TCRLA_Public/160111.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

            Monday, January 11, 2016, Vol. 17, No. 6


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Launches New Routes With Helicopter Charter Agreement


C A Y M A N  I S L A N D S

AQUA HOLDINGS: Shareholders Receive Wind-Up Report
BELLE AIMEE: Shareholders Receive Wind-Up Report
CIBC ISRAEL: Shareholders Receive Wind-Up Report
FABBRICA OPPORTUNITIES: Shareholders Receive Wind-Up Report
GREENE BIRCH: Shareholders Receive Wind-Up Report

KICO FINANCING: Shareholders Receive Wind-Up Report
LUNA ROSSA: Shareholders Receive Wind-Up Report
OPTIMAL AUSTRALIA: Shareholders Receive Wind-Up Report
SAPIC-98 REFERENCE (55): Shareholders Receive Wind-Up Report
SAPIC-98 REFERENCE (56): Shareholders Receive Wind-Up Report

SEASHORE ENTERPRISES: Shareholders Receive Wind-Up Report
SILVER STAR: Shareholders Receive Wind-Up Report
SOFAER CAPITAL: Shareholders Receive Wind-Up Report
SOFAER CAPITAL ASIA: Shareholders Receive Wind-Up Report
WR MASTER: Shareholders Receive Wind-Up Report


C O L O M B I A

COLOMBIA: Court OKs Temporary Resumption of Ops at El Quimbo Dam


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: US Lifts Ban on Crops 'Effective Immediately'
DOMINICAN REP: Exporters Hail US Lifts Ban on Fruits & Veggies


P U E R T O    R I C O

ALCO CORP: Court Issues Final Decree Closing Ch. 11 Case
CARIB EL PALACIO: Case Summary & 6 Largest Unsecured Creditors
DESARROLLADORA LCP: Case Summary & 20 Largest Unsecured Creditors
DORAL FINANCIAL: Jan. 14 Hearing on Bid for Exclusivity Extensions
PUERTO RICO: Gov't. to Make 30% of Purchases From Local SMEs

SPANISH BROADCASTING: FCC OKs Exchange Stations in Puerto Rico


V I R G I N  I S L A N D S

HOVENSA LLC: To Seek Confirmation of Plan on Jan. 19
HOVENSA LLC: U.S. Trustee Balks at Dentons' Fee Defense Provisions
HOVENSA LLC: U.S. Trustee Balks at Berkeley's Terms of Fee Defense
HOVENSA LLC: U.S. Trustee Balks at Fee Application for Hamm Eckard


X X X X X X X X X

* BOND PRICING: For the Week From Jan. 4 to Jan. 8, 2016


                            - - - - -


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


LIAT: Launches New Routes With Helicopter Charter Agreement
-----------------------------------------------------------
Caribbean360.com reports that LIAT, operating as Leeward Islands
Air Transport, has entered into a bespoke charter agreement with
the Antigua and Barbuda-based Caribbean Helicopters that will see
the regional carrier launching new routes.

Caribbean Helicopters will provide LIAT with charter flights into
specific markets in the region, according to Caribbean360.com.

Starting January 22, Caribbean Helicopters will operate new
services into Dominica Canefield and also to Nevis, on a daily
basis, the report notes.

Caribbean Helicopters operates a fleet of Piper Navajo Chieftain
PA31-350 and Britten Norman BN2 aircraft, which LIAT said are
ideal for services into some of the smaller Caribbean islands
where demand is limited and smaller planes are required, the
report relays.

"We are pleased to be working with Caribbean Helicopters, as this
new arrangement allows us to extend our network, open up new
markets, and offer more choice to our customers.  It is also an
example of how locally based airlines can come together to improve
connectivity throughout the region," David Evans, LIAT's CEO said,
the report notes.

Managing Director of Caribbean Helicopters Neil Dickinson says the
agreement allows his company to support LIAT in the expansion of
services, the report discloses.

LIAT said it will shortly announce the commencement of further
services between Antigua and Guadeloupe, the report adds.

                            About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, Caribbean360.com said that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer


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


AQUA HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Aqua Holdings Limited received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Tan Liat Chew Richard
          Telephone: +65 6835 9232
          Facsimile: +65 6835 9672
          Temasek Boulevard
          #16-02 Suntec Tower Four
          Singapore 038986


BELLE AIMEE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Belle Aimee Limited received on Dec. 29, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Nishant Roy
          560 Broadway Suite 301
          New York, NY, 1001
          USA
          Telephone: +1 (914) 751 7102


CIBC ISRAEL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of CIBC Israel Management I, LDC received on
Dec. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CIBC World Markets Corp.
          c/o Barnaby Gowrie
          425 Lexington Avenue
          New York, NY 10017
          USA
          Telephone: +1 (345) 914 6365


FABBRICA OPPORTUNITIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Fabbrica Opportunities Ltd. received on
Dec. 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GREENE BIRCH: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Greene Birch Ltd. received on Dec. 26, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Steven Horowitz
          Commerzbank AG
          225 Liberty Street
          New York
          New York 10281
          United States of America
          Telephone: +1 (212) 895 6350


KICO FINANCING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Kico Financing Ltd. received on Dec. 21, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LUNA ROSSA: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Luna Rossa International Ltd. received on
Dec. 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OPTIMAL AUSTRALIA: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Optimal Australia Absolute Fund received on
Dec. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          George Colman
          Optimal Australia, Level 2
          121 Flinders Lane
          Melbourne VIC 3000
          Australia


SAPIC-98 REFERENCE (55): Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Sapic-98 Reference Fund (55) Limited 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
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands


SAPIC-98 REFERENCE (56): Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Sapic-98 Reference Fund (56) Limited 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
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands


SEASHORE ENTERPRISES: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Seashore Enterprises Inc. received on Dec. 21,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


SILVER STAR: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Silver Star Enterprises Ltd. received on
Dec. 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SOFAER CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sofaer Capital Global Private Equity Fund
received on Dec. 14, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Winnie Leung
          Telephone: +011 852 2521 8882
          13th Floor LKF 29
          29 Wyndham Street
          Central, Hong Kong


SOFAER CAPITAL ASIA: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Sofaer Capital Asia Private Equity Fund
received on Dec. 14, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Winnie Leung
          Telephone: +011 852 2521 8882
          13th Floor LKF 29
          29 Wyndham Street
          Central, Hong Kong


WR MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of WR Master Fund SPV #1, 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
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands


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


COLOMBIA: Court OKs Temporary Resumption of Ops at El Quimbo Dam
-----------------------------------------------------------------
EFE News reports that a Colombian court authorized the temporary
resumption of operations at El Quimbo dam, South America's second-
largest hydroelectric power plant, which was halted last month by
order of the Constitutional Court.

