloses that the remaining 10 percent of the salary
reduction will be financed by the FAT workers' protection fund,
one of the mechanisms included in the PPE.

The automotive sector in Brazil, hard hit by an end to years of
cheap credit and tax breaks and a contracting domestic economy, is
in severe crisis, the report notes.

Brazil's economy is in technical recession after contracting for
two consecutive quarters, while interest rates are high to keep
inflation in check, the report relays.  To provide a boost to
struggling automakers and other sectors, state-controlled banks
said they would offer credit lines with lower interest rates, the
report notes.

Auto sales in Brazil plunged 23.9 percent in August from the same
month of last year and were down 8.9 percent relative to July, the
National Association of Car Manufacturers, or Anfavea, said, the
report discloses.

The sector has responded by taking measures to cut output,
including reducing work days and even carrying out mass layoffs at
some factories, the report adds.


MASISA SA: Fitch Lowers IDR to 'B+'; Outlook Remains Negative
-------------------------------------------------------------
Effective Sept. 16, 2015, Fitch Ratings has downgraded the Foreign
and Local Currency Issuer Default Ratings (IDRs) of Masisa S.A. to
'B+' from 'BB' and National long term rating to 'BBB(cl)' from
'A-(cl)'.  The Rating Outlook remains Negative.

KEY RATING DRIVERS

Significantly Weaker Brazil Operations:

The downgrade of Masisa's ratings reflects lower than expected
EBITDA generation in Brazil and Fitch's expectation that the
company will continue to struggle in this market during 2016 and
2017.  Fitch had previously cited a deterioration of Brazil's
EBITDA contribution as a key rating factor for negative rating
actions.  The Negative Outlook reflects continued concern about
economic weakness in the region.  Should measures to bolster
Masisa's capital structure not materialize additional negative
rating actions will be considered.

Due to the deterioration Brazil's economy, Fitch expects that
Masisa's Brazilian EBITDA will decrease to below $20 million in
2015, a 28% decline from the prior year.  Excluding Venezuela and
Argentina, Brazil represented 18% of recurrent EBITDA for the
first half of 2015 (1H15), down from 32% in 2014 and 41% in 2013.
In the past, Masisa has generated more than $40 million of EBITDA
in this market.

Spike in Leverage:

Fitch expects that Masisa's EBITDA will decrease considering
weaker results from Brazil and sluggish economic growth throughout
the region, while the company's debt levels remain elevated due to
a number of recent investments.  Fitch's base case expectations
for the company's net debt/EBITDA ratio, excluding operations in
Venezuela and Argentina but including cash dividends received from
Argentina, stand at 8.1x in 2015, 8.2x in 2016, and 7.2x in 2017.
Fitch does not include the divestment program of non-core assets
for about $100 million that Masisa recently announced in these
calculations.  It also does not include in EBITDA the non-
recurrent sale of standing wood for $23 million during April 2015.

Masisa's total debt increased as of June 30, 2015 to $815 million,
up from $768 million as of Dec. 31, 2014.  The growth in debt amid
difficult macroeconomic conditions across the Latam region
resulted in a net debt/EBITDA ratio on a recurrent EBITDA basis
(excluding Argentina and Venezuela, but including the Argentine
cash dividend) of 7.2x.  This remains elevated compared to the
6.2x ratio averaged by the company between 2011 and 2013.

Slow Contribution from Mexico:

Potential cash flow relief provided by the completion of Masisa's
new MDF plant in Mexico is not projected to offset the substantial
decline in Brazilian operations until 2018.  The mill is expected
to add $5 million to EBITDA during 2016 as it ramps-up production
and has the potential to increase consolidated EBITDA by over $20
million going forward.  Capex should reach a peak of $140 million
during 2015 of which $80 million is related to completing the MDF
plant in Mexico and the balance of $60 million for industrial and
forestry maintenance.

The company is expected to revert to maintenance capex levels in
2016 and 2017 of around $50 million per year.  The MDF plant in
Mexico will have an annual capacity of 220,000 cubic meters.  This
mill includes a 100,000 cubic meter melamine facility.
Construction of the mill started at the end of May 2014, with 2015
planned to be the most intensive construction period.  Total cost
of the MDF plant is expected to be between $120 million and $125
million.

KEY ASSUMPTIONS

Fitch's assumptions within the rating case for Masisa exclude the
recently announced divestment of non-core assets for about $100
million and the non-recurrent sale of standing wood.  Fitch's key
assumptions include:

   -- Brazilian EBITDA declining to below $20 million in 2015 and
      remaining flat in 2016 and 2017;
   -- EBITDA contributions from Mexico operations of around $16
      million in 2015 and $18 million in 2016;
   -- EBITDA of around $52 million from Chile in 2015, with flat
      growth expected, and EBITDA margins of around 11%;
   -- Gross debt of around $790 million in 2015, remaining stable
      in the following years;
   -- Total capex of $140 million in 2015, $50 million in 2016 and
      2017;
   -- Dividends of around $30 million in 2015, keeping a 30%
      dividend policy going forward.

