TCRLA_Public/150924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, September 24, 2015, Vol. 16, No. 189


                            Headlines



B R A Z I L

BRAZIL: August Current Account Gap Narrows More Than Forecast
COMPANHIA SIDERURGICA: Fitch Cuts Issuer Default Ratings to 'B+'
PETROLEO BRASILEIRO: Negotiates Sale of Gas Assets to Mitsui


C A Y M A N  I S L A N D S

EBL HOLDINGS: Shareholders' Final Meeting Set for Sept. 24
FR KENERSYS: Shareholders Receive Wind-Up Report
JUMAR ALLOCATION: Shareholder Receives Wind-Up Report
LONGACRE INTERNATIONAL: Shareholders' Meeting Today
MCC(15)CH INC: Shareholder Receives Wind-Up Report

RAFFLES CITY: Shareholder to Hear Wind-Up Report Today
RENAISSANCE BUSINESS: Shareholders Receive Wind-Up Report
RENAISSANCE REAL: Shareholders Receive Wind-Up Report
RENAISSANCE RUSSIA: Shareholders Receive Wind-Up Report
SERVERTIS FUND: Shareholder Receives Wind-Up Report

TIEDEMANN DISTRESSED: Shareholder Receives Wind-Up Report
TRACTMANAGER INT'L: Shareholder to Hear Wind-Up Report Today
WALNUT STREET: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haiti Nan on Products Very Bad, EU Says


J A M A I C A

JAMAICA: Economic Growth Tops Cabinet Retreat Agenda


P A R A G U A Y

PARAGUAY: To Get $30 Million-IDB Loan to Finance Housing Program


P U E R T O    R I C O

AMERICAN AGENCIES: Gets Interim OK to Use BPPR's Cash Collateral
AMERICAN AGENCIES: Section 341 Meeting Scheduled for Oct. 19
STANDARD REGISTER: Debtor Targeting November Approval of Plan


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Appeal Ruling Favoring Conoco in Case
PETROLEOS DE VENEZUELA: Buys Cargoes of Nigerian Crudes


                            - - - - -



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


BRAZIL: August Current Account Gap Narrows More Than Forecast
-------------------------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Brazil's current
account deficit narrowed more than economists forecast in August,
as a weaker currency boosts exports and crimps imports in Latin
America's largest economy.

The deficit in the current account, the broadest measure of trade
in goods and services, narrowed in August to $2.5 billion from a
revised $5.7 billion a month earlier, the central bank said in a
report distributed in Brasilia, according to Bloomberg News.  The
gap compares with a median estimate of $3.2 billion in a Bloomberg
survey of 27 analysts. The 12-month gap narrowed to $84.5 billion
from a revised $88.9 billion in July, the report notes.

The annual current account gap has been shrinking since the start
of the year as Latin America's biggest economy heads to its
longest recession since 1931, Bloomberg News relates.  Imports of
goods and services have plunged as inflation erodes wages,
Brazilian lose jobs and the real weakens, Bloomberg News says.

Swap rates on the contract due in January 2017, the most traded in
Sao Paulo Sept. 22, rose 15 basis points, or 0.15 percentage
point, to 15.76 percent at 10:41 local time.  The real weakened by
1.6 percent to 4.05 per U.S. dollar and has dropped 34 percent
this year, the most among 16 major currencies tracked by
Bloomberg.  The slumping currency is boosting the trade surplus by
forcing imports down more than exports.

Foreign investment in Brazil during the month fell to $5.2 billion
from $6 billion, Bloomberg News notes.  The central bank cut its
estimate for foreign investment this year to $65 billion from $80
billion, and its forecast for the current account deficit to $65
billion from $81 billion, Bloomberg News relates.

Brazil's economy is expected to contract 2.7 percent this year,
according to analysts surveyed by the central bank, before
dropping 0.8 percent in 2016. That would be the first two-year
skid since 1931, Bloomberg News discloses.

On Sept. 9, Standard & Poor's downgraded Brazil's credit rating to
junk status, the first among the three major rating companies to
do so.  Another downgrade to junk would force some investment
funds to exit the country, Bloomberg News adds.


