TCRLA_Public/151020.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

            Tuesday, October 20, 2015, Vol. 16, No. 207


                            Headlines



B R A Z I L

BRAZIL: Next Big Crisis Is Scaring Bankers and Wiping Out Jobs


C A Y M A N  I S L A N D S

ALPINE CAPITAL: Commences Liquidation Proceedings
ASPEN BELL: Shareholders' Final Meeting Set for Oct. 30
ASPEN LUCIAN: Shareholders' Final Meeting Set for Oct. 30
ASPEN NOAH: Shareholders' Final Meeting Set for Oct. 30
CREDIT LINKED: Shareholders' Final Meeting Set for Oct. 30

DING YI: Shareholders' Final Meeting Set for Oct. 26
FULLHAN HOLDINGS: Shareholders' Final Meeting Set for Oct. 26
HORIZON SUKUK: Shareholders' Final Meeting Set for Oct. 30
JAPAN SECURITIES: Shareholders' Final Meeting Set for Oct. 30
RX PROPERTIES: Shareholders' Final Meeting Today

RYE SELECT: Creditors' Proofs of Debt Due Nov. 30
SAAD INVESTMENTS: Creditors to Hold Meeting Today
VINCI ZAFFERANO: Shareholder to Hear Wind-Up Report on Nov. 18


C H I L E

RUTA DEL BOSQUE: S&P Affirms then Withdraws 'BB+' Rating on Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Shares in South Florida's US$116 Billion Trade
DOMINICAN REP: Despair at Haiti Border as Shutout Enters 9th Day


M E X I C O

CESPT: Moody's Affirms Ba2/A2.mx Issuer Rating; Outlook Negative
DESARROLLADORA HOMES: Says its Shares Can Trade Again


P A R A G U A Y

VISION BANCO: S&P Affirms BB- Rating; Outlook Negative


P U E R T O    R I C O

ANNA'S LINENS: Court Approves Sale of Store Leases
ANNA'S LINENS: Incurs $25.02 Million Net Loss in July
ANNA'S LINENS: Net Loss Decreases to $3.36 Million in August
PUERTO RICO: In Talks With Treasury to Restructure Island's Debt


                            - - - - -


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B R A Z I L
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BRAZIL: Next Big Crisis Is Scaring Bankers and Wiping Out Jobs
---------------------------------------------------------------
Blake Schmidt and Cristiane Lucchesi, writing for Bloomberg News,
report that in the smog-filled, run-down industrial hubs that ring
the southern end of Sao Paulo, Brazil's next big crisis is taking
root.

Bloomberg News says the labor market, long the country's lone
economic bright spot as growth stagnated, is suddenly
deteriorating rapidly, driving unemployment all the way up to 7.6
percent from a record-low 4.3 percent at the end of 2014. Nowhere
are the layoffs that are fueling that surge more acute than here,
in this gritty complex of steel, auto and auto-parts factories
built decades ago by the likes of Ford Motor Co. and Volkswagen
AG, says the report. Sao Paulo is now losing about 20,000 jobs
each and every month, the state's industrial federation estimates.

Talk privately with Brazil's most senior bankers and nearly all of
them will point to unemployment as a crucial concern, says the
report. For starters, it's underpinning the national
dissatisfaction that is fanning calls for the impeachment of
President Dilma Rousseff and creating policy paralysis in the
capital city of Brasilia. More importantly, in a country that has
based its growth model in recent years on a credit-fueled boom in
consumer spending, it threatens to both deepen the recession --
already the worst since 1990 -- and leave millions of Brazilians
scrambling to repay their loans, says Bloomberg News.

One year after a massive corruption scandal broke out at the
state-run oil company and four months after Brazil officially
entered recession, the financial indicators are grim across the
board, Bloomberg News relates. The real has fallen more than any
other major currency in the world this year; annual inflation has
soared to almost 10 percent; the budget deficit has swelled to the
widest in at least two decades; and the government's credit rating
was cut to junk by Standard & Poor's. Last week, analysts at Itau
Unibanco Holding predicted the economy will shrink 3 percent this
year and unemployment will top 10 percent by 2016, the report
recalls.

