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

            Wednesday, October 21, 2015, Vol. 16, No. 208


                            Headlines



A R G E N T I N A

YPF SA: Won't Overpay for Petrobras Argentina Assets, CFO Says


B R A Z I L

HYPERMARCAS SA: Mulls Spin-Off of Consumer Units, Paper Says
JBS SA: Seen Gaining $3.6 Billion With Collapse of Brazil's Real


C A Y M A N  I S L A N D S

ASPEN AMBROSE: Shareholders' Final Meeting Set for Oct. 30
COPELLA INVESTMENT: Shareholders' Final Meeting Set for Oct. 29
COPELLA MASTER: Shareholders' Final Meeting Set for Oct. 29
FASANARA CAPITAL: Shareholders' Final Meeting Set for Oct. 29
KSYRIUM II: Shareholders' Final Meeting Set for Oct. 30

KSYRIUM III: Shareholders' Final Meeting Set for Oct. 30
KSYRIUM IV: Shareholders' Final Meeting Set for Oct. 30
PHOENIX CDO: Shareholders' Final Meeting Set for Oct. 30
SIGNUM 80%: Shareholders' Final Meeting Set for Oct. 30
SIGNUM PLATINUM: Shareholders' Final Meeting Set for Oct. 30

SNAP LIMITED: Shareholders' Final Meeting Set for Oct. 30
SOUTH STREET: Shareholders' Final Meeting Set for Oct. 30
STRAWBERRY FIELDS: Shareholders' Final Meeting Set for Oct. 30


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exporters Need to Look to Other Markets


E C U A D O R

BANCO DE LA PRODUCCION: Fitch Affirms 'B' LT Issuer Default Rating
BANCO PICHINCHA: Fitch Affirms 'B' Long-term Issuer Default Rating


N I C A R A G U A

B2GOLD: Resumes Mining Operations in Nicaragua After Protests


P U E R T O    R I C O

ARITEL INC: Objection to Claim No. 17 Sustained
DIAZ ROMERO & SON: Case Summary & 2 Largest Unsecured Creditors
PINEYRO Y LARA: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X X

LATAM: Foreign Investment Falls -21% Despite Growth Forecasts


                            - - - - -


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


YPF SA: Won't Overpay for Petrobras Argentina Assets, CFO Says
--------------------------------------------------------------
Rakteem Katakey and Daniel Cancel at Bloomberg News report that
YPF SA knows the fair value of Petroleo Brasileiro SA's local
assets and will only proceed with an acquisition if the price
meets its criteria, Chief Financial Officer Daniel Gonzalez said.

The executive declined to confirm or deny an article published in
La Nacion newspaper that said YPF SA abandoned a bid after
Petrobras Argentina asked it to raise its reported $900 million
offer for a 67 percent stake, according to Bloomberg News.

"We know what the real value is and we're very disciplined about
what price we will pay," Mr. Gonzalez said in an interview at the
Oil & Money conference in London, Bloomberg News notes.

Bloomberg News says that Petrobras Argentina, which has a market
value of $1.2 billion, is focusing mostly on unconventional
exploration and production and has started drilling at the vast
Vaca Muerta shale gas and oil deposit in Neuquen province, where
YPF SA has sunk 400 wells.

YPF SA, which last year purchased natural-gas assets from Apache
Corp. for $800 million, is concentrating on gas projects, Gonzalez
said at the conference, Bloomberg News relays.

Petrobras Argentina has pumped about 6.5 percent of the country's
total gas output this year, according to the Energy Secretariat.
Petrobras's press department didn't immediately reply to an e-
mailed request for comment.

Petrobras sold more than 20 oil and gas fields to Argentine energy
producer Cia. General de Combustibles in March for $101 million,
Bloomberg News discloses.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 22, 2015, Fitch Ratings has affirmed the foreign and local
currency Issuer Default Ratings (IDRs) of YPF S.A. (YPF) at 'CCC'
and 'B-', respectively.  Fitch affirms the company's long-term
international bond ratings at 'CCC' and assigns an 'RR4' recovery
rating to the company's international senior unsecured bonds. The
'RR4' Recovery Rating for the company's senior unsecured notes
outstanding reflects an average expected recovery given default
and is in line with the RR soft cap established for Argentina.


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


HYPERMARCAS SA: Mulls Spin-Off of Consumer Units, Paper Says
------------------------------------------------------------
Silvio Cascione at Reuters reports that Brazilian health and
hygiene company Hypermarcas SA is considering adding more consumer
good operations to its planned spin-off of its diaper unit, in an
effort to reduce debt and sharpen the company's focus on
healthcare, newspaper O Estado de S. Paulo reported.

