TCRLA_Public/151110.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 10, 2015, Vol. 16, No. 222


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Ponzi Scheme Fugitive Captured in Belize


B R A Z I L

BRAZIL: Swap Rates Rise on Faster Inflation While Real Fluctuates
BRAZIL: September Industry Output Falls Less Than Forecast
BRAZIL: NPL Growth Poses Key Earnings Threat
SAMARCO MINERACAO: S&P Puts 'BB+' Rating on CreditWatch Negative
USINAS SIDERURGICAS: Fitch Lowers IDR to 'B+'; Outlook Negative


C A Y M A N  I S L A N D S

BABYLON SF: Shareholders' Final Meeting Set for Nov. 26
CHELSTON PARK: Shareholder to Hear Wind-Up Report on Nov. 20
ECOLAB CAYMAN 1: Members Receive Wind-Up Report
GRENADIER LIMITED: Shareholder to Hear Wind-Up Report on Nov. 16
GREYWALL HEALTHCARE: Shareholder Receives Wind-Up Report

LF SPV: Shareholder to Hear Wind-Up Report on Nov. 12
MORGAN STANLEY APOLLO: Shareholders' Meeting Set for Nov. 11
MORGAN STANLEY APOLLO 2: Shareholders' Meeting Set for Nov. 11
MSPEA APOLLO: Shareholders' Meeting Set for Nov. 11
MSPEA APOLLO 2: Shareholders' Meeting Set for Nov. 11

NEW BARYON: Shareholder to Hear Wind-Up Report on Nov. 10
PAG SF: Shareholders' Final Meeting Set for Nov. 26
SOUTH CHINA: Shareholders' Final Meeting Set for Nov. 26


C H I L E

CODELCO: Workers Sign Pact on Strategic Projects


G R E N A D A

GRENADA: Government Says Debt Exchange Offer Successful


M E X I C O

TV AZTECA: Fitch Lowers IDR to 'B+'; Outlook Negative


P U E R T O    R I C O

MORGANS HOTEL: Mike Olshan and Adam Stein Join Board
MORGANS HOTEL: Reports $11.8MM Net Loss for 3Q 2015


V I R G I N   I S L A N D S

BARING PRIVATE: Moody's Assigns B1 Corporate Family Rating
HOVENSA LLC: U.S. Trustee Amends Committee of Unsecured Creditors


                            - - - - -


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


STANFORD INT'L: Ponzi Scheme Fugitive Captured in Belize
--------------------------------------------------------
Caribbean360.com reports that one of the key players in the Ponzi
scheme executed by financier Robert Allen Stanford has been
apprehended in Belize.

Reports indicate that David Nanes Schnitzer, who oversaw
Stanford's operations in Mexico, Panama and other parts of the
region, was caught in San Pedro, with the assistance of Interpol
and US Marshals, according to Caribbean360.com.

The report notes that Nanes Schnitzer is wanted by authorities in
Mexico for allegedly helping defraud thousands of investors while
serving as president of Stanford Group Mexico.

Investors in Latin America, including in Mexico, Panama and
Venezuela, suffered hundreds of millions of dollars in losses when
Stanford's financial empire collapsed, the report relays.

Mr. Stanford is currently serving a 110-year sentence for
masterminding a Ponzi scheme involving his Stanford International
Bank (SIB) in Antigua where he was based.

                       About Stanford Group

The Stanford Financial Group was a privately held international
group of financial services companies controlled by Allen
Stanford, until it was seized by United States (U.S.) authorities
in early 2009.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management served more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The case in district court was Securities and Exchange Commission
v. Securities Investor Protection Corp., 11-mc-00678, U.S.
District Court, District of Columbia (Washington).

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.


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B R A Z I L
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BRAZIL: Swap Rates Rise on Faster Inflation While Real Fluctuates
-----------------------------------------------------------------
Filipe Pacheco and Marisa Castellani at Bloomberg News report that
Brazilian swap rates rose as investors wagered on higher interest
rates after inflation accelerated more than economists forecast in
October.

The real fluctuated as emerging-market currencies weakened after a
better-than-forecast U.S. jobs report, according to Bloomberg
News.

The report notes that longer-term swap rates advanced, with rates
on the contract maturing in January 2021 rising 0.06 percentage
point to 15.63 percent Nov. 6 in Sao Paulo.  Brazil's currency
added 0.3 percent to 3.7688 after falling as much as 1.6 percent,
Bloomberg News relays.

Brazil has struggled to damp inflation amid a tumble in the
currency and a surge in government spending, while forecasts for
the country's longest recession since the 1930s makes policy
makers hesitant to raise borrowing costs, recalls Bloomberg.

Consumer prices surged 9.93 percent in October from a year
earlier, the fastest pace since 2003, Bloomberg News discloses.

"It is very concerning to see inflation at such levels," said
Solange Srour, the chief economist at ARX Investimentos in Rio de
Janeiro, notes Bloomberg News.  "Accelerating price increases
might pressure the central bank to raise rates at a time when it
should be easing."

According to Bloomberg News, swap rates started rising Nov. 5
after the central bank's economic policy director, Altamir Lopes,
said policy makers would do whatever is necessary to meet an
inflation target of 4.5 percent in 2017.

The country's central bank has kept the benchmark interest rate
unchanged in its past two meetings at 14.25 percent, the highest
in nine years, says the report.

The real gained, defying a slump in other emerging-market
currencies following a better-than-forecast jobs report in the
U.S., as traders at Fair Corretora and Jive Asset cited strong
flows from foreign buyers, Bloomberg News adds.

The currency advanced 2.3 percent last week, the best weekly
performance since Oct. 9, amid speculation that an increase in
mergers and acquisitions in Latin America's biggest signals
investors see value in the country's assets, Bloomberg News notes.

Coty Inc. agreed to buy the personal-care and beauty division of
Hypermarcas SA for about $1 billion in cash, according to a
statement Nov. 2, notes the report.

"There was a positive sentiment regarding the deals announced, and
there are expectations that there is more to come in the near
future.  That gives some confidence to traders bringing money to
Brazil," said Reginaldo Galhardo, a foreign-exchange manager at
Treviso Corretora de Cambio in Sao Paulo, Bloomberg News relays.

The currency has tumbled 30 percent this year, the most in
emerging markets, Bloomberg News adds.


BRAZIL: September Industry Output Falls Less Than Forecast
----------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's industrial
output in September fell less than forecast by analysts, as the
central bank maintains rates at a nine-year high in the face of
recession.

Output in September fell 1.3 percent from the previous month after
a revised 0.9 percent decline in August, the national statistics
agency said in Rio de Janeiro, according to Bloomberg News.  The
fourth straight monthly decline was smaller than the median 1.5
percent drop forecast from 38 economists surveyed by Bloomberg.

Industrial output fell 10.9 percent from the year before, the
biggest drop since 2009, the report notes.

Bloomberg News relays that President Dilma Rousseff is laboring to
shore up the nation's finances and avoid further credit ratings
downgrades, as one of the world's steepest currency depreciations
helps Brazilian exporters.  Neither has prevented industrial
confidence and capacity utilization from plumbing new lows.
Borrowing costs in Latin America's largest economy are at their
highest since 2006, the economy is mired in recession, and
investment is withering, Bloomberg News discloses.

The report says that the better than expected data stemmed from
output of capital goods in September, a barometer of investment,
which rose 1 percent, according to Luciano Rostagno, chief
strategist at Banco Mizuho do Brasil SA.  The increase follows
seven straight monthly declines, including a 7.6 percent tumble in
August, so it doesn't indicate a change of trend, he said,
Bloomberg News relays.

"No change in the big picture despite being slightly better than
market consensus," Bloomberg News quoted Mr. Rostagno as saying.
"The industry sector remains on a downward trend. It's down 3.2
percent quarter-on-quarter in the third quarter, so the sector
will be a big drag on growth."

According to the report, swap rates maturing in January 2017 fell
two basis points, or 0.02 percentage point, to 15.36 percent at
9:40 a.m. local time on Nov. 4.   The real was little changed at
3.7709 per U.S. dollar. It has dropped 29 percent this year, the
most among 31 major currencies tracked by Bloomberg.  The real's
decline has boosted the competitiveness of companies' exports and
helped cut imports as the price of foreign goods rises.

Semi-durable and non-durable goods rose 0.5 percent on Nov. 4.
Output of durable consumer goods plunged 5.3 percent.  Of the 24
industries surveyed by the institute, production dropped in 15,
says Bloomberg News.

The MSCI index of industrial stocks, which includes plane maker
Embraer, hit a 6 1/2-year low in late September, Bloomberg News
discloses.  It has since pared some losses, even as business
confidence as measured by the National Industry Confederation
continues its slide.

In the World Bank's annual report on the ease of doing business
released Oct. 27, Brazil dropped five spots to 116th among 189
nations, and sits below the Latin America and Caribbean regional
average, notes the report.  The nation's score suffered the
largest drops in getting credit, resolving insolvency, starting a
business and registering property, says Bloomberg News.


BRAZIL: NPL Growth Poses Key Earnings Threat
--------------------------------------------
Arjun Bowry at Bloomberg News reports that the sale of non-
performing loans (NPL) to distressed debt investors may be a key
strategy pursued by Brazilian banks to clean up their balance
sheets.

Bloomberg News notes that bad debt has risen 13 percent year-over-
year as of Aug. 31, compared with a loan growth of 10 percent over
the same period, prompting Brazil's four largest listed banks to
raise provisions by an average 17 percent year-over-year in the
first half of 2015, according to data compiled by Brazil's central
bank and the banks' reported results.

Loan recoveries fell an average 1 percent in the same period,
indicating greater collection difficulty, according to Bloomberg
News.

Itau Unibanco Holding lowered its full-year recoveries guidance by
16 percent in the first quarter, Bloomberg News adds.


SAMARCO MINERACAO: S&P Puts 'BB+' Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB+' global and
'brAA+' national scale ratings on Samarco Mineracao S.A. on
CreditWatch negative.

The company's ruptured dams have caused significant damage to
nearby regions.  S&P currently can't assess the full extension of
the damage and potential impact on Samarcos operations, as well as
possible contingent liabilities.  S&P is placing the ratings on
CreditWatch negative because it perceives at least a 50% chance
for a downgrade even though current ratings include some level of
support from Samarco's parent, Vale S.A.  S&P expects to have
enough information to assess the company's financial and business
risk profiles within the next 90 days.

S&P expects to resolve the CreditWatch on Samarco in the next 90
days because S&P will be able to better assess the extent and
timing of the impact on the company's business and financial risk
profiles.


USINAS SIDERURGICAS: Fitch Lowers IDR to 'B+'; Outlook Negative
---------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) of Usinas Siderurgicas de Minas Gerais S.A.
(USIMINAS) to 'B+' from 'BB' and downgraded the national rating to
'BBB+(bra)' from 'A+(bra)'.  In conjunction with these downgrades,
Fitch has assigned a Recovery Rating of 'RR4' to the securities
that have been issued by Usiminas.  The Rating Outlook has been
revised to Negative from Stable.