RATING SENSITIVITIES

Track Record of Shareholder Support:

Shareholder support has been a key credit consideration as a
result of past equity contributions.  Masisa's Rating Outlook
could be revised to Stable and/or its ratings could be upgraded
should the shareholders strengthen its capital structure.  Fitch's
median total debt/EBITDA ratio for the 'BB' rating category is
4.3x.  Fitch excludes Venezuela from its analysis of Masisa, but
considers the cash dividends received from Argentina.  Faster than
anticipated ramp-up of the MDF plant in Mexico with cash
generation growth from this country significantly above Fitch's
base case expectations may also be a positive rating driver,
contributing to sustained positive FCF generation.

Negative Rating Drivers:

Masisa's ratings may be downgraded further should the economic
scenario in Brazil continue to deteriorate, resulting in lower
than expected EBITDA generation.  A delay in the MDF plant in
Mexico being completed could further pressure the ratings.

LIQUIDITY

Refinancing of Short-Term Debt Anticipated:

Masisa's liquidity position is adequate for operational purposes
with $53 million of cash and equivalents, of which $32 million was
held outside Venezuela and Argentina as of June 30, 2015, compared
with $61 million as of Dec. 31, 2014.  Masisa made a non-recurring
sale of standing wood for $23 million during April 2015, which
benefited the company's liquidity.  The company had $139 million
of short-term debt, expected to be refinanced, and $675 million
long-term debt as of June. 30 2015, of which, $619 million is
related to the capital markets, $16 million bank debt, and $43
million in hedging liabilities.

Capital market debt comprised $316 million local currency
inflation-adjusted bonds issued in Chile and $298 million 9.5%
senior unsecured notes due in 2019, issued in May 2014.  Out of
Masisa's long-term debt of $675 million, $56 million is due in
2016, $53 million in 2017, $13 million in 2018 and $325 million in
2019.  Additionally, Masisa has $65 million in committed credit
lines and $30 million in uncommitted available credit lines.  To
strengthen the company's liquidity, Masisa has a program to divest
non-strategic assets by the first quarter of 2016, expecting to
raise around $100 million in proceeds.

FULL LIST OF RATING ACTIONS

Fitch has downgraded these ratings:

   -- Foreign and local currency IDRs to 'B+' from 'BB';
   -- National scale rating of Bond Line No. 356, No. 439, No.
      440, No. 560, No. 724, and No. 725, to 'BBB(cl)' from
      'A-(cl)';
   -- Long-term National Scale rating to 'BBB (cl)', from
      'A-(cl)';
   -- USD300 million senior unsecured 9.5% notes due 2019 to 'B+'
      from 'BB'; the notes are assigned an 'RR4' recovery rating
      and are unconditionally guaranteed by Forestal Tornagaleones
      and Masisa Forestal;
   -- National Short-term rating to 'N2(cl)' from 'N1(cl)'.

The Rating Outlook remains Negative.

In addition, Fitch has affirmed this rating:

   -- Equity rating at 'Primera Clase Nivel 3(cl)'.



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


BACH II MOZART: Creditors' Proofs of Debt Due Sept. 30
------------------------------------------------------
The creditors of Bach II Mozart Limited are required to file their
proofs of debt by Sept. 30, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 11, 2015.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

           Mourant Ozannes Cayman Liquidators Limited
           Reference: Peter Goulden
           Telephone: (+1) 345 949 4123
           Facsimile: (+1) 345 949 4647
           94 Solaris Avenue Camana Bay
           P.O. Box 1348 Grand Cayman KY1-1108
           Cayman Islands


GMPIM EQUITY: Creditors' Proofs of Debt Due Sept. 30
----------------------------------------------------
The creditors of GMPIM Equity Opportunities Feeder Fund, Ltd. are
required to file their proofs of debt by Sept. 30, 2015, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


JUMAR ALLOCATION: Placed Under Voluntary Wind-Up
------------------------------------------------
On Aug. 21, 2015, the sole shareholder of Jumar Allocation Fund
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Bangor Corporation Ltd.
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


KING'S REEF: Creditors' Proofs of Debt Due Sept. 23
---------------------------------------------------
The creditors of King's Reef, Ltd. are required to file their
proofs of debt by Sept. 23, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 17, 2015.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4, Cricket Square
          Grand Cayman KY1-1104 P.O. Box 268
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


NESOI LIMITED: Creditors' Proofs of Debt Due Sept. 30
-----------------------------------------------------
The creditors of Nesoi Limited are required to file their proofs
of debt by Sept. 30, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 2, 2015.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


PYRAMIS GLOBAL CARE: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Aug. 21, 2015, the sole shareholder of Pyramis Global Health
Care Long/Short Master Fund, Ltd. resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PYRAMIS GLOBAL HEALTH: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Aug. 21, 2015, the sole shareholder of Pyramis Global Health
Care Long/Short Fund, Ltd. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PYRAMIS GLOBAL MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Aug. 21, 2015, the sole shareholder of Pyramis Global Market
Neutral Master Fund, Ltd. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PYRAMIS GLOBAL NEUTRAL: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Aug. 21, 2015, the sole shareholder of Pyramis Global Market
Neutral Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


RAFFLES CITY: Placed Under Voluntary Wind-Up
--------------------------------------------
On Aug. 21, 2015, the sole shareholder of Raffles City Bahrain
Fund (Cayman) GP, Ltd. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Julie A. Gilbert
          c/o Jonathan Turnham
          Telephone: +1 (345) 815 1839
          Facsimile: +1 (345) 949 9877
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SIGNUM VERDE 2007-04: S&P Lowers Credit Rating to BB
----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB (sf)' from
'BBB- (sf)' its credit rating on Signum Verde Ltd.'s series 2007-
04.