Bloomberg New says it all marks quite a fall from grace for a BRIC
nation that emerged from the 2008 financial crisis so strongly
that pundits were touting it as a key engine for global growth
alongside China. (In late 2009, The Economist splashed on its
cover an image of Rio's famed Christ the Redeemer statue taking
off like a rocket.) But commodities back then, unlike now, were
still in hot demand, bringing in a flood of cash to a country
that's a dominant global exporter of everything from soybeans to
iron ore. The current corruption scandal -- which has hobbled
Rousseff's deficit-cutting initiatives and hamstrung companies
ensnared in the probe -- as well as the effects of years of the
government's interventionist measures have only deepened the
slump, the report adds.

That the jobless rate, often a lagging indicator in any economy,
has been the last data point to buckle in the recession isn't
unusual, of course, notes Bloomberg News. But what's eye-catching
here is how, after confounding local economists by remaining so
stubbornly low amid three years of sluggish growth, the rate
suddenly spiked higher in just a matter of months.

In a week-long series of informal conversations with Sao Paulo
bankers, unemployment came up time and again as they laid out the
reasons that the recession and financial crisis could intensify.
They're worried that the increase in the jobless rate has just
begun; that it's eroding consumer demand, leaving once-crowded
shopping malls empty; and that, ultimately, it could drive up loan
defaults, the report relates.

Over the past decade, says Bloomberg News, Latin America's largest
economy underwent a spectacular credit boom that helped pull some
40 million Brazilians into the middle class. Total loans in the
banking sector climbed five-fold over that time to BRL3.1
trillion. Family household indebtedness, as a percent of annual
income, jumped to 46 percent from 20 percent. Borrowing costs are
rising now -- the benchmark rate's up to 14.25 percent -- as
policy makers try to curb inflation, and loan delinquencies are
starting to inch up too. In August, they accounted for 3.1 percent
of all loans, the most in two years, the report notes.

"Everyone believes this crisis isn't over," the report quoted
Marcilio Moreira, an ex-finance minister who formed part of the
government team in the early 1990s that struggled to tame
hyperinflation, as saying.  Brace for things to get worse, he
said, "in terms of production, inflation and unemployment."

That's bad news for Rossini Santos, a laid-off steel worker, notes
the report.  Jobs are already plenty hard to find in his home town
of Santo Andre. This is the heart of the auto industry complex,
the region that people in Sao Paulo call the ABC. It's Brazil's
version of Detroit. Names like General Motors Co. and Daimler AG
can be found on factories alongside Volkswagen and Ford. Back in
the 1970s, it was here that a young labor leader named Luiz Inacio
Lula da Silva -- Rousseff's predecessor and mentor -- rose to
national prominence, recalls the report.

Lula is still revered in these parts, says Bloomberg News. A
picture of him posing with local leaders hangs from the wall of
the union office that represents Santos. The photo was taken back
in 2010, the final year of his presidency. The boom was still on
then: the economy grew 7.6 percent that year; car sales rose 30
percent. This year, sales are down 23 percent. And in August, Sao
Paulo state lost another 26,000 jobs, bringing the total drop over
the past 12 months to 216,000, says the report.



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


ALPINE CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
Alpine Capital (Cayman) Ltd. has commenced liquidation
proceedings.

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

The company's liquidators are:

          Geoffrey Varga
          Duff & Phelps, LLC
          675 Third Avenue, 21st Floor
          New York, New York USA; and

          Jess Shakespeare
          Kinetic Partners (Cayman) Limited
          42 North church Street
          Grand Cayman
          Cayman Islands


ASPEN BELL: Shareholders' Final Meeting Set for Oct. 30
-------------------------------------------------------
The shareholders of Aspen Bell, Limited will hold their final
meeting on Oct. 30, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ASPEN LUCIAN: Shareholders' Final Meeting Set for Oct. 30
---------------------------------------------------------
The shareholders of Aspen Lucian, Limited will hold their final
meeting on Oct. 30, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ASPEN NOAH: Shareholders' Final Meeting Set for Oct. 30
-------------------------------------------------------
The shareholders of Aspen Noah, Limited will hold their final
meeting on Oct. 30, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CREDIT LINKED: Shareholders' Final Meeting Set for Oct. 30
----------------------------------------------------------
The shareholders of Credit Linked Notes Ltd. 2006-1 will hold
their final meeting on Oct. 30, 2015, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


