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                     L A T I N   A M E R I C A

            Thursday, November 12, 2015, Vol. 16, No. 224


                            Headlines



A R G E N T I N A

YPF SA: Court Orders Firm to Share Details of Chevron Deal


B E L I Z E

BELIZE: 'Superbond' Sinks Most Since '13 as Election Proceeds


B R A Z I L

BANCO VOTORANTIM: Moody's Cuts Deposit and Sr. Debt Rating to Ba1
OAS S.A.: Said to Agree to Invepar Sale to Brookfield for $356MM
OGX PETROLEO: Batista Banned for 5Yrs From Serving as an Officer


C A Y M A N  I S L A N D S

ACS CAYMAN: Commences Liquidation Proceedings
APOLE FUNDING: Commences Liquidation Proceedings
ASGARD CAPITAL: Creditors' Proofs of Debt Due Nov. 26
ATLAS ASIA: Creditors' Proofs of Debt Due Dec. 11
BARRY LTD: Creditors' Proofs of Debt Due Dec. 11

CORTEX GLOBAL: Commences Liquidation Proceedings
FORTUNA CHINA: Creditors' Proofs of Debt Due Nov. 16
JAPAN REALTY VI: Commences Liquidation Proceedings
NAC EUROPEAN: Creditors' Proofs of Debt Due Nov. 26
NORTH POLE: Creditors' Proofs of Debt Due Nov. 16

NORTH POLE SELECT: Creditors' Proofs of Debt Due Nov. 16
REDWOOD REINSURANCE: Creditors to Hold Meeting on Nov. 20
TOKYO REALTY V: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Govt. Says Trusts are Key to End Housing Shortage


E L  S A L V A D O R

TELEMOVIL FINANCE: Moody's Withdraws B1 CFR on Lack of Information


P U E R T O    R I C O

DORAL FINANCIAL: Has Until Dec. 31, 2015 to Propose Chap. 11 Plan


X X X X X X X X X

LATAM: Chairman Urges Tourism Stakeholders Not to be Complacent


                            - - - - -


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


YPF SA: Court Orders Firm to Share Details of Chevron Deal
----------------------------------------------------------
EFE News reports that Argentina's Supreme Court ruled that state-
controlled oil company YPF must disclose the terms of its 2013
deal with U.S.-based supermajor Chevron to develop the giant Vaca
Muerta shale formation.

"The imprecise and generic affirmations formulated by YPF SA were
not sufficient to hold as proven that the release of the content
of the accord might compromise industrial, technical and
scientific secrets," the court concluded in a 3-1 decision,
according to EFE News.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Nov.
6, 2015, Moody's Affirms YPF S.A Caa1 global scale and Baa1.ar in
the national scale ratings.  At the same time, Moody's Investors
Service has affirmed the rating of its senior unsecured notes at
Caa1 in the global scale, and the rating of its medium-term note
program at (P)Caa1 in the global scale. The outlook was changed to
stable from negative.



===========
B E L I Z E
===========


BELIZE: 'Superbond' Sinks Most Since '13 as Election Proceeds
-------------------------------------------------------------
Michael D. McDonald at Bloomberg News reports that Belize's bonds
fell the most in more than two years as voters in the Central
American nation decide whether Prime Minister Dean Barrow deserves
a third term in office.

The yield on Belize's "superbond" due in 2038 rose 56 basis points
to 10 percent at 2:50 p.m. New York time on Nov. 5, according to
Bloomberg News.  That's the highest since the security was offered
as part of a $544 million debt restructuring in 2013, following
two defaults in six years, Bloomberg News relays.

Belize's debt has returned 11.7 percent so far this year, the most
in Latin America after Venezuela and Argentina, according to
JPMorgan Chase & Co.'s EMBIG index, Bloomberg News notes.

Bloomberg News discloses that Mr. Barrow has served as prime
minister since 2008 and faces opposition leader Francis Fonseca,
who has pledged to create 25,000 jobs and cut living costs.

About 197,000 people are eligible to vote in the country, which
has a population of 341,000 and is known among international
tourists for its Mayan ruins and barrier reef, Bloomberg News
relates.

Election results for all 31 seats in parliament are expected this
morning, Nov. 12.

Bloomberg News says that Mr. Barrow has promised to boost
infrastructure spending and expand trade if elected.

Mr. Barrows dissolved the legislature in September and called snap
elections, Bloomberg News notes.  At the time, the 64-year-old
said that the bond restructuring saved the country $500 million
and public finances are "robust," Bloomberg News relays.

According to Bloomberg News, the International Monetary Fund said
in July that public debt could rise "significantly" in the short
to medium-term and that lower commodity prices and changes to the
Venezuelan-led Petrocaribe oil-financing program pose risks to
Belize's economy.

The country's gross domestic product shrank 1.6 percent year-on-
year in the second quarter and the IMF said it expects growth to
fluctuate around 2.5 percent annually, Bloomberg News adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 19, 2015, Moody's Investors Service has affirmed Belize's
Caa2 issuer ratings. The outlook remains stable.

The key drivers of the rating actions are the following:

(1) The expectation of ongoing economic recovery mitigates the
    negative trends in public finances, although downside risks to
    the fiscal outlook remain.

(2) The risk of losses to bondholders through 2017-18 remains
    considerable given fiscal challenges and a confluence of
    risks.


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


BANCO VOTORANTIM: Moody's Cuts Deposit and Sr. Debt Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded Banco Votorantim S.A.'s (BV)
baseline credit assessment (BCA) to ba2 from ba1, its long-term
local- and foreign-currency deposit and debt ratings to Ba1 from
Baa3; its short-term local- and foreign-currency deposit ratings
to Not Prime from Prime 3; the long-term foreign-currency senior
debt ratings to its Nassau branch to Ba1 from Baa3; its foreign-
currency subordinate debt rating to Ba2 from Ba1; and its long-
term Brazilian national scale deposit rating to Aa2.br from
Aa1.br.  The outlook on all ratings remains negative.  The long
and short-term counterparty risk assessments of both Banco
Votorantim and its Nassau branch were downgraded to Baa3(cr)/Prime
3(cr), from Baa2(cr)/Prime 2(cr), respectively.

These ratings and assessments assigned to Banco Votorantim S.A.
were downgraded:

  Baseline credit assessment to ba2 from ba1
  Adjusted baseline credit assessment to ba1 from baa3
  Long-term global local-currency deposit rating to Ba1 from Baa3;
   negative outlook
  Short-term global local-currency deposit rating to Not Prime
   from Prime 3
  Long-term foreign-currency deposit rating to Ba1 from Baa3;
   negative outlook
  Short-term foreign-currency deposit rating to Not Prime from
   Prime 3
  Long-term local-currency senior unsecured debt rating to Ba1
   from Baa3; negative outlook
  Senior unsecured MTN program (foreign currency) rating to (P)Ba1
   from (P)Baa3
  Long-term foreign-currency senior unsecured debt rating to Ba1
   from Baa3; negative outlook
  Long-term foreign-currency subordinate debt rating to Ba2 from
   Ba1
  Short-term MTN program (foreign currency) rating to (P)Not Prime
   from (P)Prime 3
  Long-term Brazilian national scale deposit rating to Aa2.br from
   Aa1.br
  Long-term counterparty risk assessment to Baa3(cr) from Baa2(cr)
  Short-term counterparty risk assessment to Prime 3(cr) from
   Prime 2(cr)

The rating assigned to Banco Votorantim S.A. was affirmed:

  Short-term Brazilian national scale deposit rating of BR-1

These ratings and assessments assigned to Banco Votorantim S.A.
Nassau Branch were downgraded:

  Long-term foreign-currency senior unsecured debt rating to Ba1
   from Baa3; negative outlook
  Senior unsecured MTN program (foreign currency) rating to (P)Ba1
   from (P)Baa3
  Short-term MTN program (foreign currency) rating to (P)Not Prime
   from (P)Prime 3
  Long-term counterparty risk assessment to Baa3(cr) from Baa2(cr)
  Short-term counterparty risk assessment to Prime 3(cr) from
   Prime 2(cr)

RATINGS RATIONALE

The downgrade of Banco Votorantim S.A.'s (BV) baseline credit
assessment (BCA) to ba2 from ba1 and the maintenance of the
negative outlook on the ratings are driven by the continuing
pressures on asset risk, capital and profitability, which remain
vulnerable to the recessionary economic environment.  The
challenging operating conditions, expected to continue through
2016, will likely demand BV to increase provisions because of loan
exposures to segments that are particularly sensitive in a
downturn.  This will threaten its already modest profitability and
will delay efforts to strengthen its capitalization.

BV's asset quality, measured by the 90-day past due loan ratio,
remains weak relative to peers at 5.2% in 2Q15, reflecting the
intrinsic risks associated with its loan book.  The credit
portfolio is almost equally composed of loans to corporations,
with a high degree of single name concentrations, and pre-owned
vehicle financing, which is vulnerable to increasing unemployment
and declining income.  The adoption of more conservative
origination policies have helped stabilize car loan delinquencies
over the past two quarters, but at 5.4% as of June 2015, the past
due loan ratio remains high.  In addition, corporate delinquencies
have also risen, trending around 5%, mainly influenced by recent
corporate defaults and growing loan restructurings, which reflect
the general decline in borrowers' repayment capacity.

In a scenario of economic contraction, Moody's expects BV's asset
quality will decline, and will trigger additional provisions,
affecting profitability.  For the past six quarters, BV has
managed to reduce operating costs and provisions, recording modest
average profitability at levels of 0.5% return on tangible assets.
However, we note that BV's loan loss provisions still represent a
meaningful portion of its pre-provision income, equivalent to 82%
in the first half of 2015.  Therefore, the bank's revenue cushion
to absorb a potential increase in loan loss provisions is limited,
and any sizable loan losses could hurt profits and capital.

In this context, modest profitability will continue to constrain
BV's already low capitalization ratio, which Moody's measures as
tangible common equity to total assets, at 4.3% in June 2015.
This metric has been stable for the past four quarters mainly
because of flat risk weighted assets, although regulatory capital
is comfortably above the minimum requirement.  Ongoing
stabilization of capital levels will therefore depend on the
bank's ability to keep generating results internally, which will
also allow it to realize the relevant amount of deferred tax
assets.

BV is highly dependent on market funds, but asset and liabilities
are largely tenor-matched.  In addition, the bank receives
significant funding from Banco do Brasil (BB, Baa3 stable, ba1),
its 50% controlling shareholder, through an agreement to acquire
vehicle loans from BV, which mitigates pressures on its funding.
Also, BV's ample liquid resources are supplemented by a BRL7.0
billion committed facility, which is also provided by BB.

The downgrade of BV's deposit and senior debt ratings to Ba1, from
Baa3, derives from the ba2 BCA, lowered from ba1, and it also
incorporates a one notch of affiliate support uplift, to reflect
Moody's view of the high likelihood of support from Banco do
Brasil S.A. (BCA of ba1).

WHAT COULD MAKE THE RATING GO DOWN

Negative pressures on BV's BCA are related to the potential
deterioration on its asset risk and profitability in light of the
weak economic environment and further capital deterioration.

WHAT COULD MAKE THE RATING GO UP

Positive pressure on the BCA could arise from a significant
improvement in its asset quality, ongoing profitability
improvement and increased capitalization.

LAST RATING ACTION

The last rating action on Banco Votorantim S.A. was on May 11,
2015, when Moody's downgraded its BCA to ba1 from baa3; the long-
term local- and foreign-currency deposit and senior debt ratings
to Baa3 from Baa2; the subordinate debt ratings to Ba1 from Baa3;
the short-term local- and foreign-currency deposit ratings to P-3
from P-2; and the long-term Brazilian national scale deposit
rating to Aa1.br from Aaa.br. The outlook on all ratings was
placed as negative.

Banco Votorantim S.A. is headquartered in Sao Paulo, Brazil.  It
reported total assets of BRL103.3 billion ($33.3 billion) and
equity of BRL7.8 billion ($2.5 billion) as of June 30, 2015.


OAS S.A.: Said to Agree to Invepar Sale to Brookfield for $356MM
-----------------------------------------------------------------
Jonathan Levin at Bloomberg News reports that OAS SA, the
Brazilian builder seeking to emerge from bankruptcy protection,
agreed to sell its stake in toll-road operator Invepar to
Brookfield Asset Management Inc., according to a person with
knowledge of the matter.

Bloomberg News notes that Brookfield Asset will pay BRL1.35
billion ($356 million) for OAS's 24 percent stake in Invepar,
according to the person who asked not to be identified discussing
private information.

Funds from the sale would be used to pay bondholders, and owners
of unsecured dollar notes can expect recovery values of around 15
cents to 20 cents on the dollar, depending on the outcome of
several other transactions, the person said, Bloomberg News
relays.

Brookfield Asset had already agreed to provide 800 million reais
in debtor-in-possession financing to OAS that used the Invepar
stake as collateral, Bloomberg News notes.  The amount of the loan
has been reduced and will take the form of exit financing,
according to the person, Bloomberg News relays.

OAS SA and many of its Brazilian construction peers were swept up
in Brazil's largest ever corporate scandal after prosecutors
arrested some executives in November, accusing them of paying
kickbacks to state-run companies and politicians to win contracts
with state-controlled oil producer Petroleo Brasileiro SA,
Bloomberg News discloses.

Bloomberg News notes that the scandal has crippled an industry
that accounts for hundreds of thousands of jobs in Latin America's
biggest economy.  OAS became the largest Brazilian builder to seek
protection from creditors.

Dollar bonds make up the lion's share of OAS's roughly BRL10
billion in total claims, according to a restructuring plan
presentation from June, Bloomberg News relays.  The company's
notes due in 2019 with a face value of $875 million most recently
traded at 7.25 cents on the dollar.

Separately from the Invepar deal, OAS SA is also in talks about
the sale of oil-and-gas and water-treatment assets, the person
said, Bloomberg News relates.  A creditors' generally assembly
planned for last Tuesday, Nov. 10, will probably be rescheduled
for next week, the person said.

A company reorganization plan from June shows it expects revenue
to bottom out in 2017, with sales growth resuming again the
following year, Bloomberg News relays.

                         About OAS S.A.

The OAS Group is among the largest and most experienced
infrastructure companies in Brazil, focusing on heavy engineering
and equity investments in infrastructure projects located in and
outside Brazil and abroad for both public and private clients.
The OAS Group provides services in 22 countries in Latin America,
the Caribbean and Africa.

Based in Sao Paulo, Brazil, OAS S.A. is the holding company at the
apex of the OAS Group.  Its share capital is divided between CMP
Participacoes Ltda. (owned by Mr. Cesar de Araujo Mata Pires),
which has a 90% stake, and LP Participacoes e Engenharia Ltd.
(owned by Mr. Jose Adelmario Pinheiro Filho, which has a 10%
stake.

Amid an investigation into alleged corruption and money
laundering, and missed interest payments, OAS S.A. and its
affiliates Construtora OAS S.A., OAS Investments GmbH, and OAS
Finance Limited on March 31, 2015, commenced judicial
reorganization proceedings before the First Specialized Bankruptcy
Court of Sao Paulo pursuant to Federal Law No. 11.101 of February
9, 2005 of the laws of the Federative Republic of Brazil.

On April 15, 2015, OAS S.A., et al., filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 15-10937) in Manhattan,
in the United States to seek U.S. recognition of the Brazilian
proceedings.  Renato Fermiano Tavares, as foreign representative,
signed the petitions.  The cases are assigned to Judge Stuart M.
Bernstein. White & Case, LLP, serves as counsel in the U.S. cases.

OAS S.A. listed at least US$1 billion in assets and liabilities.


OGX PETROLEO: Batista Banned for 5Yrs From Serving as an Officer
----------------------------------------------------------------
Dan Horch, writing for DealBook, reports that the fallen
businessman Eike Batista lost another legal battle as Brazil's
markets regulator banned him from serving as an officer of a
publicly traded company for the next five years.

Mr. Batista was once the world's eighth-richest man, whose six
publicly traded companies gave him an estimated net worth of more
than $30 billion.  But despite initially strong stock market
performance, the companies collapsed as they failed to make enough
money to service their debt, according to DealBook.

The report notes that his petroleum company, OGX, defaulted in
2013 on more than $5 billion of debt. The default left many
foreign investors, including the bond giant Pimco, with heavy
losses.  Three other of Mr. Batista's companies defaulted soon
after OGX did.

The regulator, C.V.M., said that Mr. Batista had broken rules
against conflicts of interest when he voted as a shareholder to
approve the OGX 2013 balance sheet, the report notes.  At the time
he was also the company's chief executive, the report says.

Nov. 10 was the second time the regulator has found Mr. Batista
liable for misconduct, but his lawyers are appealing both rulings,
which remain suspended until the appeals are judged -- a process
that can take years, the report relays.

The collapse of OGX has also led to a criminal case against Mr.
Batista on accusations of insider trading and stock market
manipulation, but that case is at a standstill, the report notes.

The trial began last year but was suspended in February after the
judge in charge was filmed driving Mr. Batista's Porsche, which
the same judge had ordered seized, the report notes.  The court
has yet to set a date for the trial to resume.

Heloisa Estellita, a professor of criminal law at the Fundacao
Getulio Vargas law school in Sao Paulo, said there was no
procedural reason the criminal trial could not have resumed
immediately, the report discloses.

"It's a common strategy for defense lawyers to try to delay trials
until the statute of limitations frees defendants," the report
quoted Ms. Estellita as saying.

Ms. Estellita said the court would probably try to avoid that
outcome in Mr. Batista's case, though she also said that even if
he was tried in time and judged guilty, it would be "very
difficult" for him to serve jail time, the report relays.

"If convicted, he would be a first-time offender, and sentences of
up to four years can be converted to community service," Ms.
Estellita added.

                        About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.


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

ACS CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 26, 2015, the shareholders of ACS Cayman Limited resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Fides Limited
          Dwight Dube
          Telephone: (345) 949 7232
          The Grand Pavilion, Commercial Centre, 2nd Floor
          P.O. Box 10338 Grand Cayman
          Cayman Islands KY1-1003


APOLE FUNDING: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 7, 2015, the sole shareholder of Apole Funding Company
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Benjamin Booker
          Thomas Mylott
          Sterling Trust (Cayman) Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043 George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 640 6600


ASGARD CAPITAL: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------------
The creditors of Asgard Capital Limited are required to file their
proofs of debt by Nov. 26, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 5, 2015.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          RHSW (Cayman) Limited,
          Windward 1, Regatta Office Park, 2nd Floor
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 7576
          Facsimile: +1 (345) 949 8295


ATLAS ASIA: Creditors' Proofs of Debt Due Dec. 11
-------------------------------------------------
The creditors of Atlas Asia Focused Multi Asset Fund are required
to file their proofs of debt by Dec. 11, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2015.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 5586


BARRY LTD: Creditors' Proofs of Debt Due Dec. 11
------------------------------------------------
The creditors of Barry Ltd. are required to file their proofs of
debt by Dec. 11, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 7, 2015.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 5586


CORTEX GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 5, 2015, the sole shareholder of Cortex Global Fund
Offshore, Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Mark Stupfel
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


FORTUNA CHINA: Creditors' Proofs of Debt Due Nov. 16
----------------------------------------------------
The creditors of Fortuna China Fund are required to file their
proofs of debt by Nov. 16, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2015.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


JAPAN REALTY VI: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 8, 2015, the sole shareholder of Japan Realty Investment
Company VI resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Collas Crill & CARD
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


NAC EUROPEAN: Creditors' Proofs of Debt Due Nov. 26
---------------------------------------------------
The creditors of NAC European Credit Fund are required to file
their proofs of debt by Nov. 26, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 2, 2015.

The company's liquidator is:

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


NORTH POLE: Creditors' Proofs of Debt Due Nov. 16
-------------------------------------------------
The creditors of North Pole Capital Master Fund II are required to
file their proofs of debt by Nov. 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2015.

The company's liquidator is:

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


NORTH POLE SELECT: Creditors' Proofs of Debt Due Nov. 16
--------------------------------------------------------
The creditors of North Pole Select are required to file their
proofs of debt by Nov. 16, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2015.

The company's liquidator is:

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


REDWOOD REINSURANCE: Creditors to Hold Meeting on Nov. 20
---------------------------------------------------------
The creditors of Redwood Reinsurance SPC, Ltd. will hold their
first meeting on Nov. 20, 2015, at 10:00 a.m.  Anyone who wants to
attend must send their intention to participate by Nov. 16, 2015.

The company's liquidator is:

          Claire Loebell
          c/o Tom Bussanich
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 8977
          Facsimile: (345) 814 8529


TOKYO REALTY V: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 15, 2015, the sole shareholder of Tokyo Realty Investment
Company V resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Collas Crill & CARD
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


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


DOMINICAN REP: Govt. Says Trusts are Key to End Housing Shortage
----------------------------------------------------------------
Dominican Today reports that Presidency Chief of Staff Gustavo
Montalvo said public-private partnerships and trusts are the key
to end the country's housing shortage, during a meeting with
Dominican Trust Association (Asofidom) to discuss the projects
under trust financing.

"We're promoting through the Affordable Housing Construction Trust
in Dominican Republic -Trust VBC RD, involving the private sector,
thereby the 17 developers selected for the first project supported
by the Trust VBC RD, such as Juan Bosch City Project," Mr.
Montalvo said, according to Dominican Today.

Mr. Montalvo said he'll continue working on other trust projects
given their importance for public and private interests, the
report notes.

In the National Palace meeting, the official cited the case of the
Tourism and Economic Development Trust for Pedernales province
(southwest), which in his view represents the needs of the various
sectors, the report relays.

                        *     *     *

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'.


====================
E L  S A L V A D O R
====================


TELEMOVIL FINANCE: Moody's Withdraws B1 CFR on Lack of Information
------------------------------------------------------------------
Moody's Investors Service withdrew the B1 corporate family rating
on Telemovil Finance Co. Ltd.  There were no ratings assigned and
there are not specific debt instruments.

RATINGS RATIONALE

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Telemovil Finance Co. Ltd, is an exempted company incorporated
with limited liability under the laws of the Cayman Islands for
the purposes of issuing repaid notes.  Telemovil El Salvador, S.A.
de C.V., the operating company and guarantor of the notes,
provides mobile, cable TV and broadband services in El Salvador as
the largest mobile telecom service provider in the country.  Both
entities are ultimately 100% owned by Millicom International
Cellular, S.A. (Ba1. RUR-down), a global telecom investor
domiciled in Luxembourg with telecom operations in 13 countries in
Latin America and Africa.



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


DORAL FINANCIAL: Has Until Dec. 31, 2015 to Propose Chap. 11 Plan
-----------------------------------------------------------------
Cara Salvatore at Bankruptcy Law360 reported that Puerto Rico-
based Doral Financial Corp. will maintain exclusive control over
its bankruptcy until the end of the year under a new ruling filed
on Nov. 2, 2015, that lets Doral keep working toward partial
recoupment of a hotly contested $229 million tax credit.
In the ruling, U.S. Bankruptcy Judge Shelley Chapman gave Doral
until Dec. 31 to exclusively file a Chapter 11 plan and until
March 30 to get votes. Doral, which was driven to bankruptcy by
the loss of the $229 million tax claim.

                        About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit  Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at
Schulte Roth & Zabel LLP.


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


LATAM: Chairman Urges Tourism Stakeholders Not to be Complacent
---------------------------------------------------------------
Caribbean360.com reports that as the region celebrates Caribbean
Tourism Month, with arrival figures outpacing other parts of the
world, Chairman of the Caribbean Tourism Organization (CTO)
Richard Sealy is urging stakeholders in the sector not to be
complacent.

In a message to commemorate the month, Mr. Sealy noted that the
region was performing well and attracting visitors at a greater
rate during the first half of the year than any other region in
the world, according to Caribbean360.com.

"During that period, the Caribbean outpaced the global average by
1.7 per cent, and we were the only region to register growth of
five percent -- our 5.8 per cent rise being nearly a full
percentage point above Europe, the next best performing region,"
he said, the report notes.

But Mr. Sealy, who is also Barbados' Minister of Tourism and
International Transport, insisted it was imperative that tourism
players not rest on their laurels, the report relays.

"We ought not to be satisfied because growth in the second quarter
slowed somewhat to 4.9 per cent, compared to the six per cent
growth experienced during the first quarter.  We ought not to be
satisfied, because despite outpacing the rest of the world, our
share of the world market is approximately 2.8 per cent," the
report quoted Mr. Sealy as saying.

"We cannot be satisfied because there is still so much left to be
done in the areas of product development, the facilitation of
travel to and through the Caribbean, taxes, partnerships, and
innovation in order to be competitive.  We certainly cannot be
satisfied until we become the world's most desirable year round,
warm weather destination, and until every citizen of the Caribbean
is positioned to benefit from tourism," Mr. Sealy asserted, the
report relays.

Mr. Sealy, therefore, urged tourism entities to introduce new
ideas, methods and products and to insert innovative and
revolutionary thinking and to generate fresh energy into the
sector, the report adds.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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