The downgrade follows S&P's Sept. 10, 2015 rating action on
Petroleo Brasileiro S.A., which acts as the reference entity in
Signum Verde's series 2007-04.

S&P's rating on Signum Verde's series 2007-04 is linked to the
lower of S&P's rating on Petroleo Brasileiro, the swap
counterparty that is currently rated 'A', and the subordinated
notes that are rated 'BBB+'.  S&P has consequently lowered to
'BB (sf)' from 'BBB- (sf)' its rating on Signum Verde's series
2007-04.

Signum Verde's series 2007-04 is a repack transaction.

RATINGS LIST

Signum Verde Ltd.
CLP4.95 bil fixed-rate secured inflation-linked and credit-linked
to Petroleo Brasileiro S.A. and Petrobras International Finance
notes series 2007-04
                                    Ratings
Class            Identifier         To                 From
                 XS0329688138       BB (sf)            BBB- (sf)


TIEDEMANN DISTRESSED: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Aug. 21, 2015, the sole shareholder of Tiedemann Distressed
Opportunities, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Barbara Warga Naratil
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877

          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TRACTMANAGER INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On Aug. 21, 2015, the sole shareholder of Tractmanager
International GP Inc. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Tractmanager Cayman GP Inc.
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


WALNUT STREET: Placed Under Voluntary Wind-Up
---------------------------------------------
On Aug. 21, 2015, the sole shareholder of Walnut Street Offshore
Absolute Return Fund, Ltd. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Brandon Beauvais
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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


DOMINICAN REP: Haiti Ban on Products Again Roils Ties
-----------------------------------------------------
Dominican Today reports that the government of the Dominican
Republic recalled its ambassador in Haiti in protest to Port-au-
Prince's announced ban by overland entry of 23 Dominican products,
ostensibly to improve quality controls and ensure its population's
safety.

In a press release the Dominican Foreign Ministry announced the
recall of Ruben Silie for consultation and warned that if the
restriction is enacted -- which Haiti has yet to officially notify
-- would violate binational commitments between the two countries,
such as one on trade signed July 10, 2014, according to Dominican
Today.

For the Foreign Ministry, the ban also violates international
commitments by both countries within the World Trade Organization
(WTO) regarding, among other issues, the most favored nation
treatment, freedom of movement and the elimination of quantitative
restrictions, the report notes.

"This action involves a limitation to land trade between the two
countries, the same resulting discriminatory to the Dominican
Republic, as the only country which borders with the Republic of
Haiti, so we would be the only country in the WTO, which will be
affected by the prohibition, " the Foreign Ministry said, the
report relays.

The Government also cautioned that if materialized, the decision
announced by Haiti's government makes it more difficult to
reactivate the possibilities of talks and cooperation between the
two countries which thus far remain in limbo, the report says.

                        Millions in Losses

If the measure materializes, the economic cost to Dominican
Republic would be as high as US$100 million, according to
Dominican Exporters Association (Adoexpo) President Sadala Khoury,
the report says.

                            Repeat Ban

The latest ban on Dominican products comes just one year after
Haiti halted the entry of eggs and chickens, which also led to
millions in losses and also led to a jump in their prices across
the border, the report adds.

                   Minister Proposes Dialogue

In a separate report, Dominican Today disclosed that Dominican
Republic Industry and Commerce Minister Jose del Castillo said
that the Dominican government is willing to talk with its Haitian
counterpart to reach an understanding regarding the ban on 23
Dominican products.

The top official said the Haitian government will have to analyze
the possibility of withdrawing the measure that affects Dominican
industry and commerce, Haitian merchants, transporters and the
population, according to Dominican Today.

The report notes that Mr. Del Castillo said the Haitian
authorities suggested the products are transported by sea or air,
but according to the Dominican minister the logistics involved in
such transport would raise costs.

The minister stated that the 23 products banned by Haiti mean 47%
of Dominican exports to the neighboring country, the report says.
If Haiti does not lift the ban, it could cause the Dominican
Republic a loss of US$500 million, the report adds.


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


* 2016 Budget Could Affect Some States Negatively, says Moody's
---------------------------------------------------------------
Mexico's federal government 2016 budget proposal could have credit
negative consequences for some states. Under the current proposal,
liquidity levels of some states could erode or there could be
additional debt contracting, says Moody's Investors Service.

The proposal would cut by 23.58% "Convenios and other transfers",
which are used to fund states' infrastructure projects.