DING YI: Shareholders' Final Meeting Set for Oct. 26
----------------------------------------------------
The shareholders of Ding Yi Feng Group Limited will hold their
final meeting on Oct. 26, 2015, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FULLHAN HOLDINGS: Shareholders' Final Meeting Set for Oct. 26
-------------------------------------------------------------
The shareholders of Fullhan Holdings Limited will hold their final
meeting on Oct. 26, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HORIZON SUKUK: Shareholders' Final Meeting Set for Oct. 30
----------------------------------------------------------
The shareholders of Horizon Sukuk Limited will hold their final
meeting on Oct. 30, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


JAPAN SECURITIES: Shareholders' Final Meeting Set for Oct. 30
-------------------------------------------------------------
The shareholders of Japan Securities Loan And Investment Program
Limited will hold their final meeting on Oct. 30, 2015, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


RX PROPERTIES: Shareholders' Final Meeting Today
------------------------------------------------
The shareholders of RX Properties Fund Ltd will hold their final
meeting on Oct. 20, 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:

          Julien Leonard
          Downtown Dubai #1707
          P.O Box 123234 Mohammed Bin Rashid Blvd
          Dubai
          United Arab Emirates


RYE SELECT: Creditors' Proofs of Debt Due Nov. 30
-------------------------------------------------
The creditors of Rye Select Broad Market Insurance Portfolio, LDC
are required to file their proofs of debt by Nov. 30, 2015, to be
included in the company's final dividend distribution.

The company's liquidator is:

          Eleanor Fisher
          c/o Kevin Gulrey
          Zolfo Cooper, Suite 776
          10 Market Street, Camana Bay
          Grand Cayman, KYI-9006
          Cayman Islands
          Telephone: (345) 814-4038
          Facsimile: (345) 946-0082


SAAD INVESTMENTS: Creditors to Hold Meeting Today
-------------------------------------------------
The creditors of Saad Investments Company Limited will hold a
meeting today, Oct. 20, 2015, at 9:00 a.m., at the offices of
Grant Thornton Specialist Services (Cayman) Limited, 48 Market
Street, 2nd Floor, Suite 4290, Canella Court in Camana Bay, Grand
Cayman, Cayman Islands.  Creditors may also attend at the offices
of Linklaters LLP, in 1 Silk Street, London eC2Y 8HQ (at 3p.m. UK
time).


VINCI ZAFFERANO: Shareholder to Hear Wind-Up Report on Nov. 18
--------------------------------------------------------------
The shareholder of Vinci Zafferano Emerging Markets Opportunities
Master Fund Limited will hear on Nov. 18, 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:

          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


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


RUTA DEL BOSQUE: S&P Affirms then Withdraws 'BB+' Rating on Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
senior secured debt ratings on Ruta del Bosque Sociedad
Concesionaria  S.A.'s (RdB's) notes and subsequently withdrew the
rating at issuer's request.  The outlook at the time of the
withdrawal was stable.  The 'BB+' debt ratings on RdB reflected a
'bb+' stand-alone credit profile.  The bond insurance provider is
Syncora Guarantee Inc. (not rated, formerly XL Capital Assurance).

The rating affirmation reflected S&P's expectations that the RdB
should generate adequate cash flows with minimum and average debt
service coverage ratios (DSCR) that would remain in line with
S&P's base case scenario -- at 1.24x and 1.45x, respectively -- in
the next five years, when S&P expects the concession to expire.
In addition, the affirmation incorporated S&P's expectations that
the project will continue to generate sizable cash balances, which
will strengthen its liquidity position and enable the prepayment
of bonds at the end of the concession.


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


DOMINICAN REPUBLIC: Shares in South Florida's US$116 Billion Trade
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic is South
Florida's fifth largest trading partner globally and takes its
share of Miami Customs District's total of US$116 billion in
international trade last year.

The figure was revealed during a business a conference of the
Dominican International Business Tourism & Development Federation
as part of Hispanic Heritage month in the US, according to
Dominican Today.

The report notes that Miami-Dade County 12th district commissioner
Jose "Pepe" Diaz headed the event and lauded Dominican Republic-
Miami's "great business," with many Dominican residents and home
owners and retailers.

