TCRLA_Public/151027.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 27, 2015, Vol. 16, No. 212


                            Headlines



B R A Z I L

BRAZIL: September Unemployment Unexpectedly Remains Unchanged
RIO DE JANEIRO: Fitch Cuts Rating to 'BB'; Outlook Remains Neg.


C H I L E

CHILE: To Revitalize Poor Neighborhoods With $90MM IDB Loan
MASISA SA: S&P Lowers Rating to 'B+'; Outlook Remains Negative


C A Y M A N  I S L A N D S

ANDARI LTD: Creditors' Proofs of Debt Due Nov. 24
AQUA HOLDINGS: Commences Liquidation Proceedings
ASSA INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 10
CAMBER 5: Creditors' Proofs of Debt Due Nov. 11
CEPHEUS FUND: Creditors' Proofs of Debt Due Nov. 2

ELMABE COMPANY: Creditors' Proofs of Debt Due Nov. 24
FCM FUND: Commences Liquidation Proceedings
LAVINA HOLDINGS: Creditors' Proofs of Debt Due Nov. 10
MORTGAGE INSURANCE: Creditors' Proofs of Debt Due Nov. 9
PINNACE CORPORATION: Creditors' Proofs of Debt Due Nov. 24

TONGA INVESTMENTS: Creditors' Proofs of Debt Due Nov. 24
TUSSEFJORDEN AIRFINANCE: Creditors' Proofs of Debt Due Nov. 11


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Gasoline, Diesel, Propane Fall, Gas Stays Put


J A M A I C A

RED STRIPE: Boss Under Probe in Relation to Insider Trading


P E R U

ANDINO INVESTMENT: S&P Affirms 'B' CCR; Outlook Remains Stable


P U E R T O    R I C O

HORNED DORSET: Seeks 15-Day Ext. to File Monthly Operating Reports
PUERTO RICO: Obama Admin Pushes Ch. 9 Protection For Country


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Warns Firms to Go Digital or Become Obsolete


                            - - - - -


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


BRAZIL: September Unemployment Unexpectedly Remains Unchanged
-------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's unemployment
rate unexpectedly remained unchanged, as the central bank
maintains interest rates at a nine-year high in the face of
recession.  Swap rates fell.

The jobless rate remained at 7.6 percent in September, the
national statistics institute said, according to Bloomberg News.
That compares with a median estimate of 7.8 percent in a Bloomberg
survey of 37 analysts.

"We thought the labor force would increase. Since that didn't
happen, the unemployment rate stabilized," said Carlos Kawall,
chief economist at Banco Safra, Bloomberg News notes.  "When you
look at the employed population, it dropped once more, so there
are fewer jobs in the economy."

Bloomberg News notes that as joblessness has jumped from 5.3
percent in January, and inflation continues to slice into
purchasing power, consumers who have been the engine of growth for
Brazil's economy are losing confidence.  Latin America's largest
economy is on track for back-to-back years of recession, and the
central bank is refraining from loosening monetary policy to
stimulate demand, Bloomberg News relays.  Even President Dilma
Rousseff is battling to keep her job amid impeachment requests,
Bloomberg News discloses.

Swap rates on the contract due in January 2017 fell 19 basis
points, or 0.19 percentage point, to 15.19 percent at 9:59 a.m.
local time on Oct. 22, Bloomberg News says.  The real weakened 0.2
percent to 3.9469 per U.S. dollar.

The acceleration of inflation, to 9.49 percent in the 12 months
through September, helped erode real wages by 4.3 percent from the
same month last year, the statistics agency said, Bloomberg News
relays.   The central bank on Oct. 21 left the benchmark interest
rate unchanged at its highest level since 2006 to slow price
increases, Bloomberg News notes.

With inflation and joblessness weighing on Brazilians, retail
sales have fallen for seven straight months, Bloomberg News says.
Consumer confidence as measured by the Getulio Vargas Foundation
is at its lowest since the survey began a decade ago, Bloomberg
News relays.

"Despite the stability on the unemployment rate, labor market
dynamics continue to deteriorate, with the decrease in employment
and wages corroborating our expectation of a 4.0 percent fall in
private consumption this year," Bruno Rovai, Brazil economist at
Barclays Plc, said in a note, Bloomberg News discloses.


