TCRLA_Public/151126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, November 26, 2015, Vol. 16, No. 234


                            Headlines



A R G E N T I N A

ARGENTINA: President-Elect Wants "Tough" Debt Default Talks


B O L I V I A

* Chilean Concessions to Maritime Trade Causing Controversy


B R A Z I L

BR MALLS: Fitch Affirms 'BB+' Issuer Default Rating


C A Y M A N  I S L A N D S

AK RECEIVABLES: Members' Final Meeting Today
CALEDONIAN BANK: Creditors' Proofs of Debt Due Dec. 10
CHINA SHANSHUI: Liquidation Application Rejected by Cayman Court
EGYPTAIR CAPITAL: Members' Final Meeting Set for Nov. 26
FIORENTINA FINANCE: Members' Final Meeting Set for Nov. 26

GAGA INTERNATIONAL: Members Receive Wind-Up Report
MIDDLE EAST OPPORTUNITIES: Members' Final Meeting Set for Nov. 26
PMBS LTD: Members Receive Wind-Up Report
RAWLINS ENTERPRISES: Shareholders Receive Wind-Up Report
ROZEL INVESTMENTS: Shareholders Receive Wind-Up Report

SAISEI FUND: Shareholder to Hear Wind-Up Report on Dec. 3
SIENA G.P. (CAYMAN): Shareholders' Final Meeting Set for Nov. 26
STEEL PARTNERS II: Members Receive Wind-Up Report
STEWARDSHIP CREDIT: Creditors' Proofs of Debt Due Nov. 27
TOWER BRIDGE: Shareholders Receive Wind-Up Report


C H I L E

AUTOMOTORES GILDEMEISTER: Misses Coupon, OKs to Debt Restructuring


J A M A I C A

JAMAICA: Used Car Dealers Assoc. Appeals for Discretion at Customs


P U E R T O    R I C O

PARTY LINE: Case Summary & 20 Largest Unsecured Creditors
PUERTO RICO: Bond Payment Overshadows Debt Exchange Optimism


V E N E Z U E L A

VENEZUELA: Pres. Calls on GECF to Set Fair Prices, Stable Markets


V I R G I N   I S L A N D S

HOVENSA LLC: Creditors Want to Probe Owner Hess Corp. on Solvency


                            - - - - -


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


ARGENTINA: President-Elect Wants "Tough" Debt Default Talks
-----------------------------------------------------------
Richard Lough and Sarah Marsh at Reuters report that Argentine
President-elect Mauricio Macri plans to push through economic
reforms that will buy him time for a "tough negotiation" with U.S.
hedge funds suing the South American country over unpaid sovereign
debt, he told the daily Clarin newspaper.

The pro-business President Macri, who narrowly won the
presidential election, vows to get Argentina's stalled economy
moving again but needs to settle a decade-long legal battle with
the holdout creditors before he can return to global credit
markets, according to Reuters.

"We're not worried about this," President Macri said in the
interview, the report notes.  "We want to bring policy solutions
that give us time to establish a framework for a tough negotiation
so that we can defend the rights of Argentines."

That will mean finding a quick way to bolster the central bank's
dwindling foreign currency reserves, which have fallen to a nine-
year low below $26 billion as outgoing President Cristina
Fernandez battles to prop up the peso currency, Reuters relays.

President Macri campaigned on promises of sweeping economic
reforms to tackle weak growth, high inflation and a burgeoning
fiscal deficit after more than a decade of free-spending leftist
populism, the report discloses.

President Macri told Clarin his government might issue debt to
finance a backlog in payments for imports, estimated by economists
at $8 billion, the report says.

Argentina's debt fight with New York hedge funds led by
billionaire Paul Singer's Elliott Management plunged Latin
America's No. 3 economy back into default last year, recalls the
report.  The holdouts rejected sharp haircuts on their
bondholdings after Argentina's record 2002 default and demand full
repayment.

Many Argentines supported leftist Fernandez's unflinching stance
against the creditors and the U.S. judge who ruled in favor of the
creditors, and President Macri has said he will haggle hard in
talks, the report relays.

The U.S. judge overseeing the litigation last month ruled in favor
of complainants in 49 lawsuits seeking the same treatment as
Elliott Management's NML Capital Ltd and Aurelius Capital, the
report adds.

                           *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


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


* Chilean Concessions to Maritime Trade Causing Controversy
-----------------------------------------------------------
Camila Vera Soto at EFE News reports that the free transit and use
of ports that Chile granted Bolivia under a 1904 treaty provides
for intense commercial activity but also creates conflicts between
local officials and operators from the neighboring country who
view some regulations as abusive.

"The lack of diplomatic relations with Bolivia creates these
disputes, because with (diplomatic relations) we could improve a
lot in terms of the issues of borders, customs and
transportation," Gabriel Gaspar, Chile's special ambassador
dealing with Bolivia's demand for access to the sea, told EFE
News.

The report notes that Mr. Gaspar said the solution would be joint
border control, an approach that has been tried but has not become
permanent.

Some 380 trucks -- 95 percent of them Bolivian -- pass each day
through the Chungara border crossing at 4,678 meters (15,337 feet)
above sea level, the Chilean customs service said, the report
relays.

On arrival in the port of Arica, where Chile has invested more
than $100 million to facilitate Bolivia's maritime trade, truckers
deliver cargo bound overseas and load foreign goods, accounting
for 80 percent of Bolivia's imports, notes EFE News.

All transactions are managed by Bolivia's customs service, but
Bolivian officials still complain about duties, delays,
mistreatment, interference and arbitrary actions by Arica port
officials, the report discloses.

The report says that under the 1904 Treaty of Peace and Friendship
that established the final border between the countries 25 years
after Bolivia lost its territory on the Pacific Ocean, Chile
pledged to allow its neighbor perpetual free commercial transit
into the ports of Arica and Antofagasta, and duty-free warehousing
for up to 60 days for exports and up to one year for imports.

In addition, Bolivia is exempt from freight taxes and has customs
authority in both ports, allowing it to set its own duties and the
rates on import licenses, the report relays.

In September, Bolivia complained to the Latin American Integration
Association, or ALADI, that Chile was breaking its pledges by
preventing the unloading of Bolivian containers and moving them to
private areas outside ports, which increases costs and delays for
importers, the report says.

These problems, according to people familiar with the situation,
have intensified since 2013, when Bolivia sued Chile at the
International Court of Justice in The Hague, seeking a ruling that
would force Santiago to negotiate with La Paz to restore Bolivia's
access to the sea, the report adds.

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


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


BR MALLS: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed the ratings of BR MALLS Participacoes
S.A. (BRMalls) as follows:

-- Foreign currency Issuer Default Rating (IDR) at 'BB+';
-- Local currency IDR at 'BB+';
-- Long-term national scale rating at 'AA(bra)';
-- BRL400 million local debentures, first and second tranches due
    in 2017 and 2019, at 'AA (bra)';
-- BRL400 million local debentures due in 2016 at 'AA (bra)';
-- BRL270 million local debentures due in 2016 at 'AA(bra)'.

Fitch has also affirmed the following rating of BR Malls
International Finance Limited (Finco):
-- US$405 million perpetual notes at 'BB+'.

The Rating Outlook remains Positive.

The Positive Outlook reflects Fitch's expectations of continued
consistent operational performance during 2015-2016 despite
Brazil's challenging operational environment. BRMALLS' ratings
incorporate its business position as the largest Brazilian
shopping center operator, stable and predictable cash flow
generation, geographical and property revenue base
diversification, and low working capital requirements with renters
responsible for most maintenance expenses. The ratings also factor
in BRMALLS' growth strategy, stable capital structure, a large
pool of unencumbered assets, and successful track record in
growing the business. The company's consistent use of a balance of
equity and debt to fund its organic and inorganic growth during
the past five years has kept leverage levels low relative to the
value of its assets.

KEY RATING DRIVERS

Resilient Operational Performance Despite Brazil's Environment:
The company is projected to maintain healthy occupancy rates of
around 96% while net late payments should remain manageable in the
3% to 5% range. Despite some weakness in tenant sales and same-
store sales, EBITDA margins are expected to remain stable at
around 80%.

Modest Revenue Growth: Fitch expects BRMALLS to reach moderate
annual revenue growth rates during 2015-2016 in the 4%-7% range.
This view incorporates the company's current revenue trend in the
context of Brazil's current macro business environment. BRMalls'
net revenue grew 5.2% during the first nine months of 2015 against
2014's same period.

Moderate Leverage: The company's total debt as of Sept. 30, 2015,
was BRL5.6 billion, which includes BRL2.3 billion in public debt.
The company's U.S.-dollar-denominated debt - perpetual notes -
represents approximately 26% of its total debt. BRMalls' net
leverage has been stable at around 4.5x during the last five
years. Net leverage is expected to trend below 4x in 2016-2017. No
significant additional debt is anticipated during this period.

Focus on Organic Growth: The company's capital intensity ratio,
measured as total capital expenditures (capex) to revenue ratio,
was 89%, 53%, and 48%, respectively, in 2012, 2013 and 2014. Fitch
projects this ratio to remain in the 20%-30% range during 2015-
2017. The company is expected to be free cash flow (FCF) negative
during 2015-2016 as it executes its capex plan. BR Malls' negative
FCF during this period is anticipated to be covered primarily by
proceeds generated from recent asset divestures.

KEY ASSUMPTIONS

Key assumptions within Fitch's rating case for BRMalls' ratings
include:

-- Total owned gross leasable area (GLA) of 969,000), 978,000;
    and 1.054 million square meters (sm) by year-end 2015, 2016
    and 2017, respectively.

-- Occupancy levels around 97% during 2015-2017. Annual revenue
    growth of 4.2%, 6.5% and 15.7%, in 2015, 2016 and 2017,
    respectively.

-- EBITDA margin remains at historical levels around 80%.

-- Capital intensity, measured as the total capex to revenue
    ratio, at 25%, 20% and 20% in 2015, 2016 and, 2017,
    respectively.

-- Main developments: Shopping Estacao Cuiaba (35,235 sm owned
    GLA) and Catuai Shopping Cascavel (20,668 sm owned GLA) to be
    opened during 2017-2018.

-- No acquisition activity during 2015-2017.

-- Net proceeds around BRL320 million from asset divestures
    received in 2015.

RATING SENSITIVITIES
Positive Rating Actions: BRMALLS' ratings currently have a
Positive Rating Outlook. It reflects Fitch's expectations of
continued consistent operational performance despite Brazil's
current business environment. The combination of the following may
have a positive impact on BRMalls' ratings:

-- Capacity to consistently maintain EBITDA margin and occupancy
    around 80% and 96%, respectively during 2015-2016;
-- Net leverage trending to levels at or below 4x during 2015-
    2016;
-- Improvement in the company's debt payment schedule reflected
    in lower debt due during the next 24 months relative to the
    company's cash position;
-- Interest coverage trending consistently to levels above 2.25x
    toward 2017 upon current capex plan execution;
-- Capacity to consistently maintain unencumbered assets-to-net
    unsecured debt coverage consistently around 3x.

Negative Rating Actions: Fitch would consider a negative rating
action if the company's financial profile deteriorates due to some
combination of the following: aggressive capex, adverse
macroeconomic trends leading to weaker credit metrics, significant
dividend distributions, and higher vacancy rates or deteriorating
lease conditions.

The following factors may also have a negative impact on BRMalls'
ratings:

-- Net leverage consistently trending to levels around 5x;
-- Deterioration in EBITDA margin (trending to levels around 76%)
    and occupancy below expected levels;
-- Material increase in secured debt / total debt ratio above
    current levels of 50%;
-- Fitch's expectation of limited improvement in the company's
    debt payment schedule from current levels;
-- Unencumbered assets-to-net unsecured debt coverage
    consistently below 2.5x.

LIQUIDITY

Adequate Liquidity: The company is expected to maintain sound
levels of liquidity considering its expected levels of available
cash, stable interest coverage ratio, unencumbered asset level,
and credit access. The company's interest coverage was 2x during
the last 12-month period ended on Sept. 30, 2015 (LTM September
2015), and it is expected to remain stable at this level during
2015-2016.The company's debt payment schedule is manageable and it
is expected to improve post-refinancing in 2016.


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


AK RECEIVABLES: Members' Final Meeting Today
--------------------------------------------
The members of AK Receivables Corporation will hold their final
meeting today, Nov. 26, 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:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


CALEDONIAN BANK: Creditors' Proofs of Debt Due Dec. 10
------------------------------------------------------
The creditors of Caledonian Bank Limited are required to file
their proofs of debt by Dec. 10, 2015, to be included in the
company's dividend distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Ernst & young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY-1106
          Cayman Islands


CHINA SHANSHUI: Liquidation Application Rejected by Cayman Court
----------------------------------------------------------------
Lianting Tu at Bloomberg News reports that China Shanshui Cement
Group Ltd. failed in its attempt to liquidate its business after
the Grand Court in the Cayman Islands rejected its application to
do so, clearing a path for major shareholders to work out a way
for the company to repay debt.

China Shanshui said the court ruled that the company's directors
didn't have the authority to present a winding-up petition on
behalf of the company, according to a filing to the Hong Kong
stock exchange, notes Bloomberg News.  The firm, based in the
eastern Chinese province of Shandong but incorporated in the
Cayman Islands, filed a liquidation application earlier this
month, saying in a statement that the action aims to reduce the
risk of the company being "destabilized by creditor action,"
Bloomberg News notes.

Bloomberg News says that China Shanshui failed to repay CNY2
billion ($313 million) of onshore notes two weeks ago as a
shareholder fight hurt financing, becoming at least the sixth
Chinese firm to renege on local notes this year and triggering
default on its dollar debentures.  The company will host an
extraordinary general meeting on Dec. 1, in which shareholders
will vote whether to remove the current board.

"The Cayman liquidation application rejection will bring
Shanshui's major shareholders back to the table to work out a
resolution with the board for the ongoing shareholder dispute that
has been hindering the development of the repayment of onshore and
offshore debts," said Ross Lee, a credit analyst at Bank of China
Hong Kong Ltd., Bloomberg News discloses.

Bloomberg News says that Tianrui Group Co., Shanshui's biggest
shareholder, said in a Nov. 17 filing it would lend funds if its
proposed restructure of the cement company's board occurs and
triggers early repayment of Shanshui's $500 million of 2020 bonds.

Bloomberg News relays that Asia Cement Corp., also a major
shareholder, has $800 million in financing available to support
any Shanshui recapitalization.

Domestic lenders to Shanshui are asking the company to provide
collateral for their loans, amid worries that the defaulter would
not be able to repay its debts, Henry Li, the firm's chief
executive officer, said on Nov. 20, adds Bloomberg News.

                      About China Shanshui

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.

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.


EGYPTAIR CAPITAL: Members' Final Meeting Set for Nov. 26
--------------------------------------------------------
The members of Egyptair Capital Services will hold their final
meeting on Nov. 26, 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:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


FIORENTINA FINANCE: Members' Final Meeting Set for Nov. 26
----------------------------------------------------------
The members of Fiorentina Finance Limited will hold their final
meeting on Nov. 26, 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:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


GAGA INTERNATIONAL: Members Receive Wind-Up Report
--------------------------------------------------
The members of Gaga International Ltd. received on Nov. 23, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MIDDLE EAST OPPORTUNITIES: Members' Final Meeting Set for Nov. 26
-----------------------------------------------------------------
The members of Middle East Opportunities for Structured Finance,
Ltd. will hold their final meeting on Nov. 26, 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:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


PMBS LTD: Members Receive Wind-Up Report
----------------------------------------
The members of PMBS 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:

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


RAWLINS ENTERPRISES: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Rawlins Enterprises Limited received on
Nov. 13, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ROZEL INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Rozel Investments Ltd. received on Oct. 26,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


SAISEI FUND: Shareholder to Hear Wind-Up Report on Dec. 3
---------------------------------------------------------
The shareholder of Saisei Fund will hear on Dec. 3, 2015, at
10:00 a.m., the liquidators' 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


SIENA G.P. (CAYMAN): Shareholders' Final Meeting Set for Nov. 26
----------------------------------------------------------------
The shareholders of Siena G.P. (Cayman) Limited will hold their
final meeting on Nov. 26, 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:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town,
          Grand Cayman KY1-1103
          Cayman Islands


STEEL PARTNERS II: Members Receive Wind-Up Report
-------------------------------------------------
The members of Steel Partners II (Offshore) Ltd. received on
Nov. 20, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes
          Avalon Ltd.
          c/o Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands


STEWARDSHIP CREDIT: Creditors' Proofs of Debt Due Nov. 27
---------------------------------------------------------
Stewardship Credit Arbitrage fund, Ltd., will declare a fifth and
final dividend.  Creditors are required to file their proofs of
debt by Nov. 27, 2015, to be included in the company's dividend
distribution.

The company's liquidator is:

          Alison Tomb
          PricewaterhouseCoopers
          Dorchester House
          7 Church Street
          Hamilton HM 11


TOWER BRIDGE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Tower Bridge Limited received on Nov. 13,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


=========
C H I L E
=========


AUTOMOTORES GILDEMEISTER: Misses Coupon, OKs to Debt Restructuring
------------------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Automotores
Gildemeister SA, a Chilean car dealer, agreed to cede options to
buy 40 percent of the company to its bondholders as part of a
restructuring of debt.  The company failed to pay a coupon on its
2021 bonds that was due Nov. 24.

Automotores Gildemeister reached a preliminary agreement with
holders of about 70 percent of its $700 million in dollar bonds
due in 2021 and 2023 to swap the notes for new bonds guaranteed by
real estate and other assets, according to an e-mailed statement
obtained by Bloomberg News.  The deal also involves issuing
preferential shares and rights to acquire 40 percent of the car
dealer's common shares, says the report.

The company, which holds the concession to import and sell Hyundai
vehicles in Chile and Peru, will continue with normal operations,
it said in the statement, Bloomberg News relays.

The company's bonds have given investors one of the worst returns
in the region this year, amid the economic slowdown and weakening
currency, Bloomberg News notes.  The car importer's bonds have
lost investors 34 percent in the past 12 months.

"With this agreement, the company expects to continue operating in
its primary markets and meeting its obligations to its customers,
employees, suppliers and other creditors," Chairman and Chief
Executive Officer Ricardo Lessmann said in a statement obtained by
Bloomberg News.

As of Nov. 24, 2015, Fitch rates Automotores Gildemeister S.A.'s
(AG):

   -- Foreign currency Issuer Default Rating (IDR) 'C' ;
   -- Local currency IDR 'C';
   -- USD400 million unsecured senior notes due in 2021 'C/RR4';
      and
   -- USD300 million unsecured senior notes due in 2023 'C/RR4'.



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


JAMAICA: Used Car Dealers Assoc. Appeals for Discretion at Customs
------------------------------------------------------------------
RJR News reports that the Jamaica Used Car Dealers Association is
appealing to Major Richard Reese, Commissioner of Customs, to
exercise flexibility regarding the placing of overtime vehicles at
the country's ports on the auction block.

Lynvale Hamilton, President of the Used Car Dealers Association,
has complained that the Commissioner has adopted a rigid position,
that once the vehicles are placed on the auction list, they will
remain until sold, according to RJR News.

The Association wants dealers to be given an opportunity to clear
the vehicles, the report notes.

According to Mr. Hamilton, the law allows for discretion, and in
such a "harsh economic climate," it is expected that the
Commissioner of Customs should adopt a less draconian approach,
the report says.

Citing the financial difficulties that some dealers face, from
time to time, Mr. Hamilton told RJR News that, "if it is that the
Commissioner is on a path of supporting small and medium
enterprises . . .  he would  . . . allow dealers to clear these
cars, because there's a lot that they have invested, and we do
believe that they should be so considered."

The dealers' appeal comes amid an investigation by Customs into
the release of several vehicles which it had slated for public
auction, the report notes.

The vehicles, which ended up at three car dealerships in the
Corporate Area, were seized last week and later sold, the report
adds.

                          *     *     *

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
======================


PARTY LINE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Party Line, Inc.
        HC 5 BOX 57611
        Caguas, PR 00725

Case No.: 15-08993

Chapter 11 Petition Date: November 13, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Antonio I. Hernandez Rodriguez, Esq.
                  HERNANDEZ LAW OFFICE
                  P.O. BOX 8509
                  San Juan, PR 00910-0509
                  Tel: 787 250-0575
                  Email: ahernandezlaw@yahoo.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Guadalupe Calderon Vicente, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-08993.pdf


PUERTO RICO: Bond Payment Overshadows Debt Exchange Optimism
------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that prices of Puerto
Rico bonds suggest that investors are circumspect when it comes to
possible progress in a debt exchange of the island's securities
and focusing on whether the commonwealth makes good on $711
million of principal and interest payments coming due.

"They're waiting to see what the commonwealth does from here,"
said Daniel Hanson, an analyst at Height Securities, a Washington-
based broker dealer, according to Bloomberg News.  "They really
want Puerto Rico to show some good will by paying bonds over the
next six weeks," Mr. Hanson said, Bloomberg News notes.

Commonwealth general obligations maturing July 2035, the most-
actively traded uninsured Puerto Rico bond in the past three
months by volume, changed hands Nov. 23 at an average of 71.3
cents on the dollar, compared with 71.7 cents on Nov. 20, data
compiled by Bloomberg show.  The bonds yield about 11.8 percent on
average.

The Caribbean island and advisers to bondholders and hedge funds
that invest in Puerto Rico securities met in New York last week,
Bloomberg News says.  Advisers for the commonwealth gave some
details of a potential universal debt-exchange where investors
holding Puerto Rico bonds with different repayment pledges trade
in their debt for a single new bond with stronger securities,
notes the report.

Timely bond payments on Dec. 1 and Jan. 1 may boost debt prices,
offering a way for investors to reduce their Puerto Rico exposure,
Matt Fabian, a partner at Concord, Massachusetts-based Municipal
Market Analytics, wrote in a report obtained by Bloomberg News.

"Bond prices would reasonably rally, providing what could be the
most attractive exit point for investors before defaults and/or
restructuring in 2016," Mr. Fabian wrote, Bloomberg News relays.

Investors are choosing to hold their existing securities to see if
Puerto Rico's Government Development Bank will pay $354 million
due Dec. 1, with $267 million of that guaranteed by the
commonwealth. An additional $357 million of general-obligation
interest is due Jan. 1, Bloomberg News discloses.

Bloomberg News says that Puerto Rico and its agencies owe $70
billion. Officials are seeking to reduce that debt load by
delaying principal payments or asking investors to take a loss in
a debt exchange.  The island's economy has failed to grow since
2006, Bloomberg News notes.

According to the report, Mr. Hanson cited competing claims, no
exit strategy for hedge funds, local law and lack of consensus on
workout as reasons for investors to be wary.  Last week's meeting
involved investors holding about 15 percent of the island's debt,
Hanson estimated, Bloomberg News adds.

                           *       *       *

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


=================
V E N E Z U E L A
=================


VENEZUELA: Pres. Calls on GECF to Set Fair Prices, Stable Markets
-----------------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro called
on the Gas Exporting Countries Forum, or GECF, to work to set
"fair prices and stable markets" for gas.

President Maduro is attending the third summit of the GECF, which
started on Nov. 23 in Tehran, with nine heads of states and
governments, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2015, Moody's Investors Service says the political outlook
in Venezuela (Caa3 stable) will likely face increased challenges
should opposition parties make significant gains in the country's
upcoming congressional elections.


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


HOVENSA LLC: Creditors Want to Probe Owner Hess Corp. on Solvency
-----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that unsecured
creditors of Hovensa L.L.C. on Nov. 13, 2015, asked a bankruptcy
judge for permission to investigate the St. Croix oil refinery's
owners Hess Corp. and a subsidiary of Venezuela's national oil
company over the Debtor's prepetition solvency and the validity of
$1.8 billion in secured debt.

The official committee of unsecured creditors filed court papers
seeking authority under the Bankruptcy Code to examine, among
other things, Hovensa's financial affairs and officers and
directors of Hess, Petroleos de Venezuela SA and related entities.

                            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 six 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
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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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