TCRLA_Public/160107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, January 7, 2016, Vol. 17, No. 4


                            Headlines



C A Y M A N  I S L A N D S

EXTERNAL CORPORATION: Placed Under Voluntary Wind-Up
GALLINULE FUND: Commences Liquidation Proceedings
INTERNATIONAL SEAFOOD: Commences Liquidation Proceedings
JAIBA INVESTMENT: Commences Liquidation Proceedings
MOSAIC FUNDING: Commences Liquidation Proceedings

NEW SOLAR: Commences Liquidation Proceedings
PARUSKREML CAPITAL: Placed Under Voluntary Wind-Up
PUNTO DOS: Commences Liquidation Proceedings
SAF AM: Placed Under Voluntary Wind-Up
SAF QUANTITATIVE: Placed Under Voluntary Wind-Up

TAGUS FUND: Placed Under Voluntary Wind-Up
UC MILESTONE: Commences Liquidation Proceedings
UC SAVER: Commences Liquidation Proceedings
VANITY AVIATION: Commences Liquidation Proceedings
VILLAS FUNDING: Commences Liquidation Proceedings


C O L O M B I A

PACIFIC EXPLORATION: Creditors Extend Debt Covenants Waiver to Feb


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Among Countries Benefiting From Cheaper Crude
DOMINICAN REPUBLIC: Continues to Grow, Central Bank Confirms


P U E R T O    R I C O

PUERTO RICO: Default on $37MM of Payments Due Jan. 1 Expected
PUERTO RICO: 'Safe' Debt Stirs Worries
PUERTO RICO: Top Senate Republican Pushes Short-Term Aid


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Gas Exports to Spain Down 42.4%


U R U G U A Y

* URUGUAY: Exports Fall 11.6% in 2015


                            - - - - -


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


EXTERNAL CORPORATION: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Nov. 9, 2015, the shareholder of External Corporation 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:

          Peter Kebble
          c/o Peter De Vere
          Campbells
          Willow House, Floor 4
          Cricket Square, Elgin Avenue
          George Town, Grand Cayman
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


GALLINULE FUND: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 13, 2015, the members of The Gallinule Fund 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, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-1205
          Cayman Islands


INTERNATIONAL SEAFOOD: Commences Liquidation Proceedings
--------------------------------------------------------
On Oct. 22, 2015, the shareholder of International Seafood Trading
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 10, 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 Andrew Hislop
          Telephone: + 44 1481 211273


JAIBA INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 13, 2015, the members of Jaiba Investment Company 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, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-1205
          Cayman Islands


MOSAIC FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Nov. 9, 2015, the members of
Mosaic Funding Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 11, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Gillian Allan
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


NEW SOLAR: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 12, 2015, the sole shareholder of New Solar Cayman Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


PARUSKREML CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 11, 2015, the sole shareholder of Paruskreml Capital
Management 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:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          P.O. Box 10085 Grand Cayman KY1 1001
          161a Artillery Court
          Cayman Islands


PUNTO DOS: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 13, 2015, the members of Punto Dos Investments 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, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-1205
          Cayman Islands


SAF AM: Placed Under Voluntary Wind-Up
--------------------------------------
On Nov. 11, 2015, the sole shareholder of SAF AM 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:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          P.O. Box 10085 Grand Cayman KY1 1001
          161a Artillery Court
          Cayman Islands


SAF QUANTITATIVE: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 11, 2015, the sole shareholder of SAF Quantitative
Strategies SPC 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:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          P.O. Box 10085 Grand Cayman KY1 1001
          161a Artillery Court
          Cayman Islands


TAGUS FUND: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 13, 2015, the sole shareholder of Tagus Fund 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 liquidator is:

          Acorn Management Services Company Inc.
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


UC MILESTONE: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 13, 2015, the sole shareholder of UC Milestone, 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


UC SAVER: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 13, 2015, the sole shareholder of UC Saver, 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


VANITY AVIATION: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 12, 2015, the sole shareholder of Vanity Aviation 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:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          Royal Bank House, 3rd Floor
          P.O. Box 10632 Grand Cayman KY1-1006
          Shedden Road, George Town
          Cayman Islands
          e-mail: ellen.christian@bnpparibas.ky


VILLAS FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Nov. 9, 2015, the members of
Villas Funding Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 11, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Gillian Allan
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


===============
C O L O M B I A
===============


PACIFIC EXPLORATION: Creditors Extend Debt Covenants Waiver to Feb
------------------------------------------------------------------
Oscar Medina at Bloomberg News reports that Pacific Exploration &
Production Corp.'s creditors granted the Colombian driller a
temporary waiver on the terms of more than $1.3 billion in loans
with lenders, preventing a potential default.

The 61-day waiver applies to loans including a $1 billion
revolving credit with a syndicate of lenders and Bank of America
Corp. as administrative agent, as well as a $250 million credit
agreement with HSBC Holdings Plc as the agent, according to
Bloomberg News.  The loan covenants require the company have a net
worth, calculated by subtracting liabilities from assets, of more
than $1 billion, Bloomberg News relays.

"It's just kicking the can down the road," Rupert Stebbings,
managing director of equity sales at Bancolombia SA, said from
Medellin, Bloomberg News discloses.  "I don't think they can solve
this themselves, they need help to solve it, whether that be a new
investors or one of the current investors stepping in to do
something," Mr. Stebbings added.

Bloomberg News notes that the company's dollar bonds have lost
investors 71 percent in 2015, as crude plunged and the contract at
its biggest field wasn't extended.  Bondholder Pala Assets said
last month that it's organizing an informal committee to talk to
management about how the company can withstand the slump in oil
prices, Bloomberg News adds.


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


DOMINICAN REPUBLIC: Among Countries Benefiting From Cheaper Crude
-----------------------------------------------------------------
Dominican Today reports that from 2012 to 2014 Colombia,
Guatemala, El Salvador, Dominican Republic, Peru, Panama, Costa
Rica and Brazil were Latin America's countries which benefited the
most from lower oil prices, according to a report from the
Economic Commission for Latin America and the Caribbean (ECLAC).

The study says to a lesser extent Chile, Honduras and Nicaragua
also lowered fuel prices, whereas Ecuador, Bolivia, Mexico and
Argentina posted no significant decrease, according to Dominican
Today.

The report notes that the study "Fiscal impact of oil price
volatility in Latin America and the Caribbean" by Andres Arroyo
Pelaez and Fernando Cossio Munoz analyzes the impact of the fall
in oil prices in the region's countries.

The Industry and Commerce Ministry website reveals that at the end
of December 2012 premium gasoline cost RD$231.10; Regular
RD$214.00; regular diesel RD$202.60, and propane gas RD$ 91.53 per
gallon, the report says.

But from December 19 to 25, 2015, premium gasoline cost RD$182.40;
regular RD$164.90; regular diesel RD$124.90; and propane gas
RD$80.00, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.



DOMINICAN REPUBLIC: Continues to Grow, Central Bank Confirms
------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
left its monetary policy interest rate steady at 5.0 percent, and
said it expects inflation to gradually converge toward the middle
of its target range in 2016 after remaining around its lower limit
by the end of 2015.

The financial institution, which cut its rate by 125 basis points
from April through June, added that the country's external
accounts continue to improve in an environment of low fuel prices,
a good performance of tourism, remittances and exports, according
to Dominican Today.

By yearend 2015, the Central Bank expected a current account
deficit of around 2.0 percent of Gross Domestic Product and remain
around that level in 2016, the report notes.

The central bank targets inflation of 4.0 percent, plus/minus 1
percentage points, and in November headline inflation rose to 1.54
percent from 1.23 percent in October, the report relays.  In 2014,
the current account deficit narrowed to 3.1 percent of GDP from
3.5 percent in 2013, the report says.

The Dominican peso has been slowly depreciating against the U.S.
dollar since 2007 and was quoted at 45.53, down 2.7 percent in
2015, the report discloses.

"Economic activity continues to grow domestically above its
potential," the Central Bank said, adding that the International
Monetary Fund's (IMF) forecast for growth of 6.5 to 7.0 percent
for 2015 will be met, and growth in the financial sector, private
sector loans in local currency were showing double-digit growth,
outpacing nominal GDP growth, the report notes.

The Central Bank said the increase in the federal funds rate by
the U.S. Federal Reserve should contribute to increasing
international interest rates and keep the appreciation of the U.S.
dollar, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.


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


PUERTO RICO: Default on $37MM of Payments Due Jan. 1 Expected
-------------------------------------------------------------
Michelle Kaske and Romy Varghese at Bloomberg News report that
Puerto Rico was expected to default on about $37 million in bond
payments due Jan. 1 and divert revenue to make others, escalating
a conflict with investors as Governor Alejandro Garcia Padilla
seeks to restructure a $70 billion debt burden.

The amount is a fraction of the almost $1 billion in interest due
at the start of the year, according to Bloomberg News.  The island
will miss payments on $35.9 million of non-commonwealth guaranteed
Puerto Rico Infrastructure Financing Authority debt and $1.4
million of Public Finance Corp. bonds, Bloomberg News relays.  The
money is being used to help pay investors who are owned $328.7
million of interest on general-obligation debt, Bloomberg News
notes.

Bloomberg News notes that Garcia Padilla has warned for weeks that
if forced to choose between paying creditors and paying for
essential services, he would favor his people.  A skipped general-
obligation payment would have marked a turning point in Puerto
Rico's debt crisis because the securities are considered to have
the strongest legal protections among the island's different
issuers, Bloomberg News says. The commonwealth's constitution
states that general-obligation bonds must be repaid before other
expenses, Bloomberg News discloses.

"My government has the responsibility to protect, as much as
possible, Puerto Ricans from grave consequences," Garcia Padilla
said in a press conference in San Juan, Bloomberg News notes.  "In
recent months we have put up a tough fight in Congress, looking
for the tools we need.  We all know that the creditors have spent
a fortune lobbying against Puerto Ricans in Congress," Mr. Padilla
said, Bloomberg News adds.

                          Revenue Clawback

Bloomberg News notes that Puerto Rico general-obligation bonds
with an 8 percent coupon and maturing 2035 gained after the
governor said the payments will be made.

"In reality, this is a remarkably mild default, given the
commonwealth's repeated claims about its inability to pay debt,"
said Daniel Hanson, an analyst at Height Securities, a Washington-
based broker dealer, Bloomberg News notes.  "When a debtor
repeatedly claims they have no cash but then pay more than $900
million in debt service, the credibility of the debtor must be
called into question," Mr. Hanson added.

Bloomberg News notes that Mr. Garcia Padilla last month started
redirecting revenue used to repay certain agency debt to the
central government's coffers.  About half of funds to make the
general-obligation bond payment -- $164 million -- is coming from
the clawback, Bloomberg News relays.  By keeping the
commonwealth's pledge to those investors, he hopes to continue
negotiating with bondholders as Congress works on a plan for the
island, he said.

Bloomberg News notes that agencies such as the Highways &
Transportation Authority and the Convention Center District
Authority had said they'll use reserves to help pay their
investors on Jan. 1.  Holders of bonds issued by the Government
Development Bank, the Public Buildings Authority, the Employees
Retirement System, the Industrial Development Company and the
University of Puerto Rico will also receive payments due in
January, Bloomberg News relays.

Bloomberg News says that the Infrastructure Financing Authority,
while defaulting on some debt, will make payments that are
guaranteed by the commonwealth.  Holders of sales-tax revenue debt
will also receive their payments -- and for the future, Bloomberg
News notes.   Puerto Rico doesn't have plans to clawback sales-tax
collections because the government doesn't have control over that
revenue, Melba Acosta, president of the GDB, said during a call
with reporters, Bloomberg News discloses.

Holders of sales-tax bonds, known as Cofinas, will receive the
February payments totaling $200 million, Ms. Acosta said,
Bloomberg News relays.  May will be the next time payments will be
due on debt that is subject to the clawback -- $400 million on GDB
securities, she said.

                          Initial Default

Only one Puerto Rico entity has already skipped debt payments. The
Public Finance Corp., which borrowed to help cover the
government's budget deficits, in August failed to pay principal
and interest because lawmakers didn't appropriate the funds,
Bloomberg News notes.  Its bonds due in 2031 trade for about six
cents on the dollar, Bloomberg News relays.  Because they're
backed by a weaker legal pledge than other securities, there have
been few repercussions, Bloomberg News discloses.

Mr. Padilla in late June said the commonwealth was unable to repay
all of its obligations on time and in full.  Puerto Rico's economy
shrank 15 percent in the past decade after federal tax breaks for
U.S. manufacturers ended in 2006, taking away incentives for
pharmaceutical companies and other businesses to remain on the
island. Residents also left to find work on the U.S. mainland,
resulting in a 9.2 percent population drop since 2004, according
to U.S. Census data, Bloomberg News says.

                       Congressional Action

Bloomberg News notes that the default follows Mr. Padilla's failed
attempt to persuade Congress in December to include a provision in
a $1.1 trillion spending bill to allow commonwealth agencies to
file for bankruptcy protection.  House Speaker Paul Ryan directed
committee heads to come up with a plan for Puerto Rico by the end
of March. Congressional Democrats on Dec. 21 filed bills that
would shield Puerto Rico from any lawsuits until then, Bloomberg
News relays.

Bloomberg News notes that the $3.7 trillion municipal-bond market
has been anticipating a default on commonwealth debt because
Puerto Rico securities have been trading at distressed levels for
two years. Commonwealth debt has lost 8.1 percent in 2015 through
Dec. 29, compared with a 3.3 percent gain in the broader muni
market, according to S&P Dow Jones Indices.

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2015, Moody's Investors Service has downgraded $1.09
billion of Puerto Rico appropriation bonds issued by the Public
Finance Corporation (PFC) to C from Ca, while maintaining other
ratings assigned to the US territory's debt.


PUERTO RICO: 'Safe' Debt Stirs Worries
--------------------------------------
Aaron Kuriloff at The Wall Street Journal reports that as Puerto
Rico approached a Jan. 1 due date for about $1 billion in debt
payments, investors increasingly were uneasy about the fate of
bonds sold with a near guarantee.

The bonds, backed by sales taxes and known by the Spanish acronym
Cofina, were issued starting a decade ago to plug budget gaps and
repay other lenders, according to The WSJ.  The debt at the time
was considered the island's safest offering, and Cofina bonds soon
became the biggest chunk of Puerto Rico's debt outstanding, the
report notes.

Now, as the struggling commonwealth redirects money intended for
some debt to pay bonds with better legal protections, some
analysts are predicting it will soon target Cofina bonds to avoid
defaulting on its constitutionally protected general-obligation
debt, the report relays.  Such a move would spark a showdown over
its two most-sacrosanct obligations.

The report notes that as a sign of the concern, many of the Cofina
bonds already trade below 60 cents on the dollar, less than
benchmark debt from the island.

Some Cofina creditors aren't waiting for the government to act,
saying in a public statement last month that any effort to use the
money for other purposes without their permission would violate
the U.S. and Puerto Rico constitutions, the report relays.  "As
one of the very few secured creditors in the Puerto Rico debt
structure, we expect that our property rights will be protected,"
the statement said, the report notes.

"If the commonwealth defaults on its general-obligation debt, then
bondholders are going to sue Puerto Rico to raid the sales taxes
that back Cofina," said Matt Fabian, partner at the research firm
Municipal Market Analytics, the report discloses.  "And if they
don't pay Cofina, those bondholders will sue, saying they have a
property right to that revenue above all stakeholders," Mr. Fabian
added.

The report notes that the looming conflict highlights the
interconnectedness of Puerto Rico's debt, the complexity of the
island's effort to negotiate competing legal claims on its
dwindling cash and the nationwide breadth of creditor exposure to
the fiscal crisis on the island.

Puerto Rico owes investors about $70 billion and has struggled
with a decade-long recession and declining population, leading
Gov. Alejandro Garcia Padilla to call its debts unpayable, the
report relays.  The commonwealth defaulted on bond payments in
August and is in restructuring talks with creditors, the report
says.  It has also has turned to the U.S. Congress for access to
bankruptcy protections, the report adds.

The report discloses that investors in Cofina range from mutual
funds to hedge funds to individual retirees, an array of interests
that characterizes Puerto Rico bondholders.  About 130 municipal-
bond mutual funds had Cofina holdings at the end of September,
according to data from investment researcher Morningstar Inc. Many
creditors own general-obligation debt, too, the report notes.
Bond insurers also back billions of dollars of Cofina debt, along
with other Puerto Rico bonds, the report relays.

About $4 billion of the Cofina debt was sold as zero-coupon bonds,
which function like savings bonds, the report says.  Investors buy
the debt for less than face value and receive no interest
payments-instead collecting a larger amount when the bonds mature,
often decades in the future.  The setup allows the issuer to avoid
interest payments until the debt matures much later, the report
discloses.

Some analysts say that structure enabled the island to dodge hard
choices, piling a long-term financial problem atop Puerto Rico's
immediate crisis, says the report.

"This is a classic example of how Puerto Rico got into this mess,"
said Sergio Marxuach, public-policy director at the Center for a
New Economy, a think tank in San Juan, the report notes.

Those zero-coupon bonds make it hard to say exactly how much
Puerto Rico owes Cofina investors, which the island says in
different disclosures is either $15.2 billion or $16.6 billion,
the report relays.  Municipal Market Analytics puts the figure
closer to $17.5 billion, saying the bonds increase in value as
time goes by, the report notes.

In 40 years, when the last zero-coupon bonds mature, the full
payment to bondholders is scheduled to be about $25 billion-about
one-quarter of the money borrowed through Cofina and two-thirds of
the amount owed, that research firm found, the report discloses.

Some say negotiations ultimately will, and should, ensue over the
Cofina bonds, as untangling legal claims between general
obligation and Cofina debt is likely to result in delay and
uncertainty, the report notes.  Puerto Rico's power authority
reached a consensus restructuring deal with creditors after more
than a year of talks, the report relays.

"Gridlock will be complicated, time consuming, expensive,
uncertain and result in less for investors rather than more," said
James Spiotto, managing director at the municipal-bond consulting
firm Chapman Strategic Advisors, which consults on financial
restructuring, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2015, Moody's Investors Service has downgraded $1.09
billion of Puerto Rico appropriation bonds issued by the Public
Finance Corporation (PFC) to C from Ca, while maintaining other
ratings assigned to the US territory's debt.


PUERTO RICO: Top Senate Republican Pushes Short-Term Aid
--------------------------------------------------------
Kathleen Miller and Jim Rowley at Bloomberg News report that a top
U.S. Senate Republican said he will push for including aid to
Puerto Rico in the $1.1 trillion spending bill that lawmakers are
racing to approve, which would mark the first step by Congress to
help the Caribbean island deal with an escalating debt crisis.

Senator Orrin Hatch of Utah, who chairs the finance committee,
told reporters in the Capitol that he plans to get a measure in
the legislation that would help Puerto Rico meet its financial
obligations until February at least, according to Bloomberg News.
That would give Congress time to reach agreement on a broader
response to the territory's fiscal strains, the report notes.

"Because I can't bring both sides together, it will probably be a
stop-gap to get them through to hopefully the end of February,"
Bloomberg News quoted Mr. Hatch as saying.  "If we can do that, it
gets us some time to resolve it," Mr. Hatch added.

Bloomberg News notes that Puerto Rico has been pleading with
lawmakers in Washington for assistance as it runs out of cash and
struggles to pay its $70 billion of debt.  The commonwealth in
December narrowly averted a default on government-guaranteed debt
for the first time and may be unable to cover $957 million due to
investors on Jan. 1, Bloomberg News says.

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2015, Moody's Investors Service has downgraded $1.09
billion of Puerto Rico appropriation bonds issued by the Public
Finance Corporation (PFC) to C from Ca, while maintaining other
ratings assigned to the US territory's debt.


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


* TRINIDAD & TOBAGO: Gas Exports to Spain Down 42.4%
----------------------------------------------------
Trinidad Express reports that Trinidad and Tobago gas exports to
Spain, one of the country's major markets in Europe, declined 42.4
per cent for the year as at October 2015.

This is revealed by Spain's Ministry of Industry, Energy and
Tourism agency, Cores, in its December 27 release of Hydrocarbon
Bulletin No. 215, according to Trinidad Express.




=============
U R U G U A Y
=============


* URUGUAY: Exports Fall 11.6% in 2015
-------------------------------------
EFE News reports that Uruguay's exports of goods totaled $U8.96
billion in 2015, an 11.6 percent decrease from the previous year,
Uruguay XXI, the South American country's investment and trade
promotion agency, said.

Beef and cellulose surpassed soybeans as the main products
exported by Uruguay in 2015, while China and Brazil remained the
top buyers of goods, according to EFE News.

The Annual Foreign Trade Report said Uruguay, whose exports had
not fallen since 2009 amid the global financial crisis, is the
South American country that posted the smallest drop in exports,
the report notes.

The report attributed the "expected results" to the fall in
international commodity prices, the economic slowdown in China,
stagnation in Argentina and the recession in Brazil, all of which
contributed to adverse external and regional environments, EFE
discloses.

The decrease in the value of exports reflects, mostly, the lower
prices for the products the country sells overseas since, in
general terms, volumes increased, Uruguay XXI said, the report
relays.

The volume of beef exports, which top the list of Uruguayan
foreign sales, increased 5.2 percent in 2015 over 2014 to a record
223,000 tons of frozen meat and 39,000 tons of refrigerated meat,
but the value decreased 2.3 percent, the report notes.

Exports of cellulose were valued at almost $1.27 billion, making
it the product with the biggest positive contribution, the report
says.

The government agency estimated that in 2016 the drop in value of
Uruguayan exports will be "significantly less" than the 1.6
percent decrease registered in 2015, and it expects the numbers
will turn positive in 2017, when the value of exports could
increase 3.1 percent, the report adds.


                            ***********


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.


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