TCRLA_Public/151016.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 16, 2015, Vol. 16, No. 205


                            Headlines



B A H A M A S

BAHA MAR: Liquidators Talk With Stakeholders on Project


B R A Z I L

COMPANHIA DE SANEAMENTO: S&P Lowers CCR to 'BB'; Outlook Stable
PETROLEO BRASILEIRO: Wraps up Negotiations on New Chinese Loan


C A Y M A N  I S L A N D S

A.V.K.T.D.S. LIMITED: Sole Member to Hear Wind-Up Report on Nov. 9
AG CIP GP: Shareholders' Final Meeting Set for Oct. 30
ASHFORD INVESTMENTS: Sole Member to Hear Wind-Up Report on Nov. 10
FIC SUKUK: Shareholders' Final Meeting Set for Oct. 20
HARBOR BRIDGE: Shareholders' Final Meeting Set for Nov. 12

INVICTA OFFSHORE: Shareholders' Final Meeting Set for Nov. 12
INVITA MASTER: Shareholders' Final Meeting Set for Nov. 12
KING'S WAY: Creditors' Proofs of Debt Due Nov. 10
LB INC: Shareholder Receives Wind-Up Report
MF EUROPA: Shareholders' Final Meeting Set for Oct. 21

PRESTO VENTURES: Shareholders' Final Meeting Set for Oct. 20
SMILING HOLDINGS: Shareholders' Final Meeting Set for Oct. 29
T.D.S. LIMITED: Sole Member to Hear Wind-Up Report on Nov. 9


C O L O M B I A

COLOMBIA TELECOMUNICACIONES: S&P Affirms 'BB' CCR; Outlook Stable
PACIFIC RUBIALES: S&P Lowers LT CCR to 'BB-'; Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Unheeded Warning Brought Trade Deficit
DOMINICAN REPUBLIC: Look to Business to Ease Friction With Haiti


M E X I C O

STATE OF MORELOS: Moody's Withdraws Ba3/A3.mx Issuer Ratings


P U E R T O    R I C O

ALONSO & CARUS: Creditors' Panel Opposes Payment Bid
PUERTO RICO: Says Fin'l. Control Board Bill to be Filed This Week


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: 'Trouble Ahead' for Yachting Industry


                            - - - - -


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B A H A M A S
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BAHA MAR: Liquidators Talk With Stakeholders on Project
-------------------------------------------------------
The Daily Observer reports that the liquidators appointed to
oversee the controversial multi-billion dollar Baha Mar tourism
project say they remain optimistic even though "there is still
work to be done" regarding the opening of the project.

The Joint Provisional Liquidators (JPLs) held talks with the
stakeholders on the US$3.5 billion project including government
officials, financial sponsors Export-Import Bank of China, the
construction company CCA Bahamas Ltd. and parent company, China
State Construction Engineering Corp. Ltd., as well as the resort's
founder and investor, Sarkis Izmirlian, according to The Daily
Observer.

The report notes that the JPLs described the talks as "another
important step on the road to resolution."

"We would like to thank all parties for their good faith
participation in and constructive approach during the meetings.
Whilst there is still work to be done, it is clear that all
involved are focused on quickly reaching a viable solution to
ensure that the Baha Mar resort is able to open for business for
the benefit of all stakeholders, including the Bahamian people,"
JPLs said.

"We will continue to work with all stakeholders as we explore the
best route forward and will issue further updates as talks
continue," the JPLs said in the brief statement obtained by the
news agency.

Earlier this year, Mr. Izmirlian, chairman and chief executive
officer of Baha Mar Ltd, said  in order to complete construction
and open the project as soon as practicable, Baha Mar Ltd, and
entities associated with it, were voluntarily undertaking the
process of Chapter 11 under the US Bankruptcy Code, the report
notes.

But the move was criticized by the Perry Christie government that
took the matter to the courts here and sought to re-assure
Bahamians that the multi-billion dollar resort project will not
only open soon but will fulfill its promise as an important new
dimension in Bahamian and regional tourism and one that will
represent a major contributor to Bahamian employment," the report
adds.

                            About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The bankruptcy cases are assigned to Judge Kevin J. Carey.  The
Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York.  The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,
Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones
LLP, in Wilmington, Delaware.  The Debtors' Bahamian counsel is
Glinton Sweeting O'Brien.  The Debtors' special litigation counsel
is Kobre & Kim LLP.  The Debtors' construction counsel is Glaser
Weil Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.

                            *     *     *

In September 2015, Judge Carey dismissed the Chapter 11
Proceedings filed in the Delaware court by Baha Mar chief
executive officer Sarkis Izmirlian, ruling in favor of the
contractor on the project, China Construction America (CCA), and
its financier, the China Export-Import Bank (CEXIM); but denied
the motion to dismiss Northshore Mainland Services, Inc.'s
bankruptcy case.


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B R A Z I L
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COMPANHIA DE SANEAMENTO: S&P Lowers CCR to 'BB'; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit and issue-level ratings on Companhia de
Saneamento Basico do Estado de Sao Paulo (SABESP) to 'BB' from
'BB+'.  At the same time, S&P lowered its Brazilian national scale
corporate credit rating on the company to 'brAA-' from 'brAA+'.
The outlook on both scales is stable.

The downgrade reflects SABESP's weaker liquidity because the
measures to preserve water reservoirs--as a result of the severe
drought in the region -- and the severe depreciation of the
Brazilian currency during 2015 have taken a toll on the company's
operating and financial performance.

S&P applies its criteria for government-related entities (GREs) in
its analysis of SABESP, because the state of Sao Paulo owns 50.3%
of the company.  The remaining shares are publicly traded in the
BOVESPA and the NYSE through American depository receipts.  S&P's
belief of a "moderately high" likelihood of extraordinary support
stems from S&P's view of SABESP's "important" role because it
provides essential services to the state's population.  The
likelihood of support also reflects that the utility has a
"strong" link with the state based on its majority equity stake in
the company.  The ratings on entities that S&P views as benefiting
from supportive government policies, possibly through direct
assistance or extraordinary intervention--but the likelihood of
the latter is lower--are usually more closely aligned with the
stand-alone credit profile.

S&P continues to view SABESP's business risk profile as
"satisfactory" based on adequate regulatory advantage and position
as the largest water utility in Latin America.

S&P still views SABESP's financial risk profile as "significant."


PETROLEO BRASILEIRO: Wraps up Negotiations on New Chinese Loan
--------------------------------------------------------------
EFE News reports that Brazilian state-controlled oil company
Petrobras says it has concluded negotiations for a $2 billion loan
from the leasing unit of the Industrial and Commercial Bank of
China.

The agreement is the product of a "cooperation agreement to create
a long-term relationship between Petrobras and ICBC, entered into
during the visit of Chinese Premier Li Keqiang to Brazil in May
2015," Petrobras said in a statement, according to EFE News.

It said the 10-year financing arrangement involves the sale and
leaseback of two offshore oil production platforms -- the P-52 and
P-57 -- operated by the Rio de Janeiro-based company, the report
relays.

"The funds will be available for disbursement after the internal
approvals of both institutions," the statement added, the report
notes.

"This transaction is part of Petrobras' strategy to diversify its
financing sources and represents an anticipation of the financing
activities planned for 2016," the report discloses.

Although Petrobras has secured the financing needed to fund its
operations in 2015, it has had difficulty securing new loans in
recent months due to a giant contract-rigging and kickback
scandal, a massive debt load and losses stemming from the steep
drop in oil prices and the sharp depreciation of the real against
the dollar, the report notes.

Petrobras has benefited in recent months from agreements between
Brazil and China at the bilateral level and at the BRICS Forum, an
organization that also comprises Russia, India and South Africa,
to access Chinese bank loans, the report relays.

Besides the arrangement with the ICBC, the world's largest bank by
total assets, Petrobras also signed a $5 billion funding agreement
with the China Development Bank and a $2 billion financing deal
with the Export-Import Bank of China during Li's visit, the report
adds.

                  About Petroleo Brasileiro

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

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

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

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

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

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


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C A Y M A N  I S L A N D S
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A.V.K.T.D.S. LIMITED: Sole Member to Hear Wind-Up Report on Nov. 9
------------------------------------------------------------------
The sole member of A.V.K.T.D.S. Limited will hear on Nov. 9, 2015,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola VG1110
          British Virgin Islands


AG CIP GP: Shareholders' Final Meeting Set for Oct. 30
------------------------------------------------------
The shareholders of AG CIP GP will hold their final meeting on
Oct. 30, 2015, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Joost Schellens
          c/o Atlas Global Investment Management
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


ASHFORD INVESTMENTS: Sole Member to Hear Wind-Up Report on Nov. 10
------------------------------------------------------------------
The sole member of Ashford Investments One Limited will hear on
Nov. 10, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola VG1110
          British Virgin Islands


FIC SUKUK: Shareholders' Final Meeting Set for Oct. 20
------------------------------------------------------
The shareholders of FIC Sukuk Company Limited will hold their
final meeting on Oct. 20, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HARBOR BRIDGE: Shareholders' Final Meeting Set for Nov. 12
----------------------------------------------------------
The shareholders of Harbor Bridge Emerging Markets Ltd. will hold
their final meeting on Nov. 12, 2015, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INVICTA OFFSHORE: Shareholders' Final Meeting Set for Nov. 12
-------------------------------------------------------------
The shareholders of Invicta Offshore Fund, Ltd. will hold their
final meeting on Nov. 12, 2015, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INVITA MASTER: Shareholders' Final Meeting Set for Nov. 12
----------------------------------------------------------
The shareholders of Invita Master Fund, LP will hold their final
meeting on Nov. 12, 2015, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KING'S WAY: Creditors' Proofs of Debt Due Nov. 10
-------------------------------------------------
The creditors of King's Way Company Limited are required to file
their proofs of debt by Nov. 10, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 14, 2015.

The company's liquidator is:

          SCTS Capital Pte. Ltd.
          c/o Ian Phillips
          Telephone: (345) 749-3340
          Facsimile: (345) 749-2230
          Canella Court, Suite 4210, 2nd Floor
          48 Market Street, Camana Bay
          P.O. Box 32203 Grand Cayman KY1-1208
          Cayman Islands


LB INC: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of LB Inc. received on Oct. 15, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Fides Limited
          c/o Dwight Dube
          Telephone (345) 949 7232
          The Grand Pavilion, 2nd Floor
          Commercial Centre
          P.O. Box 10338 Grand Cayman
          Cayman Islands KY1-1003


MF EUROPA: Shareholders' Final Meeting Set for Oct. 21
------------------------------------------------------
The shareholders of MF Europa Ltd. will hold their final meeting
on Oct. 21, 2015, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Europa Capital Partners LLP
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +44 (0)20 7220 4987


PRESTO VENTURES: Shareholders' Final Meeting Set for Oct. 20
------------------------------------------------------------
The shareholders of Presto Ventures will hold their final meeting
on Oct. 20, 2015, at 11:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Pedro Paulo Magalhaes
          c/o Maples and Calder, Attorneys-at-law
          Ugland House
          P.O. Box 309, Grand Cayman KY1-1104
          Cayman Islands


SMILING HOLDINGS: Shareholders' Final Meeting Set for Oct. 29
-------------------------------------------------------------
The shareholders of Smiling Holdings Limited will hold their final
meeting on Oct. 29, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Mark Bouteloup
          Fiona Whitehead
          Citron 2004 Limited
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          23-25 Broad Street
          St. Helier, Jersey JE4 8ND


T.D.S. LIMITED: Sole Member to Hear Wind-Up Report on Nov. 9
------------------------------------------------------------
The sole member of T.D.S. Limited will hear on Nov. 9, 2015, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola VG1110
          British Virgin Islands


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C O L O M B I A
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COLOMBIA TELECOMUNICACIONES: S&P Affirms 'BB' CCR; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB'
corporate credit and issue-level ratings on Colombia
Telecomunicaciones S.A. E.S.P. (Coltel).  At the same time, S&P
affirmed its 'B' issue-level rating on the company's hybrid
capital securities.  The outlook on the corporate credit rating
remains stable.

The affirmation reflects S&P's view that, despite the company's
weaker financial ratios as a result of the migration to IFRS, S&P
believes Coltel's operations and finances will remain in line with
its current rating.  Under IFRS, the company reports its payments
to Patrimonio Autonomo de Activos y Pasivos de Telecom (PARAPAT)
as debt, but S&P considers this change only an accounting issue.

The 'BB' rating reflects S&P's expectation that the company will
maintain its position as the second-largest mobile player and the
third-largest fixed-line operator in the Colombian market.  S&P
also takes into account its strong brand recognition and efficient
operations in S&P's assessment.  However, its strengths are
tempered by its narrow geographic diversification compared to its
higher-rated global peers because it only operates in Colombia.

The stable outlook on Coltel reflects S&P's expectation that the
company will be able to keep its debt to EBITDA ratio below 5.0x
over time because of EBITDA growth, even after the recognition of
PARAPAT as a debt under IFRS reporting in 2015.

S&P could lower the ratings on Coltel if the company posts a debt
to EBITDA ratio of more than 5.0x on a consistent basis as a
result of lower EBITDA generation, pushed by an increase in
access-line losses and stiffer competition or higher debt levels.
S&P could also lower the rating if liquidity weakens further or if
the company's capex increases more than expected, eroding its cash
position and increasing its debt levels to finance these
investments.

An upgrade is possible in the long term if the company is able to
post a debt to EBITDA ratio below 3.0x and FFO to debt above 30%
or if it is able to improve its liquidity position.


PACIFIC RUBIALES: S&P Lowers LT CCR to 'BB-'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit and issue-level ratings on Pacific Rubiales Energy Corp.
(PRE) to 'BB-' from 'BB'.  The outlook on the corporate credit
rating is stable.

The downgrade reflects S&P's expectation that PRE's financial
credit metrics will weaken further in the next 12-18 months due
the recent revision of S&P's hydrocarbon price assumptions.  S&P
now expects the company's debt to EBITDA to average 4.5x and FFO
to debt will remain below 20%, which has prompted S&P to revise
its assessment of PRE's financial risk profile to "aggressive"
from "significant".  Additionally, S&P expects the company to
improve its liquidity in the next 12 months due to potential non-
core assets sales.  Otherwise, S&P could take another negative
rating action.


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


DOMINICAN REPUBLIC: Unheeded Warning Brought Trade Deficit
----------------------------------------------------------
Dominican Today reports that from the moment of the hampered
negotiation for the Central America-US (DR-CAFTA) free trade
agreement emerged and the Dominican Republic failed to take
appropriate action after it was signed, the country lost a great
opportunity to become more competitive, said former National
Business Council (Conep) President Lisandro Macarrulla.

Mr. Macarrulla also noted that all the warnings over the agreement
made by the business organization at the time, "we are living
them," according to Dominican Today.

"Actually our experience in trade with all Central American
countries has been quite negative and even with the United States
itself.  I think that Dominican Republic lost a great opportunity
to be more competitive from the moment the country failed to
negotiate well, and from the moment that having negotiated, didn't
do the proper job for exports to increase and improve the trade
balance," Mr. Macarrulla said, the report relays.

Participating in the panel "Role of free enterprise in Dominican
Republic's future," Mr. Macarrulla said despite that the
country''s current trade balance is "a bit more balanced" due to
low oil prices, "which is a temporary situation," the country will
have a balance of payments deficit "probably soon," which in his
view is "is truly alarming and unsustainable," notes the report.

                       Balance of Trade With the US

The country's imports from the US reached US$7.9 billion last
year, while exports topped US$3.4 billion, a difference of nearly
US$4.5 billion, the report notes.


DOMINICAN REPUBLIC: Look to Business to Ease Friction With Haiti
----------------------------------------------------------------
Dominican Today reports that the governments and business leaders
of the Dominican Republic and Haiti will work together to surmount
frictions, according to a list of agreements reached in the more
than four hour meeting between Dominican president Danilo Medina
and Haiti's Michel Martelly.

After the meeting at Maria Montez Airport in Barahona, Dominican
foreign minister Andres Navarro and Haiti counterpart Stephanie
Balmir Villedrouin, read the document with the agreements,
including improving trade and normalize freight transport between
the two countries, for which a meeting in Port-au-Prince will be
held in the next 15 days, according to Dominican Today.

                       Business Initiative

Other points agreed included a working visit by Medina to Port au
Prince, support for the Quisqueya initiative involving the private
sectors of the two countries and maintaining constant
communication and coordination to harmonize the repatriation of
undocumented people, the report relates.

Moreover, the appointment of a new Haitian ambassador to the
Dominican Republic and the return of the Dominican envoy in Haiti,
as well as resuming the work of the Joint Bilateral Commission,
the report discloses.

Dominican Chief of staff Gustavo Montalvo and Haiti Tourism
minister and acting Foreign affairs minister Stephanie B.
Villedrouin were designated to follow up on the points and ensure
coordination of ties between the two countries, the report notes.


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M E X I C O
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STATE OF MORELOS: Moody's Withdraws Ba3/A3.mx Issuer Ratings
------------------------------------------------------------
Moody's de Mexico has withdrawn the State of Morelos' Ba3/A3.mx
issuer ratings.  Prior to withdrawal, the ratings had a negative
outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings of the State of Morelos for its
own business reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine State of Morelos' rating is between 01/01/2010 and
31/12/2014.


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


ALONSO & CARUS: Creditors' Panel Opposes Payment Bid
----------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of Alonso & Carus Iron Works, Inc., challenged a request by
the Debtor to pay a pre-petition claim of Induchem Services, Inc.

The Committee said the Debtor filed the Payment Motion under the
guise that the relief sought in the motion was time sensitive.
The purported urgency for the relief sought in the Payment Motion
is "disingenuous," according to the Committee, because, as by the
Debtor's own admission, the Debtor received a letter on May 8,
2015, from United Surety and Indemnity Company -- a company that
provides the Debtor with bonds for its construction projects --
advising the Debtor it received a claim from Induchem Services for
payment under a bond in the amount of $61,436, and requesting that
the Debtor pay the claim.  According to the Debtor, if it does not
pay Induchem, USIC will no longer provide bonds for the Debtor's
future construction projects, which will adversely affect the
feasibility of the Debtor's proposed plan of reorganization.

In its "URGENT MOTION TO PAY PRE-PETITION CLAIM OF INDUCHEM
SERVICES, INC.," the Debtor told the Court it must pay Induchem to
prevent the adverse effects to its operations and be able to
obtain the required payment and bonds from USIC, without which
Debtor will not have a feasible plan.

The Debtor pointed out that the Induchem situation is very similar
to Debtor's request to pay the Puerto Rico Power and Electric
Power Authority's pre-petition claim to avoid for USIC not issuing
payment and performance bonds in the future to Debtor, which was
granted by the Court on an emergency basis, resulting in the
Debtor been able to bid and be awarded a contract for $286,000 by
PREPA for the rehabilitation of a NPDS tank at Palo Seco
Thermoelectric plant, Toa Baja, Puerto Rico.

"Debtor has carefully examined the matters set forth herein and
has concluded that there is a true need for the dispositions on an
expedited basis, considering its pending submission of bids for
different projects, that Debtor has not created the urgency
through any lack of due diligence and has made a bona fide effort
to resolve the matter without a hearing," the Debtor's court
filing said.

The Committee, however, argued that what the Debtor fails to
explain is why -- if the payment of Induchem's claim was so urgent
-- it took the Debtor more than four months after it received the
May 8 Letter to file the Payment Motion.  The Committee said its
counsel has contacted the Debtor's professionals to verify certain
information related to the Payment Motion, including, but not
limited to, obtaining a copy of the May 8 Letter.  The Debtor's
professionals have not responded to the Committee's request for
this information as of the filing of the Committee's objection.

The Committee said the Debtor must first demonstrate that:

     -- it has sufficient cash to make the Payment,

     -- the Payment will not impact the Debtor's ability to make
        all other payments required under the Plan, which, in
        turn, would adversely impact the feasibility of the Plan,
        and

     -- it faces the risk of losing all bonding if the Payment
        is not made.

The Debtor also must confirm whether there are other parties
similarly situated to Induchem that could call on, or have called
on, the obligations under the bond provided by USIC or any other
bonding provider.

The Committee also noted that the Debtor has pretended that the
Committee does not exist since the Committee's appointment on July
14, 2015.  While the Debtor has provided the Committee with
certain documents and information related to the feasibility of
the Plan, obtaining such documents and information has been a
constant struggle.  The Debtor's professionals have refused to
communicate with the Committee's proposed lead counsel, Lowenstein
Sandler LLP, and financial advisor, GlassRatner Advisory & Capital
Group LLC, on the purported ground that the Court has not yet
approved the Committee's retention of Lowenstein and GlassRatner.

Puerto Rico Counsel to the Committee:

     Javier Vilarino, Esq.
     VILARINO & ASSOCIATES LLC
     PO Box 9022515
     San Juan, PR 00902-2515
     Telephone: 787-565-9894
     E-mail: jvilarino@vilarinolaw.com

Proposed Counsel to the Committee:

     Jeffrey D. Prol, Esq.
     LOWENSTEIN SANDLER LLP
     65 Livingston Avenue
     Roseland, NJ 07068
     Telephone: 973-597-2500
     Facsimile: 973-597-2400
     E-mail: jprol@lowenstein.com

                      About Alonso & Carus

Alonso & Carus Iron Works, Inc., sought Chapter 11 protection
(Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on
March 27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debts.

The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.

The Official Committee of Unsecured Creditors appointed in the
Debtor's case has tapped Vilarino & Associates LLC as Puerto Rico
counsel, and Lowenstein Sandler LLP as lead counsel.  The
Committee also retained GlassRatner Advisory & Capital Group LLC,
as financial advisors.

Information Overload on Mangroves, Sea Grass, and Sea horses.  I
guess it is true that more you learn the less you know. It is good
when I get to read about these fascinating things but it is better
when an expert, who dedicated their lives for the preservations of
our sea creatures, took the time to share their field experiences
and knowledge.  Thank you, more please. :D


PUERTO RICO: Says Fin'l. Control Board Bill to be Filed This Week
------------------------------------------------------------------
Megan Davies at Reuters reports that legislation to create a
financial control board for heavily indebted Puerto Rico was
scheduled to be filed Oct. 15 or Oct. 16, the U.S. territory's
government affairs secretary Jesus Manuel Ortiz said.

The financial control board, a key recommendation from a plan
released in September to try and solve the U.S. territory's
pressing debt problems, would have oversight over most government
entities, according to Reuters.

"This week, the fiscal control board bill will be filed," said Mr.
Ortiz, the report notes.  "As you know, it seeks the establishment
of an independent, nonpartisan entity, which will ensure the
implementation of the fiscal adjustment plan that will address and
stabilize the finances and grow the Puerto Rico economy."

Puerto Rico has seen its debt balloon to $72 billion, while the
number of taxpayers shouldering the burden has dwindled, with
thousands moving to the U.S. mainland each year, the report
relates.   The U.S. territory defaulted on debt in August by
paying only a fraction of what was due on some bonds.

Some legislators in Washington have also been contemplating
imposing a financial control board on Puerto Rico, the report
says.  The idea was debated during a recent Senate Finance
Committee hearing, the report discloses.


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


TRINIDAD & TOBAGO: 'Trouble Ahead' for Yachting Industry
--------------------------------------------------------
Trinidad Express reports that the yachting industry in Trinidad
and Tobago is in trouble, with fewer vessels coming into port for
repair and maintenance, which threatens the jobs of 10,000 people.

This according to the Yacht Services Association of Trinidad and
Tobago (YSATT), which is asking that incentives for the marine
sector be provided in the 2015/2016 budget, according to Trinidad
Express.

In a statement, the Association said Government and citizens
needed to understand the vital role the industry plays in
diversifying the economy and earning foreign exchange, the report
relates.

The Association stated that hundreds of yachts visit Trinidad
yearly to avoid hurricanes and to repair and maintain their boats,
utilizing a wide range of maritime facilities and services, the
report relays.

"Unfortunately there has been a major decline from a high of 2,654
yacht arrivals in 2000 and to only 1,060 in 2014.  Factors for
this include our failure to adopt the single harmonized entry form
used by all the other Caribbean Islands.  Yacht owners and crew
members are also drawn to the country for eco-tourism, cultural
tourism and medical tourism," YSATT added.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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