RIO DE JANEIRO: Fitch Cuts Rating to 'BB'; Outlook Remains Neg.
---------------------------------------------------------------
Fitch Ratings has downgraded the following Brazilian States:

-- Sao Paulo Issuer Default Rating (IDR) to 'BBB-' from 'BBB';
-- Maranhao to 'BB' from 'BB+';
-- Rio de Janeiro to 'BB' from 'BB+'.

The Rating Outlook Remains Negative.

A full list of actions follows at the end of this release.

KEY RATING DRIVERS

The rating actions follow the recent downgrade of Brazil's
sovereign ratings to 'BBB-' from 'BBB'

Considering the features of the Brazilian institutional framework,
Fitch does not believe any subnational entity to be rated higher
than the sovereign. This is the case of Sao Paulo, whose ratings
are equalized with the sovereign at 'BBB-'.

For Maranhao, there is above average reliance on federal
transfers, corresponding to more than 50% of the state's operating
revenues in 2014. Rio's ratings downgrade reflects its relatively
higher reliance on oil related activities, thus leveraging on the
implicit debt support Fitch believes the state should receive from
the Brazilian Federal Government in case of need.

RATING SENSITIVITIES

Sao Paulo, Maranhao and Rio's IDRs should move in tandem with
Brazil's sovereign ratings. They would be affected by further
changes in the sovereign ratings or Outlooks and/or in the
government's willingness to provide support.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to the following
assumptions:

-- Fitch does not expect a change in the government's willingness
    to provide support for subnational debt in case of need.

-- Fitch assumes that Brazilian subnationals maintain
    international and domestic market access even if there is
    return of higher international financial volatility and
    further domestic confidence shocks.

The rating actions are as follows:

State of Sao Paulo:

-- Long-term Foreign and Local Currency IDRs downgraded to
    'BBB-' from 'BBB'; Outlook Negative;
-- Short-term Foreign and Local Currency IDRs downgraded to 'F3'
    from 'F2';
-- National Long-term Rating unchanged at 'AA+(bra)'; Outlook
    Stable;
-- National Short-term Rating unchanged at 'F1+(bra)'.

State of Maranhao:

-- Long-term Foreign and Local Currency IDRs downgraded to 'BB'
    from 'BB+'; Outlook Negative;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B';
-- National Long-term Rating unchanged at 'AA-(bra)'; Outlook
    Stable;
-- National Short-term Rating unchanged at 'F1+(bra)'.

State of Rio de Janeiro:

-- Long-term Foreign and Local Currency IDRs downgraded to 'BB'
    from 'BB+'; Outlook Negative;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B';
-- National Long-term Rating unchanged at 'A+(bra)'; Outlook
    Negative;
-- National Short-term Rating unchanged at 'F1(bra)'.


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


CHILE: To Revitalize Poor Neighborhoods With $90MM IDB Loan
-----------------------------------------------------------
Chile will revitalize poor neighborhoods and emblematic
infrastructure assets with a $90 million loan from the Inter-
American Development Bank (IDB).  The loan is designed to improve
the living conditions and environment of residents of poor
neighborhoods, inject value into their real estate assets,
increase commercial and cultural activities and boost the
residents' participation in the effort, in order to guarantee that
the activities are sustainable.

The project will finance coordinated activities in at least five
municipalities, including improvements in physical infrastructure,
support for local economic and cultural development and provision
of resources that will enable the effective participation of
residents.

"As it starts to think about coordinating activities at the
neighborhood d level but led by municipalities, Chile faces a
great challenge. This program is an excellent opportunity to show
that with adequate management, it is possible to make cities more
egalitarian and equitable," said Veronica Adler, IDB project team
leader.  "This program will seek to take advantage of the existing
capital, to respect the tangible and intangible assets and to have
an impact on the poor outer sections of urban areas."

The program will provide resources to improve selected real estate
assets; build, restore or improve urban environments; restore and
improve avenues, streets, plazas, footpaths, sidewalks and bike
lanes; and improve urban furnishings, lighting and landscapes.

The project will promote economic and cultural development through
studies to identify the specific needs of the businesses operating
in each neighborhood as well as opportunities for new economic and
cultural undertakings, including the creation and promotion of
economic opportunities for women.

It will also implement plans to improve the competitiveness of
existing business activities, through the development of
innovative strategies to diversify and improve the profiles of
local economic and cultural initiatives.

The project also includes the installation of a project office in
each neighborhood, the design and implementation of a plan to
communicate and disseminate reports on the activities, and a fund
for grants to community initiatives that address various
neighborhood problems.