Hypermarcas, the largest Brazilian producer of personal care
goods, hired financial advisors in May to find alternatives for
the diaper unit and has already reached out to several potential
buyers, according to Estado, notes Reuters.  Adding other consumer
goods units would potentially make the deal more attractive, the
report relates.

The diaper unit has revenue of BRL858 million ($216 million) last
year, Hypermarcas said in May, accounting for about 40 percent of
the company's revenues of consumer goods, according to Estado,
Reuters notes.

It said Hypermarcas was considering adding most of its consumer
goods units to the spin-off but was excluding those producing
condoms and sweeteners, Reuters adds.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2015, Fitch Ratings has affirmed the Foreign and Local
Currency Issuer Default Ratings (IDRs) of Hypermarcas S.A. at
'BB+' and its National Scale Long-term ratings at 'AA(bra)'.  The
Rating Outlook remains Positive.


JBS SA: Seen Gaining $3.6 Billion With Collapse of Brazil's Real
----------------------------------------------------------------
Gerson Freitas Jr. at Bloomberg News reports that JBS SA will
probably post financial gains of BRL15 billion ($3.6 billion) from
derivatives contracts betting against Brazil's real, according to
Viccenzo Paternostro, an equity analyst at Credit Suisse.

The Brazilian meatpacker held a nominal value of about $12 billion
in contracts that short the real at the end of June, a 50 percent
increase since December, as the company moved to fully hedge its
debt and that of its units, according to Bloomberg News.  That
could lead to gains of as much as BRL11 billion just for this
quarter, Mr. Paternostro said in an interview.

The real has tumbled 25 percent this quarter and is down 36
percent for the year, the worst drop among the world's 31 most-
traded tenders, as the economy heads to the longest recession
since the 1930s, Bloomberg News notes.   The real fell as much as
1.7 percent Sept. 25 to a record low of 4.2478 per dollar.

Bloomberg News relays that Mr. Paternostro expects the currency to
trade about 4.25 at the end of the year.

The real's depreciation accelerated after Standard & Poor's cut
the credit rating on Brazil's foreign debt to junk this month.
The ratings company cited political gridlock amid calls to impeach
President Dilma Rousseff, growing opposition in Congress to her
fiscal austerity measures and widening fallout from a bribery
scandal at Brazil's largest state-run company, Bloomberg News
notes.

Brazil's real has also been hit by a collapse in commodity prices
and the prospect of the first increase in U.S. interest rates
since 2006, Bloomberg News adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 2, 2015, Fitch Ratings has upgraded JBS S.A.'s foreign and
local currency Issuer Default Ratings and senior unsecured notes
to 'BB+' from 'BB'.  The National Scale rating was upgraded to 'AA
(bra)' from 'A+(bra)'.


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


ASPEN AMBROSE: Shareholders' Final Meeting Set for Oct. 30
----------------------------------------------------------
The shareholders of Aspen Ambrose, 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


COPELLA INVESTMENT: Shareholders' Final Meeting Set for Oct. 29
---------------------------------------------------------------
The shareholders of Copella Investment Management (Cayman) Limited
will hold their final meeting on Oct. 29, 2015, at 10:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


COPELLA MASTER: Shareholders' Final Meeting Set for Oct. 29
-----------------------------------------------------------
The shareholders of Copella Master Fund SPC will hold their final
meeting on Oct. 29, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


FASANARA CAPITAL: Shareholders' Final Meeting Set for Oct. 29
-------------------------------------------------------------
The shareholders of Fasanara Capital Credit Strategies Fund will
hold their final meeting on Oct. 29, 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:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


KSYRIUM II: Shareholders' Final Meeting Set for Oct. 30
-------------------------------------------------------
The shareholders of Ksyrium II 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


KSYRIUM III: Shareholders' Final Meeting Set for Oct. 30
--------------------------------------------------------
The shareholders of Ksyrium III 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


KSYRIUM IV: Shareholders' Final Meeting Set for Oct. 30
-------------------------------------------------------
The shareholders of Ksyrium IV 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


PHOENIX CDO: Shareholders' Final Meeting Set for Oct. 30
--------------------------------------------------------
The shareholders of Phoenix CDO 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SIGNUM 80%: Shareholders' Final Meeting Set for Oct. 30
-------------------------------------------------------
The shareholders of Signum 80% Protection 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SIGNUM PLATINUM: Shareholders' Final Meeting Set for Oct. 30
------------------------------------------------------------
The shareholders of Signum Platinum I 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SNAP LIMITED: Shareholders' Final Meeting Set for Oct. 30
---------------------------------------------------------
The shareholders of Snap 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SOUTH STREET: Shareholders' Final Meeting Set for Oct. 30
---------------------------------------------------------
The shareholders of South Street CBO 1999-1 Ltd. 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


STRAWBERRY FIELDS: Shareholders' Final Meeting Set for Oct. 30
--------------------------------------------------------------
The shareholders of Strawberry Fields Aviation 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
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


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


DOMINICAN REPUBLIC: Exporters Need to Look to Other Markets
-----------------------------------------------------------
Dominican Today reports that Dominican Exporters Association
(ADOEXPO) president Sadala Khoury called for joint action between
the private and public sectors to diversify export markets, and
called trade with Haiti uncertain.

Mr. Khoury said he has reports that powerful groups are behind
Port-au-Prince's ban on 23 Dominicans products, aimed at in his
view promoting trade with US producers, specifically in Miami,
according to Dominican Today.

The report notes that Mr. Khoury said it's not the first time
Haitian authorities impose bans on Dominican products, "without
any justification," and violate treaties and national and
international agreements that regulate business activities.

Interviewed on Telesistema Channel 11, the export leader noted
Haiti's ban on chickens and eggs in addition to Port-au-Prince's
restrictions on the import of plastics, the report says.


=============
E C U A D O R
=============


BANCO DE LA PRODUCCION: Fitch Affirms 'B' LT Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de la Produccion, S.A. y
Subsidiarias'(Produbanco, commercially known as Produbanco Grupo
Promerica) long-term Issuer Default Rating (IDR) at 'B' and its
Viability Rating (VR) at 'b'. The Rating Outlook is Stable. All
other ratings have also been affirmed. A full list of rating
actions follows at the end of this press release.

KEY RATING DRIVERS

KEY RATING DRIVERS - IDR and VR

Produbanco's VR drives its long-term IDR. Ecuador's challenging
operating environment with low expected growth and rising
political risks along with a significant regulatory uncertainty
have a high influence on the bank's VR. Produbanco's moderate
capital position also has a high influence on its VR. The rating
also factors in the bank's ample liquidity, good asset quality and
pressured profitability.

Produbanco's Fitch core capital (FCC) ratio, of 10.82% at end
June, compares below similarly rated peers. The FCC ratio
decreased after the merge with Promerica, pressured by higher risk
weighted assets and the goodwill created by the transaction. In
Fitch's view, the ratio will remain stable as year-end figures
should benefit from a slowdown in lending, despite the expected
decrease in profits.

Lower profitability was driven by the bank's transition period,
after the merge with Banco Promerica and the sale of its
subsidiary in Panama. As of June 2015, Produbanco's ROAA decreased
and compared below market average due to increased operating
costs, higher loan loss impairment charges and lower income
diversification. In Fitch's opinion, profitability metrics will
continue under pressure in 2015 given Ecuador's economic
conditions.

Produbanco's liquidity is ample and compares well with banks in
similarly rated countries. Ecuador's conservative liquid assets
requirements exceed those of similarly rated countries.
Produbanco's investment practices benefit lower risk exposure and
high liquidity.

The bank maintains adequate risk controls and conservative
underwriting standards. Fitch forecasts some deterioration in non-
performing loans ratios as economic growth weakens. However, asset
quality will continue comparing well with industry averages,
underpinned by the low delinquency levels of Produbanco's seasoned
corporate loan portfolio.

The Stable Outlook reflects limited upside potential of
Produbanco's VR under current economic conditions

SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating of 'NF' and Support Rating Floor of '5'
reflect Fitch's belief that external support cannot be relied upon
due to Ecuador's limited funding flexibility as well as the lack
of a lender of last resort

RATING SENSITIVITIES

IDR and VR

Produbanco's VR and IDRs have limited upside potential under
current economic conditions. A downgrade of the bank's VR and IDRs
would reflect significant reduction in Produbanco's internal
capital generation that leads to a decrease in the bank's FCC
metrics consistently below 9%.

SUPPORT RATING AND SUPPORT RATING FLOOR
Ecuador's propensity or ability to provide timely support to these
banks is not likely to change given the sovereign's low
speculative grade IDR. As such, the SR and SRF have no upgrade
potential.

Fitch has affirmed the following ratings:

-- Foreign currency long-term IDR at 'B'; Outlook Stable;
-- Foreign currency short-term IDR at 'B';
-- Viability rating at 'b';
-- Support rating at '5';
-- Support Floor at 'NF'.


BANCO PICHINCHA: Fitch Affirms 'B' Long-term Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings affirmed Banco Pichincha C.A. y Subsidiarias'
(Pichincha) Long-term Issuer Default Rating (IDR) at 'B' with a
Stable Outlook and its Viability rating (VR) at 'b'.

KEY RATING DRIVERS - IDRS and VR

Pichincha's VR, which measures the intrinsic creditworthiness of a
financial institution, drives its Long-term IDR. The bank's
operating environment highly influence its VR. The bank's VR also
factors in a tight but stable capitalization, pressured asset
quality, weak profitability, ample liquidity and a strong
franchise.

Ecuador's challenging operating environment - low expected growth
and rising political risks - along with significant regulatory
uncertainty limit the bank's potential growth, profitability and
internal capital-generation capacity.

Compared with international peers, Pichincha has limited capital
cushion to absorb unexpected losses. However, in Fitch's view,
this is mitigated by conservative reserve coverage, moderate asset
growth and a strong risk profile. Hindered by low profitability,
Fitch Core Capital-to-risk weighted assets stood at 9.6% at first-
half 20015 (1H15). Fitch expects that this capital ratio will not
improve in the near term, given the unfavorable operating
environment which will limit internal capital generation.

Pichincha's impaired loans-to-gross loans ratio continued to
compare unfavorably with both the domestic industry average and
similarly rated international peers (emerging market commercial
banks with a VR of 'b-', 'b', or 'b+'), reflecting loan portfolio
seasoning following a period of rapid expansion of the microcredit
and consumer portfolios. However, loan loss reserve coverage of
non-performing loans (NPLs) exceeds that of peers. Fitch projects
that asset quality will continue to deteriorate over the next year
in a weak economic environment.

Pichincha's financial performance is weak compared with local and
international peers. In Fitch's view, profitability is unlikely to
improve in 2015 as a result of the deteriorating economic
conditions, which will also hinder credit growth and increase
credit costs.

Pichincha's funding structure has benefited from its solid
franchise and a wide distribution network, which have allowed the
bank to enjoy a well-diversified, stable and relatively low-cost
funding base. Fitch expects Pichincha's stable and diversified
deposit base to grow at a moderate pace over the medium term while
maintaining a sizable amount of liquid assets. Similar to domestic
peers, liquidity is conservative and higher than international
peers.

KEY RATING DRIVERS - SUPPORT RATINGS

Pichincha's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF', indicates that Fitch believes external support
cannot be relied upon due to Ecuador's limited funding flexibility
as well as the lack of a lender of last resort.

RATING SENSITIVITIES

IDRS, VR

Pichincha's VR and IDRs have limited upside potential under
current economic conditions. However, the bank's ratings could be
pressured downward if changes in the operating environment or
government intervention result in operating losses or a Fitch Core
Capital ratio consistently below 9%, in conjunction with a
material decline in excess loan loss reserves.

SUPPORT RATINGS

Ecuador's propensity or ability to provide timely support to these
banks is not likely to change given the sovereign's low
speculative-grade IDR. As such, the SR and SRF have no upgrade
potential.

Fitch has affirmed the following ratings:

Banco Pichincha C.A. y Subsidiarias

-- Foreign currency long-term IDR at 'B'; Stable Outlook;
-- Foreign currency short-term IDR at 'B';
-- Viability Rating at 'b';
-- Support at '5';
-- Support Floor at 'NF'.


=================
N I C A R A G U A
=================


B2GOLD: Resumes Mining Operations in Nicaragua After Protests
-------------------------------------------------------------
Latin American Herald Tribune reports that Canada's B2Gold has
resumed operations at the Mina El Limon mine in Nicaragua after
weeks of labor strife, a company spokesperson said.

Workers reported on Oct. 19 as normal, B2Gold's Anne Perez told
EFE, adding that operations had already resumed over the weekend,
according to Latin American Herald Tribune.

The report notes that the protests at Mina El Limon, 140
kilometers (87 miles) northwest of Managua, took a violent turn
early in October, when a police officer was killed and several
other people were wounded amid food shortages in the town.

The conflict was spurred by management's refusal to reinstate
three fired union activists, the report relays.

B2Gold, which employs some 800 at Mina El Limon, said the firings
were justified and had been carried out according to established
guidelines, the report discloses.

Police announced over the weekend that public order had been
restored in Mina El Limon, where women and children clad in black
marched on Sunday to protest the violence and the isolation of
their community as a result of authorities' efforts to contain the
labor dispute, the report notes.

In 2014, gold was Nicaragua's No. 3 export, with sales of $385.9
million, behind beef and coffee, the report adds.


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


ARITEL INC: Objection to Claim No. 17 Sustained
-----------------------------------------------
Judge Edward A. Godoy of the United States Bankruptcy Court for
the District of Puerto Rico granted Aritel Inc. and Cheneliz
Convention Center, Inc.'s objection and ruled that the surcharges
in the amount of $6,022 in proof of claim number 17-1 by the
Puerto Rico Tourism Company are not entitled to priority status
pursuant to the Bankruptcy Code.

As such, only the amount of $55,111 in proof of claim number 17-1
is entitled to priority status and the remaining amount of $6,022
is allowed as general unsecured, Judge Godoy ruled.

The Tourism Company filed claim number 17 for unpaid room taxes
owed by substantively consolidated debtor Cheneliz Convention
totaling $61,133, with breakdown as follows: $41,024 for
principal, $14,087 for interest, and $6,022 for surcharges.  The
Debtors objected to the Tourism Company's claim arguing that the
surcharges should not be entitled to priority status.  The Tourism
Company opposed the Debtors' objection.

The case is IN RE: ARITEL, INC., and CHENELIZ CONVENTION CENTER,
INC., CHAPTER 11, DEBTORS, CASE NO. 14-03727 (EAG), CONSOLIDATED
WITH 14-03729 (EAG)(Bankr. D.P.R.).

A full-text copy of Judge Godoy's opinion and order dated
September 23, 2015, is available at http://is.gd/Dydxo6from
Leagle.com.

Aritel, Inc., Cheneliz Convention Center, Inc., and F.C.
Development, Inc., sought protection under Chapter 11 of the
Bankruptcy Code on May 6, 2014.  The cases are jointly
administered under Case No. 14-03727 (Bankr. D.P.R.).  The
Debtor's counsel is Antonio Fiol Matta, Esq., at Antonio Fiol
Matta Law Offices, in San Juan, Puerto Rico.  The petition was
signed by Franco Caban Valentin, president.  A list of Aritel's 20
largest unsecured creditors is available for free at
http://bankrupt.com/misc/prb14-03727.pdf


DIAZ ROMERO & SON: Case Summary & 2 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Diaz, Romero & Son Enterprises, Inc.
        URB. Gonzalez Seijo
        1021 General Del Valle
        San Juan, PR 00924

Case No.: 15-08127

Chapter 11 Petition Date: October 16, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
                  LOZADA AND LAW & ASSOCIATES, LLC
                  PO BOX 9023888
                  San Juan, PR 00902
                  Tel: 787 520 6002
                  Fax: 787 520 6003
                  Email: lcdamslozada@gmail.com
                         msl@lozadalaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Porfirio Diaz Torres, president.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb15-08127.pdf


PINEYRO Y LARA: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Pineyro Y Lara of Puerto Rico, Inc.
        Building A-3C
        Central Plaza Industrial Park
        Catao, PR 00962

Case No.: 15-08152

Chapter 11 Petition Date: October 17, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  LAW OFFICE OF CARLOS RODRIGUEZ QUESADA
                  P O BOX 9023115
                  San Juan, PR 00902-3115
                  Tel: 787 724-2867
                  Email: cerqlaw@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Frank Pineyro, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-08152.pdf


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


LATAM: Foreign Investment Falls -21% Despite Growth Forecasts
-------------------------------------------------------------
Dominican Today reports that direct foreign investment (FDI) into
16 Latin America and Caribbean countries fell 21% in the first
half of 2015 compared with the same period last year, with a total
of US$88.7 billion, the UN Economic Commission for Latin America
and the Caribbean (ECLAC) said.

The regional economic entity said FDI into Republica Dominicana (-
21%) among the factors behind the decline in FDI figure falling
investments in mining and hydrocarbons on lower global prices, a
slumping China economy and the decline of the region, according to
Dominican Today.

The report notes that the data released are from the ECLAC's
yearly update of the main figures in the report: "Foreign direct
investment in Latin America and the Caribbean," whose last edition
was launched in May.

While nearly all countries evaluated have reduced FDI, the most
significant drop in the region was Brazil's, where a significant
portion of foreign investment has traditionally been aimed at
developing activities for the domestic market, the report relates.

The fall in domestic demand and negative growth prospects
determined Brazil's outcome in the first half, the ECLAC said in a
statement, the report adds.


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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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