TCRLA_Public/151023.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 23, 2015, Vol. 16, No. 210


                            Headlines



A R G E N T I N A

GAINVEST PESOS: Moody's Assigns B-bf Global Scale Bond Fund Rating


B R A Z I L

GERDAU SA: Says No Decision Made to Sell Sidenor Unit
PETROLEO BRASILEIRO: Committee Acquits President Rousseff in Case
PETROBRAS BRASILEIRO: Challenges Standing of Opt-Out Plaintiffs


C A Y M A N  I S L A N D S

ABSOLUTE RETURN: Members' Final Meeting Set for Oct. 29
AXIAL CAPITAL: Shareholder Receives Wind-Up Report
CRESTLINE EVENT: Shareholders Receive Wind-Up Report
CRESTLINE PLUS: Shareholders Receive Wind-Up Report
EAST STREET 2002-I: Shareholders Receive Wind-Up Report

EAST STREET 2004-I: Shareholders Receive Wind-Up Report
EASTERN BAY-MARATHON: Shareholders Receive Wind-Up Report
HBC CAYMAN: Shareholders Receive Wind-Up Report
LIONGATE MULTI-STRATEGY: Member to Hear Wind-Up Report on Nov. 13
SLS OFFSHORE: Shareholder to Hear Wind-Up Report Today

STK CAPITAL: Shareholder Receives Wind-Up Report
TOP WORLD: Shareholder to Hear Wind-Up Report on Oct. 29
TRIBAL FINANCE: Members' Final Meeting Set for Oct. 23


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: China Courtship Heats Up as Taiwan Cools


J A M A I C A

JAMAICA: Electricity Cost at Five-year Low in Country


P U E R T O    R I C O

ALONSO & CARUS: Committee to Retain Glassratner as Fin'l Advisors
AMERICAN AGENCIES: Asked for Extension to File Operating Report
PUERTO RICO: Creditors Said to Hire Greenhill for Water Deal


T R I N I D A D  &  T O B A G O

PETROTRIN: Appoints Fitzroy Harewood as New President


V I R G I N  I S L A N D S

HOVENSA LLC: Hires Alvarez & Marsal to Provide Thomas Hill as CRO
HOVENSA LLC: Taps Lazard Freres as Investment Banker
HOVENSA LLC: Hires Morrison & Foerster as Attorneys


                            - - - - -


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


GAINVEST PESOS: Moody's Assigns B-bf Global Scale Bond Fund Rating
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
assigned a B-bf bond fund rating to Gainvest Pesos FCI (the Fund),
a new bond fund domiciled in Argentina that will be managed by
Gainvest S.A.S.G.F.C.I. SA (Gainvest)

The ratings assigned are as follows:

-- Global scale bond fund rating: B-bf

-- National scale bond fund rating: A-bf.ar

RATINGS RATIONALE

Moody's stated that the B-bf rating reflects the expectation that
Gainvest Pesos's portfolio will principally invest in peso-
denominated cash time deposits and callable time deposits of
highly-rated local banks. The rating also reflects Moody's
expectation that the fund manager will maintain an allocation to
asset-backed securities (ABS), corporate bonds and municipals.

The rating agency commented that Gainvest Pesos is a new fund with
no prior track record, but is managed by an experienced manager.
The fund will seek to return 50% of the BADLAR index. Moody's
analysis was performed on a model portfolio provided by the fund
sponsor. The rating agency expects the fund to be managed in line
with the model portfolio. However, Moody's noted that if the
fund's invested portfolio deviates materially from the model
portfolio, the fund's rating could be changed. The Fund is
expected to be launched to the market within the next week.

This Fund's objective is to serve as a cash fund for institutional
investors. The Fund's custodian will be Deustche Bank S.A.
(Argentina).

Gainvest S.A.S.G.F.C.I, is an independent mid-sized asset manager
in the Argentinean mutual fund Industry with a 3.1% market share.
As of September 2015, Gainvest had approximately AR$5,755.4
billion in assets under management (AUM).


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


GERDAU SA: Says No Decision Made to Sell Sidenor Unit
-----------------------------------------------------
EFE News reports that Brazilian steelmaker Gerdau SA said in a
filing with securities regulators that it had not made a decision
on whether to sell Sidenor, a specialty steel unit in Spain that
employs nearly 2,500 people.

The Brazilian Securities Commission had asked the steelmaker about
recent press reports that banking giant Santander had been hired
by Gerdau SA to help orchestrate a sale of the Spanish mills,
according to EFE News.