A court in the southwestern province of Huila, where the dam is
located, handed down the ruling in response to a federal
government motion, according to EFE News.

"A court heeded our call and ordered the reopening of El Quimbo.
The decision will help avoid an environmental disaster and a
shortfall of water and electricity," President Juan Manuel Santos
wrote on Twitter, the report notes.

But the court said its decision was "provisional" and that Huila's
Administrative Dispute Tribunal still must rule on whether or not
to lift a November court order suspending the operations of the
400 MW dam, located on the Magdalena River, Colombia's largest,
the report relays.

That lower-court ruling was issued on the basis of technical
studies conducted by the Regional Autonomous Corporation of the
Upper Magdalena.

That did not stop the federal government from issuing a decree on
Nov. 17 authorizing the filling of the dam's reservoir, but on
Dec. 10 the Constitutional Court struck down the decree, ruling
that the dam's operator -- Emgesa, a unit of Italian energy giant
Enel -- had not fulfilled its obligation to remove wood, bamboo
and biomass from the dam's reservoir, the report notes.

The government and other public authorities, including Colombia's
ombud's office, petitioned for the case to be reviewed, citing
possible environmental damage from the dam closure and arguing
that the power plant would help mitigate the impact of the
country's severe, El Nino-triggered drought, the report relays.

Huila's Administrative Dispute Tribunal appears to accept those
arguments, saying the temporary reopening would allow "oxygen-rich
turbined water" to enter the reservoir of the Betania dam, located
downstream from El Quimbo, and thus provide benefits to the
region's ecosystem, the report says.

El Quimbo, a project that required an investment outlay of more
than $1.2 billion, was awarded in March 2008 to Bogota-based
Emgesa and accounts for 5 percent of Colombia's electricity
output, the report adds.


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


DOMINICAN REPUBLIC: US Lifts Ban on Crops 'Effective Immediately'
-----------------------------------------------------------------
Dominican Today reports that the US government disclosed the
amendment of a federal order to allow the import into the US of
crops that host the Medfly from 23 provinces within the Dominican
Republic, "effective immediately."

The US Animal and Plant Health Inspection Service (APHIS) said,
however, that noncommercial shipments of Medfly host material are
still barred entry, noting that the list of approved provinces is
included in the amended Dept. of Agriculture FO-2016-03, according
to Dominican Today.

"Medfly host material for export must be transported in a sealed
or tarped container from the production site to the packinghouse,
and from the packinghouse to the port of export to safeguard
against the introduction of quarantine pests during transport,"
APHIS said in a statement released by the US Embassy in Santo
Doming, the report notes.

It said the shipment must be inspected and issued a phytosanitary
certificate by MAG indicating the province of origin in the
Dominican Republic, the report relays.

"We are also pleased to inform you that this FO authorizes the use
of irradiation upon entry into the United States as an approved
treatment for mangoes from the Dominican Republic. Green tomatoes
and Hass avocados, as well as mangoes treated via the hot water
treatment program, remain enterable from all provinces following
the requirements of 7 CFR 319.56-3," the statement said, the
report discloses.

In the missive to Agriculture Ministry Animal and Vegetable Health
Dept. director Emigdio Gomez, APHIS Acting Assistant Deputy
Administrator Michael A. Guidicipietro thanked his Dominican
counterpart "for providing us with weekly and summary progress
reports, such as the report included in your December 29, 2015,
letter," the report relays.  "We applaud your surveillance and
eradication efforts, as well as your sterile insect release
program in the original outbreak areas.  We look forward to MAG
reaching its goal of eradicating Medfly from the Dominican
Republic," Mr. Guidicipietro added.

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 REP: Exporters Hail US Lifts Ban on Fruits & Veggies
--------------------------------------------------------------
Dominican Today reports that Dominican Exporters Association
(ADOEXPO) President Sadhala Khoury hailed the US Dept. of
Agriculture's decision to lift the ban on domestic fruit and
vegetables resulting from the presence of the Medfly.

He called the measure good news for exporters and predicts an
increase, according to Dominican Today.

Dominican Today notes that Mr. Khoury said the lifting of the ban
was a result of joint efforts by the Dominican Agriculture
Ministry and ADOEXPO, "which will ensure that in this new year the
country will receive a US$40 million from exports of fruits and
vegetables."

Mr. Khoury also asked the government to bolster efforts so the
Haitian government also lifts its ban on Dominican products into
its territory, the report notes.

The report relays that Mr. Khoury said Dominican exports fell 5%
in 2015 when it was partly influenced by the ban, for which the
percentage will significantly change in 2016.  "We encourage and
promote the diversification of new markets and added value to our
primary production, to avert a significant impact on future
problems that may arise with similar restrictions," Mr. Khoury
added.

"If we're fair, we have to recognize that we were instrumental in
lifting the ban on ADOEXPO's requests. The business sector as a
whole and especially the strong positions taken by Agriculture
minister Angel Estevez," he said, the report notes.

In a statement, Mr. Khoury said they have more than enough reasons
to feel satisfied, happy and with renewed hopes for new jobs,
increased foreign currency and a boost for the economy as a whole,
the report discloses.

Mr. Khoury added that exporters agree that the Agriculture
Ministry must provide greater protection for farm products and
issued a phytosanitary certificate to specify where they
originate, 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
======================


ALCO CORP: Court Issues Final Decree Closing Ch. 11 Case
--------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico entered a final decree closing the Chapter
11 case of Alco Corporation.

The order stated that the Post Confirmation Modification Plan
under Chapter 11 of the Bankruptcy Code was filed by the Debtor on
Jan. 20, 2015, and the Court confirmed the Plan on Feb. 18, 2015.

The Court determined that:

   1. the transfer or other disposition of all or substantially
all of the property dealt with by the Plan pursuant to the
provisions of the Plan has occurred;

   2. the Debtor or the successor to the Debtor has assumed the
operation of the business and management of all or substantially
all of the property dealt with by the Plan;

   3. the deposit required by the plan has been distributed;

   4. the payments under the plan have commenced;

   5. all contested matters and adversary proceedings have been
resolved; and

   6. the estate of the debtor has been fully administered.

                    About Alco Corporation

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D.P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates
represent the Debtor in its restructuring effort. Alco tapped
Jimenez Vasquez & Associates, PSC, as accountants. The Debtor
scheduled $11.2 million in assets and $7.76 million in debts.
The petition was signed by Alfonso Rodriguez, president.

Bankruptcy Judge Mildred Caban Flores in Puerto Rico issued an
opinion and order on March 11, 2013, confirming the Amended
Chapter 11 Plan of Reorganization filed by Alco Corporation.  The
Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.


CARIB EL PALACIO: Case Summary & 6 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Carib El Palacio De Los Ebanistas Inc.
        PO Box 193249
        San Juan, PR 00919

Case No.: 15-10369

Chapter 11 Petition Date: December 30, 2015

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

Debtor's Counsel: Luis D Flores Gonzalez, Esq.
                  LUIS D FLORES GONZALEZ LAW OFFICE
                  80 Calle Georgetti Suite 202
                  San Juan, PR 00925-3624
                  Tel: 787 758-3606
                  Fax: 787-753-5317
                  Email: ldfglaw@coqui.net

Total Assets: $816,200

Total Liabilities: $1.11 million

The petition was signed by Victor Robles Marin, president.

A list of the Debtor's six largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb15-10369.pdf


DESARROLLADORA LCP: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Desarrolladora LCP, Corp.
        c/o Charles A. Cuprill, PSC, Law Offices
        356 Fortaleza St., Second Floor,
        San Juan, PR 00901

Case No.: 15-10349

Chapter 11 Petition Date: December 30, 2015

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

Debtor's Counsel: Charles Alfred Cuprill-Hernandez, Esq.
                  CHARLES A CUPRILL, PSC LAW OFFICE
                  356 Calle Fortaleza
                  Second Floor
                  San Juan, PR 00901
                  Tel: 787 977-0515
                  Email: ccuprill@cuprill.com

Total Assets: $4.55 million

Total Liabilities: $3.79 million

The petition was signed by Manuel Morales Lopez, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-10349.pdf


DORAL FINANCIAL: Jan. 14 Hearing on Bid for Exclusivity Extensions
------------------------------------------------------------------
BankruptcyData reported that Doral Financial filed with the
Bankruptcy Court a motion to extend the exclusive period during
which the Company can file a Chapter 11 plan and solicit
acceptances thereof until Feb. 29, 2016, and May 9, respectively.

The motion explains, "The Second Extension enabled the Debtor to
continue to evaluate its financial options with a full
understanding of the amount and nature of claims filed against it
and to liquidate valuable assets for distribution to creditors.

Since the Second Extension, the Debtor has (a) obtained court
approval of and consummated the sale of a substantial portion of
the Debtor's performing and non-performing loan and real estate-
owned asset portfolio; (b) sought court approval of bidding
procedures for a public auction of Doral Financial Plaza, through
a chapter 11 filing of its wholly-owned subsidiary, Doral
Properties, and continued to work with the property manager for
Doral Properties to market and pursue the sale of Doral Financial
Plaza; and (c) continued to consensually resolve disputes and
potential disputes with parties in interest . . . . Most notably,
the Debtor and the UCC have continued to investigate the large
potential tax asset under Puerto Rico law and explore available
options to unlock its value, which will likely be a key component
of its chapter 11 plan.  While the Debtor has continued to make
substantial progress in the case, including with respect to the
liquidation of its assets, the Debtor requires additional time to
finalize the liquidation of certain remaining assets, including
Doral Financial Plaza, and to complete negotiations regarding a
chapter 11 plan that will best maximize value for creditors."

The Court scheduled a Jan. 14 hearing to consider the motion.

                     About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at
Schulte Roth & Zabel LLP.

On Nov. 25, 2015, Doral Properties filed a voluntary petition with
the Court for relief under Chapter 11 of the Bankruptcy Code.


PUERTO RICO: Gov't. to Make 30% of Purchases From Local SMEs
------------------------------------------------------------
EFE News reports that Puerto Rico's government will make 30
percent of its purchases from local SMEs following the enactment
of the Micro, Small-and Medium-Sized Enterprise Promotion Act.

The speaker of the House of Representatives of Puerto Rico, Jaime
Perello Borras, said in a statement that Gov. Alejandro Garcia
Padilla signed into law a bill that establishes an increase in
SMEs' share of the government procurement budget to 40 percent by
2020, according to EFE News.

Based on figures from the Micro, Small-and Medium-Sized Enterprise
Promotion Board's 1st annual report, government purchases from
that sector doubled relative to 2013, amounting to $157 million,
the legislative leader said, the report notes.

"We declared 2015 the year of the local business leader and
statistics bore it out.  Today we have the highest level of SMEs
of the last eight years," the report quoted Mr. Perello as saying.

Mr. Perello added that SMEs accounted for 90 percent of new job
creation in Puerto Rico, which has been in a recession for nearly
a decade and has experienced a large increase in migration to the
mainland United States in recent years, the report notes.

SMEs have proven to be a successful regional economic development
model, and the House of Representatives has therefore passed
legislation to promote that sector's development and stability,
Mr. Perello said, the report relays.

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.


SPANISH BROADCASTING: FCC OKs Exchange Stations in Puerto Rico
--------------------------------------------------------------
Spanish Broadcasting System, Inc., announced FCC approval to
exchange stations in Puerto Rico.

"As we have previously disclosed, we exercised our option to swap
three of our radio stations in Puerto Rico, WIOA-FM, WZET-FM and
WIOC-FM, plus $1.9 million for three full power television
stations in Puerto Rico, WTCV-DT - Channel 32, WVEO-DT - Channel
17 and WVOZ-DT - Channel 47, with International Broadcast Corp.,
subject to obtaining approval from the Federal Communications
Commission.

"We have now received FCC approval for the assignment of the
licenses and we expect to close this transaction shortly.  The
transaction will qualify as a like-kind exchange under Section
1031 of the Internal Revenue Code.

"Upon closing of this transaction, we intend to participate in the
FCC's television spectrum incentive auction with all three of the
acquired licenses to monetize the potential excess value of the
station swap option and maximize the potential cash proceeds that
are expected to be created by the auction process.  There can be
no assurance that the FCC's television spectrum incentive auction
will be successfully completed or any potential excess value
and/or cash proceeds will be subsequently realized."

                     About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94.0 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.



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


HOVENSA LLC: To Seek Confirmation of Plan on Jan. 19
----------------------------------------------------
Hovensa, L.L.C., which has agreed to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million, will seek
confirmation of its liquidating plan on Jan. 19, 2016, at 10:00
a.m. (prevailing Eastern Time).

The Honorable Mary F. Walrath on Dec. 17, 2015, entered an order
conditionally approving the Disclosure Statement and setting these
dates in connection with the confirmation of the Plan:

         Event                                         Date
         -----                                         ----
Voting Record Date                                   12/17/2015
Solicitation Commencement                            12/18/2015
Solicitation Deadline                                12/21/2015
Deadline to Send Notice to Assume Contracts          12/24/2015
Disclosure Statement Objection Deadline              01/08/2016
Plan Objection Deadline                              01/08/2016
Deadline for Objections to Assumption of Contracts   01/08/2016
Deadline for Filing Bankruptcy Rule 3018 Motions     01/08/2016
Plan Supplement Date                                 01/11/2016
Voting Deadline                                      01/12/2016
Deadline to File Voting Report                       01/13/2016
Deadline to File Confirmation Brief                  01/13/2016

The combined hearing to consider final approval of the Disclosure
Statement and confirmation of the Plan is on Jan. 19, 2016, at
10:00 a.m. (prevailing Eastern Time), according to the order.

Lee J. Rohn, Esq., who claimed to represent virtually 98% of the
tort litigants, opposed a voting deadline and a plan hearing on
the first week of January, and instead proposed a voting deadline
on the second week.

                      The Liquidating Plan

Hovensa, L.L.C., filed a liquidating plan that contemplates
allocating $30 million of the sale proceeds for holders of allowed
non-priority general unsecured claims.

The projected recoveries under the Plan are:

                                            Projected   Estimated
  Class   Claim/Interest Plan Treatment  Allowed Amount  Recovery
  ----    -------------  --------------  --------------  --------
   1  Other Priority Claims    Unimpaired       $22,000     100%
   2  Other Secured  Claims    Unimpaired            $0     100%
   3  GVI Claims               Impaired    Undetermined      N/A
   4  Tort Claims              Impaired     $26,440,000      49%
   5  Other Non-Govt. and
       Non-Tort General
       Unsecured Claims        Impaired     $30,935,000      49%
   6 Other Governmental
       General Unsecured
       Claims                  Impaired      $3,500,000      49%
   7 Interests                 Impaired             N/A       0%

The Debtor said that in a Chapter 7 liquidation, all holders of
unclassified claims and claims in Classes 1, 2, 3, 4, 5, and 6
would receive no recovery.

On the Petition Date, the Debtor disclosed a deal to sell its
crude oil and product storage and terminalling business to
Limetree Bay Holdings, LLC, an affiliate of ArcLight Capital
Partners, LLC, for $184 million, absent higher and better offers.

The Debtor received a rival offer from Buckeye Partners, L.P. for
$198.6 million by the Nov. 5 bid deadline, as well as nine bids
from parties interested in purchasing and liquidating the Debtor's
refinery assets, and proposals from Capswell Energy Co. and
Monarch Energy Partners, Inc.

Following an auction on Nov. 10, 11 and 16, Limetree submitted a
final bid of $220 million, including $100 million in cash, and
Buckeye submitted a final bid of $365 million, which includes $345
million in cash.  The Debtor, however, selected Limetree Bay as
the winning bidder due to the greater conditionality in the
Buckeye bid.

Limetree Bay's final offer provides:

   i. purchase price of $220 million consisting of: (a) $100
million of cash to the Government of the Virgin Islands (the
"GVI") in satisfaction of certain of its claims and as a
concession fee, (b) $90 million to the Debtor's estate, and (c) up
to $30 million of reimbursement of post-closing wind-down costs
and expenses;

  ii. an agreement to provide the Debtor with free power after the
closing to the extent that the minimum turndown amount of power
exceeds the power generation load used by Limetree Bay to operate
its business, and the first $15 million of additional power for
which the Debtor would have otherwise paid free of charge under a
power supply services agreement to be entered into at closing; and

iii. an agreement with the Governor on a concession agreement to
be taken to the Legislature, which agreement contains additional
payments and other financial consideration to be paid by Limetree
Bay to the GVI.

In an effort to obtain the Committee's support for a sale
transaction to Limetree Bay, the parties agreed that HOVIC or one
of its affiliates will assume the Debtor's ongoing pension
obligations, which will materially reduce the amount of the
Debtor's projected unsecured claims pool, in exchange for the
Committee's support for estate releases.

In advance of the Nov. 30 sale hearing, the Debtor, the JV
Parties, and the Committee engaged in further negotiations over
the form of order approving the sale.  Ultimately, the sale order
was further revised to include a paragraph that requires $30
million of the sale proceeds to be placed in a separate interest
bearing account for the sole benefit of holders of allowed non-
priority general unsecured claims other than: (1) claims held by
HOVIC or PDV-VI; (2) any claims of the GVI; and (3) any claim of
any governmental entity, unless otherwise agreed in writing by the
Committee, the Debtor, and any liquidating trustee, as
appropriate.

On Dec. 1, 2015, the Bankruptcy Court entered the Sale Order.

The Purchase Agreement provides for the Debtor's estate to receive
approximately $90 million from the sale proceeds.  Pursuant to the
Sale Order, the Debtor is required to repay in full in cash to the
DIP Lenders all accrued but unpaid DIP Obligations upon the
Closing.  In addition, based upon the Debtor's claims estimates,
the sale proceeds will permit the Debtor to cover its remaining
pre-closing administrative obligations and make the best possible
distribution to unsecured creditors under the circumstances.

In addition, the Sale Order and the Purchase Agreement provide
that, at the Closing, Limetree Bay will pay the USVI Government
the USVI Concession Fee in the amount of $100 million.  In
addition to this fee, the GVI also will receive several monetary
and non-monetary benefits directly from Limetree Bay pursuant to a
separate agreement reached among the Governor and Limetree Bay
dated Nov. 9, 2015.  On Dec. 1, 2015, the Governor held a press
conference to announce the terms of the Operating Agreement, which
includes among other things:

   * $220 million in an upfront payment to the GVI;

   * A commitment from Limetree Bay to operate the oil storage
facility for at least 25 years and up to 40 years;

   * A commitment from Limetree Bay to employ a minimum of 80
full-time workers, at least 80% of whom must be long-term USVI
residents;

   * An agreement from Limetree Bay to potentially restart the
refinery and dismantle any part that is not being used;

   * A donation of 330 acres of land and 130 units of housing
along
with a vocational school and a community center to the GVI; and

   * Payment of $150,000 annually as rent for the submerged lands
that are part of the Debtor's property, which is an increase from
the current $1 per year rent.

The Governor also stated that he believes the Operating Agreement
represents a total value to the GVI and the people of the USVI of
more than $800 million.  The Governor also announced that he
called the 31st Legislature of the Virgin Islands of the United
States into special session to be held on Dec. 17, 2015 to
consider approval of the Operating Agreement.

                        *     *     *

On Dec. 9, 2015, the Debtor filed draft forms of the Disclosure
Statement the Plan of Liquidation.  On Dec. 16, 2015, the Debtor
filed revised versions of the Disclosure Statement and the Plan.
On Dec. 17, 2015, the Debtor filed a solicitation version of the
Disclosure Statement following the Court's conditional approval of
the Disclosure Statement.

A copy of the solicitation version of the Disclosure Statement
filed Dec. 17, 2015, is available for free at:

       http://bankrupt.com/misc/Hovensa_LLC_467_DS.pdf

The Debtors' attorneys:

         Richard H. Dollison
         LAW OFFICES OF RICHARD H. DOLLISON, P.C.
         48 Dronningens Gade, Suite 2C
         St. Thomas, U.S. Virgin Islands 00802
         Telephone: (340) 774-7044
         Facsimile: (340) 774-7045

                - and -

         Lorenzo Marinuzzi, Esq.
         Jennifer L. Marines, Esq.
         Samantha Martinm Esq.
         Daniel J. Harris, Esq.
         MORRISON & FOERSTER LLP
         250 West 55th Street
         New York, NY 10019
         Telephone: (212) 468-8000
         Facsimile: (212) 468-7900

                           About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., has reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HOVENSA LLC: U.S. Trustee Balks at Dentons' Fee Defense Provisions
------------------------------------------------------------------
Guy G. Gebhardt, the Acting U.S. Trustee for Region 21, objected
to the retention of Dentons US LLP as counsel to the Official
Committee of Unsecured Creditors in the Chapter 11 case of Hovensa
L.L.C.

According to the Trustee, the fee defense provisions violate the
Code and the American Rule, ignore the express directives of the
United States Supreme Court.  The firm sought to be indemnified
and entitled to payment from the Debtor's estate.

                       About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., has reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HOVENSA LLC: U.S. Trustee Balks at Berkeley's Terms of Fee Defense
------------------------------------------------------------------
Guy G. Gebhardt, the Acting U.S. Trustee for Region 21, objected
to the retention of Berkeley Research Group, LLC, as financial
advisor to the Official Committee of Unsecured Creditors in the
Chapter 11 case of Hovensa L.L.C.

According to the Trustee, the Court must deny the retention
application unless the fee defense provisions and the request for
nunc pro tunc relief are removed or stricken.  The firm sought to
be indemnified and be entitled to payment from the Debtor's
estate, subject to approval by the Court.  The fee defense
provisions violate the Code and the American Rule, ignore the
express directives of the United States Supreme Court, and are
otherwise unreasonable.

                           About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., has reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HOVENSA LLC: U.S. Trustee Balks at Fee Application for Hamm Eckard
------------------------------------------------------------------
Guy G. Gebhardt, the Acting U.S. Trustee for Region 2, objected to
the retention of Hamm Eckard, LLP, as local/co-counsel to the
Official Committee of Unsecured Creditors in the Chapter 11 case
of Hovensa L.L.C.

According to the Trustee, the fee defense provisions of Hamm
Eckard, LLP, violate the Code and the American Rule, and ignore
the express directives of the United States Supreme Court.  The
firm sought to be indemnified and entitled to payment from the
Debtor's estate, subject to approval by the Court.

                          About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., has reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


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


* BOND PRICING: For the Week From Jan. 4 to Jan. 8, 2016
--------------------------------------------------------

Issuer Name    Cpn      Bid      Maturity  Country  Currency
-----------    ---      ----     --------   ----    ----
Anton Oilfiel     7.5      24     11/6/2018   CN      USD
Anton Oilfiel     7.5      32     11/6/2018   CN      USD
Automotores G    6.75    37.5     1/15/2023   CL      USD
Automotores G    6.75  37.375     1/15/2023   CL      USD
Avianca Holdi   8.375   71.75     5/10/2020   PA      USD
Avianca Holdi   8.375   64.75     5/10/2020   PA      USD
BA-CA Finance    0.69    54.5                 KY      EUR
BA-CA Finance    0.99    54.5                 KY      EUR
Banco Bilbao     6.75 102.256     11/5/2021   PY      USD
Banco BTG Pac       4   74.25     1/16/2020   KY      USD
Banco BTG Pac    5.75      70     9/28/2022   KY      USD
Banco BTG Pac       4    73.5     1/16/2020   KY      USD
Banco BTG Pac    5.75      70     9/28/2022   KY      USD
Banco BTG Pac    8.75      72                 LU      USD
Banco BTG Pac    8.75  49.516                 LU      USD
Banco do Bras       9   67.02                 KY      USD
Banco do Bras    6.25      51                 KY      USD
Banco do Bras    9.25   74.97                 KY      USD
Banco do Bras       9    67.5                 KY      USD
Banco do Bras    6.25    46.5                 KY      USD
Banco do Bras    9.25    74.5                 KY      USD
Banco Mercant   9.625      69     7/16/2020   BR      USD
Banco Mercant   9.625  68.125     7/16/2020   BR      USD
BCP Finance C   1.957    57.5                 KY      EUR
Brazilian Gov       5  67.875     1/27/2045   BR      USD
Brazilian Gov   5.625   73.75      1/7/2041   BR      USD
CA La Electri     8.5      38     4/10/2018   VE      USD
Caixa Economi    7.25    80.5     7/23/2024   BR      USD
Caja de Compe       6   57.96    11/15/201    8  CL   CLP
Camposol SA     9.875    74.5      2/2/2017   PE      USD
CFG Investmen    9.75   62.25     7/30/2019   PE      USD
CFG Investmen    9.75    40.5     7/30/2019   PE      USD
China Preciou    7.25   69.75      2/4/2018   HK      HKD
China Shanshu     8.5    82.5     5/25/2016   CN      USD
Corp Nacional    4.25   75.35     7/17/2042   CL      USD
Costa Rica Go   5.625  71.563     4/30/2043   CR      USD
Costa Rica Go   5.625  71.969     4/30/2043   CR      USD
Costa Rica Ti    5.06  85.109    11/25/203    3  CR   USD
CSN Islands X   6.875  53.625     9/21/2019   KY      USD
CSN Islands X   6.875  52.616     9/21/2019   KY      USD
CSN Islands X       7   35.75                 BR      USD
CSN Islands X       7    43.5                 BR      USD
Decimo Primer       6  65.125    10/25/204    1  PA   USD
Decimo Primer    4.54  53.875    10/25/204    1  PA   USD
Ecopetrol SA    5.875      71     5/28/2045   CO      USD
Ecuador Gover     6.5  62.794    11/25/202    4  EC   USD
Ecuador Gover    5.07  67.443     7/30/2019   EC      USD
Ecuador Gover    5.36  62.619    12/30/202    0  EC   USD
Ecuador Gover    6.21  64.981      9/5/2020   EC      USD
Ecuador Gover    6.21  61.052      1/1/2023   EC      USD
Ecuador Gover    6.21  61.711    11/25/202    3  EC   USD
Ecuador Gover    6.21  61.298     11/1/2022   EC      USD
Ecuador Gover     6.4  62.515     6/12/2024   EC      USD
Ecuador Gover    5.07  65.833    11/25/201    9  EC   USD
Ecuador Gover    5.07  68.512     5/26/2019   EC      USD
Ecuador Gover    5.07  68.596     5/21/2019   EC      USD
Ecuador Gover    5.36  61.922    11/25/202    0  EC   USD
Ecuador Gover    6.21  60.843    12/30/202    3  EC   USD
Ecuador Gover    5.64  59.226    11/25/202    1  EC   USD
Ecuador Gover    5.93  60.956    11/25/202    2  EC   USD
Ecuador Gover    5.93  62.098    12/30/202    2  EC   USD
Ecuador Gover    5.64  60.394    12/30/202    1  EC   USD
Ecuador Gover    5.07  66.844    12/30/201    9  EC   USD
Ecuador Gover    5.36  67.508     10/1/2019   EC      USD
Ecuador Gover    5.64  64.533     10/1/2020   EC      USD
Ecuador Gover    5.93  62.059     10/1/2021   EC      USD
Ecuador Gover    5.36  67.012     11/1/2019   EC      USD
Ecuador Gover    5.64  64.153     11/1/2020   EC      USD
Ecuador Gover    5.93  61.836     11/1/2021   EC      USD
Ecuador Gover     6.5  62.083     11/1/2023   EC      USD
Ecuador Gover    5.36  66.526     12/1/2019   EC      USD
Ecuador Gover    5.64    63.8     12/1/2020   EC      USD
Ecuador Gover       7  70.662      3/6/2024   EC      USD
Ecuador Gover    5.07   70.55     1/29/2019   EC      USD
Ecuador Gover     4.3   71.11     10/4/2018   EC      USD
Ecuador Gover     4.3  70.541    10/29/201    8  EC   USD
Ecuador Gover    5.36  67.948      9/5/2019   EC      USD
Ecuador Gover    5.64   63.27      9/5/2020   EC      USD
Ecuador Gover    5.93   64.14      9/5/2020   EC      USD
Ecuador Gover       7  70.529     5/20/2022   EC      USD
Ecuador Gover    5.93  61.634     12/1/2021   EC      USD
Ecuador Gover    5.61  58.638     12/1/2022   EC      USD
Ecuador Gover     6.5  62.009     12/1/2023   EC      USD
Ecuador Gover    5.36  66.049      1/1/2020   EC      USD
Ecuador Gover    5.93  61.426      1/1/2022   EC      USD
Ecuador Gover     6.5  62.121      1/1/2024   EC      USD
Ecuador Gover    7.95  69.442     6/20/2024   EC      USD
Empresa Gener    5.75      74     6/11/2025   DO      USD
Empresa Gener    5.75      74     6/11/2025   DO      USD
ESFG Internat   5.753   0.794                 KY      EUR
General Explo    11.5  42.875    11/13/201    8  CA   USD
General Shopp      10      60                 KY      USD
General Shopp      10  51.375                 KY      USD
Gol Finance I    9.25    61.9     7/20/2020   BR      USD
Gol Finance I    8.75    29.5                 BR      USD
Gol Finance I     7.5    64.9      4/3/2017   BR      USD
Gol Finance I    9.25    55.5     7/20/2020   BR      USD
Gol Finance I    8.75  28.125                 BR      USD
Golden Eagle    4.625      75     5/21/2023   CN      USD
Greenfields P       9    3.08     5/31/2017   US      CAD
HC Internatio       5  78.474    11/27/201    9  CN   HKD
Honghua Group    7.45  40.054     9/25/2019   CN      USD
Honghua Group    7.45    39.5     9/25/2019   CN      USD
Instituto Cos   6.375  74.915     5/15/2043   CR      USD
Inversora Ele     6.5   56.25     9/26/2017   AR      USD
Kaisa Group H   6.875  65.625     4/22/2016   CN      CNY
Kaisa Group H   10.25  68.285      1/8/2020   CN      USD
Kaisa Group H       8  69.388    12/20/204    9  CN   CNY
Kaisa Group H       9  68.136      6/6/2019   CN      USD
MIE Holdings    6.875      45      2/6/2018   HK      USD
MIE Holdings      7.5      39     4/25/2019   HK      USD
MIE Holdings      7.5   43.99     4/25/2019   HK      USD
Mongolian Min   8.875      30     3/29/2017   MN      USD
Mongolian Min   8.875      31     3/29/2017   MN      USD
NB Finance Lt       3  68.094      2/7/2035   KY      EUR
Newland Inter     9.5      20      7/3/2017   PA      USD
Newland Inter     9.5   21.75      7/3/2017   PA      USD
Noble Holding     4.9      74      8/1/2020   KY      USD
Noble Holding    5.95   63.99      4/1/2025   KY      USD
Noble Holding   4.625  70.065      3/1/2021   KY      USD
Noble Holding    3.95    66.5     3/15/2022   KY      USD
Noble Holding    6.95  59.012      4/1/2045   KY      USD
Noble Holding    5.25  53.458     3/15/2042   KY      USD
Noble Holding    6.05      61      3/1/2041   KY      USD
Noble Holding     6.2  60.864      8/1/2040   KY      USD
NQ Mobile Inc       4  66.947    10/15/201    8  CN   USD
Odebrecht Dri    6.35   37.25     6/30/2021   KY      USD
Odebrecht Dri    6.35      36     6/30/2021   KY      USD
Odebrecht Fin     7.5   53.75                 KY      USD
Odebrecht Fin   7.125   52.25     6/26/2042   KY      USD
Odebrecht Fin   4.375   51.75     4/25/2025   KY      USD
Odebrecht Fin    8.25  54.875     4/25/2018   KY      BRL
Odebrecht Fin   5.125      59     6/26/2022   KY      USD
Odebrecht Fin    5.25    48.1     6/27/2029   KY      USD
Odebrecht Fin       7   62.89     4/21/2020   KY      USD
Odebrecht Fin       6   59.75      4/5/2023   KY      USD
Odebrecht Fin    8.25  54.875     4/25/2018   KY      BRL
Odebrecht Fin   7.125      52     6/26/2042   KY      USD
Odebrecht Fin    5.25  48.375     6/27/2029   KY      USD
Odebrecht Fin   4.375      52     4/25/2025   KY      USD
Odebrecht Fin     7.5  52.844                 KY      USD
Odebrecht Fin   5.125  58.429     6/26/2022   KY      USD
Odebrecht Fin       7  56.303     4/21/2020   KY      USD
Odebrecht Fin       6   59.02      4/5/2023   KY      USD
Odebrecht Off    6.75  25.375     10/1/2022   KY      USD
Odebrecht Off   6.625    25.5     10/1/2022   KY      USD
Odebrecht Off    6.75    24.5     10/1/2022   KY      USD
Odebrecht Off   6.625   22.25     10/1/2022   KY      USD
Odebrecht Oil       7      18                 KY      USD
Odebrecht Oil       7    29.5                 KY      USD
Pesquera Exal   7.375    61.1     1/31/2020   PE      USD
Pesquera Exal   7.375   61.25     1/31/2020   PE      USD
Petroleos de      8.5   50.55     11/2/2017   VE      USD
Petroleos de     5.25      48     4/12/2017   VE      USD
Petroleos de    12.75   43.95     2/17/2022   VE      USD
Petroleos de    5.125      67    10/28/201    6  VE   USD
Petroleos de     9.75    39.4     5/17/2035   VE      USD
Petroleos de        9   38.59    11/17/202    1  VE   USD
Petroleos de        6    35.5     5/16/2024   VE      USD
Petroleos de    5.375   34.75     4/12/2027   VE      USD
Petroleos de        6   35.24    11/15/202    6  VE   USD
Petroleos de      5.5   32.75     4/12/2037   VE      USD
Petroleos de      8.5   50.15     11/2/2017   VE      USD
Petroleos de        6   35.28     5/16/2024   VE      USD
Petroleos de        6    35.5    11/15/202    6  VE   USD
Petroleos de    12.75   43.75     2/17/2022   VE      USD
Petroleos de     9.75   39.25     5/17/2035   VE      USD
Petroleos de        9    45.1    11/17/202    1  VE   USD
Polarcus Ltd      5.6      19     4/27/2018   AE      USD
Polarcus Ltd     8.37  11.875      7/8/2019   AE      NOK
Provincia del       4  72.366     12/4/2026   AR      USD
Republic of E    7.75  69.672     4/25/2028   EC      USD
Republic of E    7.75  70.444      8/1/2028   EC      USD
Republic of E     6.4  61.139     6/12/2024   EC      USD
Republic of E    7.75  70.385     7/24/2028   EC      USD
Republic of E     6.5  67.486     5/20/2020   EC      USD
Republic of E    7.75  70.157     6/25/2028   EC      USD
Republic of E     6.4  61.139     6/12/2024   EC      USD
Republic of E    7.75  69.672     4/25/2028   EC      USD
Republic of E    7.75  70.157     6/25/2028   EC      USD
Republic of E    7.75  70.385     7/24/2028   EC      USD
Republic of E    7.75  70.444      8/1/2028   EC      USD
Samarco Miner   4.125      34     11/1/2022   BR      USD
Samarco Miner   5.375      35     9/26/2024   BR      USD
Samarco Miner    5.75      35    10/24/202    3  BR   USD
Samarco Miner   4.125      32     11/1/2022   BR      USD
Samarco Miner    5.75    31.5    10/24/202    3  BR   USD
Samarco Miner   5.375      34     9/26/2024   BR      USD
Seagate HDD C    5.75   70.25     12/1/2034   KY      USD
Seagate HDD C    5.75   70.05     12/1/2034   KY      USD
Siem Offshore    5.63      69     3/28/2019   NO      NOK
Siem Offshore    5.85      72     1/30/2018   NO      NOK
Sylph Ltd       3.349 106.108     6/22/2035   KY      USD
Telemar Norte     5.5  60.875    10/23/202    0  BR   USD
Telemar Norte   5.125  60.601    12/15/201    7  BR   EUR
Telemar Norte     5.5    58.5    10/23/202    0  BR   USD
Telemar Norte   5.125   60.75    12/15/201    7  BR   EUR
Telemar Norte     5.5  58.375    10/23/202    0  BR   USD
Transocean In   7.125  64.235    12/15/202    1  KY   USD
Transocean In     6.5  66.504    11/15/202    0  KY   USD
Transocean In     6.8      53     3/15/2038   KY      USD
Transocean In     4.3    53.5    10/15/202    2  KY   USD
Transocean In     7.5  58.448     4/15/2031   KY      USD
Transocean In     8.1      57    12/15/204    1  KY   USD
Transocean In    7.45   57.06     4/15/2027   KY      USD
Transocean In       8  59.349     4/15/2027   KY      USD
Usiminas Comm    7.25      63     1/18/2018   KY      USD
USJ Acucar e    9.875      35     11/9/2019   BR      USD
USJ Acucar e    9.875    38.5     11/9/2019   BR      USD
Vale Overseas   6.875    71.6    11/21/203    6  BR   USD
Vale Overseas   6.875  70.313    11/10/203    9  BR   USD
Vale SA         5.625      66     9/11/2042   BR      USD
Venezuela Gov   12.75      42     8/23/2022   VE      USD
Venezuela Gov   11.95   41.25      8/5/2031   VE      USD
Venezuela Gov   11.75   41.25    10/21/202    6  VE   USD
Venezuela Gov  13.625      60     8/15/2018   VE      USD
Venezuela Gov   9.375   36.75     1/13/2034   VE      USD
Venezuela Gov    8.25    35.5    10/13/202    4  VE   USD
Venezuela Gov    9.25    36.5      5/7/2028   VE      USD
Venezuela Gov       7   42.75     12/1/2018   VE      USD
Venezuela Gov  13.625      54     8/15/2018   VE      USD
Venezuela Gov  13.625   59.17     8/15/2018   VE      USD
Venezuela Gov    7.75   38.75    10/13/201    9  VE   USD
Venezuela Gov       7   35.25     3/31/2038   VE      USD
Venezuela Gov    9.25   38.25     9/15/2027   VE      USD
Venezuela Gov       9   36.75      5/7/2023   VE      USD
Venezuela Gov    7.65   34.75     4/21/2025   VE      USD
Venezuela Gov       6   35.75     12/9/2020   VE      USD
Venezuela Gov    6.25  71.736      4/6/2017   VE      USD
Venezuela Gov    5.25  44.684     3/21/2019   VE      USD
Venezuela Gov   9.125  68.166     9/15/2017   VE      USD
Volcan Cia Mi   5.375  64.375      2/2/2022   PE      USD
Volcan Cia Mi   5.375      65      2/2/2022   PE      USD
Votorantim Ci    3.25  69.073     4/25/2021   BR      EUR
Votorantim Ci     3.5  67.494     7/13/2022   BR      EUR
Votorantim Ci    7.25   74.47      4/5/2041   BR      USD
Votorantim Ci    7.25   74.25      4/5/2041   BR      USD
Votorantim Ci     3.5  67.648     7/13/2022   BR      EUR
Votorantim Ci    3.25  68.952     4/25/2021   BR      EUR
VRG Linhas Ae   10.75      48     2/12/2023   BR      USD
VRG Linhas Ae   10.75      48     2/12/2023   BR      USD
XLIT Ltd          6.5  72.537                 IE      USD

                            ***********


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 * * *