It will also strengthen the technical and operational capacities
of the municipalities so that they can successfully carry out the
project as well as subsequent activities.

It is expected that the project will improve the quality of the
infrastructure, reduce the percentage of deteriorated real estate
assets and increase the commercial activity in each neighborhood
and the percentage of neighbors who participate in the budgeting
process in the selected neighborhoods.

The IDB credit for $90 million is for 11 years, with a grace
period of 11 years, an interest rate based on LIBOR and a
counterpart contribution of $90 million.

                         *    *    *

As reported in the Troubled Company Reporter-Latin America on
Oct. 6, 2015, Chilean banks' earnings continue to hold relatively
steady despite Chile's economic slowdown, says Fitch Ratings.
Latest results are being supported by inflation-indexed loans and
other assets, as well as moderate loan growth. Most Chilean banks'
medium-and long-term assets and liabilities are denominated in
inflation-adjusted pesos using the Chilean Unidad de Fomento (UF)
conversion.

The August data release from Chile's banking regulator showed that
while operating income was up and net interest margins (NIM)
improved, consolidated net income fell 7.3% in the year ending
Aug. 31. Loan loss provisions rose by 16% versus the end of July,
but were down 2% from one year prior. The provision increase in
August is explained by local currency devaluation hurting
commercial borrowers, thus affecting commercial loan portfolios.


MASISA SA: S&P Lowers Rating to 'B+'; Outlook Remains Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Masisa
S.A. to 'B+' from 'BB-'.  The outlook remains negative.

The downgrade incorporates S&P's view of Masisa's weaker liquidity
position due to lower consolidated cash generation.  This in turn
is the result of the current economic slowdown and currency
devaluation in the countries where the company operates, and its
exposure to Argentina and Venezuela, whose laws make it more
difficult to repatriate cash, which Masisa could use to repay
consolidated debt.  Nevertheless, the company was able to
repatriate dividends from Argentina totaling $38 million in 2013
and $13 million in 2014.

S&P revised its assessment of Masisa's liquidity to "less than
adequate" from "adequate" because S&P expects the ratio of sources
to uses to be below 1.2x, which would offer scant protection
against unexpected adverse events.  Although S&P considers that
Masisa enjoys a sound relationship with banks and has a manageable
debt maturity profile, with most of its debt maturing in 2019, the
company's exposure to transfer restrictions in Argentina and
Venezuela may create additional risks.


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


ANDARI LTD: Creditors' Proofs of Debt Due Nov. 24
-------------------------------------------------
The creditors of Andari Ltd. are required to file their proofs of
debt by Nov. 24, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 21, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


AQUA HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 24, 2015, the sole shareholder of Aqua Holdings Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Tan Liat Chew Richard
          6 Temasek Boulevard
          #16-02 Suntec Tower Four
          Singapore 038986
          Telephone: + 65 6835 9232
          Facsimile: + 65 6835 9672


ASSA INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 10
---------------------------------------------------------
The creditors of Assa International Ltd. are required to file
their proofs of debt by Nov. 10, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 21, 2015.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


CAMBER 5: Creditors' Proofs of Debt Due Nov. 11
-----------------------------------------------
The creditors of Camber 5 Ltd are required to file their proofs of
debt by Nov. 11, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 23, 2015.

The company's liquidator is:

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


CEPHEUS FUND: Creditors' Proofs of Debt Due Nov. 2
--------------------------------------------------
The creditors of Cepheus Fund Limited are required to file their
proofs of debt by Nov. 2, 2015, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Conyers Dill & Pearman
          Cricket Square, Hutchins Drive
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ELMABE COMPANY: Creditors' Proofs of Debt Due Nov. 24
-----------------------------------------------------
The creditors of Elmabe Company Ltd. are required to file their
proofs of debt by Nov. 24, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 23, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


FCM FUND: Commences Liquidation Proceedings
-------------------------------------------
On Sept. 1, 2015, the sole shareholder of FCM Fund SPC resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Mikhail Pak
          House 1, Flat 153
          Gurievsky Proezd, Moscow
          Russia


LAVINA HOLDINGS: Creditors' Proofs of Debt Due Nov. 10
------------------------------------------------------
The creditors of Lavina Holdings Ltd. are required to file their
proofs of debt by Nov. 10, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 21, 2015.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MORTGAGE INSURANCE: Creditors' Proofs of Debt Due Nov. 9
--------------------------------------------------------
The creditors of Mortgage Insurance Limited are required to file
their proofs of debt by Nov. 9, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 23, 2015.

The company's liquidator is:

          Johannes S. De Jager
          Cayman Management Ltd.
          Harbour Centre, Ground Floor
          42 North Church Street
          P.O. Box 1569, George Town
          Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


PINNACE CORPORATION: Creditors' Proofs of Debt Due Nov. 24
----------------------------------------------------------
The creditors of Pinnace Corporation are required to file their
proofs of debt by Nov. 24, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 23, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


TONGA INVESTMENTS: Creditors' Proofs of Debt Due Nov. 24
--------------------------------------------------------
The creditors of Tonga Investments Limited are required to file
their proofs of debt by Nov. 24, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


TUSSEFJORDEN AIRFINANCE: Creditors' Proofs of Debt Due Nov. 11
--------------------------------------------------------------
The creditors of Tussefjorden Airfinance Limited are required to
file their proofs of debt by Nov. 11, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2015.

The company's liquidator is:

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



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


DOMINICAN REP: Gasoline, Diesel, Propane Fall, Gas Stays Put
------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry on
Oct. 23 posted the fuel prices for the week from Oct. 24 to 30,
when premium gasoline will cost RD$188.70, or RD$2.50 less and
regular will cost RD$171.10, or RD$2.40 lower per gallon.

Optimum diesel will cost RD$151.30, or RD$1.90 less; regular
diesel will cost RD$142.30, or R $1.70 less; avtur will cost
RD$99.20, or RD$1.20 lower; kerosene will cost RD$122.70, of
RD$1.30 less, while fuel oil will cost RD$77.51, or RD$0.80 lower
per gallon, according to Dominican Today.

Propane gas will cost RD$82.00, or RD$1.20 less per gallon, and
natural gas remains unchanged at RD$28.44 per cubic meter, the
report relates.

The Dominican Republic Central Bank's average posted exchange rate
of RD$45.31 per dollar was used to calculate all fuel prices, the
report adds.


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


RED STRIPE: Boss Under Probe in Relation to Insider Trading
-----------------------------------------------------------
RJR News reports that Cedric Blair, Managing Director of Red
Stripe, is being investigated by the Jamaica Stock Exchange for
the purchase of shares in the company.

The investigation follows the execution of an order for shares in
Red Stripe by Mr. Blair's broker, Mayberry Investments, days
before the announcement that Heineken had acquired controlling
stake in the brewery for US$780 million, according to RJR News.

The report notes that the transactions raised eyebrows at the
Jamaica Stock Exchange which has launched a probe to determine if
Blair broke any regulations.

The Stock Exchange has refused to divulge information on the
matter, saying that would breach its policy, the report relates.
However, in response to queries from RJR News, Mr. Blair denied
that he purchased shares to benefit materially from the knowledge
that Heineken was purchasing Red Stripe.  Mr. Blair said he had an
open order with Mayberry Investments to place orders for shares,
including those of Red Stripe, the report discloses.

Some of the orders were placed during what should have been a
blackout period for those with insider information on the
transaction, the report relays.

Mr. Blair said, as soon as he was informed by the broker that an
order was made for Red Stripe shares, he told her not to make any
more, the report notes.

Red Stripe's Chairman, Richard Byles, has corroborated the
statement, saying he had the highest regard for Mr. Blair and does
not believe he deliberately tried to benefit illegally from the
deal, the report adds.


=======
P E R U
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ANDINO INVESTMENT: S&P Affirms 'B' CCR; Outlook Remains Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B' global
scale corporate credit rating on Andino Investment Holding S.A.
At the same time, S&P affirmed its 'B' global scale issue-level
rating on its $115 million 144 A/Reg. S senior unsecured notes due
2020.  The outlook remains stable.

The stable outlook reflects S&P's expectation that the company
will maintain its key credit metrics commensurate with a "highly
leveraged" financial risk profile for the next two years amid soft
global economic conditions and increased foreign exchange
volatility, which will take a toll on debt levels.  In addition,
the outlook reflects S&P's view that greater competitive risk in
the highly-fragmented logistics business will constrain AIH's
credit metrics.  The company's leading position in the Peruvian
market and highly integrated operations somewhat mitigate its
exposures.

S&P could lower the rating if the company's metrics weaken because
of debt increases and/or deterioration in its margins, leading to
FFO to debt below 5% on a sustained basis and/or weakened
liquidity.  This could result from higher levels of debt to fund
projects, difficulty refinancing, heightened foreign exchange
volatility, increased competition, and a drop in foreign trade.

S&P is not likely to raise the global scale ratings at this
juncture because the company's business risk profile constrains
the ratings, particularly its weaker competitive position relative
to its peers and the small scale of its operations.  However, if
the company strengthens its business risk profile, or consistently
maintains total debt to EBITDA below 5.0x and FFO to total debt
above 12%, alongside significant improvement in its liquidity
(from an enhanced debt maturity profile or additional funding
sources), S&P could raise the ratings.


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


HORNED DORSET: Seeks 15-Day Ext. to File Monthly Operating Reports
------------------------------------------------------------------
The Horned Dorset Primavera, Inc., asks the U.S. Bankruptcy Court
for a 15-day extension to file its monthly reports for the months
of May and June. The Debtor contends that it needs additional time
to complete the reconciliation of the Bank account (pre and post
filing) and file the required Reports.

The Horned Dorset Primavera is represented by:

          Isabel M. Fullana, Esq.
          GARCIA-ARREGUI & FULLANA PSC
          252 Ponce de Leon Ave. Ste 1101
          Citibank Towers
          San Juan, PR 00918
          Telephone: (787)766-2530
          Facsimile: (787)756-7800
          E-mail: isabelfullana@gmail.com

                About The Horned Dorset Primavera

The Horned Dorset Primavera Inc. operates the Horned Dorset
Primavera, a small luxury hotel located in northwestern Puerto
Rico, two miles from the town of Rincon.  The hotel --
http://www.horneddorset.net/-- is set among rolling hills at the
edge of the beautiful Caribbean Sea and is known for reserved
European service executed in an atmosphere unique in Puerto Rico
and the award-winning Restaurant Aaron.  The hotel is a member of
Relais & Chateaux.

The Horned Dorset Primavera Inc. commenced a Chapter 11 bankruptcy
case (Bankr. D.P.R. Case No. 15-03837) in Old San Juan, Puerto
Rico on May 22, 2015.

According to the docket, the Debtor's Chapter 11 plan is due
Nov. 18, 2015.

The Debtor has tapped Isabel M. Fullana, Esq., at Garcia Arregui &
Fullana PSC, as counsel.


PUERTO RICO: Obama Admin Pushes Ch. 9 Protection For Country
-------------------------------------------------------------
Carmen Germaine at Law360.com reports that the Obama
administration urged Congress to give Puerto Rico access to
Chapter 9 and broader restructuring tools as the U.S. territory
struggles under $73 billion worth of debt.

Antonio Weiss, the counselor to the secretary of the U.S.
Department of the Treasury, floated the idea in a hearing before
the Senate Committee on Energy and Natural Resources, saying that
the administration supports legislation to allow Puerto Rico to
access Chapter 9 of the Bankruptcy Code but is also calling on
Congress to authorize a broader legal framework to restructure all
of the territory's outstanding debt, according to Law360.com.

"I can tell you with total confidence that Puerto Rico's fiscal
crisis is escalating and it is very real and that without federal
action it could easily become a humanitarian crisis as well," Mr.
Weiss said, the report notes.

Puerto Rico, currently facing $73 billion in debt, is not
authorized under U.S. law to access Chapter 9 of the Bankruptcy
Code, the provision that gives financially distressed
municipalities and public utilities the ability to restructure
their debt through the courts, the report discloses.

Puerto Rico's government development bank ended talks with a group
of bondholders after they were unable to reach an agreement, and
the beleaguered Puerto Rico Electric Power Authority said it had
extended forbearance agreements until Oct. 22, as it seeks to
restructure $8.9 billion in debt, the report relays.

Legislation has been proposed in both houses that would grant the
commonwealth the ability to authorize its municipalities to enter
Chapter 9, which the Treasury previously indicated it supported,
but Weiss said that Chapter 9 protections would cover only about
one-third of Puerto Rico's total bonded debt, Law360.com
discloses.  A broader bankruptcy, he said, would cover the
territory's entire bonded debt and provide necessary breathing
room for Puerto Rico's economy, the report notes.

"It's our judgment that the time has come to address the entire
debt stock of Puerto Rico and not just the Chapter 9
municipalities and public corporations," the report quoted Mr.
Weiss as saying.

The administration's plan also calls on Congress to require Puerto
Rico to implement strong, independent fiscal oversight to ensure
the territory adheres to any recovery plan, improve its access to
Medicaid funds by removing the cap on Puerto Rico's Medicaid
program and extend the Earned Income Tax Credit to Puerto Rican
citizens, the report relays.

Several senators, however, including Sen. Elizabeth Warren, D-
Mass., and Sen. Lisa Murkowski, R-Alaska, expressed concern over
the Treasury Department's focus on legislative solutions and
questioned whether the administration had taken enough action to
help Puerto Rico, the report notes.

"Frankly, I think Treasury needs to step up and show more
leadership here," Mr. Warren said. "Treasury stretched the limits
of its authority to make sure that the banks stayed afloat.  . . .
I urge Treasury to be just as creative in coming up with a
solution for Puerto Rico as it was when the big banks called for
help," Mr. Warren added, the report relays.

The report notes that Ms. Murkowski also called for administrative
action, cautioning that "Congress sometimes, even in the midst of
a crisis, takes a long time to work its magic, if you can call it
magic."

According to Law360.com, Mr. Weiss responded by promising that the
department and the Obama administration would "apply all of our
creativity and all of its resources to the resolution of this
crisis."

Puerto Rican Governor Alejandro Padilla, also testifying,
supported many of the administration's ideas, calling on Congress
to approve the bankruptcy legislation and asking for equal access
to Medicaid funds, the report relays.

Pedro Pierluisi, Puerto Rico's nonvoting congressional
representative, said that Puerto Rico's "undemocratic and unequal
political status" as a territory rather than a state is a
fundamental problem behind the crisis, the report discloses.

"It is a moral, social and political wrong with crushing economic
and political consequences for the American citizens I represent,"
Mr. Pierluisi said, the report notes.  "You cannot treat the
people of Puerto Rico like second-class citizens and then profess
to be shocked when we don't have a first-class economy."

When polled by Sen. Maria Cantwell, D-Wash., only one witness
didn't support allowing Puerto Rico access to Chapter 9
protection. The sole holdout, Steven Fetter, president of energy
advisory firm Regulation UnFettered, told Cantwell that Puerto
Rico's investors made their investment with the understanding that
they were not risking bankruptcy proceedings, and felt that the
territory and its public utilities could still reach a consensual
agreement, the report adds.


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


* TRINIDAD & TOBAGO: Warns Firms to Go Digital or Become Obsolete
-----------------------------------------------------------------
Marlene Augustine at Trinidad and Tobago Newsday reports that
companies that don't get on the digital bandwagon may, within the
next five years, find themselves in danger of becoming obsolete.

The warning comes from Courtney Munroe, Global Vice-President of
Telecom Research at the International Data Corporation (IDC), who
was addressing the second annual M4 conference hosted by Microsoft
at Hyatt Regen-cy, Port-of-Spain, according to Trinidad and Tobago
Newsday.

"We find that 60 percent of organizations are on their way to
becoming digital and transforming digitally," Mr. Munroe added,
says the report.  "The other 30 percent, in our view, are in
danger of becoming obsolete in the next five years."

Mr. Munroe cited several developments in the information and
communication technology (ICT) sector over the last 15 years,
including the use of cloud (online) storage, mobile computing, and
the introduction of smart phones, the report discloses.

"We went from client server platforms serving thousands of
applications, to hundreds of thousands users, to IP-driven
platforms that serve millions of applications and billions of
users . . . We believe the next phase, over the next five years,
will be a transformation to continuous computing which is going to
be lead by accelerators," the report quoted Mr. Munroe as saying.

Conference delegates also heard about "data as the new currency"
of business, particularly from Roger Peters, Director of Microsoft
Services, Microsoft Latin America New Markets, the report relays.

"Data is the new currency. Every company today will be a data
company.  The pace of change is faster than ever and technology is
leading destruction in both our personal and professional lives,"
Mr. Peters said, the report notes.

Issuing a warning of his own about companies becoming obsolete,
Mr. Peters said of the 500 companies that were in existence in
1955, "only about 12 percent" still exist today, partly due to a
"massive disruption on multiple fronts in business models," says
the report.

"The world and the industry has changed and businesses are
changing to, so we have to. Our (Microsoft) mission is to empower
people in every person in every organization to achieve more.

"We are going to help you be more effective with the individual
time while bringing empowering to the teams and organization to
drive business further," Mr. Peters told the audience, the report
discloses.

To this end, Mr. Peters said Microsoft is building the cloud
platform to "enable the roles applications to become more
intelligent, using the next generation of infrastructure, data and
developing tools and services," the report adds.


                            ***********


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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