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

            Friday, November 20, 2015, Vol. 16, No. 230


                            Headlines



B E R M U D A

CENTRAL EUROPEAN: S&P Affirms 'B' CCR & Removes from Watch Neg.


B R A Z I L

CAMIL ALIMENTOS: S&P Affirms 'BB' Global Scale CCR; Outlook Stable
CYRELA BRAZIL: S&P Affirms 'BB' CCR; Outlook Remains Stable
SAMARCO MINERACAO: To Pay At least $262MM for Environmental Damage


C A Y M A N  I S L A N D S

ASCENDENT CAG: Commences Liquidation Proceedings
ASCENDENT SHINE: Commences Liquidation Proceedings
CALEDONIAN BANK: SEC Assailed by Judge for Triggering Collapse
CARUM CAPITAL: Shareholder Receives Wind-Up Report
CARUM CAPITAL MASTER: Shareholder Receives Wind-Up Report

CHINA SHANSHUI: Jinan City Facilitated Some Creditor Talks
CHINA SHANSHUI: Faces Flaring Creditor Tempers
GREENS HOLDINGS: Placed Under Provisional Liquidation
GRSTF LIMITED: Commences Liquidation Proceedings
INKOSI CORPORATION: Creditors' Proofs of Debt Due Nov. 26

LIBRA VENTURES: Creditors' Proofs of Debt Due Dec. 8
MC CITATION: Creditors' Proofs of Debt Due Nov. 26
MC CITATION MASTER: Creditors' Proofs of Debt Due Nov. 26
MOBIUS COMPANY: Placed Under Voluntary Wind-Up
OWS CAPITAL: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Fin'l System Adds RD$1.31B in Assets, a 7.7% Jump


J A M A I C A

JAMAICA: Remittance Inflows on the Rise


P E R U

CAMPOSOL SA: S&P Lowers CCR to 'B-'; Outlook Negative


P U E R T O    R I C O

COCO BEACH: Wigberto Lugo Mender Okayed as Legal Representative
PUERTO RICO: May Default on Debt Payments Due Dec. 1, Moody's Says


V I R G I N   I S L A N D

HOVENSA LLC: JKD Seeks Payment of Claim from Sale Proceeds
HOVENSA LLC: Judge Extends Deadline to Remove Suits to March 14


                            - - - - -


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B E R M U D A
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CENTRAL EUROPEAN: S&P Affirms 'B' CCR & Removes from Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Bermuda-registered TV broadcaster Central
European Media Enterprises Ltd. (CME).  S&P removed the rating
from CreditWatch, where it had initially placed it with negative
implications on June 30, 2015.  The outlook is stable.

The CreditWatch removal and affirmation of the corporate credit
rating and maintenance of the 'ccc' stand-alone credit profile
(SACP) reflects S&P's opinion that the company's capital structure
could become unsustainable over the long term, and that the
company could fail to refinance some or all of its debt due in
2017 in an orderly and timely manner.  About $785 million of CME's
debt instruments mature in November and December of 2017.  S&P
considers that CME's high debt level and a risk of earnings growth
being depressed by an unfavorable exchange rate of local
currencies to the U.S. dollar could prevent CME from refinancing
this debt on time.

In the nine months to Sept. 30, 2015, the company reported about
$67 million operating income before depreciation and amortization
(OIBDA), a 65% increase from the same period last year.  CME
posted about $1.0 billion debt as of Sept. 30, 2015.  According to
S&P's base case, CME will post about $110 million-$120 million
Standard & Poor's-adjusted EBITDA for full-year 2015, and about
$1.1 billion Standard & Poor's fully-adjusted debt, translating to
a debt-to-EBITDA leverage of about 9x.  Although S&P acknowledges
that trading conditions in CME's main markets have improved over
the past few quarters, CME remains exposed to foreign-exchange
risks.  Most of its revenues are generated in euros or euro-pegged
currencies, while a portion of its programming costs is paid in
U.S. dollars.  This depresses profitability when the U.S. dollar
strengthens against the euro.  At the same time, after the recent
refinancing of the $261 million convertible notes with euro-
denominated bank debt, about half of the $1.05 billion debt is
U.S. dollar denominated.  In S&P's opinion, this exposure poses a
risk that CME will fail to sufficiently deleverage in time to
refinance its 2017 maturities in an orderly fashion and could lead
to a financial distress.

