TCRLA_Public/151009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, October 9, 2015, Vol. 16, No. 200


                            Headlines



A R G E N T I N A

ARGENTINA: Oil & Gas Exploration Venture in Falklands Illegal


B R A Z I L

BRAZIL: Auction Fails to Attract Bids From Oil Majors
BRAZIL: Economic/Political Stress Pressure Sectors, Moody's Says
BRAZIL: IMF Says Economy to Shrink 3% in 2015 on Political Crisis
OI S.A.: Moody's Lowers Corp. Family Ratings to 'Ba3/A3.br'
OI S.A.: Moody's Lowers Ratings on Unsecured Debt to B1/Baa3.br


C A Y M A N  I S L A N D S

BIBBY INTERNATIONAL: Court Enters Wind-Up Order
CREDIT LINKED 2006-1: Commences Liquidation Proceedings
DING YI: Creditors' Proofs of Debt Due Oct. 19
FULLHAN HOLDINGS: Creditors' Proofs of Debt Due Oct. 19
GEOC MANAGEMENT: Commences Liquidation Proceedings

GR SOWWAH: Commences Liquidation Proceedings
GULF OPPORTUNITIES: Commences Liquidation Proceedings
HORIZON SUKUK: Commences Liquidation Proceedings
JAPAN SECURITIES: Commences Liquidation Proceedings
PISCES FINANCE 2006-2: Fitch Cuts Notes Rating to 'BBsf'

RIVERSIDE EQUITY: Creditors' Proofs of Debt Due Oct. 28
RIVERSIDE EQUITY OFFSHORE: Creditors' Proofs of Debt Due Oct. 28
VINCI ZAFFERANO: Creditors' Proofs of Debt Due Oct. 28
VINCI ZAFFERANO MASTER: Creditors' Proofs of Debt Due Oct. 28


C H I L E

ANTOFAGASTA MINERALS: Announces Lay Offs


M E X I C O

MEXICO: Foreign Reserves Drop by $732 Million


P U E R T O    R I C O

JC PENNEY: May Refinance After Meeting Profit Goals
MORGANS HOTEL: Unit Settles Mortgage Lenders Suit for $10-Mil.


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Stop Flights to London


                            - - - - -


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


ARGENTINA: Oil & Gas Exploration Venture in Falklands Illegal
-------------------------------------------------------------
EFE News reports that the oil and gas exploration activities being
undertaken by Noble Energy Falklands Limited in an area near the
disputed Falkland Islands are "illegal" and "clandestine," the
Argentine government said.

Argentina claims sovereignty over the Falkland Islands, which
Latin Americans call the Malvinas and are under British control,
according to EFE News.

The report discloses that the Energy Ministry said in a resolution
published in the Official Bulletin that it notified the Foreign
Ministry and prosecutors of the decision to outlaw Noble's
operations "to allow them to take the legal actions they consider
necessary in their areas of jurisdiction."

Federal Judge Lilian Herraez, who is based in the city of Rio
Grande, ordered the seizure of $156.4 million worth of assets, as
well as the impounding of ships and confiscation of other
property, belonging to oil companies that operate illegally in
Falklands waters, the report relays.

Noble Energy Falklands Limited is not registered with the Energy
Secretariat, which sent a strongly worded statement to the company
via the Foreign Ministry in October 2014, the government said, the
report notes.

The oil company did not respond to the statement and the
government declared its operations illegal, officials said, the
report says.

In August 2013, the government barred four British oil companies
carrying out exploration work in waters near the Falkland Islands
from operating in Argentina, the report discloses.

The measure targeted Borders & Southern Petroleum, Desire
Petroleum, Argos Resources and Falkland Oil and Gas, the report
relays.

In May 2012, Argentina's Energy Secretariat declared the
companies' activities in waters near the disputed islands to be
"illegal and clandestine," the report recalls.

The report notes that the South Atlantic archipelago was the
object of a brief war in the early 1980s pitting Argentina against
Britain.

Argentine troops invaded the Falklands on April 2, 1982, at the
order of the military junta then in power in Buenos Aires, the
report relays.

Full-fledged fighting officially began on May 1, 1982, with the
arrival of a British task force, and ended 45 days later with the
surrender of the Argentines, the report discloses.

The conflict claimed nearly 1,000 lives-some 700 Argentines and
255 British soldiers and sailors, the report notes.

Buenos Aires demands that Britain comply with a 1965 United
Nations resolution describing London's control of the Falklands --
which dates from 1833 -- as colonialism and calling on the parties
to resolve the dispute through dialogue, the report says.

London has refused to discuss the question of sovereignty and says
the Falklanders should decide their own future, the report adds.

                             *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


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


BRAZIL: Auction Fails to Attract Bids From Oil Majors
-----------------------------------------------------
EFE News reports that Brazil awarded only 14 percent of 266 blocks
on offer in an auction of crude and natural gas concessions, a
licensing round in which neither state-controlled Petrobras nor
foreign multinational energy majors submitted bids.

The vast majority of the 37 onshore and offshore blocks awarded in
the auction were won by small Brazilian firms, the ANP regulator
said, according to EFE News.

Argentina's Oil M&S, which was awarded oil and natural gas E&P
concessions for two blocks in the onshore Reconcavo region (in the
eastern state of Bahia), and Panama's Petrosynergy, which acquired
rights to a block in that same region, were two exceptions, the
report relays.

The report notes that a consortium led by Brazil's Parnaiba Gas
Natural with a 65 percent stake and also including French electric
utility Engie (formerly GDF Suez) as a 35 percent minority partner
acquired licenses for two blocks in the Parnaiba River basin.

Engie also was a minority partner in a consortium led by Canada's
Alvopetro that acquired four blocks in Reconcavo, the report
relays.

The only large company that bid in the auction was Brazilian
construction group Queiroz Galvao, which won two deep-water blocks
off the northeastern state of Alagoas, the report notes.

The report says that those blocks were the only offshore areas
awarded on Oct. 7.

In total, only 18 firms from five companies submitted bids in the
auction even though 37 companies from 17 countries had been
qualified to participate, the report relays.

Like Petrobras, multinational oil giants Exxon, Royal Dutch Shell,
BP, Total and China National Offshore Oil Corporation also did not
present any offers, the report says.

The ANP raised just BRL121.1 million (some $30.3 million) from the
37 blocks sold.  The combined total of the minimum bids for all
the blocks on offer was BRL978 million ($244.5 million), notes the
report.

Licenses for areas in 10 different Brazilian oil basins were on
offer but only four attracted interest: Reconcavo, Parnaiba,
Potiguar and Alagoas, the report discloses.

Among the small Brazilian companies that acquired E&P rights were
OP Energia, BPMB Parnaiba, Vipetro, Imateme, VTE, Geopark, Tarmar
Energia and Tek, the report relays.

Analysts had been expecting a poor result due to low oil prices,
Brazil's recession and a massive corruption scandal centered on
Petrobras, which has seen its access to financing restricted and
been forced to carry out a divestment plan to reduce a massive
debt load, the report adds.


BRAZIL: Economic/Political Stress Pressure Sectors, Moody's Says
----------------------------------------------------------------
Brazil's' deteriorating fiscal position, political turmoil and the
ongoing Lava Jato corruption investigation continue to negatively
affect the credit quality of issuers in both the public and
private sectors through 2016, says Moody's Investors Service.

These factors have led to a decline in employment, consumption and
real wages, leading Moody's to forecast that economic activity in
Brazil will contract by 3% in 2015 and 1% in 2016.

"We do not see how Brazil's fiscal position can improve in the
short term given the lack of political consensus, which has kept
the current administration from delivering primary surpluses large
enough to arrest rising government debt ratios," says Mauro Leos,
a Moody's Vice President and Senior Credit Officer. "We do not
believe Brazil can achieve real growth of 2% and primary surpluses
of at least 2% of GDP until 2017-18, which are required to
stabilize the debt-to-GDP ratio."

As a result, the credit profiles of issuers in most sectors will
be pressured by softer demand, rising borrowing costs, climbing
delinquencies and lower investment, according to the report
"Economic, Political Stress Roil Issuers in Both Public and
Private Sectors."

Although most of the investment-grade non-financial issuers in
Brazil that Moody's rates have adequate liquidity through at least
mid-2016, access to the international markets will be more
expensive for non-investment-grade issuers, affecting their
expansion and capital improvement plans.

Weak oil, metals and agricultural prices will hurt the operating
performance for Petrobras, Vale and the other commodity producers.
The Brazilian recession and low consumer confidence will lead to
softer demand for telecom, homebuilding and airlines companies,
but the weak currency will benefit protein and paper forest
products exporters. Meanwhile, Lava Jato has significantly
strained Brazil's construction sector.

Even infrastructure companies not associated with Petrobras will
face higher funding costs as both domestic and global interest
rates rise and investor concern regarding the country's fiscal
position limits access to the international markets.

