TCRLA_Public/151118.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

          Wednesday, November 18, 2015, Vol. 16, No. 228


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: Discloses Cash Tender Offer of 2016 Notes
BANCO HIPOTECARIO: SA Reports Third Quarter 2015 results


B O L I V I A

BOLIVIA: Wraps Up $34 Million Compensation Deal With Iberdrola


B R A Z I L

BRAZIL: Retail Sales Fall Less Than Forecast in September


C A Y M A N  I S L A N D S

CELESTIAL ASSETS: Creditors' Proofs of Debt Due Dec. 8
CHINA SHANSHUI: Receives Creditors Repayment Demand
CHINA SHANSHUI: S&P Lowers Corporate Credit Rating to 'D'
COOKMAR INVESTMENTS: Creditors' Proofs of Debt Due Dec. 8
ELBROOK OFFSHORE: Commences Liquidation Proceedings

GOBAN INVESTMENTS: Commences Liquidation Proceedings
PMBS LTD: Placed Under Voluntary Wind-Up
Q-BLK GLOBAL: Creditors' Proofs of Debt Due Nov. 23
QPA SPV: Creditors' Proofs of Debt Due Nov. 23
RAWLINS ENTERPRISES: Commences Liquidation Proceedings

ROZEL INVESTMENTS: Commences Liquidation Proceedings
SAISEI FUND: Commences Liquidation Proceedings
TOWER BRIDGE: Commences Liquidation Proceedings
TRIMAX MASTER: Creditors' Proofs of Debt Due Nov. 27


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: IFC & ADOPEM Support 140,000 New Loans
DOMINICAN REP: Power Firms Say Users Pay High Price Amid Low Cost


J A M A I C A

JAMAICA: Consumer Prices up by 0.3% in October


M E X I C O

INTERNATIONAL TEXTILE: Posts $1.6 Million Net Income for Q3


V I R G I N   I S L A N D S

HOVENSA LLC: Creditors Call for Formal Investigation
HOVENSA LLC: Seeks to Employ Prime Clerk as Administrative Agent


                            - - - - -


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


BANCO HIPOTECARIO: Discloses Cash Tender Offer of 2016 Notes
------------------------------------------------------------
Banco Hipotecario S.A. is commencing a tender offer to purchase
for cash any and all of its outstanding 9.75% Notes due 2016,
Series 5.  The principal purpose of the Tender Offer is to retire
and cancel the Eligible Notes purchased by the Bank in the Tender
Offer.  The Tender Offer will expire at 8:00 a.m. (New York City
time) on November 24, 2015, unless extended or earlier terminated
by the Bank.

The terms and conditions of the Tender Offer are described in the
offer to purchase, dated November 9, 2015 and the related Letter
of Transmittal and Notice of Guaranteed Delivery.

The consideration per US$1,000 principal amount of the Eligible
Notes will be US$1,025.

Upon the terms and subject to the conditions of the Tender Offer
set forth in the Offer Documents, all Eligible Notes validly
tendered and not validly withdrawn at or prior to the Expiration
Time will be accepted for purchase.  The Bank reserves the right
to amend, terminate or withdraw the Tender Offer for the Eligible
Notes, subject to disclosure and other requirements as required by
applicable law.  In the event of a termination or withdrawal of
the Tender Offer, Eligible Notes tendered and not accepted for
purchase pursuant to the Tender Offer will be promptly returned to
the tendering holders.

Holders who wish to be eligible to receive the Consideration must
validly tender and not validly withdraw their Eligible Notes at
any time at or prior to the Expiration Time.  Tendered Eligible
Notes may be withdrawn at any time at or prior to the earlier of
(i) the Expiration Time, and (ii) if the Tender Offer is extended,
the 10th business day after commencement of the Tender Offer.
Eligible Notes subject to the Tender Offer may also be validly
withdrawn in the event the Tender Offer has not been consummated
within 60 business days after commencement of the Tender Offer.

In addition, holders whose Eligible Notes are purchased in the
Tender Offer will be paid accrued and unpaid interest on their
purchased Eligible Notes from the last interest payment date up
to, but not including, the payment date for such purchased
Eligible Notes in the Tender Offer.  Upon the terms and subject to
the conditions of the Tender Offer, the settlement of the Tender
Offer is expected to occur promptly, and no later than five
business days, after the Expiration Time.

The Tender Offer is subject to the satisfaction or waiver of the
Financing Condition and the General Conditions.

Itau BBA USA Securities, Inc. and Merrill Lynch, Pierce, Fenner &
Smith Incorporated are acting as the Dealer Managers for the
Tender Offer.

Banco Hipotecario S.A. is 58.4% owned by Argentina's national
government (Caa1, stable) through Banco de la Nacion Argentina
(unrated) and ANSES (unrated), and 30% owned by Inversiones y
Representaciones S.A. (unrated) (IRSA).  However, IRSA holds 46.6%
of the voting shares and appoints the majority of the board.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 11, 2015, Moody's Investors Service has assigned foreign
currency senior unsecured debt rating of Caa1 to Banco Hipotecario
S.A.'s Class XXIX debt issuance in the amount of $200 million to
$500 million, which will be issued under New York law and due in
2020.


BANCO HIPOTECARIO: SA Reports Third Quarter 2015 results
--------------------------------------------------------
Banco Hipotecario S.A. disclosed its third quarter 2015 results.

Net income for the third quarter was ARS217.5 million, compared to
ARS169.5 million and ARS145.3 million of last quarter and same
quarter of previous year, respectively.

Net financial margin for the quarter was ARS684.0 million,
compared to ARS530.7 million of last quarter and ARS638.1 million
of same quarter of last year.

Net income from services for the quarter of ARS773.6 million
increased 2.7% QoQ and 60.1% YoY.

Loans to the private sector increased 4.9% in the quarter and
30.3% YoY.

Deposits increased 6.5% in the quarter and 27.6% YoY.

NPL decreased to 2.1% in the quarter.  Coverage ratio was 103.1%.

Equity ratio of 13.6% compared to 14.1% of same quarter of
previous year.

Banco Hipotecario S.A. is 58.4% owned by Argentina's national
government (Caa1, stable) through Banco de la Nacion Argentina
(unrated) and ANSES (unrated), and 30% owned by Inversiones y
Representaciones S.A. (unrated) (IRSA).  However, IRSA holds 46.6%
of the voting shares and appoints the majority of the board.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 11, 2015, Moody's Investors Service has assigned foreign
currency senior unsecured debt rating of Caa1 to Banco Hipotecario
S.A.'s Class XXIX debt issuance in the amount of $200 million to
$500 million, which will be issued under New York law and due in
2020.


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


BOLIVIA: Wraps Up $34 Million Compensation Deal With Iberdrola
--------------------------------------------------------------
EFE News reports that Spain's Iberdrola is putting the finishing
touches on a compensation agreement with Bolivia that calls for
the Andean nation to pay the multinational electric utility $34.2
million for the expropriation of its stakes in four power
companies in 2012.

The deal being hammered out with Bolivia's Hydrocarbons and Energy
Ministry and state-owned power company ENDE could be signed in the
central city of Cochabamba and the compensation paid before Nov.
20, thus marking the utility's definitive exit from Bolivia,
market sources told EFE News.

The deal would also bring an end to international arbitration
proceedings that were launched in July 2014 and led to the signing
of an agreement in principle that was never finalized, according
to EFE News.

The report notes that the dispute dates back to December 2012,
when the Bolivian government nationalized four power distribution
companies -- Electropaz, Elfeo, Cadeb and Edeser -- majority owned
by an Iberdrola subsidiary.

The report relays that the Spanish multinational held indirect
stakes in those companies through Iberbolivia, in which it holds a
63.4 percent stake.

Those four companies distributed electricity to more than a half
million supply points in the provinces of La Paz and Oruro, nearly
all of them in urban areas, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 30, 2015, Moody's Investors Service said Bolivia's Ba3 rating
reflects strong economic growth that is driven by high public
sector investment, prudent economic policies, and a significant
external reserves buffer. Fiscal and external buffers should allow
Bolivia to handle a slump in energy prices from a position of
relative strength. The level of public debt is low in relation to
its peers and debt affordability is high.