Mr. Diaz said international trade creates business opportunities
for both countries, the report relates.  "That's why I invite your
organization to consider bringing a trade mission from the
Dominican Republic to Miami-Dade County," the report quoted Mr.
Diaz as saying.

Federation president and founder Pedro Diaz Ballester cited the
objectives and convenience of his organization's work headed by
Dominicans and Dominican-Americans, but among its members also
figure Americans, Hispanics and other nationalities, and from the
most important areas of business, tourism and development, the
report notes.

Quoted by listin.com.do, Mr. Diaz stressed Dominican Republic's
benefits for business purposes, especially those who enjoy its
ambiance and attractions and a growing market for conferences,
fairs, conventions and incentives at Bavaro-Punta Cana, Santo
Domingo, Puerto Plata, Santiago, Juan Dolio, Bayahibe, and other
attractive areas on the advantages such as its eight international
airports, among other factors, the report notes.


DOMINICAN REP: Despair at Haiti Border as Shutout Enters 9th Day
----------------------------------------------------------------
Dominican Today, citing local media, reports that nine days of a
shuttered Dominican-Haiti binational market has brought despair to
both sides of the border as merchants' profits dwindle and
consumers have to buy foods at inflated prices.

A carton of eggs which had cost from DOP150 to DOP200, surged to
DOP450, while similar jumps on other items have led to rising
cases of smuggling of goods such as garlic and rum, according to
Dominican Today.

Hundreds of Haitians flock to the border gate next to the Masacre
river bridge trying to enter the Dominican side to stock up on
products while a group of Dominican merchants calls to reopen the
market, the report notes.

The report relates that Dajabon merchants have also blocked the
entry of workers to the Binational Free Zone, to press the
government for a solution to the standoff stemming from Haiti's
ban on the overland entry of 23 Dominican products into its
territory.

Meanwhile, Dominican Border Security (Cesfront) agents have
conducted raids leading to the confiscation of an SUV that
transported cocaine and marijuana at Puesto Canongo, near Dajabon,
the report notes.


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


CESPT: Moody's Affirms Ba2/A2.mx Issuer Rating; Outlook Negative
----------------------------------------------------------------
Moody's de Mexico affirmed CESPT's issuer ratings at Ba2/A2.mx and
the negative outlook.

At the same time, Moody's affirmed the debt ratings on a MXN 280
million (original face value) enhanced loan from Banorte to CESPT
at Ba2 (Global Scale, local currency) and A1.mx (Mexico National
Scale).

RATINGS RATIONALE

RATIONALE FOR THE RATING AFFIRMATION
The affirmation of CESPT's issuer ratings reflects an improvement
in the water company's financials over 2014 and the first half of
2015.  It also reflects Moody's view that the company plays a
strategic role for the state of Baja California (Baa3/Aa3.mx,
negative).

CESPT's main source of revenue is the collection of water bills in
the relatively wealthy urban areas of Tijuana and Rosarito.
Moody's considers that CESPT's capacity to collect these revenues
is not affected by the change in outlook of the State of Baja
California to negative from stable.

The affirmation of the rating on the enhanced loan reflects
Moody's assessment that the credit quality of the cash flows
entering into the trust are directly tied to CESPT's fundamental
credit characteristics.  The affirmation of the national scale
rating at A1.mx considers the relative strengths of the loan as
compared with CESPT's A2.mx ratings.  These include a strong track
record with a solid debt service coverage that averaged 6x in 2013
and a reserve fund equivalent to 3x.  Such performance provides a
better protection to the lender than the standalone credit quality
of CESPT.

RATIONALE FOR NEGATIVE OUTLOOK

CESPT's negative outlook reflects our expectations that the
metrics of the State of Baja California, CESPT's support provider,
could deteriorate in the medium-term, impairing its ability to
provide extraordinary support in case of need.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the negative outlook, Moody's does not expect upward
pressure in the medium term.  The outlook could be moved to stable
if the company maintains or improves positive operating margins
and reduces debt levels.  Jointly, a stabilization of the state's
outlook could also lead to a stabilization of CESPT's issuer
ratings.

The continuous posting of negative operating margins with an
increase in debt levels, or a further weakening of liquidity,
could exert downward pressure on the ratings.  A further downgrade
of the state which, in Moody's opinion, could affect its capacity
to provide support in case of financial distress, could also exert
downward pressure on CESPT's issuer ratings.

The principal methodology used in these ratings was Government-
Related Issuers published in October 2014.

The period of time covered in the financial information used to
determine Comision Estatal de Servicios Pub de Tijuana's rating is
between 01/01/2010 and 31/12/2014 (source: Comision Estatal de
Servicios Pub de Tijuana).


DESARROLLADORA HOMES: Says its Shares Can Trade Again
-----------------------------------------------------
Elinor Comlay at Reuters reports that Desarrolladora Homex, S.A.B.
de C.V., which emerged from bankruptcy proceedings in July, said
that the national securities regulator CNBV has cleared its shares
to trade again.

Homex shares were suspended last year, when a debt crisis and lack
of demand for its homes prompted the company to file for
bankruptcy, according to Reuters.

The shares, which closed at MXN3.15 in February 2014, were
untraded as of 1600 GMT (1100 local time), according to Reuters'
Oct. 15 report.

                            About Homex

Desarrolladora Homex, S.A.B. de C.V. is a vertically integrated
home-development company focused on affordable entry-level and
middle-income housing in Mexico.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2013, Fitch Ratings downgrades Desarrolladora Homex,
S.A.B. de C.V.'s ratings as follows:

-- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB';
-- Local currency IDR to 'B' from 'BB-';
-- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-';
-- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-';
-- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'.

The ratings remain on Rating Watch Negative.



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


VISION BANCO: S&P Affirms BB- Rating; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Vision
Banco S.A.E.C.A. and Banco Continental SAECA to negative from
stable.  In addition, S&P affirmed its 'BB-' and 'BB' ratings on
these banks, respectively.  S&P also affirmed its 'BB/B' ratings
on Banco Bilbao Vizcaya Argentaria Paraguay S.A. (BBVA Paraguay)
and S&P's 'BB-' ratings on Banco Regional S.E.A.C.A.  The outlook
on these two banks remains stable.

S&P maintains its BICRA on Paraguay (foreign currency:
BB/Positive/B; local currency: BB/Positive/B) at group '8', with
an anchor for banks operating in the country at 'bb-'.  S&P also
maintains its '8' economic and industry risk scores.  However, S&P
revised the BICRA economic risk trend to negative from stable and
kept the industry risk trend as stable.

In S&P's view, the Paraguayan financial system's credit risk is
rising amid high dollarization, thanks to which almost a half of
dollar-denominated loans in the system are concentrated in
cyclical sectors.  S&P considers the latter could pose additional
risks during economic slowdown, lower commodities prices, and
sluggish regional economy.  If the negative economic risk trend
materializes, S&P would revise its BICRA to group '9' from group
'8' and the anchor to 'b+' from 'bb-.'

S&P considers Paraguayan banking system, although still resilient
to global economic downturn, to be exposed to weaker commodity
prices and weather-related risk and to dollar-denominated lending
to cyclical sectors such as agriculture and livestock.  In
addition, the weak economies of Paraguay's main trading partners
in the region and lower soy bean prices could dent these two
sectors' performance.

Dollarization remains high, with about 50% of total lending
denominated in dollars.  Although S&P takes into account the
natural hedge these two sectors offer given that receipts are
mostly denominated in dollars, S&P still considers that a
significant depreciation of the GuaranĀ” and further deterioration
of Paraguay's trading partners could pose significant risk to the
banking system.  As of 2014, about 47% of dollar-denominated loans
were to agricultural and livestock sectors.

S&P expects credit growth to be in the range of 15%-20% for the
next two years in nominal terms, influenced by GDP growth trends
and the Guarani's weakening pace against the dollar.  S&P believes
that this rapid credit expansion associated with still low GDP per
capita could add risks -- in the form of lower payment capacity --
to the financial system as household and corporate debt climb.
S&P still considers nonperforming loans (NPLs) and credit losses
to be manageable, although S&P expects NPLs to domestic loans to
increase to a range of 3.0%-3.5% in the next two years, and credit
losses to 1.5%-2.0%.

Conversely, S&P could revise the economic risk trend to stable in
the next 12-24 months if it considers that asset quality metrics
in the banking system prove to be resilient to the adverse
economic conditions in the region and if S&P assess that banks
haven't relaxed their underwriting standards amid rapid lending
growth.


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


ANNA'S LINENS: Court Approves Sale of Store Leases
--------------------------------------------------
Judge Theodor C. Albert of the U.S. Bankruptcy Court for the
Central District of California approved the sale of Anna's Linens,
Inc.'s store leases, free and clear of interests.

The Debtor's sale of its unexpired store real property leases was
made at an auction held on August 27, 2015.

Decron Properties Corp., as agent for the landlord NF Plant
Enterprises, was deemed the successful bidder for the Store Lease
for Store No. 97, which is located at 7888-2 Van Nuys Boulevard,
in Van Nuys, California.  FP Stores, Inc., was deemed the
successful bidder for the remaining 41 Store Leases.

The Court authorized the Debtor to assume the FP Store Leases and
to assign the FP Store Leases to FP.

Judge Albert scheduled a hearing on October 28, 2015, at 10:00
a.m., for the Court to consider any requests by landlords under
the FP Store Leases for the payment of additional cure amounts
related solely to attorneys' fees asserted by landlords to be due
and payable under their respective leases which have not been
resolved by mutual agreeement of the Debtor and the applicable
landlords.

Anna's Linens, Inc., is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Juliet Y. Oh, Esq.
          Lindsey L. Smith, Esq.
          LEVENE, NEALE, BENDER,
          YOO & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, CA 90067
          Telephone: (310)229-1234
          Facsimile: (310)229-1244
          Email: DBG@LNBYB.COM
                 EHK@LNBYB.COM
                 JYO@LNBYB.COM
                 LLS@LNBYB.COM

                     About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


ANNA'S LINENS: Incurs $25.02 Million Net Loss in July
-----------------------------------------------------
Anna's Linens, on August 24, 2015, filed a monthly operating
report for the period for the period July 6, 2015, to August 2,
2015.

The Debtor incurred a net loss of $25.02 million for the period.

For the reporting period, the Debtor posted total assets of $43.86
million, total liabilities of $126.07 million, and -$82.21 million
in total shareholders' equity.

The Debtor had $9.51 million cash at the start of the period.  It
listed $144.04 million in total receipts and $137.18 million in
total disbursements for the period.  The Debtor ended the period
with $16.37 million.

A copy of the monthly operating report is available at:

        http://bankrupt.com/misc/ANNASLINENSjul2015mor.pdf

                     About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


ANNA'S LINENS: Net Loss Decreases to $3.36 Million in August
------------------------------------------------------------
Anna's Linens, on September 15, 2015, filed a monthly operating
report for the period August 2, 2015, to August 30, 2015.

The Debtor incurred a net loss of $3.36 million for the period.

As of August 30, 2015, the Debtor posted total assets of $21.67
million, total liabilities of $107.24 million, and -$85.57 million
in total shareholders' equity.

The Debtor had $16.37 million cash at the start of the period.  It
listed $109.91 million in total receipts and $114.51 million in
total disbursements for the period.  The Debtor ended the period
with $11.77 million.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/ANNASLINENSaug2015mor2.pdf

                     About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


PUERTO RICO: In Talks With Treasury to Restructure Island's Debt
----------------------------------------------------------------
Matt Wirz at The Wall Street Journal reports that Puerto Rico and
U.S. officials are discussing the issuance of a "superbond"
possibly administered by the U.S. Treasury Department that would
help restructure the commonwealth's $72 billion of debt, people
familiar with the plan said.

Under the plan, the Treasury or a designated third party would
administer an account holding at least some of the island's tax
collections, according to The Wall Street Journal.  Funds in the
account would be used to pay holders of the superbond, which would
be issued to existing Puerto Rico bondholders in exchange for
outstanding debt at a negotiated ratio, the report notes.

The report relates that investors would receive less debt, likely
taking an effective "haircut" on the value of their holdings, but
would have higher expectations for getting repaid.

The proposal would mark an important change in Puerto Rico's
relationship with the U.S. government, which has resisted wading
into the island's debt morass, the report says.  A superbond would
need to clear high political hurdles in Washington and Puerto Rico
to become a reality. Discussions with bondholders over the size of
any haircut could present further challenges to reaching a deal,
notes the report.

