TCRLA_Public/151014.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

            Wednesday, October 14, 2015, Vol. 16, No. 203


                            Headlines



A R G E N T I N A

CORDOBA: Moody's Assigns Caa1 Rating to ARS200MM Notes


B R A Z I L

BRAZIL: ETF Halts Six-Day Advance as Corruption Scandal Expands
BRAZIL: Real Posts Best Week Since 2011 as Fiscal Debate Eases
SAO MARTINHO: S&P Affirms 'BB+' CCR; Outlook Stable
USINAS SIDERURGICAS: S&P Lowers CCR to 'B+'; Outlook Negative


C A Y M A N  I S L A N D S

ABSOLUTE RETURN: Creditors' Proofs of Debt Due Oct. 20
ALPINE SWIFT: Creditors' Proofs of Debt Due Oct. 29
CHININO INVESTMENT: Creditors' Proofs of Debt Due Oct. 26
CRESTLINE EVENT: Commences Liquidation Proceedings
EAST STREET 2002-I: Commences Liquidation Proceedings

EAST STREET 2004-I: Commences Liquidation Proceedings
HBC CAYMAN: Creditors' Proofs of Debt Due Oct. 20
JELLICOE INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 26
MAXAM INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 19
ODEBRECHT OFFSHORE: Fitch Cuts Senior Secured Notes Rating to 'B-'

OPTIMAL AUSTRALIA: Commences Liquidation Proceedings
PLANE ENGINEERING: Creditors' Proofs of Debt Due Oct. 26
TOP WORLD: Commences Liquidation Proceedings
TRIBAL FINANCE: Creditors' Proofs of Debt Due Oct. 19


C H I L E

GEOPARK LATIN AMERICA: S&P Affirms 'B' Rating; Outlook Negative


D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Seaweed Snarls Power Company
DOMINICAN REP: Drought's Impact on Foods Pace 1.72% Higher Prices
DOMINICAN REP: World Bank Grants US$50MM Loan to Boost Education


P U E R T O    R I C O

PUERTO RICO: May Not Be Able to Avoid Defaults, Adviser Says


                            - - - - -


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


CORDOBA: Moody's Assigns Caa1 Rating to ARS200MM Notes
-------------------------------------------[----------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned Caa1 -- Global Scale local currency debt rating -- and
Baa3.ar rating -- on Argentina National Scale in local currency --
to the 2015 Notes for up to ARS200 million, to be issued by the
Municipality of Cordoba.  The ratings are in line with the
municipality's long term local currency ratings, which carry
negative outlook.

RATINGS RATIONALE

The new 2015 Notes, authorized by Law N§12.378 and Mayor's Decree
N§3.084/15 consider a maximum issuance amount of up to ARS200
million.  According to Decree N§3.084, the proceeds of this new
debt will be used to improve the City's debt maturity profile.

The Notes will have final tenure of 18 months and will amortize in
four equal and quarterly installments starting nine months after
the issuance date.  They will be backed by the "Contribution over
Commerce, Industry, and Service Companies" and unlike the other
bonds already issued by this City they will not count with a
reserve fund as a liquid guarantee.  The assigned debt ratings
reflect Moody's view that the terms and conditions of these Notes
do not differentiate their credit quality from the general
solvency and credit quality of this Municipality's reflected in
its long-term issuer ratings in local currency of Caa1/Baa3.ar.

The total amount authorized represents an estimated 2.3% of the
municipality's 2015 expected total revenues.  After this debt
issuance, Moody's expects that the ratio of total debt as
percentage of total revenues will increase to 10% from 8% reported
at the end of 2014 FY.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date.  Moody's
does not expect changes to the documentation reviewed over this
period or anticipates changes in the main conditions that the
notes will carry.  Should issuance conditions and/or final
documentation of these Notes deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act
accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the Municipality of Cordoba's ratings
in the near to medium term.  However, a change in Argentina's
sovereign outlook back to stable could lead to a change in the
outlook back to stable of the Municipality of Cordoba.
Conversely, a sharp deterioration of the City's financial results,
coupled with higher debt levels could add downward pressure to the
assigned ratings.  The Municipality of Cordoba could also be
downgraded if the negative outlook on the sovereign rating
materializes into a rating downgrade.


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


BRAZIL: ETF Halts Six-Day Advance as Corruption Scandal Expands
---------------------------------------------------------------
Emma Orr at Bloomberg News reports that Brazil's biggest exchange-
traded fund fell, ending a six-day advance, after local media
reported that an investigation into corruption at the state-
controlled oil producer had grown to include kickbacks allegedly
received by the head of the lower house.

The iShares MSCI Brazil Capped ETF slumped 2.2 percent in New York
after the nation's three largest newspapers reported that lawmaker
Eduardo Cunha allegedly used accounts in Switzerland to receive
kickbacks from a Petroleo Brasileiro SA contract in Africa,
according to Bloomberg News.  Mr. Cuhna denied any wrongdoing.
Petrobras's American depositary receipts sank 4.4 percent as oil
declined.  Local markets were closed for a holiday.

The newspaper reports added to the turmoil in Brazil's already
fractured political landscape, sending the country's equities
lower even as most stocks from developing nations gained Oct. 12,
Bloomberg News relates.

President Dilma Rousseff is struggling to win support for
austerity measures she says are needed to shore up the budget and
stave off further cuts to the country's credit rating, Bloomberg
News says.  The Ibovespa is the worst performing major stock gauge
this year in dollar terms as forecasts call for the country to
post its longest recession since the 1930s, Bloomberg News notes.

"I always characterize the situation in Brazil as a Russian
roulette with a fully-loaded pistol," Juan Carlos Rodado, the
director of Latin America research at Natixis North America LLC,
said from New York, Bloomberg News relays.  "We have a lot of
domestic noise," Mr. Rodado added.

The Ibovespa stock gauge extended a nine-day advance on Oct. 9 and
the real climbed as the political debate over measures to revive
the nation's finances eased and speculation the U.S. will refrain
from raising interest rates spurred an advance in emerging
markets, Bloomberg News discloses.  A cabinet reshuffle spurred
optimism the government was making progress on strengthening the
country's fiscal accounts, Bloomberg News adds.


BRAZIL: Real Posts Best Week Since 2011 as Fiscal Debate Eases
--------------------------------------------------------------
Denyse Godoy and Paula Sambo at Bloomberg News report that
Brazil's real extended its best weekly rally since 2011 and stocks
gained as the political debate over measures to shore up the
budget eased and speculation the U.S. will refrain from raising
interest rates spurred an advance in emerging markets.

The currency climbed to a one-month high after President Dilma
Rousseff on Oct. 2 announced a cabinet reshuffle as she tries to
rebuild the nation's finances to avoid another credit-rating
downgrade, according to Bloomberg News.  The advance accelerated
as signs of weakness in the American economy sparked bets the
Federal Reserve won't boost borrowing costs this year, Bloomberg
News relates.  The benchmark stock gauge gained for a ninth day,
posting its longest winning streak in two years, Bloomberg News
discloses.

"There's some sort of relief after so much anxiety," Lauro
Vilares, an analyst at brokerage Guide Investimentos, said from
Sao Paulo, Bloomberg News notes.  "It's good to see some real
action by the government.  Meanwhile, the Fed speculation helps
with the overall mood," Mr. Vilares added.

The real added 0.6 percent to 3.7633 per dollar on Oct. 9,
bringing last week's gain to 4.5 percent.  The Ibovespa advanced
0.5 percent to 49,338.41, Bloomberg News discloses.  Miner Vale SA
rose with commodities, while lender Itau Unibanco Holding SA
dropped, Bloomberg News relays.

Brazil's Congress passed most of the budget cuts, pension reforms
and tax increases designed by Rousseff's economic team to rein in
government spending and curb above target inflation, Bloomberg
News notes.  Mauro Leos, a senior analyst at Moody's Investor
Service, said that the government is showing intention to make
progress on strengthening the country's fiscal accounts, Bloomberg
News relays.

Still, President Rousseff moved a step closer to impeachment when
an audit court recommended that Congress reject her 2014 budget
accounting amid allegations her government broke fiscal laws to
hide a deficit, Bloomberg News notes.  The government will
demonstrate she did nothing wrong, the presidency said in an e-
mailed statement after the ruling was announced, Bloomberg News
relays.  The next day, Lower House President Eduardo Cunha said he
had received two new impeachment requests, bringing the total to
eight, Bloomberg News says.

"When we assess events over the past few weeks, there has been no
substantive shift on fundamentals, it is somewhat of a debate on
whether the impeachment/resignation risk is credit positive or
negative," Siobhan Morden, the head of Latin America fixed income
at Jefferies Group LLC in New York, said in a report obtained by
Bloomberg News.  A regime change "could provide some political
capital and commitment for policy re-balancing and potential for
an important shock to investor sentiment," she wrote, Bloomberg
News relays.

In the next few weeks, the political situation in Brazil will
still set the trend for stocks, according to Pedro Paulo Afonso,
an investments director at brokerage TOV Corretora, Bloomberg News
relays.

"There's a lot of uncertainty hanging over the market," he said
from Sao Paulo, Bloomberg News adds.


SAO MARTINHO: S&P Affirms 'BB+' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
global scale and 'brAA+' Brazil national scale corporate credit
ratings on Sao Martinho S.A. (SMO).  The outlook is stable.  S&P
do not rate any of the company's debt.

The ratings affirmation reflects Sao Martinho's relevant sugar
export operations, which reduce its exposure to the Brazilian
domestic market and should allow the company to improve its
margins and overall EBITDA amid Brazil's currency depreciation.
Sao Martinho's operations are cost-efficient compared with its
industry peers, providing for sound free cash flow (FCF)
generation.  In addition, S&P expects the company to maintain its
fairly stable leverage levels and its liquidity position.  S&P
could rate Sao Martinho above the sovereign foreign currency
rating on Brazil because of its resilience, visible in its FCF
generation and its limited exposure to the effect of the currency
depreciation on its debt payments, due to its efficient hedging
strategy.

The stable outlook reflects S&P's view that Sao Martinho will
continue to generate stable FOCF despite the current environment
of low international sugar prices, mostly due to its strong
operating efficiency.  In addition, given the company's commitment
to reducing leverage, S&P expects that most of the cash generated
will be used to pay debt, which should also result in the
maintenance of an "adequate" liquidity position over the next 12
to 18 months.  S&P expects SMO to maintain debt to EBITDA less
than 3.5x and FOCF to remain positive annually.

S&P could downgrade the ratings if adverse weather conditions
undermine its sugarcane crushing output, which in turn increases
its idle capacity and lowers operating efficiency.  This scenario,
coupled with low sugar and ethanol prices, inflationary pressures,
and inefficient working capital management and high capex, would
result in negative FOCF generation, and debt to EBITDA approaching
4x or FFO to debt less than 20% on a consistent basis.  A more-
aggressive growth strategy through debt-funded acquisitions could
also pressure ratios and liquidity, resulting in a negative rating
action.  The company's inability to sustain the liquidity cushion
to pass the sovereign stress scenario could also trigger a
downgrade.

An upgrade is less likely in the short term, but possible if the
company succeeds in reducing debt levels while it maintains sound
EBITDA and FCF generation, resulting in debt to EBITDA
consistently below 3.0x, FFO to debt consistently above 30%, and
FOCF to debt consistently above 15%.


USINAS SIDERURGICAS: S&P Lowers CCR to 'B+'; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Usinas
Siderurgicas de Minas Gerais S.A., including global scale
corporate credit and issue-level ratings to 'B+' from 'BB-'.  S&P
also lowered its Brazilian national scale corporate credit and
issue-level ratings on the company to 'brBBB-' from 'brA'.  The
outlook on the corporate credit ratings is negative.  S&P has also
revised its recovery rating on Usiminas' senior unsecured debt to
'3L'--reflecting lower recovery expectations, in the 50%-70%
range--from '3H'.

The downgrade reflects weak market conditions in Brazil and
intense competition in the global markets, resulting in low steel
prices and margins.  The downgrade also reflects the weaker
Brazilian real that will raise Usiminas' debt, which should result
in "highly leveraged" credit metrics for the next several
quarters.  In addition, uncertainty over recovery in volumes and a
consistent breach in financial covenants will continue to pressure
cash flows and liquidity.

Despite the company's efforts to increase steel exports, which now
account for about 30% of revenues, cash generation continues to
diminish, mainly reflecting still depressed domestic steel demand.
This has led Usiminas to shut down two of its blast furnaces,
which were less efficient.  In addition, the low global iron ore
prices have also led Usiminas to reduce its iron ore production to
consumption levels of about 4.7 million tons in 2015.  S&P expects
market conditions to remain challenging and highly uncertain for
the next several quarters, which should continue to limit the
company's ability to generate cash.

The real's depreciation, which has been highly volatile, should
push up Usiminas' debt.  Interest expenses have also increased due
to the strengthening dollar and spike in Brazil's interest rates,
weakening its funds from operations (FFO).  Those factors,
combined with the lower-than-expected cash generation, should
weaken credit metrics further than S&P expected.


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


ABSOLUTE RETURN: Creditors' Proofs of Debt Due Oct. 20
------------------------------------------------------
The creditors of Absolute Return Management International 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 wind-up proceedings on Sept. 17, 2015.

The company's liquidator is:

          Rosana Hollins
          Telephone: +350 200 76173
          Sovereign Trust (Gibraltar) Limited
          Suite 2B, 143 Main Street
          Gibraltar


ALPINE SWIFT: Creditors' Proofs of Debt Due Oct. 29
---------------------------------------------------
The creditors of Alpine Swift Ltd are required to file their
proofs of debt by Oct. 29, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 15, 2015.

The company's liquidator is:

          Andrea Nogueira
          Rua dos Pinheiros 498
          8a Andar
          CJ 81 Sao Paulo- SP- Brasil- Cep 05 422-010


CHININO INVESTMENT: Creditors' Proofs of Debt Due Oct. 26
---------------------------------------------------------
The creditors of Chinino Investment Ltd. are required to file
their proofs of debt by Oct. 26, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 16, 2015.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Appleby Tower, 4th Floor
          71 Fort Street, George Town
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


CRESTLINE EVENT: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 4, 2015, the sole shareholder of Crestline Event
Arbitrage Offshore Fund, Ltd. passed a resolution 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


EAST STREET 2002-I: Commences Liquidation Proceedings
-----------------------------------------------------
On Sept. 7, 2015, the sole shareholder of East Street Referenced
Linked Notes, 2002-I Limited passed a resolution 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


EAST STREET 2004-I: Commences Liquidation Proceedings
-----------------------------------------------------
On Sept. 7, 2015, the sole shareholder of East Street Referenced
Linked Notes, 2004-I Limited passed a resolution 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


HBC CAYMAN: Creditors' Proofs of Debt Due Oct. 20
-------------------------------------------------
The creditors of HBC Cayman Holdings Inc. 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 Sept. 17, 2015.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


JELLICOE INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 26
-------------------------------------------------------------
The creditors of Jellicoe International Ltd. are required to file
their proofs of debt by Oct. 26, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 16, 2015.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Appleby Tower, 4th Floor
          71 Fort Street, George Town
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


MAXAM INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 19
----------------------------------------------------------
The creditors of Maxam International Ltd. are required to file
their proofs of debt by Oct. 19, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 28, 2015.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


ODEBRECHT OFFSHORE: Fitch Cuts Senior Secured Notes Rating to 'B-'
------------------------------------------------------------------
Fitch Ratings downgrades the senior secured notes issued by
Odebrecht Offshore Drilling Finance Ltd. (OODFL) to 'B-' from 'B+'
and the senior secured notes issued by Odebrecht Drilling Norbe
VIII/IX Ltd. to 'B' from 'BB-'. The ratings remain on Rating Watch
Negative. A full list of rating actions follows at the end of this
release.

Fitch's downgrades reflect the following: (i) the termination of
the ODN Tay IV charter and services agreements by the off-taker,
Petroleo Brasileiro S.A. (Petrobras, 'BBB-', Negative Outlook),
(ii) the impact of Petrobras' additional reduction in capital
expenditures (capex) on its willingness to honor existing
contracts upon a performance breach or bankruptcy of the operator,
and (iii) the impact of the ODN Tay IV contract terminations on
the credit quality of the sponsor.

The Negative Watch reflects the potential direct impact on OODFL
if the notes are either accelerated or restructured as a result of
the cancellation of the Tay IV charter and service agreements and
the sponsor's inability to re-charter the vessel or replace the
asset by December 23.

The Negative Watch on Odebrecht Drilling Norbe VIII/IX Ltd.
reflects the potential impact of the ODN Tay IV contract
terminations, and the potential acceleration of the OODFL notes,
on the credit quality of the sponsor which could affect the
sponsor's ability to support the Norbe VIII/IX transaction if
needed. Additionally, the charter and services agreements have
termination clauses that include bankruptcy of the sponsor; this
risk may be heightened if the credit quality of the sponsor
deteriorates.

KEY RATING DRIVERS

Tay IV Contract Terminations

Petrobras cancelled the charter and services agreement for ODN Tay
IV. Cancellation of the Tay IV contracts further reduces cash
flows to OODFL and renders the transaction more dependent on cash
reserves and sponsor support to make future debt service payments.
Continued depletion of cash reserves will also increase the size
of the balloon payment, heightening refinancing risk. Failure to
enter into a new contract or replace the asset within 90 days may
trigger an event of default and a potential acceleration of the
notes that could lead to the disposition of the collateral.

In contrast, Norbe VIII and Norbe IX, the assets within Odebrecht
Drilling Norbe VIII/IX Ltd, continue to perform well, enabling the
transaction to pay expenses and timely debt service from cash flow
generated by contract payments.

Petrobras' Willingness to Honor Existing Contracts
As a response to depressed oil prices, currency devaluations and
increasing financial costs, Petrobras recently revised its
business plan. These new revisions include additional expense
reductions of 11% and 30% for 2015 and 2016, respectively. These
are in addition to the 37% reduction announced in June 2015. As
part of the measures, Petrobras expects to reduce its active rig
fleet to approximately 35 units from the current 45 by releasing
rigs coming off charter, releasing rigs that have not met the
performance thresholds, and placing a few rigs on stand-by (while
paying a reduced rate). In this regard, Petrobras will continue to
prioritize the most strategic and best operating assets within the
chartered fleet, which could potentially affect its willingness to
honor existing contracts.

Deteriorating Sponsor Credit Quality
The performance issues experienced by some of the rigs during 2014
and 2015 led to lower revenues and breach of performance triggers,
trapping cash within the OODFL transaction and preventing
dividends from being released to the sponsor. With the
cancellation of the Tay IV contracts, this is magnified and could
add more pressure to OOG's liquidity position, affecting its
ability to support the transactions if needed and increasing the
reliance on OOG's shareholder support.

RATING SENSITIVITIES

The ratings are sensitive to changes in the credit quality of
Petrobras as offtaker, implications of the ongoing investigations
into the Odebrecht Group and resolution by the Office of the
Controller General of the Union (Controladoria Geral da Uniao -
CGU) of the temporary ban, changes in the credit quality of
Odebrecht, and the operating performance of the underlying assets.
The ratings are also sensitive to a potential acceleration or
restructure of the OODFL notes and its potential impact on the
sponsor's financial profile and any potential impact to the
remaining contracts.

Additionally, the ratings are sensitive to changes in the
Brazilian oil and gas industry dynamics and Fitch's perception of
Petrobras' willingness to honor the existing conditions under the
contracts.

DUE DILIGENCE USAGE

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

TRANSACTION SUMMARY

The Odebrecht Drilling Norbe VIII/IX Ltd notes are backed by the
flows related to the charter and services agreements signed with
Petrobras for the use of the dynamically positioned ultra-
deepwater (UDW) drillships Norbe VIII and Norbe IX. The
transaction also benefits from a naval mortgage on the vessels.

The OODFL notes are currently backed by the flows related to the
charter and services agreements signed with Petrobras for the use
of the dynamically positioned UDW drillships ODN I and ODN II and
the UDW semi-submersible Norbe VI. The transaction also benefits
from a naval mortgage on the vessels, including the ODN Tay IV.

OOG is the operator of the drilling rigs and primary sponsor of
the transactions. OOG is the largest Brazilian operator of UDW
rigs chartered to Petrobras, with seven UDW rigs in its fleet.

Odebrecht Oleo e Gas (OOG, NR), the transaction's sponsor, may
approach the OODFL noteholders to renegotiate the terms of the
notes as an alternative to avoid an acceleration of the notes and
in order to preserve the integrity of the other three contracts.
Fitch notes that any potential exchange or restructure of the
notes to avert probable payment default and that may affect the
economic terms, even if agreed upon by the noteholders, may be
considered by Fitch as a Distressed Debt Exchange as described in
Fitch's 'Global Structured Finance Distressed Debt Exchange
Criteria'

Fitch has downgraded the following ratings:

OODFL

-- Series 2013-1 senior secured notes to 'B-' from 'B+';
-- Series 2014-1 senior secured notes to 'B-' from 'B+'.

The ratings remain on Rating Watch Negative

Odebrecht Drilling Norbe VIII/IX Ltd.

-- Series 2010-1 senior secured notes to 'B' from 'BB-'.

The ratings remain on Rating Watch Negative.


OPTIMAL AUSTRALIA: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 17, 2015, the members of Optimal Australia Absolute Fund
passed a resolution 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:

          George Colman
          Optimal Australia, Level 2
          121 Flinders Lane, Melbourne VIC 3000
          Australia


PLANE ENGINEERING: Creditors' Proofs of Debt Due Oct. 26
--------------------------------------------------------
The creditors of Plane Engineering Consulting Ltd. are required to
file their proofs of debt by Oct. 26, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 16, 2015.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Appleby Tower, 4th Floor
          71 Fort Street, George Town
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


TOP WORLD: Commences Liquidation Proceedings
--------------------------------------------
On Sept. 14, 2015, the sole shareholder of Top World Funds passed
a resolution 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:

          Cathlin Rossiter
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, Elgin Avenue, George Town
          P.O. Box 448 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


TRIBAL FINANCE: Creditors' Proofs of Debt Due Oct. 19
-----------------------------------------------------
The creditors of Tribal Finance Ltd. are required to file their
proofs of debt by Oct. 19, 2015, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


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


GEOPARK LATIN AMERICA: S&P Affirms 'B' Rating; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
ratings on GeoPark Latin America Limited Agencia en Chile
(GeoPark).  The outlook remains negative.

The rating affirmation reflects S&P's view that the company's
announced capex cuts in 2015 and 2016, along with its improved
cost structure, will somewhat offset the lower funds generation
amid weaker oil prices.

The negative outlook reflects the likelihood of weaker-than-
expected credit metrics because of lower oil prices.

A downgrade is possible if the company's FFO to debt drops to less
than 12% in 2015 and 2016, which could result from, for example,
lower EBITDA generation (consistent with scenarios of Brent oil
prices of $50/bbl, combined with cash costs of $18/bbl in 2016).

S&P could revise the outlook to stable if the company's FFO to
debt improves to 30% on a sustained basis, alongside recovering
hydrocarbon prices, enabling it to resume its investment,
expansion, and diversification plans.



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


AES DOMINICANA: Seaweed Snarls Power Company
--------------------------------------------
Dominican Today reports that AES Dominicana said encroaching
seaweed have severely affected its two major power plants, but
noted that the situation isn't related to the latest spate of
rolling blackouts as long as six hours nationwide.

It said two of its four plants near the capital, which supply 610
megawatts to the national grid, are located on the country's south
coast, where the seaweed has been piling up since mid-July,
according to Dominican Today.

AES Dominicana notes nonetheless that two of its other plants have
come online at full capacity since Oct. 8, "and the fact that its
units are undergoing these problems wouldn't be the reason to
create the gap attributed to generation," the report notes.

In an emailed statement, the power company said a total of 570
metric tons of seaweed has been arriving at its facilities during
the last 28 days thus far this year, with high amounts occurring
on June 10, July 27 and October 7, "when the flow exceeded the
extraction capacity of the specialized equipment for waste
management in general," the report relays.

It said as many as 28 divers and 20 assistants and cranes and
other equipment are working each day to deal with the influx of
the seaweed, the report notes.

"During these peaks and to avert further consequences the Itabo
management has been forced to take at least one of the units off
line, leaving the other at partial load to protect equipment that
are cooled by seawater," the e-mail added.


DOMINICAN REP: Drought's Impact on Foods Pace 1.72% Higher Prices
-----------------------------------------------------------------
Dominican Today reports that the Central Bank January said
September prices posted a "remarkable" increase of 1.72%, paced by
foods and non-alcoholic beverages.

"The drought in the country this year, considered the most intense
since 1997, has been affecting the prices of the food and non-
alcoholic beverage group," with a 7.6% jump at the end of
September, according to the Bank, Dominican Today says.

It also reports a significant climb on the price of fresh chicken
(4.08%), plantains (6.82%), and cassava (yuca) (12.84%), adding
that Sept. posted the highest jump in inflation this year,
Dominican Today notes.


DOMINICAN REP: World Bank Grants US$50MM Loan to Boost Education
----------------------------------------------------------------
Dominican Today reports that the World Bank loaned the Finance
Ministry US$50 million to support the National Education Pact,
staring with disbursement of US$10.0 million this year.

Finance Minister Simon Lizardo, who signed the contract with World
Bank Resident representative Benjamin McDonald, thanked the
multilateral organization for its support to bolster investment
through the loan, according to Dominican Today.

Mr. Lizard said the funds will "help stimulate Dominican
Government policy related to the National Development Strategy to
benefit a relevant niche for the country's progress, such as the
education, and specifically, the quality of teaching," Dominican
Today relays.

Mr. Lizard stressed the World Bank's importance as a collaborating
partner on the country's commitment to the UN's Millennium
Development Goals, Dominican Today adds.


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


PUERTO RICO: May Not Be Able to Avoid Defaults, Adviser Says
------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico, at risk
of running out of cash as soon as November, may be unable to pay
investors as it looks to restructure $73 billion of debt, said
Steven Rhodes, the former U.S. bankruptcy judge who is advising
the island's government.

Puerto Rico faces a $354 million principal and interest payment on
Dec. 1 for Government Development Bank debt, including securities
that the commonwealth backs with its general-obligation guarantee,
according to bond documents, according to Bloomberg News.

Officials have said the government may run out of cash in November
unless it can get a short-term loan or renegotiate its debts,
notes the report.  A $357 million interest payment on general-
obligation bonds is due Jan. 1.

"I'm not sure that Puerto Rico will have any choice on the issue
of default," Mr. Rhodes, who presided over Detroit's record
bankruptcy, said in a television interview on Bloomberg with David
Westin and Stephanie Ruhle, reports Bloomberg News.  "Its
financials suggest that it is going to run out of money very soon.
It is suffering a liquidity crisis, and I'm not sure it will have
any choice in the issue of default."

Puerto Rico and its agencies racked up $73 billion of debt by
borrowing for years to balance budgets as the economy struggled to
grow. Officials are negotiating with investors and insurance
companies about what's owed by the development bank, and Governor
Alejandro Garcia Padilla's administration plans to push for a
broader restructuring of Puerto Rico's bonds, Bloomberg News
relays.

The price of Puerto Rico's bonds has slid this year amid
speculation over how much debt will be affected, Bloomberg News
notes.  Securities due in 2035, the most frequently traded,
changed hands Oct. 9 at an average of 74.5 cents on the dollar to
yield 11.2 percent.  They were first sold to investors for 93
cents in March 2014, the report discloses.

The Electric Power Authority, the island's main electric utility,
has struck a tentative deal with some of its bondholders and
lenders to restructure the $8.3 billion it owes, Bloomberg News
relays.  Bond insurance companies have balked at the proposed
agreement and are still negotiating.

The outcome could serve as a model for how to deal with other
Puerto Rico debts, Tom Wagner, co-founding partner of hedge fund
Knighthead Capital Management, said during a Bloomberg Television
interview.  Knighthead owns the utility's bonds.

"A constructive and collaborative approach between the debt issuer
and the debt holders is oftentimes the best way to approach these
situations," Bloomberg News quoted Mr. Wagner as saying.

Mr. Rhodes said he disagrees.  Given how many Puerto Rico agencies
have sold bonds and the number of creditors involved, the island
needs a way to swiftly tackle its fiscal crisis and avoid talks
that could drag on for years, Mr. Rhodes added.  Puerto Rico has
been pushing for Congress to give some agencies the power to file
for bankruptcy, though a bill to do so has stalled for lack of
Republican support, Bloomberg News relays.

"How long is it going to take if there are 17 entities and we do
them one year at a time?" Mr. Rhodes said, notes the report.  "We
don't have that time. We're closing schools.  Seniors need their
pensions in order to buy their medicines."

If Puerto Rico fails to repay the development-bank bonds due Dec.
1, it would be the first default on debt guaranteed by the
commonwealth. While one of its agencies, the Public Finance Corp.,
has skipped payments on its bonds since August, those securities
were only backed by legislative appropriations, which lawmakers
didn't authorize, Bloomberg News says.


                            ***********


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.

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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
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Information contained herein is obtained from sources believed to
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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,
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202-362-8552.


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