Under S&P's group rating methodology, it continues to consider CME
a "strategically important" subsidiary of its key shareholder,
U.S.-based diversified media and entertainment company Time
Warner.  Time Warner currently has a 65% economic interest (49.9%
voting stake) in CME, but owns options and warrants which, if
exercised, could raise its economic interest to 76%.  In addition,
Time Warner guarantees, directly finances, or owns a major part of
CME's debt.

"We believe that the CME investment is an important part of Time
Warner's international growth strategy.  Time Warner has
historically stressed that, with the maturation of the U.S.
domestic cable television market, cable network segment growth
would increasingly come from its international operations and
investments.  With about $1.9 billion in total accumulated
investment and debt commitments and guarantees since 2009, the CME
investment is by far Time Warner's largest international
television network investment.  CME's strong positions in its
markets and improvement in its operating performance in recent
quarters and forecast over medium term underpins our assessment of
CME's "strategically important" status for Time Warner and our
belief that it is unlikely to be sold," S&P said.

In S&P's base case, it assumes:

   -- Approximately 3% growth of TV advertising in CME's markets
      in 2015-2016.

   -- About a 12% drop in reported revenue in 2015, based on
      actual performance in the nine months to Sept. 30, 2015.
      From 2016 onward, S&P anticipates that reported revenue will
      grow by 2%-3% annually, mainly supported by improving market
      share in the Czech Republic.  S&P also anticipates carriage
      fees will contribute to revenue growth.  At the same time,
      S&P sees a downside risk stemming from unfavorable USD:EUR
      exchange rates.

   -- Adjusted EBITDA at about $110 million-$130 million in 2015-
      2016, corresponding to about a 15%-20% EBITDA margin, as a
      result of significant reduction in acquired content costs
      partially offset by investments in local content.  Change in
      working capital of up to $15 million annually.  No
      acquisition activity or shareholder remuneration.

Based on these assumptions, S&P arrives at these credit measures:

   -- Persistently high Standard & Poor's-adjusted leverage at
      about 9.0x-9.5x in 2015 and 2016.  EBITDA interest coverage
      at about 1.0x-1.2x in 2015 and in 2016.  FOCF of up to
      $40 million-$50 million in 2015 and 2016, underpinned by
      the company paying most of its interest expenses in kind.

The stable outlook reflects S&P's belief that CME will remain an
important part of Time Warner's international growth strategy over
the next 12 months and a "strategically important" subsidiary to
Time Warner.  However, S&P thinks CME has the ability to benefit
from the anticipated mildly improving operating environment and
avoid a weakening of its liquidity.  In S&P's view these factors
could mitigate against a short-term default.  The outlook,
however, is balanced against S&P's concern regarding an orderly
and timely refinancing of about $785 million debt due in 2017.

S&P could downgrade CME if S&P considered its "strategically
important" status to Time Warner has diminished.  S&P could also
lower the rating if it perceived an increased risk of a failure to
refinance its debt in an orderly and timely manner, or faster--
than--anticipated deterioration of liquidity over the coming
months.  This could stem from lower-than-expected EBITDA growth
leading CME to fail to maintain adequate headroom under its
financial covenants.  Finally, S&P could lower its rating on CME
if S&P was to lower its rating on Time Warner by multiple notches,
which it consider unlikely.

S&P could consider an upgrade over the next 12 months if CME
managed the maturity profile of its debt in an orderly manner and
demonstrated a sustainable trend of deleveraging--underpinned by
EBITDA growth--and sustainable FOCF generation, while avoiding any
deterioration in liquidity.

Any upgrade would be contingent S&P's assessment of CME's group
status for Time Warner being at least "strategically important",
as it is currently, or higher.


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


CAMIL ALIMENTOS: S&P Affirms 'BB' Global Scale CCR; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA-' national scale corporate credit ratings on Camil
Alimentos S.A.  The outlook remains stable.  S&P don't rate any of
the company's debt.

The ratings affirmation reflects Camil's EBITDA and cash flows
resilience despite the slowdown in consumption in countries it
operates and setbacks in some of its operations, including import
duties in its rice operations in Peru.  S&P's forecast of
company's ongoing positive free operating cash flow (FOCF) should
support its deleveraging trend, which combined with a less
acquisitive profile than in the past and capex gradually dropping
to maintenance levels should continue improving cash position and
credit metrics.


CYRELA BRAZIL: S&P Affirms 'BB' CCR; Outlook Remains Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
corporate credit and 'brAA-' national scale corporate and issue-
level ratings on Cyrela Brazil Realty S.A. Empreendimentos e
Participacoes.  The outlook on the corporate ratings remains
stable.

Cyrela's financial performance is in line with S&P's expectations.
S&P considers that it will be able to weather Brazil's sluggish
economy thanks to consistent FOCF generation and adequate leverage
metrics.  S&P expects the company to focus on product
differentiation and to launch new projects only in regions where
demand remains healthy to protect its profitability and future
cash flow generation.

S&P believes that Cyrela's competitive position and conservative
strategy regarding the maintenance of low leverage levels have
cushioned the company better than most of its peers from domestic
economic and homebuilding industry woes since 2014, amid higher
inflation, interest and tax rates, unemployment, and household
debt.  Tighter credit availability to homebuyers has taken a toll
on the domestic homebuilding industry, in the form of a
significantly lower demand, an increase in sales cancelations, and
a decelerated growth in house prices, as indicated by the FIPE/ZAP
index.


SAMARCO MINERACAO: To Pay At least $262MM for Environmental Damage
------------------------------------------------------------------
EFE News reports that Brazilian mining company Samarco Mineracao
S.A. has agreed to pay at least BRL1 million reais (some $262
million) in environmental costs after burst dams at its open-pit
complex in the country's southeast triggered a mudflow that left
at least 11 dead and 12 others missing, devastated seven villages
and polluted a major river.

The agreement Samarco signed with the federal Attorney General's
Office and the AG's office in Minas Gerais state, where the
disaster occurred, is in addition to other penalties already
imposed, including a $65 million fine announced by President Dilma
Rousseff's administration, according to EFE News.

The report notes that the funds to be paid out by Samarco, a joint
venture of Brazilian mining giant Vale and Anglo-Australian mining
titan BHP Billiton, will be used to pay prevention, containment,
mitigation, reparation and compensation costs.

Two dams burst on Nov. 5 at the open-pit iron ore mining complex,
located in the southeatern Brazilian municipality of Mariana,
causing an avalanche of 62 million cubic meters (2,185 cubic feet)
of mud and mine waste, the report recalls.

EFE News discloses that Samarco must demonstrate the use of the
funds in monthly reports, which will be reviewed by an independent
auditor chosen by the federal and state AG's offices.

The mudflow completely destroyed the village of Bento Rodrigues,
caused major damage in six other hamlets, flooded a vast expanse
of fertile land and severely polluted the Doce River, a major
waterway in southeastern Brazil, the report says.

Environment Minister Izabella Teixeira described the accident as
an "environmental catastrophe" with "extremely serious impacts" on
the region's fauna, the report relays.

The report notes that a court in Minas Gerais has also ordered
BRL300 million (some $78 million) of Samarco's funds frozen to
ensure payment of compensation to those affected by the disaster.

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2015, Standard & Poor's Ratings Services has placed its
'BB+' global and 'brAA+' national scale ratings on Samarco
Mineracao S.A. on CreditWatch negative.


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


ASCENDENT CAG: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 16, 2015, the sole shareholder of Ascendent CAG (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:

          Yi Kevin Zhang
          Jardine House, Suite 1609, 16th Floor
          1 Connaught Place
          Central, Hong Kong


ASCENDENT SHINE: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 16, 2015, the sole shareholder of Ascendent Shine (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:

          Yi Kevin Zhang
          Jardine House, Suite 1609, 16th Floor
          1 Connaught Place
          Central, Hong Kong


CALEDONIAN BANK: SEC Assailed by Judge for Triggering Collapse
--------------------------------------------------------------
Bob Van Voris at Bloomberg News reports that a U.S. judge
criticized the Securities and Exchange Commission for freezing
assets of Caledonian Bank Ltd. and causing its collapse, saying
the case gives the regulator "fertile ground for agency self-
examination."

"Bureaucratic siloing and missed opportunities" ensured the
failure of the 45-year-old Cayman Islands-based bank, U.S.
District Judge William Pauley in Manhattan said, according to
Bloomberg News.  Judge Pauley also blamed the bank for agreeing to
the regulator's freeze on $76 million -- more than three times its
capital, Bloomberg News notes.

"This case reveals the dire consequences that flow when the SEC
fails to live up to its mandate and litigants yield to the
government's onslaught," Bloomberg News quoted Judge Pauley as
saying.

Bloomberg News notes that the SEC sued Caledonian and three other
firms Feb. 6 claiming they sold worthless penny stocks in several
pump-and-dump schemes, profiting from the illicit proceeds.  In a
hearing that was kept secret from the defendants, the SEC argued
that an asset freeze was necessary to prevent the bank and
Verdmont Capital SA from transferring funds offshore, Bloomberg
News relay.  Based on the SEC's claims, Pauley froze their assets
in the U.S.

                           Run on Bank

Bloomberg News notes that lawyers for Caledonian and Verdmont
later told the SEC their clients had acted as brokers, rather than
trading for their own accounts.  Most of the frozen assets
belonged to depositors, not the banks, Judge Pauley said,
Bloomberg News relays.  In the wake of the asset freeze,
Caledonian investors and depositors rushed to withdraw their
money.

Within days, the bank was forced into bankruptcy, the report
relates.

The SEC later changed or withdrew the claims that the banks had
traded in the securities for their own profit, Judge Pauley said,
notes the report.

The regulator is still suing Verdmont and Caledonian, claiming
they sold non-exempt securities without valid registration
statements, Bloomberg News notes.  Verdmont asked the judge to
throw out the lawsuit, a request Judge Pauley denied, even as he
criticized both the regulator and the banks, says the report.

The criticism follows a May hearing in which Pauley quizzed an SEC
lawyer about the agency's actions in the case, Bloomberg News
relays.

"The bank collapsed because of your actions, didn't it?" Pauley
asked SEC lawyer Richard Simpson.

"Yes, your honor," Simpson answered.

"It's stunning," Pauley said. "It's incredible government
overreach."

In February, Caledonian Bank filed a Chapter 15 bankruptcy, which
shields U.S. assets of insolvent foreign companies.

The case is Securities and Exchange Commission v. Caledonian Bank
Ltd., 15-cv-00894, U.S. District Court, Southern District of New
York (Manhattan).


CARUM CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Carum Capital Management Global Fund, Ltd.
received on Nov. 17, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

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:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


CARUM CAPITAL MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Carum Capital Management Master Fund, Ltd.
received on Nov. 17, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

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:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


CHINA SHANSHUI: Jinan City Facilitated Some Creditor Talks
----------------------------------------------------------
Lianting Tu at Bloomberg News reports that China's latest
defaulter said a local government has requested onshore creditors
not to take aggressive actions against the company, flagging state
involvement in the nation's debt markets even after authorities
vowed to cut such influence.

According to Bloomberg, China Shanshui Cement Group Ltd., based in
the eastern province of Shandong, said in a filing on Nov. 16 that
the government of Jinan city where the manufacturer is based has
facilitated talks with some of the firm's creditors after it
missed payment on CNY2 billion ($314 million) of local notes last
week. The onshore creditors in those discussions "expressed their
understanding and support of the request of the local government,"
it said.

Bloomberg says President Xi Jinping must balance vows to
liberalize markets with steps to avoid a surge in defaults amid
the slowest economic growth in a quarter century. State-owned
steelmaker Sinosteel Co., which pushed back an interest payment
last month after regulators met with noteholders, again postponed
the deadline this week.  Sausage maker Nanjing Yurun Foods Co.
paid off notes in October it had earlier said it was unsure it
could repay after a local government asked lenders to help,
Bloomberg discloses citing SWS Research Ltd.

"The important factor is that the Jinan municipal council has
involved itself," the report quotes Charles Macgregor, head of
Asian high yield research in Singapore at Lucror Analytics, as
saying. "We wonder whether they are concerned over potential loss
of jobs and increased social unrest were China Shanshui to be
wound up."

Bloomberg reports that Henry Li, chief financial officer at
Shanshui, said when reached by phone on Nov. 17 that the Jinan
government said it will not provide direct financing but it has
asked banks to support the company. Lenders have temporarily
agreed to not take legal action including asset preservation, Li
said.

Bloomberg notes that Shanshui became at least the sixth Chinese
firm to default in the local bond market this year as a
shareholder fight hurt financing.  The manufacturer was to face a
Nov. 18 hearing on its liquidation application filed in the Cayman
Islands where it is incorporated, the report says.

Holders of Shanshui's onshore bonds that defaulted last week will
review follow-up measures, Bloomberg discloses citing a statement
from China Merchants Bank Co., an underwriter of the notes.

Shanshui has considered proposals for repaying debt including new
share issues, asset restructuring and asset securitization, it
said in the filing on Nov. 16, Bloomberg relays.  According to the
report, the company also said that if the Cayman court grants the
application and appoints provisional liquidators, they will have
the right to choose and implement proposals to repay Shanshui's
debts.

"They have outlined a pandora's box of solutions, but all will be
in the hands of the provisional liquidator if appointed," Lucror's
Macgregor, as cited by Bloomberg, said.

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'.

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.

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: Faces Flaring Creditor Tempers
----------------------------------------------
Bloomberg News reports that for three hours on Nov. 13, dozens of
bondholders owed money by China's most-recent defaulter held
closed-door meetings in Beijing that at moments teetered on the
brink of quarreling.

The investors in China Shanshui Cement Group Ltd.'s onshore notes
gathered at the China Hall of Science and Technology hotel in
western Beijing and heard Chairman Zhang Bin and Chief Financial
Officer Henry Li pledge to do their best to reduce losses,
Bloomberg relates citing a noteholder who attended and asked not
to be identified because the matter is private. While the meeting
was mostly tranquil, some investors became "fairly agitated" when
expressing their concerns, the person, as cited by Bloomberg,
said.

According to Bloomberg, Shanshui became at least the sixth Chinese
firm to default in the local bond market this year after it missed
payment on its CNY2 billion ($313.5 million) of onshore securities
last week, as a shareholder tussle stymied financing.

Bloomberg says a liquidation application filed in the Cayman
Islands where it is incorporated, was heard on Nov. 18. An EGM
that the firm had planned for Nov. 25 will be delayed until
Dec. 1 in Hong Kong, according to a company filing on Nov. 16.

"The situation is very complicated with Shanshui at the moment
with the Cayman court hearing and the EGM both coming up," the
report quotes Zhi Wei Feng, a credit analyst with Standard
Chartered Plc in Singapore, as saying. "There are various parties
at play. While it seems obvious what each party's agenda is, it's
hard to tell how, whether and when they can achieve that."

Another onshore bondholder meeting will be held soon as some
investors threatened to take legal action on matters such as asset
preservation, the person said Nov. 13, without elaborating,
according to Bloomberg. A formal bondholders' meeting will be held
as soon as possible, where participants can vote on proposals,
said a person on Nov. 16 from China Merchants Bank Co. who's been
involved in arranging Shanshui's bondholder meeting, Bloomberg
relays.

James Lee, a Hong Kong-based investor relations official at
Shanshui, said the company wouldn't comment beyond the information
in the filings. Three calls to the mobile phone of Henry Li, chief
financial officer of the company, went unanswered
on Nov. 16, Bloomberg notes.

Bloomberg relates that during the EGM, shareholders will vote on a
proposal by Shanshui's largest shareholder Tianrui Group Co. to
remove Shanshui's current board including Chairman Zhang. Tianrui
would help fix Shanshui's debt problems if its proposal to change
the board passes, Li Heping, vice chairman of Tianrui Group, said
in a Nov. 13 interview, adds Bloomberg.

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'.

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.

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.


GREENS HOLDINGS: Placed Under Provisional Liquidation
-----------------------------------------------------
On Oct. 8, 2015, the Grand Court of the Cayman Islands entered an
order to place Greens Holdings Ltd under provisional liquidation.

The company's provisional liquidators are:

          Patrick Cowley
          Chan Mei Lan
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong; and

          Alexander Lawson
          KPMG
          P.O. Box 493, Century Yard
          Cricket Square, Grand Cayman KY1-1106
          Cayman Islands


GRSTF LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 12, 2015, the members of GRSTF Limited 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:

          Beat Schuerch
          c/o Maples and Calder, Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


INKOSI CORPORATION: Creditors' Proofs of Debt Due Nov. 26
---------------------------------------------------------
The creditors of Inkosi Corporation 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. 13, 2015.

The company's liquidator is:

          K.D. Blake
          c/o Giji Alex
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 914-4350/ +1 345-949-4800
          Facsimile: +1 (345) 949-7164


LIBRA VENTURES: Creditors' Proofs of Debt Due Dec. 8
----------------------------------------------------
The creditors of Libra Ventures 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. 15, 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


MC CITATION: Creditors' Proofs of Debt Due Nov. 26
--------------------------------------------------
The creditors of MC Citation Fund 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. 15, 2015.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          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


MC CITATION MASTER: Creditors' Proofs of Debt Due Nov. 26
---------------------------------------------------------
The creditors of MC Citation Master Fund 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. 15, 2015.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          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


MOBIUS COMPANY: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Oct. 15, 2015, the
shareholder of Mobius Company 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


OWS CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 16, 2015, the sole shareholder of OWS Capital Partners GP
III, 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:

          Kurt Locher
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


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


DOMINICAN REP: Fin'l System Adds RD$1.31B in Assets, a 7.7% Jump
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's financial system
is becoming more robust and stable as evidenced by sustained
growth of its assets, advances in monitoring, key regulatory
changes, user protection, a strategic plan in line with
international requirements and other business aspects adopted by
the Banks Superintendence.

The system's assets grew by RD$1.31 billion as of October 31, a
7.7% growth over the same period in 2014, according to Banks
superintendent Luis Armando Asuncion, Dominican Today notes.

The report relays that Mr. Asuncion said between December and
October last year, growth stood at 6.8%.  "This speaks highly of
the system and reaffirms the Dominican economy's behavior," the
report quoted Mr. Asuncion as saying.

Moreover the Dominican financial system posts a capital surplus of
RD$57.0 billion, which shows the financial strength of banks to
absorb possible losses associated with the numerous risks, the
official said, according to Dominican Today.

Banks Superintendence (SB) officials, headed by Luis Armando
Asuncion were interviewed by newspaper Listin Diario on their
agency's progress and challenges, the report says.


                          *     *     *

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: Remittance Inflows on the Rise
---------------------------------------
RJR News reports that remittance inflows into Jamaica in the first
seven months of this year rose four per cent.

The increase means remittance inflows for the year so far were
just under US$1.3 billion, according to RJR News.

Outflows were up two per cent to US$130 million, the report notes.


                      *     *     *

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.


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


CAMPOSOL SA: S&P Lowers CCR to 'B-'; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit and issue-level ratings on Camposol S.A. to 'B-' from 'B'.
The outlook is negative.

The downgrade reflects Camposol's weaker-than-expected operating
and financial performance during 2015, and S&P's view that the
company's credit metrics will remain in line with its "highly
leveraged" financial risk profile assessment.  S&P also believes
Camposol's refinancing risk has increased as the company's $200
million notes mature Feb. 2, 2017.  During the 12 months ended
Sept. 2015, adverse weather conditions have contracted some of
Camposol's products volumes.  This in turn lowered the company's
profitability, with EBITDA of $30.3 million, or 31.4% below the
same period last year.  The company's financial performance has
also suffered from higher cost of goods sold in the asparagus,
shrimp, and pepper segments due to lower yields.

S&P revised its view of Camposol's financial risk profile to
"highly leveraged"from "aggressive," reflecting the weaker credit
metrics and the volatility of its cash flow due to its commodity-
oriented business.


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


COCO BEACH: Wigberto Lugo Mender Okayed as Legal Representative
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Coco Beach Golf & Country Club Se to employ Wigberto
Lugo Mender, Esq., from Lugo Mender Group, LLC, as counsel.
On Oct. 22, 2015, Charles A. Cupprill-Hernandez, previous
counselor for the Debtor, resigned to the legal representation in
the case.

Upon the resignation, the Debtor sought to employ the law firm of
Mr. Mender as its legal representative.

The Debtor agreed to compensate the firm according to its
personnel's hourly rates:

         Mr. Mender $300
         Associate and Staff Attorney $175
         Legal and Financial Assistants $100

To the best of the Debtor's knowledge, Mr. Mender is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                     About Coco Beach Golf

Coco Beach Golf & Country Club, S.E., is the owner of a first
class golf and country club in Rio Grande, Puerto Rico, currently
operating under the name of Trump International Golf Club Puerto
Rico.  Trump International Golf Club has two 18-hole golf courses
and country club facilities.

The Company sought Chapter 11 protection (Bankr. D.P.R. Case No.
15-05312) in Old San Juan, Puerto Rico, on July 13, 2015, and
immediately filed a motion seeking to sell most of the assets for
$2.04 million in cash to OHorizons Global, LLC, subject to higher
and better offers.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, P.S.C. Law
Offices, serves as counsel to the Debtor.



PUERTO RICO: May Default on Debt Payments Due Dec. 1, Moody's Says
------------------------------------------------------------------
Nick Brown at Reuters reports that Moody's Investor Service said
Puerto Rico is likely to default on at least some of its $355
million in debt payments due Dec. 1, citing growing liquidity
pressures.

The U.S. commonwealth, facing around $70 billion in total debt, is
struggling to breathe life into a stalled economy with a roughly
45 percent poverty rate, according to Reuters.  In a note,
Moody's, which has rated Puerto Rico Caa3 negative, said the
island "continues to operate with extremely limited internal
liquidity and no access to external sources of financing," the
report relates.

"The government projects a negative $29.8 million cash balance in
November, growing to a deficit of $205 million in December,"
Moody's said, the report notes.

Reuters says that the debt due on Dec. 1 was issued by Puerto
Rico's Government Development Bank.  About $273 million of it is
so-called general obligation (GO) debt, which is considered the
island's highest priority debt and protected by its constitution,
the report discloses.

The GDB has said it will make the payment, but Moody's was
skeptical, noting that Puerto Rico has another $330 million in GO
debt due on Jan. 1, the report relays.

Since July, the commonwealth has not been making its monthly
sinking fund payments on the Jan. 1 debt, instead saying it plans
to use cash in the island Treasury department's account at the
GDB. According to Moody's, however, the projected November and
December balances in that account are negative, the report notes.

The report relays that Puerto Rico Governor Alejandro Garcia
Padilla has said that, if forced to choose, the island would
default on its debt rather than discontinue crucial services to
its 3.5 million people.  President Garcia has asked creditors to
restructure their debt, but has faced resistance, the report
notes.

The report discloses that since Puerto Rico cannot declare
bankruptcy, a default could trigger legal action from GO
bondholders.  "This potential scenario may increase the pressure
on the federal government to intervene in some way," Moody's said,
possibly by persuading Congress to approve the Obama
administration's proposal to allow Puerto Rico to file for
bankruptcy, the report adds.


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


HOVENSA LLC: JKD Seeks Payment of Claim from Sale Proceeds
----------------------------------------------------------
The Law Offices of John K. Dema P.C. has said it opposes the
distribution of proceeds from the sale of Hovensa LLC's assets
without payment in full of its claim.

In a court filing, the law firm said it does not oppose the sale
of most of Hovensa's assets but the company should either pay in
full its claim or grant the firm "adequate protection" by
establishing an $8.97 million escrow from the proceeds.

Hovensa owes the firm as much as $8.97 million as of Sept. 15,
2015.

The company also received an objection from the official committee
of unsecured creditors. In its objection, the committee emphasized
the importance of competitive bidding to maximize the value to be
received by unsecured creditors.

Hovensa on Sept. 15 filed a motion with the District Court of the
Virgin Islands, Bankruptcy Division, to approve the sale of its
crude oil and product storage and terminal business to Limetree
Bay Holdings LLC for $184 million or to another bidder with a
better offer.

On Oct. 9, the court issued an order approving the bidding
procedures. The order also authorized the payment of break-up fee
in the amount of $4.7 million and expense reimbursement of up to
$1.9 million.

                           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: Judge Extends Deadline to Remove Suits to March 14
---------------------------------------------------------------
U.S. Bankruptcy Judge Mary Walrath has given Hovensa LLC until
March 14, 2016, to file notices of removal of lawsuits involving
the company.

Hovensa did not receive objections to the extension of the
deadline, court filings show.

                           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.


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