TCRLA_Public/151109.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

            Monday, November 9, 2015, Vol. 16, No. 221


                            Headlines



A R G E N T I N A

ARGENTINA: Cleary Says Hedge Funds Playing 'Gotcha' in Row
BANCO HIPOTECARIO: Moody's Changes Outlook to Stable
CABLEVISION SA: Moody's Affirmed CFR Rating at Caa1


B O L I V I A

BANCO DE LA NACION: Moody's Changes Outlook to Stable From Neg.


B R A Z I L

BRAZIL: More Margin Erosion Likely for Retailers, Fitch Says


C A Y M A N  I S L A N D S

AMG HOLDINGS: Shareholders Receive Wind-Up Report
BACH II MOZART: Shareholders Receive Wind-Up Report
BIBBY INTERNATIONAL: Creditors Hold Meeting
CALLISTO PRIME: Shareholder to Hear Wind-Up Report on Nov. 11
CALLISTO PRIME FUND: Shareholder to Hear Wind-Up Report on Nov. 11

CALLISTO PRIME (GP): Shareholder to Hear Wind-Up Report on Nov. 11
EPSOM FUNDING: Shareholders Receive Wind-Up Report
GSA ALPHA: Members Receive Wind-Up Report
GSA ALPHA MASTER: Members Receive Wind-Up Report
HQFS GP: Shareholder Receives Wind-Up Report

SANTA SOFIA: Sole Member to Hear Wind-Up Report on Dec. 10
SHORE LARK: Shareholder to Hear Wind-Up Report on Nov. 12
SR CAYMAN: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Gets US$100 Million Loan From EIB

* DOMINICAN REPUBLIC: Exports US$1.05 Billion of Gold in 3Q


G U A T E M A L A

CEMENTOS PROGRESO: S&P Affirms 'BB' CCR; Outlook Stable


J A M A I C A

JAMAICA: No Need for Alarm Over Imported Cars in Freezone


M E X I C O

EMPRESAS ICA: Moody's Cuts Corporate Family Rating to B3


P E R U

CORPORACION AZUCARERA: Free Cash Flow to Remain Neg., Fitch Says


P U E R T O    R I C O

ILDEFONSO MARTINEZ SANTIAGO: Case Converted to Ch. 7
LA SABANA: Case Summary & 3 Largest Unsecured Creditors
PUERTO RICO: Crisis Spurs U.S. Bill Seeking Hedge Fund Disclosure
ROBERTO SEBELEN MEDINA: Suit Against Bank Remains Dismissed


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Payments Delay Slowing Work on Point Highway


U R U G U A Y

DISCOUNT BANK: S&P Affirms Then Withdraws 'BB+/B' ICR Rating


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 2 to Nov. 6, 2015


                            - - - - -


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


ARGENTINA: Cleary Says Hedge Funds Playing 'Gotcha' in Row
----------------------------------------------------------
Jonathan Randles at Law360.com reports that a Cleary Gottlieb
Steen & Hamilton LLP attorney defended the firm's representation
of Argentina in litigation brought by NML Capital and Aurelius
Capital over the country's defaulted debt, telling a New York
federal judge that an attack on the firm's handling of a discovery
dispute is contrived.

Cleary partner Jonathan Blackman urged U.S. District Judge Thomas
Griesa to reject the hedge' funds bid to nix attorney-client
protections on hundreds of documents Argentina has handed over to
the firm, according to Law360.com.  The documents are related to a
discovery request seeking information on Argentina's assets in the
U.S. and abroad.

The report notes that NML and Aurelius are seeking to recover on
billions of dollars in judgments and claims against Argentina
stemming from a debt default more than a decade ago.  In the long-
running litigation's latest twist, NML and Aurelius have argued
that Argentina has waived its privileges on more than 500
documents because the country violated a prior court order by
producing an inadequate catalog of the documents, the report
relays.

In court papers, NML and Aurelius have turned their attention to
Cleary and accused the firm of acting in bad faith and having
assisted Argentina in defying previous court orders, the report
discloses.  Mr. Blackman refuted those allegations during a
hearing in Manhattan, telling Judge Griesa the hedge funds'
attorneys rushed to the court without giving Cleary a chance to
resolve issues over the privilege log amicably, the report relays.

"This is not an attempt to get information that's discoverable,"
Mr. Blackman said, the report notes.  "This is an attempt to play
'gotcha.'"

The report discloses that Aurelius and NML originally served
discovery on Argentina in 2011 and 2012, respectively.  After
filing motions to compel, Judge Griesa ordered the country to
produce discovery. Following a lengthy appeal, the Second Circuit
upheld the court's order in December, the report notes.

The litigation is part of the fallout from the catastrophic
collapse sustained by Argentina's government in 2001, when after
four years of worsening recession and social unrest, it registered
the then-largest sovereign debt default in history and set out to
restructure more than $100 billion owed to domestic and foreign
creditors, the report relays.

Dechert LLP attorney Robert Cohen, who is representing NML, told
Judge Griesa that the hedge funds only moved to have Argentina's
privileges waived as a last resort because the country has for
years refused to negotiate or divulge information about its
assets, the report notes.

The report discloses that Mr. Cohen said the log that has so far
been produced doesn't comply with local rules.  A majority of the
300 documents are emails that include attached files, but the log
doesn't contain separate descriptions of the attachments and the
emails as is required, Mr. Cohen said.

That lack of specificity is a problem because although emails
between Argentina and Cleary may be shielded under attorney-client
privilege, the files attached to the emails may not if they list
the country's holdings, Mr. Cohen added, the report relays.

"To the extent Argentina is unhappy, they only have themselves to
blame," the report quoted Mr. Cohen as saying.

Judge Griesa declined to rule on NML and Aurelius' motion, but
said the hedge funds and Argentina both raised valid arguments,
notes the report.

"This is not an easy issue for anybody in this courtroom," Judge
Griesa said, "including me," the report relays.

Aurelius is represented by Friedman Kaplan Seiler & Adelman LLP.
NML is represented by Dechert LLP.

Argentina is represented by Cleary Gottlieb Steen & Hamilton LLP.

The lead case is NML Capital Ltd. v. The Republic of Argentina,
case number 1:08-cv-06978, in the U.S. District Court for the
Southern District of New York.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2015, Moody's Investors Service has changed the outlook on
Argentina's Caa1 issuer rating to stable from negative.  The
outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to stable from negative.  The outlook change is based
on Moody's view that shifts in the political climate are reducing
the risk of investors suffering greater than expected losses once
a new government assumes power on Dec. 10, 2015.

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.


BANCO HIPOTECARIO: Moody's Changes Outlook to Stable
----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
changed the outlook on 34 Argentine banks, finance companies, and
securities firms' to stable from negative. The rating actions
follow Moody's Investors Service decision on November 2 to change
the outlook on Argentina's Caa1 local currency government bond
rating to stable from negative (please see "Moody's changes
outlook on Argentina's Caa1/(P)Caa2 ratings to stable from
negative; Caa1/(P)Caa2 ratings affirmed"). The banks rating
actions take into account the high underlying inter-linkages
between the banks' standalone credit risk profiles and that of the
sovereign.

At the same time, Moody's lowered the national scale local
currency deposit rating, and the senior unsecured debt rating and
debt program ratings in local currency of BST of Banco de
Servicios y Transacciones (BST) to Ba1.ar from Baa3.ar and
upgraded the national scale local currency deposit rating of Banco
del Chubut (Chubut) to Baa1.ar from Baa2.ar. In addition, Moody's
has placed under review for possible downgrade the Aaa.ar national
scale local currency deposit rating of Deutsche Bank (Argentina),
following the announcement of the bank's parent, Deutsche Bank AG,
that it plans to exit Argentina. Moody's also affirmed the
deposit, debt, issuer and corporate family ratings of all other
rated Argentine banks, finance companies, and securities firms as
well as banks' counterparty risk assessments, baseline credit
assessments and adjusted baseline credit assessments.

RATINGS RATIONALE

RATIONALE FOR THE STABLE OUTLOOK

Moody's outlook change to stable from negative reflects our view
that the results of the first round of Argentina's presidential
elections increase the likelihood of a more consistent policy
framework that could boost banks business prospects, regardless of
who wins the presidency. Although it remains unclear what specific
policies each candidate will pursue if elected, the 25 October
electoral results suggest greater than previously expected support
for policy change of some sort. This raises the probability that
the next administration will seek to address Argentina's mounting
credit constraints -- including a fall in international reserves,
a lack of access to international capital markets, high inflation
and a rising fiscal deficit -- which should improve investor
confidence and business environment.

RATIONALE FOR AFFIRMING BANKS' DEPOSIT AND DEBT RATINGS

The affirmations on the Argentine financial institutions' ratings
consider that their financial fundamentals continue to be
relatively sound despite the challenging operating environment,
particularly relative to their current rating levels. Despite
these challenges, banks and other affected financial institutions
are reasonably well capitalized and non-performing loan ratios
system-wide remain relatively low, reflecting strong asset
quality. Moreover, banks are largely deposit funded, with little
exposure to foreign currency risk, and have large holdings of
liquid assets. In addition, reported earnings remain high, though
they are much narrower when adjusted for inflation.

Nevertheless, banks' ratings remain constrained by Argentina's
very weak macro profile, which reflects the challenging operating
environment banks face, characterized by burdensome government
regulations and large economic imbalances. Consequently, only
Argentine banks that benefit from support from foreign parents
have GSRs above that of the sovereign.

RATIONALE FOR LOWERING BANCO DE SERVICIOS Y TRANSACCIONES NATIONAL
SCALE DEPOSIT RATING

In lowering BST's national scale deposit rating, Moody's
acknowledges the bank's very weak earnings and narrow
capitalization. In addition, BST has a relatively high reliance on
market funds and securitizations, which exposes the bank to
refinancing risk. The bank reported losses as of June 2015 as a
result of rising funding costs related to its wholesale funding
strategy, low business volume driven by the economic slowdown, and
rising operating expenses. Notwithstanding these challenges, BST's
ratings are supported by its shareholders proven commitment to the
bank, as illustrated by its AR$100 million recapitalization plan
that began in September with a capital injection of AR$25 million.
The remaining commitment is expected to be injected by 1H2016. If
the full amount were injected today, the bank's adjusted capital
ratio would rise to 10.05% from just 6.58% as of June 2015, but we
expect this to be eroded by continued losses and loan growth.
BST's Ba1.ar local currency deposit rating is the lowest option on
the Argentine national scale corresponding to a Caa1 global scale
rating.

RATIONALE FOR UPGRADING BANCO DEL CHUBUT NATIONAL SCALE DEPOSIT
RATING

In upgrading Chubut's national scale local currency deposit
rating, Moody's considered the bank's healthy asset quality
metrics, very strong capitalization, good earnings generation
capacity, and relatively high liquidity indicators. The bank's
role as the financial and payroll agent of the Province of Chubut
ensures a low funding cost and provides the bank privileged access
to the province's employees. The payroll-deductible loans that
Chubut offers public servants have historically shown low
delinquencies, helping to limit the bank's non-performing loan
ratio to only 1.3% as of June 2015 despite average annual nominal
loan growth higher than 30% in last three years and geographic
concentration. Asset quality has also been supported by the
province's relatively healthy economy, which is attributable in
large part to its oil wealth. The recent drop in oil prices has
not had a significant impact. With a ratio of net income to
tangible banking assets of 3%, relatively high even by Argentine
standards, earnings have been sufficient to maintain an adjusted
capital ratio of nearly 25%, among the strongest of Argentine
banks. The bank's regulatory Tier 1 capital ratio, which does not
risk-weight its sovereign debt holdings, is even higher, at 35%.
Liquidity has also remained above average, at 33% of total banking
assets as of June 2015, mainly invested in central bank bills.
Chubut's Baa1.ar local currency deposit rating is equal to the
highest national scale rating assigned to any domestically-owned
Argentine bank.


RATIONALE FOR PLACING UNDER REVIEW FOR POSSIBLE DOWNGRADE DEUTSCHE
BANK'S (ARGENTINA) RATING

The review for possible downgrade of Deutsche Bank's Argentine
subsidiary's Aaa.ar national scale deposit rating will consider
whether the probability that the bank's parent will support it in
the event of stress has decreased following Deutsche Bank's recent
announcement that it plans to exit Argentina, among other
countries, as a result of the implementation of its global
strategy 2020. A reduction in Moody's assessment of parental
support would likely result in a downgrade of at least one notch.
If, however, the current assessment of very high support is
maintained, the rating would likely be confirmed and the outlook
revised to stable, in line with the outlooks on the rest of the
Argentine banking system.

WHAT COULD CHANGE THE RATING UP/DOWN

Those banks whose ratings are constrained by the sovereign,
generally reflected in financial profiles of B3, are likely to
face upward pressure if Argentina's outlook is revised to positive
or its government bond rating upgraded. Bank ratings could also
face upward pressure if Argentina's macro profile rises due to an
improvement in the country's economic or institutional strength,
or a reduction in its susceptibility to event risk. On the other
hand, the ratings could go down if the operating environment
deteriorates, affecting the entities' business prospects or
financial fundamentals, or if the country ceiling or Argentina's
government bond rating is downgraded.

FINANCIAL INSTITUTIONS AFFECTED

Banco Cetelem Argentina S.A.

Banco Comafi S.A.

Banco de Corrientes S.A.

Banco de Galicia y Buenos Aires S.A.

Banco de la Ciudad de Buenos Aires

Banco de la Provincia de Cordoba S.A.

Banco de Santiago del Estero S.A.

Banco de Servicios y Transacciones S.A.

Banco de Valores S.A.

Banco del Chubut S.A.

Banco del Tucuman S.A.

Banco Finansur S.A.

Banco Hipotecario S.A.

Banco Itau Argentina S.A.

Banco Macro S.A.

Banco Patagonia S.A.

Banco Piano S.A.

Banco Santander Rio S.A.

Banco Supervielle S.A.

BNP Paribas (Argentina)

Cordial Compania Financiera S.A.

Deutsche Bank S.A. (Argentina)

Grupo Supervielle S.A.

HSBC Bank Argentina S.A.

ICBC (Argentina) S.A.

Nuevo Banco de La Rioja S.A.

PSA Finance Argentina Comp.Fin.S.A.

Toyota Compania Financiera de Argentina S.A.

Control Union Argentina S.A.

GPAT Compania Financiera S.A

John Deere Credit Compania Financiera S.A.

