TCRLA_Public/160106.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

            Wednesday, January 6, 2016, Vol. 17, No. 3


                            Headlines



A R G E N T I N A

ARGENTINA: Cuts Auto and Motorcycle Taxes to Boost Production


B A H A M A S

BAHA MAR: How a $3.5 Billion Paradise Went Bust


B R A Z I L

BTG PACTUAL: Itau Buys BTG's 82% Stake in Collection Agency
BRAZIL: Currency Ends 2015 Down 48%


C A Y M A N  I S L A N D S

EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up
MBAM ACTIVE: Commences Liquidation Proceedings
MBAM ACTIVE MASTER: Commences Liquidation Proceedings
MONACO CAYMAN: Commences Liquidation Proceedings
MONTFORT INVESTMENT: Placed Under Voluntary Wind-Up

MSPEA CROWN: Commences Liquidation Proceedings
SOL MELIA: Commences Liquidation Proceedings
SOL MELIA FINANCE: Commences Liquidation Proceedings
TFO SHARI'AH: Commences Liquidation Proceedings
TFO SPD: Commences Liquidation Proceedings

TRANSNATIONAL ADVISORY: Commences Liquidation Proceedings
VSENSE LIMITED: Placed Under Voluntary Wind-Up
WALRUS CAPITAL: Commences Liquidation Proceedings
WALRUS MASTER: Commences Liquidation Proceedings


J A M A I C A

COURTS: Retailer to Close Liguanea Branch
JAMAICA: BOJ Reports Continued Decline in Non-Performing Loans


P E R U

INKIA ENERGY: Moody's Affirms Ba3 CFR; Outlook Stable


P U E R T O    R I C O

STANDARD REGISTER: CareSource Seeks to Keep Insurance Proceeds
STANDARD REGISTER: Case Removal Period Expires Feb. 5
STANDARD REGISTER: Final Decree Entered Closing 10 of 11 Cases


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Reaches Settlement With Fired Vice President


                            - - - - -


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


ARGENTINA: Cuts Auto and Motorcycle Taxes to Boost Production
-------------------------------------------------------------
EFE News reports that President Mauricio Macri's economic Cabinet
is cutting taxes on automobiles and motorcycles "to boost
production" in Argentina, the Production Ministry said.

The ministry lowered the tax on cars priced above ARS350,000
($26,315) to 10 percent "with the goal of increasing production
and facilitating investment in the sector," according to EFE News.

The report notes that the tax will be 20 percent on motor vehicles
priced above ARS800,000 ($60,150), the ministry said in a
statement.  Some 99 percent of the motorcycles manufactured in
Argentina "will not pay taxes" and only bikes priced above
ARS65,000 ($4,887) will have a 10 percent tax, the ministry added.

A 10 percent tax will be imposed on the production of boats priced
above ARS400,000 ($30,075), the report notes.

The executive order, which will be in effect for six months,
providing time to observe the impact on the industry, is to be
published in the Official Gazette, the report adds.

                          *     *     *

The Troubled Company Reporter-Latin America reported in Nov. 27,
2015, Moody's Investors Service has changed the outlook on
Argentina's Caa1 issuer rating to positive from stable.  The
outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

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


BAHA MAR: How a $3.5 Billion Paradise Went Bust
-----------------------------------------------
John Lippert and Dawn McCarty at Bloomberg News report that just
how Baha MarEnterprises Ltd., and their affiliates ended up in a
bankruptcy so colossal that it's jeopardizing the Bahamas's credit
rating is the biggest business story to hit the Caribbean nation
for as long as anyone can remember.

                      'Big Boys in the Room'

Bloomberg News notes that Baha Mar may have been dreamed up in the
vacationland of the Bahamas, but the central government in Beijing
controls the development bank and construction giant that will
determine its fate.  And China, some Bahamians say, is playing
tough as its state-run enterprises project money and influence
around the world, including to this small island 180 miles off the
coast of Miami.

"Their attitude is, 'We're the big boys in the room, we've got the
money -- so you do what we say,'" says Dionisio D'Aguilar, a
prominent businessman and former Baha Mar Ltd. director, Bloomberg
News relates.

Time is short.  Bahamian officials have been counting on Baha Mar
to invigorate the tourist economy, Bloomberg News says.  The
developers claimed the resort could single-handedly generate 12
percent of the country's gross domestic product -- provided it
ever opens.

Understanding the island's predicament requires going back more
than a decade to 2005 when Prime Minister Perry Christie reached
an agreement with a local businessman named Sarkis Izmirlian to
help revitalize Cable Beach, the most popular beachfront
destination on New Providence Island, Bloomberg News discloses.

Bloomberg News says that Mr. Izmirlian, then just 32, seemed a
natural choice.  He's from a wealthy family -- his father is
Armenian peanut tycoon Dikran Izmirlian -- and lives on nearby
Lyford Cay, a billionaire enclave. Izmirlian sank nearly $900
million into Baha Mar and recruited marquee-name partners like a
Caesars Resort hotel, Bloomberg News notes.

Then the 2008 financial crisis hit, and would-be partners balked.
When China State Construction Engineering Corp., the world's
second-largest contractor, approached Izmirlian about stepping in,
he said yes, Bloomberg News discloses.  The company directed him
to Export-Import Bank of China, or Exim, which promotes trade and
investment under the direction of Beijing.  Seeing a way into U.S.
markets, China State Construction promptly invested $150 million.
Exim kicked in $2.45 billion in construction loans -- with the
proviso that Izmirlian could never fire the Chinese builder, no
matter what, and that workers from China would do the job,
Bloomberg News relays.  Flush with Chinese money, Mr. Izmirlian
declared four Baha Mar hotels would open by 2014.

All this was documented in court filings, and supported by
interviews with Christie and other Bahamians, Bloomberg News
notes.  The Chinese and Izmirlian declined interview requests.

Endless haggling complicated by language barriers ensued -- about
payments, invoices, workmanship, on and on, Bloomberg News says.
Deadlines were set and promptly broken.  Emails flew back and
forth to Beijing.

                            Burst Pipes

In May 2014, Mr. Izmirlian appealed to an independent mediation
service based in Washington, D.C., but the troubles multiplied.
Pipes burst when inspectors tested the fire sprinklers and faulty
balcony railings had to be reinforced, people with knowledge of
the construction said, Bloomberg News says.  When Mr. Izmirlian
complained, China delayed its money, one said.

As construction dragged on, Mr. Izmirlian and Mr. Christie flew to
Beijing.  There, officials assured them the resort would be ready
to open on March 27, Bloomberg News relays.  Upon his return, the
developer hired 2,070 hotel workers, ran a global ad campaign and
stocked the casino with $4.5 million in cash, Bloomberg News
notes.

For Mr. Izmirlian the affair was becoming the ultimate contractor
nightmare.  He was spending an additional $4 million a month to
pay staff for a hotel with no guests, Bloomberg News discloses.

Concerned that China State Construction might gain a tactical
advantage by filing first, he secretly planned to have Baha Mar
declare bankruptcy in the U.S. rather than the Bahamas, whose laws
would make liquidation all but inevitable, notes Bloomberg News.

He didn't even alert the prime minister for fear he would tip off
the Chinese, says D'Aguilar, the former resort director, Bloomberg
News discloses.

Baha Mar Ltd. filed for bankruptcy in Delaware on June 29 -- and
all hell broke loose.  China State Construction accused Mr.
Izmirlian of disrupting the project with endless design changes,
Bloomberg News relays.

"Baha Mar Ltd.'s decision to file for bankruptcy is the direct
result of its failure to secure adequate financing and its
mismanagement," the Chinese company told the court, Bloomberg News
notes.

Christie's foreign minister, Fred Mitchell, spoke out in an August
speech celebrating the end of slavery on the island, saying "the
attempt to keep us bondsmen and slaves does not and has not
stopped," Bloomberg News says.

At the Emancipation Day Service, Mr. Mitchell continued, saying:
"It is therefore no surprise then that an investor -- because he
has the word billionaire behind his name -- would think, would
have the temerity to believe, that he can challenge the leader of
our country," Bloomberg News relays.

As the dispute dragged into September, a Delaware judge dismissed
the U.S. bankruptcy and a Bahamian judge put provisional
liquidators in charge, rendering Mr. Izmirlian's $900 million
investment nearly worthless, Bloomberg News notes.  In October,
they hosted negotiations at a nearby hotel, Bloomberg News
reports.  It was a bizarre scene, with Bahamian dancers gyrating
in hot pants in the lobby as Chinese men in black suits hunched
over laptops, says Bloomberg News.

                        Still Negotiating

In November, Mr. Izmirlian said he was still negotiating with Exim
and hoped to remain involved, Bloomberg News notes.  Failing that,
he's also sued in the U.K., claiming about $192 million in damages
for a breach of contract, a figure that could grow as another
winter tourist season passes with the resort still in limbo.
How it'll end is anyone's guess, Bloomberg News says.  Fernando
Menendez, a senior fellow at Washington think tank Center for a
Secure Free Society, says the episode says less about the Bahamas
or Izmirlian than it does about China and its state-owned
enterprises, Bloomberg News relays.

Bloomberg News discloses that China Exim wielded billions to
guarantee work for one of its biggest customers, China State
Construction. How and when that work got done didn't really
matter: Exim made sure the state-run company could never be fired.

"State-owned enterprises don't function as competitive entities,"
Bloomberg News quoted Mr. Menendez as saying. "They're protected
from failure," he added.

Mr. Christie says he's still optimistic the resort can open. In
December, Exim said a number of potential investors had expressed
interest, Bloomberg News notes.  These include Guo Guangchang,
chairman of a non-state Chinese conglomerate called Fosun Group,
people familiar with the situation said.  Fosun already owns
stakes in Club Mediterranee SA and Cirque Du Soleil Group.

Back in Nassau, people worry that even with new investors, the
promised economic boost will take time, Bloomberg News relays.  It
could be 2018 before Baha Mar makes a meaningful contribution to
the economy, according to Standard & Poor's, which lowered its
Bahamas rating to BBB- and warned it could be heading for junk.

For now, Baha Mar faces mold and corrosion as it bakes in the
tropical heat, Bloomberg News notes.  Its pink and cream towers
are ringed by a chain-link fence and blue tarps cover unused
supplies. At night, lights pop on in several rooms -- a move the
Bahamians hope will ward of the desolate air of this Caribbean
ghost, Bloomberg News adds.

                          About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The bankruptcy cases are assigned to Judge Kevin J. Carey.  The
Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York.  The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,
Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones
LLP, in Wilmington, Delaware.  The Debtors' Bahamian counsel is
Glinton Sweeting O'Brien.  The Debtors' special litigation counsel
is Kobre & Kim LLP.  The Debtors' construction counsel is Glaser
Weil Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.

                            *     *     *

In September 2015, Judge Carey dismissed the Chapter 11
Proceedings filed in the Delaware court by Baha Mar chief
executive officer Sarkis Izmirlian, ruling in favor of the
contractor on the project, China Construction America (CCA), and
its financier, the China Export-Import Bank (CEXIM); but denied
the motion to dismiss Northshore Mainland Services, Inc.'s
bankruptcy case.


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


BTG PACTUAL: Itau Buys BTG's 82% Stake in Collection Agency
-----------------------------------------------------------
EFE News reports that Itau Unibanco said that it has signed an
agreement to acquire struggling investment bank BTG Pactual's 82
percent controlling stake in debt collector Recovery do Brasil
Consultoria SA.

Itau will pay BRL640 million ($162.5 million) to BTG, which has
been selling assets since the arrest of founder Andre Esteves for
his alleged involvement in a $2 billion corruption scandal
centered on state oil company Petrobras, according to EFE News.

The report notes that the purchaser will also pay BRL570 million
($145 million) for 70 percent of a portfolio of BRL38 billion
($9.64 billion) "in credit rights associated with recovery
activities concerned with portfolios over which BTG has title,"
Itau said.

Founded in 2000 in Argentina, Recovery began operations in Brazil
in 2006 and is a leader in managing delinquent debt portfolios.

While BTG has been shedding assets since Mr. Esteves' arrest,
management denies that it is exploring a possible sale of the
bank, the report notes.

The report discloses that Mr. Esteves stepped down as chairman and
CEO of BTG and control of the bank has been transferred to a
holding company comprising the seven major partners.

The banker was detained in the course of an operation that also
led to the arrest of Sen. Delcidio Amaral, the report says.

Prosecutors say that Esteves provided financial assistance to
Amaral so the senator could offer hush money to convicted former
Petrobras executive Nestor Cervero, the report notes.

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

As reported in the Troubled Company Reporter-Latin America on
Dec. 9, 2015, Fitch Ratings has downgraded Banco BTG Pactual
S.A.'s (BTG Pactual) Issuer Default Ratings (IDRs) to 'BB-' from
'BBB-' and maintained it on Rating Watch Negative.


BRAZIL: Currency Ends 2015 Down 48%
-----------------------------------
EFE News reports that the Brazilian real lost 1.75 percent against
the dollar Dec. 30 on the year's final day of trading in Sao
Paulo, bringing the cumulative loss for 2015 to 48.3 percent.

Brazilians wanting to buy dollars must cough up nearly BRL4 per
greenback, according to EFE News.

The report notes that the real's plunge reflects the multiple woes
plaguing the South American giant, which is struggling with
recession, inflation, rising unemployment and a deteriorating
political situation.

President Dilma Rousseff, who has implemented a tough austerity
program aimed at reducing the budget deficit, is facing the threat
of impeachment, the report says.

"The political, economic and budget crisis was not resolved," Joao
Paulo de Gracia Correa, an analyst with brokerage SLW, told EFE.
"The market protects itself against this situation and the
currency depreciates," the report notes.

The real will continue to decline against the dollar next year
unless the government "takes measures that calm the market,"
Correa said, expressing a view shared by the majority of private
sector analysts, the report says.

There is a silver lining, however, as the cheaper real boosts
exports and makes Brazil an even more attractive destination for
international tourists, the report adds.


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


EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 12, 2015, the sole shareholder of Everbright Ashmore
Investment Blue (Cayman) 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' dividend distribution.

The company's liquidator is:

          Antoine Bastian
          c/o Richard Bennett/Phoebe Chan
          Elian Fiduciary Services (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +852 3656 6069/ +852 3656 6063
          Facsimile: +352 949-9877


MBAM ACTIVE: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 12, 2015, the shareholder of MBAM Active Enhanced Feeder
Fund resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Harbour Centre, George Town
          P.O. Box 61 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635


MBAM ACTIVE MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 12, 2015, the shareholder of MBAM Active Enhanced Master
Fund Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Harbour Centre, George Town
          P.O. Box 61 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635


MONACO CAYMAN: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 9, 2015, the shareholders of Monaco Cayman Co resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 16, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MONTFORT INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 11, 2015, the shareholders of Montfort Investment
Management resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Roy Dackus
          Lisdoddelaan 78, Amsterdam 1087KA
          Netherlands
          Telephone: +31 20 670 41 00


MSPEA CROWN: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 11, 2015, the shareholders of MSPEA Crown Holding Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SOL MELIA: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 10, 2015, the shareholders of Sol Melia Commercial
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SOL MELIA FINANCE: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 10, 2015, the shareholders of Sol Melia Finance Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TFO SHARI'AH: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 11, 2015, the shareholders of TFO Shari'ah SPD Fund Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          TFO Manager Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          Mourant Ozannes, Attorneys-at-law
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


TFO SPD: Commences Liquidation Proceedings
------------------------------------------
On Nov. 11, 2015, the shareholders of TFO SPD Fund Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          TFO Manager Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          Mourant Ozannes, Attorneys-at-law
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


TRANSNATIONAL ADVISORY: Commences Liquidation Proceedings
---------------------------------------------------------
On Nov. 2, 2015, the shareholders of Transnational Advisory Buying
Company resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Company Secretaries Ltd.
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kris Bichard
          Telephone: +44 1481 211252


VSENSE LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 12, 2015, the shareholders of Vsense Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Chu, Chih-Hao
          Neihu Dist., Taipei City 114, Taiwan (R.O.C.)
          6th Floor-1, No. 316, Sec. 1, Neihu Rd.
          Telephone: +886-2-2657-2369
          Facsimile: +886-2-2659-5952


WALRUS CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 12, 2015, the sole shareholder of Walrus Capital Trading,
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:

          Exis Capital Management, Inc
          c/o Andrew Flug
          379 West Broadway
          Suite 338, New York
          New York 10012
          United States of America
          Telephone: +1 (212) 893 7459
          e-mail: andrew.flug@exiscapital.com


WALRUS MASTER: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 12, 2015, the sole shareholder of Walrus Master Fund
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Exis Capital Management, Inc
          c/o Andrew Flug
          379 West Broadway
          Suite 338, New York
          New York 10012
          United States of America
          Telephone: +1 (212) 893 7459


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


COURTS: Retailer to Close Liguanea Branch
-----------------------------------------
RJR News reports that Courts, the furniture and appliance
retailer, is closing its Liguanea branch.

The company, which is owned by El Salvador based Unicomer Group,
made the announcement in a full page advertisement in Jan. 3's
newspapers, according to RJR News.

The report notes that Courts said it will close the branch on
January 16, after operating at that location for sixteen years.

It didn't disclose the reasons for the closure but hinted at a new
retail venture, the report relays.

After the closure, the company will have four other branches in
Kingston, the report adds.


JAMAICA: BOJ Reports Continued Decline in Non-Performing Loans
--------------------------------------------------------------
RJR News reports that the Bank of Jamaica has released information
showing the level of non-performing loans continues to decline.

The data, which corresponds to the end of September, show non-
performing loans are down six per cent, compared to the level it
was a year earlier, according to RJR News.

The report notes that non-performing loans are those which have
not been paid for at least three months.

At the end of September, $22 billion worth of loans were
classified as being non-performing, the report relays.

It represented just over four per cent of loans issued by
commercial banks, merchant banks and building societies, 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 E R U
=======


INKIA ENERGY: Moody's Affirms Ba3 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family rating
of Inkia Energy Ltd as well as the Ba3 global senior unsecured
rating on its 8.375% notes due April 2021.  The rating outlook is
stable.

RATINGS RATIONALE

"The affirmation of Inkia's ratings is prompted by IC Power's
announcement on Dec. 30, 2015, that the group has agreed to
acquire the Energuate businesses" said Natividad Martel, a Moody's
Vice President- Senior Analyst.  This proposed transaction
consists of acquiring majority ownership stakes (in excess of 90%)
in two fully regulated electric distribution companies as well as
100% ownership interests in a small retail subsidiary and a small
transmission subsidiary that operate in Guatemala (Ba1 negative).

"Today's rating action reflects Moody's understanding that the
Energuate businesses will become a subsidiary of Inkia upon
completion of the transaction", added Martel.  Financial close is
expected before the end of January 2016 pending certain conditions
precedent.  The price consideration amounts US$299.5 million in
cash (pending final adjustments) as well as the assumption of
around $289 million of local bank debt.  To fund the acquisition
Inkia will use a US$120 million bridge loan as well as cash on
hand that includes the remaining balance of the cash proceeds
generated from the disposal in 2014 of its 21.14% indirect stake
in Edegel.  Moody's understands that over the medium term the
US$120 million bridge loan will be repaid using the proceeds
raised in connection with a debt issuance at new subsidiary that
will also repay the outstanding bank loans that currently
approximate US$289 million.

The affirmation of Inkia's Ba3 rating factors in that this
acquisition will slightly shift Inkia's business risk profile from
a pure-play parent company that holds ownership-stakes exclusively
in unregulated power generation subsidiaries to a business mix
that will also incorporate lower risk regulated distribution
utility operations.  The affirmation acknowledges that the bulk of
Energuate's operations are subject to the Guatemalan regulatory
environment that Moody's considers overall credit supportive.
However, Moody's also believes that this acquisition is not
without risks, particularly as Inkia moves outside of its
traditional business expertise into regulated operations that have
a relatively short track-record in terms of consistency and
predictability.  On the positive side, Moody's understands that
the next tariff review of the Guatemalan utilities will become
effective during 2019 which enhances the predictability of the
expected cash upstreams to Inkia.  Moody's also acknowledges the
resulting benefits of further geographical diversification of
Inkia's sources of cash flows.  The affirmation further considers
that the completion of the transaction will eliminate the
uncertainty in terms of credit quality that remained in connection
with the reinvestment possibilities of the remaining proceeds from
the 2014 divestiture of the Edegel-stake, a credit positive.

That said, the Ba3 rating considers that the bulk of Inkia's cash
flows will still be largely sourced from its unregulated
businesses, particularly those operating in Peru that includes
Kallpa but also the 510MW hydro-electric Cerro del Aguila (CdA)
and 600MW dual-fired Salmay I generation projects that are
scheduled to be commissioned during 2016.

On a negative note, the US$120 million bridge loan will
temporarily increase the holding company indebtedness as a
percentage of total consolidated debt albeit the Ba3 rating
assumes this will remain below 25%.  This is a key factor when
assessing structural subordination considerations with Inkia's Ba3
CFR.  This incremental indebtedness will somewhat temper the
anticipated improvement in Inkia's standalone and consolidated key
credit metrics; however, Moody's anticipates that the commission
of the two Peruvian new generation projects will help Inkia to
record credit metrics that are comfortably positioned within the
Ba-rating category on both a stand-alone and consolidated basis.
The rating also remains constrained by the ongoing uncertainties
that could potentially impact Inkia's business risk profile and
financial policy.  These include whether the 2015 change in its
ownership structure will result in the implementation of a
permanent dividend policy that would limit Inkia's financial
flexibility to pursue new growth opportunities, a credit negative.

The stable outlook assumes that after the two Peruvian projects
start operations Inkia's parent-only and consolidated credit
metrics will become commensurate with the low-end of the Ba-rating
category according to the guidelines provided under the
Unregulated Utilities and Unregulated Power Companies Methodology.
Specifically, that its 3-year Parent Only Cash Flow (POCF; defined
as dividends received excluding interest and parent holding
company expenses) to holding-company debt as well as consolidated
Funds from Operations (FFO) to consolidated indebtedness will
average at least 12%.  Also, that its 3-year average interest
coverage and Retained Cash Flow (RCF) to debt will exceed 2.5x and
8%, respectively, on a stand-alone and consolidated basis.  The
stable outlook also assumes the successful completion of the two
projects as their construction approaches the tail-end.  It also
anticipates that the holding company debt will not represent more
than 25% of the consolidated indebtedness.  The stable outlook
further assumes that Inkia will maintain a limited exposure to
foreign exchange risk as well as adequate liquidity profile for
the Ba-rating category.  The latter is particularly important as
it is expected to use its significant cash balances to fund the
tail-end construction of its two generation projects as well as
the acquisition of the Energuate business.  This considers the
absence of a committed revolving credit facility but also the
holding-company's limited current capital requirements along with
its manageable debt maturity profile.  Lastly, the stable outlook
assumes that management will pursue any new growth initiatives in
a disciplined manner but also that any shareholder friendly
policies will not be detrimental for the credit quality of IC
Power and Inkia.

What Could Change the Rating - Up

An upgrade of Inkia's ratings over the foreseeable future is
unlikely given that the rating is currently weakly positioned
within the Ba3-rating category as it approaches the tail-end of
its material construction program, and given the uncertainties
related to the potential implications on its financial policy
given the 2015 change in its corporate ownership.  That said,
positive momentum upon the successful completion of the greenfield
projects could be triggered by a significant improvement in the
credit metrics.  Specifically, if Inkia's consolidated and parent-
only credit metrics improve such that cash flow coverage of
interest expense, cash flow to debt and RCF to debt exceed 3.0x,
18% and 12%, respectively, on a sustainable basis.  Additionally,
any improvement in Inkia's consolidated financial performance will
be balanced against S&P's assessment of the company's growth and
development initiatives underway at that time as well as the
credit quality of any new subsidiaries acquired or new growth
initiatives undertaken.

What Could Change the Rating-Down

Factors that will likely put downward pressure on Inkia's Ba3-
rating include: material complications encountered in the
completion of the CdA and Samay I projects that will delay their
commission significantly; political or operational problems at
some of its other key subsidiaries, particularly Kallpa, that
result in a material deterioration in the anticipated dividend
distributions to Inkia; the implementation of a new fixed dividend
policy that limits Inkia's financial flexibility while it further
pursues expansion opportunities; and/or new growth initiatives
that either weaken Inkia's business risk profile or increase
indebtedness significantly (particularly new greenfield projects).

Importantly, downward pressure is likely if Inkia were to report
3-year average consolidated or parent-only cash flow to debt,
interest cash flow coverage and RCF to debt below 10%, 2.0x and
8%, respectively, for an extended period of time.

Headquartered in Lima, Peru (A3 stable), Inkia Energy Limited
(Inkia) is an international holding company incorporated in
Bermuda that holds ownership-stakes in unregulated power
generation subsidiaries domiciled in several Central and South
American countries.  By year-end 2016, Inkia will operate 3,844MW
and own 3,075MW, if CdA and Samay I projects are completed on
schedule.

Kenon Holdings Ltd is Inkia's ultimate parent company since
January 2015.  It currently holds its ownership stake via the
holding company IC Power Ltd. which also holds an 80%-stake in OPC
Rotem a 440MW combined cycle- facility operating in Israel.  Kenon
will transfer this direct interest to its new subsidiary, IC Power
Pte. Ltd., an entity incorporated in Singapore.  On Nov. 2, 2015,
this filed a Form F-1 with the Securities and Exchange Commission
(SEC), another key step for a possible public offering (IPO).
Moody's understands that Kenon's largest indirect shareholder is
Ansonia (53% interest-stake), a discretionary trust in which
Mr. Idan Ofer is the beneficiary.

Pursuant to the acquisition agreement executed with Deorsa-Deocsa
Holdings Ltd ("DDHL"), with the private equity firm Actis LLP, IC
Power has agreed to acquire from DDHL 100% of a holding company
that indirectly owns 90.6% and 92.7% of two Guatemalan electric
distribution utilities as well as 100% of two smaller related
businesses (the acquired businesses are referred to as
"Energuate").


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


STANDARD REGISTER: CareSource Seeks to Keep Insurance Proceeds
--------------------------------------------------------------
CareSource and CareSource Management Group Co. in October 2015
commenced an adversary proceeding against debtors SRC Liquidation
Company, et al., and other parties to seek a ruling from the
Bankruptcy Court that the proceeds of certain insurance policies
are not property of the Debtors' estates under 11 U.S.C. Sec. 541.

Dayton, Ohio-based CareSource in 2014 entered into a contract with
the Debtors for printed materials that CareSource uses to
communicate with its members regarding their health care policies,
benefits, coverage, and cost of health insurance coverage. Given
the sensitive nature of the printing work done by the Debtors, the
Debtors were required to purchase insurance to protect CareSource
from liability arising from the Debtors' printing errors. The
Debtors failed to perform in accordance with the Contracts in many
ways, CareSource.

CareSource tells the Court that the Debtors' sale to Taylor Corp.
and subsequent events left CareSource, Taylor, and the Debtors in
an unusual posture with respect to the Contracts and the inter-
party claims arising from the Contracts. First, by the Asset
Purchase Agreement, the Debtors transferred to Taylor accounts
receivable purportedly owed by CareSource to the Debtors, which
are subject to defenses, counterclaims and setoff rights by
CareSource for claims arising from the Performance Defaults. Those
rights were expressly preserved by the Sale Order. The APA,
however, did not transfer to Taylor the Debtors' insurance
policies, the proceeds from which cover the claims of CareSource
for the Performance Defaults. Instead, the APA expressly retained
the insurance policies for the Debtors.

Additionally, the Debtors apparently no longer believe that
CareSource is entitled to pursue claims against the Debtors'
liability insurance policies or to obtain proceeds from the
Insurance Policies. Following the Rejection Notice, the Debtors
did an about-face and informed CareSource for the first time that
the Insurance Policies and all proceeds from the Insurance

Policies belonged to their secured creditors, are subject to liens
of their secured lenders, and that the Insurance Policies would be
transferred under the Plan to a trust benefitting the Debtors'
secured creditors.

CareSource submits that the Debtors have no rights to the proceeds
of Insurance Policies, and that the proceeds from the Insurance
Policies are not property of the estate.

A copy of the Complaint is available for free at:

http://bankrupt.com/misc/Standard_R_1244_CareSource_Suit.pdf

Attorneys for CareSource and CareSource Management Group Co.:

         CROSS & SIMON, LLC
         Christopher P. Simon
         Kevin S. Mann, Esq.
         1105 North Market Street, Suite 901
         Wilmington, DE 19801
         Telephone: (302) 777-4200
         Facsimile: (302) 777-4224
         E-mail: csimon@crosslaw.com
         kmann@crosslaw.com

         - and -

         David M. Whittaker, Esq.
         BRICKER & ECKLER LLP
         100 South Third Street
         Columbus, OH 43215
         Telephone: (614) 227-2355
         Facsimile: (614) 227-2390
         E-mail: dwhittaker@bricker.com

                     About Standard Register

Standard Register provided market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets. The Company
had operations in all U.S. states and Puerto Rico, and had 3,500
full-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.


STANDARD REGISTER: Case Removal Period Expires Feb. 5
-----------------------------------------------------
At the behest of SRC Liquidation Company, et al., Judge Brendan L.
Shannon on Dec. 22, 2015, entered a third order extending the
period within which the Debtors may remove actions pursuant to 28
U.S.C. Sec. 1452. Pursuant to the order, the time period provided
by Bankruptcy Rule 9027 within which the Debtors may file notices
of removal of claims and causes of action is enlarged and extended
through and including Feb. 5, 2016.

                   About Standard Register

Standard Register provided market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets. The Company
had operations in all U.S. states and Puerto Rico, and had 3,500
full-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.


STANDARD REGISTER: Final Decree Entered Closing 10 of 11 Cases
--------------------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware in December 2015 entered a final decree
closing the Chapter 11 cases of:

Name of Debtor Case No.
-------------- --------
SR Liquidation Holding Company                    15-10542
SR Liquidation Technologies, Inc.                 15-10543
SR Liquidation International, Inc.                15-10544
iMLiquidation, LLC                                15-10540
SR Liquidation of Puerto Rico Inc.                15-10545
SR Liquidation Mexico Holding Company             15-10546
Standard Register Holding, S. de R.L. de C.V.     15-10547
Standard Register de Mexico, S. de R.L. de C.V.   15-10548
Standard Register Servicios, S. de R.L. de C.V.   15-10549
SR Liquidation Technologies Canada ULC            15-10550

According to the Dec. 21 order, Case No. 15-10541 of debtor SRC
Liquidation, LLC, will remain open.

All contested matters relating to each of the Debtors, including
objections to claims, will be administered and heard in the
Remaining Case, in accordance with the terms of the Plan.

SRC Liquidation Company, f/k/a The Standard Register Company, and
its affiliated debtors on Nov. 19, 2015, won confirmation of their
Second Amended Chapter 11 Plan of Liquidation. The Effective Date
of the Plan occurred on Dec. 18, 2015.

The judge set a Dec. 28, 2015 deadline for claims based on
rejection of contracts under the Plan. All persons seeking awards
of compensation for services rendered or reimbursement of expenses
incurred through and including the Confirmation Date are required
to file their applications for final allowances within 30 days
after the Effective Date. Holders of administrative expense claims
(other than professional fees) accruing from March 12, 2015
through the Effective Date are required to submit requests for
payment of claims on or before Jan. 18, 2016.

                       Terms of Confirmed Plan

Assets of Standard Register and its affiliates were sold to Taylor
Corp., a privately held company. According to the disclosure
statement, the proceeds from the sale were used to pay Standard
Register's debtor-in-possession financing, claims of the first
lien term lenders, and a portion of the claims of the second lien
term lenders. The company also used the proceeds to fund the $5
million GUC cash payment.

Taylor also assumed certain limited obligations and advanced
$15.076 million for payment of claims related to the wind-down of
the companies and their Chapter 11 cases. Standard Register used a
portion of that amount to loan $600,000 to the GUC Trust.
The liquidation plan proposes to pay 1% of the allowed claims of
general unsecured creditors.

An overwhelming majority of holders of claims entitled to vote on
the Plan voted to accept the Plan. Specifically, 100% of holders
of Class 3 - Senior Lien Secured Claim voted to accept the Plan,
while 92.89% of holders of Class 4 - General Unsecured Claims
voted to accept the Plan.

Prior to the Confirmation Hearing, the Debtors filed a Modified
Second Amended Plan to reflect certain technical modifications. A
blacklined copy of the Amended Plan dated Nov. 18 is available at
http://bankrupt.com/misc/SRCplan1118.pdf

                      About Standard Register

Standard Register provided market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets. The Company
had operations in all U.S. states and Puerto Rico, and had 3,500
full-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.



================================
T R I N I D A D  &  T O B A G O
================================


CARIBBEAN AIRLINES: Reaches Settlement With Fired Vice President
----------------------------------------------------------------
The Daily Observer reports that Caribbean Airlines Limited and the
vice-president whom it dismissed in 2011 have reached a
settlement, weeks after the airline was fined in the magistrate's
court over its failure to reinstate her in keeping with a ruling
by the Industrial Disputes Tribunal (IDT).

Queen's Counsel Georgia Gibson-Henlin, the lawyer for the axed
executive, confirmed the settlement but could give no further
details because of a confidentiality clause on the parties,
according to The Daily Observer.

"That's all I can say," Gibson-Henlin told the Jamaica Observer in
confirming the settlement, the report notes.

The Daily Observer recalls that Caribbean Airlines was in November
fined EC$350,000 following its conviction in the Corporate Area
Resident Magistrate's Court for failure to comply with the IDT
ruling to reinstate Nerine Small -- a former vice-president of
legal affairs and corporate secretary -- "with payment of full
normal wages," the report relays.  It has since paid the fine.

The report discloses that Ms. Small took the regional airline to
court after it reportedly "failed to carry out the July 31, 2012
order".

The report further recalls that Ms. Small started working with Air
Jamaica in 2002 as associate general counsel and was made general
counsel in 2006.  In April 2010, Caribbean Airlines took over Air
Jamaica and in May of that year she was made vice-president of
legal affairs and corporate secretary.

Ms. Small was dismissed the following year, according to her
statement filed in the magistrate's court, prompting her to
petition the IDT, the report relays.

According to Ms. Small's statement, the report relays, her
attorney wrote to Caribbean Airlines on August 10, 2012 about the
IDT ruling. The airline, she said, responded three days later,
saying that it would comply with the order. However, Ms. Small
said on August 15 of that year she was informed via letter from
Caribbean Airlines that her position had been made redundant.

"In this way, Caribbean Airlines avoided reinstating me, in breach
of the order of the Industrial Disputes Tribunal," Ms. Small's
statement said, the report adds.


                      About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2015, RJR News said that Caribbean Airlines Limited is
still facing an acute shortage of pilots.  Trinidad's Newsday
newspaper said the airline is still reeling from the loss of close
to a dozen pilots from its Jamaican operations last year, forcing
it to send Trinidadian pilots to operate some of the Jamaican
routes to US destinations, according to RJR News.

The TCRLA reported on Sept. 24, 2014, that Trinidad Express said
Caribbean Airlines Limited will get a total of TT$1.8 billion
support from the Government during the period 2013 and 2015.
Finance Minister Larry Howai stated that the Caribbean
Airlines management had informed him that the company expects to
break-even in three years time.  Mr. Howai, however, said that
government would have to provide funds for CAL in 2015, 2016 and
2017.

On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday,
said that Caribbean Airlines is facing a loss.  Minister Howai was
hopeful the loss could be narrowed down to less than TT$100
million.

Caribbean Airlines Limited recorded losses estimated at US$70
million in 2012.  In 2011, CAL had recorded losses of US43.7
million, the TCRLA reported on May 20, 2013.


                            ***********


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 2016.  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 * * *