"These transfers effectively function as substitutes for debt, and
given the sizable fall in these transfers, states will probably
have to increase their leverage to fund projects", mentioned
Francisco Vazquez-Ahued, an assistant vice-president and analyst
at Moody's.

Between 2010 and 2014, states such as Guerrero (Ba2/A2.mx,
stable), Baja California Sur (unrated) and Quintana Roo (unrated),
saw a sharp increase in transfers from Convenios according to the
report "Mexico's 2016 Federal Budget Proposal Tilted to the
Downside for States".

However, an 11.9% increase in participaciones proposed by the
federal government will mitigate the effect of the reduction in
Convenios.

Aportaciones, earmarked transfers for basic public services are
expected to increase by 4.3% according to the budget proposal,
slightly below their 2010-14 average growth rate of 6.5%.

Although the positive outlook for participaciones would allow high
debt service coverage of enhanced loans, the sharp reduction in
Convenios and other transfers would lead states to increase their
debt levels or use their cash reserves to fund infrastructure
projects.


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


ANNA'S LINENS: Court Approves Hiring of BDO as Accountant
---------------------------------------------------------
Anna's Linens, Inc. sought and obtained permission from the Hon.
Theodor C. Albert of the U.S. Bankruptcy Court for the Central
District of California to employ BDO USA, LLP as accountant and
tax consultant, effective July 14, 2015.

The Debtor requires BDO to:

   (a) prepare the Debtor's federal, state and local income tax
       returns with supporting schedules for 2014 and 2015
       (the "Tax Returns");

   (b) assist the Debtor in responding to tax notices as received,

       if any, from various state and local tax authorities
       regarding income tax, sales tax, employment tax, or other
       tax matters (the "State Notices").

With respect to preparation of the 2014 and 2015 Income Tax
Returns, BDO seeks to be compensated a flat fee of $35,000.

For work performed in assisting the Debtor in connection with the
State Notices, BDO will be paid at these hourly rates:

       Staff                   $175
       Senior Associate        $250
       Manager                 $350
       Senior Manager          $425
       Partner                 $600

BDO will also be reimbursed for reasonable out-of-pocket expenses
incurred.

On the Petition Date, BDO had a claim against the Debtor's estate
in the amount of $143,300 for fees incurred prior to the Petition
Date related to the performance of assurance services to audit the
Debtor's 2014 financial statements and preliminary tax services
provided to start preparation of the Debtor's 2014 income tax
returns. However, BDO has agreed to waive its pre-petition claim
in the amount of $143,300.

David Des Roches, partner of BDO, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

BDO can be reached at:

       David Des Roches
       BDO USA, LLP
       3200 Bristol St., 4th Flr.
       Costa Mesa, CA 92626
       Tel: (714) 668-7372
       E-mail: ddesroches@bdo.com

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

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


ANNA'S LINENS: Court Okays Hiring of RCS as Real Estate Consultant
------------------------------------------------------------------
Anna's Linens, Inc. sought and obtained permission from the Hon.
Theodor C. Albert of the U.S. Bankruptcy Court for the Central
District of California to employ Retail Consulting Services, Inc.
dba RCS Real Estate Advisors as exclusive real estate consultant,
effective Sep. 1, 2015.

The Debtor requires RCS to:

   (a) prepare a Lease Portfolio Book organized by store showing
       (i) current lease terms, (ii) sales, (iii) profits, and
       (iv) occupancy cost and store contribution percentages
       relative to sales;

   (b) undertake an in-depth analysis of all lease real estate
       assets;

   (c) attend and participate in all Court hearings, Creditors'
       Committee meetings, and meetings with Debtor and Debtor's
       Counsel when requested to do so by the Debtor;

   (d) coordinate all real estate matters with Debtor, Debtor's
       Counsel and all other interested parties with respect to
       the Real Estate Action Plan, progress and ongoing
       modifications to said plan; and

   (e) offer properties for disposition on terms and conditions

       established by the Debtor, with the Debtor retaining the
       complete discretion and authority to accept or reject any
       offer.

RCS will be paid the following Fee Structure:

    -- Engagement Fee in the amount of $30,000 shall be paid (i)
       50% upon entry of the Bankruptcy Court order approving the
       Debtor's retention of RCS, and (ii) 50% on the earlier of
       the closing of a transaction that results in the
       disposition of all of the Disposition Properties or
       September 15, 2015.

    -- Transaction Fee shall be paid as a commission upon closing
       of a transaction that disposes of any or all of the
       Disposition Properties, whether by assignment to a third
       party or surrender to the respective landlords on terms and

       conditions satisfactory to the Debtor.

RCS will be paid at these hourly rates for additional services
that are beyond the scope of the letter agreement:

       President                     $750
       Senior Vice President         $650
       Vice President                $550
       Paralegal                     $375
       Administrators                $250

RCS will also be reimbursed for reasonable out-of-pocket expenses
incurred.