Talks between Puerto Rico's representatives and Treasury officials
are preliminary, and any plan wouldn't include financial aid or a
U.S. guarantee of Puerto Rico debt, the people said, the report
discloses.  They said the proposed bond would be just one piece of
a restructuring puzzle that the island's government is trying to
assemble, after admitting this year that it cannot pay its debt in
full, the report relays.

The plan has no immediate precedent but echoes in some respects
the Brady bonds used in Latin American debt restructurings of the
1980s.  One major difference: Those bonds, named for former
Treasury Secretary Nicholas Brady, were backed by Treasury-issued
zero-coupon bonds, which guaranteed repayment of the principal and
part of the interest of the Latin debt, the report notes.

The Obama administration "has said repeatedly that it has no plans
to provide a bailout to Puerto Rico," and the Treasury Department
isn't engaged in talks to "undertake any of Puerto Rico's
financial obligations," a Treasury spokesman said, the report
relays.

The Treasury and the commonwealth are debating how much of Puerto
Rico's taxes would be funneled to the account and who would
collect the taxes, the people said, the report notes.  Puerto
Rico's leaders may not be willing to surrender control of tax
revenue as required by the deal, the people said, the report
discloses.  Depending on how it is structured, it could also
require congressional approval, the report says.

Puerto Rico hasn't been able to sell bonds after years of issuing
new debt to fund budget deficits, the report notes.  The
commonwealth and its advisers have been working for months to
develop a package of fiscal and financial overhauls, the report
relays.

According to WSJ, a superbond could be appealing to creditors.
Hedge funds that own billions of dollars of Puerto Rico debt have
been pushing the idea of a superbond for months, hoping it would
prevent a default and boost the value of their investments.
Bondholders have been unwilling to swap the debt they hold for new
bonds backed only by tax revenues under Puerto Rico's supervision
because they fear the money could be diverted, the report relates.

Puerto Rico is working with law firm Cleary Gottlieb Steen &
Hamilton LLP, a specialist in government defaults, and Millstein &
Co., a financial-advisory firm founded by the Treasury's former
chief restructuring officer, Jim Millstein, who ran the successful
turnaround of American International Group Inc, the report notes.

Puerto Rico cannot restructure its bonds in bankruptcy court
because it is a commonwealth, not a state. Democratic lawmakers
have proposed bills making the island's municipal entities
eligible for bankruptcy protection, the report relays.
Republicans in Congress have floated the idea of a federal control
board and have said they want Puerto Rico to produce a more
detailed plan to balance its budget before they support the
legislation, the report discloses.

Concerns about a potential default intensified over the summer as
it became clear Puerto Rico was using tax revenue earmarked for
debt payments to plug budget gaps, the report recalls.  The
commonwealth disclosed in September that it expects a $205 million
shortfall this year when large bond payments are due.

Government Development Bank of Puerto Rico bonds that mature in
2016 traded at 49 cents on the dollar this month compared with 77
cents on the dollar in June, according to data from Electronic
Municipal Market Access, WSJ relays.

Fears of a default are intensifying divisions between different
types of bondholders who are splitting into various factions, each
of which claims priority in the event of a restructuring, the
report discloses.

"Our view has always been that there's a high probability of
disorderly litigation here, and we see this looming now as
imminent," said Ted Hampton, an analyst at Moody's Investors
Service, the report notes.

In September, a bondholder group represented by GLC Advisors & Co.
with more than $5 billion in bonds of different stripes split into
separate groups, the report relays.  Mutual funds managed by
OppenheimerFunds Inc. and Franklin Advisers Inc. also own billions
of dollars of Puerto Rico debt, while bond insurers Assured
Guaranty Ltd., MBIA Inc. and Ambac Financial Group Inc. have
guaranteed billions of dollars of bonds, the report notes.

Puerto Rico is attempting to capitalize on the divisions by
agreeing to negotiate only with bondholders who agree not to
discuss terms with investors holding different types of bonds, a
person involved in the talks said, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2015, Standard & Poor's Ratings Services lowered its
ratings on the Commonwealth of Puerto Rico's tax-backed debt to
'CC' from 'CCC-' and removed the ratings from CreditWatch, where
they had been placed with negative implications July 20.  The
outlook is negative.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *