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

            Thursday, October 8, 2015, Vol. 16, No. 199


                            Headlines



B R A Z I L

BRAZIL: Worsening State Debt Mess Ensnares Foreign Bondholders
BRAZIL: Analysts See Economy Contracting 2.85%
PETROLEO BRASILEIRO: Cuts 2015-2016 Investment by $11 Billion


C A Y M A N  I S L A N D S

ALBERTA COAL: Creditors' Proofs of Debt Due Oct. 20
DOMAIN MANAGEMENT: Creditors' Proofs of Debt Due Oct. 20
DOMAIN VENTURE: Creditors' Proofs of Debt Due Oct. 20
DRIFT LTD: Creditors' Proofs of Debt Due Oct. 28
FAMOUS FOUR: Creditors' Proofs of Debt Due Oct. 20

HERING OVERSEAS: Placed Under Voluntary Wind-Up
JVP FUND: Shareholder to Hear Wind-Up Report on Nov. 2
OXEN SKIN: Creditors' Proofs of Debt Due Nov. 10
SCHAHIN II: Fitch Cuts 2012-1 Notes Rating to 'D'
TBG MASTER: Creditors' Proofs of Debt Due Oct. 28


J A M A I C A

DIGICEL GROUP: Puts Initial Public Offer on Hold


M E X I C O

AXTEL SAB: Telecomm. Revamp Rewards Distressed Bond Holders
AXTEL SAB: Fitch Puts 'BB-(mex)' Nat'l LT Rating on Pos. Watch


P U E R T O    R I C O

AES PUERTO RICO: Fitch Keeps Negative Watch on 'CC' Bond Ratings
ANNA'S LINENS: Withdraws Request for Bid Protections
ANNA'S LINENS: Sells Stores to Decron, FP
BORDERS GROUP: Supreme Court Won't Review Gift Card Case
COCO BEACH GOLF: Expects to File Chapter 11 Plan by Nov. 10


X X X X X X X X X

LATAM: World Bank Warns Job Market Weakening


                            - - - - -


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


BRAZIL: Worsening State Debt Mess Ensnares Foreign Bondholders
--------------------------------------------------------------
Filipe Pacheco at Bloomberg News reports that Brazil's deepening
state-debt woes are spreading to the overseas bond market.  Minas
Gerais's $1.27 billion of notes due in 2028 have lost 16.2 percent
in the past four months as the finances of the country's second-
most populous state deteriorate and a plunge in the real makes
repaying foreign debt more expensive, according to Bloomberg News.

Bloomberg News relates that the slump is almost seven times the
average decline in emerging-market bonds.  Brazil's worst
recession in a quarter century is wreaking havoc on municipal
finances, with at least five states receiving court approval to
delay some debt payments to the federal government in the past
month, Bloomberg News notes.

Bloomberg News relays that Minas Gerais, the state with the
highest amount of notes in the market, forecasts its budget
deficit will swell to BRL10 billion ($2.54 billion) this year, the
biggest since at least 2010.

"We see a very complicated financial situation for the state,"
John Welch, a strategist at Canadian Imperial Bank of Commerce,
said by phone from Toronto, Bloomberg News discloses.  As part of
a federal bailout of states in 1997, Brazil banned its local
governments from borrowing in capital markets, Bloomberg News
notes.  But it allowed Minas Gerais to take out a $1.3 billion
loan with Credit Suisse Group AG in November 2012 so the state
could repay debt owed to a government-controlled electric utility,
Bloomberg News says.

Four months later, the loan was repackaged and issued as a bond
that's guaranteed by the federal government, Bloomberg News
discloses.

"Brazil's government eased the conditions for states to take on
new debt," Bloomberg News quoted Mr. Welch as saying.  "Now, there
is this strong need for a fiscal adjustment in the country, and
the country is weaker.  It seems like we are about to see the
return of a problem that seemed to be solved."

The press office for the Finance Secretary of Minas Gerais said in
an e-mailed statement that the state will continue to service its
debt as outlined in the contract with Credit Suisse, Bloomberg
News says.

The Treasury's press office said in an e-mail that it is the
guarantor of the debt and if the state doesn't pay, it can execute
guarantees to mitigate losses, Bloomberg News relays.  Embattled
President Dilma Rousseff is struggling to push through austerity
measures to stem rating downgrades that have triggered a selloff
in the nation's financial markets, Bloomberg News discloses.

Brazil's real sank to a record low in September after Standard &
Poor's cut the country's rating to junk, the third downgrade
during Rousseff's almost five-year tenure, Bloomberg News relays.

Latin America's biggest economy will shrink 2.5 percent this year
and contract 0.5 percent in 2016, according to S&P, after growing
0.2 percent in 2014, Bloomberg News notes.

Minas Gerais's bonds sold by Credit Suisse now yield 9.14 percent,
compared with 5.5 percent when they were issued in 2013, data
compiled by Bloomberg show.  Among Brazilian states, Minas Gerais
has the second highest debt-to-revenue ratio after Rio Grande do
Sul, which defaulted on debt payments to the federal treasury in
August and September, Bloomberg News says.

"Minas Gerais's high indebtedness and tenuous liquidity position
leave the state more vulnerable to an increase in its cost of
debt," an analyst at Paco Debonnaire, said from Moody's Investors
Service Sao Paulo, Bloomberg News relays.  "We don't see Minas
Gerais being able to re-balance its accounts in the short term due
to the strong decline in tax collection and little ability to
renegotiate its debt."


BRAZIL: Analysts See Economy Contracting 2.85%
----------------------------------------------
EFE News reports that analysts expect Brazil's economy to contract
by 2.85 percent this year, the Central Bank said.

The GDP estimate comes from the Boletin Focus, a weekly Central
Bank survey of analysts from about 100 private financial
institutions on the state of the national economy, according to
EFE News.


PETROLEO BRASILEIRO: Cuts 2015-2016 Investment by $11 Billion
-------------------------------------------------------------
EFE News reports that state-controlled oil company Petroleo
Brasileiro S.A., Brazil's largest corporation, said it planned to
cut investment by $11 billion in 2015 and 2016 due to the "new oil
price level and exchange rates."

The company, caught up in a gigantic corruption scandal, also said
in a statement that it would trim operating expenses by $7 billion
over the same period, according to EFE News.

                    About Petroleo Brasileiro

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

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

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

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

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

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


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


ALBERTA COAL: Creditors' Proofs of Debt Due Oct. 20
---------------------------------------------------
The creditors of Alberta Coal Corporation are required to file
their proofs of debt by Oct. 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 31, 2015.

The company's liquidator is:

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


DOMAIN MANAGEMENT: Creditors' Proofs of Debt Due Oct. 20
--------------------------------------------------------
The creditors of Domain Management II Limited are required to file
their proofs of debt by Oct. 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2015.

The company's liquidator is:

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


DOMAIN VENTURE: Creditors' Proofs of Debt Due Oct. 20
-----------------------------------------------------
The creditors of Domain Venture Partners II Limited are required
to file their proofs of debt by Oct. 20, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2015.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on Sept. 10, 2015.

The company's liquidator is:

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


FAMOUS FOUR: Creditors' Proofs of Debt Due Oct. 20
--------------------------------------------------
The creditors of Famous Four Media 2 Limited are required to file
their proofs of debt by Oct. 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2015.

The company's liquidator is:

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


HERING OVERSEAS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Aug. 24, 2015, the sole shareholder of Hering Overseas Ltd.
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

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


JVP FUND: Shareholder to Hear Wind-Up Report on Nov. 2
------------------------------------------------------
The shareholder of JVP Fund Cayman Ltd will hear on Nov. 2, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


OXEN SKIN: Creditors' Proofs of Debt Due Nov. 10
------------------------------------------------
The creditors of Oxen Skin Limited are required to file their
proofs of debt by Nov. 10, 2015, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola VG 1110
          British Virgin Islands
          Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


SCHAHIN II: Fitch Cuts 2012-1 Notes Rating to 'D'
-------------------------------------------------
Fitch Ratings has downgraded the senior secured series 2012-1
notes issued by Schahin II Finance Company (SPV) Limited to 'D'
from 'CC' following the recent missed payment of scheduled
interest due in September 2015. The Recovery Estimate (RE) is
revised to 'RE50' from 'RE65'. The outstanding balance of the
notes is approximately $651.5 million.

The notes currently benefit from a naval mortgage on the vessel
Sertao, a dynamically positioned drilling unit that until April
2015 was operating on the offshore waters of Brazil. Initially,
the notes were also backed by flows related to a long-term charter
and services agreement signed with Petroleo Brasileiro S.A
(Petrobras: 'BBB-'; Outlook Negative) for the use of this
drillship. Schahin Petroleo e Gas was the original operator of the
drilling rig, a new rig manager has been recently appointed to act
on behalf of the majority controlling party.

KEY RATING DRIVERS

Missed Scheduled Interest Payment: Fitch's rating action on the
notes follows the recent missed payment of scheduled interest due
in September 2015. On Sept. 26, 2015 Fitch received notification
from the indenture trustee indicating that the majority
controlling party had advised not to make any payments on the
September payment date on an attempt to preserve the value of the
collateral.

Outstanding Reserves: As of August 2015, the balance of the
reserve accounts was approximately $61.6 million with the $42
million related to the debt service reserve account (DSRA) of
which $40 million are in the form of a letter of credit (LC). Cash
in the reserve accounts was used in September to make the
following payments: (i) insurance fees, (ii) Sertao's operating
expenses, (iii) restructuring agent fees, and (iv) transaction
fees. The majority controlling party also instructed the indenture
to draw for the remaining amounts on the DSRA LCs.

Operator Replacement: On April 17, 2015 certain entities within
the Schahin group filed for recuperacao judicial resulting in a
technical event of default of the notes, this resulted in an
operator replacement event. In September 2015, the indenture
trustee exercised its rights and acting at the direction of the
majority controlling party, terminated Schahin Petroleo e Gas as
Sertao's operator. A new rig manager, V. Ships, has been appointed
by the majority controlling party to assist in the management of
the vessel during the asset disposition process. .

RECOVERY ESTIMATES

Fitch has revised the notes' RE to 'RE50' from 'RE65', reflecting
an estimate of the potential cash flows generated by the
liquidation of the assets under market conditions.

Fitch assigns REs to all classes rated 'CCC' or below. REs are
forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.
REs do not reflect the actual recovery noteholders may get upon
sale of the underlying vessels or potential restructuring of the
notes.

Offshore drillers have been facing softening market conditions due
to decreased demand and a significant backlog of newbuilds. The
more than 50% drop in oil prices has compounded the effects of the
oversupply cycle, resulting in a decline in market dayrates of
roughly 50% from pre-cycle levels and heightened pressure on
utilization rates. Fitch continues to believe that medium-term
demand will rebound and absorb newer high-quality assets that
operate more efficiently

According to Fitch's estimates and considering potential legal
fees, mobilization fees and additional exportation costs, the
agency has revised the notes' REs to 'RE50'.

RATING SENSITIVITIES

The 'D' rating will be withdrawn within 11 months of Oct. 6's
date.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.


TBG MASTER: Creditors' Proofs of Debt Due Oct. 28
-------------------------------------------------
The creditors of TBG Master Trading Fund SPC are required to file
their proofs of debt by Oct. 28, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 8, 2015.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          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


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


DIGICEL GROUP: Puts Initial Public Offer on Hold
------------------------------------------------
RJR News reports that Digicel Group Limited has decided not to
proceed with its Initial Public Offer at this time.

In a statement, the telecommunications company said, despite
significant support for the IPO from a high quality group of
investors during the marketing period, current conditions,
particularly in emerging markets, have negatively affected
transaction momentum over recent days, according to RJR News.

Denis O'Brien, Chairman of Digicel, said recent volatility in
equity markets has seen several IPOs listing at a discount to
their signaled price range, and this, he said, was a less
attractive route for the company, the report relays.

According to Digicel, the company still intends to exploit areas
of interest in: Data, Business Solutions, Cable TV as well as
Broadband, the report notes.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL

  -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
     Outlook;

  -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
     'B-/RR5';

  -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
     -/RR5'.

DL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- USD 250 million 7% senior notes due 2020 at 'B/RR4';

  -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';

  -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- Senior secured credit facility at 'B+/RR3'.


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


AXTEL SAB: Telecomm. Revamp Rewards Distressed Bond Holders
-----------------------------------------------------------
Ben Bain at Bloomberg News reports that Mexico President Enrique
Pena Nieto's push to open the telecommunications industry is
finally starting to pay off for bondholders who bet the legal
changes would make Axtel SAB takeover target.

Axtel SAB, which has less than a tenth of the fixed-line customers
of dominant player America Movil SAB, agreed to be acquired by
investment-grade conglomerate Alfa SAB in an all-stock deal,
according to Bloomberg News.

Bloomberg News notes that the good fortune for bond investors has
its roots in constitutional changes passed in July 2014 that
sought to bolster competition in an industry long dominated by
billionaire Carlos Slim's America Movil.

After regulators eliminated fees that smaller carriers paid to
connect calls to rivals' networks, the notion of building a
competitor to Slim's behemoth suddenly became more realistic for
companies with money to invest, including Alfa, Bloomberg News
relays.

"There is a growing belief that the reforms are real, and
participants are positioning to take advantage of potential
opportunities," Robert Rauch, who oversees $5.7 billion of assets
at Gramercy Fund Management LLC in Greenwich, Connecticut,
including Axtel bonds, said in an e-mail obtained by Bloomberg
News.

It's quite a turnaround for a company that lost money in four of
the past five years and was forced to restructure its bonds in
2013, when it was unable to pay its debt, Bloomberg News relays.

Axtel controls about 4 percent of the country's fixed-line
telephones, compared with 63 percent for America Movil, 19 percent
for Grupo Televisa SAB and 1.4 percent for Maxcom
Telecomunicaciones SAB.

Bloomberg News relays that Axtel will issue new stock to Alfa to
give it control, the companies said.  Financial terms weren't
released and Axtel, which will be merged with Alfa's Alestra unit,
will continue to be publicly traded, Bloomberg News notes.

Alestra has more corporate clients, while Axtel focuses on
residential customers, offering fiber-optic lines with video and
high-speed Internet in large cities such as Monterrey and Mexico
City, Bloomberg News says.

Prior to an announcement, Axtel's 2020 debt had returned 2.1
percent this year compared with an average 0.5 percent loss for
more than 1,000 emerging-market dollar bonds tracked by Bloomberg.

Standard & Poor's said it is considering raising Axtel's B-
rating, which is six levels below investment grade, on the view
that the combined company will be a stronger competitor, Bloomberg
News discloses.

S&P rates Alfa debt six steps higher at BBB- and said the
conglomerate probably will support Alestra financially if needed,
Bloomberg News relays.

"Axtel will have an improved competitive position and larger
scale, along with a robust network, more-solid commercial
operations and stronger metrics," the ratings company said in a
statement, Bloomberg News adds.


AXTEL SAB: Fitch Puts 'BB-(mex)' Nat'l LT Rating on Pos. Watch
--------------------------------------------------------------
Fitch Ratings has placed its ratings on Axtel S.A.B. de C.V.
(Axtel) on Rating Watch Positive following its announcement of a
memorandum of understanding to merge with Alestra S. de R.L. de
C.V. (Alestra).

Fitch currently rates Axtel's long-term Issuer Default Rating
(IDR) 'B'.

Alestra is a Mexican fixed-line telecom operator and is a wholly
owned subsidiary of Alfa S.A.B. de C.V. (Alfa), which is one of
the largest business groups in Mexico with a diversified business
portfolio. Axtel expects to close the merger by the end of the
year following the necessary notification/approval process related
with the telecom regulatory body and the stock exchange in Mexico.
Post the transaction, Alfa will own 51% of stakes in Axtel, and
Alestra will become a subsidiary of Axtel.

KEY RATING DRIVERS

Positive Merger Synergies:

The Rating Watch Positive reflects Fitch's view that the merged
entity will benefit from an economy of scale and operational
synergies, mainly in terms of network competitiveness and improved
efficiencies, as well as a stronger market presence in the
enterprise business segment in Mexico. Based on the operating
result of each entity during the last 12 months as of June 2015,
the combined revenues and EBITDA would amount to USD1.1 billion
and USD363 million, respectively, which compares to Axtel's stand-
alone figure of USD693 million and 192 million. Axtel expects to
achieve an operational synergy of MXN1 billion a year (equivalent
to USD60 million) once the operational integration is complete,
which would represent close to 20% improvement from the current
combined EBITDA level. Negatively, Axtel's small scale of
operation in the highly competitive Mexican telecom industry will
still remain a key credit concern.

Lower Leverage:

Fitch forecasts the merged entity's financial profile to improve
given Alestra's lower leverage compared to Axtel. As of June 30,
2015, Axtel's net leverage, excluding the adjustment for operating
leases for tower assets, was 3.1x while that of Alestra was 1.2x.
Based on the current financial profile of each entity without
reflecting any synergy benefit, the merged entity's consolidated
net leverage is estimated to be 2.2x.

As of June 30, 2015, Axtel's total gross debt amounted to USD770
million, of which more than 70% was accounted for by its senior
secured notes due 2020. The notes have a change of control clause
which would enable the noteholders to exercise a put option with
Alfa becoming the major shareholder post the transaction. Fitch
believes that it is Axtel's intention to attempt to amend the
indenture by obtaining consent from the noteholders.

Strong Parent:

Axtel's credit quality will also benefit from becoming part of a
strong business group in Alfa. While Fitch does not foresee any
explicit legal or financial support from Alfa, Axtel should enjoy
better access to capital markets/financial institutions when in
need of external financing given the group's strong reputation and
entrenched business position in the country. This should help
strengthen Axtel's financial flexibility.

KEY ASSUMPTIONS

-- The merger process to be completed by end-2015 without any
    major regulatory issues;
-- No material changes on the pro forma financial profile of the
    merged entity, which is forecast to be stronger than that of
    Axtel;
-- Axtel to be able to obtain consent from the 2020 notes holders
    to avoid triggering the change of control clause per the
    current indenture

RATING SENSITIVITIES

Rating Watch Positive will be resolved upon the successful closing
of the merger. Any potential upgrades in Axtel's ratings will
largely hinge on Fitch's view on the operational/financial synergy
from the merger, the merged entity's market position and business
strategy, as well as the industry outlook going forward.

If the deal does not close, Fitch expects to affirm the company's
current ratings, or re-evaluate if industry conditions and
performance change substantially.

LIQUIDITY

Axtel's liquidity is sound in light of its high cash balance of
MXN2.8 billion as of June 30, 2015, which comfortably covered the
short-term debt of MXN519 million. The company also has a USD130
million credit facility and does not face any sizable debt
maturity until 2017.

FULL LIST OF RATING ACTIONS

Fitch has placed the following ratings on Rating Watch Positive:

Axtel S.A.B. de C.V.'s

-- Long-term foreign-currency and local-currency IDR 'B';
-- National long-term rating 'BB-(mex)';
-- Senior secured notes due 2020 'B+/RR3';
-- Senior unsecured notes due 2017 and 2019 'B-/RR5'.


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


AES PUERTO RICO: Fitch Keeps Negative Watch on 'CC' Bond Ratings
----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on the
following AES Puerto Rico L.P. (AES PR) securities issued through
the Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority:

-- $161.87 million cogeneration facility revenue bonds, series A
    (tax-exempt bonds) due June 2026 at 'CC';

-- $33.1 million cogeneration facility revenue bonds, series B
    (taxable bonds) due June 2022 at 'CC'.

The 'CC' rating reflects Fitch's view of the credit quality of the
Puerto Rico Electric Power Authority (PREPA). PREPA is the revenue
counterparty under AES PR's power purchase agreement (PPA).
PREPA's 'CC' rating with a Rating Watch Negative constrains the
rating of AES PR.

KEY RATING DRIVERS

Contracted Revenue Profile - Revenue Risk: Weaker
The 25-year tolling-style PPA with a non-investment-grade
counterparty effectively mitigates some risk of exposure to
capacity price, energy margin, and dispatch risks throughout the
debt term, subject to project availability and heat rates.
However, concerns loom regarding the offtaker's ability to make
future contractual payments.

Improving Operations - Operation Risk: Weaker

AES-PR has historically been susceptible to forced outages that
have reduced availability and capacity payments. Further, the
operating cost profile has exceeded original estimates. However,
management has taken a proactive approach to limit future forced
outages with encouraging initial results.

Manageable Supply Risk - Supply Risk: Midrange

Fuel supply risk is mitigated by a three-year, fixed-price fuel
supply agreement sufficient to meet the project's expected fuel
requirements through 2017. The short term of the agreement is
mitigated by the historical precedence for renewal and liquid
market for coal. Fuel price risk is mitigated by the tolling-style
PPA, subject to heat rates. Ash inventory is actively managed by
the project via the sale of its various ash products. AES-PR's
efforts have helped to offset near-term ash disposal concerns, but
cash flow uncertainty is heightened without a permanent solution.

Weak Structural Features - Debt Structure: Weaker

The project's bonds are fixed-rate and mature within the PPA term,
but have back-loaded amortization profiles. The equity
distribution, leverage, and debt service reserve provisions are
consistent with standard project finance structures. AES-PR does
not have O&M or major maintenance reserves, which increases the
importance of operational stability and heightens the project's
reliance on other sources of liquidity. Approximately 55% of the
total debt outstanding, including unrated bank loans, is variable
rate with over 80% synthetically fixed with investment-grade
counterparties.

RATING SENSITIVITIES

Positive/Negative - Counterparty Rating: The rating is currently
capped by PREPA's rating. A change in PREPA's long-term rating
would likely impact the rating on AES Puerto Rico.

Positive - Operational Performance: Sustained improvements to
plant availability or heat rate could enhance the long-term
profile.

SUMMARY OF CREDIT

PREPA and certain bondholders agreed to a proposed recovery plan
on Sept. 2, further reinforcing the notion that a restructuring of
the issuer's debt obligations is probable. Any restructuring that
does not result in full and timely payment of the power revenue
bonds according to the original terms promised would likely result
in a further downgrade to 'C' upon agreement by the required
holders. In such an event, the rating of AES Puerto Rico would
also be lowered to the rating of PREPA, reflecting the cap of the
off-taker.

At AES PR, recent plant operations have improved substantially and
the 2014 effective forced outage rate of 1.2% was the best in the
plant's history. Average heat rates have also demonstrated
considerable stability in recent quarters. The sponsor attributes
improved performance to a renewed commitment to fund major capital
expenditures since 2012.

The project has also added new agreements for fuel supply and ash
management that support cash flow stability. The fuel supply
agreement extends through 2017, offers more favorable and stable
pricing, and provides more flexible payment terms. The ash
management agreements promote the disposal of AES PR's ash
products to on-island landfills for beneficial use, and are
expected to be sufficient to cover all the project's ash
management needs.


ANNA'S LINENS: Withdraws Request for Bid Protections
----------------------------------------------------
Judge Theodor C. Albert of the United States Bankruptcy Court for
the Central District of California, Santa Ana Division, allowed
Anna's Linens, Inc., to withdraw its request for approval of bid
protection to Great American, and authorized the Debtor to file a
motion seeking approval of the Tiger/Yellen Group Agreement.

The Debtor's efforts to retain a liquidator resulted in the
execution of the Stalking Horse Agency Agreement with a joint
venture comprised of Tiger Capital Group and Yellen Partners, LLC,
which included a guarantee from Tiger/Yellen Stalking Horse that
the Debtor would receive 93.5% of the aggregate Cost Value of the
Merchandise, subject to certain adjustments.  Further, as a result
of the default, an auction was held on June 9, 2015 and June 10,
2015 at which the Tiger/Yellen Stalking Horse was outbid by a
group formed by Hilco Merchant Resources, LLC, and Gordon Brothers
Retail Partners, LLC, which included an increase in the guarantee
to 111% of the Cost Value of the Merchandise with a Merchandise
Threshold of not less than $61,500,000 and not more than
$67,000,000.  Thus, the Official Unsecured Creditors Committee,
the Tiger Yellen Group and the Debtor have reached an agreement on
the proposed Bid Protections for the Tiger Yellen Group.

The Debtor is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Juliet Y. Oh, Esq.
          Lindsey L. Smith, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, California 90067
          Tel: (310) 229-1234;
          Fax: (310) 229-1244
          Email: dbg@lnbyb.com
                 ehk@lnbyb.com
                 jyo@lnbyb.com
                 lls@lnbyb.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: Sells Stores to Decron, FP
------------------------------------------
Judge Theodor C. Albert of the United States Bankruptcy Court for
the Central District of California, Santa Ana Division, authorized
Anna's Lines, Inc., to sell its unexpired store real property
leases to Decron Properties Corp. and FP Stores, Inc.

Decron is deemed the successful bidder for the Store Lease for
Store No. 97, which is located at 7888-2 Van Nuys Boulevard, in
Van Nuys, California.

FP is deemed the successful bidder for the 41 Store Leases for
stores located in California, Nevada, Texas, Florida, South
Carolina, North Carolina and Virginia.

A hearing will be held on October 28, 2015 at 10:00 a.m. for the
Court to consider any requests by landlords under the FP Store
Leases for the payment of additional cure amounts related solely
to attorneys' fees asserted by landlords to be due and payable
under their leases (above and beyond the Cure Amounts set forth
above) which have not been resolved by mutual agreement of the
Debtor and the applicable landlords.

The Debtor sought to sell its intellectual property, including
trademarks, copyrights, domain names, customer lists, the e-
commerce business, and related data assets and sell and/or assume
and assign unexpired store real property leases as part of single,
multiple and/or combined transactions to the successful bidder.

The Debtor entered into an asset purchase agreement with FP as the
approved stalking horse bidder for the assignment of 44 of the
Debtor's store leases.  The total consideration to be paid by FP
is $1,400,000.  FP, as stalking horse bidder for the auction of
the store leases, was entitled to a break-up fee of three percent
of the purchase price for the Assigned Leases if there was an
overbid at the auction, and the successful bidder is not FP and
timely closes the assignment transaction for those store leases.

               Objections Resolved, Overruled

Objections to the sale motion were filed by CV Commercial Real
Estate; Brixmor Property Group, Inc.; DDR Corp., Gregory
Greenfield & Associates, Ltd., Rouse Properties, Inc., Equity One,
Inc., Philips International Holding Corp., Plamex Investments,
LLC, and Aston Properties, Inc.; MGP IX Properties, LLC; landlords
affiliated with Kimco Realty Corporation; Watt Properties, Inc.,
Weingarten Realty Investors; and Prime/CRDF Mission Hills, LLC.

Capcor Weslaco, Ltd. and NEMP Holdings, L.P., opposed the bidding
procedures, asserting that the procedures do not provide Landlords
with either reasonable notice or an opportunity to be heard
regarding whether the prerequisites to assumption and assignment
set forth in Section 365 have been satisfied or whether the
proposed sale of designation rights is appropriate.

Acadia Realty Trust, UCR Asset Services, Deutsche Asset & Wealth
Management, Starwood Retail Partners LLC, Prudential Real Estate
Investors, ARC SWHOUTX001, LLC, ARC CTCHRNC001, LLC, Watt
Management Company and West Valley Properties, Inc., reserved
their rights to raise additional objections to the bid procedures
and sale motion.

SM 101 Six, LLC; Vestar California XXVI; A-S 106 Pasadena Town
Center, L.P., Capcor Weslaco,Ltd and Nemp Holdings, L.P.; Kimco
Realty Corporation and Weingarten Realty Investors; and ROIC
California LLC, objected to the proposed cure amounts.

Petsmart, Inc, objected to the sale motion to the extent the
motion seeks to assume and assign the Lease without paying the
unpaid obligations in full.  Petsmart claims that the Debtor owes
$38,435 in unpaid rent, common area maintenance fees, insurance,
real estate taxes and interest under lease.

The Debtor, in response to the objections, maintained that the
sale is necessary.  With respect to the cure amount objections,
the Debtor asked the Court for a continued hearing to determine
the amounts necessary to cure defaults under the leases for the
Disputed Cure Stores.

The Debtor is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Juliet Y. Oh, Esq.
          Lindsey L. Smith, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, California 90067
          Tel: (310) 229-1234;
          Fax: (310) 229-1244
          Email: dbg@lnbyb.com
                 ehk@lnbyb.com
                 jyo@lnbyb.com
                 lls@lnbyb.com

Capcor Weslaco, Ltd. and NEMP Holdings, L.P. A-S 106 Pasadena Town
Center, L.P. are represented by:

          Jeanne M. Jorgensen, Esq.
          Catherine M. Page, Esq.
          1101 Dove Street, Suite 220
          Newport Beach, California 92660
          Tel: (949) 250-7181
          Fax: (949) 250-3125
          E-Mail: jjorgensen@pj-law.com
                  cpage@pj-law.com

Acadia Realty Trust, UCR Asset Services, Deutsche Asset & Wealth
Management, Starwood Retail Partners LLC, Prudential Real Estate
Investors, ARC SWHOUTX001, LLC, ARC CTCHRNC001, LLC, Watt
Management Company and West Valley Properties, Inc. are
represented by:

          Dustin P. Branch, Cal. Bar No. 174909
          KATTEN MUCHIN ROSENMAN LLP
          2029 Century Park East, Suite 2600
          Los Angeles, CA 90067-3012
          Tel: (310)788.4400
          Fax: (310)788.4471
          E-mail: dustin.branch@kattenlaw.com

SM 101 SIX, LLC is represented by:

          Gordon G. May, Esq.
          GRANT, GENOVESE & BARATTA, LLP
          2030 Main Street, Suite 1600
          Tel: (949) 660-1600
          Fax: (949) 660-6060
          Email: dcg@ggb-law.com
                 ggm@ggb-law.com

Vestar California XXVI, LLC is represented by:

          Ernie Zachary Park, Esq.
          BEWLEY, LASSLEBEN & MILLER, LLP
          13215 E. Penn Street, Suite 510
          Whitter, California 90602-1797
          Tel: (562) 698-9711
          Fax: (562) 696-6357
          Email: ernie.park@bewleylaw.com

Petsmart is represented by:

          Gary Owen Caris, Esq.
          DENTONS US LLP
          300 South Grand Ave, 14th Floor
          Los Angeles, California 90071
          Tel: (213) 688-1000
          Fax: (213) 243-6330
          Email: Gary.Cawis@dentons.com

Kimco Realty Corporation and Weingarten Realty Investors are
represented by:

          William W. Huckins, Esq.
          Ivan M. Gold, Esq.
          Thor D. Mclaughlin, Esq.
          ALLEN MATKINS LECK GAMBLE  MALLORY & NATSIS LLP
          Three Embarcadero Center, 12th Floor
          San Francisco, CA 94111-4074
          Tel: (415) 837-1515
          Fax: (415) 837-1516
          Email: whuckins@allenmatkins.com
                 igold @allenmatkins.com
                 tmclaughlin @allenmatkins.com

ROIC California is represented by:

          Christopher L. Parnell, Esq.
          DUNN CARNEY ALLEN HIGGINS & TONGUE LLP
          851 SW Sixth Ave, Suite 1500
          Portland Oregon 97204-1357
          Tel: (503) 224-6440
          Fax: (503) 224-7324
          Email: cparnell@dunncarney.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.


BORDERS GROUP: Supreme Court Won't Review Gift Card Case
--------------------------------------------------------
Sara Randazzo, writing for The Wall Street Journal, reported that
any shoppers still holding on to Borders gift cards can finally
toss them in the trash as the U.S. Supreme Court said it won't
take up a case that could have given holders of the defunct book
seller's gift cards a chance to turn the languishing plastic into
cash.

Borders Group customers who missed out on $210 million in gift
cards after the company went bankrupt, lost their bid on Oct. 5,
2015, to revive the dispute after the U.S. Supreme Court denied
their petition to consider the suit, Dani Meyer at Bankruptcy
Law360 reported.

The high court shot down the customers' June petition arguing that
11 circuit courts have 11 different rule sets governing when to
dismiss a bankruptcy claim appeal and that the Supreme Court
should step in, instead siding with the liquidating trust.

According to the report, plaintiff's lawyer Clinton Krislov has
been fighting on behalf of the gift card holders for years,
arguing the Borders bankruptcy estate didn't do enough to notify
shoppers that they risked losing the value on their credits.
Before the Supreme Court denial, lower courts found the gift card
holders waited too long to raise their claims once Borders went
into bankruptcy in 2011, the report said.

As previously reported by The Troubled Company Reporter, the Mr.
Krislov filed a petition with the Supreme Court, making a last-
ditch effort to recover some value for holders of the Borders gift
cards.  The petition is the last chapter in a long-running fight
over whether the gift-card holders waited too long to try to turn
their credits into cash.  The TCR, citing The Wall Street Journal,
pointed out that the defunct retailer estimates customers never
redeemed 17.7 million gift cards worth $210.5 million by the time
it shut its doors in September 2011.

The U.S. Court of Appeals for the Second Circuit, in November
2014, sided with two lower courts and ruled that a group of
Borders customers waited too long to raise their claims for the
unused gift cards.

                        About Borders Group

Borders Group operated book, music and movie superstores and mall
based bookstores under the Borders, Waldenbooks, Borders Express
and Borders Outlet names, as well as Borders-branded airport
stores in the United States.  At Jan. 29, 2011, the Company
operated 639 stores in the United States and 3 in Puerto Rico.
The Company also operated a proprietary e-commerce Web site --
http://www.Borders.com/-- launched in May 2008, which included
both in-store and online e-commerce components.  As of Feb. 11,
2011, Borders employed a total of 6,100 full-time employees,
11,400 part-time employees, and roughly 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.  David M. Friedman, Esq., David S.
Rosner, Esq., Andrew K. Glenn, Esq., and Jeffrey R. Gleit, Esq.,
at Kasowitz, Benson, Torres & Friedman LLP, in New York, served as
counsel to the Debtors.  Jefferies & Company's Inc. served as the
financial advisor.  DJM Property Management is the lease and real
estate services provider.  AP Services LLC served as the interim
management and restructuring services provider.  The Garden City
Group, Inc., acted as the claims and notice agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, served as counsel to the DIP Agents.  Lowenstein Sandler
represented the official unsecured creditors committee for Borders
Group.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010.

Borders selected proposals by Hilco and Gordon Brothers to conduct
going out of business sales for all stores after no going concern
offers of higher value were submitted by the deadline.

In January 2012, Borders' First Amended Joint Chapter 11 Plan of
Liquidation became effective, and the Company emerged from Chapter
11 protection.  The Court confirmed the Plan filed by the Debtors
and the Official Committee of Unsecured Creditors at a Dec. 20,
2011 hearing.

The Debtors have been renamed BGI Inc.

Curtis R. Smith has been appointed as Liquidating Trustee of the
BGI Creditors' Liquidating Trust.  He is represented by Bruce
Buechler, Esq., Bruce S. Nathan, Esq., and Andrew Behlmann, Esq.,
at Lowenstein Sandler LLP.


COCO BEACH GOLF: Expects to File Chapter 11 Plan by Nov. 10
-----------------------------------------------------------
Coco Beach Golf & Country Club, S.E., said in a report filed Sept.
1, 2015 with the U.S. Bankruptcy Court for the District of Puerto
Rico that it is filing a Chapter 11 plan and disclosure statement
on or before Nov. 10, 2015.

The Debtor said it is in the process of selling its Golf & Country
Club which will prevent its continued deterioration and ensure
that it remains open and operating at its maximum capacity, with
the proceeds of the sale to be utilized by Debtor towards payment
to creditors pursuant to a plan to be filed.

The Debtor signed a deal to sell the assets to OHorizons Global,
LLC, absent higher and better offers.  The Court on Sept. 2, 2015,
approved bidding procedures to solicit higher and better offers
and select the successful bidder for the assets.  An auction is
slated for Nov. 23.  The sale hearing has been scheduled for
Dec. 3, 2015.

The State Insurance Fund Corporation has filed with the Bankruptcy
Court a request for an order directing the Debtor to serve a copy
of any plan and disclosure statement as soon as they are filed.

The Debtor estimates that the accrual of professional fees in this
case will be around $150,000 to $200,000.

The Debtor sought bankruptcy protection after as it had been
experiencing a substantial diminution in its cash flow due to
Puerto Rico's adverse economic situation, which has impacted the
tourism sector of the Island.  Said situation, together with
Debtor's inability to raise sufficient income to remain
competitive in today's marketplace, resulted in the Debtor's need
to sell the Golf & Country Club and related property in order to
maximize the value of its assets for the benefit of creditors and
the bankruptcy estate.

                      About Coco Beach Golf

Coco Beach Golf & Country Club, S.E., is the owner of a first
class golf and country club in Rio Grande, Puerto Rico, currently
operating under the name of Trump International Golf Club Puerto
Rico.  Trump International Golf Club has two 18-hole golf courses
and country club facilities.

The Company sought Chapter 11 protection (Bankr. D.P.R. Case No.
15-05312) in Old San Juan, Puerto Rico, on July 13, 2015, and
immediately filed a motion seeking to sell most of the assets for
$2.04 million in cash to OHorizons Global, LLC, subject to higher
and better offers.

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


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


LATAM: World Bank Warns Job Market Weakening
--------------------------------------------
EFE News reports that the job market in Latin America has begun to
weaken after four straight years of an economic downturn,
according to the report "Jobs, Wages, and the Latin American
Slowdown," presented by the World Bank in Peru.

The World Bank Group's chief economist for Latin America and the
Caribbean, Augusto de la Torre, said his department found that
workers have been leaving the labor market in recent years, "a
trend particularly marked among young men and the less educated,"
according to EFE News.

The report noted that the slowdown has not significantly increased
the rate of unemployment in the region as yet, but has caused the
rate of participation in the work force to drop, "above all when
young people stop looking for jobs," EFE News relays.

"The more they go back home to live or return to school without
earning any wages, the more the incomes of poor households
suffer," EFE News quoted Mr. De la Torre as saying.

The report said the loss of employment among unqualified workers
is "much higher" than among qualified workers, while the latter
are seeing more of a drop in their salaries than the former, notes
EFE News.

The economist warned that job quality in Latin America is
deteriorating as wage earners become self-employed or move from
bigger corporations to smaller companies, EFE News notes.

"Most of the countries in the region are adjusting to the new
reality of lower revenues from exports, and the key will be to
make the adjustment as smoothly as possible in order to avoid
excessive losses in terms of business and employment," Mr. De la
Torre said, EFE News relays.

The report said that these consequences have significant political
repercussions and recommends establishing social safety nets to
ease the impact of the economic slowdown among the poorer sectors,
EFE News notes.

The International Monetary Fund estimated in its projections that
Latin America will experience a recession this year, with a 0.3
percent drop in GDP, EFE News relays.

The IMF/World Bank annual meeting is taking place in the Peruvian
capital, EFE News adds.

                            ***********


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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