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

            Tuesday, November 24, 2015, Vol. 16, No. 232


                            Headlines



B A R B A D O S

BARBADOS: New Fund to Help Small Businesses in Barbados
BARBADOS: To Get $25MM-IDB Loan to Improve Road Infrastructure


C A Y M A N  I S L A N D S

ACS CAYMAN: Shareholder to Hear Wind-Up Report on Dec. 1
APOLE FUNDING: Shareholders Receive Wind-Up Report
ASGARD CAPITAL: Shareholders' Final Meeting Set for Nov. 30
ATLAS ASIA: Members' Final Meeting Set for Dec. 11
BARRY LTD: Members' Final Meeting Set for Dec. 11

CURRENSEE INTERNATIONAL: Members Receive Wind-Up Report
IC1 INVESTMENTS: Members Receive Wind-Up Report
MACKAY SHIELDS: Shareholder to Hear Wind-Up Report on Dec. 11
NEWBERRY HOLDINGS: Shareholder to Hear Wind-Up Report on Dec. 3
OPTIMUM INVESTMENTS: Shareholders Receive Wind-Up Report

SAVANA HOLDINGS: Shareholder Receives Wind-Up Report
TIME SEASON: Shareholder Receives Wind-Up Report
YOMBERAJA LTD: Member to Hear Wind-Up Report on Dec. 8


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Natural Gas Unchanged, Other Fuels to Cost Less
DOMINICAN REP: Groundwork Marks "Start of End" of Housing Deficit


J A M A I C A

* JAMAICA: Makes Policy to Cut Entry Barriers to Telecoms Industry


P U E R T O    R I C O

ANNA'S LINENS: Enters Into $1 Million Settlement With Transplace
ANNA'S LINENS: Asks TCI to Pay $33.1K Indebtedness
COCO BEACH: Carrasquillo OK'd to Withdraw as Financial Consultant
COCO BEACH: Charles Alfred Cuprill Okayed to Resign as Counsel
PUERTO RICO: Senate Republicans Work on Bill as Default Looms

STANDARD REGISTER: Taps Landen C. Williams as Interim President


V I R G I N   I S L A N D

HOVENSA LLC: Committee Wants to Hire Dentons US as Counsel
HOVENSA LLC: Committee Seeks to Hire BRG as Financial Advisor
HOVENSA LLC: Committee Taps Hamm Eckard as Co-counsel
HOVENSA LLC: U.S. Trustee Amends Committee of Unsecured Creditors


X X X X X X X X X

LATIN AMERICA: Economies Diverge as Risks Creep Up, Fitch Says


                            - - - - -


===============
B A R B A D O S
===============


BARBADOS: New Fund to Help Small Businesses in Barbados
-------------------------------------------------------
Caribbean360.com reports that small and medium-sized enterprises
in Barbados now have another avenue in which to obtain finance to
expand and remodel their businesses, through the provision of
credit guarantees to commercial banks and other finance companies.

Acting Deputy Director of the Foreign Exchange and Export Credits
Department, Ian Collymore, said businesses with annual sales or
assets of up to BDS$20 million (US$10 million) and less than 200
employees would be eligible to participate in a new fund, which
would provide guarantees for loans up to BDS$2 million (US$1
million) per project, up to a total of BDS$6 million (US$3
million) per company, according to Caribbean360.com.

The report notes that the Trust Deed for the Enhanced Credit
Guarantee Fund was signed recently by Minister of Finance Chris
Sinckler on behalf of the Government of Barbados and Governor of
the Central Bank Dr. DeLisle Worrell at Government Headquarters.

The Central Bank will be executing the fund, which was financed
with loan of BDS$70 million (US$35 million) from the Inter-
American Development Bank and the China Co-financing Fund for
Latin America and the Caribbean, the report relays.

The report discloses that Mr. Sinckler said a major complaint
about guarantee schemes over the years was they had been too
complicated for some businesses to access.

As a result, Mr. Sinckler said, the new fund was transparent,
flexible and accessible to those who wanted to access it, the
report adds.


                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 16, 2015, Standard & Poor's Ratings Services affirmed its
'B' long-term sovereign credit ratings on Barbados.  The outlook
remains negative.  S&P also affirmed its 'B' short-term sovereign
credit ratings.  The transfer and convertibility (T&C) assessment
is unchanged at 'B'.


BARBADOS: To Get $25MM-IDB Loan to Improve Road Infrastructure
--------------------------------------------------------------
Barbados will rehabilitate sections of two major highways to lower
transport costs and improve road safety with a $25 million loan
approved by the Inter-American Development Bank (IDB).

