TCRLA_Public/160108.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

            Friday, January 8, 2016, Vol. 17, No. 5


                            Headlines



A R G E N T I N A

ARGENTINA: Debt to Bolivia for Gas Purchases Falls to $202MM


B R A Z I L

BANCO BRADESCO: Central Bank Approves Purchase of HSBC Unit


C A Y M A N  I S L A N D S

AKSHAR INVESTMENTS: Placed Under Voluntary Wind-Up
ASIA INVESTMENT: Commences Liquidation Proceedings
BARRICK CAYMAN: Placed Under Voluntary Wind-Up
BMB COMIT: Commences Liquidation Proceedings
CAPITAL INSTINCT: Placed Under Voluntary Wind-Up

EON INVESTMENTS: Placed Under Voluntary Wind-Up
IVORY GLOBAL: Placed Under Voluntary Wind-Up
KCP GP: Commences Liquidation Proceedings
KENSON INC: Shareholder Receives Wind-Up Report
LA SALLE VENTURES: Commences Liquidation Proceedings

OLD SQUARE: Placed Under Voluntary Wind-Up
SLEEP ZAKARIA: Members Receive Wind-Up Report
WR MARKET: Shareholders Receive Wind-Up Report
WR MARKET MASTER: Shareholders Receive Wind-Up Report


C H I L E

AUTOMOTORES GILDEMEISTER: Fitch Lowers IDR to 'RD'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Construction Paces Economy's 7% Growth in 2015


J A M A I C A

JAMAICA: To Restrict Firms Eligible for Tax Breaks Under SEZ
JAMAICA: Continues to Exceed Primary Surplus Target


P U E R T O    R I C O

PUERTO RICO: REIT Sued Over $41MM Write-Down on Hotel Loans


                            - - - - -



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



ARGENTINA: Debt to Bolivia for Gas Purchases Falls to $202MM
------------------------------------------------------------
EFE News reports that Argentina's debt to Bolivia for gas
purchases has fallen to $202 million and will be completely paid
off in the first three months of this year, Guillermo Acha, CEO of
state-owned oil company YPFB, said.

Mr. Acha told state radio that he met with Argentine officials in
Buenos Aires to discuss the debt, according to EFE News.

"Enarsa (state-owned oil company Energia Argentina) will be
honoring its debt by March, the $202 million left as the balance,"
Mr. Acha said, the report relays.

Argentina made a deposit to complete a total payment of $100
million, allowing the debt of $300 million calculated in December
to be reduced by one-third, Mr. Acha said, the report notes.

Argentine Energy and Mines Minister Juan Jose Aranguren and Enarsa
CEO Hugo Balboa also expressed "their total interest in continuing
to work in the closest and most coordinated manner, operationally
and commercially," the YPFB chief said, the report relays.

Bolivia exports about 16 million cubic meters per day of natural
gas to Argentina at about $5 per one million BTUs, or about half
the price in effect before oil prices collapsed on the
international market, the report discloses.

Bolivian National Electric Company Chief Executive Officer Eduardo
Paz also participated in the meeting in Buenos Aires, the report
notes.

Last year, officials started negotiating the sale by Bolivia to
Argentina of 440 MW of electricity and cooperation in nuclear
medicine, the report adds.


                        *     *     *

The Troubled Company Reporter-Latin America reported in Nov. 27,
2015, that 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 R A Z I L
===========


BANCO BRADESCO: Central Bank Approves Purchase of HSBC Unit
-----------------------------------------------------------
Reuters reports that Banco Bradesco SA said the country's central
bank approved the acquisition of the local unit of HSBC Holdings
Plc.

The conclusion of the deal still requires approval from other
regulatory agencies, Bradesco said in a securities filing,
according to Reuters.

Bradesco had announced the $5.2 billion acquisition of HSBC Bank
Brasil Banco Multiplo SA on Aug 3, the report notes.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- serves low-and medium-
income individuals in Brazil since the 1960s.  Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2010, Fitch Ratings affirmed ratings of Banco Bradesco
S.A.'s Support Rating Floor at 'BB'.


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


AKSHAR INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 5, 2015, the sole shareholder of Akshar Investments
Limited resolved to voluntarily wind up the company's operations.

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:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


ASIA INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 30, 2015, the sole member of Asia Investment Funds II SPC
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:

          Richard Fear
          c/o Ryan Charles
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902


BARRICK CAYMAN: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 12, 2015, the sole shareholder of Barrick Cayman (D) Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Galbraith
          c/o Barrick International (Barbados) Corp.
          Balmoral Hall, Balmoral Gap, 2nd Floor
          Hastings, Christ Church
          Barbados BB14033
          Telephone: (246) 430 8801
          Facsimile: (246) 437 8860


BMB COMIT: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 13, 2015, the shareholder of BMB Comit III LDC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town, Grand Cayman
          10 Market Street, #769 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 640 5861


CAPITAL INSTINCT: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 13, 2015, the sole shareholder of Capital Instinct
International Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Man Kwong Bute
          Flat 09, 20th Floor, Block C
          Villa Lotto, 18 Broadwood Road
          Happy Valley, Hong Kong, China
          Telephone: (852) 3643 8608
          Facsimile: (852) 3690 5068


EON INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 4, 2015, the sole shareholder of Eon Investments Limited
resolved to voluntarily wind up the company's operations.

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:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


IVORY GLOBAL: Placed Under Voluntary Wind-Up
--------------------------------------------
The shareholders of Ivory Global Energy Fund Ltd. resolved to
voluntarily wind up the company's operations.

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:

          Alric Lindsay
          Artillery Court Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands
          Telephone: (345)-926-1688


KCP GP: Commences Liquidation Proceedings
-----------------------------------------
On Nov. 13, 2015, the shareholders of KCP GP 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 liquidators are:

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


KENSON INC: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Kenson Inc received on Dec. 30, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Fiona Crellin
          Samantha Powell
          Equitas Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


LA SALLE VENTURES: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 4, 2015, the shareholders of La Salle Ventures 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:

          J. Barry Smith
          Cassia Court, Camana Bay
          Suite 716, 10 Market Street
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 943-7700


OLD SQUARE: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 6, 2015, the sole shareholder of Old Square Capital, 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:

          Ogier
          c/o Jacqueline Haynes
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


SLEEP ZAKARIA: Members Receive Wind-Up Report
---------------------------------------------
The members of Sleep, Zakaria and Company (Cayman), Ltd. received
on Dec. 17, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands


WR MARKET: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of WR Market Neutral Offshore Fund, Ltd received
on Dec. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands


WR MARKET MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of WR Market Neutral Master Fund, Ltd received on
Dec. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands



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


AUTOMOTORES GILDEMEISTER: Fitch Lowers IDR to 'RD'
--------------------------------------------------
Fitch Ratings has downgraded the ratings of Automotores
Gildemeister S.A.'s (AG) as:

   -- Foreign currency Issuer Default Rating (IDR) to 'RD' from
      'C';
   -- Local currency IDR to 'RD' from 'C'.

Fitch has also affirmed these ratings for AG's unsecured notes as:

   -- US$400 million unsecured senior notes due in 2021 at
      'C/RR4';
   -- US$300 million unsecured senior notes due in 2023 at
      'C/RR4'.

KEY RATING DRIVERS

The downgrades follow the expiration of the 30-day grace period
after the non-payment of the company's interest payments for its
8.250% May 2021 bond.  The bond's interest payment was due on
Nov. 24, 2015, with the 30-day grace period expiring on Dec. 24,
2015.

In addition, on Dec. 18, 2015, AG launched a tender offer for the
bonds.  The company is asking holders of existing unsecured notes
to tender their existing unsecured notes for new senior secured
notes in an aggregate amount of US$450 million, representing a 35%
reduction in principal.  The new notes would be denominated and
payable in U.S. dollars and mature on May 23, 2022 provided 97% of
the aggregate outstanding principal amount of the 2021 notes has
been tendered.  Interest on the new senior secured notes would be
at a rate of 7.50% per annum versus the rates of 8.25% and 6.75%
on the original US$400 million notes due in 2021 and US$300
million notes due in 2023, respectively.

AG has the right to capitalize the interest at a rate of 10.00%
per annum (payment-in-kind) on the interest payment date for
interest payment dates occurring in the first 24 months after the
settlement date of the exchange offer as permitted under the terms
and conditions of the new senior secured notes.  If the proposed
tender offer is completed, Fitch will assign a rating to the new
notes and raise AG's IDRs to a performing level, usually still low
speculative grade.

RATING SENSITIVITIES

The company's IDRs and debt ratings will be reviewed once it
announces and executes the next steps related to its debt
restructuring process.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the ratings of Automotores Gildemeister
S.A.'s (AG) as:

   -- Foreign currency Issuer Default Rating (IDR) to 'RD' from
      'C';
   -- Local currency IDR to 'RD' from 'C';

Fitch has also affirmed the ratings for AG's unsecured notes as:

   -- US$400 million unsecured senior notes due in 2021 at
      'C/RR4';
   -- US$300 million unsecured senior notes due in 2023 at
      'C/RR4'.



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


DOMINICAN REPUBLIC: Construction Paces Economy's 7% Growth in 2015
------------------------------------------------------------------

Dominican Today reports that Central banker Hector Valdez Albizu
said Dominican Republic's economy grew 7% in 2015, and called the
results "satisfactory."

Preliminary figures show that the country leads the region's
economic growth for the second consecutive year, followed by
Panama in Latin America, with 5.9% growth, according to the
official, according to Dominican Today.

Mr. Albizu said yearend inflation was 2.34%, with the construction
(18.2%) and financial intermediation (9.2%) sectors which most
contributed to annual growth

Valdez said tourism grew 8.9% last year, with 5.6 million
nonresident passengers arriving in the country, or 458,482 more
visitors than in 2014, of 5.1 million tourists, the report notes.

The central banker added that 155,189 jobs were created in the
last 12 months, and now total 390,789 during the 36 months of
Danilo Medina's administration, with 235,600 created between
October 2012 and October 2014, and 85% of them in the formal
sector, 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'.


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


JAMAICA: To Restrict Firms Eligible for Tax Breaks Under SEZ
------------------------------------------------------------
RJR News reports that the government of Jamaica has announced that
it will move to restrict the categories of firms which are
eligible to get tax breaks under the Special Economic Zones (SEZ)
regime.

As a result, firms operating in the extractive industries,
tourism, telecommunication services and public utilities are not
eligible, according to RJR News.

Firms operating in the financial sector, construction sector, real
estate and property management, the health sector (excluding
research and development) and retail will also not be eligible for
SEZ treatment, the report relays.

However, firms in the Business Process Outsourcing (BPO) and
export processing sectors will be eligible, 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.


JAMAICA: Continues to Exceed Primary Surplus Target
---------------------------------------------------
RJR News reports that Jamaica continued to exceed the target for
its primary surplus up to the end of November.

At the end of that month, the primary surplus was J$56 billion.
That was more than J$5 billion over the target, according to RJR
News.

The primary surplus is money set aside to pay down the country's
debt, the report notes.

Just last month, the International Monetary Fund approved a
request for Jamaica to reduce debt payments by $4 billion this
year, the report adds.

                             *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


PUERTO RICO: REIT Sued Over $41MM Write-Down on Hotel Loans
-----------------------------------------------------------
Cara Salvatore at law360.com reports that real estate investment
trust Resource Capital Corp.'s directors have been sued in New
York court by a shareholder angry over their handling of a Puerto
Rico hotel loan portfolio that prompted a $41 million write-down
in August, another ripple from Puerto Rico's tenacious debt
crisis.

Josh Reaves, suing the directors derivatively on behalf of the
company, said in the Dec. 30 complaint that the company knew
ominous information about Puerto Rico long before an August press
release announcing the $41 million write-down on a mezzanine loan
for the hotels, according to law360.com.  The news sent Resource
stock tumbling 12.4 percent and wiped out $55 million in market
capitalization, Mr. Reaves said.

The report notes that the U.S. territory is in the grip of a
painful and enduring debt crisis that it has thus far been blocked
from resolving through the type of in-court bankruptcy that
mainland municipalities enjoy.

Resource Capital, an affiliate of Resource America Inc., should
have known by the time of a major February 2014 Puerto Rico debt
downgrade that its investments were in trouble, according to the
suit, the report discloses.

"Despite that . . . .  [Resource Capital's March 2014 SEC filings]
failed to disclose its loan portfolio's exposure to the Puerto
Rican economy, misrepresented the risk level of the company's
commercial real estate loans portfolio, failed to follow the
company's disclosed practices relating to impairment of loans . .
. . and misrepresented the value of the company's loan portfolio,"
Mr. Reaves said, the report relays.

In its August SEC filing, Resource wrote down the outstanding
balance of the loan, $38.1 million, and switched accrued interest
of $3 million from the positive to the negative column, the report
notes.  The $41.1 million write-down led to a $31 million overall
loss that quarter, according to the suit, the report says.

The company also didn't have internal controls to prevent things
from becoming so dangerous, the suit says. Since it's a derivative
suit on behalf of the company, Resource is simply a nominal
defendant, the report discloses.

A dozen executives and board members are named as defendants:

   -- CEO Jonathan Cohen,
   -- Chief Financial Officer and Chief Accounting Officer David
      Bryant,
   -- Chairman Steven Kessler, and board members Edward Cohen;
   -- Walter Beach, managing director of Beach Investment Counsel
      Inc.;
   -- William Hart;
   -- Gary Ickowicz, a managing principal of Lazard Freres Real
      Estate Investors;
   -- Murray Levin, a litigation partner at Pepper Hamilton LLP;
   -- P. Sherill Neff, founder of Quaker BioVentures Inc.;
   -- Richard Fore, CEO of Fore Property Co.;
   -- Stephanie Wiggins, chief investment officer of the AFL-CIO
      Housing Investment Trust; and
   -- Eldron Blackwell.

Resource was founded in 2005 and has offices in New York and
Philadelphia, according to the company, the report discloses.  It
invests in various structures and classes of notes, loans and
derivatives, the report relays.

The suit also said that making a demand on the board of directors
would have been futile, the report notes.

Mr. Reaves is represented by Phillip Kim -- pkim@rosenlegal.com --
and Laurence Rosen -- lrosen@rosenlegal.com -- of The Rosen Law
Firm PA and Timothy Brown -- tbrown@brownfirm.com -- of The Brown
Law Firm PC.

Counsel information for Resource was not immediately available.

The case is Josh Reaves v. Steven Kessler et al., case number
654485/2015, in the Supreme Court of the State of New York, County
of New York.

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.


                            ***********


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


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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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