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


BRAZIL: Retail Sales Fall Less Than Forecast in September
---------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's retail sales
in September fell less than forecast by analysts as sales in
hypermarkets and supermarkets gained.

Sales fell 0.5 percent after a 0.9 percent decline in August, the
national statistics agency said in Rio de Janeiro, according to
Bloomberg News.  The eighth consecutive decline marks the longest
slump on record, and was better than the median 0.9 percent drop
estimated by 37 economists surveyed by Bloomberg.

Bloomberg News notes that consumer confidence is withering in
Latin America's largest economy, as recession and inflation
verging on double-digits weigh on shoppers.

Unemployment that spiked this year is also sapping consumer demand
that was the foundation of Brazil's boom in recent years,
Bloomberg News says.  Finance Minister Joaquim Levy, who has
pursued austerity as a means to put Brazil back on a path to
growth, faced renewed rumors he would be replaced, Bloomberg News
discloses.

Sales of food, beverages and tobacco at hypermarkets and
supermarkets rose 0.1 percent for a second consecutive month,
Bloomberg News says.  Sales of furniture and appliances were
unchanged, after a 2.1 percent decline in August, the report adds.

Brazil's consumer confidence in October fell to its lowest ever
recorded by the Getulio Vargas Foundation since the survey began a
decade earlier, Bloomberg News notes.

That's helped drive the economy into two straight quarters of
contraction, and the Nov. 12 data show family spending continued
to drag on gross domestic product in the third quarter, Bloomberg
News relays.

With Brazil's retail sector struggling, Hypermarcas SA this month
agreed to sell its personal-care and beauty division to New York-
based Coty Inc. for about $1 billion, with the transaction slated
to close by the end of March, Bloomberg News notes.

Hypermarcas will use the proceeds to reduce debt and shift
operations toward pharmaceuticals, "a segment with superior
resilience to economic cycles," ratings company Moody's Investors
Service said.

Retail sales in September fell 6.2 percent from the previous year,
versus a median forecast for a 7.2 percent decline, Bloomberg News
discloses.  The broader retail index, which includes cars and
construction materials, dropped 11.5 percent from a year ago,
versus a median estimate for a 12.2 percent fall, Bloomberg News
adds.


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


CELESTIAL ASSETS: Creditors' Proofs of Debt Due Dec. 8
------------------------------------------------------
The creditors of Celestial Assets Limited are required to file
their proofs of debt by Dec. 8, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2015.

The company's liquidator is:

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


CHINA SHANSHUI: Receives Creditors Repayment Demand
---------------------------------------------------
Reuters reports that China Shanshui Cement has received several
demands for repayments from creditors, following a default even as
it had started winding up proceedings, it said in a stock exchange
filing.

The default was on a CNY2 billion bond which was due on Nov. 12,
about which the company had warned a day before, Reuters says.

According to Reuters, the company said that China Construction
Bank had demanded repayment of a $50 million loan by Nov. 12
failing which it would institute legal proceedings against its
subsidiary China Pioneer Cement, which owed the debt.

Another subsidiary Shandong Shanshui Cement Group, had also
received notices and letters from creditors demanding immediate
repayment of their dues, Reuters relays. Those moving against
Shandong Shanshui included China Merchants Bank which had
accelerated a CNY600 million revolving loan.

Reuters relates that China Shanshui said such creditor action
could destabilise the company and that a winding up petition had
been filed in a Cayman Islands court.

The application was heard by the court on Nov. 11 and adjourned to
be heard on November 18, the company said, Reuters relays.

The default on the CNY2 billion onshore debt had triggered cross
default provisions on a $500 million bond due 2020 and other debt,
Reuters notes. The bonds fell by a point to 63 cents on the
dollar.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 10, 2015, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on China-based cement producer
China Shanshui Cement Group Ltd. to 'CC' from 'CCC'.  The outlook
is negative.  S&P also lowered the rating on the company's
outstanding senior unsecured notes to 'CC' from 'CCC-'.  At the
same time, S&P lowered its long-term Greater China regional scale
ratings on Shanshui to 'cnCC' from 'cnCCC', and that on its notes
to 'cnCC' from 'cnCCC-'.

"The downgrade reflects our view that there is a high likelihood
that Shanshui will not repay its Chinese renminbi [RMB] 2 billion
onshore super short-term commercial paper due Nov. 12, 2015," said
Standard & Poor's credit analyst Jian Cheng.  "A failure to repay
this debt would trigger a cross-default of the company's other
financial obligations, including that of its outstanding U.S.
dollar notes."

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is mainly
sold to clients with cement grinding station. The cement produced
by the Company under the brand of Shanshui Dongyue is widely used
in construction works for roads, bridges, housing and various
types of construction projects. The Company operates in four
geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.


CHINA SHANSHUI: S&P Lowers Corporate Credit Rating to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China Shanshui Cement Group
Ltd. to 'D' from 'CC'.  At the same time, S&P lowered its long-
term Greater China regional scale rating on the company to 'D'
from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.

"We lowered the rating because Shanshui failed to repay its
Chinese renminbi 2 billion onshore super short-term commercial
paper due Nov. 12, 2015," said Standard & Poor's credit analyst
Jian Cheng.  "In our view, the failure to repay this debt will
trigger a cross-default of the company's other financial
obligations, including some onshore bank loans and outstanding
U.S. dollar notes."

Shanshui does not have enough financial capacity to fulfill its
financial obligations due.  S&P therefore assess that the
company's general default is commensurate with a rating of 'D'
instead of 'SD'.

Shanshui's winding-up petition and an application to the Grand
Court of Cayman Islands to appoint provisional liquidators for
restructuring also constitute an event of default under the terms
of the company's outstanding U.S. dollar notes and resulted in an
acceleration of payment of the notes.

"We believe that a shareholders' dispute over the board members at
Shanshui has damaged the company's funding ability and
operations," said Mr. Cheng.

Shanshui's largest shareholder, Tianrui (International) Holding
Co. Ltd., continues to push for the replacement of the existing
board at extraordinary general meetings.

Shanshui's liquidity has deteriorated significantly since the
redemption of its U.S. dollar notes due 2016 in July 2015 and its
onshore super short-term commercial paper in August 2015.  Onshore
banks are reluctant to provide further financing due to the
uncertainty over management.  In addition, weaker demand
associated with lower cement prices is exerting pressure on the
company's financial and liquidity positions.


COOKMAR INVESTMENTS: Creditors' Proofs of Debt Due Dec. 8
---------------------------------------------------------
The creditors of Cookmar Investments Limited are required to file
their proofs of debt by Dec. 8, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2015.

The company's liquidator is:

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


ELBROOK OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 8, 2015, the sole shareholder of Elbrook Offshore Fund,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 16, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes
          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


GOBAN INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 14, 2015, the sole shareholder of Goban Investments 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:

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


PMBS LTD: Placed Under Voluntary Wind-Up
----------------------------------------
On Sept. 15, 2015, the shareholders of PMBS Ltd. resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands


Q-BLK GLOBAL: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------
The creditors of Q-BLK Global Restructuring Fund, Ltd. are
required to file their proofs of debt by Nov. 23, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2015.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


QPA SPV: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------
The creditors of QPA SPV, Ltd. are required to file their proofs
of debt by Nov. 23, 2015, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 12, 2015.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


RAWLINS ENTERPRISES: Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 13, 2015, the sole shareholder of Rawlins Enterprises
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:

          Cayman Fiduciary Limited
          c/o Robin Garnham
          Landmark Square, Third Floor, 64 Earth Close
          P.O. Box 707CB Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 746 3100


ROZEL INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 23, 2015, the sole shareholder of Rozel Investments 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:

          Cayman Fiduciary Limited
          c/o Robin Garnham
          Landmark Square, Third Floor, 64 Earth Close
          P.O. Box 707CB Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 746 3100


SAISEI FUND: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 14, 2015, the sole shareholder of Saisei Fund 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:

          Neil Montgomery
          Cathlin Rossiter
          Telephone: (345) 815 8512
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Midtown Plaza
          Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands


TOWER BRIDGE: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 13, 2015, the sole shareholder of Tower Bridge 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:

          Cayman Fiduciary Limited
          c/o Robin Garnham
          Landmark Square, Third Floor, 64 Earth Close
          P.O. Box 707CB Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 746 3100


TRIMAX MASTER: Creditors' Proofs of Debt Due Nov. 27
----------------------------------------------------
The creditors of Trimax Master Fund Limited are required to file
their proofs of debt by Nov. 27, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2015.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: IFC & ADOPEM Support 140,000 New Loans
----------------------------------------------------------
Dominican Today reports that IFC, a member of the World Bank
Group, disclosed a RD$450 million (approximately US$10 million)
loan for Banco de Ahorro y Credito ADOPEM S.A. to boost lending to
entrepreneurs.  IFC's support will allow ADOPEM to issue an
additional 140,000 microloans over the next seven years, a 70
percent increase from June 2015.  About two-thirds of those loans
are expected to go to women, enabling them to expand and diversify
their enterprises.

Access to credit plays a critical role in spurring economic growth
and reducing income inequality.  Although the Dominican Republic
has successful microfinance institutions there is still a
significant gap in lending; only about 15 percent of micro-
entrepreneurs in the country have access to credit.

"We have made great strides in serving our community.  Almost 70
percent of our clients have access to financing exclusively
through Banco ADOPEM and the bank's average loan size of US$480 is
the lowest among Dominican microfinance institutions," said
Mercedes Canalda de Beras-Goico, Banco ADOPEM's Executive
President. "But there is more to be done and we are glad to be
taking on new challenges with IFC's continued support."

IFC was the first international investor in Banco ADOPEM, after it
became a regulated bank.  As a shareholder from 2007 to 2015, IFC
provided a total of US$1.2 million, which resulted approximately
60,000 loans for Dominican entrepreneurs over the course of eight
years.  Since IFC's original engagement, ADOPEM's loan portfolio
and customer base have almost quadrupled, while maintaining
excellent asset quality.

"ADOPEM's success is reflected in the thousands of women and men
who have created a path out of poverty.  Their small businesses
have a big impact on their families and their communities," said
Luc Grillet, IFC Senior Manager for the Caribbean and Central
America.  "ADOPEM has been a key partner for IFC.  Together we are
committed to increasing access to credit for entrepreneurs who are
working hard to build their businesses."

IFC and Fundacion Microfinanzas BBVA, ADOPEM's largest
shareholder, have been working together since 2008 to boost social
and economic development in Latin America through microfinance.
This loan to Banco ADOPEM is an opportunity for IFC to consolidate
a relationship with Fundaci¢n Microfinanzas BBVA that has spanned
many years, not only in the Dominican Republic but also in other
Latin American countries such as Peru and Colombia where both
institutions have also partnered.

IFC's loan to ADOPEM is consistent with IFC's strategy in the
Dominican Republic, which focuses on supporting economic growth
and ensuring opportunities for poorer segments of society. At the
end of June 2015, IFC had a committed investment portfolio in the
Dominican Republic totaling $198 million, including $22 million
from partnering institutions.  IFC's clients in the Dominican
Republic last year supported more than 14,000 jobs.

                        *     *     *

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'.


DOMINICAN REP: Power Firms Say Users Pay High Price Amid Low Cost
-----------------------------------------------------------------
Dominican Republic's power companies (ADIE) according to figures
in the State-owned electric utility's (CDEEE) report for August,
the distributors still buy a kilowatt hour (kWh) at 12.2 cents
(US$) on average, despite that the power companies sell it at
17.68 cents on average, for a profit of 5.5 cents (US$), according
to Dominican Today.

ADIE Executive Vice President Milton Morrison said fuel prices are
reflected in the cost of generation, since cheaper oil should mean
savings to distributors, the report notes.  "The same happens with
natural gas and coal," the report quoted Mr. Morrison as saying.

The report notes that Mr. Morrison said energy's average selling
price in August this year was $12.20 cents (US) per kWh, whereas
in August 2012 it was US$16.3 cents per kWh; in August 2013 was
$16.2 cents (US) per kWh, and $16.7 kWh cents (US) in 2014.

In a statement, Mr. Morrison added that the country should note
that on November 9 the spot market posted its lowest price in the
variable costs dispatch (CVD) since 2005, when ADIE sold energy at
5.85 cents per kilowatt hour, 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'.


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


JAMAICA: Consumer Prices up by 0.3% in October
----------------------------------------------
RJR News reports that consumer prices in Jamaica are adjudged to
have increased by 0.3% last month.

Higher prices for vegetables and starchy food in the month
outweighed declines in the price of oil which saw further declines
in the costs of electricity, gas and fuels as well as transport,
according to RJR News.

The report relates that October's inflation means that, for the
last 12 months, consumer prices have increased by an average of
two per cent, which is close to a 48 year low.

                         *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


INTERNATIONAL TEXTILE: Posts $1.6 Million Net Income for Q3
-----------------------------------------------------------
International Textile Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to common stock of $1.57 million on $158
million of net sales for the three months ended Sept. 30, 2015,
compared to net income attributable to common stock of $11.8
million on $154 million of net sales for the same period a year
ago.

For the nine months ended Sept. 30, 2015, the Company reported net
income attributable to common stock of $1.29 million on $460
million of net sales compared to a net loss attributable to common
stock of $11.3 million on $455 million of net sales for the same
period during the prior year.

The Company's balance sheet as of Sept. 30, 2015, shows $330
million in total assets, $383 million in total liabilities and a
$53.8 million total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                       http://is.gd/WQOAbf

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

International Textile reported a net loss attributable to common
stock of $15.4 million on $595 million of net sales for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
stock of $10.9 million on $600 million of net sales in 2013.


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


HOVENSA LLC: Creditors Call for Formal Investigation
-----------------------------------------------------
Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,
reported that unsecured creditors have requested bankruptcy-court
approval to begin a wide-ranging investigation into nearly $2
billion in bonds issued by Hovensa LLC, a defunct oil refinery on
the island of St. Croix in the U.S. Virgin Islands.

According to the report, in court papers filed on Nov. 13, the
committee representing unsecured creditors asked Judge Mary
Walrath for access to a broad array of the company's internal
documentation and communications related to the bonds and the
financial health of the company, stretching as far back as 1998.

                           About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

Judge Mary F. Walrath is assigned to the case.  The Law Offices of
Richard H. Dollison, P.C., serves as the Debtor's counsel.  Prime
Clerk LLC is the Debtor's claims and noticing agent.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

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


HOVENSA LLC: Seeks to Employ Prime Clerk as Administrative Agent
-----------------------------------------------------------------
Hovensa L.L.C. seeks authority from the District Court of the
Virgin Islands, Bankruptcy Division, to employ Prime Clerk as
administrative agent.

Prime Clerk will, among other things:

   (a) assist with, among other things, solicitation, balloting
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest, including, if applicable, brokerage firms,
bank back-offices and institutional holders;

   (b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results; and

   (c) assist with the preparation and amendment, if any, of the
Debtor's schedules of assets and liabilities and statements of
financial affairs, and gather data in conjunction therewith.

Michael J. Frishberg, in a supporting declaration said that Prime
Clerk's rates are more than reasonable given the quality of Prime
Clerk's services and its professionals' bankruptcy expertise.
Additionally, Prime Clerk will seek reimbursement from the Debtor
for reasonable expenses in accordance with the terms of the
engagement agreement.

Mr. Frishberg assures the Court that Prime Clerk is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                         About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

Judge Mary F. Walrath is assigned to the case.  The Law Offices of
Richard H. Dollison, P.C., serves as the Debtor's counsel.  Prime
Clerk LLC is the Debtor's claims and noticing agent.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *