TCRLA_Public/151119.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

          Thursday, November 19, 2015, Vol. 16, No. 229


                            Headlines



A R G E N T I N A

TELECOM ARGENTINA: Posts ARS2,778MM Income for 9Mo Ended Sept.30


B A H A M A S

ULTRAPETROL (BAHAMAS): Taps Miller Buckfire to Help Business


B E R M U D A

GP INVESTMENTS: S&P Affirms 'BB' ICR; Outlook Remains Stable


B O L I V I A

BOLIVIA: New Gas Milestone Achieved at Repsol-Operated Block


C A Y M A N  I S L A N D S

ASTELLON MANAGEMENT: Commences Liquidation Proceedings
ATLAS GLOBAL: Commences Liquidation Proceedings
CHINA SHANSHUI: Tianrui Says Will Help Fix Debt If EGM Vote Passes
DEXONE FUND: Creditors' Proofs of Debt Due Nov. 23
ERC IRELAND: Commences Liquidation Proceedings

HESS (INDONESIA-X): Creditors' Proofs of Debt Due Nov. 24
JPMP ASIA: Commences Liquidation Proceedings
MARITIME CONSULTANTS: Creditors' Proofs of Debt Due Nov. 26
MSR CAPITAL: Commences Liquidation Proceedings
PIPER JAFFRAY: Creditors' Proofs of Debt Due Nov. 26

RSA FUND: Placed Under Voluntary Wind-Up
TACLAIM COMPANY: Commences Liquidation Proceedings
TACLAIM NOMINEE: Commences Liquidation Proceedings
TAMAR HOLDINGS: Creditors' Proofs of Debt Due Dec. 9


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Ignores Nautical Tourism Despite 'Huge' Potential


J A M A I C A

JAMAICA: Receives Further Budgetary Support From EU
JAMAICA: Business Leaders Expect Faster Depreciation of Currency


M E X I C O

GRUPO SENDA: S&P Lowers CCR to 'B-'; Outlook Negative


P U E R T O    R I C O

AMERICAN AGENCIES: Court Issues Joint Administration Order
PUERTO RICO ELECTRIC: Extends Bondholder Restructuring Pact
PUERTO RICO: Senate Judiciary Committee to Hold Dec. 1 Hearing


V I R G I N   I S L A N D S

HOVENSA LLC: Accuses Monarch Energy of Disrupting Chapter 11 Sale


                            - - - - -


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


TELECOM ARGENTINA: Posts ARS2,778MM Income for 9Mo Ended Sept.30
----------------------------------------------------------------
Telecom Argentina posted net income of ARS2,778 million for the
nine-month period ended September 30, 2015, or +3.5% when compared
to the same period last year.  Net income attributable to Telecom
Argentina amounted to ARS2,757 million (+4.3% vs. 9M14).

During 9M15, Consolidated Revenues increased by 18.2% to ARS28,590
million (+ARS4,407 million vs. 9M14), mainly fueled by the Fixed
Data, Broadband businesses and Mobile Services.  Moreover,
Operating Income reached ARS4,459 million (+ARS616 million or
+16.0% vs. 9M14).

A full text copy of the company's financial report is available
free at:

                       http://is.gd/Rd7mUc

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.

As reported by the Troubled Company Reporter-Latin America on
May 16, 2014, Moody's Latin America Calificadora de Riesgo has
assigned a first time Corporate Family Rating of Caa1 on its
Global Scale and Ba1.ar on its Argentina National Scale to Telecom
Argentina S.A. (Telecom). The outlook is stable.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Taps Miller Buckfire to Help Business
------------------------------------------------------------
Jodi Xu Klein at Bloomberg News reports that Ultrapetrol Bahamas
Ltd. has hired financial adviser Miller Buckfire & Co. to help
turn around its business after one of its biggest customers,
Petroleo Brasileiro SA, terminated supply contracts, according to
a person with knowledge of the matter.

The shipping company, which was founded by Felipe and Ricardo
Menendez of the Chilean conglomerate Sipsa SA, said it's cutting
costs and trying to boost its liquidity position after posting
losses in seven of the past eight quarters, according to Bloomberg
News.

Bloomberg News notes that the company said it hired a financial
adviser to "explore strategic alternatives."

It didn't name the adviser.

Ultrapetrol ships products from soy beans to crude oil and has
suffered because of falling demand from oil drillers for its
vessels amid a prolonged slump in energy prices.

Petrobras, the debt-laden Brazilian state-run oil company
grappling with plunging crude prices, a corruption scandal and a
crippling strike that curbed production, said in September that it
would terminate some of its shipping contracts with Ultrapetrol,
Bloomberg News discloses.

The company reported a $2.9 million loss for the quarter ended
Sept. 30 as revenue dropped 3.9 percent to $95.7 million,
according to a statement obtained by Bloomberg News.

Bloomberg News notes that Chief Executive Officer Damian Scokin
also addressed Petrobras's early termination of the contracts on
Ultrapetrol's ships, saying, "we are highly focused on finding
alternative employment for these vessels, controlling costs and
capex."

Ultrapetrol's cash dropped to $45.7 million at the end of
September from $81.7 million a year and a half ago, Bloomberg News
relays.  At 37 cents, the company's share price is just 10 percent
of what it was at the start of 2014, Bloomberg News says.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a publicly-traded, diverse international marine transportation
company. The company operates in three segments: River, Offshore
Supply, and Ocean. Last twelve months ended December 31, 2014
revenues totaled $364 million. The company is 85% owned by Sparrow
Capital Investments Ltd., a subsidiary of Southern Cross Latin
America Private Equity Funds III and IV.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 16, 2015, Standard & Poor's Ratings Services said it lowered
its ratings on Ultrapetrol (Bahamas) Ltd. to 'B-' from 'B'.  At
the same time, S&P lowered the issue-level rating on the company's
senior secured notes to 'B-' from 'B'.  The outlook on the issuer
credit rating remains negative.


=============
B E R M U D A
=============


GP INVESTMENTS: S&P Affirms 'BB' ICR; Outlook Remains Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB' long-
term issuer credit rating on Bermuda-based asset manager GP
Investments Ltd.  At the same time, S&P affirmed its 'BB' rating
on the company's perpetual bonds with a recovery rating of '3',
indicating its expectation that lenders could expect meaningful
recovery (in the lower band of the 50%-70% range) in the event of
a payment default or bankruptcy.  The outlook remains stable.

The ratings on GP Investment reflect its "weak" business risk
profile compared to other global asset managers, in a context of a
"moderately high" country risk of Brazil and "intermediate"
industry risk for asset managers.  The ratings of the entity also
reflect an "intermediate" financial risk profile.

GP Investments Ltd is part of the Brazilian GP Group (not rated),
created in 1993 with private equity operations mainly in Brazil.
S&P's assessment of the company's business risk profile as "weak"
reflects the relatively small assets under management (AUM) base,
compared to other global asset managers, and its limited
diversification, with an investment portfolio focused on 10
companies, mostly located in Brazil.  The entity compares less
favorably with other global private equity firms that have greater
geographic reach and portfolio diversification.  GP Investments'
"average" profitability and good position and track record in the
Latin American private equity business only partially mitigate
these weaknesses.  As of September 2015, GP Investments had
proportionate investments in the funds it manages, for a total of
$178 million, and direct investments in companies (BRZ
Investimentos, Spice PE and Par Corretora) of $73 million.

The outlook is stable, supported by S&P's expectation that over
the next 12 to 18 months GP Investments will maintain its "strong"
liquidity and good capital base (with "modest" debt to ATE ratios
of about 0.5x) amid a more adverse economic environment in Brazil.

S&P could upgrade the company if it significantly improves the
scale, scope, and the diversity of its operations while
maintaining credit metrics consistent with an at least
"intermediate" financial risk profile.

S&P could lower the ratings if the company's liquidity declines,
or if its investment portfolio's profitability significantly
undermines its debt-to-adjusted equity ratio; or if country risk
and conditions in Brazil further deteriorate.


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


BOLIVIA: New Gas Milestone Achieved at Repsol-Operated Block
------------------------------------------------------------
EFE News reports that Bolivian President Evo Morales and the
chairman of Spanish multinational energy company Repsol said that
output at the Margarita-Huacaya natural gas block had risen to 19
million cubic meters per day, nearly a third of the nation's total
production of that hydrocarbon.

President Morales and Antonio Brufau made the announcement during
a visit to the Margarita gas processing plant in the southern
Bolivian province of Tarija, which accounts for the majority of
the nation's natural gas production, according to EFE News.

The report notes that Margarita-Huacaya, a mega-field that
straddles Tarija and Chuquisaca provinces, can now supply more
than 19 million cubic meters (670 million cubic feet) per day of
natural gas for domestic and foreign markets, Mr. Brufau said,
noting that production had risen from 18 million cmd in May.

The report discloses that Mr. Brufau said work carried out by
Repsol and partners British Gas and Anglo-Argentine firm Pan
American Energy had resolved technical "bottlenecks" and made
Margarita-Huacaya "the biggest-producing block in Bolivian
history."

Mr. Brufau also predicted that output would rise to 20 million cmd
(a third of total Bolivian production of 60 million cmd) in the
short term, the report relays.

Bolivia exports natural gas from the Margarita-Huacaya block,
primarily to Brazil and Argentina, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 30, 2015, 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,
says Moody's Investors Service. 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.


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


ASTELLON MANAGEMENT: Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 14, 2015, the shareholders of Astellon Management Inc.
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 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


ATLAS GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 14, 2015, the sole shareholder of Atlas Global GP 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:

          Joost Schellens
          71 Wandsworth Bridge Road
          London SW6 2TB
          United Kingdom
          Telephone: +447557745924


CHINA SHANSHUI: Tianrui Says Will Help Fix Debt If EGM Vote Passes
------------------------------------------------------------------
Bloomberg News reports that the largest shareholder in China
Shanshui Cement Group Ltd. said it could help solve the debt woes
of the nation's latest defaulter, if it's successful in a bid to
change the company's board.

Li Heping, vice chairman of Tianrui Group Co., said in an
interview that Tianrui would help fix Shanshui's debt problems if
its proposal to change the firm's board passes at a Nov. 25
extraordinary general meeting, according to Bloomberg News.

Bloomberg News notes that Shanshui, which is at the center of a
shareholder scrap for control, failed to pay CNY2 billion ($314
million) of onshore notes due Nov. 12.

Bloomberg News says that Shanshui is at least the sixth Chinese
company to default in the local bond market this year as borrowers
struggle amid an economic slowdown.  The cement maker, which is
incorporated in the Cayman Islands, has decided to file a winding
up petition and seek the appointment of provisional liquidators
there, it said, Bloomberg News relays.

Two banks have asked for early repayment of Shanshui's loans and
the default scare has spread to the asset-backed securities
market, Bloomberg News discloses.

"On a cursory glance of Tianrui's numbers, we are not sure if they
have the financial muscles to align the required funding," said
Nancy Koh, credit analyst at DBS Group Holdings Ltd, Bloomberg
News notes.  "The crux of the matter is the unresolved shareholder
battle," Ms. Koh added.

                           Raised Costs

Bloomberg News says that Tianrui's Li said that Shanshui's filing
for a winding-up petition has raised potential costs for his
company because it now faces finding a debt solution.  Tianrui,
which holds 28 percent of Shanshui, would get "nothing in return"
from its stake if it didn't help, he said, Bloomberg News notes.

China National Building Material Co. and Asia Cement Corp. are
also shareholders in Shanshui with 16.7 percent and 20.9 percent,
respectively.

"Most of Shanshui investors were pinning their hopes on ACC and
CNBM, especially the latter as this would provide a quasi-state
owned enterprise angle," Koh of DBS said, Bloomberg News relays.

Shanshui's onshore bondholders will meet Nov. 13 afternoon in
Beijing, according to a Nov. 10 filing from China Merchants Bank
Co., the underwriter of the securities, Bloomberg News relays.

"The actions of onshore lenders will probably be of more import,
given they can seek orders from local courts impacting assets,"
said Charles Macgregor, the Singapore-based head of Asian high-
yield research at Lucror Analytics, Bloomberg News discloses.

                           Worst Outcome

Bloomberg News relays that Shanshui's Chief Financial Officer
Henry Li said that noteholders could try and get their money back
by asking the court to liquidate Shanshui's assets, which would be
the worst outcome.  In addition to the CNY2 billion notes that
Shanshui failed to repay, the company has another CNY5.1 billion
onshore notes outstanding, according to Bloomberg-compiled data.

"It's hard to tell if investors can get their money back," said
Sun Binbin, a bond analyst at China Merchants Securities Co. in
Shanghai, Bloomberg News discloses.  "The company still has assets
to sell to repay the debt.  Whether it finally repays will depend
on the negotiations between all the related parties."

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, 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'.


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

The company commenced liquidation proceedings on Oct. 12, 2015.

The company's liquidator is:

          Rolf Kung
          IFIT Fund Services AG
          Voltastrasse 61
          P.O. Box 371, CH-8044
          Zurich
          Switzerland
          Telephone: +41 44 366 4016
          Facsimile: +41 44 366 4039


ERC IRELAND: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 13, 2015, the sole shareholder of ERC Ireland Equity SPC
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          David Griffin
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Telephone: +1 (345) 743 6830


HESS (INDONESIA-X): Creditors' Proofs of Debt Due Nov. 24
---------------------------------------------------------
The creditors of Hess (Indonesia-X) Limited are required to file
their proofs of debt by Nov. 24, 2015, to be included in the
company's dividend distribution.

The company's liquidator is:

          George C. Barry
          1185 Avenue of the Americas
          New York, N.Y. 10036
          United States of America


JPMP ASIA: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 9, 2015, the sole shareholder of JPMP Asia Fund
Investments 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:

          David Martin Griffin
          Andrew Richard Victor Morrison
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


MARITIME CONSULTANTS: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------------------
The creditors of Maritime Consultants Ltd are required to file
their proofs of debt by Nov. 26, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2015.

The company's liquidator is:

          Arcadia Group Ltd
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: 345 945 1830
          Facsimile: 345 945 1835


MSR CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 14, 2015, the shareholder of MSR Capital Three 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
          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


PIPER JAFFRAY: Creditors' Proofs of Debt Due Nov. 26
----------------------------------------------------
The creditors of Piper Jaffray Municipal Opportunities Fund
(Offshore), Ltd. 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. 14, 2015.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          Reference: NDL
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or


RSA FUND: Placed Under Voluntary Wind-Up
----------------------------------------
On Oct. 15, 2015, the sole member of RSA Fund Company Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 6, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Andrew Evans
          Telephone: +41 (0) 79 79 80 242
          Khalij Fiduciaire SA
          c/o FidiGere SA
          Place Pury 9 1er etage
          2000 Neuchatel
          Switzerland


TACLAIM COMPANY: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 9, 2015, the members of Taclaim Company 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 liquidators are:

          Christopher D. Johnson
          Russell S. Homer
          80 Shedden Road, Elizabethan Square
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946 0836
          Facsimile: (345) 946 0864


TACLAIM NOMINEE: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 9, 2015, the members of Taclaim Nominee 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 liquidators are:

          Christopher D. Johnson
          Russell S. Homer
          80 Shedden Road, Elizabethan Square
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946 0836
          Facsimile: (345) 946 0864


TAMAR HOLDINGS: Creditors' Proofs of Debt Due Dec. 9
----------------------------------------------------
The creditors of Tamar Holdings are required to file their proofs
of debt by Dec. 9, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 15, 2015.

The company's liquidator is:

          Lion International Management Limited
          c/o Philip C Pedro
          Craigmuir Chambers Road Town, Tortola
          British Virgin Islands
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          P.O. Box 71 Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-652


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


DOMINICAN REP: Ignores Nautical Tourism Despite 'Huge' Potential
----------------------------------------------------------------
Dominican Today reports that to harness Dominican Republic's "huge
potential" to become leader in nautical tourism, some challenges
that hinder its development must first be surmounted for the
segment to generate significant revenue.

DMK Abogados -- Central Law Environment Dept. director Patricia
Parra Guzman made the statement during the Dominican Annual
Tourism Forum 2015 (FODATUR), and stressed the legal and
institutional challenges to overcome and potentiate sustainable
nautical tourism, according to Dominican Today.

"Until this very day we've understood that national public policy
is confined to terrestrial limits, turning its back to the world
of opportunities which the sea means for this half-island," the
report quoted Ms. Guzman as saying.

The report relays that Ms. Guzman said nautical tourism's
regulatory framework is "almost nil" since there are initiatives
in Congress for that area which have been "cooking for years
without success," adding that regulations are dispersed and
sometimes ambiguous, posing yet another challenge to spur the
sector.

                              *     *     *

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: Receives Further Budgetary Support From EU
---------------------------------------------------
RJR News reports that the Government of Jamaica received J$2.3
billion in budgetary support payments from the European Union.

The money will be used for debt reduction, growth enhancement and
poverty reduction in sugar dependent, areas in keeping with the
Economic Reform Program, according to RJR News.

The report notes that Prime Minister Portia Simpson Miller who
spoke at the signing ceremony, said the EU and the Jamaican
Government are in agreement on the urgency of further reducing the
national debt, increasing economic growth, and continuing to
improve the standard of living in Jamaica.

                         *     *     *

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.


JAMAICA: Business Leaders Expect Faster Depreciation of Currency
----------------------------------------------------------------
RJR News reports that Jamaica's business leaders are expecting the
country's exchange rate to depreciate at a faster pace than
previously forecast.

The business leaders, in a survey carried out for the Bank of
Jamaica, said they expect the currency to lose 1.7% of its value
over the three-month period, September to November, according to
RJR News.

That is a slightly faster pace of depreciation than the 1.3%
previously expected, the report notes.

The report relates that over the coming year, the business leaders
are expecting the currency to lose 3.5% of its value, compared to
a previous forecast of 3.2%.

                         *     *     *

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
===========


GRUPO SENDA: S&P Lowers CCR to 'B-'; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said it lowered its global
scale long-term corporate credit rating on Grupo Senda
Autotransporte S.A. de C.V. to 'B-' from 'B'.  At the same time,
S&P lowered its long-term national scale corporate credit rating
to 'mxBB-' from 'mxBBB-' and its short-term national scale
corporate credit and debt ratings to 'mxB' from 'mxA-3'.  The
outlook on the long-term corporate credit ratings is negative.

The downgrade reflects Senda's difficulty concluding the
refinancing of its syndicated loan; the process has taken longer
than expected.  As a result, S&P has revised its liquidity
assessment on the company.

For the twelve months ended Sept. 30, 2015, the company's
operating performance and cash flow generation have improved, but
not enough to bolster the issuer's cash flow generation and
strengthen its liquidity.

The negative outlook reflects S&P's view that the company's
liquidity could further deteriorate if it is unable to refinance
its syndicated loan.

S&P could lower the rating if the company is unable to refinance
its syndicated loan, which would lead to a further decline in its
liquidity, leaving the issuer's financial commitments
unsustainable in the long term, given the large amount of
amortizing debt.

S&P could revise the outlook to stable if the company is able to
close the refinancing of its syndicated loan with conditions that
improve its liquidity, and if the trend in its operating
performance remains positive.


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


AMERICAN AGENCIES: Court Issues Joint Administration Order
----------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico directed the substantive consolidation of
the Chapter 11 cases of American Agencies Co. Inc., and New Steel,
Inc.

The cases will be jointly administered under case number 15-07088.

The Debtors had asked the Court that their request be granted as
the motion was unopposed.

In a prior filing, secured creditor Banco Popular de Puerto Rico
stated that it holds no objection to the request for consolidation
of the cases. Security Holdings, LLC, another party-in-interest
did not file an objection to the Debtors' request.

As reported by the Troubled Company Reporter on Sept 22, 2015,
New Steel fabricates steel structures upon demand of American
Agencies. American Agencies is the sole client of New Steel. Both
Debtors share common stockholders and management and are both
liable to main secured creditor BPPR.

Should the Debtors be forced to reorganize separately, the
administrative costs and the costs associated with separate
litigation of common liabilities will be detrimental to the estate
and all of the creditors, says Carmen D. Conde Torres, Esq., at C.
Conde & Assoc.

The Debtors contended that creditors will benefit from substantive
consolidation because it will allow for a more expeditious
adjudication of disputes, a clearer statement of obligations and
available assets, and facilitate the implementation of a plan.

                        About American Agencies

American Agencies Co., Inc. and New Steel, Inc., manufacturers of
steel structures, filed Chapter 11 bankruptcy petitions (Bankr. D.
P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15,
2015.  The petition was signed by Omir Mendez as president.

The Debtors sought substantive consolidation of their cases under
Lead Case 15-07088.

C. Conde & Associates represents the Debtors as counsel.  Doris
Barroso Vicens, CPA, at RSM ROC & Company, serves as the Debtors'
accountant.


PUERTO RICO ELECTRIC: Extends Bondholder Restructuring Pact
----------------------------------------------------------
Michelle Kaske and Laura Keller at Bloomberg News report that
Puerto Rico's main electricity provider extended an agreement with
some bondholders to Nov. 20, giving the utility more time to
negotiate with insurers that guarantee a portion of its debt
against default.

The Puerto Rico Electric Power Authority, known as Prepa, is
trying to restructure $8.2 billion of debt to reduce its costs and
free up cash for plant upgrades, according to Bloomberg News.
Investors holding about 35 percent of its debt on Nov. 5 agreed to
take losses of as much as 15 percent by exchanging their bonds for
new securities, Bloomberg News notes.

Bloomberg News says that the deal was set to lapse Nov. 12 if
Prepa couldn't win the support from companies that insure about
$2.5 billion of the utility's debt.  The new deadline is Nov. 20,
Prepa said in a statement.

"Prepa will use the extension to continue discussions with its
monoline bond insurers, while the legislative process to approve
the Prepa Revitalization Act continues," according to the utility,
Bloomberg News notes.

The restructuring would be the largest ever in the $3.7 trillion
municipal-bond market and mark a first step by Puerto Rico to
reduce a $70 billion debt load that Governor Alejandro Garcia
Padilla says the island can't afford to pay, Bloomberg News
relays.

                          Debt Exchange

If MBIA Inc., Assured Guaranty Ltd. and Syncora Guarantee Inc.
don't sign on to the Nov. 5 agreement, the negotiations between
Prepa, its fuel-line lenders and bondholders may ultimately be
resolved through the courts, according to a notice posted on the
Municipal Securities Rulemaking Board's website, Bloomberg News
notes.

Prepa bonds maturing July 2040, the utility's most-actively traded
uninsured security by volume in the past three months, changed
hands Nov. 12 at an average 58.6 cents on the dollar, for an
average yield of 9.7 percent, according to data compiled by
Bloomberg.  The bonds traded at an average 50 cents at the start
of the year.

Bloomberg News says that the debt exchange would need to be
approved by Puerto Rico lawmakers, who have until Nov. 17, the end
of the current legislative session, to vote on Prepa's
Revitalization Act, which would change Prepa's operations and
allow it to restructure debt.

Garcia Padilla could call a special session of the legislature to
give lawmakers more time to work on the Prepa bill, Bloomberg News
discloses.

The new bonds must receive an investment-grade rating, and the
exchange will be voided if more than $700 million of the utility's
uninsured bonds aren't sold back, according to the terms of the
agreement, Bloomberg News adds.  The three largest rating
companies grade Prepa at junk-bond levels.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on July
6, 2015, Standard & Poor's Ratings Services lowered its long-term
and underlying ratings (SPURs) on Puerto Rico Electric Power
Authority, (PREPA) P.R.'s electric revenue bonds to 'CC' from
'CCC-'.  The rating remains on CreditWatch with negative
implications.



PUERTO RICO: Senate Judiciary Committee to Hold Dec. 1 Hearing
--------------------------------------------------------------
Nick Brown at Reuters reports that Senator Chuck Grassley, who
chairs the Senate Judiciary Committee, said he will convene a
hearing on Puerto Rico's financial turmoil on Dec. 1.

Senator Grassley, an Iowa Republican, said in a statement that he
wants to help the committee and the public "gain a better
understanding of the root cause of Puerto Rico's fiscal problems,
discuss what's currently being done, and consider what options are
available," according to Reuters.

The report notes that Puerto Rico, a U.S. commonwealth facing $70
billion in debt and a roughly 45 percent poverty rate, is barred
from filing for bankruptcy under federal insolvency laws.

Legislative proposals to give the island access to a debt
restructuring process have been supported in one form or another
by the island's government, some presidential candidates, and the
Obama administration, the report notes.

Lawmakers, however, have signaled that it might take Congress a
long time to enact a legislative solution for Puerto Rico, and
have urged the U.S. Treasury to do more to help the island, the
report discloses.

The report relays that the Dec. 1 hearing coincides with a roughly
$355 million debt payment owed by Puerto Rico to some of its
bondholders.  Moody's said it is likely Puerto Rico will default
on the debt, and Puerto Rico's governor, Alejandro Garcia Padilla,
has said the island would default if forced to choose between
paying debt and continuing vital services, the report relays.

Reuters discloses that Garcia Padilla has asked creditors to
restructure their debt consensually, but has faced resistance from
bondholders who demand more fiscal reform within the island's
government.

Republican lawmakers have taken similar positions.  The Senate
Judiciary Committee oversees bankruptcy policy, but Senator
Grassley said a statement that bankruptcy legislation for Puerto
Rico should be accompanied by fiscal reform on the island, the
report notes.

"Throwing taxpayer money at the island without" such reform, he
said, would fail to "resolve the underlying problems in Puerto
Rico," the report relays.

Witnesses for the hearing will be announced at a later date, the
statement said, the report adds.

                           *       *       *

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


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


HOVENSA LLC: Accuses Monarch Energy of Disrupting Chapter 11 Sale
-----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that St. Croix oil
refinery Hovensa LLC on Nov. 5, 2015, asked a bankruptcy judge to
block a bid by its rival Monarch Energy Partners to acquire the
Debtor's shuttered refining facility in the British Virgin Islands
for $40 million, saying Monarch is attempting to undermine an
upcoming Chapter 11 auction for its assets.

In an objection, Hovensa challenged Monarch's request to lift the
automatic bankruptcy stay.


                            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
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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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