TCRLA_Public/151103.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, November 3, 2015, Vol. 16, No. 217


                            Headlines



A R G E N T I N A

ARGENTINA: Judge Rules in Favor of "Me-too" Bondholders in Dispute


B R A Z I L

PETROLEO BRASILEIRO: Swiss Probe Banks to Gauge Exposure
USJ-ACUCAR: Fitch Lowers Issuer Default Rating to 'CC'


C A Y M A N  I S L A N D S

ABRA HOLDINGS: Creditors' Proofs of Debt Due Nov. 4
ADONIT INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 11
ASSA INTERNATIONAL: Members to Receive Wind-Up Report on Nov. 10
CONDOR ALTERNATIVE: Commences Liquidation Proceedings
FRONAPE INTERNATIONAL: Commences Liquidation Proceedings

GLENHILL LONG: Commences Liquidation Proceedings
GODOT HOLDINGS: Commences Liquidation Proceedings
LAVINA HOLDINGS: Members to Receive Wind-Up Report on Nov. 10
LTE MASTER: Placed Under Voluntary Wind-Up
MARRET FUND: Commences Liquidation Proceedings

MODERN MANAGEMENT: Commences Liquidation Proceedings
ROCK RIDGE RE7: Placed Under Voluntary Wind-Up
TROVE CAPITAL: Placed Under Voluntary Wind-Up


C H I L E

CORPORACION NACIONAL: Eliminates 350 Management Jobs


J A M A I C A

JAMAICA: Development is Not Just About Special Economic Zones


M E X I C O

MEXICO: Corporate Outlook Stable Despite Headwinds, Fitch Says


P U E R T O    R I C O

PUERTO RICO: Rescue Plan Raises Eyebrows at Senate Hearing


T R I N I D A D  &  T O B A G O

POWERGEN: Closing POS Plant


V I R G I N   I S L A N D S

HOVENSA LLC: Obtains Final Approval of $40-Mil. DIP Financing
HOVENSA LLC: Has Final OK to Pay $3.5-Mil. to Critical Vendors


                            - - - - -


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


ARGENTINA: Judge Rules in Favor of "Me-too" Bondholders in Dispute
------------------------------------------------------------------
EFE News reports that a U.S. federal judge has ruled that so-
called "me too" bondholders also must be paid before Argentina can
make payments on restructured debt.

The ruling by U.S. District Judge Thomas Griesa in Manhattan is a
harsh blow to Argentina's government because it means that it now
must pay $8 billion to holdout bondholders -- up from an earlier
total of $1.7 billion -- before it can make payments to investors
who agreed to steep haircuts in 2005 and 2010, according to EFE
News.

After hearing arguments from both parties over two days, Judge
Griesa ruled that the "me too" bondholders deserve the same
treatment as a group of U.S. hedge funds led by Elliott Management
Corp. founder and CEO Paul Singer's NML Capital Ltd., which won a
similar ruling in Judge Griesa's court in 2012, the report relays.

As in the earlier case, Judge Griesa noted in his latest decision
that the "me too" litigants' bonds contain a "pari passu" (equal
treatment) clause that requires Argentina to pay them before or at
the same time as the exchange bondholders, whose securities are
governed by U.S. law, the report discloses.

The Argentine government's attorney, Carmine Boccuzzi, argued
during a hearing that including the "me too" holdouts in the
original lawsuit spearheaded by Singer would further complicate
efforts to reach a settlement, the report relays.

But the lawyer representing NML Capital, Robert Cohen, said
Argentina had the ability to pay all of its obligations but merely
lacked the willingness to do so, notes the report.

Around 93 percent of Argentina's creditors agreed to participate
in two debt swaps in 2005 and 2010, the report discloses.

But NML and other U.S. hedge funds that bought their Argentine
bonds at large discounts following Buenos Aires' massive 2001 debt
default -- at the time the largest sovereign default in history --
boycotted the restructuring deals, the report notes.

The origins of that default, a decision adopted amid a financial
meltdown and economic depression, go back to Argentina's 1976-1983
military regime, which presided over a 465 percent expansion in
public indebtedness, the report adds.

                         *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


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


PETROLEO BRASILEIRO: Swiss Probe Banks to Gauge Exposure
--------------------------------------------------------
Hugo Miller at Bloomberg News reports that Switzerland's finance
regulator is investigating local banks to gauge their possible
exposure to a widening scandal surrounding Brazilian oil producer
Petrobras Brasileiro SA.

The regulator, known as Finma, said it is looking into whether
banks and securities trading firms met their due-diligence
obligations in possible cases of money laundering, and whether any
possible incidents were reported to authorities, according to
Bloomberg News.

Bern, Switzerland-based Finma didn't identify the banks that it
began talking to months ago as part of the ongoing investigation.

Switzerland's attorney-general in March released $120 million of
$400 million in assets tied to suspicious Petrobras-related
transactions that had previously been frozen, Bloomberg News
notes.

Bloomberg News relays that the Rio de Janeiro-based oil and gas
producer is mired in a corruption scandal in which company
executives allegedly directed hundreds of millions of dollars from
overpriced contracts to politicians.

The worsening affair has sent investor confidence in Brazil
tumbling, plunged Latin America's largest country into recession
and triggered calls for Brazilian President Dilma Rousseff to be
impeached over her handling of the matter, Bloomberg News notes.

Swiss prosecutors said in March they'd uncovered more than 300
accounts belonging to senior Petrobras executives and its
suppliers at more than 30 banking institutions apparently used to
"process bribery payments," Valor reported on the Finma probe
earlier, Bloomberg News discloses.

Swiss Attorney-General Michael Lauber and his Brazilian
counterpart Rodrigo Janot have complimented each other on the
speed and cooperation with which the two countries' justice
systems have worked together, at a time when Swiss justice has
been criticized for moving too slowly, Bloomberg News notes.

Mr. Lauber earlier this year was forced into defending seven years
of inaction by Swiss federal prosecutors after reports said drug
cartels and arms dealers laundered money through HSBC Holdings
Plc's private bank in Geneva, Bloomberg News relays.  Seven years
after convicted fraudster Bernie Madoff admitted to cheating
investors, the first criminal trial of a Geneva feeder fund that
channeled money to Madoff will begin in December, Bloomberg News
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.


USJ-ACUCAR: Fitch Lowers Issuer Default Rating to 'CC'
------------------------------------------------------
Fitch Ratings has downgraded the Foreign and Local currency Issuer
Default Ratings of U.S.J.- Acucar e Alcool S.A. to 'CC' from 'CCC'
and the company's USD275 million senior unsecured notes due 2019
to 'CC/RR4' from 'CCC/RR4'.  Fitch has also downgraded the
National Scale Rating to 'CC(bra)' from 'CCC(bra)'.

KEY RATING DRIVERS

The downgrade reflects Fitch's expectations that USJ's liquidity
will remain under increased pressure due to escalating
concentration of short-term debt and its inability to generate
positive free cash flow (FCF).  The rating action also
incorporates USJ's difficulties in monetizing its land bank which
are the result of the unfavorable macroeconomic conditions in
Brazil.

The company has not reported any improvement of its capital
structure in the past months and now faces a coupon payment of
USD14 million on Nov. 9 for its USD275 million senior secured
notes due 2019.  USJ has been burning cash quickly while the
availability of working capital financing has become scarcer for
Brazilian Sugar and Ethanol (S&E) companies due to the increased
systemic risk that followed the restructuring of other companies
in the sector.

The company has not reported relevant land sales in the ongoing
season until now and this is holding back the needed increase in
USJ's liquidity.  While other properties are more liquid, Fitch
views the amounts involved in the sale of arable land in the State
of Goias as insufficient to materially change the company's
liquidity position.

KEY ASSUMPTIONS

   -- Crushed sugar cane volumes of 3.2 million tons in 2015/2016
      and gradual increases of 5% thereafter;

   -- Mix relatively unchanged at 66% sugar and 34% ethanol for
      the projected period;

   -- Average sugar prices at USD13 cents/pound in 2015/2016,
      USD15 cents/pound in 2016/2017 and USD16 cents/pound onward;

   -- Domestic ethanol prices keeping their historical correlation
      with international sugar prices;

   -- No dividends coming from SJC Bioenergia (SJC)in 2015/2016;

   -- Up to BRL60 million in land sales in the State of Goias have
      been forecast for 2015/2016.

RATING SENSITIVITIES

USJ's inability to improve its liquidity risk in the coming months
could lead to a negative rating action.  A positive rating could
occur should the company be able to monetize land properties and
improve its cash-to-short-term debt position considerably.

LIQUIDITY

Fitch forecasts negative FCF at BRL41 million for fiscal 2016 and
FCF turning positive only in fiscal 2017.  In the last 12 months
ended June 30 2015, the company posted cash flow from operations
(CFFO) of BRL135 million, which was not enough to cover capital
expenditures of BRL215 million, leaving FCF at negative BRL82
million.  Final cash position was further pressured by BRL84
million injected into SJC Bioenergia S.A (SJC), the joint venture
with Cargill.  Capex should be reduced to BRL105 million for
fiscal 2016 and no additional capital injections into SJC are
expected.

Fitch expects USJ to report cash-to short-term debt coverage below
0.40x as of Sept. 30 2015.  As of June 30 2015, USJ's cash
position of BRL116 million and short-term debt of BRL296 million
compared unfavorably with the cash of BRL201 million and short-
term debt of BRL285 million reported for March 31, 2015.

FULL LIST OF RATING ACTIONS

Fitch has downgraded these:

   -- Foreign and local currency IDRs to 'CC' from 'CCC';
   -- National Scale rating to 'CC(bra)' from 'CCC(bra)';
   -- USD275 million senior unsecured notes due 2019 to 'CC/RR4'
      from 'CCC/RR4'.


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


ABRA HOLDINGS: Creditors' Proofs of Debt Due Nov. 4
---------------------------------------------------
The creditors of Abra Holdings (Cayman) Inc. are required to file
their proofs of debt by Nov. 4, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 9, 2015.

The company's liquidator is:

          Rajeev Dave
          Greenbank Crescent
          Hendon
          London NW4 2LA
          United Kingdom
          Telephone: 44 7976 295 8


ADONIT INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 11
-----------------------------------------------------------
The creditors of Adonit International Corp. are required to file
their proofs of debt by Dec. 11, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 28, 2015.

The company's liquidator is:

          Kung, Chia Yeh
          Portcullis Trustnet (Cayman) Ltd.
          c/o Michelle R. Bodden-Moxam
          The Grand Pavilion Commercial Centre
          Hibiscus Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


ASSA INTERNATIONAL: Members to Receive Wind-Up Report on Nov. 10
----------------------------------------------------------------
The members of Assa International Ltd. will receive on Nov. 10,
2015, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CONDOR ALTERNATIVE: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 2, 2015, the sole shareholder of Condor Alternative Fund
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:

          Arnaud Cayla
          30 Place de Madeleine
          75008 Paris
          France
          Telephone: +331 53 43 20 43


FRONAPE INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
On Oct. 12, 2015, the shareholders of Fronape International
Company 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:

          Petrobas Transporte S.A-Transpetro
          Av. Presidente Vargas
          328-10th Floor
          Centro
          Rio de Janeiro
          RJ, 20.091-060
          Brazil


GLENHILL LONG: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 30, 2015, the sole shareholder of Glenhill Long Equities
Fund, Ltd. 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:

          Anna Yonge
          c/o Gary Butler
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635
          Harbour Centre, George Town
          P.O. Box 61 Grand Cayman KY1-1102
          Cayman Islands


GODOT HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Oct. 2, 2015, the shareholders
of Godot Holdings resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Nov. 2, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


LAVINA HOLDINGS: Members to Receive Wind-Up Report on Nov. 10
-------------------------------------------------------------
The members of Lavina Holdings Ltd. will receive on Nov. 10, 2015,
at 12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


LTE MASTER: Placed Under Voluntary Wind-Up
------------------------------------------
On Sept. 30, 2015, the sole shareholder of LTE Master Fund Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          LTE Management, LLC
          c/o Ben Gillooly
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MARRET FUND: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 2, 2015, the sole shareholder of Marret Fund Ltd. 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:

          David Poster
          189 Wychwood Ave
          Toronto, Ontario M6C 2T4
          Canada
          c/o Niall Hanna
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


MODERN MANAGEMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 23, 2015, the shareholder of Modern Management Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 2, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Angelos Kapsis
          c/o Peter De Vere
          Campbells
          Willow House, Floor 4, Cricket Square
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


ROCK RIDGE RE7: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 2, 2015, the sole shareholder of Rock Ridge RE7 (Cayman),
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


TROVE CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 2, 2015, the sole shareholder of Trove Capital Master Fund
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Trove Capital Management LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


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C H I L E
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CORPORACION NACIONAL: Eliminates 350 Management Jobs
----------------------------------------------------
EFE News reports that state-owned Corporacion del Cobre, or
Codelco, said it was eliminating 350 class Rol A supervisors as
part of a plan to adjust to falling copper prices and improve
returns.

The job cuts, which will save the company $48 million annually,
affect 8 percent of supervisors over all work sites, Codelco said
in a statement, according to EFE News.

Supervisors whose positions are eliminated will be able to apply
for retirement benefits, if eligible, or receive severance pay,
the mining company said, the report notes.

"Codelco recognizes and appreciates the valuable contributions of
those who until today worked for the company," Codelco vice
president for human resources Daniel Sierra said in a statement,
the report relays.

The job cuts are part of a plan to boost competitiveness by
meeting production goals and cutting costs, Mr. Codelco said, the
report adds.

The Chilean government said it was injecting $600 million in
capital into Codelco to allow the mining giant "to maintain a
healthy financial position," the report relays.

This is the first tranche of an up to $3 billion capital
investment authorized by law, the Finance Ministry said, the
report notes.

Earlier, Codelco said it planned to cut investment by up to $4
billion, says EFE.

Codelco's management said the investment cuts were a response to
the drop in copper prices, which have fallen about 18 percent
since January, the report discloses.

Revenues from copper sales are crucial for the economy of this
South American country of 17.6 million people, the report adds.

Codelco, the world's largest copper producer, estimates that the
strike cost the company nearly $20 million and caused its copper
output to fall by almost 8,000 tons, says the report.


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


JAMAICA: Development is Not Just About Special Economic Zones
-------------------------------------------------------------
RJR News reports that Investment Minister Anthony Hylton is
warning against a belief that the act of creating Special Economic
Zones in Jamaica, by itself, will be the solution to the nation's
economic problems.

Mr. Hylton was speaking at a cocktail reception to celebrate the
launch of the Spanish Town Freezone.

"The Special Economic Zones are not a panacea for Jamaica's
economic woes; rather, they are intended to be a catalyst for
growth and for job creation," Mr. Hylton said, the report relays.

The Spanish Town Freezone and other free zones in Jamaica will
eventually be transformed into special economic zones when
legislative amendments are made, according to RJR News.

The report relays that the legislation to enable the establishment
of the Special Economic Zones was tabled in Parliament.

These zones are expected to be centers of manufacturing, but Mr.
Hylton said they will not result in the essential character of the
Jamaican economy being transformed from one that is service
oriented to a broad-based manufacturing economy, the report
relays.

"Jamaica is a service-led economy," he stressed, asserting that
"in a logistics-centered economy this will not change," notes the
report.

Nevertheless, Mr. Hylton declared that the Spanish Town project,
and others to come, were examples of how the Jamaican Government,
"working with the private sector, are redeveloping, re-orienting,
and fortifying our manufacturing base," 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.

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


MEXICO: Corporate Outlook Stable Despite Headwinds, Fitch Says
--------------------------------------------------------------
Headwinds including lower gross domestic product, Mexican Peso
(MXN) devaluation during the year and slower government spending
are not expected to significantly affect Mexican Corporates,
according to Fitch Ratings.  Fitch expects a Stable Rating Outlook
for the next 12 months.

Key concerns remain the effect in the economy of less spending by
the government and potential interest rate increases in the medium
term.  Government spending should continue related to oil prices
and the expectation of them for 2016 while higher interest rates
should have an impact on free cash flow.  Mexican corporates
exports oriented are expected to continue benefiting from a weak
MXN and thus supporting its credit quality.  Retailers are
expected to continue the positive trend in total and same store
sales but growth is expected to slow down due to lower government
spending.  Manufacturing output should continue weak underpin by
mining subsector as lower metal prices weight on revenues.

Liquidity remains solid with extended maturity profiles despite
higher leverage levels for the average company over the past five
years.  First half of 2015 operating trends were favorable,
although free cash flow was relatively unchanged.  Leverage
increased during the third quarter and throughout the year but
remains at manageable levels when compared to other Latin American
countries while liquidity also remains sound.  Good performance by
exporters along with a better environment for consumption versus
the previous year balance against lower oil prices and sluggish
economic growth.

Positive rating actions are expected to be balanced against
negative rating actions.  As of the end of Sept. 30, 2015, 87% of
Mexican Corporate ratings with public international or national
scale rating had a Stable Rating Outlook, 7% Negative and 6%
Positive.  This trend has migrated over the past 12 months towards
a more balanced bias from a more positive bias between Positive
and Negative Outlooks.

Positive Rating Outlooks are mostly due to improved operational
performance while Negative Rating Outlooks are a function of a mix
of merger and acquisition activity and bad operating results.
Good financial results have driven most of the upgrades, with
about one-half of those taking place in the food industry and
others in the cement industry.  Downgrades for this period have
been the result of mergers and acquisitions activity and the fall
of commodity prices.


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


PUERTO RICO: Rescue Plan Raises Eyebrows at Senate Hearing
----------------------------------------------------------
Michael A. Fletcher at The Washington Post reports that an Obama
administration proposal aimed at stemming Puerto Rico's spiraling
fiscal crisis received a lukewarm reception before a Senate panel,
with some Republicans asking for better data on the problem and
some Democrats calling on the administration to show more
ingenuity and urgency to solve it.

Speaking at a Senate hearing on the growing effect of the
commonwealth's economic crunch, a top Treasury Department official
warned that the island's debt crisis is morphing into a
humanitarian one, according to The Washington Post.

"In the very near future, Puerto Rico will face impossible choices
among providing essential public services, delivering promised
pension benefits and paying its debt," Antonio Weiss, the Treasury
Department's point person on Puerto Rico, told the Senate
Committee on Energy and Natural Resources, the report notes.

The report relays that Mr. Weiss outlined a series of actions that
the administration wanted Congress to consider to help Puerto
Rico, which has been suffering through a decade-long recession and
is buried under $73 billion in debt.  Mr. Weiss said lawmakers
should create a new class of bankruptcy only available to U.S.
territories that would allow Puerto Rico to restructure all of its
debt, the report notes.  The plan would also broaden the
availability of federal tax breaks for island residents, including
the earned-income tax credit, widen access to Medicaid and create
a mechanism for congressional oversight of the island's troubled
finances, the report relays.

With the commonwealth on course to run out of cash before the end
of the year, "inaction is not an option," the report quoted Mr.
Weiss as saying.

Sen. Lisa Murkowski (R-Alaska), the committee's chairman, said
that she was sympathetic to Puerto Rico's plight but needs
verifiable numbers about the island's finances before she can help
craft a solution, the report discloses.  Puerto Rico has not
produced an audited financial statement in two years and, she
said, other financial reports have come up with widely varying
numbers for the island's debt-service costs, the report relays.

Nonetheless, Ms. Murkowski said, "Puerto Rico's short-term
liquidity crunch is real, and action is required." The island has
been effectively shut out of the municipal bond market for two
years, and even bonds that are nominally guaranteed under the
commonwealth's constitution are trading at no more than 70 percent
of their original value, notes the report.

Creditors, including hedge funds that bought Puerto Rican debt
even after its economic problems were well known, have opposed
extended bankruptcy protection to the island, saying that such a
change would be akin to changing the rules in the middle of the
game, the report discloses.  If creditors knew that bankruptcy
were an option, they said, they probably would not have lent money
to the island, the report notes.

Although the administration's new bankruptcy proposal would apply
only to U.S. territories, some investors oppose it because they
are concerned that it could eventually be expanded to cash-
strapped states to help them restructure debt that is guaranteed
by their constitutions, the report relays.

Others have argued that Puerto Rican officials, who in recent
years have trimmed public payrolls, slashed pensions and raised
taxes, should do even more to raise revenue and pay back the
island's creditors, the report discloses.

"There is a lot Puerto Rico can do to help itself even under
existing authority," said Jorge San Miguel, a lawyer who
represents clients before Puerto Rico's government-run electric
utility, the report relays.

Among the ideas being pushed by some of his clients are for Puerto
Rico to further improve tax collections, privatize assets such as
highways, centralize procurement, streamline permitting to
encourage development, and trim taxpayer subsidies to the
University of Puerto Rico, says The Washington Post.

But Sen. Bernie Sanders (I-Vt.), a candidate for the Democratic
presidential nomination, and Sen. Elizabeth Warren (D-Mass.), were
among those who urged the administration not to allow any solution
that protects investors, who made risky bets with hopes of making
hefty profits, at the expense of everyday Puerto Ricans, the
report discloses.

"This is a human tragedy," Mr. Sanders said, noting Puerto Rico's
rising poverty and declining labor force participation, the report
notes.  "Wall Street should not be believing that you can get
blood from a stone."

According to The Washington Post, Ms. Warren said Treasury
officials should do all they can as quickly as they can to help
Puerto Rico -- much as they did to help the financial system
during the 2008 Great Recession.

"Treasury needs to step up and do more," Ms. Warren said, noting
that Puerto Rico understands that "there is no bailout on the
table. After all," Ms. Warren added wryly, "they are no giant
bank."

                          *       *       *

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
================================


POWERGEN: Closing POS Plant
---------------------------
Trinidad Express reports that Powergen wants to close its
electricity generation facility in Port of Spain at the end of the
year.

This was disclosed in a document distributed by the company to its
employees offering them Voluntary Employment Separation (VSEP) and
Voluntary Early Retirement Plan (VERP) packages, according to
Trinidad Express.

And while former Minister of Public Utilities under the People's
Partnership Nizam Baksh said that the move was some ten years in
the making, present Public Utilities Minister Ancil Antoine said
"that is news to me," the report relates.

Employees across PowerGen's three plants in Penal, Point Lisas and
Port of Spain received letters outlining the details of the terms
of the VERP and VSEP packages, says the report.

In the letter under a section titled 'background', it stated that
the Revised 1994 PPA effected a reduction in the contracted
capacity from 819 MW (megawatts) at 95 percent availability from
December 13, 2014 and included a further reduction to 624 MW at 95
per cent availability from January 2016, the report says.

"The Revised 1994 PPA also stipulates that no capacity will be
required from the Port of Spain facility after December 31, 2015",
the letter stated, the report discloses.

It stated that in the context of the impending closure of the
facility and extensive repairs required to restore the units to an
acceptable and reliable performance, PowerGen "mothballed" the POS
3 unit in June 2014, the POS 2 unit in November 2014 and the
remaining units will cease operation at the end of December, the
report relays.

"Thereafter work will begin to decommission the site and restore
it to brownfield status", the letter stated, the report notes.

An employee who did not wish to be identified said employees were
not satisfied with the emoluments in the package, and was seeking
the mediation of the Oilfield Workers' Trade Union (OWTU) for
better pay-outs, the report discloses.

The report notes that Mr. Baksh said another site was already
earmarked for a new site.   Mr. Baksh said the Port-of-Spain plant
had outgrown its surroundings, and was no longer cost-efficient.

The former minister said the decision to close was postponed until
power supplies were obtained from the Trinidad Generation
Unlimited (TGU) at La Brea which was officially opened in October
2013, the report relays.

Mr. Baksh said: "It was costing too much for the little they were
producing and the equipment was outdated.  Some ten years or more
than this plant was supposed to close.  The site itself was not
suitable, but we were just been sustaining it while we were able
to bring additional supply from south.  Because of the lack of
space, the soil contaminated over the years.  They have outgrown
that site. TGU is at surplus capacity and we wanted to get that
under the national grid.  Additional lines were needed to take the
supply to Port of Spain.  They have already done this to some
extent. It started some years ago," notes Trinidad Express.

Mr. Baksh said that some 32 acres of State lands at Beetham was
sighted to build a new plant, the report notes.  "The new site
they are looking at the Beetham should be adequate. It is going to
be out of the main city center. We had Cabinet approval for a
number of projects but it was the money that was needed to get,"
the report quoted Mr. Baksh as saying.


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


HOVENSA LLC: Obtains Final Approval of $40-Mil. DIP Financing
-------------------------------------------------------------
The District Court of the Virgin Islands, Bankruptcy Division for
St. Croix, Virgin Islands, signed off a final order authorizing
Hovensa LLC to obtain $40 million in postpetition financing from
its owners, Hess Oil Virgin Islands Corp. and PDVSA V.I.

To secure the DIP Obligations, the DIP Lenders are granted
continuing, valid, binding, enforceable, non-avoidable, and
automatically and properly perfected postpetition first-priority
security interests in and liens upon the Debtor's right, title,
and interest in, to, and under all "property of the estate"
including all personal property and other assets.

The Official Committee of Unsecured Creditors filed a limited
objection, complaining that the Debtor failed to establish that
the proposed DIP Loan Agreement is fair, reasonable and necessary
to preserve the assets of the Estate and the proposed loan cannot
satisfy the rigorous scrutiny required of insider loans.  The
Bankruptcy Court overruled the Committee's objection.

Official Committee of Unsecured Creditors is represented by:

          Mark W. Eckard, Esq.
          HAMM ECKARD, LLP
          5030 Anchor Way
          Christiansted, VI 00824
          Tel: (340) 773-6955
          Email:meckard@ hammeckard.com

                 - and -

          Sam J.A lberts, Esq.
          DENTONS US LLP
          1301 K Street, NW Suite 600, East Tower
          Washington, DC 20005-3364
          Tel: (202) 408-6400
          Fax: (202) 408-6399
          Email: sam.alberts@dentons.com

                 - and -

          Henry W. Sewell, Jr., Esq.
          Alison Elko Franklin, Esq.
          DENTONS US LLP
          303Peachtree Street, Suite 5300
          Atlanta, GA 30308
          Tel: (404) 527-4000
          Fax: (404) 527-4198
          Email: henry.sewell@dentons.com
                 alison.franklin@dentons.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.

Judge Mary F. Walrath is assigned to the case.  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.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

The U.S. Trustee appointed five creditors to serve on the
committee of creditors holding unsecured claims.


HOVENSA LLC: Has Final OK to Pay $3.5-Mil. to Critical Vendors
--------------------------------------------------------------
The District Court of the Virgin Islands Bankruptcy Division of
St. Croix gave Hovensa LLC final authority to immediately pay
prepetition claims of certain critical vendors and suppliers
entitled to administrative priority.

The Debtor, after consultation with counsel to the Official
Committee of Unsecured Creditors, is authorized to pay Critical
Vendor Claims, provided that the payments must not exceed a total
of $2.5 million.  The Debtor, after consultation with the counsel
to the Committee, is also authorized to pay priority claims
entitled to administrative priority under Section 503(b)(9) of the
Bankruptcy Code, provided that the payments must not exceed a
total of $1.0 million.

The Committee filed a limited objection to the Debtor's request
for authority to pay the prepetition claims of critical vendors,
asking the Court to direct the Debtor to demonstrate whether the
immediate payment of a given priority claim or vendor is
appropriate.  The Committee said it is concerned that payments may
be made to potential insiders pursuant to the Interim and/or Final
Orders.

Indeed, the Debtor has stated that it believes that amounts
payable to Current Workforce are also covered by the relief sought
in the Critical Vendor Motion, the Committee pointed out.

Hovensa L.L.C. is represented by:

          Richard H. Dollison, Esq.
          LAW OFFICES OF RICHARD H. DOLLISON, P.C.
          48 Dronningens Gade, Suite 2C
          St. Thomas, U.S. Virgin Islands 00802
          Tel: (340) 774-7044
          Fax: (340) 774-7045

                 - and -

          Lorenzo Marinuzzi, Esq.
          Jennifer L. Marines, Esq.
          Daniel J. Harris, Esq.
          MORRISON & FOERSTER LLP
          250 West 55th Street
          New York, NY 10019
          Tel: (212) 468-8000
          Fax: (212) 468-7900
          Email: lmarinuzzi@mofo.com
                 jmarines@mofo.com
                 dharris@mofo.com

Official Committee of Unsecured Creditors is represented by:

          Mark W. Eckard, Esq.
          HAMM ECKARD, LLP
          5030 Anchor Way
          Christiansted, VI 00824
          Tel: (340) 773-6955
          Email:meckard@hammeckard.com

                 - and -

          Sam J.A lberts, Esq.
          DENTONS US LLP
          1301 K Street, NW Suite 600, East Tower
          Washington, DC 20005-3364
          Tel: (202) 408-6400
          Fax: (202) 408-6399
          Email: sam.alberts@dentons.com

                 - and -

          Henry W. Sewell, Jr., Esq.
          Alison Elko Franklin, Esq.
          DENTONS US LLP
          303Peachtree Street, Suite 5300
          Atlanta, GA 30308
          Tel: (404) 527-4000
          Fax: (404) 527-4198
          Email: henry.sewell@dentons.com
                 alison.franklin@dentons.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.

Judge Mary F. Walrath is assigned to the case.  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.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

The U.S. Trustee appointed five creditors to serve on the
committee of creditors holding unsecured claims.


                            ***********


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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