The report notes that Gerdau SA said it regularly reviewed
"opportunities to optimize assets with a strategic view toward
generating higher returns for its businesses, operations and
shareholders."

As a result, "investment banks and specialized firms are
consulted, at times, to identify and evaluate such opportunities,"
Gerdau SA said, the report relates.

The steelmaker said it would keep the markets informed of any
decisions regarding a possible asset sale, the report notes.

Gerdau SA has 2,250 employees at its 10 mills in Spain, where it
produces specialty steel products.  The steelmaker, the leading
producer of long steel products in the Americas and one of the
main suppliers in this category around the world, acquired
Sidenor's mills along with Banco Santander and a group of Sidenor
executives in 2005.

Gerdau has a 40 percent stake in the unit, while Santander owns
another 40 percent of the stock and the company's management has a
20 percent stake, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 25, 2011, Moody's Investors Service has placed under review
for possible upgrade the Ba1 global scale corporate family ratings
of Gerdau S.A. and Gerdau Ameristeel Corporation, following the
announcement of a primary equity issuance by Gerdau of about
BRL3.8 billion to BRL4.2 billion, likely to be concluded during
April 2011.


PETROLEO BRASILEIRO: Committee Acquits President Rousseff in Case
-----------------------------------------------------------------
EFE News reports that the Parliamentary committee investigating
the Petrobras oil corruption scandal cleared all charges against
President Dilma Rousseff and her predecessor Luiz Inacio Lula de
Silva.  Court reporter, legislator Luiz Sergio Nobrega de Oliveira
from the ruling Workers' Party, or PT, said in his final report
that there was no proof against President Rousseff or Lula in the
documents presented to the committee, according to EFE News.

The report notes that the 754-page report will be put to vote by
the committee formed by 27 legislators (majority belonging to the
ruling party) and could introduce amendments to the text.

According to the Federal Police who are also investigating the
case, companies obtained false contracts with state oil company
Petrobras inflating figures and sharing the differences between
the directors and corrupt politicians, EFE Says.

Petrobras admitted that in its balances between 2004 and 2014,
corruption networks illegally appropriated around $2 billion, the
report relays.

The scandal has implicated almost 50 politicians, including ex-
treasurer of PT, Joao Vaccari, who has been condemned to 15 years
of prison for accepting bribes from funds diverted from Petrobras,
the report notes.

However, the committee said investigations into bribe payments
were "superficial" and conclusions of the investigators were
"exaggerated," in the words of Mr. Oliveira, the report discloses.

So far, 44 people have been condemned and 123 others have been
formally charged in the case, the report notes.

The parliamentary committee that seeks to promote legal measures
to avoid similar corruption cases also suggested the adoption of
14 legislatives that include greater control of management of
state companies and changes in anti-corruption law, the report
relays.  The oil corruption has caused an acute political crisis
in Brazil, encouraging the opposition to insist on opening a trial
seeking the removal of President Rousseff from office, 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.


PETROBRAS BRASILEIRO: Challenges Standing of Opt-Out Plaintiffs
---------------------------------------------------------------
John Terry McMahon III, Esq. -- TMcMahon@mintz.com -- of Mintz
Levin Cohn Ferris Glovsky and Popeo, PC, in an article for
JDSupra, reports that a recent motion to dismiss filed by the
defendants in the In re Petrobras Securities Litigation, No. 14-
cv-9662 (S.D.N.Y.) consolidated litigation challenges the standing
of several institutional opt-out plaintiffs.  Defendants'
arguments on standing, if accepted, could have a far reaching
impact on an investment advisor's standing to sue on behalf of
funds it advises.

As background, Petroleo Brasileiro S.A. ("Petrobras"), a Brazil-
based energy multinational, is a target of a Brazilian police
investigation of alleged rampant corruption involving construction
contracts.  Allegedly, several large construction companies
colluded to avoid Petrobras's competitive bidding process, giving
kickbacks to Petrobras executives to allow the collusion.  As a
result, Petrobras allegedly significantly overpaid for the
construction of certain refineries.

In December 2014, investors who had purchased American Depository
Shares (ADSs) of Petrobras on the New York Stock Exchange filed a
securities class action in the Southern District of New York,
alleging violations of the Securities Act of 1933, the Securities
Exchange Act of 1934, and (in an amended complaint) Brazilian
securities laws.  Plaintiffs allege that in regulatory filings and
public statements, Petrobras misrepresented its financial
condition, financial controls, and ethical practices.  A motion to
dismiss the class action was substantially denied.