The downgrade reflects the faster than expected deterioration in
the company's profitability and credit profile over the last few
quarters, with limited recovery prospects over the medium term.
Fitch expects Usiminas to struggle as it attempts to recover its
steel volumes during 2016, due to the recession in Brazil and
intense price competition in the export market.  Furthermore, the
company's iron ore business remains unviable, with limited
logistical opportunities available for export sales.

The current industry dynamics have required the company to resize
its operations.  Usiminas recently announced that it will
temporarily halt production at its Cubatao mill, which has a
nominal annual production capacity of approximately 4.5 million
tons (47% of total production capacity).  The temporary stoppage
will include the plants sintering, coke plant, blast furnace #2,
and steel mill operations.  The hot and cold roll operations will
remain running during this period.  The results of this temporary
stoppage will lead to additional short-term costs.  The capacity
utilization rate of its other mill should climb, which will help
dilute fixed costs at it.  The length of the shutdown is currently
unknown.

The Negative Outlook reflects Usiminas' challenges to recover its
operating cash flow generation, to rebalance its capital structure
and to refinance BRL3.9 billion of debt coming due in the next two
years.  Usiminas' debt covenants should be breached at year end
and will require waivers from creditors.  Furthermore, continued
conflicts at the board of director's level will likely hamper the
company's strategic focus and decision-making process during the
difficult economic scenario.

KEY RATING DRIVERS

Deterioration of Domestic & Worldwide Steel Markets:

Usiminas' operating performance has been negatively impacted by
the continued decline for domestic steel in Brazil.  Flat steel
consumption in Brazil was down 18% during the first nine months of
2015 with limited expectations of recovery over the near term.
Brazil's industrial sector has declined for the 18th consecutive
month with continued weakening prospects in the automotive,
household appliances, and civil construction sectors.  Excess
global steel production capacity has increased to 735 million tons
as of Sept. 2015 from 611 million tons at the end 2014, which will
continue to put downward pressure on international market prices
and making high cost producers economically unfeasible.  China
alone exported 130 million tons of steel annualized through
Sept. 2015, a key driver of the lowest global steel prices seen in
a decade.

Brutal Operating Environment:

Usiminas reported a material decline in operating performance
during the first nine months of Sept. 2015, which Fitch expects to
persist during 2016.  Domestic steel sales volumes declined 24% as
weaker demand levels were experienced across many of Usiminas' end
markets.  Partially offsetting the decline in domestic demand was
an increase in steel exports, particularly to the U.S. and
Argentina.  Steel volumes exported represented 27% of total
volumes sold during the nine months ended September 2015, an
increase from 17% during the prior year period.  However, the
offset in volumes sold in the domestic market compared to the
export market will further lead to margin compression and
increased working capital needs for exports.

Weakening Liquidity Position:

Usiminas' liquidity position has declined to BRL2.4 billion as of
Sept. 30, 2015, compared to BRL2.9 billion as of Dec. 31, 2014.
The company's cash-to-short ratio was 1.3x as of Sept. 30, 2015,
compared to 1.7x as of Dec. 31, 2015.  Current cash on hand can
cover maturities through 2016 but will face refinancing issues for
its amortization profile beyond 2016 if it does not lengthen its
maturity schedule.  Usiminas will breach its net debt / EBITDA
covenant of 3.5x at year end, which it has on approximately 70% of
its bank debt outstanding.

Unprofitable Iron Ore Business:

Usiminas has no ability to generate significant cash flow from its
iron ore business due to lack of port access.  The company
cancelled its contract with the Sudeste Port during June 2015
after the port failed to open after more than three years of
delays.  Usiminas' cash cost per ton for iron ore was BRL51.3 in
3Q15, which is well below current iron ore prices.  Fitch believes
it is not likely that Usiminas will gain port access in the near
term.

Rapid Increase in Leverage:

Usiminas' swift increase in net leverage to 6.8x for the LTM
Sept. 30, 2015 compared to 2.1x during 2014 will likely further
deteriorate over the next several quarters due to sustained
challenging operating conditions coupled with further devaluation
of the BRL.  Steel cash cost per ton remained relatively flat
during 3Q15 at BRL1,490 per ton.  Approximately 40% of Usiminas'
steel cash costs are denominated in USD.  As a result, the weaker
Brazilian real pressured costs to a degree.  Most of this pressure
was offset by lower iron ore and coal/coke prices.  Steel adjusted
EBITDA in 3Q15 totaled negative BRL81.8 million compared to a
positive BRL205.5 million in 2Q15 due to lower volumes and prices
in the domestic market coupled with higher COGS and operating
expenses.  Fitch projects Usiminas' net leverage to likely remain
around 9x absent significant domestic volume improvement or price
increases during 2016.

Cash Flow To Remain Under Pressure:

Fitch projects Usiminas' Funds from operation (FFO) to be reduced
to approximately BRL350 million and for FCF to be negative in
2015, compared to FFO and FCF of BRL1.2 billion and BRL110 million
in 2014.  The company's expectations of lower capex requirements
and improved working capital management will partially offset the
lower levels of CFFO generation during 2016.  Fitch projects
Usiminas to generate negative to neutral free cash flow in 2016.
Furthermore, Fitch expects Usiminas to have difficulty raising
cash through any potential asset sales, as the company has very
limited non-strategic assets it could dispose of coupled with the
inability to monetize any asset sales at maximum value given the
current market conditions.

KEY ASSUMPTIONS

   -- 15%-18% decline in Steel Volumes;
   -- Limited price increases in 2016;
   -- Successful covenant waivers received from all banks;
   -- Successful refinance of 2016 and 2017 bank debt maturities
      due;
   -- 2016 EBITDA margin of 6.3%.

RATING SENSITIVITIES

Fitch could downgrade Usiminas' ratings further if the company is
unable to negotiate its debt covenants and maturity schedule
amortization, which would further pressure its liquidity position
and increasing refinancing risks.  Additionally, further
deterioration in the company's operating cash flow generation or
inability to sustain lower levels of capex could also warrant a
downgrade.

An upgrade of the ratings for Usiminas is not likely in the near
term.  Fitch could revise the Outlook to Stable if the company
refinances its maturities due over the next two years,
successfully completes asset sales or an equity raise to reduce
leverage, and/or material improvement in domestic steel demand in
Brazil.

LIQUIDITY

Usiminas' liquidity position has declined to BRL2.4 billion as of
Sept. 30, 2015 compared to BRL2.9 billion as of Dec. 31, 2015,
which Fitch expects to further erode.  The company's cash-to-short
ratio was 1.3x as of Sept. 30, 2015, compared to 1.7x as of
Dec. 31, 2015.  Current cash on hand can cover maturities through
2016 but will face refinancing issues for its amortization profile
beyond 2016 if it does not lengthen its maturity schedule.
Usiminas will breach its net debt / EBITDA covenant of 3.5x at
year end, which it has on approximately 70% of the company's debt
outstanding with banks.

FULL LIST OF RATING ACTIONS

Fitch has downgraded Usiminas' ratings as:

   -- Foreign currency IDR to 'B+' from 'BB';
   -- Local currency IDR to 'B+' from 'BB';
   -- National scale rating to 'BBB+(bra)' from 'A+(bra)';
   -- US$400 million notes due 2018 to 'B+/RR4' from 'BB'.

The Rating Outlook is Negative.


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


BABYLON SF: Shareholders' Final Meeting Set for Nov. 26
-------------------------------------------------------
The shareholders of Babylon SF SPC Ltd. will hold their final
meeting on Nov. 26, 2015, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


CHELSTON PARK: Shareholder to Hear Wind-Up Report on Nov. 20
------------------------------------------------------------
The shareholder of Chelston Park Energy & Natural Resource Hedge
Fund will hear on Nov. 20, 2015, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ECOLAB CAYMAN 1: Members Receive Wind-Up Report
-----------------------------------------------
The members of Ecolab Cayman 1 Limited received on Nov. 2, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          H&J Corporate Services (Cayman) Ltd
          c/o Inga Thompson
          Willow House, 2nd Floor
          Cricket Square
          P.O. Box 866 Grand Cayman K1-1103
          Cayman Islands
          Telephone: (345) 949-7555


GRENADIER LIMITED: Shareholder to Hear Wind-Up Report on Nov. 16
----------------------------------------------------------------
The shareholder of Grenadier Limited will hear on Nov. 16, 2015,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Fiona Crellin
          Samantha Powell
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


GREYWALL HEALTHCARE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Greywall Healthcare Offshore Fund, Ltd.
received on Nov. 3, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Greywall Asset Management LP
          c/o Joanne Huckle
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


LF SPV: Shareholder to Hear Wind-Up Report on Nov. 12
-----------------------------------------------------
The shareholder of LF SPV, Ltd. will hear on Nov. 12, 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:

          Lusman Capital Management, LLC
          Daniella Skotnicki
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


MORGAN STANLEY APOLLO: Shareholders' Meeting Set for Nov. 11
------------------------------------------------------------
The shareholders of Morgan Stanley Apollo Holdings (Cayman) Ltd
will hold their final meeting on Nov. 11, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ling Wei Ong
          International Commerce Centre, 40th Floor
          1 Austin Road West
          Kowloon
          Hong Kong
          Telephone: +852 2848-7284
          Facsimile: +852 3407-5552


MORGAN STANLEY APOLLO 2: Shareholders' Meeting Set for Nov. 11
--------------------------------------------------------------
The shareholders of Morgan Stanley Apollo Holdings 2 (Cayman) Ltd
will hold their final meeting on Nov. 11, 2015, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ling Wei Ong
          International Commerce Centre, 40th Floor
          1 Austin Road West
          Kowloon
          Hong Kong
          Telephone: +852 2848-7284
          Facsimile: +852 3407-5552


MSPEA APOLLO: Shareholders' Meeting Set for Nov. 11
---------------------------------------------------
The shareholders of MSPEA Apollo Holdings (Cayman) Ltd will hold
their final meeting on Nov. 11, 2015, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ling Wei Ong
          International Commerce Centre, 40th Floor
          1 Austin Road West
          Kowloon
          Hong Kong
          Telephone: +852 2848-7284
          Facsimile: +852 3407-5552


MSPEA APOLLO 2: Shareholders' Meeting Set for Nov. 11
-----------------------------------------------------
The shareholders of MSPEA Apollo Holdings 2 (Cayman) Ltd will hold
their final meeting on Nov. 11, 2015, at 11:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ling Wei Ong
          International Commerce Centre, 40th Floor
          1 Austin Road West
          Kowloon
          Hong Kong
          Telephone: +852 2848-7284
          Facsimile: +852 3407-5552


NEW BARYON: Shareholder to Hear Wind-Up Report on Nov. 10
---------------------------------------------------------
The shareholder of New Baryon Fund Ltd. will hear on Nov. 10,
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:

          BW Gestao De Investimentos Ltda.
          c/o Ben Gillooly
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PAG SF: Shareholders' Final Meeting Set for Nov. 26
---------------------------------------------------
The shareholders of PAG SF SPC will hold their final meeting on
Nov. 26, 2015, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


SOUTH CHINA: Shareholders' Final Meeting Set for Nov. 26
--------------------------------------------------------
The shareholders of South China Printing (Holdings) Ltd will hold
their final meeting on Nov. 26, 2015, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Sarah Moxam
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


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C H I L E
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CODELCO: Workers Sign Pact on Strategic Projects
------------------------------------------------
EFE News reports that Corporacion Nacional del Cobre (Codelco),
and its workers signed a pact expressing their commitment to a
series of strategic projects that are vital to the state-owned
company's future, the company's chief executive said.

CEO Nelson Pizarro said during the signing ceremony for the
"Strategic Pact with Chile" that if these projects were not
completed "Codelco would produce around 43 percent of current
output by 2025 and 22 percent a few years later," according to EFE
News.

The report notes that Codelco, which by law gives all of its
profits to the state, produces around 1.7 million tons of copper
annually.

"We will cease to be the world's leading copper producer very
soon," Mr. Pizarro said, noting that the strategic projects will
modernize mining processes with a view to maintaining or
increasing production levels, the report relays.

Those projects, which include converting its open-pit Chuquicamata
mine into an underground mine, developing a new mine level at El
Teniente and expanding its Andina mine, among other plans, are
expected to require an investment outlay of $25 billion, the
report discloses.

Amid a context of lower copper prices, Codelco in recent days
announced a reduction in its 2015-2019 investment program to $22
billion, down from an original level of $25 billion, although it
cautioned that its strategic projects were untouchable, the report
says.

The copper giant has begun laying off employees due to a decline
in revenues and net income, although the work force reductions
have thus far only affected executive and supervisory staff, the
report adds.


=============
G R E N A D A
=============


GRENADA: Government Says Debt Exchange Offer Successful
-------------------------------------------------------
Caribbean360.com reports that Grenada Government disclosed that
its debt exchange offer launched a month ago received the
overwhelming support of local creditors.

Holders of 94 per cent of the country's U.S. Dollar Bonds due 2025
and 100 per cent of E.C. Dollar Bonds due 2025 outstanding and
eligible to vote in the exchange have agreed to provide extensive
debt relief to Grenada by tendering their bonds in exchange for
new Grenada U.S. Dollar and E.C. Dollar Bonds due 2030, according
to Caribbean360.com.

Under the terms of the U.S. Dollar Bonds due 2025 and Grenada's
exchange offer, holders of not less than 75 per cent of the U.S.
Dollar Bonds due 2025 have provided instructions to the Trustee
for the entirety of the U.S. Dollar Bonds due 2025 to be tendered
in exchange for 2030 Bonds in accordance with the terms of
Grenada's offer, the report notes.

The report relays that the results of the tender process that
ended means that all bonds outstanding on the closing date will be
exchanged for 2030 Bonds later this month.

"Today is a very important day for the people of Grenada, who are
currently making sacrifices of their own in order to improve the
prospects of our beloved country," Prime Minister and Minister of
Finance Dr. Keith Mitchell said in a statement, the report notes.

"We are delighted with the results of this process, which paves
the way for the cancellation of 50 per cent of the face value of
our international bonds.  We extend our appreciation to our
creditors for their cooperation and support," the report quoted
Dr. Mitchell as saying.

The new bonds, which have a final maturity date of May 2030,
feature a natural disaster clause that, subject to certain
conditions, will enable Grenada to capitalize interest and defer
principal maturities due on the bonds in the event that Grenada is
adversely affected by a hurricane, the report notes.

Under the debt exchange, there is also a sharing mechanism that
will entitle holders to receive a capped portion of revenues that
may be generated by Grenada's Citizenship by Investment program
above certain thresholds following the successful completion of
the ECF, the report adds.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on Nov.
4, 2014, Standard & Poor's Ratings Services affirmed its 'SD/SD'
long- and short-term sovereign issuer credit ratings on Grenada
and its 'D' ratings on Grenada's senior unsecured debt.
Subsequently, S&P withdrew the ratings.  S&P's transfer and
convertibility assessment was 'BBB-' at the time of withdrawal.


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


TV AZTECA: Fitch Lowers IDR to 'B+'; Outlook Negative
-----------------------------------------------------
Fitch Ratings has downgraded TV Azteca S.A.B. de C.V.'s Foreign
and Local currency Issuer Default Ratings to 'B+' from 'BB-'.  The
Rating Outlook for Issuer-Default Ratings has been revised to
Negative from Stable.  Simultaneously, Fitch has downgraded the
debt ratings for the company's USD300 million senior unsecured
notes due 2018 and USD500 million senior unsecured notes due 2020
to 'B+(RR4)' from 'BB-'.  An RR4 recovery rating has been assigned
to the company's senior unsecured notes, which assumes average
recovery prospects in case of a default.

The downgrade reflects TV Azteca's ongoing credit profile
deterioration, which has notably accelerated during 2015 amid an
unfavorable operational environment.  The company's EBITDA erosion
amid negative revenue growth during the first nine months of 2015
was worse than Fitch's previous expectation and led to a sharp
rise in leverage, which was no longer deemed commensurate with the
'BB' category.

The Negative Outlook reflects Fitch's concern that any material
recovery in TV Azteca's financial profile, to a level that is in
line with its solid historical levels, would prove challenging
given the recent weak advertisement industry trend in Mexico.
Contributions from its overseas operations remain limited.  While
downside risk persists, the company's ability to successfully
execute its turnaround strategies, including advertising price
improvement, production cost control and reduced capex, and
meaningful EBITDA contribution from Colombia and Peru, would be
key factors for its ratings in the short to medium term.

KEY RATING DRIVERS

Rapid EBITDA Erosion

TV Azteca's EBITDA generation has continued to decline materially
during 2015 amid negative revenue growth.  Demand for advertising
remained suppressed for its main broadcasting business while its
cost of content production continued to rise.  The company's
production cost proportion to its sales increased to 71% during
the first nine months of 2015, which was a steep increase from 60%
during the same period in 2014.  This was partly driven by
depreciation of the Mexican peso to U.S. dollars as Fitch
estimates that around 25% of TV Azteca's production costs are
based in U.S. dollars, mainly for its transmission right
purchases.  In addition, the company's continued EBITDA loss in
Colombia, given the nascent stage of the operation, has negatively
weighed on its cost structure as well.  TV Azteca's EBITDA
generation during the last 12 months as of Sept. 30, 2015, was
MXN2.1 billion, which unfavorably compares to MXN3.5 billion in
2013 and MXN4.2 billion in 2012.  EBITDA margin fell to 17% during
the period from 29% in 2013 and 33% in 2012.  Fitch's EBITDA
calculation includes other operating income/expenses.

Positively, Fitch believes that some level of EBITDA recovery
could be possible in 2016 driven by the company's turnaround
initiatives, which mainly include advertising price increases,
transmission rights contracts renegotiations, and streamlined
labor costs among others.  As over-the-air broadcasting still
remains the most effective advertising platform given the high
penetration of TV in Mexican households, the industry-wide price
increase would be achievable to an extent.  Also, as Colombia
gains operational scale, Fitch expects the EBITDA loss to narrow.
While substantial execution risks remain, Fitch forecasts TV
Azteca to recover its EBITDA margin to 21% in 2016 based on these
measures in the short to medium term.

Negative FCF

TV Azteca's financial profile has quickly deteriorated due to its
continued negative free cash flow generation since 2013 amid the
aforementioned EBITDA erosion.  Given its business expansions into
new markets, as well as high-definition (HD) content related
investments, the company's capex, including intangible asset
investments, remained high at MXN2.1 billion during the last
twelve months.  This level of capex was in line with the 2014
level of MXN2.2 billion, but much higher than MXN1.2 billion in
2013 and MXN1.1 billion in 2012.

Fitch does not foresee any significant FCF generation in the short
to medium term, although a gradual improvement is likely as capex
falls in the absence of any major concession payments and material
shareholder returns.  Fitch forecasts the company's capex to fall
to between MXN700 million and 800 million as major investments for
its Colombian business and HD production are largely completed.
Despite the reduced capex, cash interest expenses and high working
capital needs, related with content purchases, would continue to
be a burden on its operational cash flow generation.

High Leverage

TV Azteca's leverage is high and its capital structure is
negatively exposed to foreign exchange rate movement risk.  All of
the company's debt is denominated in U.S. dollars while its U.S.
dollar revenue generation is slightly over 10%, mainly from its
Azteca America operation.  The company held MXN14.9 billion of
total debt as of Sept. 30, 2015, of which close to 90% was in
senior unsecured USD notes.  TV Azteca's net leverage has
materially increased to 5.3x as of Sept. 2015, which unfavorably
compares to 2.5x as of end-2014 and 2.0x as of end-2013 due to
weakened EBITDA generation.  Although Fitch expects the ratio to
improve to around 4.5x given the potential EBITDA recovery over
the medium term, it would be difficult for the company to restore
its financial profile back to the solid historical levels given
ongoing operational challenges.

Negative Reform Impact

The negative impact from media sector reform will be visible from
2016 when Cadena Tres, the winner of the newly auctioned national
broadcasting concession, starts operation and attempts to encroach
on the existing broadcasters' market shares.  Fitch believes that
TV Azteca's market share loss will be modest over the medium term
as the advertisers would prefer to buy advertisement slots from
the company rather than the new entrant given its well-established
quality content production.  Nevertheless, in Fitch's view the
increased competitive pressures that come with an additional
competitor, along with the industry maturity, will undermine TV
Azteca's growth potential and could lead to pressure on
profitability going forward.

Positive Long-Term Diversification

Over the long term, TV Azteca will benefit from cash flow
diversification with its fiber optic network projects in Colombia
and Peru.  The overseas expansion into fixed-line telecom
operations can help mitigate the risk stemming from the increasing
competitive pressure in its domestic broadcasting operations to a
certain extent, although the contribution will remain small for
the medium term.

KEY ASSUMPTIONS

   -- Mid-single-digit annual revenue growth in 2016 driven by
      advertising price increases and a larger operational scale
      in Colombia;

   -- Market share gradually declines to below 30% in the long
      term due to the new entrant;

   -- EBITDA margin to recover to 21% level in 2016 from 17% in
      2015 due to resumed revenue growth and cost control
      initiatives;

   -- No significant FCF generation in the short to medium term
      due to high working capital, including exhibition rights,
      and capex;

   -- Net leverage to remain above 5.0x by end-2015 but to
      modestly improve to around 4.5x over the medium term, in the
      absence of any sizable increase in capex or strategic
      investments.

RATING SENSITIVITIES

A further negative rating action could be considered in case of
weaker-than-expected EBITDA recovery and resultant continued
negative FCF generation due to TV Azteca's inability to materially
raise advertising prices and curb rising production costs, and/or
continued loss in its Colombian operation and high level of capex,
including intangible asset investments.  A lack of any clear
indication of deleveraging amid weakening liquidity position could
result in a further ratings downgrade.

Conversely, a material EBITDA turnaround is necessary for any
positive rating action.  Resumed revenues growth with a successful
cost control from its main broadcasting operation, positive FCF
generation with a meaningful cash flow income from its overseas
operations would be among key rating drivers.  Also, a reduction
in the company's net leverage ratio toward 4.0x on a sustained
basis would be positive for the rating Outlook to be revised to
Stable.

LIQUIDITY

TV Azteca's liquidity profile is sound in light of its MXN3.6
billion cash balance while the company faces no debt maturity
until 2018, which provides some cushion against its negative FCF
generation in the short term.  Negatively, TV Azteca's financial
flexibility to raise additional debt should remain constrained,
due to the incurrence covenant for its senior unsecured notes.


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


MORGANS HOTEL: Mike Olshan and Adam Stein Join Board
----------------------------------------------------
Morgans Hotel Group Co. announced that Michael Olshan and Adam
Stein have joined its Board replacing Martin Edelman and John
Brecker, who have resigned. Olshan is currently managing partner
of O-CAP Management LLC and founding member of OTK Associates,
which owns approximately 13% of Morgans' common stock. Adam Stein
is a portfolio manager at Pine River Capital Management, which
owns approximately 9% of Morgans' common stock.

In addition, Mr. Olshan has been appointed to serve as a member of
the Company's Corporate Governance & Nominating Committee and Mr.
Stein has been appointed to serve as a member of the Company's
Compensation and Audit Committees, in each case effective
immediately.

"I am pleased to welcome Michael and Adam to our Board, and want
to thank Marty and John for their significant time and
contributions," said Howard M. Lorber, Chairman of Morgans.

                     About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues
for the year ended Dec. 31, 2014, compared with a net loss
attributable to common stockholders of $58.5 million on $236
million of total revenues during the prior year.

As of June 30, 2015, Morgans Hotel had $521 million in total
assets, $772 million in total liabilities, and a $252 million
total deficit.


MORGANS HOTEL: Reports $11.8MM Net Loss for 3Q 2015
---------------------------------------------------
Morgans Hotel Group Co. reported a net loss attributable to common
stockholders of $11.8 million on $53.2 million of total revenues
for the three months ended Sept. 30, 2015, compared to a net loss
attributable to common stockholders of $13.7 million on $55.4
million of total revenues for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company recorded a
net loss attributable to common stockholders of $39.2 million on
$163 million of total revenues compared to a net loss attributable
to common stockholders of $55.9 million on $172 million of total
revenues for the same period a year ago.

As of Sept. 30, 2015, the Company had $515 million in total
assets, $774 million in total liabilities and a $259 million total
deficit.

At Sept. 30, 2015, the Company had approximately $38.8 million in
cash and cash equivalents and $15.8 million in restricted cash.
Strategic Plan

On May 13, 2014, Morgans announced that its Board had authorized
the exploration of a broad range of value-creating initiatives to
maximize value for stockholders. After an extensive analysis of
various alternatives, the Board has taken the following immediate
steps:

   * Developed and begun implementing a new strategic plan;
   * Engaged a new full-time, New York City based President and
     CEO; and
   * Increased stockholder alignment on the Board.

The new strategic plan includes:

   * Pursuing the monetization of Hudson New York and Delano South
Beach;

   * Deleveraging the Company's balance sheet, reducing its
weighted average cost of capital, and increasing its
financial flexibility by taking steps to retire its highestcost
and most restrictive securities;

   * Maximizing the value of Morgans' iconic brands by clearly
defining each of its brand lines, thoughtfully pursuing new
license and management agreements for these brands, and
strategically extending brands and building scale in defined
target markets;

   * Driving profitable revenue growth for our owners and partners
by implementing new marketing systems, operational
efficiencies and profit improvement programs portfolio-wide;

   * Strengthening the management team to support growth i
initiatives while maintaining a lean and efficient corporate
structure; and

   * Building on the Company's culture of transparency and
accountability and ensuring open communications with
stockholders and other key stakeholders.

Pursuant to the plan, the Company is in the process of engaging a
leading professional commercial real estate services firm, to
assist with the monetization of Hudson New York and Delano South
Beach. The Company expects the marketing process to commence in
the fourth quarter of 2015 and to be completed by the second
quarter of 2016.

"We are very pleased to be able to share our new, comprehensive
strategic plan -- which is designed to transform Morgans into a
stronger, better-capitalized and more focused company with an
emphasis on enhancing the significance of our brands, increasing
our financial flexibility and realizing maximum value for the
Company's stockholders," said Howard M. Lorber, Chairman of
Morgans.

A full-text copy of the press release is available for free at:

                          http://is.gd/A7cFR9

                     About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues
for the year ended Dec. 31, 2014, compared with a net loss
attributable to common stockholders of $58.5 million on $236
million of total revenues during the prior year.

As of June 30, 2015, Morgans Hotel had $521 million in total
assets, $772 million in total liabilities, and a $252 million
total deficit.


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


BARING PRIVATE: Moody's Assigns B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating (CFR) to Baring Private Equity Asia VI Holding (1)
Ltd, the parent holding company for Vistra Group Holdings (BVI)
Limited (Vistra) and Orangefield Group (together "Vistra-
Orangefield"), which was established by affiliates of Baring
Private Equity Asia (BPEA) to complete its buyout of both Vistra
and Orangefield .

At the same time, Moody's has assigned a definitive B1 rating to
the USD515 million first lien term loan due 2022 (of which EUR238
million is allocated and funded in Euros) and the USD50 million
revolving credit facility; and a definitive B2 rating to the
USD185 million second lien term loan due 2023 (of which EUR78.5
million is allocated and funded in Euros). The loans are
guaranteed by substantially all subsidiaries, including Vistra and
Orangefield.

The outlook on all ratings is stable.

RATINGS RATIONALE

Moody's definitive ratings confirm the provisional ratings
assigned on 8 July 2015. The proceeds from the USD700 million term
loan borrowings are used to partially fund BPEA's approximate
USD1.4 billion acquisition of Vistra and Orangefield Group. The
balance of the purchase price is provided through an equity
injection by BPEA. The acquisitions of Vistra and Orangefield
Group were completed on 27 and 29 October, respectively.

"The B1 CFR reflects the combined company's top 4 market position
in the fragmented corporate and trust services (CTS) industry;
high barriers to entry fostered by long-standing relationships
with a well-diversified customer base; revenue and cash flow
visibility driven by the multi-year nature of its structures and a
solid liquidity profile," says Brian Grieser, a Moody's Vice
President and Senior Analyst.

We expect growth in Vistra-Orangefield's EBITDA and cash flow
generation to be driven by the sustained demand in new structures,
especially in Asia where Vistra is a market leader. Demand growth
expectations are supported by the increase in cross border M&A and
capital markets transactions, growth in fund activities and the
increasing number of high net worth individuals who demand more
sophisticated structures.

"Ratings are constrained by Vistra-Orangefield's exposure to
legal, regulatory and reputational risks driven by global
corporate governance legislation and tax regulations; high
adjusted debt-to-EBITDA leverage, an aggressive growth strategy,
partially dependent on bolt-on acquisitions, and integration risks
following the combination of the two businesses, " adds Grieser,
also Moody's Lead Analyst for Vistra-Orangefield.

We expect adjusted debt-to-EBITDA, proforma for the earnings of
both Vistra and Orangefield Group in 2015 and the acquisition
debt, to be just over 6.0x (pro forma for the transactions
completing on 1st January 2015). As such, leverage will be high
for the rating throughout 2016. However, we expect EBITDA growth,
coupled with modest debt reduction, to support deleveraging such
that leverage will approach 5.0x by end-2016.

The stable outlook reflects our view that Vistra-Orangefield is an
aggressively leveraged, small business when compared to similarly
rated issuers. However, this factor is mitigated by its strong and
predictable margins supported by a high degree of repeat and
retention business, stable cash flow generation, solid EBITDA
growth prospects and our expectation for significant deleveraging
over the next two years.

The first lien term loan is rated in line with the CFR at B1 and
the second lien term loan is rated one notch below at B2,
reflecting its subordination in the capital structure to the first
lien loan. The first and second lien loans are secured by
substantially all the assets of Vistra-Orangefield with the first
lien loans retaining priority in repayment in case of an
enforcement on collateral.

Vistra-Orangefield's ratings could be downgraded if integration
plans fail to provide synergies, the company deviates from its
plan to deleverage, new litigation or regulatory standards weaken
its cash flow or earnings profile or the company undertakes
another transformative acquisition over the next 12-18 months.

If adjusted debt-to-EBITDA does not trend towards or below 5.0x in
the 12-18 months following close of the transaction, ratings could
be downgraded. Further, sustained adjusted EBITA-to-Interest
expense below 2.0x or adjusted retained cash flow-to-net debt
below 10% could lead to a ratings downgrade.

The ratings are unlikely to be upgraded over the next two years
given Vistra-Orangefield's small scale and high leverage. Moody's
is unlikely to consider an upgrade prior to the company lowering
its adjusted debt-to-EBITDA on a sustainable basis below 4.0x.

Vistra-Orangefield is a provider of corporate & trust services for
companies (private companies, SMEs, listed companies), but also to
high net worth individuals (HNWI) and funds with around 50% of
gross fees generated in Asia, the rest primarily generated in
Europe. Services include company formation and renewal services,
corporate administration services, trustee and fiduciary services,
fund services and family office services. Vistra-Orangefield
operates around 180,000 structures and is present in 41
jurisdictions as of December 2014.


HOVENSA LLC: U.S. Trustee Amends Committee of Unsecured Creditors
-----------------------------------------------------------------
The U.S. Trustee notified the District Court of the Virgin
Islands, Bankruptcy Division, of the amended committee of
Creditors Holding Unsecured Claims in the Chapter 11 case of
Hovensa L.L.C.

The Committee now consists of:

      1. Pension Benefit Guaranty Corporation
         1200 K Street, NW
         Washington, DC 20005
         E-mails: serspinski.sven@pbgc.gov
         gran.christopher@pbgc.gov

      2. National Resource Corporation
         3500 Sunrise Highway, Suite 200
         Building 200
         Great River, NY 11730
         E-mails: mboivin@nrcc.com

      3. Atlantic Trading & Marketing, Inc.
         San Felipe Plaza - Suite 2100
         5847 San Felipe
         Houston, TX 77057
         E-mail: john.keough@clydeco.us

      4. Turner St. Croix Maintenance, Inc.
         P.O. Box 2750
         8687 United Plaza Boulevard
         Baton Rouge, Louisiana 70821
         E-mails: jfenner@turner-industries.com
         kpatrick@dps-law.com

      5. United Industrial Workers of the
         Seafarers International Union, AFL-CIO
         P.O. Box 7630
         Christiansted, VI 00823
         E-mail: jmerchant@seafarers.org

As reported by the Troubled Company Reporter on Oct. 7, 2015, the
previous Committee members were:

a) Pension Benefit Guaranty Corporation
b) National Resource Corporation
c) Atlantic Trading & Marketing, Inc.
d) Turner St. Croix Maintenance, Inc.
e) National Industrial Workers of the


                          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
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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 * * *