Ivan L. Friedman, president of RCS, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

RCS can be reached at:

       Ivan L. Friedman
       RCS REAL ESTATE ADVISORS
       450 West 34th Street
       New York, NY 10001
       Tel: (212) 239-1100
       Fax: (212) 268-5484

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

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


PUERTO RICO ELECTRIC: Sanctions Bid Over Talks Just a Distraction
-----------------------------------------------------------------
Jonathan Randles at Law360.com reports that Alchem Laboratory
attorneys accused of divulging information about confidential
settlement talks in a class action over alleged kickbacks to
distressed Puerto Rico utility Puerto Rico Electric Power
Authority (PREPA) defended themselves, saying the plaintiffs'
request for sanctions is merely a ploy to keep Alchem from beating
the case.

Alchem's counsel from Bufete Emmanuelli CSP and Trebilcock &
Rovira LLC filed a response in Puerto Rico federal court to the
plaintiffs' request for sanctions, according to Law360.com.  The
dispute is over an email Alchem's counsel referenced in a court
brief supporting the company's pending motion to dismiss the
litigation, the report notes.

The email was sent on April 24 by plaintiffs' attorney Elizabeth
Fegan -- beth@hbsslaw.com -- of Hagens Berman Sobol Shapiro LLP to
Alchem's counsel Rolando Emmanuelli-Jimenez of Bufete.  In the
email, which is marked confidential, Fegan recaps settlement talks
the parties had the week before, the report relays.

The email says plaintiffs' counsel are open to two options for
settling the litigation: in exchange for Alchem's cooperation and
information about PREPA and how the alleged scheme worked, counsel
would either provide the company a class wide release or dismiss
the lawsuit with prejudice, the report notes.

"As we agreed, we request that you maintain this proposal
confidential," Ms. Fegan wrote, the report discloses.

Alchem provided oil testing services for PREPA and other
suppliers.  In its motion to dismiss, which was filed in May, the
company says it "did not engage in any misconduct and has always
conducted its affairs correctly and ethically," Ms. Fegan added.

The company filed its reply brief in support of its motion on Aug.
14.  The brief references the April 24 email to support the
company's argument that the plaintiffs' lawsuit is filled with
inaccuracies, the report notes.

The report discloses: "The slightest pre-filing investigative
efforts would have resulted in a meeting with Alchem and the
avoidance of this case," the brief says, the report relays.
"However, plaintiffs chose to 'shoot first' and ask questions
later.  In fact, the first time plaintiffs sought to meet with
Alchem to investigate the facts was two (2) months after this case
was filed.  It was only then that they sought to investigate the
facts.  Please note the content and requests in the letter.
Alchem declined plaintiffs post-filing request by not even
submitting an answer to their letter."

Alchem said in a footnote: "Said letter is not provided to show
any liability or settlement issues.  It is only provided to show
the request made by plaintiffs two (2) months after they filed the
complaint." The email was later included in the court docket, the
report relays.

The plaintiffs argued that referencing the email violates a
federal rule prohibiting admission into evidence statements that
are made during settlement negotiations, the report says.  They
asked that the reply brief be stricken from the record and
sanctions be levied against Emmanuelli-Jimenez.

Alchem said that the email in question was not technically
attached to the reply brief at the time it was filed because of a
"clerical error," the report discloses.  It said the plaintiffs
are trumping up a bid for sanctions to try to foil the motion to
dismiss.

"Despite plaintiffs' 'unbrotherly' conduct, Alchem refuses to
follow their lead and waste the court's time with 'eye for an eye'
style litigation," Alchem said, the report relays.  "Cases should
be litigated on the merits, not by attacking counsels," Alchem
added.

The lawsuit was brought in February against PREPA and other fuel
companies the utility does business with, the report notes.
PREPA, like other Puerto Rican utilities, is struggling with
substantial debt.

The plaintiffs are represented by Jane Becker Whitaker of the Law
Offices of Jane Becker Whitaker, Steve Berman, Elizabeth Fegan and
Thomas Ahlering of Hagens Berman Sobol Shapiro LLP, J. Barton
Goplerud and Andrew Howie of Hudson Mallaney Shindler & Anderson
PC and Daniel Karon of Karon LLC.

Alchem is represented by Rolando Emmanuelli-Jimenez of Bufete
Emmanuelli CSP and Thomas Trebilcock-Horan of Trebilcock & Rovira
LLC.

The suit is Ismael Marrero Rolon v. Autoridad de Energia Electrica
aka Puerto Rico Electric Power Authority, case number 3:15-cv-
01167, in the U.S. District Court for the District of Puerto Rico.


                           *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said it maintained its 'CCC'
rating on the Puerto Rico Electric Power Authority's (PREPA) power
revenue bonds on CreditWatch with negative implications.  S&P
originally placed the rating on CreditWatch on June 18, 2014.

On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2.  This rating action concludes the
rating review that Moody's initiated on July 1, 2014.  PREPA's
rating outlook is negative.


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


TRINIDAD AND TOBAGO: To Begin Discussion With Venezuela
-------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Prime Minister
Dr. Keith Rowley said he had a "very long conversation" with
Venezuelan President Nicolas Maduro and the two countries were
preparing to hold meetings on energy, security and trade.

During his five years as Opposition Leader, Rowley had spoken
about the 10.25 trillion cubic feet gas field known as Loran-
Manatee off Trinidad's southwest coastline, according to Trinidad
Express.

For the past five years attempts to arrive at a resolution between
this country and Venezuela for the exploration of this field have
been unsuccessful, the report notes.

Speaking at an appreciation ceremony at Pier I, Chaguaramas, Mr.
Rowley appeared to be optimistic, the report relays.


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


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.



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


* BOND PRICING: For the Week From Sept. 14 to Sept. 18, 2015
------------------------------------------------------------

Issuer Name       Cpn   Bid Price   Maturity Date  Country  Curr
-----------       ---   ---------   -------------  -------  ----
Anton Oilfield    7.50     62.00      11/6/2018      CN      USD
Anton Oilfield    7.50     43.38      11/6/2018      CN      USD
Argentina Boco   21.06     51.70       1/4/2016      AR      ARS
Argentine Bona    1.75     75.74     10/28/2016      AR      USD
Argentine Bona    2.40     75.18      3/18/2018      AR      USD
Automotores Gi    8.25     46.15      5/24/2021      CL      USD
Automotores Gi    6.75     46.75      1/15/2023      CL      USD
Automotores Gi    8.25     48.75      5/24/2021      CL      USD
Automotores Gi    6.75     46.13      1/15/2023      CL      USD
Autopistas Met    6.75     72.84      6/30/2035      PR      USD
Autopistas Met    6.75     72.84      6/30/2035      PR      USD
Banco BPI SA/C    4.15     74.50     11/14/2035      KY      EUR
Banco do Estad    7.38     73.75       2/2/2022      BR      USD
Banco do Estad    7.38     95.40       2/2/2022      BR      USD
Banco Hipoteca    2.00     74.00       9/4/2018      AR      USD
Banco Mercanti    9.63     70.54      7/16/2020      BR      USD
Banco Mercanti    9.63     67.63      7/16/2020      BR      USD
CA La Electric    8.50     43.00      4/10/2018      VE      USD
CFG Investment    9.75     59.75      7/30/2019      PE      USD
CFG Investment    9.75     60.88      7/30/2019      PE      USD
China Precious    7.25     41.86       2/4/2018      HK      HKD
CSN Islands XI    6.88     61.25      9/21/2019      KY      USD
CSN Islands XI    6.88     88.75      9/21/2019      KY      USD
Decimo Primer     6.00     65.50     10/25/2041      PA      USD
Decimo Primer     4.54     54.25     10/25/2041      PA      USD
Ecuador Govern    6.50     66.23     11/25/2024      EC      USD
Ecuador Govern    6.50     65.59       1/1/2024      EC      USD
Ecuador Govern    5.36     67.52       9/5/2019      EC      USD
Ecuador Govern    6.50     72.57      5/20/2020      EC      USD
Ecuador Govern    4.30     73.04      3/12/2018      EC      USD
Ecuador Govern    6.50     65.42      12/1/2023      EC      USD
Ecuador Govern    6.21     64.22     12/30/2023      EC      USD
Ecuador Govern    6.21     63.97       1/1/2023      EC      USD
Ecuador Govern    7.00     70.08      5/20/2022      EC      USD
Ecuador Govern    6.50     65.45      11/1/2023      EC      USD
Ecuador Govern    5.93     64.02       9/5/2020      EC      USD
Ecuador Govern    4.30     68.78      10/4/2018      EC      USD
Ecuador Govern    5.64     65.32      10/1/2020      EC      USD
Ecuador Govern    5.36     66.48      12/1/2019      EC      USD
Ecuador Govern    5.07     70.97      12/1/2018      EC      USD
Ecuador Govern    7.00     70.38       3/6/2024      EC      USD
Ecuador Govern    6.21     64.46     11/25/2023      EC      USD
Ecuador Govern    5.61     61.34      12/1/2022      EC      USD
Ecuador Govern    5.64     63.08       9/5/2020      EC      USD
Ecuador Govern    5.93     64.01      10/1/2021      EC      USD
Ecuador Govern    5.64     65.07      11/1/2020      EC      USD
Ecuador Govern    5.93     63.87      11/1/2021      EC      USD
Ecuador Govern    5.36     67.20      10/1/2019      EC      USD
Ecuador Govern    4.30     68.34     10/29/2018      EC      USD
Ecuador Govern    5.93     63.63       1/1/2022      EC      USD
Ecuador Govern    6.21     64.93       9/5/2020      EC      USD
Ecuador Govern    5.93     63.75      12/1/2021      EC      USD
Ecuador Govern    5.07     72.07      10/1/2018      EC      USD
Ecuador Govern    5.07     70.43       1/1/2019      EC      USD
Ecuador Govern    5.07     70.87       9/5/2018      EC      USD
Ecuador Govern    5.36     66.13       1/1/2020      EC      USD