The IDB loan will finance the rehabilitation and improvement of
approximately 31 kilometers of key segments of Barbados' primary
road network, including drainage, construction of sidewalks,
rehabilitation of associated bridges and culverts, and safety
features along with a pilot for outsourced performance-based
routine road maintenance.

It will also contribute to the strengthening of transport sector
governance through capacity building within Barbados' Ministry of
Transport and Works (MTW) in the key areas of transport planning
and asset management, maintenance financing, technical standards
for quality control and assurance, gender parity, and road safety.

These primary roads -- the ABC Highway and the Charles Duncan
O'Neal Highway -- connect Barbados' touristic, industrial, and
business areas with the Bridgetown Port and the Grantley Adams
International Airport.  This road network supports transportation
for Barbados' productive sectors, which consists primarily of
tourism, light manufacturing, quarrying, and agriculture.  The
project will also provide funds for institutional strengthening to
improve transport sector planning, road maintenance financing,
civil works project implementation and supervision, and
sustainability.

It is expected that this project will contribute to sustainable
growth in the Barbadian economy through interventions to
rationalize and improve public sector efficiency and by supporting
private sector participation and development through greater
involvement in the transport sector.

In the last 15 years, Barbados has undergone a rapid increase in
the number of motor vehicles on the roads affecting traffic flow
and patterns.  The growing volume of traffic on the roads,
especially at peak periods, is a cause of increasing public
concern.  This has worsened local transport logistics and has
increased the number of road accidents; and indirectly, the loss
of man hours and quality of life -- all of which are important to
a tourism-focused economy.

In recent years, regular and periodic maintenance and
infrastructure upgrading has not been sufficiently financed to
keep the national road network in good condition.  The unique
combination of increasing traffic on Barbados' roads, the fact
that much of the country's primary road network has reached or is
well beyond its design life, and a drastic drop in the MTW's
budget due to economic constraints have resulted in a need for
external financing for the rehabilitation of key segments of its
primary highway network.

The IDB loan is for a 25-year term, with a 5-year grace period and
a LIBOR-based interest rate. Local counterpart funds total $25
million.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 16, 2015, Standard & Poor's Ratings Services affirmed its
'B' long-term sovereign credit ratings on Barbados.  The outlook
remains negative.  S&P also affirmed its 'B' short-term sovereign
credit ratings.  The transfer and convertibility (T&C) assessment
is unchanged at 'B'.


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


ACS CAYMAN: Shareholder to Hear Wind-Up Report on Dec. 1
--------------------------------------------------------
The shareholder of ACS Cayman Limited will hear on Dec. 1, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Fides Limited
          c/o Dwight Dube
          The Grand Pavilion, 2nd Floor
          Commercial Centre
          Grand Cayman PO Box 10338
          Cayman Islands KY1-1003
          Telephone: (345) 949 7232


APOLE FUNDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Apole Funding Company received on Nov. 19,
2015, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

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


ASGARD CAPITAL: Shareholders' Final Meeting Set for Nov. 30
-----------------------------------------------------------
The shareholders of Asgard Capital Limited will hold their final
meeting on Nov. 30, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ATLAS ASIA: Members' Final Meeting Set for Dec. 11
--------------------------------------------------
The members of Atlas Asia Focused Multi Asset Fund will hold their
final meeting on Dec. 11, 2015, at 10:30 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


BARRY LTD: Members' Final Meeting Set for Dec. 11
-------------------------------------------------
The members of Barry Ltd. will hold their final meeting on
Dec. 11, 2015, at 10:00 a.m., to receive the liquidators' report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


CURRENSEE INTERNATIONAL: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Currensee International received on Nov. 17, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Kevin Ryan
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


IC1 INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------
The members of IC1 Investments Ltd. received on Nov. 18, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Pedro Paulo Magalhaes
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


MACKAY SHIELDS: Shareholder to Hear Wind-Up Report on Dec. 11
-------------------------------------------------------------
The shareholder of Mackay Shields Credit Strategy Fund Ltd. will
hear on Dec. 11, 2015, at 9:15 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEWBERRY HOLDINGS: Shareholder to Hear Wind-Up Report on Dec. 3
---------------------------------------------------------------
The shareholder of Newberry Holdings Limited will hear on Dec. 3,
2015, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

          Neil Montgomery
          Cathlin Rossiter
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


OPTIMUM INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Optimum Investments SPC received on Nov. 17,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Doran + Minehane
          59/60 O' Connell Street
          Limerick
          Ireland
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613


SAVANA HOLDINGS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Savana Holdings Limited received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Barclays Wealth Corporate Nominees Limited
          c/o Barclays Trust Company (Cayman) Limited
          P.O. Box 587 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: + 65 6308 0200
          Facsimile: + 65 6308 3289


TIME SEASON: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Time Season Ventures Limited received on
Nov. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Barclays Wealth Corporate Nominees Limited
          c/o Barclays Trust Company (Cayman) Limited
          P.O. Box 587 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: + 65 6308 0200
          Facsimile: + 65 6308 3289


YOMBERAJA LTD: Member to Hear Wind-Up Report on Dec. 8
------------------------------------------------------
The member of Yomberaja Ltd. will hear on Dec. 8, 2015, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG1110
          British Virgin Islands


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


DOMINICAN REP: Natural Gas Unchanged, Other Fuels to Cost Less
--------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry
posted the price of fuels for the week from Nov. 21 to 27, when
premium gasoline will cost RD$187.10 and regular will cost
RD$169.60, both with a reduction of RD$4.10 per gallon.

Optimum diesel will cost RD$149.50, or RD$ 3.90 less, regular
diesel RD$140.40, or RD$4.50 less; avtur will cost RD$98.20, or
RD$3.50 less; kerosene will cost RD$121.80, or RD$3.70 less; fuel
oil will cost RD$74.65, or RD$2.80 less; propane gas will cost
RD$82.00, or RD$1.00 lower per gallon, while natural gas will
still cost RD$25.58 per cubic meter, according to Dominican Today.

The report notes that the Central Bank's posted average exchange
rate of RD$45.45 per dollar was used to calculate all fuel prices.

                          *     *     *

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: Groundwork Marks "Start of End" of Housing Deficit
-----------------------------------------------------------------
Dominican Today reports that President Danilo Medina said 2015
will be remembered as the "beginning of the end" of Dominican
Republic's housing deficit citing the groundwork laid out thus
far.

"And it will be so, because we have laid the groundwork for that
in the coming years, the construction of affordable housing
advances, not by initiatives of small handout which look at the
short term," Medina said to open the 5th annual "National Housing
Table," hosted by the Dominican Housing Builders and Developers
Association (Acoprovi), according to Dominican Today.

President Medina said access to decent housing has been a
challenge for many families, the report notes.

"This lack of affordable loans to the masses he made you, housing
developers, be directed to other projects, such as those devoted
to tourism, or high-cost housing," President Medina said in his
keynote speech, the report relays.

The report notes that President Medina said what was needed was a
state policy to promote construction of low-cost housing within
reach of most citizens.  "It was necessary to provide guarantees
to investors and developers will be encouraged to reorient toward
the construction of affordable housing," the report quoted
President Medina as saying.

                           *     *     *

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: Makes Policy to Cut Entry Barriers to Telecoms Industry
------------------------------------------------------------------
Caribbean360.com reports that the government will shortly
implement a co-location policy aimed at facilitating increased
participation by new entrants in Jamaica's wireless
telecommunications industry.

Science, Technology, Energy and Mining Minister Phillip Paulwell
said the policy will enable new investors to access existing
infrastructure, primarily cell towers, owned by existing service
providers, at a cost, in establishing their operations, thereby
minimizing "entry barriers to the industry," according to
Caribbean360.com.

The report notes that Mr. Paulwell said the regulations, slated to
come on stream in early 2016, are being developed within the
context of the provisions of the Telecommunications Act, which was
amended in 2012.

The Act "provides for the minister, in association with the Office
of Utilities Regulation (OUR), to make these regulations, which
will mandate and provide the framework for new players to have
full access to existing infrastructure," Mr. Paulwell explained,
the report notes.

"So, the existing players will be required to do the
accommodation, and of course, it is going to be supervised by the
Office of Utilities Regulation," Mr. Paulwell said, the report
relays.

The report discloses that the minister said the move is also
intended to ensure that new players do not have to expend
resources putting up their own infrastructure.

This, he noted, is expected to cut the cost of a new investor
getting involved in the business, while curtailing the
proliferation of cell towers island wide, the report relays.

"We want to see more investors, because more competition means
lower price, better quality of service, and more access to
broadband (internet service)," Mr. Paulwell added.

                       *     *     *

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


ANNA'S LINENS: Enters Into $1 Million Settlement With Transplace
----------------------------------------------------------------
Anna's Linens, Inc. and Transplace Texas LP ask the U.S.
Bankruptcy Court for the Central District of California, Santa Ana
Division, to approve the stipulation that they had executed,
allowing and directing the payment of Transplace's secured claim.

Before the Debtor filed for bankruptcy, it entered into one or
more agreements with Transplace whereby Transplace agreed to store
goods delivered by the Debtor and provide certain warehouse
services.

The Debtor and Transplace had previously entered into a
stipulation, which provided that the Debtor owed Transplace
approximately $1,814,256 ("Prepetition Amount Due").  Transplace
and the Debtor agreed that Transplace was in possession of Stored
Goods with a value in excess of the Prepetition Amount Due such
that Transplace had a secured claim for the Prepetition Amount
due.

Subsequently, the Debtor determined that Transplace may not have
held Stored Goods having a value in excess of the Prepetition
Amount due.  Transplace disputed the Debtor's determination.  The
Debtor immediately paid Transplace $700,000 in accordance with the
stipulation.  Transplace was granted an administrative priority
claim for the $1,114,256 balance of the Transplace Secured Claim.

Transplace asserts that it has a valid and enforceable secured
claim in the amount of $1,124,167 ("Remaining Transplace Secured
Claim") and an administrative expense claim for certain unbilled
amounts.  The Debtor disputes the amount of the Remaining
Transpace Secured Claim, contending that there is ambiguity on the
Debtor in Possession Financing Order and a lack of clarity as to
the amount of Stored Goods that Transplace had in its possession
as of Petition Date.  The Debtor also disputes that there are
existing unbilled amounts owed to Transplace.

The Debtor and Transplace agreed to resolve their disputes as to
the amount of the Remaining Transplace Secured Claim and the
asserted unbilled administrative expense claims.

The stipulation provides, among others, that:

     (a) The allowed Remaining Transplace Secured Claim will be
$1.0 million, and will be paid in full from the Possessory Lien
Reserve.

     (b) Transplace will have no other claim against the Debtor or
the estate, and the Debtor and the estate shall have no claim
against Transplace.

Anna's Linens is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Juliet Y. Oh, Esq.
          John-Patrick M. Fritz, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Blvd., Suite 1700
          Los Angeles, CA 90067
          Telephone: (310)229-1234
          Facsimile: (310)229-1244
          E-mail: dbg@lnbyb.com
                  ehk@lnbyb.com
                  jyo@lnbyb.com
                  jpf@lnbyb.com

Transplace Texas is represented by:

           Simon Kimmelman, Esq.
           SILLS CUMMIS & GROSS P.C.
           600 College Road East
           Princeton, NJ 08540
           Telephone: (609)227-4680
           E-mail: skimmelman@sillscummis.com

Salus Capital Partners, LLC, as administrative agent and
collateral agent, is represented by:

          Jeffrey M. Wolf, Esq.
          Nancy A. Mitchell, Esq.
          GREENBERG TRAURIG
          MetLife Building
          New York, NY 10166
          Telephone: (212)801-9200
          Facsimile: (212)801-6400
          E-mail: wolfje@gtlaw.com
                  mitchelln@gtlaw.com

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


ANNA'S LINENS: Asks TCI to Pay $33.1K Indebtedness
--------------------------------------------------
Anna's Linens, Inc., in an adversary proceeding against Torrey
Commerce, Inc. ("TCI") for breach of contract, asks the U.S.
Bankruptcy Court for the Central District of California, Santa Ana
Division, to render judgment compelling TCI to pay $33,120.

Pursuant to a Vendor Agreement, the Debtor sold its merchandise to
TCI, and the latter would re-sell the merchandise to third party
customers on TCI's Web sites.  TCI would take and process orders
for the merchandise from customers, and forward an electronic
purchase order to the Debtor.  The Debtor was responsible for
fulfillment of the purchase order, including storage, handling and
shipping. Customers would pay TCI directly for the merchandise,
and TCI would then pay the Debtor bi-weekly for all customer
purchases of merchandise from the websites and shipped by the
Debtor less a management free for TCI.  The Debtor's e-commerce
operations, including the TCI Web site sale, ceased on or before
the June 14, 2015 Petition Date and no merchandise returns were
permitted after July 15, 2015, which was the latest possible
merchandise return date under the terms of the Agreement.

Eve H. Karasik, Esq., at Levene, Neale, Bender, Yoo & Brill
L.L.P., in Los Angeles, California, tells the Court that after
entry into the Agreement, the Debtor performed as required under
the Agreement, and the Defendant paid for such performance.  Ms.
Karasik further contends that on the Petition Date, TCI ceased
making payments to the Debtor as required under the Agreement.
She contends that TCI advised the Debtor that it is holding back
funds due to it to cover TCI in the event the Debtor is subject to
chargebacks or other costs related to the merchandise and customer
transactions.  Ms. Karasik further contends that the Agreement
does not give TCI any right to holdback funds due to the Debtor
under any circumstances.  She relates that the Debtor's books and
records reflect that TCI failed to pay $33,120 for the Debtor's
merchandise purchased through TCI's Web sites and shipped by the
Debtor.  Ms. Karasik further relates that despite the Debtor's
demand, TCI has failed and refused to pay its indebtedness or any
part thereof.

Anna's Linens is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Lindsey L. Smith, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Blvd., Suite 1700
          Los Angeles, CA 90067
          Telephone: (310)229-1234
          Facsimile: (310)229-1244
          E-mail: dbg@lnbyb.com
                 ehk@lnbyb.com
                 lls@lnbyb.com


                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


COCO BEACH: Carrasquillo OK'd to Withdraw as Financial Consultant
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized CPA Luis R. Carrasquillo & Co., P.S.C. to withdraw as
financial consultant to Coco Beach Golf & Country Club, S.E.

Mr. Carrasquillo said that due to certain differences between
Carrasquillo and Debtor's management, Carrasquillo must resign as
Debtor's financial consultant in the case.

Mr. Carrasquillo noted that the Debtor's management is cognizant
of Carrasquillo's resignation, as they agreed on Oct. 26, 2015.

As reported in the Troubled Company Reporter on July 21, 2015, the
duties of Carrasquillo consisted of strategic counseling and
advice, pro forma modeling preparation, financial assistance,
preparation of documentation as requested for and during the
company's Chapter 11, specifically as it is related to and has an
effect on Debtor, as well as recommendations and financial
assessments.

The Debtor has retained Carrasquillo on the basis of a $15,000
advance retainer, paid by the Debtor's affiliate, Petroleum
Emulsion Manufacturing Co.

The Debtor assures the Court that Carrasquillo and the members of
his accounting firm are "disinterested persons" as the term is
defined in Section 101(14) of the Bankruptcy Code and do not
represent any interest adverse to the Debtor and its estates.

The Debtor discloses that except that Carrasquillo has acted as
financial consultant in other bankruptcy cases in which Charles A.
Cuprill, PSC Law Offices, the Debtor's counsel, has or is
representing the debtor, and that Carrasquillo has provided
financial advice to the Debtor's affiliates in reference to the
case In re Scotiabank de Puerto Rico v. Coco Beach Development
Corporation, R-3 Development, LLC, Coco Beach Holdings, Inc., in
Case No. N3CI2012-00608, before the Court of First Instance of
Puerto Rico, Rio Grande Section; and the Debtor's affiliates
Betteroads Asphalt, LLC, Betterecycling Corporation, as creditors
in the case of Alco Corporation, Case No. 12-00139(MCF),
Carrasquillo has no other prior connections with the Debtor, its
officers, directors and insiders, any creditor, or other party in
interest, their respective attorneys and accountants, the United
States Trustee or any person employed in the office of the United
States Trustee.

                      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.


COCO BEACH: Charles Alfred Cuprill Okayed to Resign as Counsel
--------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the Bankruptcy Court for
the District of Puerto Rico authorized Charles Alfred Cuprill to
resign as legal representative of Coco Beach Golf & Country Club
S.E.

Mr. Cuprill, in his application, cited irreconcilable differences
between Cuprill and Debtor's management as the basis for his
resignation.

Mr. Cuprill also said that the Debtor's management is cognizant of
his resignation as counsel, well as of the status of the captioned
case and all pending matters.

                         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.


PUERTO RICO: Senate Republicans Work on Bill as Default Looms
-------------------------------------------------------------
Kasia Klimasinska and Kathleen Miller at Bloomberg News report
that top Senate Republicans with jurisdiction over Puerto Rico are
working on a legislative proposal to help the commonwealth as it
struggles with more than $70 billion of debt, countering a plan by
the Obama administration.

The proposed bill will be finished "soon," Robert Dillon,
spokesman for the Senate Energy and Natural Resources Committee,
told Bloomberg News by phone.  Republicans would prefer that
Puerto Ricans solve the crisis on their own, but if they can't,
lawmakers will probably seek to impose "something like" a federal
control board, Senate Finance Committee Chairman Orrin Hatch said
in an interview with Bloomberg News.

Bloomberg News notes that it would be the first attempt by
congressional Republicans to address the cash crunch on the
island.  Bloomberg News says that Mr. Dillon didn't specify
whether the plan will be announced before Dec. 1, when Moody's
Investors Service expects Puerto Rico to default on a portion of
$354 million payment due that day.

The island has already defaulted on bonds from its Public Finance
Corp.

The Obama administration has said it won't bail out the island and
urged Congress to act, Bloomberg News discloses.  So far,
Republicans have declined to take action, saying there is no easy
way to solve Puerto Rico's problems and pointing to a lack of
verifiable financial data, Bloomberg News relays.

                             Local Control

Puerto Rico lawmakers approved a bill to establish a local fiscal
adjustment board, whose five members would be appointed by the
governor, Bloomberg News relays.  Pedro Pierluisi, Puerto Rico's
nonvoting member of Congress, rejected the idea of a federal board
to oversee the territory's finances, saying in Washington that it
would amount to colonialism, Bloomberg News, citing The Hill,
notes.

Bloomberg News says that Senator Charles Grassley, the Iowa
Republican who is key to advancing Puerto Rico legislation, said
in September that the island needs a federal control board to
resist local pressure and implement necessary reforms such as
trimming government jobs.

The judiciary panel that Grassley leads will hold a hearing on
Puerto Rico on Dec. 1.  Dillon said the judiciary committee is
also working on the legislative proposal, Bloomberg News relates.

Senator Grassley is focused on the upcoming hearing and "learning
more about the root cause of the problem and discussing possible
solutions," his spokeswoman Beth Levine said in an e-mail obtained
by Bloomberg News.

The administration's plan, supported by congressional Democrats
and the Puerto Rican government, focuses on granting the island
broad bankruptcy powers, says the report.  Prior attempts to
extend Puerto Rico's access to bankruptcy procedures failed or
stalled amid opposition from bondholders, adds Bloomberg News.

                          *       *       *

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.


STANDARD REGISTER: Taps Landen C. Williams as Interim President
---------------------------------------------------------------
The Standard Register Company, et al., ask the U.S. Bankruptcy
Court for the District of Delaware for permission to modify the
engagement of WilliamsMarston LLC to designate Landen C. Williams
as interim president and chief executive officer.

On Sept. 15, the Court entered the WilliamsMarston retention
order.

In connection therewith, WilliamsMarston has provided
restructuring consultants and temporary staffing to the Debtors
during the pendency of the Chapter 11 cases, during which time Mr.
Williams has served as the Debtors' chief restructuring officer
and treasurer.

In the amended motion, the Debtors seek permission to appoint Mr.
Williams as their interim president and chief executive officer,
in addition to continuing as the Debtors' treasurer.

                         About Standard Register

Standard Register provides market-specific insights and a
compelling portfolio of workflow, content and analyt ics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets.  The Company
has operations in all U.S. states and Puerto Rico, and currently
employs 3,500 full-time employees and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.



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


HOVENSA LLC: Committee Wants to Hire Dentons US as Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors for Hovensa LLC asks
the District of the Virgin Islands for permission to retain
Dentons US LLP as its counsel.

The firm will:

     a) give legal advice with respect to the Committee's powers
and duties in the context of this case;

     b) assist and advise the Committee in its consultation with
the Debtor and others regarding the administration of this case;

     c) attend meetings and negotiate with the Debtor's
representatives and others;

     d) appear, as appropriate, before the Court, the relevant
other courts, and the United States Trustee, and to represent the
interests of the Committee before such courts and the United
States
Trustee;

     e) advise the Committee in connection with proposals and
pleadings submitted by the Debtor or others to this Court;

     f) generally prepare on behalf of the Committee all necessary
applications, motions, answers, orders, reports and other legal
papers in support of positions taken by the Committee;

     g) assist the Committee in the review, analysis and
negotiation of any plan(s) of reorganization or liquidation that
may be filed and to assist the Committee in the review, analysis,
and negotiation of the disclosure statement accompanying any
plan(s) of adjustment;

     h) take all necessary action to protect and preserve the
interests of unsecured creditors represented by the Committee,
including to investigate and prosecute actions on the Committee's
behalf;

     i) advise the Committee on the retention of other
professionals and experts to assists in the engagement, including
local counsel;

     j) retain expert professional assistance and witnesses, as
necessary; and

     k) perform all other necessary legal services for the
Committee in connection with this Case.

The firm's hourly rates are:

   partners and senior counsel   $400-$1,240
   counsel                       $315-$875
   associates                    $220-$595
   paraprofessionals             $195-$305

Sam J. Alberts, Esq., partner at the firm, assures the Court that
Dentons US is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

Mr. Alberts can be reached at:

   Sam J. Alberts, Esq.
   Dentons US LLP
   1301 K. Street NW, Suite 600, East Tower
   Washington, D.C. 20005-3364
   Tel: +1 202 408 7004
   Email: sam.alberts@dentons.com

                            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: Committee Seeks to Hire BRG as Financial Advisor
-------------------------------------------------------------
The Official Committee of Unsecured Creditors for HOVENSA LLC asks
the District Court of the Virgin Islands for authority to retain
Berkeley Research Group LLC as its financial advisor nunc pro tunc
Oct. 1, 2015.

The firm will:

   a) advise and assist the Committee in its analysis and
monitoring of the Debtor's historical, current and projected
financial affairs, including, schedules of assets and liabilities
and statement of financial affairs;

   b) advise and assist the Committee with respect to any
debtor-in-possession financing arrangements and use of cash;

   c) scrutinize cash disbursements on an on-going basis for the
period subsequent to the commencement of this case;

   d) develop a periodic monitoring report to enable the Committee
to evaluate effectively the Debtor's performance and wind-down
activities on an ongoing basis;

   e) advise and assist the Committee and counsel in reviewing and
evaluating any court motions, applications, or other forms of
relief filed or to be filed by the Debtor, or any other
parties-in-interest;

   f) evaluate and monitor, as applicable the Debtor's wind down
plans;

   g) develop strategies to maximize recoveries from the Debtor's
assets and advise and assist the Committee with such strategies;

   h) as appropriate and in concert with the Committee's other
professionals, analyze and monitor any prior sale processes and
transactions and assess the reasonableness of the process and the
consideration received;

   i) monitor Debtor's claims management process, analyze claims,
analyze guarantees, and summarize claims by entity;

   j) advise and assist the Committee in identifying and reviewing
any preference payments, fraudulent conveyances, and other
potential causes of action that the Debtor's estate may hold
against insiders and third parties;

   k) analyze the Debtor's assets and analyze possible recovery to
creditor constituencies under various scenarios;

   l) review and provide analysis of any bankruptcy plan and
disclosure statement relating to the Debtor including, if
applicable, the development and analysis of any bankruptcy plans
proposed by the Committee;

   m) advise and assist the Committee in its assessment of the
Debtor's employee needs and related costs;

   n) analyze both historical and ongoing intercompany and related
party transactions of the Debtor and non-Debtor affiliates;

   o) attend Committee meetings, court hearings, and auctions as
may be required;

   p) advise and assist the Committee in the evaluation of the
Debtor's operations and investments;

   q) render such other general business consulting or assistance
as the Committee or its counsel may deem necessary, consistent
with the role of a financial advisor;

   r) other potential services, including: render expert
testimony,
issue expert reports and or litigation and forensic work that has
not yet been identified but as may be requested from time to time
by the Committee and its counsel; and

   s) perform all other necessary and appropriate services for the
Committee in connection with the case

The rates for the firm's professionals anticipated to be assigned
to this engagement (before discount) are:

      Professionals          Hourly Rates
      -------------          ------------
      Christopher Kearns     $895
      Jay Borow              $895
      Frank Holder           $800
      Joseph Vizzini         $595
      Zachary Mainzer        $390

      Managing Director      $625-$895
      Staff                  $200-$640
      Support staff          $120-$200

Jay Borow, managing director and member of the firm, assures the
Court that the firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

      Christopher Kearns
      Jay Borow
      Frank Holder
      Joseph Vizzini
      Zachary Mainzer
      Berkeley Research Group LLC
      104 West 40th Street, 16th Floor
      New York, NY 10018
      Tel: 212.782.1400
      Fax: 212.782.1478
      Email: ckearns@thinkbrg.com
             jborow@thinkbrg.com
             fholder@thinkbrg.com
             jvizzini@thinkbrg.com

                             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: Committee Taps Hamm Eckard as Co-counsel
-----------------------------------------------------
The Official Committee of Unsecured Creditors for HOVENSA LLC asks
the District Court of the Virgin Islands for permission to retain
Hamm Eckard LLP as its co-counsel nunc pro tunc Sept. 28, 2015.

The firm will:

   a) give legal advice with respect to the Committee's powers and
duties in the context of this case;

   b) assist and advise the Committee in its consultation with the
Debtor and others regarding the administration of this case;

   c) attend meetings and negotiate with the Debtor's
representatives and others;

   d) appear, as appropriate, before the Court, the relevant other
courts, and the United States Trustee, and to represent the
interests of the Committee before such courts and the United
States
Trustee;

   e) advise the Committee in connection with proposals and
pleadings submitted by the Debtor or others to this Court;

   f) generally prepare on behalf of the Committee all necessary
applications, motions, answers, orders, reports and other legal
papers in support of positions taken by the Committee;

   g) assist the Committee in the review, analysis and negotiation
of any plan(s) of reorganization or liquidation that may be filed
and to assist the Committee in the review, analysis, and
negotiation of the disclosure statement accompanying any plan(s)
of
adjustment;

   h) take all necessary action to protect and preserve the
interests of unsecured creditors represented by the Committee,
including to investigate and prosecute actions on the Committee's
behalf;

   i) advise the Committee on the retention of other professionals
and experts to assists in the engagement, including local counsel;

   j) retain expert professional assistance and witnesses, as
necessary; and

   k) perform all other necessary legal services for the Committee
in connection with this Case.

Mark Eckard will bill $350 per hour for services rendered to the
Committee.  The Mr. Eckard says the firm will bill for paralegal
work at the rate of $100 per hour.

Mr. Eckard assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

Mr. Eckard can be reached at:

   Mark Eckard, Esq.
   Hamm Eckard LLP
   5030 Anchor Way
   Christiansted, VI, 00820
   Tel: 340-773-6955
   Email: mark@markeckard.com

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

The U.S. Trustee added Terrence Alexis in the Committee.

The Committee now consists of:

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

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

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

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

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

   6. Terrence Alexis
      P.O. Box 800031
      Santa Clarita, CA 91380
      ctalexis@yahoo.com

                            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.



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


LATIN AMERICA: Economies Diverge as Risks Creep Up, Fitch Says
--------------------------------------------------------------
Macroeconomic differences among Latin American countries are
becoming more pronounced as continued deceleration and advancing
political, inflationary and interest rate risks take their toll,
according to Fitch Ratings.

While Fitch believes the balance of risk in the region remains
skewed to the downside, economic ties to the U.S. are stabilizing
some countries including Mexico, Central America and the
Caribbean.  However, growth in Colombia, Peru, Chile and Ecuador
and Brazil will continue to be contained by commodity price
dependence and slowing global demand.

With its largest economy facing a deep and prolonged recession,
the region's average GDP will contract by 0.6% in 2015, and grow
0.6% next year and 2.1% in 2017.  The slowdown has affected
government and corporate revenues and also begun to weigh on the
region's labor market.  Weaker job creation, rising unemployment,
and stagnant real wages are all causes for concern - particularly
for a region where consumption by a growing middle class has been
such an important growth factor in recent years.  Higher debt,
inflation, and rising interest rates represent additional risks to
consumer performance over the near term.

"Slumping growth, falling currencies, and inflationary pressures
have added complexity to the region's macroeconomic challenges --
putting some central banks between a rock and hard place policy-
wise," says Rui Pereira, Managing Director and Regional Credit
Officer.  "As currency declines have stoked inflation above target
levels in several countries, the region's policy makers may face
unpalatable side effects: raise rates to stem inflation but
potentially compromise already-weak growth."

In addition, rising funding costs and limited capital markets
access pushed a number of issuers into the local capital markets
and private bank financings.  While refinancing risk has been
mostly contained so far, funding needs are expected to grow over
the next 24 months with LATAM corporates facing USD14.2 billion in
maturities in 2016 and USD27.6 billion in 2017.

Throughout the region, downgrades have outpaced upgrades by a
ratio of 3:1 in the year to end-October, with Brazil accounting
for more than 75% negative actions.  Despite the negative ratings
drift, nearly 25% of Fitch's Issuer Default Ratings continue to
have a Negative Rating Outlook.

Fitch's Latin America Risk Radar frames the potential impact
macroeconomic risks could have on Fitch's ratings portfolio in the
region and their relative urgency.  Interconnected markets mean
similar issues may have an impact on multiple asset classes.  The
Risk Radar provides independent and objective views on potential
risks not currently incorporated into Fitch's base case analysis,
and their potential ratings impact by asset class.



                            ***********


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 * * *