Rombo Compania Financiera S.A.

Mercado a Termino de Buenos Aires S.A.

Puente S.A.


CABLEVISION SA: Moody's Affirmed CFR Rating at Caa1
---------------------------------------------------
Moody's Investors Service has revised to stable from negative the
outlook for several companies operating in Argentina, while all
ratings were affirmed. The companies' outlook change follows the
revision of the Argentine government's Caa1 rating outlook to
stable from negative on November 02, 2015.

ISSUERS AND RATINGS AFFIRMED -- OUTLOOK CHANGED TO STABLE

Cablevision S.A: the Corporate Family Rating (CFR) and senior
unsecured notes rating were affirmed at Caa1. The outlook was
changed to stable from negative.

Raghsa S.A: the rating of the senior unsecured notes was affirmed
at Caa1. The outlook was changed to stable from negative.

YPF S.A: the rating of the senior unsecured notes was affirmed at
Caa1 and the rating of the medium-term note program was affirmed
at (P)Caa1. The outlook was changed to stable from negative.

RATINGS RATIONALE

The rating outlook revisions for these companies were triggered by
the change to stable in the outlook for the Argentine government's
Caa1 rating supported by Moody's view that a change of government
in Argentina increases the possibility of policy changes that will
reduce the risk of increased losses to investors, and therefore
has reduced our assessment of a downgrade in the next 12 to 18
months.

The stable outlook for the affected companies reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign.


=============
B O L I V I A
=============


BANCO DE LA NACION: Moody's Changes Outlook to Stable From Neg.
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
affirmed Banco de la Nacion Argentina S.A. (Bolivia)'s deposit
ratings and changed the outlook to stable from negative. Moody's
also affirmed the bank's counterparty risk assessments. The rating
action follows Moody's Investors Service decision on November 2 to
change the outlook on Argentina's Caa1 local currency government
bond rating to stable from negative.
RATINGS RATIONALE

The affirmation of the ratings and the change in the outlook
consider that Banco de la Nacion Argentina's operation in Bolivia
is 100% guaranteed by the Argentine government, and as such, its
ratings are aligned with the Argentine government's bond rating.

Moody's outlook change to stable from negative on the Argentine
government bond rating reflects our view that the results of the
first round of Argentina's presidential elections increase the
likelihood of a more consistent policy framework that could boost
banks business prospects, regardless of who wins the presidency.
Although it remains unclear what specific policies each candidate
will pursue if elected, the 25 October electoral results suggest
greater than previously expected support for policy change of some
sort. This raises the probability that the next administration
will seek to address Argentina's mounting credit constraints --
including a fall in international reserves, a lack of access to
international capital markets, high inflation and a rising fiscal
deficit -- which should improve investor confidence and business
environment.

WHAT COULD CHANGE THE RATING UP/DOWN

Banco de la Nacion Argentina (Bolivia)'s ratings will face upward
pressure if Argentina's outlook is revised to positive or its
government bond rating upgraded as a result of an improvement in
the country's economic or institutional strength, or a reduction
in its susceptibility to event risk. On the other hand, the
ratings could go down if the operating environment deteriorates
and Argentina's government bond rating is downgraded.



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


BRAZIL: More Margin Erosion Likely for Retailers, Fitch Says
------------------------------------------------------------
Fitch Ratings expects the severe deterioration in Brazil's
macroeconomic environment to continue to challenge operating
profitability of Brazilian retailers in the short to medium term.
Fitch expects some margin compression during the second half of
2015 and early 2016 while retailers adjust their operations to
weak demand levels.

Companies are likely to stimulate demand by dropping prices and
avoiding additional inventory markdowns.  Weak consumer confidence
remains, pressuring sales volumes and forcing retailers to drop
prices to entice consumers.  Competition has intensified as a
result of strong supply and demand imbalances, which Fitch
believes will widen further.

Fitch also forecasts cash flow from operations of Brazilian
retailers to weaken meaningfully.  The scenario of increasing
interest costs combined with higher working capital needs, mainly
driven by excessive inventories, is likely to put pressure on
operating cash flow in the coming quarters.  Most Brazilian
retailers still have some operational flexibility to limit FCF
erosion by reducing discretionary capex.

Fitch expects some pressure on weaker retailers' ratings in the
near term, especially on companies with higher refinancing needs,
volatile demand levels and tight operating margins, including
Profarma and Martins.  Companies that operate in more defensive
businesses and display an above average financial discipline, such
as CBD and Lojas Americanas, are less susceptible to rating
downgrades through economic cycles.  However, lower credit
availability and higher interest rates will continue to challenge
the liquidity and profitability of these retailers.  Keeping a
healthy financial flexibility is key to maintaining the sector's
ratings in the medium to long term.


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


AMG HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of AMG Holdings Limited received on Nov. 5, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


BACH II MOZART: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Bach II Mozart Limited received on Nov. 5,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


BIBBY INTERNATIONAL: Creditors Hold Meeting
-------------------------------------------
The creditors of Bibby International Services (Cayman Islands)
Limited held their meeting on Oct. 29, 2015, and were provided
with an update with the conduct of the official liquidation.

The company's liquidator is:

          David Griffin
          c/o Kieran Linton
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street, Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


CALLISTO PRIME: Shareholder to Hear Wind-Up Report on Nov. 11
-------------------------------------------------------------
The shareholder of Callisto Prime Master Fund Ltd will hear on
Nov. 11, 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:

          Michael Penner
          c/o Mike Green
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258


CALLISTO PRIME FUND: Shareholder to Hear Wind-Up Report on Nov. 11
------------------------------------------------------------------
The shareholder of Callisto Prime Fund Ltd will hear on Nov. 11,
2015, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Penner
          c/o Mike Green
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258


CALLISTO PRIME (GP): Shareholder to Hear Wind-Up Report on Nov. 11
------------------------------------------------------------------
The shareholder of Callisto Prime (GP) Ltd will hear on Nov. 11,
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:

          Michael Penner
          c/o Mike Green
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258


EPSOM FUNDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Epsom Funding Limited received on Nov. 5,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michael Kass
          Swiss Re America Holding Corporation
          55 East 52nd Street
          New York 10055
          United States of America
          Telephone: +1 (917) 368 4179


GSA ALPHA: Members Receive Wind-Up Report
-----------------------------------------
The members of GSA Alpha Capture Fund Limited received on Nov. 3,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue,George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


GSA ALPHA MASTER: Members Receive Wind-Up Report
------------------------------------------------
The members of GSA Alpha Capture Master Fund Limited received on
Nov. 3, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue,George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


HQFS GP: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of HQFS GP received on Nov. 4, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          HQ Capital GMBH & Co. KG
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SANTA SOFIA: Sole Member to Hear Wind-Up Report on Dec. 10
----------------------------------------------------------
The sole member of Santa Sofia Enterprises Ltd. will hear on
Dec. 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:

          Lion International Management Limited
          Road Town, Tortola
          P.O. Box 71 Craigmuir Chambers
          British Virgin Islands


SHORE LARK: Shareholder to Hear Wind-Up Report on Nov. 12
---------------------------------------------------------
The shareholder of Shore Lark Ltd. will hear on Nov. 12, 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:

          Andrea Nogueira
          Rua dos Pinheiros 498, 8a Andar
          CJ 81 Sao Paulo- SP- Brasil- Cep 05 422-010


SR CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of SR Cayman Holdings Limited received on Nov. 5,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michael Kass
          Swiss Re America Holding Corporation
          55 East 52nd Street
          New York 10055
          United States of America
          Telephone: +1 (917) 368 4179


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


DOMINICAN REPUBLIC: Gets US$100 Million Loan From EIB
------------------------------------------------------
Dominican Today reports that the European Investment Bank (EIB)
disclosed a US$100.0 million loan to the Dominican Republic to
promote development in various areas, but didn't provide further
details.

The EIB also announced a US$10.0 million donation to improve Santo
Domingo's power grids, and that it will open an office in the
country to provide services to the entire Caribbean region,
according to Dominican Today.

In a National Palace press conference after meeting with president
Danilo Medina, EIB Vice President Pim Van Ballekom said future
investments include the areas of health, electricity sector and a
natural gas plant in Manzanillo, among others, the report notes.

According to the banker the EIB has over EUR80 billion, more than
7,200 billion for development projects in the Caribbean and
Africa, of which Dominican Republic has access to 27%, the report
relays.

The report notes that Mr. Van Ballekom called Dominican Republic's
conditions for foreign investment "excellent," citing economic
stability and growth, noting that its over 7% expansion makes it
the America's fastest-growing country.

The loan signed at the Finance Ministry has a 4% rate, said EIB
representative in Dominican Republic, Rene Perez, the report says.

The report discloses that Mr. Van Ballekom said he met with
Finance Minister Simon Lizardo, and agreed to channel the funds to
the energy sector and considered expand EIB's support with a range
of investments through local financial institutions, so it reaches
key sectors such as tourism.


* DOMINICAN REPUBLIC: Exports US$1.05 Billion of Gold in 3Q
-----------------------------------------------------------
Dominican Today reports that Dominican Republic's gold production
topped 1.13 million troy ounces in 2014, or 34.5% higher than last
year; while silver totaled 4.1 million troy ounces, a 63.3% jump
over the previous year.

The National Statistics Office (ONE) said in 2014 the country
produced 289,274 more ounces gold than in 2013, and 1,590,963 more
ounces of silver in that year, according to Dominican Today.

                              Exports

The ONE said preliminary figures reveal that of precious metal
exports, gold totaled US$1.05 billion in the third quarter,
representing 16.5% of total exports, notes the report.

It said gold paced precious metal exports with US$974.3 million
(90.4% of total mining exports), mostly to Canada (US$506.7
million), followed by India, US$397.9 million and the United
States, US$42.1 million, the report relays.

The report further notes that as to non-precious metals, aluminum
topped US$27.2 million (100% to China), copper ores US$21.5
million (93.8% to China) and raw silver, US$11.8 million; 61.9% to
Switzerland and 37.8% to the United States.

The ONE adds that gold production exceeded 289,274 ounces and
1,590,963 ounces of silver last year, which also increased
compared with 2013, the report discloses.

                           *     *     *

As reported in Troubled Company Reporter-Latin America on May 22,
2015, Standard & Poor's Ratings Services raised its long-term
sovereign credit ratings on the Dominican Republic (DR) to 'BB-'
from 'B+'.

The outlook is stable.  At the same time, S&P affirmed the 'B'
short-term rating.  S&P also raised its transfer and
convertibility (T&C) assessment to 'BB+' from 'BB'.



=================
G U A T E M A L A
=================


CEMENTOS PROGRESO: S&P Affirms 'BB' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB'
corporate credit and issue-level ratings on Cementos Progreso S.A.
(CemPro).  The outlook on the corporate credit rating remains
stable.

As of June 30, 2015 CemPro was in compliance with all of its
financial maintenance covenants (tested on a semi-annual basis)--
specifically, its debt-to-EBITDA and EBITDA debt service coverage
ratios.  The company has sufficient headroom over these ratios.
Going forward, S&P expects that CemPro will continue to comply
with these covenants, although S&P believes the cushion will
reduce due to its expectation that the company will take on
additional debt to finance its capex program.

The stable outlook reflects S&P's view that CemPro will post
double-digit revenue growth in 2015 in light of positive
construction trends related to housing development and
infrastructure projects.  S&P continues to expect strong
profitability related to the company's easy access to pozzolan,
which limits clinker consumption, and the implementation of
additional cost reduction initiatives, including the use of
alternative fuels.  The outlook also incorporates S&P's
expectation that CemPro will post negative FOCF generation until
2016, but FOCF should turn positive in 2017 after the completion
of its San Gabriel plant.  S&P expects CemPro's debt-to-EBITDA to
reach 2.7x and 2.8x in 2015 and 2016, and FOCF-to-debt of -18% and
   -3%, respectively, in 2015 and 2016.

S&P could lower the rating in the next 12 months if Guatemala
faces an economic deceleration that could diminish cement demand,
weakening CemPro's sales, EBITDA, and cash flow generation. In
addition, if debt-to-EBITDA is more than 3.0x and FFO-to-debt is
less than 20% on consistent basis, as a result of lower-than-
expected EBITDA margins or higher debt levels, S&P could take a
negative rating action.

Although unlikely in the 12-18 months, S&P believes that an
upgrade is possible if the company posts consistently positive
FOCF generation after the completion of its San Gabriel
construction in 2017, which would strengthen its cash flow
metrics, with FOCF-to-debt above 5%, and bolster its liquidity
position.

An upgrade would be subject to CemPro's ability to withstand a
stress scenario of sovereign default in Guatemala because the
corporate credit rating on the company is currently at the same
level as the foreign currency rating on Guatemala.


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


JAMAICA: No Need for Alarm Over Imported Cars in Freezone
---------------------------------------------------------
RJR News reports that a number of vehicles, the importation of
which had raised questions from the Parliamentary Opposition, are
destined for another country, according to Jamaica's Commissioner
of Customs.

Major Richard Reese, Commissioner of  Customs, provided that
explanation, after questions were raised in the House of
Representatives about vehicles being imported without duties being
paid, according to RJR News.

Industry Minister Anthony Hylton faced questions from Opposition
Spokesman Karl Samuda who queried why imported vehicles were being
stored at a free zone area, the report relays.

According to Major Reese, says the report, this is not unusual.
Major Reese said the vehicles will be sent on to another country.

There are several "entities" he said, which "operate in this
manner, where they bring in goods into a free zone; the free zone
then sells the goods into domestic market overseas," the report
discloses.  The advantage in that for these entities Major Reese
said, was the opportunity to breaking down the shipment into
smaller numbers of units for sale in various markets.

"So, it ships in with the logistics trade activity," Major Reese
added, says RJR News.

                            *     *     *

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
===========


EMPRESAS ICA: Moody's Cuts Corporate Family Rating to B3
--------------------------------------------------------
Moody's Investors Service downgraded Empresas ICA, S.A.B. de C.V.
(ICA)'s corporate family rating to B3 from B2. The outlook is
negative.

The following debt instruments were also affected:

-- USD 700 million in senior unsecured global notes due 2024:
    downgraded to B3 from B2

-- USD 500 million in senior unsecured global notes due 2021:
    downgraded to B3 from B2

-- USD 150 million in senior unsecured global notes due 2017:
    downgraded to B3 from B2

RATINGS RATIONALE

"The downgrade on ICA's ratings is a consequence of the company's
weaker than expected credit metrics, especially the very high
leverage and modest interest coverage, as well as its tight
liquidity, a profile that Moody's believes will not improve
materially in the short to medium term", said Sandra Beltr n, an
Assistant Vice President-Analyst at Moody's. ICA's ability to meet
its asset sales annual target of MXN 5 billion is credit positive,
but although it has used the proceeds to reduce debt, its credit
metrics continued to deteriorate given a slowdown in operations
and the large depreciation of the Mexican peso.

As of September 30, 2015, ICA's fully consolidated gross leverage
(including non-recourse debt and Moody's standard adjustments) of
9.0 times is high for the B rating category. Moreover, it is well
above the 6.7 times the company had in the same period of last
year. The deterioration is partly due to a 26% depreciation of the
Mexican peso during that period. Around 53% of ICA's debt is
denominated in USD, which effectively exposes it to the Mexican
peso depreciation as only 19% of its revenues are USD denominated.
Also affecting leverage is the deterioration in ICA's construction
segment profitability. For the nine months ended in September
2015, ICA reported a construction adjusted EBITDA margin of 2.8%,
which negatively compares with the 8.1% margin reported for the
same period of 2014. Margins have been mainly affected by ICA's
efforts to increase collections to alleviate working capital needs
without incurring additional short term debt.

Furthermore, the downgrade reflects our view that a reversal in
the negative trend for credit metrics is unlikely in the short
term. In the nine months ended in September, ICA has only been
able to sign MXN 13 billion in new contracts, as compared to MXN
19 billion signed in the same period of 2014 and the MXN 27
billion signed for the full year ended in 2014. For 2016, Mexican
federal government has already proposed a MXN 133 million budget
cut given continued expectations of low oil prices and weak local
currency. Therefore, we anticipate that the challenging operating
conditions for ICA's construction business will continue for the
upcoming year.

We maintain our view that there are market opportunities for
construction companies in Mexico. However it will take some time
until they materialize in terms of cash inflows given the lengthy
drafting and bidding process usually related to large
infrastructure projects. Some of the largest projects expected to
be awarded soon include the pipelines within Mexico's natural gas
plan and those related with the first phase of the Mexico City
airport. Further supporting ICA's longer term prospects is the
portfolio of four toll roads currently under construction that are
expected to start operations in 2016. As this portfolio matures,
it will become a relevant contributor to ICA's EBITDA and will
bring further opportunities for ICA to monetize assets.

ICA's liquidity risk is high, tempered by a high reliance on short
term debt to fund working capital needs mainly related with the
construction business. In order to reduce leverage and improve its
maturity profile, ICA set a MXN 5 billion target for asset sales
in 2015, with proceeds being used to repay debt. As of September
2015, ICA had already been able to meet its target. However, it
has not been enough to materially improve its capital structure
given a MXN 4.2 billion increase in debt related with the
depreciation of the peso and a MXN 2.6 billion in additional
project finance and Airports debt. As of September 30, 2015, the
company had MXN 3.9 billion in unrestricted cash, which compares
with MXN 6.1 billion in debt maturing in the next 12 months.

For the remainder of the year, ICA expects to get additional MXN 2
billion proceeds from asset sales. Although ICA does not have
committed lines, it has alternative sources of liquidity. For
example, it holds a 51% stake in the JV with Caisse De Depot Et
Placement Du Quebec (CDPQ), which previously acquired its 49%
stake at a MXN 3 billion price. ICA also controls the airport
operator OMA through a 33% stake. Earlier this year ICA raised
about MXN 1 billion from the sale of almost 3% of OMA.
Additionally, ICA fully owns an operating toll road, Rio de los
Remedios, and four toll roads under construction that, once
operational in 2016, could be monetized. ICA also owns 100% of two
jails for which in 2014 it received a MXN 1.5 billion offer for a
70% stake. Although that deal was cancelled as it was not approved
by the Mexican Security Ministry, the assets could still be
monetized.

The negative outlook reflects our view that operating performance
at the construction business could continue to deteriorate given
the weak prospects for the infrastructure projects sponsored by
the Mexican government. The negative outlook also takes into
account our belief that upcoming construction projects, when
announced, will take some time to materialize in terms of cash
inflows to ICA given the lengthy drafting and bidding process
usually related to large infrastructure projects.

ICA's ratings could be downgraded if the company's liquidity
position worsens with limited prospects for short-term
improvements, if we believe that revenue or margins during the
next 12 to 18 months will be weaker than expected, if debt
leverage increases further, or if it becomes difficult for the
company to renew its revolver credit lines, which today fund its
working capital needs.

If the company's maturing concession portfolio either increase
dividends to ICA or is monetized via asset sales, with the
proceeds used for significant debt reduction, a positive credit
momentum could develop. In this regard, the ratings could be
positively affected if the company is able to improve its
consolidated Moody's-adjusted leverage below 7 times, with
reported leverage at the construction business below 5 times on a
sustained basis, while maintaining positive revenue growth. For an
upgrade to be considered, ICA's operating margins should be stable
and it would have to maintain a backlog sufficient to cover at
least 12 months of execution.

Headquartered in Mexico City, ICA is the largest infrastructure
company in Mexico. The company offers construction services to
both public and private-sector clients and operates . In the last
twelve months ended in September, 2015, ICA's revenue and Moody's
adjusted EBITDA margin were about USD 2.4 billion and 19.9%
respectively.


=======
P E R U
=======


CORPORACION AZUCARERA: Free Cash Flow to Remain Neg., Fitch Says
----------------------------------------------------------------
The Negative Rating Outlook for Corporacion Azucarera del Peru
S.A. (Coazucar) continues to reflect the company's high cash burn
amidst low sugar prices, according to Fitch Ratings.

Coazucar and Gloria S.A., a sister company, acquired 15,600
hectares of land in Olmos for USD200 million in 2012.  The company
expects to annually produce between 120,000 metric tons (MT) and
130,000 MT of brown sugar from Olmos beginning in the second half
of 2016.  This production will increase the company's output from
770,000 MT in 2014 to 900,000 MT by 2017 and should result in the
company's free cash flow turning positive.

Shareholder support continues to be reflected in the company's
'BB' ratings.  This was evidenced during 2014 when Grupo Gloria
injected USD30 million of cash into the company.  Fitch
anticipates further equity support should its liquidity position
continue to deteriorate.  As of June 2015, the company had PEN 210
million of cash and marketable securities and PEN 161 million of
short-term debt.

Coazucar's total debt of USD467 million as of June 30, 2015, was
mainly related to its USD325 million unsecured notes due during
2022.  To address foreign exchange risk, Coazucar is currently
buying back around 25% (USD82 million) of its bond after launching
a tender offer to purchase up to USD165 million with the aim to
reduce its U.S. currency exposure.  The buyback is being financed
with bank debt in local currency.

During the LTM ended June 2015, Coazucar generated PEN 314 million
of EBITDA.  By 2016, Fitch believes this figure will increase to
PEN 326 million.  Key assumptions are an increase in sales of
sugar to 840,000 MT from 740,000 MT during 2014 and sugar prices
of USD 16 cents/pound.

Fitch currently rates Corporacion Azucarera del Peru S.A.
(Coazucar):

   -- Long-term foreign currency Issuer Default Rating (IDR) 'BB';
   -- Long-term local currency IDR 'BB';
   -- Senior unsecured notes 'BB'.

The Rating Outlook is Negative.


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


ILDEFONSO MARTINEZ SANTIAGO: Case Converted to Ch. 7
----------------------------------------------------
Judge Enrique S. Lamoutte of the United States Bankruptcy Court
for the District of Puerto Rico granted creditor LSREF2 Island
Holdings, LTD.'s motion to convert the Chapter 11 case of
Ildefonso Martinez Santiago to a case under Chapter 7 of the
Bankruptcy Code.

The case is IN RE: ILDEFONSO MARTINEZ SANTIAGO, Chapter 11,
Debtor, CASE NO. 15-06132 (ESL)(Bankr. D.P.R.).

A full-text copy of the Opinion and Order dated October 9, 2015 is
available at http://is.gd/hUy1XOfrom Leagle.com.

Ildefonso Martinez Santiago, Debtor, represented by Mary Ann
Gandia.


LA SABANA: Case Summary & 3 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: La Sabana Development LLC
        680 Cesar Gonzalez Avenue, Suite 102
        San Juan, PR 00918

Case No.: 15-08743

Chapter 11 Petition Date: November 4, 2015

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

Debtor's Counsel: Hector Eduardo Pedrosa Luna, Esq.
                  THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA
                  PO Box 9023963
                  San Juan, PR 00902-3963
                  Tel: 787-920-7983
                  Fax: 787-754-1109
                  Email: hectorpedrosa@gmail.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Cleofe Rubi-Gonzalez, president.

List of Debtor's Three Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Mora Development Corp.                                 $509,487
PO Box 362708
San Juan PR 00936-2708

Hacienda Marquez Development Group                     $130,000

CRIM                                                    $91,661


PUERTO RICO: Crisis Spurs U.S. Bill Seeking Hedge Fund Disclosure
-----------------------------------------------------------------
Kasia Klimasinsk at Bloomberg News reports that hedge funds'
involvement in the Puerto Rico debt crisis is leading U.S.
Representative Nydia Velazquez, a New York Democrat born on the
island, to propose legislation that would force the firms to
reveal more about their investments.

Ms. Velazquez, who sits on House Financial Services Committee,
wants hedge funds to file with the Securities and Exchange
Commission whenever they acquire at least 1 percent of a company's
stock, down from the current 5 percent threshold, according to
Bloomberg News.  The bill she has drafted would apply the same
disclosure requirement to debt and derivatives.

Hedge funds have drawn scrutiny for snapping up Puerto Rico bonds,
whose prices have tumbled as the island's fiscal crisis escalated,
Bloomberg notes.

The report relays that Ms. Velazquez said the funds may be
advocating for spending cuts that would hurt Puerto Ricans and
against legislation that would let some agencies file for
bankruptcy, which would allow them to cut their debts in U.S.
court.

"It has become increasingly clear that hedge funds, which have
purchased a sizable part of Puerto Rico's debt, are exacerbating
the crisis and profiting from the island's misery," she said in an
e-mailed statement, Bloomberg News discloses.  "This bill will
allow regulators and the public to see exactly what role these
funds are playing in Puerto Rico's financial crisis and in our
broader economy."

Hedge funds hold as much as $25 billion, or about a third, of
Puerto Rico's debt, according to an estimate by Mikhail Foux,
Barclays Plc's municipal-debt strategist in New York, Bloomberg
News relays.  Funds that invested in Puerto Rico debt include
Brigade Capital Management, Fir Tree Partners and Monarch
Alternative Capital, Bloomberg News notes.

The funds were part of a group that in July released a study
challenging Governor Alejandro Garcia Padilla's contention that
the government can't afford to repay what it owes, notes the
report.

Ms. Velazquez's bill follows calls from Democrats on the House
Natural Resources Committee for a hearing on the funds' role in
Puerto Rico's crisis, Bloomberg News adds.

                          *       *       *

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


ROBERTO SEBELEN MEDINA: Suit Against Bank Remains Dismissed
-----------------------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for
the District of Puerto Rico denied the motions for reconsideration
of judgment filed by both plaintiff and defendant, and the
adversary proceeding captioned ROBERTO SEBELEN MEDINA, BETSIE
MARIE CORUJO, Plaintiff(s), v. BANCO POPULAR DE PUERTO RICO ADSUAR
MUNIZ GOYCO SEDA PEREZ-OCHOA, PSC, Defendant(s), ADVERSARY NO. 14-
00194 (Bankr. D.P.R.), remains dismissed in its entirety.

The Plaintiffs allege that the adversary proceeding is
predominantly "core" as to the whole complaint, therefore, the
court has jurisdiction and venue over the matter, having a
possibility to obtain a complete resolution of the issues.

The bankruptcy case is IN RE: ROBERTO SEBELEN MEDINA BETSIE MARIE
CORUJO, Chapter 11, Debtor(s), CASE NO. 14-06368 (Bankr. D.P.R.).

A full-text copy of the Opinion and Order dated October 2, 2015 is
available at http://is.gd/WMtP0kfrom Leagle.com.

Roberto Sebelen Medina, Plaintiff, represented by Manuel J. Perez
Garcia,Esq. -- CIUDAD JARDIN BAIROA

Banco Popular De Puerto Rico, Defendant, represented by Luis C.
Marini-Biaggi, Esq. -- luis.marini@oneillborges.com -- O'NEILL &
BORGES, Sheila M. Rodriguez-Figueroa, Esq. --
sheila.rodriguez@oneillborges.com -- O'NEILL & BORGES

Adsuar Muniz Goyco Seda Perez-Ochoa, Defendant, represented by
Eric Perez Ochoa, Esq. -- epo@amgprlaw.com -- SEDA & PEREZ OCHOA
PSC, Jose Luis Ramirez Coll, Esq. -- jramirez@fgrlaw.com --
FIDDLER GONZALEZ & RODRIGUEZ PSC.


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


TRINIDAD & TOBAGO: Payments Delay Slowing Work on Point Highway
---------------------------------------------------------------
Trinidad Express reports that work on the extension of the Solomon
Hochoy Highway to Point Fortin is being hampered by delays in
payments to contractors.

Dr. Carson Charles, president of the National Infrastructure
Development Company (Nidco), said there were several challenges,
but to date, the highway was 63 per cent complete from information
he received from project manager AECOM, according to Trinidad
Express.

Dr. Charles said Nidco was preparing a detailed report to send to
the Ministry of Works and Transport and also to Prime Minister Dr
Keith Rowley, "so that he will feel a little bit more comfortable
with the project," the report notes.

The report relays that Mr. Charles said: "Work is progressing
slowly because of the payment issues.  There are some outstanding
payments since the change in Government.  There are some legal
arrangements that need to be sorted out.  As soon as the
contractor receives outstanding funds, the work will pick up."


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


DISCOUNT BANK: S&P Affirms Then Withdraws 'BB+/B' ICR Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+/B'
global scale and 'uyAA+' national scale issuer credit ratings on
Discount Bank Latin America S.A. (DBLA).  S&P subsequently
withdrew the ratings at the issuer's request, following its
acquisition by Scotiabank Uruguay.  The outlook was stable at the
time of the withdrawal.


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


* BOND PRICING: For the Week From Nov. 2 to Nov. 6, 2015
--------------------------------------------------------

Issuer Name       Cpn   Bid Price   Maturity Date  Country  Curr
-----------       ---   ---------   -------------  -------  ----
Anton Oilfield    7.50     62.00      11/6/2018      CN      USD
Anton Oilfield    7.50     43.38      11/6/2018      CN      USD
Argentina Boco   21.06     51.70       1/4/2016      AR      ARS
Argentine Bona    1.75     75.74     10/28/2016      AR      USD
Argentine Bona    2.40     75.18      3/18/2018      AR      USD
Automotores Gi    8.25     46.15      5/24/2021      CL      USD
Automotores Gi    6.75     46.75      1/15/2023      CL      USD
Automotores Gi    8.25     48.75      5/24/2021      CL      USD
Automotores Gi    6.75     46.13      1/15/2023      CL      USD
Autopistas Met    6.75     72.84      6/30/2035      PR      USD
Autopistas Met    6.75     72.84      6/30/2035      PR      USD
Banco BPI SA/C    4.15     74.50     11/14/2035      KY      EUR
Banco do Estad    7.38     73.75       2/2/2022      BR      USD
Banco do Estad    7.38     95.40       2/2/2022      BR      USD
Banco Hipoteca    2.00     74.00       9/4/2018      AR      USD
Banco Mercanti    9.63     70.54      7/16/2020      BR      USD
Banco Mercanti    9.63     67.63      7/16/2020      BR      USD
CA La Electric    8.50     43.00      4/10/2018      VE      USD
CFG Investment    9.75     59.75      7/30/2019      PE      USD
CFG Investment    9.75     60.88      7/30/2019      PE      USD
China Precious    7.25     41.86       2/4/2018      HK      HKD
CSN Islands XI    6.88     61.25      9/21/2019      KY      USD
CSN Islands XI    6.88     88.75      9/21/2019      KY      USD
Decimo Primer     6.00     65.50     10/25/2041      PA      USD
Decimo Primer     4.54     54.25     10/25/2041      PA      USD
Ecuador Govern    6.50     66.23     11/25/2024      EC      USD
Ecuador Govern    6.50     65.59       1/1/2024      EC      USD
Ecuador Govern    5.36     67.52       9/5/2019      EC      USD
Ecuador Govern    6.50     72.57      5/20/2020      EC      USD
Ecuador Govern    4.30     73.04      3/12/2018      EC      USD
Ecuador Govern    6.50     65.42      12/1/2023      EC      USD
Ecuador Govern    6.21     64.22     12/30/2023      EC      USD
Ecuador Govern    6.21     63.97       1/1/2023      EC      USD
Ecuador Govern    7.00     70.08      5/20/2022      EC      USD
Ecuador Govern    6.50     65.45      11/1/2023      EC      USD
Ecuador Govern    5.93     64.02       9/5/2020      EC      USD
Ecuador Govern    4.30     68.78      10/4/2018      EC      USD
Ecuador Govern    5.64     65.32      10/1/2020      EC      USD
Ecuador Govern    5.36     66.48      12/1/2019      EC      USD
Ecuador Govern    5.07     70.97      12/1/2018      EC      USD
Ecuador Govern    7.00     70.38       3/6/2024      EC      USD
Ecuador Govern    6.21     64.46     11/25/2023      EC      USD
Ecuador Govern    5.61     61.34      12/1/2022      EC      USD
Ecuador Govern    5.64     63.08       9/5/2020      EC      USD
Ecuador Govern    5.93     64.01      10/1/2021      EC      USD
Ecuador Govern    5.64     65.07      11/1/2020      EC      USD
Ecuador Govern    5.93     63.87      11/1/2021      EC      USD
Ecuador Govern    5.36     67.20      10/1/2019      EC      USD
Ecuador Govern    4.30     68.34     10/29/2018      EC      USD
Ecuador Govern    5.93     63.63       1/1/2022      EC      USD
Ecuador Govern    6.21     64.93       9/5/2020      EC      USD
Ecuador Govern    5.93     63.75      12/1/2021      EC      USD
Ecuador Govern    5.07     72.07      10/1/2018      EC      USD
Ecuador Govern    5.07     70.43       1/1/2019      EC      USD
Ecuador Govern    5.07     70.87       9/5/2018      EC      USD
Ecuador Govern    5.36     66.13       1/1/2020      EC      USD
Ecuador Govern    5.07     71.51      11/1/2018      EC      USD
Ecuador Govern    5.36     66.83      11/1/2019      EC      USD
Ecuador Govern    5.07     74.18      4/26/2018      EC      USD
Ecuador Govern    5.07     74.47      4/11/2018      EC      USD
Ecuador Govern    5.07     72.43      7/26/2018      EC      USD
Ecuador Govern    5.07     70.80     10/29/2018      EC      USD
Ecuador Govern    5.07     71.32      9/26/2018      EC      USD
Ecuador Govern    5.07     69.39      1/29/2019      EC      USD
Ecuador Govern    5.07     73.77      5/17/2018      EC      USD
Ecuador Govern    5.07     73.77      5/17/2018      EC      USD
Ecuador Govern    5.07     73.13      6/20/2018      EC      USD
Ecuador Govern    6.21     64.11      11/1/2022      EC      USD
Ecuador Govern    5.64     64.83      12/1/2020      EC      USD
Ecuador Govern    5.07     74.31      4/19/2018      EC      USD
Ecuador Govern    5.07     71.82      8/28/2018      EC      USD
Ecuador Govern    5.07     67.20      7/30/2019      EC      USD
Ecuador Govern    5.07     65.69     11/25/2019      EC      USD
Ecuador Govern    5.07     68.04      5/26/2019      EC      USD
Ecuador Govern    5.07     68.11      5/21/2019      EC      USD
Ecuador Govern    5.07     66.50     12/30/2019      EC      USD
Ecuador Govern    5.64     61.62     11/25/2021      EC      USD
Ecuador Govern    5.93     63.37     11/25/2022      EC      USD
Ecuador Govern    5.36     63.19     11/25/2020      EC      USD
Ecuador Govern    5.36     63.71     12/30/2020      EC      USD
Ecuador Govern    5.93     64.13     12/30/2022      EC      USD
Ecuador Govern    5.64     62.51     12/30/2021      EC      USD
Ecuador Govern    6.40     67.81      6/12/2024      EC      USD
Ecuador Govern    7.95     72.32      6/20/2024      EC      USD
Ecuador Govern    7.95     73.16      6/20/2024      EC      USD
Energia Eolica    6.00     55.13      8/30/2034      PE      USD
Energia Eolica    6.00     55.13      8/30/2034      PE      USD
General Explor   11.50     63.63     11/13/2018      CA      USD
Glorious Prope   13.00     74.00     10/25/2015      HK      USD
Glorious Prope   13.25     57.75       3/4/2018      HK      USD
Greenfields Pe    9.00     10.00      5/31/2017      US      CAD
HC Internation    5.00     67.10     11/27/2019      CN      HKD
Hidili Industr    8.63     74.00      11/4/2015      CN      USD
Hidili Industr    8.63     63.98      11/4/2015      CN      USD
Honghua Group     7.45     39.02      9/25/2019      CN      USD
Honghua Group     7.45     39.75      9/25/2019      CN      USD
Inversiones Al    8.00     55.00     12/31/2018      CL      USD
Inversiones Al    8.00     55.50     12/31/2018      CL      USD
Inversora Elec    6.50     51.00      9/26/2017      AR      USD
Kaisa Group Ho   10.25     48.00       1/8/2020      CN      USD
Kaisa Group Ho    6.88     50.13      4/22/2016      CN      CNY
Kaisa Group Ho    9.00     47.25       6/6/2019      CN      USD
Kaisa Group Ho    8.00     69.83     12/20/2015      CN      CNY
MIE Holdings C    7.50     54.00      4/25/2019      HK      USD
MIE Holdings C    6.88     59.50       2/6/2018      HK      USD
MIE Holdings C    7.50     66.00      4/25/2019      HK      USD
Mongolian Mini    8.88     50.24      3/29/2017      MN      USD
Mongolian Mini    8.88     36.25      3/29/2017      MN      USD
Newland Intern    9.50     36.63       7/3/2017      PA      USD
Newland Intern    9.50     36.63       7/3/2017      PA      USD
Noble Holding     5.25     66.66      3/15/2042      KY      USD
Noble Holding     6.05     74.00       3/1/2041      KY      USD
Noble Holding     6.20     73.61       8/1/2040      KY      USD
NQ Mobile Inc     4.00     66.25     10/15/2018      CN      USD
Odebrecht Dril    6.35     52.50      6/30/2021      KY      USD
Odebrecht Dril    6.35     52.00      6/30/2021      KY      USD
Odebrecht Fina    4.38     60.00      4/25/2025      KY      USD
Odebrecht Fina    7.13     61.00      6/26/2042      KY      USD
Odebrecht Fina    5.13     71.75      6/26/2022      KY      USD
Odebrecht Fina    5.25     58.25      6/27/2029      KY      USD
Odebrecht Fina    8.25     62.55      4/25/2018      KY      BRL
Odebrecht Fina    6.00     77.25       4/5/2023      KY      USD
Odebrecht Fina    4.38     62.00      4/25/2025      KY      USD
Odebrecht Fina    5.25     59.75      6/27/2029      KY      USD
Odebrecht Fina    7.13     59.94      6/26/2042      KY      USD
Odebrecht Fina    5.13     83.00      6/26/2022      KY      USD
Odebrecht Fina    6.00     79.00       4/5/2023      KY      USD
Odebrecht Offs    6.63     40.00      10/1/2022      KY      USD
Odebrecht Offs    6.75     40.74      10/1/2022      KY      USD
Odebrecht Offs    6.63     40.00      10/1/2022      KY      USD
Odebrecht Offs    6.75     41.00      10/1/2022      KY      USD
Offshore Group    7.50     39.25      11/1/2019      KY      USD
Offshore Group    7.13     38.25       4/1/2023      KY      USD
Oi SA             5.75     66.00      2/10/2022      BR      USD
Oi SA             5.75     65.50      2/10/2022      BR      USD
Peru Governmen    3.27     74.53      2/12/2054      PE      PEN
Petroleos de V    8.50     73.00      11/2/2017      VE      USD
Petroleos de V    5.25     50.50      4/12/2017      VE      USD
Petroleos de V   12.75     49.00      2/17/2022      VE      USD
Petroleos de V    5.13     71.10     10/28/2016      VE      USD
Petroleos de V    9.00     38.15     11/17/2021      VE      USD
Petroleos de V    9.75     38.91      5/17/2035      VE      USD
Petroleos de V    5.38     33.10      4/12/2027      VE      USD
Petroleos de V    6.00     33.76      5/16/2024      VE      USD
Petroleos de V    6.00     33.53     11/15/2026      VE      USD
Petroleos de V    5.50     32.91      4/12/2037      VE      USD
Petroleos de V    8.50     72.95      11/2/2017      VE      USD
Petroleos de V    6.00     32.91      5/16/2024      VE      USD
Petroleos de V   12.75     44.15      2/17/2022      VE      USD
Petroleos de V    6.00     33.25     11/15/2026      VE      USD
Petroleos de V    9.75     34.15      5/17/2035      VE      USD
Petroleos de V    9.00     38.03     11/17/2021      VE      USD
Polarcus Ltd      8.00     13.00       6/7/2018      AE      USD
Polarcus Ltd      5.60     57.91      4/27/2018      AE      USD
Polarcus Ltd      8.53     22.31       7/8/2019      AE      NOK
Provincia del     4.00     66.32      12/4/2026      AR      USD
Schahin II Fin    5.88     28.00      9/25/2022      BR      USD
Schahin II Fin    5.88     30.50      9/25/2022      BR      USD
Sylph Ltd         3.35     55.91      6/22/2035      KY      USD
Telemar Norte     5.50     75.00     10/23/2020      BR      USD
Telemar Norte     5.50     74.25     10/23/2020      BR      USD
Telemar Norte     5.50     77.75     10/23/2020      BR      USD
Tonon Bioenerg    9.25     34.08      1/24/2020      BR      USD
Tonon Bioenerg    9.25     33.25      1/24/2020      BR      USD
Transocean Inc    6.80     71.50      3/15/2038      KY      USD
Transocean Inc    4.30     71.56     10/15/2022      KY      USD
Transocean Inc    7.50     73.47      4/15/2031      KY      USD
Transocean Inc    7.85     74.50     12/15/2041      KY      USD
Transocean Inc    7.45     74.39      4/15/2027      KY      USD
Uruguay Govern    3.70     73.92      6/26/2037      UY      UYU
USJ Acucar e A    9.88     37.00      11/9/2019      BR      USD
USJ Acucar e A    9.88     37.88      11/9/2019      BR      USD
Vale SA           5.63     70.43      9/11/2042      BR      USD
Vantage Drilli    5.50     58.25      7/15/2043      US      USD
Venezuela Gove   12.75     44.75      8/23/2022      VE      USD
Venezuela Gove   11.75     40.50     10/21/2026      VE      USD
Venezuela Gove   13.63     59.18      8/15/2018      VE      USD
Venezuela Gove    7.75     34.50     10/13/2019      VE      USD
Venezuela Gove    9.38     36.13      1/13/2034      VE      USD
Venezuela Gove    9.25     36.00       5/7/2028      VE      USD
Venezuela Gove    9.00     36.00       5/7/2023      VE      USD
Venezuela Gove    8.25     35.40     10/13/2024      VE      USD
Venezuela Gove    7.00     37.50      12/1/2018      VE      USD
Venezuela Gove    7.65     35.05      4/21/2025      VE      USD
Venezuela Gove    7.00     34.63      3/31/2038      VE      USD
Venezuela Gove   13.63     53.80      8/15/2018      VE      USD
Venezuela Gove   11.95     41.00       8/5/2031      VE      USD
Venezuela Gove    9.25     41.10      9/15/2027      VE      USD
Venezuela Gove    6.00     34.75      12/9/2020      VE      USD
Venezuela Gove   13.63     53.80      8/15/2018      VE      USD
Venezuela Gove    5.25     41.84      3/21/2019      VE      USD
Venezuela Gove    6.25     66.38       4/6/2017      VE      USD
Venezuela Gove    9.13     64.22      9/15/2017      VE      USD
VRG Linhas Aer   10.75     73.67      2/12/2023      BR      USD
VRG Linhas Aer   10.75     74.00      2/12/2023      BR      USD


                            ***********


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 * * *