However, on August 21, 2015, Defendants, i.e., Petrobras,
affiliated entities, and their underwriters, filed a Motion to
Dismiss certain Individual Opt-Out Complaints (the "Opt-Out Def.
Mem.").  Defendants' supporting memorandum makes a variety of
arguments in favor of dismissal against a variety of plaintiffs,
including arguments on standing.

As to standing, Defendants argue that certain plaintiffs "must be
dismissed" where those plaintiffs "are investment advisors who
have not adequately pleaded that they have standing to sue."
Opt-Out Def. Mem. at 2.  Instead of "alleg[ing] that they have
suffered a personal injury in their own right," these plaintiffs
"assert claims on behalf of others without . . . plausibly
alleging that they have received a valid assignment of those
claims."  Id.  According to Defendants, investment advisors who
purchased the relevant securities on behalf of others cannot
"demonstrate[] that they have suffered an injury-in-fact, as
required to establish standing."  Id. at 6.  For example,
Defendants argue that one such plaintiff only makes "the
conclusory assertion that it has standing and authority to sue
Defendants through a valid legal assignment," which is "a
factually bare legal conclusion."  Id.  Defendants argue that said
plaintiff should be dismissed for lack of standing because it
"failed to plead facts plausibly alleging that it has received a
valid legal assignment." Id. at 8. Defendants make similar
arguments about the standing of several other plaintiffs as well.
See id.

On September 18, 2015, the individual plaintiffs ("Plaintiffs")
filed a Joint Memorandum of Law in Opposition to the Motion to
Dismiss ("Pl. Mem."), responding to the standing issues.  First,
Plaintiffs call Defendants' argument that investment advisors lack
standing a "false premise."  Pl. Mem. at 1.  Plaintiffs argue
instead that "none of the challenged Individual Plaintiffs
purports to sue in its capacity as an investment advisor," and
instead each such plaintiff "either received a valid assignment of
the underlying investors' claims" or "is suing in its capacity as
the legal entity with authority to sue on behalf of Petrobras
investors who cannot bring claims except through the challenged
plaintiff."  Id.  Plaintiffs rely on the "prudential exception"
described in W.R. Huff Asset Mgmt. Co., LLC v. Deloitte & Touche
LLP, 549 F.3d 100 (2d Cir. 2008), which applies where "where the
plaintiff can demonstrate (1) a close relationship to the injured
party and (2) a barrier to the injured party's ability to assert
its own interests."  Id. at 4-5 (quoting Huff, 549 F.3d at 107-
109).  According to Plaintiffs, each plaintiff challenged on these
grounds "brings suit as a trustee or other responsible entity
under law on behalf of one or more injured investors in Petrobras
securities who cannot bring suit themselves--not as an investment
advisor on behalf of unaffiliated clients like the plaintiff in
Huff."  Id. at 9.  Further, Plaintiffs argue that Defendants
misread Cortlandt St. Recovery Corp. v. Hellas Telecomms.,
S.a.r.l., 790 F.3d 411, 418 (2d Cir. 2015), as requiring that a
plaintiff "must submit evidence of the assignment at the time of
pleading to prove Article III standing or face dismissal."  Id. at
5.  Plaintiffs argue that, instead, "the district court in
Cortlandt analyzed the assignment at issue, which was submitted
after the filing of the complaint," and none of the issues with
the assignment in Cortlandt apply to the Aura Capital assignment
in the instant dispute.  Id. at 5-6.

On October 5, 2015, Defendants filed their Joint Reply Memorandum
of Law in Further Support of Their Motion to Dismiss the
Individual Action Complaints (the "Opt-Out Def. Reply"), which
further addresses the standing issues.  Defendants do not
reiterate or expand upon their arguments that certain plaintiffs
were investment advisors and thus lacked standing to sue.
Instead, Defendants challenge the standing of specific plaintiffs
or groups of plaintiffs.  For one plaintiff who argued that it had
received an assignment of the Petrobras securities, Defendants
reply that the purported assignment documents do not identify "any
securities that are purportedly being assigned" or "list any
specific securities," with "no explanation for the purported
assignments," and bear the signature of only the assignor, not the
assignee.  Opt-Out Def. Reply at 1.  In regard to the "prudential
exception" referenced in Plaintiffs' opposition, Defendants argue
that a group of plaintiffs trying to assert the prudential
exception do so only by amending their complaint to include "bare
legal assertions that the entities that actually made the
investments do not have legal personality separate from the named
plaintiffs or that the named plaintiffs have the exclusive
authority to act on behalf of the actual investors."  Id. at 2
(internal citations omitted).  Defendants also ask why a third
group of plaintiffs, who expressed their intention to amend their
complaint, have not yet done so.  Id.

While some might argue that Defendants' arguments are technical,
the reality is that given the limitations and repose issues in the
litigation, amendments at this stage may not cure these issues.
Regardless of how the court rules on the motion to dismiss here,
this argument over standing reinforces the need to anticipate and
remediate potential standing issues early enough to avoid
dismissal risks.

                  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.


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


ABSOLUTE RETURN: Members' Final Meeting Set for Oct. 29
-------------------------------------------------------
The members of Absolute Return Management International 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 liquidator is:

          Rosana Hollins
          Telephone: +350 200 76173


AXIAL CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Axial Capital Offshore, Ltd. received on
Oct. 22, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Axial Capital Management, LLC
          Name: Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


CRESTLINE EVENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Crestline Event Arbitrage Offshore Fund, Ltd
received on Oct. 22, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CRESTLINE PLUS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Crestline Plus Offshore Fund, Ltd received on
Oct. 22, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EAST STREET 2002-I: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of East Street Referenced Linked Notes, 2002-I
Limited received on Oct. 22, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EAST STREET 2004-I: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of East Street Referenced Linked Notes, 2004-I
Limited received on Oct. 22, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EASTERN BAY-MARATHON: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Eastern Bay-Marathon US Feeder China Fund
received on Oct. 21, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peng Kong
          C1-11B, Junjinghuating, Minzhi Road
          Baoan District, Shenzhen
          Guangdong Province
          People's Republic of China


HBC CAYMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of HBC Cayman Holdings Inc. received on Oct. 20,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LIONGATE MULTI-STRATEGY: Member to Hear Wind-Up Report on Nov. 13
-----------------------------------------------------------------
The member of Liongate Multi-Strategy GP Limited will hear on
Nov. 13, 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:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


SLS OFFSHORE: Shareholder to Hear Wind-Up Report Today
------------------------------------------------------
The shareholder of SLS Offshore Fund, Ltd. will hear today, Oct.
23, 2015, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          SLS Management, LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


STK CAPITAL: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of STK Capital Brazil Equities Investment Fund,
SPC received on Oct. 22, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TOP WORLD: Shareholder to Hear Wind-Up Report on Oct. 29
--------------------------------------------------------
The sole shareholder of Top World Funds will hear on Oct. 29,
2015, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Cathlin Rossiter
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


TRIBAL FINANCE: Members' Final Meeting Set for Oct. 23
------------------------------------------------------
The members of Tribal Finance Ltd. will hold their final meeting
on Oct. 23, 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:

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


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


* DOMINICAN REPUBLIC: China Courtship Heats Up as Taiwan Cools
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic and China
continue their unofficial meetings despite a lack of diplomatic
ties, to the chagrin of Taiwan, which continues its investments
and cooperation with the Caribbean nation of 10 million.

Representatives from both governments will host a gathering to
explore investment opportunities and expand trade and tourism, by
in a press conference, Economy minister Temistocles Montas said,
according to Dominican Today.

The symposium was announced by International Cooperation Deputy
minister Inocencio Garcia and China Commercial Office
representative Gao Shoujian, accompanied by Tourism Deputy
minister Fausto Fernandez, the report notes.

The report relays that Mr. Garcia said in addition to the Economy
Ministry, the symposium is hosted by the Ministries of Tourism and
of Industry and Commerce, the China business offices in the
country and of the Dominican Republic in China, and the Dominican
Exports and Investment Center (CEI-RD).

                           Strained Ties

A Taiwan legislative committee adopted a resolution to freeze some
of Tapei's financial aid to the Dominican Republic, to prod its
authorities to step up the effort to solve the murder of a
Taiwanese diplomat in Santo Domingo more than three years ago,
focustaiwan.tw reports from Taiwan's capital, Dominican Today
adds.


=============
J A M A I C A
=============


JAMAICA: Electricity Cost at Five-year Low in Country
-----------------------------------------------------
RJR News reports that the cost of electricity in Jamaica has
declined to its lowest in almost five years, as oil prices
continue to remain below the US$50 per barrel mark.

Lower prices for fuel used to generate electricity have resulted
in the cost of energy to residential users falling by 6%-7% this
month, according to RJR News.

In the last year, the price of electricity has dipped by 30% in
Jamaica, the report notes.

By RJR's calculation, that decline has reduced the cost of power
to residential customers to its lowest since January 2011.

At current costs, fuel makes up just about 40 per cent of the
price of electricity, compared to close to 70 per cent last year,
the report adds.

                           *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


ALONSO & CARUS: Committee to Retain Glassratner as Fin'l Advisors
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of Alonso & Carus Iron Works, Inc., seeks authority from the
Bankruptcy Court to retain Glassratner Advisory & Capital Group,
LLC, as financial advisors effective as of July 15, 2015.

In an amended retention application, the Committee will pay the
firm the following discounted hourly rates:

         James Fox                        $265
         Marc Levee                       $230
         Senior Associates                $170
         Associates & Assistants    $95 - $170

The rates represent a discount of between approximately 40% and
60% off of GlassRatner's normal hourly billing rates. The firm
will also charge its clients for expenses incurred in connection
with the client's case.

As reported by the Troubled Company Reporter on Sept. 1, 2015, the
Committee requires GlassRatner to:

(a) analyze the Debtor's current and historical business
operations, financial results and pre-and post-petition
financing arrangements, if any, and corresponding budgets;

(b) analyze the Debtor's operations prior to and after the
Petition Date, as the Committee deems necessary;

(c) analyze the Debtor's liquidity and operations at certain
points in time;

(d) evaluate customer contracts for appropriateness;

(e) investigate and analyze the potential for additional
sources of recovery to the Debtor's estate;

(f) review the financial aspects of the Disclosure Statement
and Plan of Reorganization, including the financial
projections and liquidation analysis;

(g) negotiate on behalf of the Committee with relevant parties;

(h) advise the Committee and Counsel on various financial and
business matters associated with the Debtor;

(i) investigate any potential causes of action or fraudulent
transfers;

(j) attend hearings before the Court and meetings with third
parties as customary and appropriate and confer with
representatives of the Committee, the Debtor, its counsel
and financial advisor; and

(k) provide written and oral reports to the Committee and
counsel as necessary and appropriate.

The original GlassRatner hourly rates are the following:

            James Fox                        $310
            Marc Levee                       $270
            David Neyhart                    $170
            Associates & Assistants    $95 - $170

                       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.


AMERICAN AGENCIES: Asked for Extension to File Operating Report
---------------------------------------------------------------
American Agencies Co, Inc., filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a motion to extend the period
within which they should file their monthly operating report for
the month of September 2015, from Sept. 15, 2015 to Sept. 30,
2015.

The Debtor told the Court that their accountants, Mr. Raul
Hernandez, and Ms. Doris Barroso Vicens, CPA, have been working
diligently to compile the necessary data needed to prepare the
monthly operating reports. The Debtor further told the Court that
the accountants still require a short extension of time to
complete the reconciliation of accounts.

American Agencies is represented by:

         Carmen D. Conde Torres, Esq.
         C. CONDE & ASSOC.
         San Jose Street #254, 5th Floor
         San Juan, PR 00901-1253
         Telephone: (787)729-2900
         Facsimile: (787)729-2203
         E-mail: condecarmen@microjuris.com

                     About American Agencies

merican Agencies Co., Inc. and New Steel, Inc., manufacturers of
steel structures, filed Chapter 11 bankruptcy petitions (Bankr. D.
P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15,
2015. The petition was signed by Omir Mendez as president.

The Debtors sought substantive consolidation of their cases under
Lead Case 15-07088.

C. Conde & Associates represents the Debtors as counsel. Doris
Barroso Vicens, CPA, at RSM ROC & Company, serves as the Debtors'
accountant.


PUERTO RICO: Creditors Said to Hire Greenhill for Water Deal
------------------------------------------------------------
Laura J. Keller at Bloomberg News reports that a group of
investors that hold the bonds of Puerto Rico's water utility have
hired investment bank Greenhill & Co. to help negotiate terms for
a new financing, according to two people with knowledge of the
matter.

The investors have discussed a plan that would create new senior
debt for the Puerto Rico Aqueduct & Sewer Authority that is given
higher priority than other agency borrowings, said the people, who
asked not to be named because the information is private,
according to Bloomberg News.  The bondholders may use a partial
debt restructuring as a condition for backing the deal, the people
said, Bloomberg News relates.

Bloomberg News notes that the investors are seeking to inject
fresh capital into the struggling water utility, known by the
Spanish acronym Prasa, because it failed to sell $750 million of
bonds with an average interest rate of 10 percent in August and
September, the people said.

Victor Suarez, the chief of staff for Puerto Rico's governor, said
in August that the water utility wouldn't need to restructure its
debt if it can access the market on "reasonable terms" and for
sufficient amounts to cover its capital needs, Bloomberg News
relays.

                          Generous Terms

Norma Munoz, spokeswoman for Prasa in San Juan, didn't immediately
respond to e-mail and phone messages. Jeffrey Taufield, a
spokesman for Greenhill at Kekst & Co., declined to comment.

Prasa already has had to offer generous terms on what it's
borrowed since the failed bond sale, Bloomberg News says.  It will
pay 8.75 percent interest on $75 million of short-term notes due
Nov. 30 that it sold to Bank of America Corp., the lead
underwriter of the failed bond sale, a utility spokeswoman said
last month, Bloomberg News notes.

Proceeds from those notes were used to refinance most of a $90
million loan from Banco Popular de Puerto Rico.

The water agency's $1.8 billion of 5.25 percent bonds due July
2042 last traded Oct. 16 at an average price of 66.3 cents on the
dollar, the highest since Sept. 30 and up roughly two cents from
Oct. 15, Bloomberg News notes.

Faced with the possibility that the island's cash will run dry by
the end of the year, Puerto Rico officials have begun talks with
some holders of its $73 billion of obligations, Bloomberg News
relays.  Officials of the U.S. territory have been in negotiations
since last month with hedge funds that own debt issued by the
island's development bank on a plan to restructure the credit and
raise between $750 million and $900 million of additional capital,
people with knowledge of the matter said earlier, adds Bloomberg
News.

                           *     *     *

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.


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


PETROTRIN: Appoints Fitzroy Harewood as New President
-----------------------------------------------------
Trinidad Express reports that Petroleum Company of Trinidad and
Tobago (Petrotrin) has appointed engineer Fitzroy Harewood as its
new president.

The report notes that Mr. Harewood's appointment takes effect on
November 1 and comes into effect after the tenure of current
president Khalid Hassanali officially ends on October 31,
Petrotrin's Andrew Jupiter-chaired board announced in a statement.

Mr. Harewood brings to Petrotrin over 29 years of technical and
leadership experience, the company said, according to Trinidad
Express.

In 1986, he joined predecessor company Trintoc as a project
engineer, the report notes.

After ten years he moved to Hydro Agri Trinidad Ltd where he was
assistant manager, Engineering, which later became Yara Trinidad
Ltd, Trinidad Express relays.

In that organization, Mr. Harewood served in various positions of
increasing responsibility before moving on to PowerGen to take up
the position of general manager from 2011 to present, the report
adds.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on July
23, 2015, Trinidad Express reports that state-owned Petroleum
Company of Trinidad and Tobago (Petrotrin) multiplied its losses
11.2 times to reach US$168 million for the nine months ended June
30 compared to US$15 million loss for the same period last year,
but its earnings before income tax, depreciation and amortisation
(EBITDA) rose 132 per cent between March and June, preliminary
financials show.

TCRLA reported on Dec. 2, 2014, that Trinidad and Tobago Newsday
said that in the face of falling global oil prices, which is
starring to impact on Trinidad and Tobago's earnings from its
petroleum resources, Petroleum Company of Trinidad and Tobago has
rolled out a plan to remain viable and to survive in the harsh
global oil industry.  Petrotrin said in a media release that it is
forging ahead with objective cost management decisions imperative
to secure its viability, according to Trinidad and Tobago Newsday.
The report said Petrotrin's operations have also been severely
impacted due to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


==========================
V I R G I N  I S L A N D S
==========================


HOVENSA LLC: Hires Alvarez & Marsal to Provide Thomas Hill as CRO
-----------------------------------------------------------------
Hovensa LLC seeks authorization from the U.S. Bankruptcy Court for
the District of the Virgin Islands to employ Alvarez & Marsal
North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective September 15, 2015 petition date.

The Debtor proposes to retain Alvarez & Marsal to provide CRO and
certain additional personnel to assist the Debtor's management
team in the Debtor's restructuring efforts, including evaluating
and implementing strategic options throughout the restructuring
process.

The Debtor requires Alvarez & Marsal to:

  -- perform a financial review of HOVENSA, including, but not
     limited to, a review and assessment of financial information
     that has been, and that will be, provided by HOVENSA to its
     creditors, including, without limitation, its short- and
     long-term projected cash flows and operating performance;

  -- assist with reviewing potential restructuring plans or
     strategic alternatives for maximizing the enterprise value of

     HOVENSA;

  -- assist in analyzing and/or developing projections to
     evaluate, communicate, and negotiate options, and providing
     assistance with preparing, implementing, and executing the
     selected options in conjunction with the Debtor's legal
     counsel;

  -- assist with respect to the Debtor's negotiations and
     communications with the Government of the Virgin Islands;

  -- assist with the case administration and report requirements
     associated with a chapter 11 filing, including, but not
     limited to, preparing schedules of assets and statements of
     financial affairs, monthly operating reports, budgets,
     including in connection with DIP financing and cash
     collateral, claims reconciliation, and assumption and
     rejection analyses;

  -- assist with the wind-down planning, analysis, and
     implementation;

  -- assist with bankruptcy administration requirements,
     including, but not limited to, compliance with United States
     Trustee Guidelines;

  -- support legal counsel and investment bankers in the
     development of the 363 sale process;

  -- assist with the Unsecured Creditors' Committee and its
     advisors;

  -- assist with the review of executory contracts;

  -- work with the Debtor to identify and implement both short-
     term and long-term liquidity generating initiatives;

  -- serve as the principal contact with the Debtor's creditors
     with respect to the Debtor's financial and operational
     matters;

  -- report to the Debtor's Executive Committee; and

  -- perform such other services as requested or directed by the
     Executive Committee or other HOVENSA personnel as authorized
     by the Executive Committee, as agreed to by Alvarez & Marsal,

     that is not duplicative of work others are performing for the

     Debtor.

Alvarez & Marsal will be paid at these hourly rates:

       Managing Directors           $750 - 950
       Directors                    $550 - 750
       Analysts/Associates          $350 - 550

Alvarez & Marsal will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Prior to the Petition Date, Alvarez & Marsal received retainer
payments of $410,000 from the Debtor, which payments were earned
by Alvarez & Marsal upon receipt. Alvarez & Marsal incurred
prepetition fees and expenses of approximately $353,000, and the
Retainer was applied to this amount. The unapplied residual
retainer, which is estimated to total approximately $57,000, will
not be segregated by Alvarez & Marsal in a separate account, and
will be held until the end of this chapter 11 case and applied to
Alvarez & Marsal's final fees in this case, unless an alternate
arrangement is agreed to by the Debtor.

Thomas E. Hill, managing director of Alvarez & Marsal, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Alvarez & Marsal can be reached at:

       Thomas E. Hill
       ALVAREZ & MARSAL NORTH AMERICA, LLC
       55 West Monroe Street, Suite 4000
       Chicago, IL 60603
       Tel: (312) 601-4220
       Fax: (312) 332-4599

                            About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

The Law Offices of Richard H. Dollison, P.C., serves as the
Debtor's counsel.  Prime Clerk LLC is the Debtor's claims and
noticing agent.

Judge Mary F. Walrath is assigned to the case.


HOVENSA LLC: Taps Lazard Freres as Investment Banker
----------------------------------------------------
Hovensa LLC asks permission from the U.S. Bankruptcy Court for the
District of the Virgin Islands to employ Lazard Freres & Co. LLC
as investment banker, effective September 15, 2015 petition date.

The Debtor requires Lazard Freres to:

   (a) review and analyze the Debtor's business, operations, and
       financial projections;

   (b) assist the Debtor in identifying and evaluating candidates
       for any potential Sale Transaction, advising the Debtor in
       connection with negotiations, and aiding in the
       consummation of any Sale Transaction;

   (c) advise the Debtor on tactics and strategies for negotiating

       with the Debtor's stakeholders;

   (d) render financial advice to the Debtor and participating in
       meetings or negotiations with the Debtor's stakeholders
       and/or rating agencies or other appropriate parties in
       connection with any Restructuring;

   (e) advise the Debtor on the timing, nature, and terms of new
       securities, other consideration or other inducements to be
       offered pursuant to any Restructuring;

   (f) assist the Debtor in preparing documentation within
       Lazard's area of expertise that is required in connection
       with any Restructuring;

   (g) attend meetings of the Debtor's Executive Committee with
       respect to matters on which Lazard has been engaged to
       advise hereunder;

   (h) provide testimony, as necessary, with respect to matters on

       which Lazard has been engaged to advise hereunder in any
       proceeding before the Court; and

   (i) provide the Debtor with other financial restructuring
       advice.

Lazard Freres will be paid the following Fee Structure:

   -- A monthly fee of $200,000, payable on the first day of each
      month until the earlier of the completion of a Restructuring

      or the termination of Lazard's engagement.

   -- A fee equal to $7,000,000, payable upon the consummation of
      any Restructuring or Sale Transaction. For the avoidance of
      doubt, the Completion Fee shall only be payable once.

   -- A fee equal to $500,000, payable upon entry of a final order

      approving any debtor-in-possession financing. The Financing
      Fee shall be fully credited against the Completion Fee;
      provided that, in the event of a chapter 11 filing, such
      credit shall only apply to the extent that such fees are
      approved in their entirety by the Bankruptcy Court, if
      applicable.

Lazard Freres will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Timothy R. Pohl, managing director of Lazard Freres, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Lazard Freres can be reached at:

       Timothy R. Pohl
       LAZARD FRERES & CO., LLC
       190 S. LaSalle Street, 31st Floor
       Chicago, IL 60603
       Tel: (312) 407-6600

                            About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

The Law Offices of Richard H. Dollison, P.C., serves as the
Debtor's counsel.  Prime Clerk LLC is the Debtor's claims and
noticing agent.

Judge Mary F. Walrath is assigned to the case.


HOVENSA LLC: Hires Morrison & Foerster as Attorneys
---------------------------------------------------
Hovensa LLC seeks authorization from the U.S. Bankruptcy Court for
the District of the Virgin Islands to employ Morrison & Foerster
LLP as attorneys, effective September 15, 2015 petition date.

The Debtor anticipates that Morrison & Foerster will perform,
among others, the following legal services:

   (a) advising the Debtor with respect to its powers and duties
       as debtor-in-possession in the continued management and
       operation of its business and property;

   (b) attending meetings and negotiating with creditors and
       parties in interest;

   (c) advising the Debtor in connection with any sale of assets
       in the chapter 11 case;

   (d) taking all necessary action to protect and preserve the
       Debtor's estate, including prosecuting actions on the
       Debtor's behalf, defending any actions commenced against
       the Debtor, and representing the Debtor's interests in
       negotiations concerning all significant litigation in which

       the Debtor is involved, including, but not limited to,
       objections to claims filed against the Debtor or its
       estate;

   (e) preparing all motions, applications, answers, orders,
       reports, and papers necessary to the administration of the
       chapter 11 case;

   (f) taking any necessary action on behalf of the Debtor to
       obtain approval of solicitation procedures, a disclosure
       statement, and confirmation of a chapter 11 plan;

   (g) appearing before this Court, any appellate courts, and the
       United States Trustee for the District of the U.S. Virgin
       Islands;

   (h) performing other necessary legal services for the Debtor in

       connection with the chapter 11 case, including (i)
       analyzing the Debtor's leases and executory contracts and
       the assumption or assignment thereof, (ii) analyzing the
       validity of liens against the Debtor, and (iii) advising on
       corporate, litigation, and other legal matters; and

   (i) taking all steps necessary and appropriate to bring the
       chapter 11 case to conclusion.

Morrison & Foerster will be paid at these hourly rates:

       Lorenzo Marinuzzi               $1,025
       Jennifer L. Marines             $825
       Craig A. Damast                 $800
       Daniel J. Harris                $750
       Danielle Braun                  $300
       Partners and Senior counsel     $785-$1,275
       Of Counsel                      $620-$995
       Associates                      $405-$785
       Paraprofessionals               $200-$400

Morrison & Foerster will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Morrison & Foerster received an advance payment of $250,000 for
professional services to be rendered and expenses to be incurred
by
Morrison & Foerster. As of the Petition Date, the balance of the
Retainer was $154,974.10.

Lorenzo Marinuzzi, partner of Morrison & Foerster, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

The following information is provided in response to the request
for additional information set forth in the Revised U.S. Trustee
Fee Guidelines in compliance with paragraph D, section 1, as
follows:

  -- Morrison & Foerster represented the Debtor during the 12-
     month period prior to the Petition Date. Morrison &
     Foerster's billing rates and material financial terms have
     not changed postpetition.

  -- The Debtor and Morrison & Foerster expect to develop a
     prospective budget and staffing plan to comply with the
     United States Trustee's requests for information and
     Additional disclosures, and any other orders of the Court,
     recognizing that in the course of this chapter 11 case there
     may be unforeseeable fees and expenses that will need to be
     addressed by the Debtor and Morrison & Foerster.

Morrison & Foerster can be reached at:

       Lorenzo Marinuzzi, Esq.
       MORRISON & FOERSTER LLP
       250 West 55th Street
       New York, NY 10019
       Tel: (212) 468-8045
       E-mail: lmarinuzzi@mofo.com

                            About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

The Law Offices of Richard H. Dollison, P.C., serves as the
Debtor's counsel.  Prime Clerk LLC is the Debtor's claims and
noticing agent.

Judge Mary F. Walrath is assigned to the case.


                            ***********


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 * * *