Risks are increasing for banks as well, with the stock of non-
performing loans starting to climb as unemployment and production
delays rise, and profitability under pressure, although banks
remain adequately capitalized and should be able to absorb any
losses.

Losses in asset-backed securitizations will increase as well as a
result of higher defaults and lower recoveries for transactions
backed by consumer assets.

Some sectors will remain unscathed by Brazil's weak economy,
however. Protein and paper/forest products exporters will benefit
from the weak currency, which will translate into increased
revenues in domestic currency for their exports. Moody's expects
that electricity distribution companies will continue to tap
domestic markets to fund capital needs in response to rising
energy costs, and that lower energy demand will benefit hydro
generation companies.


BRAZIL: IMF Says Economy to Shrink 3% in 2015 on Political Crisis
-----------------------------------------------------------------
David Biller at Bloomberg News reports that the International
Monetary Fund forecasts Brazil's economy this year will contract
more than expected by economists as President Dilma Rousseff's
administration is engulfed by the deepest political crisis in more
than two decades.

The IMF said in its World Economic Outlook released that Latin
America's largest economy will shrink 3 percent this year,
according to Bloomberg News.  That's double the 1.5 percent
contraction published in its July outlook, and worse than the
median 2.85 percent forecast from about 100 economists in the
central bank's weekly Focus survey, the report notes.

"Business and consumer confidence continue to retreat in large
part because of deteriorating political conditions," according to
the report, Bloomberg News relays.  "Investment is declining
rapidly, and the needed tightening in the macroeconomic policy
stance is putting downward pressure on domestic demand," the
report added.

Bloomberg News says that the deepest contraction in a quarter
century comes as inflation runs at more than double the official
target.  That's prompted the central bank to buck international
trends and raise borrowing costs to their highest since 2006,
depressing consumption.  Without clarity on whether Congress will
allow Rousseff to cut spending, the market is pricing in more rate
hikes that may further weaken activity, Bloomberg News notes.

                      Negative Spillovers

According to Bloomberg News, Brazil entered recession in the
second quarter, with the lowest consumer and investor confidence
levels in history.  The nation's currency, the real, has shed
nearly one-third of its value this year -- the most of 24 emerging
markets tracked by Bloomberg.

Bloomberg News, citing the IMF, relays that the contraction in
Latin America's biggest market will have "significant negative
spillovers" into large parts of the region.  Latin America and the
Caribbean will contract 0.3 percent in 2015, versus 0.5 percent
growth forecast as of July.  The anticipated 0.8 percent regional
growth in 2016 is down from 1.7 percent in July, notes the report.

The IMF forecasts Brazil's economy will contract 1 percent next
year, in line with expectations from analysts in the Focus survey,
Bloomberg News adds.


OI S.A.: Moody's Lowers Corp. Family Ratings to 'Ba3/A3.br'
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings on unsecured
debt at Oi S.A. to B1 and three specific note issuances that
benefit from a subsidiary guarantee form Telemar Norte Leste S.A.
to Ba3. The outlook for all ratings remain negative.

At the same time, Moody's America Latina has downgraded Oi's
corporate family ratings ("CFR") to Ba3/A3.br. As part of this
rating action, Moody's has also downgraded the ratings on
unsecured debt at Oi to B1/Baa3.br, one notch below the corporate
family rating due to their junior position in the capital
structure. The company has significant indebtedness at subsidiary
holding companies, which have a priority claim on the majority of
operating cash flows.

Moody's Investors Service has also downgraded unsecured debt at
Portugal Telecom International Finance, BV ("PTIF") to B1, also
one notch below the CFR. Moody's believes that these notes are are
pari passu to unsecured debt at to the parent and guarantor, Oi.

Moody's Investors Service has downgraded three specific note
issuances at Oi which benefit from a subsidiary guarantee from
Telemar to Ba3. These three issuances, the 5.5% USD notes due
2020, the 9.5% USD notes due 2019 and the 5.125% EUR notes due
2017 were originally issued by Telemar but transferred to Oi.
Moody's believes that the Telemar guarantee is sufficient to
differentiate the creditworthiness of these issuances versus other
unsecured obligations of Oi.

RATINGS RATIONALE

Ratings downgraded:

Issuer: Oi S.A.

$684 million GLOBAL BONDS due 2017: to Ba3 from Ba1

$142 million GLOBAL BONDS due 2019: to Ba3 from Ba1

$1,787 million GLOBAL BONDS due 2020: to Ba3 from Ba1

$281 million GLOBAL BONDS due 2016: to B1 from Ba2

$1,500 million GLOBAL NOTES due 2022: to B1 from Ba2

Issuer: Portugal Telecom International Finance B.V.

BACKED Senior Unsecured MTN: to (P) B1 from (P) Ba2

$617 million GTD EURO MTNS due 2016: to B1 from Ba2

$284 million GTD EURO MTNS due 2017: to B1 from Ba2

$434 million GTD GLOBAL MTNS due 2017: to B1 from Ba2

$56 million GTD EURO MTNS due 2018: to B1 from Ba2

$56 million GTD FLT RT EURO MTNS due 2019: to B1 from Ba2

$853 million GTD EURO MTNS due 2019: to B1 from Ba2

$1,137 million GTD EURO MTNS due 2020: to B1 from Ba2

$568 million GTD EURO MTNS due 2025: to B1 from Ba2

The outlook for all ratings is negative

The downgrade was based on the company's persistently increasing
leverage and cash consumption, reducing financial flexibility and
leading to credit metrics that no longer commensurate with a Ba1
rating. Moody's believes that despite the company's cost cutting
and efficiency efforts, its business will face further margin
deterioration from an unfavorable product mix shift to pay TV and
broadband and the price pressure inherent in its targeted value
segment, especially during the ongoing economic slowdown in
Brazil. Further reductions in capital spending may result in
future operational and competitive challenges.

Oi's Ba3 corporate family rating reflects its scale, geographic
diversity, broad asset base, wide network coverage and strong
margins. These strengths are offset by the company's challenges to
upgrade its network in Brazil to meet shifting consumer demand,
the highly competitive market in the country, the margin pressure
it faces from an unfavorable product mix shift and the company's
limited financial flexibility given its large debt burden and
challenging momentum for funding through capital markets. Moody's
forecasts Oi's adjusted leverage will approach 5.5x at year-end
2015, and expects it to continue to consume cash through 2017.

Oi's recent sale of Portugal Telecom's assets increased the
company's cash position, but at the same time kept the company's
total debt outstanding and interest burden high. Although
decreasing due to the company's cost cutting and efficiency
efforts, cash burn is still high and we believe it may influence
Oi's decision to reduce network investments that would negatively
impact their competitive position in the near future. Oi's main
competitors, Telefonica Brasil S.A. (Baa2 stable) and America
Movil S.A.B. de C.V. (A2 stable), remain well capitalized and are
investing heavily in Brazil for growth, both organically, with
CAPEX and on spectrum, and through M&A.

Oi has an adequate liquidity to meet its obligations over the next
12 to 18 months. On the other hand we forecast that the company
will continue to consume cash through 2017, excluding any
potential spectrum purchases. Oi had BRL 16.6 billion in cash at
the end of June 2015 plus access to approximately BRL 3.0 billion
in committed credit facilities and upcoming maturities in the
order of BRL 3.6 billion until the end of 2015, BRL 10.8 billion
in 2016, and BRL 8.6 billion in 2017. CAPEX is high at around BRL
5.0 billion per year and the company is not expected to generate
positive free cash flow at least until 2018, reinforcing its
dependency on the capital markets to extend debt maturities.

Moody's rates unsecured debt at Oi S.A. B1/Baa3.br, one notch
below the corporate family rating due to its junior position in
the company's capital structure.

Oi's negative outlook reflects its challenges to reduce leverage
while still consuming cash in an adverse economic scenario that
will affect the company's top line, margins and CAPEX investments.

Moody's could lower Oi's ratings further if leverage remains above
5.0x (Moody's adjusted) for an extended period or if the company
is not on a clear trajectory to reduce cash burn.

Although not anticipated in the near term Oi's ratings could be
upgraded if leverage is sustained comfortably below 3.75x (Moody's
adjusted) and the company produces sustained positive free cash
flow. In addition, an upgrade would be predicated upon the
company's willingness and ability to continue investing (both
network CAPEX and spectrum acquisition) at a level which will
improve its competitive position. Alternatively, Moody's could
consider an upgrade if the company's asset-light strategy is
successful in retaining market share and result in EBITDA growth
such that it meets the financial metrics above. Any M&A activity,
equity issuance or capital injection that is considered to be a
positive credit event, will not necessarily result in positive
rating action until its execution.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.


OI S.A.: Moody's Lowers Ratings on Unsecured Debt to B1/Baa3.br
---------------------------------------------------------------
Moody's America Latina has today downgraded Oi S.A.'s ("Oi")
corporate family rating ("CFR") to Ba3/A3.br. As part of this
rating action, Moody's has also downgraded the ratings on
unsecured debt at Oi SA to B1/Baa3.br, one notch below the
corporate family rating due to their junior position in the
capital structure. The company has significant indebtedness at
subsidiary holding companies, which have a priority claim on the
majority of operating cash flows. The outlook for all ratings
remain negative.

RATINGS RATIONALE

Ratings downgraded:

Issuer: Oi S.A.

Corporate Family Rating: to Ba3/A3.br from Ba1/Aa2.br

USD102 million BRAZILIAN DEBENTURES due 2017: to B1/Baa3.br from
Ba2/Aa3.br

USD602 million BRAZILIAN DEBENTURES due 2018: to B1/Baa3.br from
Ba2/Aa3.br

USD63 million BRAZILIAN BOND due 2020: to B1/Baa3.br from
  Ba2/Aa3.br

USD410 million BRAZILIAN DEBENTURES due 2020: to B1/Baa3.br from
  Ba2/Aa3.br

The outlook for all ratings is negative.

The downgrade was based on the company's persistently increasing
leverage and cash consumption, reducing financial flexibility and
leading to credit metrics that no longer commensurate with a Ba1
rating. Moody's believes that despite the company's cost cutting
and efficiency efforts, its business will face further margin
deterioration from an unfavorable product mix shift to pay TV and
broadband and the price pressure inherent in its targeted value
segment, especially during the ongoing economic slowdown in
Brazil. Further reductions in capital spending may result in
future operational and competitive challenges.

Oi's Ba3 corporate family rating reflects its scale, geographic
diversity, broad asset base, wide network coverage and strong
margins. These strengths are offset by the company's challenges to
upgrade its network in Brazil to meet shifting consumer demand,
the highly competitive market in the country, the margin pressure
it faces from an unfavorable product mix shift and the company's
limited financial flexibility given its large debt burden and
challenging momentum for funding through capital markets. Moody's
forecasts Oi's adjusted leverage will approach 5.5x at year-end
2015, and expects it to continue to consume cash through 2017.

Oi's recent sale of Portugal Telecom's assets increased the
company's cash position, but at the same time kept the company's
total debt outstanding and interest burden high. Although
decreasing due to the company's cost cutting and efficiency
efforts, cash burn is still high and we believe it may influence
Oi's decision to reduce network investments that would negatively
impact their competitive position in the near future. Oi's main
competitors, Telefonica Brasil S.A. (Baa2 stable) and America
Movil S.A.B de C.V. (A2 stable), remain well capitalized and are
investing heavily in Brazil for growth, both organically, with
CAPEX and on spectrum, and through M&A.

Oi has an adequate liquidity to meet its obligations over the next
12 to 18 months. On the other hand we forecast that the company
will continue to consume cash through 2017, excluding any
potential spectrum purchases. Oi had BRL 16.6 billion in cash at
the end of June 2015 plus access to approximately BRL 3.0 billion
in committed credit facilities and upcoming maturities in the
order of BRL 3.6 billion until the end of 2015, BRL 10.8 billion
in 2016, and BRL 8.6 billion in 2017. CAPEX is high at around BRL
5.0 billion per year and the company is not expected to generate
positive free cash flow at least until 2018, reinforcing its
dependency on the capital markets to extend debt maturities.

Moody's rates unsecured debt at Oi S.A. B1/Baa3.br, one notch
below the corporate family rating due to its junior position in
the company's capital structure.

Oi's negative outlook reflects its challenges to reduce leverage
while still consuming cash in an adverse economic scenario that
will affect the company's top line, margins and CAPEX investments.

Moody's could lower Oi's ratings further if leverage remains above
5.0x (Moody's adjusted) for an extended period or if the company
is not on a clear trajectory to reduce cash burn.

Although not anticipated in the near term Oi's ratings could be
upgraded if leverage is sustained comfortably below 3.75x (Moody's
adjusted) and the company produces sustained positive free cash
flow. In addition, an upgrade would be predicated upon the
company's willingness and ability to continue investing (both
network CAPEX and spectrum acquisition) at a level which will
improve its competitive position. Alternatively, Moody's could
consider an upgrade if the company's asset-light strategy is
successful in retaining market share and result in EBITDA growth
such that it meets the financial metrics above. Any M&A activity,
equity issuance or capital injection that is considered to be a
positive credit event, will not necessarily result in positive
rating action until its execution.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.


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


BIBBY INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
On Sept. 8, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Bibby International Services
(Cayman Islands) Limited.

The company's liquidator is:

          David Griffin
          c/o Richard Gardner
          Telephone: +1 (345) 743 6830
          FTI Consulting (Cayman) Limited
          2D Landmark Square
          64 Earth Close, SMB
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


CREDIT LINKED 2006-1: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the
shareholders of Credit Linked Notes Ltd. 2006-1 resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


DING YI: Creditors' Proofs of Debt Due Oct. 19
----------------------------------------------
The creditors of Ding Yi Feng Limited are required to file their
proofs of debt by Oct. 19, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 14, 2015.

The company's liquidator is:

          Yuan Chen
          22nd Floor South, Beijing Kerry Centre
          1 Guang Hua Road
          Chaoyang District, Beijing, P.R. 100020
          Telephone: +86 10 84028800
          Facsimile: + 86 10 84020999


FULLHAN HOLDINGS: Creditors' Proofs of Debt Due Oct. 19
-------------------------------------------------------
The creditors of Fullhan Holdings Limited are required to file
their proofs of debt by Oct. 19, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 15, 2015.

The company's liquidator is:

          Dai Bo
          Room 703, East Building A
          No. 1050, Wuzhong Road
          Minhang District, Shanghai, PRC
          Telephone: +021 6112 1558


GEOC MANAGEMENT: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 14, 2015, the shareholders of GEOC Management Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          JTC (Cayman) Limited
          103 South Church Street Harbour Place 5th Floor
          P.O. Box 780 Grand Cayman KY1-9006
          c/o Nora Ebanks
          Telephone (345) 640 88 03


GR SOWWAH: Commences Liquidation Proceedings
--------------------------------------------
On Sept. 15, 2015, the sole shareholder of GR Sowwah Retail Feeder
GP Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Sujoy Sinha
          Al Sila Tower, Level 25
          Al Maryah Island
          P.O. Box 27522 Abu Dhabi
          United Arab Emirates
          Telephone: +971 26716060
          e-mail: ssinha@gulfrelated.com


GULF OPPORTUNITIES: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the
shareholders of Gulf Opportunities M Trading Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


HORIZON SUKUK: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the
shareholders of Horizon Sukuk Limited resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


JAPAN SECURITIES: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the
shareholders of Japan Securities Loan And Investment Program
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


PISCES FINANCE 2006-2: Fitch Cuts Notes Rating to 'BBsf'
-----------------------------------------------------------
Fitch Ratings downgrades the rating of Pisces Finance Limited
2006-2 as follows:

-- CLP2,700,000,000 credit-linked notes at 'BBsf' from 'BB+sf';
    revises Outlook to Stable from Negative.

KEY RATING DRIVERS

The rating action follows Fitch's downgrade of the reference
entity, CAP S.A. on Sept. 22, 2015. Fitch monitors the performance
of the underlying risk-presenting entities and adjusts the rating
accordingly through application of its current credit-linked note
(CLN) criteria, 'Global Rating Criteria for Single- and Multi-Name
Credit-Linked Notes' dated March 9, 2015.

The rating considers the credit quality of CAP S.A.'s current
Issuer Default Rating (IDR) of 'BBB-' with a Stable Outlook as the
reference entity and Goldman Sachs Group, Inc.'s IDR of 'A' with a
Stable Outlook as the swap counterparty and issuer of the
qualified investment. The Rating Outlook reflects the Outlook on
the main risk driver, CAP S.A., which is the lowest-rated risk-
presenting entity.

RATING SENSITIVITIES

The rating remains sensitive to rating migration of each risk-
presenting entity. A downgrade of CAP S.A. would likely result in
a downgrade to the notes.

Pisces 2006-2 is a static structured credit transaction designed
to provide credit protection on a portfolio referencing
USD5,018,120.99 of Cap S.A. senior unsecured bonds. This
protection is arranged through a Credit Default Swap between the
issuer and the swap counterparty, Goldman Sachs Capital Markets,
L.P.


RIVERSIDE EQUITY: Creditors' Proofs of Debt Due Oct. 28
-------------------------------------------------------
The creditors of Riverside Equity Strategies Allocation Fund 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. 1, 2015.

The company's liquidator is:

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


RIVERSIDE EQUITY OFFSHORE: Creditors' Proofs of Debt Due Oct. 28
----------------------------------------------------------------
The creditors of Riverside Equity Strategies Fund Offshore
Investors 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. 1, 2015.

The company's liquidator is:

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


VINCI ZAFFERANO: Creditors' Proofs of Debt Due Oct. 28
------------------------------------------------------
The creditors of Vinci Zafferano Emerging Markets Opportunities
Fund Limited 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:

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


VINCI ZAFFERANO MASTER: Creditors' Proofs of Debt Due Oct. 28
-------------------------------------------------------------
The creditors of Vinci Zafferano Emerging Markets Opportunities
Master Fund Limited 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:

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


=========
C H I L E
=========


ANTOFAGASTA MINERALS: Announces Lay Offs
----------------------------------------
EFE News reports that Antofagasta Minerals, the mining arm of
Chile's Luksic group, said it was laying off 7 percent of its
workforce in a bid to cut production costs and remain competitive.

"I regret the impact this will have on people who have done their
work in an efficient and committed manner, but we must face the
new conditions in the copper market and its prospects for
recovery," Antofagasta CEO Ivan Arriagada said in a statement
obtained by EFE News.

The report notes that the action, which comes at a time when the
price of copper has slid to a six-year low, will affect workers
and professional and executive staff at the Los Pelambres and
Centinela mines and at the company's corporate headquarters in
Santiago.

The layoffs are part of a broader plan to cut costs and boost
competitiveness in four areas: service productivity, maintenance
management, energy efficiency and organizational effectiveness,
the statement said, the report relates.

"In tandem with other actions, such as contract revision, this
organizational adjustment will allow us to safeguard the
competitiveness of our operations and their development
possibilities. We do not anticipate that any further measures will
be necessary barring drastic changes in the market," Arriagada
added, the report relays.

The organizational changes will not affect its commitment to the
communities located near its operations and projects, the company
said, the report notes.

Antofagasta Minerals currently produces more than 700,000 tons of
copper annually at its Los Pelambres, Centinela and Michilla mines
in Chile, the report notes.  It also produces copper in Pakistan
in partnership with Canadian miner Barrick Gold and extracts other
minerals in Chile and Peru, the report adds.


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


MEXICO: Foreign Reserves Drop by $732 Million
---------------------------------------------
EFE News reports that Mexico's foreign reserves fell by $732
million to $180.3 billion last week, the Bank of Mexico said.

Gold and foreign currency reserves fell in the week ending Oct. 2
mainly due to the daily auctions of dollars without a minimum bid,
the central bank said, according to EFE News.

The report notes that foreign reserves have fallen by $12.93
billion since the end of 2014, the Bank of Mexico said in a
statement.

The M1 money supply, which includes currency, coins and demand
deposits, rose by MXN12.6 billion (about $753.4 million) to
MXN1.07 trillion (some $63.91 billion), the central bank said, the
report discloses.

The money supply has increased by MXN16.43 billion ($981 million)
since Jan. 1, the report adds.


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


JC PENNEY: May Refinance After Meeting Profit Goals
---------------------------------------------------
Laura J. Keller, writing for Bloomberg News, reported that J.C.
Penney Co. Chairman Mike Ullman said the department-store chain
may refinance some of its $5.23 billion in debt after reaching
profit goals.

According to the report, Mr. Ullman said the Turnaround Management
Association's annual conference in Scottsdale, Arizona, that the
retailer expects to increase earnings before interest, taxes,
depreciation and amortization to $1.2 billion by 2017.  Mr.
Ullman, reinstated as J.C. Penney's chief executive officer in
2013, stabilized the company by raising cash and undoing much of
predecessor Ron Johnson's failed attempt to transform the
retailer, the report noted.

                         About J.C. Penney

J.C. Penney Company, Inc., is one of the U.S.'s largest department
store operators with about 1,100 locations in the United States
and Puerto Rico.

The Troubled Company Reporter, on Feb. 27, 2015, citing The Wall
Street Journal, reported that J.C. Penney posted a surprise loss
for the holiday quarter as operating expenses ticked up, though
the department-store operator reported stronger-than-expected
sales growth.  According to the Journal, shares dropped on Feb. 26
nearly 10% to $8.24 in after-hours trading as the company warned
it expects its free cash flow to be flat in the recently started
business year.

                           *     *     *

The TCR, on Aug. 31, 2015, reported that Fitch Ratings has
upgraded the Issuer Default Ratings (IDRs) of J.C. Penney Co.,
Inc. and J.C. Penney Corporation, Inc. to 'B-' from 'CCC'.  The
Rating Outlook is Stable.

"A pathway to $1 billion in EBITDA: J.C. Penney has demonstrated a
meaningful turnaround in its business over the last seven quarters
and Fitch expects the company to generate EBITDA of approximately
$650 million in 2015 (which adds back approximately $40 million in
non-cash stock-based compensation) versus $277 million in 2014.
Our expectations are based on 4% comparable store sales (comps)
growth, gross margin of approximately 36%, and further selling,
general and administrative (SG&A) reduction of approximately $120
million.

The upgrade reflects increased confidence in J.C. Penney's ability
to improve EBITDA to the $800 million range in 2016 and move
towards $1 billion in 2017," Fitch said.

On July 2, 2015, the TCR reported that Moody's Investors Service
revised J.C. Penney Company, Inc.'s rating outlook to positive
from stable.  Moody's also affirmed the company's Caa1 Corporate
Family Rating, and raised the company's Speculative Grade
Liquidity rating to SGL-1 from SGL-2.  All ratings are affirmed.

"The rating outlook revision to positive from stable reflects
Moody's view that JC Penney's operating performance has shown
signs of improvement as a result of better merchandising, cost
controls, and integration of its online business" said Moody's
Vice President Scott Tuhy.  He added, "we have seen positive
momentum building for the company to achieve $700 to $800 million
of adjusted EBITDA, a level in which earnings would fully cover
cash flow and interest".

The upgrade in the Speculative Grade Liquidity rating primarily
reflects the company's improved operating performance as we expect
free cash flow to be near break-even levels and the company's
meaningful cash balances are sufficient to cover expected seasonal
working capital needs.


MORGANS HOTEL: Unit Settles Mortgage Lenders Suit for $10-Mil.
--------------------------------------------------------------
Morgans Hotel Group Management LLC, an affiliate of Morgans Hotel
Group Co., entered into a settlement agreement in connection with
a litigation that Morgans had previously filed in the Supreme
Court of the State of New York against the mortgage lenders to the
Mondrian SoHo debt and the current owner of the hotel formerly
known as Mondrian SoHo.  The agreement resolves the litigation,
which will be dismissed in exchange for the $10 million payment
made to Morgans on Oct. 2, 2015, according to a regulatory filing
with the Securities and Exchange Commission.

                     About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues
for the year ended Dec. 31, 2014, compared with a net loss
attributable to common stockholders of $58.5 million on $236
million of total revenues during the prior year.

As of June 30, 2015, Morgans Hotel had $521 million in total
assets, $772 million in total liabilities, and a $252 million
total deficit.


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


CARIBBEAN AIRLINES: To Stop Flights to London
---------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited will
discontinue flights to Gatwick, London, from January 10, 2016.

Without quantifying what the route had cost the company since it
was launched, CAL Chief Executive Michael DiLollo would only say
it was "millions" of dollars in losses which became "quite
onerous" on the State airline, according to Trinidad Express.

Mr. DiLollo said in an interview with reporters at CAL's Piarco
head office that the discontinuation of the service to London
would immediately impact positively on CAL's bottom line, the
report notes.

However, there will be some job loss, the report relays.

Mr. DiLollo said the problem with servicing the route was the
antiquated fleet of two Boeing 767 aircraft which were acquired
for it, Trinidad Express discloses.

In addition, it was a fiercely competitive route, the report
notes.

Mr. DiLollo said it was not an easy decision, given its support by
customers during the route's busy period, but the decision was
supported by a detailed review of the route by two consultants,
the report discloses.

Mr. DiLollo said CAL also managed to exit from the lease of the
aircraft without cost to the company, the report adds.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2015, RJR News said that Caribbean Airlines Limited is
still facing an acute shortage of pilots.  Trinidad's Newsday
newspaper said the airline is still reeling from the loss of close
to a dozen pilots from its Jamaican operations last year, forcing
it to send Trinidadian pilots to operate some of the Jamaican
routes to US destinations, according to RJR News.

The TCRLA reported on Sept. 24, 2014, that Trinidad Express said
Caribbean Airlines Limited will get a total of TT$1.8 billion
support from the Government during the period 2013 and 2015.
Finance Minister Larry Howai stated that the Caribbean
Airlines management had informed him that the company expects to
break-even in three years time.  Mr. Howai, however, said that
government would have to provide funds for CAL in 2015, 2016 and
2017.

On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday,
said that Caribbean Airlines is facing a loss.  Minister Howai was
hopeful the loss could be narrowed down to less than TT$100
million.

Caribbean Airlines Limited recorded losses estimated at US$70
million in 2012.  In 2011, CAL had recorded losses of US43.7
million, the TCRLA reported on May 20, 2013.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *