TCRLA_Public/151208.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

            Tuesday, December 8, 2015, Vol. 16, No. 242


                            Headlines



B O L I V I A

BANCO PYME: Moody's Affirms Ba3 LT Global LC Deposit Rating
BOLIVIA: To Invest $6.3BB Through 2020 to Boost Power Production


B R A Z I L

BTG PACTUAL: Obtains $1.6 Billion Credit Line
GERDAU SA: Slumps Most Since 2011 on Corruption Probe Report
MEGA ENERGIA: Moody's Withdraw C/C.br Rating
MRS LOGISTICA: S&P Affirms 'BB+' Rating & Revises Outlook to Neg.
SAMARCO MINERACAO: Moody's Lowers CFR to Caa1; Outlook Negative


C A Y M A N  I S L A N D S

3G SPECIAL: Shareholder Receives Wind-Up Report
BASKET INVESTMENTS: Commences Liquidation Proceedings
CFIP OVERSEAS: Creditors' Proofs of Debt Due Dec. 8
EMM PTC: Creditors' Proofs of Debt Due Dec. 22
ICHIBAN CORPORATION: Placed Under Voluntary Wind-Up

INTARCIA FORESITE: Commences Liquidation Proceedings
OFFSHORE GROUP: Moody's Lowers CFR to Ca on Bankruptcy Filing
PALACE COMPANY: Creditors' Proofs of Debt Due Dec. 22
PHILIPPINE NEW: Placed Under Voluntary Wind-Up
PLAKA LTD: Commences Liquidation Proceedings

SEABISCUIT HOLDINGS: Placed Under Voluntary Wind-Up
TEOREMA ALTERNATIVE: Creditors' Proofs of Debt Due Dec. 10
UB FUNDS: Placed Under Voluntary Wind-Up
WOLVERINE NEWCO: Placed Under Voluntary Wind-Up


D O M I N I C A

DOMINICA: Lost 90% of GDP Due to Climate Change, Says World Bank


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Price of Diesel Falls, Gasoline, Gases Unchanged


J A M A I C A

DIGICEL GROUP: Acquires Controlling Interest in Prism Holdings


X X X X X X X X X

LATAM: Moody's Says Global & Regional Forces Weaken Credit Quality


                            - - - - -


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


BANCO PYME: Moody's Affirms Ba3 LT Global LC Deposit Rating
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
affirmed Banco Pyme Los Andes Procredit S.A. (PLA)'s Ba3 global
scale and Aa1.bo national scale local currency deposit ratings
with a negative outlook and also affirmed PLA's foreign currency
deposit ratings at B1/Aa2.bo in global and national scale
respectively, with stable outlook.  Moody's affirmed PLA's short-
term deposit ratings at Not Prime/BO-1 in the global and national
scale respectively.

These ratings and assessments were affirmed:

  Standalone Baseline Credit Assessment: ba3
  Adjusted Baseline Credit Assessment: ba3
  Long Term Global Local Currency Deposit Rating: Ba3, negative
   outlook
  Long Term Global Foreign Currency Deposit Rating: B1, stable
   outlook
  Long Term Bolivian National Scale Local Currency Deposit Rating:
   Aa1.bo
  Long Term Bolivian National Scale Foreign Currency Deposit
   Rating: Aa2.bo
  Short Term Global Local and Foreign Currency Deposit Rating: Not
   Prime
  Short Term National Scale Local and Foreign Currency Deposit
   Rating: BO-1

RATINGS RATIONALE

In affirming PLA's ratings, Moody's considered the bank's
strategy, which has been focusing on shifting their portfolio
towards SME lenders and reducing exposure to microfinance loans,
thus increasing its average loan ticket, so as to gradually reduce
administrative costs and improve its poor efficiency metrics.  The
bank has conservative risk management practices, in line with
those of its parent Procredit AG, which have resulted in low
delinquency levels despite its narrow focus on relatively risky
market segments.  Also, PLA maintains strong capitalization ratios
and adequate reserve coverage which should enable to absorb
potential losses in adverse circumstances, as well as stable
funding and liquidity indicators.

In maintaining the negative outlook on local currency deposit
ratings, Moody's considered the upward trend in the non-performing
loan ratio observed since 2012, which has driven an increase in
loan loss provisions and a consequent decrease in profitability,
which has dropped sharply this year.  In addition, the bank's
earning generation capacity continues to face pressure as a result
of lending rate caps and deposit rate floors.  It remains to be
seen how effectively these earnings pressures will be offset by
improvements to operating efficiency.

With an adjusted Tangible Common Equity on Risk Weighted Assets
ratio at 12.9%, capital remains strong, and supports the banks
conservative lending growth strategy.  PLA also maintains
relatively high deposit granularity and with deposits representing
80% of total liabilities, has limited dependence on credit lines
and parent funding.  Liquid banking assets accounted for 21% of
the bank's tangible banking assets as of September 2015, which is
higher than its peers.

The ratings could face downward pressure if the government
regulations or operating environment negatively affect the
entity's asset quality and profitability.  Given the current
negative outlook on the bank's ratings, upward pressure in
unlikely in the short term.  However, the outlook could be revised
to stable if the bank's earnings rebound to historical levels and
asset quality does not deteriorate.

Banco Los Andes Procredit S.A. is headquartered in Santa Cruz de
la Sierra, Bolivia, and had BOB 5.18 billion in assets, BOB 3.66
billion in deposits, and BOB 588 million in shareholders' equity
as of September 2015.


BOLIVIA: To Invest $6.3BB Through 2020 to Boost Power Production
----------------------------------------------------------------
EFE News reports that Bolivia's government said it would invest
some $6.3 billion through 2020 to boost the Andean nation's
installed power capacity to some 4,800 megawatts -- up from 1,800
MW at present -- with a view to exporting electricity.

Bolivian Vice President Alvaro Garcia Linera unveiled the
investment figure during a seminar at the Oruro Technical
University, where he explained the government's plan to transform
Bolivia into the Southern Cone's energy hub, the report relates.

The report notes that Mr. Linera justified President Evo Morales'
decision to make a push for electricity production rather than
focus exclusively on exports of natural gas, which Bolivia
currently sells to Brazil and Argentina.

Bolivia presently receives around $5 per million British Thermal
Units -- which measure thermal energy -- on its natural gas
exports, whereas if that same quantity of BTUs were used to
produce electricity for export the earnings would double, the vice
president said, the report relays.

In recent months, the price of Bolivia's natural gas has plummeted
due to a sharp drop in the price of petroleum, used as a reference
price for its contracts with Argentina and Brazil, the report
discloses.

In the first 10 months of 2015, Bolivia earned $3.45 billion on
its exports of natural gas and small quantities of petroleum, down
39 percent from the $5.64 billion it earned in January-October
2014, the Bolivian Statistics Institute said, the report relays.

Investments in electricity will be earmarked to boost production
of hydroelectric, thermoelectric, wind and solar energies, among
other sources, the report adds.


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


BTG PACTUAL: Obtains $1.6 Billion Credit Line
---------------------------------------------
EFE News reports that Brazilian investment bank Banco BTG Pactual
S.A., whose now former CEO was arrested as part of a wide-ranging
corruption probe centered on state-controlled oil company
Petrobras, has obtained a $1.6 billion credit line from the
nation's FGC deposit-guarantee fund that will ensure it can meet
its financial obligations.

The Sao-Paulo based bank said in a regulatory filing that it would
be able to immediately access the credit line, which was approved
by FGC's board and is guaranteed by part of BTG Pactual's loan
portfolio and assets belonging to its controlling shareholders,
according to EFE News.

The report notes that the goal of the credit line is to
"strengthen the liquidity required for the normal operations of
the institution," BTG said.

In a separate filing, the bank said its board was "interviewing
international law firms to conduct an investigation into various
matters that have been reported in the press in the context of
(last week's) arrest of Mr. Andre Santos Esteves," the
institution's co-founder and erstwhile chief executive, the report
relays.

A committee consisting mainly of independent board members will
oversee and direct the investigation by the law firm, which was to
be chosen by Dec. 7, the report notes.

The report relays that Mr. Esteves, who was arrested on Nov. 25 in
connection with a $2 billion corruption scandal centered on state
oil company Petrobras, resigned as BTG's chairman and CEO a few
days later and then ceded control of the investment bank to
several senior partners via a share swap.

The report notes that Mr. Esteves, one of Brazil's 20 wealthiest
individuals, was taken into custody in the same operation that
resulted in the arrest of Sen. Delcidio Amaral, until then leader
of the pro-government bloc in the upper chamber of Congress.

Prosecutors say Mr. Esteves financially backed Amaral in his
effort to offer hush money to Nestor Cervero, a former Petrobras
executive sentenced to a dozen years in prison on corruption and
money-laundering charges, the report discloses.

The banker and the senator purportedly wanted to dissuade Mr.
Cervero from testifying about bribes they allegedly paid him a
decade ago, the report relays.

The report says that Mr. Cervero played a pivotal role in
Petrobras' controversial 2006 purchase of a refinery in Pasadena,
Texas.

Petrobras paid Astra Oil $1.18 billion for the refinery a year
after the Belgian-based company acquired it for just $42.5
million, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 4, 2015, Moody's Investors Service downgraded Banco BTG
Pactual S.A.'s baseline credit assessment (BCA) to ba2 from baa3,
and its ratings, including the long-term global local- and
foreign-currency deposit ratings to Ba2 from Baa3; the short-term
global local- and foreign-currency deposit ratings to Not Prime
from Prime-3; the senior unsecured MTN program (foreign currency)
rating to (P)Ba2 from(P)Baa3; and the long-term Brazilian national
scale deposit rating to A1.br from Aa1.br.


GERDAU SA: Slumps Most Since 2011 on Corruption Probe Report
------------------------------------------------------------
Denyse Godoy at Bloomberg News reports that Gerdau SA slumped the
most in four years after a report that it was mentioned in a graft
probe.

Shares fell 9.6 percent on Dec. 5, the most since August 2011, to
BRL5.44 as trading volume was 40 percent above the average of the
past three months, according to data compiled by Bloomberg.

The final report from a Congress committee that investigated an
alleged bribe scheme to avoid payment of taxes mentions Gerdau
among the companies benefited, newspaper Jornal do Comercio said,
citing the report, Bloomberg News discloses.

The steelmaker said in an e-mailed response to questions that it
never made any illicit payments to officials.

Investors are concerned the investigation could lead to penalties
including fines, according to Rafael Ohmachi, an analyst at the
brokerage Guide Investimentos, Bloomberg News says.

"That concern is weighing over the stocks Dec. 5," Mr. Ohmachi
said from Sao Paulo, the report relays.  "It also adds to the
general distrust regarding the Brazilian markets.  Investors feel
very uncomfortable with so many scandals," Mr. Ohmachi added.

Brazil's benchmark stock gauge fell 2.2 percent Dec. 4 on
speculation the political crisis that has paralyzed Latin
America's biggest economy is nowhere near the end, Bloomberg News
notes.

The lower house leader, Eduardo Cunha, accepted a request to
impeach President Dilma Rousseff that argues she illegally
financed her re-election campaign and broke the fiscal law by
overspending this year and last, the report relays.  Mr. Cunha
himself faces a possible congressional ethics probe because of
allegations that he lied about the existence of overseas banks
accounts, adds the report.  Both Mr. Cunha and President Rousseff
deny any wrongdoing.

Goldman Sachs Group Inc. warned that Latin America's biggest
economy is entering "an outright depression," says Bloomberg.
Political turmoil, fueled by a corruption investigation that
entangled politicians, state-controlled oil producer Petroleo
Brasileiro SA and the country's biggest builders, has prevented
the government from getting approval for measures intended to
shore up the budget and restore growth, it notes.

As reported in the Troubled Company Reporter-Latin America on
March 25, 2011, Moody's Investors Service has placed under review
for possible upgrade the Ba1 global scale corporate family ratings
of Gerdau S.A. and Gerdau Ameristeel Corporation, following the
announcement of a primary equity issuance by Gerdau of about
BRL3.8 billion to BRL4.2 billion, likely to be concluded during
April 2011.


MEGA ENERGIA: Moody's Withdraw C/C.br Rating
--------------------------------------------
Moody's America Latina Ltda. withdrew the ratings of Mega Energia
Loccao e Administrcao de Bens S.A. (C/C.br).

RATINGS RATIONALE

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

The withdrawal follows Mega Energia inability to deliver its
audited financial statement for its fiscal year ending December
2014.

The last rating action on Mega Energia was taken on 15 January
2015 when Moody's downgraded the company's corporate family rating
to C/C.br from Caa1/Caa1.br with a stable outlook.

Headquartered in Rio de Janeiro, Brazil, Mega Energia is a local
provider of equipment rental, including crane, heavy vehicles,
natural gas compressors and energy generators. The company
operates mainly in the city of Rio de Janeiro (Baa3 stable).


MRS LOGISTICA: S&P Affirms 'BB+' Rating & Revises Outlook to Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+' global
scale and 'brAA+' national scale ratings on MRS Logistica S.A.  At
the same time, S&P revised its outlook on these ratings to
negative from stable.  S&P has also affirmed its 'brAA+' national
scale issue-level rating on MRS's senior unsecured debt.  The '3'
recovery rating on MRS's debt, which reflects S&P's expectations
of meaningful recovery (50%-70%; the lower band of the range) on
the company's senior unsecured debentures, remains unchanged.

The ratings on MRS reflect its sound operating efficiency and
strategic importance to its controlling shareholders, which are
also MRS's main clients, as well as its manageable debt levels.
However, MRS is a regulated concession that generates 100% of its
revenues in the domestic markets, which exposes it to governmental
sanctions and to its clients' ability to continue to produce
without disruptions amid a hypothetical sovereign stress scenario.
Therefore, S&P has limited MRS's ratings to that of the 'BB+'
sovereign foreign currency rating and now revising the company's
outlook to negative to mirror the outlook on the sovereign rating.

To assess the possibility of a company having a higher rating than
the sovereign, S&P applies a stress test to the former's liquidity
in a hypothetical scenario of sovereign default.  For MRS, S&P
assumes its transported volumes would be volatile because a
meaningful portion of its contracted volumes come from clients
that have weaker credit quality than the Brazilian sovereign, such
as Usinas Siderurgicas de Minas Gerais S.A. (Usiminas;
B+/Negative/--) and Companhia Siderurgica Nacional (CSN;
BB-/Negative/--).  This could also affect timeliness of
receivables payment.  Furthermore, despite MRS's protective
contractual clauses that allow it to pass through some cost
increases to its tariffs, S&P assumes that it could face delays in
the approval of tariff increase with its main clients.  S&P's
stress scenario for a higher rating than that on the sovereign
also includes these assumptions:

   -- The stressed year of 2016.

   -- Brazilian GDP contracts 10% in 2016.

   -- Average and end of period foreign exchange rates doubling in
      2016 to R$8.20/$1.00 and R$8.4/$1.00, respectively.

   -- Inflation rate at 13% in Brazil in 2016, raising some costs
      and expenses.

   -- If the sovereign were to be in default, S&P assumes some of
      MRS's clients would also be in financial difficulties.  In
      that sense, S&P reduced the expected iron volumes that MRS
      would transport for riskier companies to 0 metric tons from
      4 million tons for Usiminas and 20 million tons from 30
      million tons for CSN.  S&P assumes that MRS's other clients,
      Vale S.A. and Gerdau S.A., would continue to produce and MRS
      would transport their full volumes with no disruptions.

   -- MRS' general cargo to remain fairly stable in 2016 because
      there's a large and pulverized client base.

   -- Flat tariffs for general cargo in 2016.

   -- Tariff increase of 13% for iron ore (main cargo and clients,
      which are also MRS's shareholders) due to the company's
      contractual clauses that would allow for material cost
      increases to be passed through upon negotiations with
      clients.  In this sense, S&P believes MRS can negotiate
      tariff increases at least once every quarter, resulting in
      pass through of 75% of cost increases on average.

   -- Diesel prices to increase by 50% as a result of currency
      depreciation.

   -- No currency effect on MRS's dollar-denominated debt because
      it's fully hedged (interest and principal).

   -- Minimal capital spending of about R$250 million.

   -- Doubling of interest rates for floating debt, which accounts
      for about 70% of MRS's total bank debt.

   -- No dividend payments.

   -- MRS would be able to access only 67% of its cash position,
      given haircuts on local bank deposits and investment types,
      and banking institutions would likely also be in distress.

As a result of this stressed scenario, MRS's funds from operations
(FFO) would decline by 34% in the stressed year.  In addition, its
liquidity would deteriorate and cash sources won't exceed uses.
This would mean that MRS would struggle to comply with its debt
service on timely basis.  In addition, although not part of S&P's
stressed scenario, it believes that MRS's regulated status also
exposes it to potential government or regulatory interferences,
which could change the terms of the company's concession
contracts.


SAMARCO MINERACAO: Moody's Lowers CFR to Caa1; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from Ba1 the
corporate family rating of Samarco Mineracao S.A. and the ratings
of its senior unsecured notes due 2022, 2023 and 2024.  The
outlook was changed to negative.  This rating action concludes the
review for downgrade initiated on Nov. 10, 2015, following the
accident at the Germano site in Minas Gerais.

Ratings Downgraded:

Issuer: Samarco Mineracao S.A.

  Corporate Family Rating: to Caa1 (from Ba1)
  USD 1,000 million Senior Unsecured Notes due 2022: to Caa1 (from
   Ba1)
  USD 700 million Senior Unsecured Notes due 2023: to Caa1 (from
   Ba1)
  USD 500 million Senior Unsecured Notes due 2024: to Caa1 (from
   Ba1)
  Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

The downgrade to Caa1 reflects the continued uncertainties about
Samarco's ability to resume operations and our concern over
liquidity pressures resulting from fines, penalties and claims
related to the accident with Samarco's dams in the state of Minas
Gerais on Nov. 5, 2015, as well as potential covenant breaches on
its outstanding debt.

Since the accident, Samarco's operations at the mines and
beneficiation plants are suspended and the company's final
products' (pellets) inventories available for sale should finish
in the next few months.  Given the severe environmental
implications from the tailings dam breach at the Germano complex,
Moody's believes it is uncertain whether the company will be able
to regain the license to resume operations in Minas Gerais.
Therefore, Samarco's ability to meet its obligations remains
jeopardized until alternatives are implemented.  Besides, the
extent of the environmental and civil liabilities that the company
could face remains uncertain.

While operations are suspended, the company contemplates
alternatives that include the sale of energy and logistics
services.  Still, Moody's expects the company's liquidity to
remain tight until it is able to resume production, which may
leave the company with insufficient cash flow to service its debt
and other cash needs, including clean up, recovery and
rehabilitation costs. On the other hand, if Samarco is able to
resume production in the short term, it will immediately benefit
from its fully-integrated operations, which has supported its
solid profitability through the years.

The negative outlook reflects pressure on the company's rating
that will persist until its operational and liquidity risks are
resolved.

An upward rating movement would require Samarco to resume
production, or find alternatives that could avoid a liquidity
shortfall, including support from shareholders.  Although
Samarco's shareholders have indicated their support to the company
in the response effort and are committed with the environmental
remediation of affected areas, it is highly uncertain whether
there could be additional financial support.

The ratings could suffer additional negative pressure if there is
material deterioration in the company's liquidity position or
Samarco is unable to meet its financial obligations on a timely
basis or fails to renegotiate existing covenants on its debt
instruments.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Samarco Mineracao S.A. is one of the largest exporters of seaborne
iron ore pellets worldwide with operations located in Espirito
Santo and Minas Gerais, in the Southeast region of Brazil.  The
company has a fully integrated business model with an installed
capacity to produce 30.5 million pellets annually.  In the last
twelve months ended June 2015, Samarco had BRL 7.3 billion (USD
2.7 billion) in revenues spread across clients in North America,
Middle East, North Africa, Asia and Europe, with a 21% global
market share.


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


3G SPECIAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of 3G Special Situations Partners, Ltd received on
Dec. 2, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 23, 2015.

The company's liquidators are:

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


BASKET INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 27, 2015, the sole shareholder of Basket Investments Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J. Barrie
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: 345-949-9710


CFIP OVERSEAS: Creditors' Proofs of Debt Due Dec. 8
---------------------------------------------------
The creditors of CFIP Overseas Fund, Ltd are required to file
their proofs of debt by Dec. 8, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2015.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


EMM PTC: Creditors' Proofs of Debt Due Dec. 22
----------------------------------------------
The creditors of EMM PTC are required to file their proofs of debt
by Dec. 22, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 29, 2015.

The company's liquidator is:

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


ICHIBAN CORPORATION: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Oct. 29, 2015, the sole shareholder of The Ichiban Corporation
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 7, 2015, will be included in the company's dividend
distribution.

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


INTARCIA FORESITE: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 15, 2015, the shareholders of Intarcia Foresite CP, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          James B. Tananbaum
          Telephone: +1 (345) 949 8599
          Facsimile: +1 (345) 949 4451
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


OFFSHORE GROUP: Moody's Lowers CFR to Ca on Bankruptcy Filing
-------------------------------------------------------------
Moody's Investors Service downgraded Offshore Group Investment
Limited's (OGIL) Probability of Default Rating (PDR) to D-PD from
Caa3-PD, Corporate Family Rating (CFR) to Ca from Caa3 and the
senior secured term loans and senior secured notes each to Ca from
Caa3.  In addition, the Speculative Grade Liquidity (SGL) Rating
SGL-4 and the negative rating outlook were maintained.  This
action follows OGIL's announcement that it filed voluntary
petitions in the United States Bankruptcy Court for the District
of Delaware seeking relief under the provisions of chapter 11 of
title 11 of the United States Code to pursue a pre-packaged
chapter 11 plan of reorganization.

Downgrades:

Issuer: Offshore Group Investment Limited

  Probability of Default Rating (PDR), Downgraded to D-PD from
   Caa3-PD
  Corporate Family Rating (Local Currency), Downgraded to Ca from
   Caa3
  Senior Secured Bank Credit Facility (Foreign Currency),
   Downgraded to Ca (LGD4) from Caa3 (LGD4)
  Senior Secured Regular Bond/Debenture (Foreign Currency),
   Downgraded to Ca (LGD4) from Caa3 (LGD4)

Ratings and Outlook to be withdrawn in the near future:

  Corporate Family Rating (Local Currency), Ca
  Probability of Default Rating (PDR), D-PD
  Senior Secured Bank Credit Facility (Foreign Currency), Ca
  Senior Secured Regular Bond/Debenture (Foreign Currency), Ca
  Speculative Grade Liquidity Rating, SGL-4

Outlook, Negative

RATINGS RATIONALE

The downgrade of PDR to D-PD is a result of the Bankruptcy court
filing.  The downgrade of the CFR to Ca as well as the senior
secured term loans ($324 million of 2017 term loans and $341
million of 2019 term loans) and senior secured notes ($1,087
million of 7.5% notes and $728 million of 7.125% notes) to Ca
reflect Moody's view of the potential overall recovery of 30%-40%.

Shortly following this rating action, Moody's will withdraw OGIL's
ratings consistent with Moody's practice for companies operating
under the purview of the bankruptcy courts wherein information
flow typically becomes much more limited.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

OGIL is a wholly-owned subsidiary of Vantage -- an international
offshore drilling contractor that was incorporated in the Cayman
Islands in 2007.


PALACE COMPANY: Creditors' Proofs of Debt Due Dec. 22
-----------------------------------------------------
The creditors of Palace Company Limited are required to file their
proofs of debt by Dec. 22, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2015.

The company's liquidator is:

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


PHILIPPINE NEW: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 29, 2015, the sole shareholder of Philippine New Growth
Fund resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Koji Sugitomo
          c/o Charlotte Bradshaw
          Telephone: +852 3656 6034
          Central Tower, 11th Floor
          28 Queen's Road Central
          Hong Kong


PLAKA LTD: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 16, 2015, the shareholder of Plaka Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


SEABISCUIT HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Oct. 28, 2015, the sole shareholder of Seabiscuit Holdings
Limited resolved to voluntarily wind up the company's operations.

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

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


TEOREMA ALTERNATIVE: Creditors' Proofs of Debt Due Dec. 10
----------------------------------------------------------
The creditors of Teorema Alternative Strategies Fund are required
to file their proofs of debt by Dec. 10, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2015.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


UB FUNDS: Placed Under Voluntary Wind-Up
----------------------------------------
On Oct. 29, 2015, the shareholders of UB Funds SPC Ltd. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Koji Sugitomo
          c/o Charlotte Bradshaw
          Telephone: +852 3656 6034
          Ogier
          Central Tower, 11th Floor
          28 Queen's Road Central
          Hong Kong


WOLVERINE NEWCO: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Oct. 20, 2015, the sole shareholder of Wolverine Newco Cayman,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Krause Global B.V
          Beursplein 37, Ruimte 504
          3011AA Rotterdam
          Telephone: (616) 866-7331
          Facsimile: (616) 866-5625


===============
D O M I N I C A
===============


DOMINICA: Lost 90% of GDP Due to Climate Change, Says World Bank
----------------------------------------------------------------
Caribbean360.com reports that tropical Storm Erika wiped out 90
per cent of Dominica's Gross Domestic Product (GDP), according to
the rapid damage and impact assessment conducted by the island's
government in collaboration with the World Bank, United Nations,
and other development partners with funding support from the EU
and the World Bank Global Facility for Disaster Reduction and
Recovery.

The intense rainfall arrived after an unusual dry season, and the
combination of cracks in the soil and torrential rains triggered
landslides and slope failures, causing major damage to roads,
bridges, houses and agricultural land, according to
Caribbean360.com.

In just a few hours, the strong winds and rains destroyed critical
infrastructure that took the small nation of about 70,000 people
more than five years of normal investment for the country, the
report notes.

The total damage and loss was estimated at US$483 million, says
Caribbean360.com.

The event took place just two months ago and killed 11 people,
cutting off electricity and water supply on the island and closing
down the airport, the report relates.  For a small economy,
recently bolstered by a recovery of the tourism sector in the
region, this represents a major economic set back, the report
notes.

Caribbean360.com discloses that more and more, small island states
such as Dominica are being confronted with extreme weather events.
Many scientists are attributing the increase in the number and
strength of hurricanes and storms to global warming.

World Bank study "Turn Down the Heat," says the number of severe
hurricanes is projected to increase by 40 per cent, with double
the intensity of the current, as warming rises by 2 degrees
Celsius and up to 80 per cent in case of a 4 degrees Celsius
warming, the report relays.  This, together with sea-level rise,
will have devastating impacts, especially on the Caribbean, notes
Caribbean360.com.

Increasing exposure to natural disasters represents a real threat
to development prospects in the Caribbean, the report says.  This
has become the top priority for Caribbean governments that are
participating in the international climate negotiations in the
lead-up to the COP 21 Paris conference at the end of the month,
the report notes.  It is also at the heart of the countries'
development planning supported by development partners, the report
says.

An earlier study from the Caribbean Catastrophic Risk Insurance
Facility (CCRIF) showed that annual expected losses from wind,
storm surge and inland flooding amount to up to 6 per cent of GDP
in some countries, the report relays.  Climate change has the
potential to greatly exacerbate these risks, and could increase
expected losses by 1-3 per cent of GDP by 2030, the report says.

According to Caribbean360.com, as Dominica sets its priorities for
recovery and reconstruction, the focus is now on building climate
resilient infrastructure and preparing investments to reduce
flooding and landslide risks.  This also means being better
prepared with a trained crisis response team and early warning
systems in place, but also establishing a broad based catastrophe
risk financing strategy to provide insurance and help the most
vulnerable protect their livelihood against extreme weather
events, the report relays.

The government of the Commonwealth of Dominica organized a
pledging conference with donors to garner additional support to
help shore up the island and preserve the hard-won socio economic
gains achieved over the last decade, the report discloses.

The report notes that following the conference, Prime Minister
Skerrit said, "We believe that it is not only about cutting roads,
building houses and giving somebody a key. . . .  I'll be the
first to say, as I've said before, that we do not have the
requisite expertise on the island to guide us in that direction
therefore we are relying heavily on our partners all of whom have
indicated their keen interest and intention to provide us with
that level of support and guidance."

These are common goals shared by many small island countries in
the region, the report notes.  Now the question is whether the
Paris agreement will provide additional instruments to respond to
the growing threat of climate change in the Caribbean, adds the
report.


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


DOMINICAN REP: Price of Diesel Falls, Gasoline, Gases Unchanged
---------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry
posted the fuel prices for the week from December 5 to 11, when
premium gasoline remains at RD$185.40 and regular at RD$167.90 per
gallon.

Optimum diesel will cost RD$146.20, or RD$1.80 lower; regular
diesel will sell for RD$133.40, or RD$3.00 less; avtur will cost
RD$95.00, or RD$1.60 less; kerosene will cost RD$118.40, or
RD$1.70 less and fuel oil will cost RD$71.48, or RD$1.46 lower per
gallon, according to Dominican Today.

The report relays that propane gas will still cost RD$81.00 per
gallon while natural remains at RD$25.58 per cubic meter.

The Central Bank's average posted exchange rate of RD$45.46 per
dollar was used to calculate all fuel price, the report adds.


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


DIGICEL GROUP: Acquires Controlling Interest in Prism Holdings
--------------------------------------------------------------
Trinidad and Tobago Newsday reports that Digicel Group has
acquired a controlling interest in financial services powerhouse,
Prism Holdings, for an undisclosed sum, as announced on Dec. 2.

Established in 1993 in Barbados by Edward Ince and Mike Parris,
Prism Holdings is a privately held business to business company
operating in 22 countries with regional headquarters in Barbados,
and offices in The Bahamas, Jamaica and Trinidad and Tobago,
according to Trinidad and Tobago Newsday.

The report notes that Prism provides payment systems, information
management, data centre services, loyalty processing and financial
transactional processing.

According to the report, Digicel Group Chief Executive Officer,
Colm Delves, said; "As we continue to expand our range of products
and services consistent with the convergence of digital
communications, we are delighted to welcome Prism to the Digicel
family.  Edward and Mike have done a tremendous job in making
Prism a highly successful pan-Caribbean business, and we look
forward to working with them and their team to grow the business,
and expand the range of products and services."

Expressing their delight at the deal, co-Managing Directors of
Prism Holdings, Edward Ince and Mike Parris, who will be staying
in their positions, commented; "This move means accelerated growth
for our business.  It gives us the ability to take advantage of
bigger opportunities coming down the track.  Digicel Group is the
right strategic partner for us, and we are looking forward to
growing together," the report adds.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL

  -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
     Outlook;

  -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
     'B-/RR5';

  -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
     -/RR5'.

DL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- USD 250 million 7% senior notes due 2020 at 'B/RR4';

  -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';

  -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- Senior secured credit facility at 'B+/RR3'.



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


LATAM: Moody's Says Global & Regional Forces Weaken Credit Quality
------------------------------------------------------------------
Muted global growth expectations, slowing growth in China, weak
economic conditions in Europe and the prospect of a US interest
rate hike will pressure credit conditions for non-financial
corporates in Latin America in 2016, says Moody's Investors
Service.

At the regional level, the recessionary environment and political
instability in Brazil, volatility in the commodities markets and
currency depreciation throughout the region will continue to hurt
companies' profitability.

Compounding the risks to companies, slowing growth in Latin
America and the prospect of higher yields in the US will divert
investor capital out of the region, according to "Non-Financial
Corporates -- Latin America: 2016 Outlook - Global and Regional
Stresses Strain Credit Quality."

As a result, funding conditions will continue tighten. Moody's
notes that rated bond issuance in 2015 came in well below previous
years' levels.

"A liquidity cushion will be more important than ever for Latin
American companies in this tighter funding environment," says
Marianna Waltz, Moody's Managing Director for the Corporate
Finance team in Latin America. "Brazil in particular faces
severely restricted market access."

The exposure of non-financial corporates in the region to the oil
and gas sector, and base metals price conditions will continue to
limit their performance in 2016, as Moody's does not expect
commodities prices to recover in the near term. Companies in the
pulp/paper and protein sectors are better-positioned and will have
stronger credit quality.

"These headwinds have already weakened the credit metrics of the
companies we rate," said Waltz. "And in some instances there is
little that companies can do to improve credit quality, since
these factors are largely outside of their control."


                            ***********


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 * * *