COMPANHIA SIDERURGICA: Fitch Cuts Issuer Default Ratings to 'B+'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Foreign and Local
currency Issuer Default Ratings (IDRs) for Companhia Siderurgica
Nacional (CSN) to 'B+' from 'BB'. In conjunction with these
downgrades, Fitch has assigned a recovery rating of 'RR4' to the
securities that have been issued or guaranteed by CSN. Fitch has
also downgraded the company's National scale rating to 'A-(bra)'
from 'AA-(bra)'.

A primary consideration in the downgrades is Fitch's more negative
view of the long term price for iron ore. The drop in Fitch's
long-term outlook for iron ore from $70 per ton to around $60 per
ton decreases CSN's annual EBITDA by around BRL1.2 billion. At
this pricing level, the company would struggle to generate free
cash flow even if capex was kept to maintenance levels.

Fitch has used $50 per ton of iron ore in 2016 and $55 per ton in
2017 in its projections for CSN. At this level, Fitch projects
continued negative free cash flow generation for CSN. As a result,
asset sales will be required in order to stabilize the company's
leverage metrics. While Fitch believes non-core assets identified
for sale have meaningful value, monetizing these assets for
maximum value will be challenging in the current environment.
Potential divestments by CSN include its: 1) Tecon container
terminal; 2) hydroelectric generation assets; 3) holdings of
14.13% of the common shares and 20.68% of the preferred shares of
Usiminas, and 4) non-voting shares in MRS Logistica.

CSN's Rating Outlook remains Negative. Fitch anticipates revising
the Rating Outlook to Stable after the company finalizes the
Congonhas joint venture. CSN is anticipated to have an 88% stake
in this joint venture while an Asian consortium consisting of
Itochu Corporation, JFE Steel Corporation, Kobe Steel, Ltd,
Nisshin Steel Co. Ltd., Posco, and China Steel Corporation would
own the balance. CSN would contribute its Casa de Pedra iron ore
mine, 9% of its stake in MRS Logistica, as well as its 60% stake
in the Namisa iron ore joint venture. The Asian consortium would
contribute its 40% stake in Namisa.

KEY RATING DRIVERS

Cash Flow Pressure

Cash flow pressure is not expected to abate during 2016. Fitch
projects the company's free cash flow will be negative by BRL1.0
billion. This compares with CSN's negative free cash flow
projection of around BRL3.0 billion during 2015. The improvement
for 2016 relative to 1H2015 despite lower iron ore prices is due
to reduced working capital needs and higher interest income, as a
result of the company moving a significant portion of its cash and
marketable securities from the United States to Brazil.

Fitch projects CSN's net leverage will increase to around 6.7x in
2015 from 4.7x in 2014. Fitch's net leverage calculation excludes
CSN's proportional cash (BRL3.5 billion) held in Namisa during
2014 and 2015 and also removes several non-cash EBITDA adjustments
that are included by the company in its calculations. Fitch's base
case for 2016 assumes the Congonhas JV is completed and that the
cash currently held in Namisa is available to CSN. As a result,
net leverage remains flat at 6.7x despite negative FCF.

Headwinds Unlikely to Diminish in 2016

Headwinds faced by the company during the first six months of 2015
included the sharp drop in iron ore prices, a collapse in
Brazilian steel demand, and rising benchmark interest rates. The
first two variables are not projected to improve materially in
2016, while the interest rate pressure could diminish slightly.

Fitch calculates the drop in the average iron ore prices to USD60
per ton during 1H15 from USD111 in 1H14 to have lowered the
company's EBITDA by approximately BRL1.9 billion during this
comparable time period. CSN's working capital needs increased by
around BRL1.9 billion in the first semester of 2015, as the
company expanded its export sales of steel. An additional
challenge faced by the company was an increase in the benchmark
SELIC rate to 14.25% from 10.75% during 1H14. With BRL15 billion
of local currency debt, CSN's interest expenses were estimated to
have climbed by BRL300 million during the first half of the year.
For 2016, baseline expectations are that the SELIC will fall to
12.0%.

Solid Business Profile Despite Weak Capital Structure

CSN is one of two of the largest flat steel producers in Brazil,
with a strong domestic position. Its market share in products such
as tinplate and galvanized steel in Brazil were 88% and 39% during
2013. CSN's solid Brazilian market position resulted in a 25%
EBITDA margin from its steel division, which compares favorably
amongst its global peers. CSN's Brazilian steel industry position
is complemented by its seaborne iron business. CSN exported 28.9
million tons of iron ore (including 60% of Namisa's output) during
2014, nearly 89% of which went to Asia.

KEY ASSUMPTIONS

-- 1.9% increase in steel volumes sold;
-- 18% decline in iron ore volumes sold;
-- 22% EBITDA margin in 2015;
-- EBITDA of BRL3.4 billion in 2015;
-- $50 iron ore in 2016 and $55 in 2017 with a $60 long-term
    price estimate;
-- BRL2.2 billion of asset sales in 2016;
-- No dividends paid in 2016 and 2017.

RATING SENSITIVITIES

CSN's ratings could be downgraded for one or more of the following
reasons:

-- CSN's Japanese partners in the Namisa joint venture exercise
    their USD3.5 billion put option

-- Iron ore prices average below $50 for more than 12 months
    Failure to sell more than BRL4 billion of assets during the
    next two years

CSN's Rating Outlook will likely be revised to Stable when it
concludes the Congonhas joint venture.

A rating upgrade to 'BB-' or higher is contingent upon one or more
of the following factors:

-- An improvement in Fitch's long-term outlook for iron ore
-- Asset sales in excess of BRL4 billion
-- A material decline in Brazilian interest rates

LIQUIDITY

CSN had BRL7.8 billion of cash and marketable securities as of
June 30, 2015. This compares with BRL30.5 billion of debt. The
company faced debt amortization of BRL2.9 billion in 2016 and
BRL4.5 billion in 2017 as of June 30, 2015. Most of this debt is
with Brazilian banks. During September, CSN announced that it had
refinanced BRL1.3 billion of debt falling due in both 2016 and
2017 with Caixa. This debt now amortizes between 2018 and 2022.
Fitch believes that CSN will be successful in extending the terms
of its other Brazilian bank debt before the end of 2015.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

-- Long-term Foreign and Local currency IDRs to 'B+' from 'BB';
-- CSN National Long-Term rating to 'A-(bra)' from 'AA-(bra)';
-- CSN Islands XI senior unsecured Long-Term rating guaranteed by
    CSN to 'B+' from 'BB and assigned a recovery rating of RR4';
-- CSN Islands XII senior unsecured Long-Term rating guaranteed
    by CSN to 'B+' from 'BB' and assigned a recovery rating of
    RR4;
-- CSN Resources S.A. Senior unsecured USD Note Long-Term rating
    guaranteed by CSN to 'B+' from 'BB' and assigned a recovery
    rating of RR4.

The Rating Outlook remains Negative.


PETROLEO BRASILEIRO: Negotiates Sale of Gas Assets to Mitsui
------------------------------------------------------------
EFE News reports that Brazilian state-controlled oil giant
Petroleo Brasileiro S.A. said it was in the "final negotiating
phase" to sell a 49 percent stake in a subsidiary that will hold
all of its natural gas assets to Japan's Mitsui.

Petrobras and Mitsui are already partners in eight regional gas
distribution companies in Brazil, according to EFE News.

The report notes that the company has been working for several
months to create a subsidiary that would hold its 19 gas
distributors, which supply the fuel to all of Brazil's states.

The energy company has been negotiating the sale of a stake in the
gas unit for several weeks, with the buyer expected to be either
Mitsui Gas e Energia do Brasil, the Japanese trading company's
Brazilian subsidiary, or China's Beijing Gas, the report relates.

All that is needed to close the deal with Mitsui is approval of
the contract by the Petrobras board, as well as regulatory
approval, the Brazilian energy company said in a filing with
securities regulators, the report discloses.

The deal is part of Petrobras's divestment plan, which was
announced earlier this year.

The report notes that Petrobras plans to sell $15.1 billion in
assets this year and in 2016, generating much-needed cash amid
earnings woes caused by the collapse of oil prices, high debt
levels and difficulties in attracting investment.

Petrobras, which has lost access to capital markets financing amid
a massive corruption scandal, has written off nearly $2 billion in
corruption-related losses from the period between 2004 and 2014.

Mitsui Gas is one of the numerous companies being investigated
over possible diversion of funds from contracts with Petrobras,
the report relays.

Petrobras plans to create a unit to hold natural gas pipeline and
gas-fired power plant assets following the split-off of the gas
distribution business, the report adds.

                  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.


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


EBL HOLDINGS: Shareholders' Final Meeting Set for Sept. 24
----------------------------------------------------------
The shareholders of EBL Holdings Limited will hold their final
meeting on Sept. 24, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. 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: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of FR Kenersys Cayman I Ltd. received on
Sept. 22, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JUMAR ALLOCATION: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Jumar Allocation Fund received on Sept. 22,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Bangor Corporation Ltd.
          Name: Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


LONGACRE INTERNATIONAL: Shareholders' Meeting Today
---------------------------------------------------
The shareholders of Longacre International II, Ltd. will hold
their meeting today, Sept. 24, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MCC(15)CH INC: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of MCC(15)CH Inc. received on Sept. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Michael Saville
          c/o Felicia Connor
          10 Market Street, Box 765
          Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 769 7216
          Facsimile: +1 (345) 949 7120


RAFFLES CITY: Shareholder to Hear Wind-Up Report Today
------------------------------------------------------
The sole shareholder of Raffles City Bahrain Fund (Cayman) GP,
Ltd. will hear today, Sept. 24, 2015, at 12:00 noon, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Julie A. Gilbert
          c/o Jonathan Turnham
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


RENAISSANCE BUSINESS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Renaissance Business Real Estate Fund received
on Sept. 23, 2015, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


RENAISSANCE REAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Renaissance Real Estate Fund received on
Sept. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RENAISSANCE RUSSIA: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Renaissance Russia Fund SPC received on
Sept. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SERVERTIS FUND: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Servertis Fund I Ltd. received on Sept. 1,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Zais Group, LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TIEDEMANN DISTRESSED: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Tiedemann Distressed Opportunities, Ltd.
received on Sept. 22, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRACTMANAGER INT'L: Shareholder to Hear Wind-Up Report Today
------------------------------------------------------------
The sole shareholder of Tractmanager International GP Inc. will
hear today, Sept. 24, 2015, at 11:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Tractmanager Cayman GP Inc.
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


WALNUT STREET: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Walnut Street Offshore Absolute Return Fund,
Ltd received on Sept. 23, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Brandon Beauvais
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


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


DOMINICAN REPUBLIC: Haiti Nan on Products Very Bad, EU Says
-----------------------------------------------------------
Dominican Today reports that European Union Ambassador Alberto
Navarro called "very bad" Haiti's decision to ban the import of 23
Dominican products by land starting October 1 and noted that it
would harm the most disadvantaged.

Speaking in the European Commission's workshop for the Caribbean's
disaster preparedness program (DIPECHO), the diplomat said
assessments by the EU's commerce department in the country,
Haiti's measure would lead to higher prices of around 40 percent
for those products, according to Dominican Today.  "Such a measure
would be paid by the poorest," Mr. Navarro said, the report notes.

                            Favors Talks

The report relates that Mr. Navarro said he favors the resumption
of talks between both nations, which UN United Nations local
coordinator Lorenzo Jimenez de Luis also agrees.

"Speak, sit at the table and reach an understanding," Mr. Jimenez
said.

The financial institution Club of Madrid has also stressed the
need for such a "frank" dialogue to be held at the highest level,
the report adds.


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


JAMAICA: Economic Growth Tops Cabinet Retreat Agenda
----------------------------------------------------
RJR News reports that members of the Jamaican Cabinet are focusing
on the economy and the growth agenda during their two-day retreat.

On the first day of the retreat, Cabinet looked at opportunities
to expand growth. These include the expansion of the Business
Process Outsourcing sector to create 18,000 new jobs, and the
addition of more than 6,000 hotel rooms, including Integrated
Resort Developments, over the next three years, according to RJR
News.

The retreat will also look at, among other things, the strategic
priorities for 2016/17 and 2017/18, as well as budget priorities
for the next financial year, the report notes.

                          *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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P A R A G U A Y
===============


PARAGUAY: To Get $30 Million-IDB Loan to Finance Housing Program
----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $30
million loan to finance a home and neighborhood improvement
program that will help to enhance the quality of life in more than
5,000 low-income homes in the metropolitan area of Asuncion, the
capital of Paraguay.

The project includes the awarding of subsidies to improve and
expand more than 4,600 homes as well as funding to improve
physical and social infrastructure in La Chacarita Alta
neighborhood, which will benefit an additional 735 households.

"The program aims to reduce the shortage of high-quality housing
in Paraguay," said Roberto Camblor, IDB project team leader. An
estimated 87 percent of the housing stock in that area of the city
is considered low quality.

Improvements to La Chacarita Alta neighborhood include connections
to public service networks, construction of storm drain systems,
opening and improvement of roadways and the construction of urban
social infrastructure such as parks, health and educational
centers and day care facilities.

Also included are the relocation within the same neighborhood of
homes in at-risk areas, the regularization and delivery of
property titles and job-training and productive activities. The
program also will support improvements in the management,
monitoring and evaluation of housing programs at the National
Secretariat for Housing and Habitat.

The IDB credit of $30 million will be for 25 years, with a 10-year
grace period and an interest rate based on LIBOR.


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


AMERICAN AGENCIES: Gets Interim OK to Use BPPR's Cash Collateral
----------------------------------------------------------------
American Agencies Co., Inc. and New Steel, Inc., sought and
obtained permission from the Bankruptcy Court on Sept. 17 to use
cash collateral, on an emergency basis without hearing, for a
period of 15 days, in accordance with a prepared budget.

The Debtors requested approval to use cash collateral, comprised
of funds received from the operation of their business, to cover
preservation and operating expenses of the business and the
expenses related to the reorganization process.  The Debtors said
that without access to cash collateral, they will be forced to
immediately terminate operations and lay off their employees.

Prior to the Petition Date, the Debtors entered into a financial
obligation with Banco Popular de Puerto Rico for a revolving loan.
As a guarantee to the fulfillment of the credit agreement, the
Debtors executed a security agreement where they pledged as
collateral to the loan their inventory and account receivables,
among other assets.  As of the Petition Date, the records of the
Debtors reflect a debt to BPPR in the amount of $2,538,940.

American Agencies has scheduled inventory and account receivables
for the total amount of $4,586,614.  New Steel has scheduled
inventory for the amount of $2,340,989.

For the next 15 days, the Debtors anticipate incurring $316,521 in
expenses while at the same time receiving at least the same amount
in new funds in incoming receipts.

Pursuant to the Order, BPPR is granted, during the interim period,
replacement liens pursuant to Section 361 of the Bankruptcy Code
in order to provide adequate protection for the use of its Cash
Collateral.  The Debtors also are authorized to make monthly
payments on the principal of the prepetition secured debt with
BPPR in the amount of $15,000 as additional adequate protection.

"Due to the downturn in the construction business that has been
affecting the local economy for the past years, the Debtors will
not be able to continue full operations and be able to comply with
their financial commitments with BPPR and other creditors.
Therefore, the Debtors had no other alternative than to file for
relief pursuant to the provisions of Chapter 11 of the Bankruptcy
Code, in order to reorganize their finances, guarantee their
current operations and the payment to creditors," Carmen D. Conde
Torres, Esq, at C. Conde & Assoc., counsel to the Debtors, said.

Any objection to the Debtors' use of Cash Collateral by a
party-in-interest will be filed no later than noon on Monday,
Sept. 28, 2015.  Accordingly, if an objection is filed on or
before noon on Sept. 28, a hearing is scheduled on this matter on
Sept. 30, 2015, at 9:00 a.m. at the U.S. Bankruptcy Court, Jose V.
Toledo Federal Building and US Courthouse, 300 Recinto Sur Street,
Courtroom 1, Second Floor, San Juan, Puerto Rico.  If no
objections are timely filed, the Court will enter the appropriate
order.

A copy of the Interim Cash Collateral Order is available at:

   http://bankrupt.com/misc/13_AMERICAN_InterimOrdCollateral.pdf

                      About American Agencies

American Agencies Co., Inc. and New Steel, Inc., manufacturers of
steel structures, filed Chapter 11 bankruptcy petitions (Bankr. D.
P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15,
2015.  The petition was signed by Omir Mendez as president.

The Debtors sought substantive consolidation of their cases under
Lead Case 15-07088.

C. Conde & Associates represents the Debtors as counsel.  Doris
Barroso Vicens, CPA, at RSM ROC & Company, serves as the Debtors'
accountant.


AMERICAN AGENCIES: Section 341 Meeting Scheduled for Oct. 19
------------------------------------------------------------
A meeting of creditors in the bankruptcy case of American Agencies
Co Inc. will be held on Oct. 19, 2015, at 9:00 a.m. at 341 Meeting
Room, Ochoa Building, 500 Tanca Street, First Floor, San Juan.
A separate meeting of creditors will be held for New Steel, Inc.'s
bankruptcy case at 10:00 a.m. on the same date.

According to the docket, proofs of claim are due by Jan. 17, 2016.
For governmental units, the bar date is March 14, 2016.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                      About American Agencies

American Agencies Co., Inc. and New Steel, Inc., manufacturers of
steel structures, filed Chapter 11 bankruptcy petitions (Bankr. D.
P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15,
2015.  The petition was signed by Omir Mendez as president.

The Debtors sought substantive consolidation of their cases under
Lead Case 15-07088.

C. Conde & Associates has been engaged as the Debtors' counsel.
Doris Barroso Vicens, CPA, at RSM ROC & Company, serves as the
Debtors' accountant.


STANDARD REGISTER: Debtor Targeting November Approval of Plan
-------------------------------------------------------------
SRC Liquidation Company, et al., filed with the U.S. Bankruptcy
Court for the District of Delaware a Chapter 11 plan of
liquidation, which proposes to pay 1% of the allowed claims of
general unsecured creditors.

According to the explanatory Disclosure Statement, the Debtors'
assets were sold to Taylor Corp., a privately held company in the
same business as the Debtors.  The proceeds from the Taylor Sale
were used to (i) repay the Debtors' Postpetition DIP Financing,
(ii) pay the Claims of the First Lien Term Lenders, (iii) pay a
portion of the Claims of the Second Lien Term Lenders, and (iv)
fund the $5 million GUC Cash Payment.

Taylor also assumed certain limited obligations of the Debtors and
advanced approximately $15.076 million to the Debtors to be used
by the Debtors for the payment of claims related to the wind-down
of the Debtors and their Chapter 11 Cases.  The Debtors used a
portion of the Wind-Down Amount to loan $600,000 to the GUC Trust
as the GUC Trust Seed Funding Amount.  Any portion of the Wind-
Down Amount that is not used to pay claims related to the wind-
down of the Debtors and to wind down the Chapter 11 Cases will be
returned to Taylor, although it is not currently anticipated that
there will be any excess Wind-Down Amount to return to Taylor.

The Debtors propose the following confirmation schedule:

   Deadline to Submit Ballots and
   Third Party Opt-Out Election             Nov. 2, 2015

   Deadline to Object to Disclosure
   Statement and Plan Confirmation          Nov. 2, 2015

   Hearing on Disclosure Statement
   Approval and Plan Confirmation           Nov. 19, 2015

Andrew R. Vara, Acting United States Trustee for Region 3,
objected to the Debtors' motion to approve the Disclosure
Statement and schedule confirmation of the Plan, which motion was
filed prior to Sept. 18, asserting that the U.S. Trustee must have
an adequate opportunity to review the Plan and Disclosure
Statement before the scheduled hearing on the Motion.  The review
is critical to ensure that the Plan and Disclosure Statement do
not contain provisions, errors, or omissions that render the Plan
unconfirmable or that would require re-solicitation before the
Plan could be confirmed, thereby undermining the economies sought
through the proposed combined hearing, the U.S. Trustee asserted.

A full-text copy of the Disclosure Statement dated Sept. 18, 2015,
is available at http://bankrupt.com/misc/SRCds0918.pdf

Michael R. Nestor, Esq., Kara Hammond Coyle, Esq., Maris J.
Kandestin, Esq., and Andrew L. Magaziner, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware; and Michael A.
Rosenthal, Esq., Jeremy L. Graves, Esq., and Matthew G. Bouslog,
Esq., at Gibson, Dunn & Crutcher LLP, in New York, represent the
Debtors.

The U.S. Trustee is represented by Mark S. Kenney, Esq., Trial
Attorney, Office of the United States Trustee, in Wilmington,
Delaware.

                     About Standard Register

Standard Register provides market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets.  The Company
has operations in all U.S. states and Puerto Rico, and currently
employs 3,500 full-time employees and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: To Appeal Ruling Favoring Conoco in Case
----------------------------------------------------------------
EFE News reports that Petroleos de Venezuela S.A. (PDVSA) said it
would appeal a U.S. federal court ruling upholding ConocoPhillips'
acquisition of its stake in a delayed coking unit at a Texas
refinery.

"PDVSA is convinced the decision is incorrect and that the
acquisition was unlawful. Therefore, a notice of appeal will be
filed shortly to continue defending PDVSA's interests," the oil
company said in a statement, according to EFE News.

The report notes that PDVSA and Conoco formed a 50-50 joint
venture in the late 1990s to operate the unit at the refinery,
Venezuela's state-run AVN news agency said.

AVN noted that Phillips 66, which was spun off from Conoco in
2012, currently owns and operates the coking unit and the rest of
the Sweeny refinery, located in Old Ocean, Texas, the report says.

The federal court in New York upheld a ruling last year by the
Paris-based International Chamber of Commerce, which found in an
arbitration case filed in 2010 that Phillips 66 had sole ownership
in the refinery because PDVSA had forfeited its stake by failing
to supply a contractually agreed amount of crude, the report
discloses.

The report notes that PDVSA received no compensation for its 50
percent stake in the delayed coking unit based on a calculation in
which the dividends it had received were subtracted from its
capital contributions, according to several U.S. media reports.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2015, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
Petroleos de Venezuela S.A. (PDVSA) to 'CCC' from 'CCC+'.  The
outlook is negative.


PETROLEOS DE VENEZUELA: Buys Cargoes of Nigerian Crudes
-------------------------------------------------------
Business Day Online reports that Petroleos de Venezuela S.A.
(PDVSA) has bought three new cargoes of Angolan and Nigerian
crudes for delivery at Bullenbay terminal in the Caribbean island
of Curacao, according to traders and Thomson Reuters vessel
tracking data.

PDVSA started buying African crudes in June to use them as
diluents for its extra heavy oil and since then it has received
some 5 million barrels at Bullenbay, where it operates a storage
and blending terminal, according to Business Day Online.

The report notes that the first three cargoes of Nigerian Bonny
Light and Bonga crudes, 1 million barrels each, were bought from
oil firm Royal Dutch Shell and were discharged from June to July.

A new cargo loaded with 1 million barrels of Angolan light crude
Cabinda also supplied by Shell was loaded on Aug. 19 and arrived
in Curacao on Sept. 5 on taker Arctic, the tracking data shows,
the report relates.

The report says that tanker Stena Superior loaded last month with
up to 1 million barrels of Angolan Kissanje medium blend and is
moored around Bullenbay waiting to unload, according to the data.
The provider of this crude has not been identified by tracking
systems.

The report says that the most recent cargo of African crude bought
by PDVSA was loaded with Nigerian crude on tanker Seavoyager at
Bonny Offshore Terminal and it is now on its way to Curacao.  This
cargo was also sold by Shell, traders detailed, the report relays.

Venezuela, with vast oil reserves, started importing light crude
last year for first time in its history and since then it has
bought Algerian, Nigerian, Russian and Angolan light and medium
grades. Most of the oil is being used as diluent to formulate
exportable blends, the report notes.

The company is now trying to organize its crude purchases through
a public offer that last month received proposals from at least
six foreign companies, including Shell, Norway's Statoil, U.S.
Chevron, India's Reliance Industries Ltd and Essar Oil and
PetroChina Co, the report discloses.

Results of this offer are expected for this month. PDVSA is buying
spot cargoes in the meantime, traders said, the report adds.

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2015, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
Petroleos de Venezuela S.A. (PDVSA) to 'CCC' from 'CCC+'.  The
outlook is negative.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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