Ecuador Govern    5.07     71.51      11/1/2018      EC      USD
Ecuador Govern    5.36     66.83      11/1/2019      EC      USD
Ecuador Govern    5.07     74.18      4/26/2018      EC      USD
Ecuador Govern    5.07     74.47      4/11/2018      EC      USD
Ecuador Govern    5.07     72.43      7/26/2018      EC      USD
Ecuador Govern    5.07     70.80     10/29/2018      EC      USD
Ecuador Govern    5.07     71.32      9/26/2018      EC      USD
Ecuador Govern    5.07     69.39      1/29/2019      EC      USD
Ecuador Govern    5.07     73.77      5/17/2018      EC      USD
Ecuador Govern    5.07     73.77      5/17/2018      EC      USD
Ecuador Govern    5.07     73.13      6/20/2018      EC      USD
Ecuador Govern    6.21     64.11      11/1/2022      EC      USD
Ecuador Govern    5.64     64.83      12/1/2020      EC      USD
Ecuador Govern    5.07     74.31      4/19/2018      EC      USD
Ecuador Govern    5.07     71.82      8/28/2018      EC      USD
Ecuador Govern    5.07     67.20      7/30/2019      EC      USD
Ecuador Govern    5.07     65.69     11/25/2019      EC      USD
Ecuador Govern    5.07     68.04      5/26/2019      EC      USD
Ecuador Govern    5.07     68.11      5/21/2019      EC      USD
Ecuador Govern    5.07     66.50     12/30/2019      EC      USD
Ecuador Govern    5.64     61.62     11/25/2021      EC      USD
Ecuador Govern    5.93     63.37     11/25/2022      EC      USD
Ecuador Govern    5.36     63.19     11/25/2020      EC      USD
Ecuador Govern    5.36     63.71     12/30/2020      EC      USD
Ecuador Govern    5.93     64.13     12/30/2022      EC      USD
Ecuador Govern    5.64     62.51     12/30/2021      EC      USD
Ecuador Govern    6.40     67.81      6/12/2024      EC      USD
Ecuador Govern    7.95     72.32      6/20/2024      EC      USD
Ecuador Govern    7.95     73.16      6/20/2024      EC      USD
Energia Eolica    6.00     55.13      8/30/2034      PE      USD
Energia Eolica    6.00     55.13      8/30/2034      PE      USD
General Explor   11.50     63.63     11/13/2018      CA      USD
Glorious Prope   13.00     74.00     10/25/2015      HK      USD
Glorious Prope   13.25     57.75       3/4/2018      HK      USD
Greenfields Pe    9.00     10.00      5/31/2017      US      CAD
HC Internation    5.00     67.10     11/27/2019      CN      HKD
Hidili Industr    8.63     74.00      11/4/2015      CN      USD
Hidili Industr    8.63     63.98      11/4/2015      CN      USD
Honghua Group     7.45     39.02      9/25/2019      CN      USD
Honghua Group     7.45     39.75      9/25/2019      CN      USD
Inversiones Al    8.00     55.00     12/31/2018      CL      USD
Inversiones Al    8.00     55.50     12/31/2018      CL      USD
Inversora Elec    6.50     51.00      9/26/2017      AR      USD
Kaisa Group Ho   10.25     48.00       1/8/2020      CN      USD
Kaisa Group Ho    6.88     50.13      4/22/2016      CN      CNY
Kaisa Group Ho    9.00     47.25       6/6/2019      CN      USD
Kaisa Group Ho    8.00     69.83     12/20/2015      CN      CNY
MIE Holdings C    7.50     54.00      4/25/2019      HK      USD
MIE Holdings C    6.88     59.50       2/6/2018      HK      USD
MIE Holdings C    7.50     66.00      4/25/2019      HK      USD
Mongolian Mini    8.88     50.24      3/29/2017      MN      USD
Mongolian Mini    8.88     36.25      3/29/2017      MN      USD
Newland Intern    9.50     36.63       7/3/2017      PA      USD
Newland Intern    9.50     36.63       7/3/2017      PA      USD
Noble Holding     5.25     66.66      3/15/2042      KY      USD
Noble Holding     6.05     74.00       3/1/2041      KY      USD
Noble Holding     6.20     73.61       8/1/2040      KY      USD
NQ Mobile Inc     4.00     66.25     10/15/2018      CN      USD
Odebrecht Dril    6.35     52.50      6/30/2021      KY      USD
Odebrecht Dril    6.35     52.00      6/30/2021      KY      USD
Odebrecht Fina    4.38     60.00      4/25/2025      KY      USD
Odebrecht Fina    7.13     61.00      6/26/2042      KY      USD
Odebrecht Fina    5.13     71.75      6/26/2022      KY      USD
Odebrecht Fina    5.25     58.25      6/27/2029      KY      USD
Odebrecht Fina    8.25     62.55      4/25/2018      KY      BRL
Odebrecht Fina    6.00     77.25       4/5/2023      KY      USD
Odebrecht Fina    4.38     62.00      4/25/2025      KY      USD
Odebrecht Fina    5.25     59.75      6/27/2029      KY      USD
Odebrecht Fina    7.13     59.94      6/26/2042      KY      USD
Odebrecht Fina    5.13     83.00      6/26/2022      KY      USD
Odebrecht Fina    6.00     79.00       4/5/2023      KY      USD
Odebrecht Offs    6.63     40.00      10/1/2022      KY      USD
Odebrecht Offs    6.75     40.74      10/1/2022      KY      USD
Odebrecht Offs    6.63     40.00      10/1/2022      KY      USD
Odebrecht Offs    6.75     41.00      10/1/2022      KY      USD
Offshore Group    7.50     39.25      11/1/2019      KY      USD
Offshore Group    7.13     38.25       4/1/2023      KY      USD
Oi SA             5.75     66.00      2/10/2022      BR      USD
Oi SA             5.75     65.50      2/10/2022      BR      USD
Peru Governmen    3.27     74.53      2/12/2054      PE      PEN
Petroleos de V    8.50     73.00      11/2/2017      VE      USD
Petroleos de V    5.25     50.50      4/12/2017      VE      USD
Petroleos de V   12.75     49.00      2/17/2022      VE      USD
Petroleos de V    5.13     71.10     10/28/2016      VE      USD
Petroleos de V    9.00     38.15     11/17/2021      VE      USD
Petroleos de V    9.75     38.91      5/17/2035      VE      USD
Petroleos de V    5.38     33.10      4/12/2027      VE      USD
Petroleos de V    6.00     33.76      5/16/2024      VE      USD
Petroleos de V    6.00     33.53     11/15/2026      VE      USD
Petroleos de V    5.50     32.91      4/12/2037      VE      USD
Petroleos de V    8.50     72.95      11/2/2017      VE      USD
Petroleos de V    6.00     32.91      5/16/2024      VE      USD
Petroleos de V   12.75     44.15      2/17/2022      VE      USD
Petroleos de V    6.00     33.25     11/15/2026      VE      USD
Petroleos de V    9.75     34.15      5/17/2035      VE      USD
Petroleos de V    9.00     38.03     11/17/2021      VE      USD
Polarcus Ltd      8.00     13.00       6/7/2018      AE      USD
Polarcus Ltd      5.60     57.91      4/27/2018      AE      USD
Polarcus Ltd      8.53     22.31       7/8/2019      AE      NOK
Provincia del     4.00     66.32      12/4/2026      AR      USD
Schahin II Fin    5.88     28.00      9/25/2022      BR      USD
Schahin II Fin    5.88     30.50      9/25/2022      BR      USD
Sylph Ltd         3.35     55.91      6/22/2035      KY      USD
Telemar Norte     5.50     75.00     10/23/2020      BR      USD
Telemar Norte     5.50     74.25     10/23/2020      BR      USD
Telemar Norte     5.50     77.75     10/23/2020      BR      USD
Tonon Bioenerg    9.25     34.08      1/24/2020      BR      USD
Tonon Bioenerg    9.25     33.25      1/24/2020      BR      USD
Transocean Inc    6.80     71.50      3/15/2038      KY      USD
Transocean Inc    4.30     71.56     10/15/2022      KY      USD
Transocean Inc    7.50     73.47      4/15/2031      KY      USD
Transocean Inc    7.85     74.50     12/15/2041      KY      USD
Transocean Inc    7.45     74.39      4/15/2027      KY      USD
Uruguay Govern    3.70     73.92      6/26/2037      UY      UYU
USJ Acucar e A    9.88     37.00      11/9/2019      BR      USD
USJ Acucar e A    9.88     37.88      11/9/2019      BR      USD
Vale SA           5.63     70.43      9/11/2042      BR      USD
Vantage Drilli    5.50     58.25      7/15/2043      US      USD
Venezuela Gove   12.75     44.75      8/23/2022      VE      USD
Venezuela Gove   11.75     40.50     10/21/2026      VE      USD
Venezuela Gove   13.63     59.18      8/15/2018      VE      USD
Venezuela Gove    7.75     34.50     10/13/2019      VE      USD
Venezuela Gove    9.38     36.13      1/13/2034      VE      USD
Venezuela Gove    9.25     36.00       5/7/2028      VE      USD
Venezuela Gove    9.00     36.00       5/7/2023      VE      USD
Venezuela Gove    8.25     35.40     10/13/2024      VE      USD
Venezuela Gove    7.00     37.50      12/1/2018      VE      USD
Venezuela Gove    7.65     35.05      4/21/2025      VE      USD
Venezuela Gove    7.00     34.63      3/31/2038      VE      USD
Venezuela Gove   13.63     53.80      8/15/2018      VE      USD
Venezuela Gove   11.95     41.00       8/5/2031      VE      USD
Venezuela Gove    9.25     41.10      9/15/2027      VE      USD
Venezuela Gove    6.00     34.75      12/9/2020      VE      USD
Venezuela Gove   13.63     53.80      8/15/2018      VE      USD
Venezuela Gove    5.25     41.84      3/21/2019      VE      USD
Venezuela Gove    6.25     66.38       4/6/2017      VE      USD
Venezuela Gove    9.13     64.22      9/15/2017      VE      USD
VRG Linhas Aer   10.75     73.67      2/12/2023      BR      USD
VRG Linhas Aer   10.75     74.00      2/12/2023      BR      USD

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *