TCRLA_Public/160112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, January 12, 2016, Vol. 17, No. 7


                            Headlines



A R G E N T I N A

BUENOS AIRES CITY: Moody's Rates 2016 Treasury Bills Program Caa1
GPAT COMPANIA: Moody's Puts 'B2' GSR on ARS250MM Sr. Debt Issuance
OPTIMUM RENTA: Moody's Assigns Initial Caa-bf Rating on New Bond


B R A Z I L

BRAZIL: Rejects From Ibovespa Reflect Changing Market
MASISA SA: Commences Tender Offer For Up to US$100MM in 2019 Notes
MASISA SA: S&P Affirms 'B+' Rating; Outlook Negative
SETE BRASIL: Said to Mull Bankruptcy Filing in Brazil
TOV CORRETORA: Gets Order to Liquidate in Money Laundering Fight


C A Y M A N  I S L A N D S

COI PROPERTY: Members Receive Wind-Up Report
COI PROPERTY SLP: Members Receive Wind-Up Report
EDWARDS INTERNATIONAL: Shareholders Receive Wind-Up Report
EUROPEAN RETAIL: Shareholder Receives Wind-Up Report
GHISOLFA INVESTMENT: Shareholders Receive Wind-Up Report

H&F SOFTWARE: Shareholders Receive Wind-Up Report
INDOCHINA INDUSTRIAL: Shareholder Receives Wind-Up Report
LANGARA CAPITAL: Shareholders Receive Wind-Up Report
LEDA CAYMAN: Shareholders Receive Wind-Up Report
METIS CAYMAN: Shareholders Receive Wind-Up Report

PRENTICE CAPITAL: Shareholder Receives Wind-Up Report
PRENTICE LONG/SHORT: Shareholder Receives Wind-Up Report
ROSSLYN ASSET: Shareholder Receives Wind-Up Report
SAFI CONSULTANTS: Sole Member Receives Wind-Up Report
SOFAER CAPITAL: Shareholders Receive Wind-Up Report

SOUTHWEST ASSURANCE: Shareholders Receive Wind-Up Report


P U E R T O    R I C O

PUERTO RICO: Assured Guaranty Files Suit to Stop "Clawback"
SPANISH BROADCASTING: Closes Exchange of Stations in Puerto Rico


V I R G I N   I S L A N D S

HOVENSA LLC: Seeks to Honor Consultant Agreements, Pay Bonuses
HOVENSA LLC: Has Exclusive Right to File Plan Until March 14


                            - - - - -


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


BUENOS AIRES CITY: Moody's Rates 2016 Treasury Bills Program Caa1
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (Global Scale local currency) and Baa1.ar
(Argentina National Scale) ratings to the 2016 Short-Term Treasury
Bills Program of the City of Buenos Aires for up to ARS5,000
million.  The assigned ratings are in line with the City's long
term local currency debt ratings.

RATINGS RATIONALE

The 2016 program, authorized by law N§5.495 considers a maximum
issuance of ARS5,000 million.  The assigned debt ratings reflect
the capacity of the City of Buenos Aires to honor these short-term
treasury bills as captured in the current Caa1/Baa1.ar debt
ratings.

The City of Buenos Aires intends to issue twelve series of short
term bills in the domestic market, the first of which -Series 1-
is scheduled for January 13th and the others throughout the rest
of the current fiscal year being all the planned Series payable in
local currency.  Series 1 in turn will have two classes and
present bullet amortization in the months of April of this year
and in January of 2017 respectively.  The total amount that could
be issued under this program represents approximately 4.5% of the
City's 2016 expected total revenues.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date.  Moody's
does not expect changes to the documentation reviewed over this
period or anticipates changes in the main conditions that the
bills will carry.  Should issuance conditions and/or final
documentation of any of the series under this program deviate from
the original ones submitted and reviewed by the rating agency,
Moody's will assess the impact that these differences may have on
the ratings and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial ratings, and upgrade of Argentina's sovereign bonds
ratings and/or the improvement of the country's operating
environment could lead to an upgrade of the City of Buenos Aires
ratings.  Conversely, a downgrade in Argentina's bond ratings
and/or further systemic deterioration or idiosyncratic risks
arising in the City of Buenos Aires --such as a rapid increase in
the debt to total revenues ratio of the City-- could exert
downward pressure on the ratings assigned and could translate in
to a downgrade in the near to medium term.


GPAT COMPANIA: Moody's Puts 'B2' GSR on ARS250MM Sr. Debt Issuance
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B2 global scale rating (GSR) and a Aa2.ar national
scale rating (NSR) to GPAT Compania Financiera (GPAT)'s takedown
under its senior debt program of ARS 1500 million.  The issuance,
for up to ARS250 million, will be due in 18 months.  The outlook
on all ratings is positive.

These ratings were assigned to GPAT Compania Financiera S.A.'s ARS
250 million senior unsecured debt issuance:

  B2 Global Local Currency Debt Rating
  Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

The global scale senior unsecured debt rating considers the
challenging operating environment in Argentina, balanced by the
very high probability that GPAT will receive support from its
foreign-owned parent, B1 rated Banco Patagonia, in the event of
stress.  While GPAT's GSR compares poorly with global peers, its
NSR is one of the highest in the country.

Despite the increased probability of credit positive policies
being implemented under the new administration, there are still
ongoing uncertainties around the economic environment in
Argentina, characterized by high inflation and weak economic
growth.  These credit challenges outweigh fundamental credit
strengths including GPAT's key role as the financial agent for
General Motors Argentina and its strong commercial and strategic
importance to the corporation, as well as its good asset quality,
profitability and capital metrics.  GPAT's ratings also consider
risks associated with the company's monoline business model and
its funding structure, which is heavily reliant on senior debt
issuances.

In line with the positive outlook on the sovereign, the outlook
for all GPAT's ratings is positive, reflecting our expectations
that new administration will continue to implement credit positive
policies, which in turn should positively affect GPAT's business
prospects and earning generation capacity.

The ratings could face upward pressure if Banco Patagonia's
ratings are upgraded due to an upgrade in both Argentina's
government bond rating and country ceiling as a result of an
improvement in the country's economic or institutional strength,
or a reduction in its susceptibility to event risk.  Reflecting
the positive outlook, downward rating pressure is unlikely at this
time.

GPAT is 99% owned by Banco Patagonia (local currency deposit
rating B1 stable, BCA caa1).  The one-notch differential between
the B1 local currency deposit rating for Banco Patagonia and the
B2 debt rating for GPAT reflects the structural subordination of
GPAT's bondholders to all liability holders of Banco Patagonia.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS 2,029 million of total assets and ARS
739 million of shareholders' equity as of September 2015.


OPTIMUM RENTA: Moody's Assigns Initial Caa-bf Rating on New Bond
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned initial bond fund ratings to Optimum Renta Mixta Flexible
FCI, a new bond fund that will be managed by BNP Paribas
Investment Partners Argentina SGFCI SA in Argentina.  The global
scale and national scale ratings assigned are:

   -- Optimum Renta Mixta Flexible FCI; rating of Caa-bf/
      Baa-bf.ar.

RATINGS RATIONALE

"The fund ratings are based on the fund's model portfolio
composition that show over 65% of invested assets in Argentinian
government bonds with ratings of Caa/Baa.ar", said Moody's analyst
Carlos de Nevares.  The remainder of the fund's asset allocation
is expected to be in local T-bills or corporate bonds.  Based on
this portfolio composition, the fund is expected to maintain a
maturity-adjusted weighted average credit quality consistent with
the assigned rating.

The rating agency commented that Optimum Renta Mixta Flexible is a
new fund with no prior track record, but is managed by an
experienced manager.  The fund's portfolio will have an average
duration between three and five years.  Moody's analysis was
performed on a model portfolio provided by the fund sponsor.  The
rating agency expects the fund to be managed in line with the
model portfolio.  However, Moody's noted that if the fund's
invested portfolio deviates materially from the model portfolio,
the fund's rating could be changed. The fund is expected to be
launched to the market.

The fund anticipates significant growth with future investments
from institutional investors, such as local insurance companies
and large corporates, who have historically been clients of BNPP
IP Argentina SGFCI.

BNPP IP Argentina, is the local subsidiary of the international
group BNP Paribas Investment Partners which has a 2.6% market
share in the Argentinian asset management industry.  As of
November 2015, BNP Paribas IP Argentina managed investments of
approximately AR$ 5.71 billion or roughly $429.0 million.


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


BRAZIL: Rejects From Ibovespa Reflect Changing Market
-----------------------------------------------------
Denyse Godoy and Fabiola Moura at Bloomberg News report that for
evidence of just how far Brazil has fallen, look no further than
the changing face of the Ibovespa index.

Gol Linhas Aereas Inteligentes SA nd Centrais Eletricas
Brasileiras SA, Latin America's largest electric utility, were
ejected from the shrinking benchmark stock gauge in the latest
quarterly reshuffling last week, according to Bloomberg News.

Weg SA, a little known industrial-machinery maker whose market
value has swollen to BRL24.2 billion ($6 billion), 35 times that
of Gol's, was added, Bloomberg News notes.  Gol and Eletrobras, as
the state-run utility is known, join a list of more than 20 stocks
that are no longer on the index but at the start of the decade
were posting stock gains of as much as 50 percent a year,
Bloomberg News relays.  Other once-mighty companies have seen
their weighting on the Ibovespa wither, Bloomberg News discloses.

In March 2010, when the Ibovespa reached a record high, Petroleo
Brasileiro SA was preparing for a record-breaking share sale,
miner Vale SA accounted for almost 17 percent of the gauge's
weighting and OGX, the oil startup of Brazil's then-richest man,
Eike Batista, was among the most-traded stocks, Bloomberg News
says.

Today, OGX (now named Ogpar) trades at 3 centavos after filing for
bankruptcy protection, Petrobras has lost almost 80 percent of its
value and Vale's weighting has fallen to a little more than 5
percent of the Ibovespa, Bloomberg News notes.

"Five years ago, we could have imagined that prices of commodities
would fall a little, but not as dramatically as they have," said
Paulo Figueiredo, an economist at asset management firm FN Capital
in Petropolis, Brazil, Bloomberg News discloses.  It has "changed
the Ibovespa portfolio in a huge way. That's the portrait of the
transformation of the Brazilian economy," he added.

Bloomberg News says that Gol, which in 2010 was rated a buy by 90
percent of the analysts that covered it, lost 83 percent in 2015
and is expected to post its fifth straight annual loss amid
surging dollar debt and fuel costs and weaker demand.

Bloomberg News notes that Eletrobras lost more than three-quarters
of its value in the past five years after the government forced it
to cut prices in exchange for generating-concession renewals.  Gol
and Eletrobras's press offices declined to comment.

Among companies no longer on the Ibovespa's portfolio since 2010,
seven were acquired, including credit-card processor Redecard SA
and air carrier TAM SA, Bloomberg News relays.

Homebuilders Rossi Residencial SA and PDG Realty SA lost their
spots in the index after debt surged and they had to scale back
operations. Batista's mining venture, MMX Mineracao e Metalicos
SA, also filed for bankruptcy protection, Bloomberg News recalls.

As oil and metals prices tumbled, Brazil's key raw-materials
producers suffered, Bloomberg News notes.  Both West Texas
Intermediate crude and the S&P GSCI index of commodities are down
by more than half in the past five years, Bloomberg News relays.
That has reduced the weighting of commodities companies on the
index to about 20 percent from 50 percent in 2010, Bloomberg News
adds.


MASISA SA: Commences Tender Offer For Up to US$100MM in 2019 Notes
------------------------------------------------------------------
Masisa S.A. disclosed the commencement of a tender offer to
purchase for cash up to US$100,000,000 in aggregate principal
amount of its outstanding 9.500% Senior Notes due 2019.

The Offer is being made by Masisa pursuant to the offer to
purchase dated January 6, 2016 and the related letter of
transmittal.

The Offer will expire at 11:59 p.m., New York city time, on
February 3, 2016, unless extended or earlier terminated.

The early tender deadline for the Offer will be 5:00 p.m., New
York City time, on January 20, 2016.

Holders of the Notes must validly tender their Notes prior to or
at the Early Tender Time in order to be eligible to receive the
Early Tender Payment in addition to the Purchase Price. The Notes
tendered may be withdrawn prior to 5:00 p.m., New York City time,
on January 20, 2016, but not thereafter, except as required by
applicable law.

A full text copy of the press release is available free at:

                       http://is.gd/ny3qCS


MASISA SA: S&P Affirms 'B+' Rating; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' ratings on
Masisa S.A.  The outlook remains negative.

The rating affirmation follows Masisa's announcement of a planned
cash tender for up to $100 million of its 9.5% $300 million senior
unsecured bond due 2019 at a price of $95 per $100 in nominal
value on early exercise by Jan. 20, 2016, and $90 per $100 in
nominal value afterwards and until Feb. 3, 2016.  The company will
finance the tender offer with proceeds from non-core asset sale.
S&P views the proposed offer as an opportunistic liability
management transaction.  Despite the below-par offer--but above
current market prices of about $90-- S&P don't expect likelihood
of a conventional default in the near term if the transaction
doesn't occur.  Moreover, S&P views the transaction as part of the
strategy of reducing debt with proceeds of asset sales, and the
tendered bonds are among the most expensive debt the company
holds.

After Masisa reduces the debt, its debt to EBITDA will likely drop
to 4x within the next two years.  This could lead S&P to revise
the outlook to stable in the short term.  Nevertheless, S&P will
reassess the company's credit quality once the transaction is
complete, incorporating our expectations of operating performance,
liquidity, and cushion under the existing covenants (mainly net
debt to EBITDA of 4.5x and EBITDA interest coverage of 3x).


SETE BRASIL: Said to Mull Bankruptcy Filing in Brazil
-----------------------------------------------------
Francisco Marcelino  and Cristiane Lucchesi at Bloomberg News
report that Grupo BTG Pactual and other investors in a troubled
drilling-rig supplier will meet this month and decide whether Sete
Brasil Participacoes SA will file for bankruptcy protection after
oil prices collapsed and it was cited in a sprawling corruption
scandal, four people with direct knowledge of the matter said.

Shareholders may vote to seek legal protection from creditors for
the venture in a Jan. 21 meeting, which would be the first step
toward an eventual liquidation of the Rio de Janeiro-based
company's assets, according to the people, who asked not to be
identified discussing a private matter, Bloomberg News notes.

One of the people said a vote for a filing is unlikely this month,
adding that under Brazilian law the company might also avoid
liquidation through a restructuring either inside or outside the
bankruptcy process, according to Bloomberg News.

Bloomberg News relays that Sete Brasil, which once boasted of
ambitions to build the world's biggest deep-water drilling fleet,
joins more than a dozen companies crippled by a 22-month-old
corruption investigation that has helped tip Brazil into recession
and left the nation's leaders fighting for their political
survival.

A possible bankruptcy filing could mark the beginning of a new
wave of financial pain for Brazilian companies as key Sete
shareholders that include Petroleo Brasileiro SA, Brazil's biggest
banks and pension funds would be forced to write off loans or
stakes in the rig supplier, Bloomberg News says.   Many have
already booked some of those losses.

                     'Viable Restructuring'

Bloomberg News notes that the company fell into financial distress
after it was unable to secure long-term financing from state
development bank BNDES amid allegations of kickbacks and after its
only client, state-run oil producer Petrobras, started slashing
overall investments.  Sete Brasil said in a e-mailed statement
that it "continues to work to put together a viable restructuring
plan, while shareholders weigh the different strategic scenarios
to be pursued," Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2015, Standard & Poor's Ratings Services affirmed and
then withdrew its global and national scale corporate credit
ratings on Sete Brasil Participacoes S.A. at its request.  At the
time of the withdrawal, all corporate credit ratings were 'SD' and
the R$1.85 billion debenture issuance rating was 'brCC' with a
negative CreditWatch.


TOV CORRETORA: Gets Order to Liquidate in Money Laundering Fight
----------------------------------------------------------------
Denyse Godoy and Paula Sambo at Bloomberg News report that
Brazil's central bank ordered TOV Corretora to liquidate amid
allegations it didn't follow rules to prevent money laundering,
making it at least the sixth currency broker in recent months to
be forced to close.

The central bank cited "serious violations of legal rules" in a
decree ordering the liquidation, according to Bloomberg News.  TOV
allegedly engaged in foreign-exchange contracts for import and
financial transfers abroad for significant amounts that weren't
compatible with the size of its clients, while also not
consistently identifying its customers, the central bank's press
office said in an e-mail to Bloomberg News.  Pocos de Caldas,
Brazil-based TOV declined to comment on the liquidation or the
accusations.

"In doing so, the brokerage firm took advantage of its status as
an institution of the national financial system to perform
illegitimate and atypical transactions," Bloomberg News quoted the
central bank as saying.  "It failed to adopt measures required by
current regulations aimed at preventing money laundering and
terrorist financing," the central bank added.

TOV, which also acts as a stock broker with about 400 employees,
joins at least five other brokerages that have been ordered to
halt operations and return cash to clients since October for
alleged "atypical" transactions, Bloomberg News notes.  It comes
as the central bank steps up efforts to fight money laundering
against a backdrop of a sweeping corruption scandal that began at
the state-run oil giant Petroleo Brasileiro SA and is reshaping
Brazil's political and business landscape, Bloomberg News adds.


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


COI PROPERTY: Members Receive Wind-Up Report
--------------------------------------------
The members of COI Property GP 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:

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


COI PROPERTY SLP: Members Receive Wind-Up Report
------------------------------------------------
The members of COI Property SLP received on Dec. 23, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EDWARDS INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Edwards International Holdings 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:

          Ita Bank and Trust Company Ltd.
          Suite 4210 Canella Court
          48 Market Street, Camana Bay
          P.O. Box 32203 Grand Cayman KY-1208
          Cayman Islands


EUROPEAN RETAIL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of European Retail Property Fund Ltd received on
Dec. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Sporagnium Limited
          c/o Maitland Luxembourg S.A.
          58, Rue Charles Martel
          L-2134 Luxembourg


GHISOLFA INVESTMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Ghisolfa Investment 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


H&F SOFTWARE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of H&F Software Holdings (Cayman), Ltd. received
on Dec. 15, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Arrie R. Park
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


INDOCHINA INDUSTRIAL: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Indochina Industrial Quang Nam Properties
received on Dec. 21, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Paul Piro
          06 Thai Van Lung street, District 1, 10th Floor
          Ho Chi Minh City
          Vietnam
          Telephone: +84 8 3520 2030
          Facsimile: +84 8 3520 2036


LANGARA CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Langara Capital Partners Ltd. received on
Dec. 18, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Alric Lindsay
          Artillery Court Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands
          e-mail: alric@caymanfs.com


LEDA CAYMAN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Leda Cayman 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:

          Sanjeev Dave
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


METIS CAYMAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Metis Cayman 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:

          Sanjeev Dave
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


PRENTICE CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Prentice Capital Long/Short Equity Fund, Ltd.
received on Dec. 16, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          Telephone: (345) 938-2707
          P.O. Box 30902 Grand Cayman, KY1-1204
          Cayman Islands


PRENTICE LONG/SHORT: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Prentice Long/Short Equity Fund Intermediate,
LP received on Dec. 16, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          Telephone: (345) 938-2707
          P.O. Box 30902 Grand Cayman, KY1-1204
          Cayman Islands


ROSSLYN ASSET: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Rosslyn Asset Management Greater Asia Fund
received on Dec. 21, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lynne Margaret Ross
          The River House, 17 Ward Street
          Tewantin Queensland 4565
          Australia
          Telephone: (61) 7 5442 4298
          Facsimile: (61) 7 5442 4298


SAFI CONSULTANTS: Sole Member Receives Wind-Up Report
-----------------------------------------------------
The sole member of Safi Consultants Limited received on Jan. 5,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands


SOFAER CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sofaer Capital Pacific 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
          13th Floor LKF 29
          29 Wyndham Street
          Central, Hong Kong
          Telephone: +011 852 2521 8882


SOUTHWEST ASSURANCE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Southwest Assurance Company, Ltd. received on
Dec. 24, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          BDO CRI (Cayman) Ltd.
          Floor 2-Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1-1205
          Cayman Islands
          Telephone: (345) 815-4558


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


PUERTO RICO: Assured Guaranty Files Suit to Stop "Clawback"
-----------------------------------------------------------
Bond insurance subsidiaries of Assured Guaranty Ltd. (together
with its subsidiaries, Assured Guaranty) have filed suit
challenging the constitutionality of the revenue clawback
instituted by the Commonwealth of Puerto Rico (Commonwealth) late
last year.

Assured Guaranty believes the clawback of revenues pledged to bond
issues violates the U.S Constitution by illegally interfering with
Assured Guaranty's contractual rights.

In December, the Commonwealth announced that in order to fund its
general obligation (GO) bond payments it would begin clawing back
revenues pledged to other bond issues, including those of the
Puerto Rico Highways and Transportation Authority (HTA), the
Puerto Rico Convention Center District Authority (PRCCDA) and the
Puerto Rico Infrastructure Financing Authority (PRIFA). This
action has caused a payment default on PRIFA bonds and will
eventually force the HTA and PRCCDA bonds into default. Such
actions threaten the credibility of Puerto Rico and its
government, undermine the markets' confidence in Puerto Rico's
willingness to honor its financial commitments and limit its
opportunities for economic recovery.

According to Puerto Rico's Constitution and its related laws, the
clawback may be implemented only to pay GO debt and only in the
event that the Commonwealth's revenues are insufficient to pay the
debt. The Commonwealth may not clawback pledged revenues to pay
any of its other obligations. Debt service on Puerto Rico's GO
bonds amounts to only approximately 19% of the Commonwealth's
annual budgeted revenues. The clawback is not necessary to make GO
bond payments. Yet the Commonwealth has invoked an option that not
only ignores its own laws, but is unconstitutional and impairs the
contracts entered into by holders and insurers of HTA, PRCCDA, and
PRIFA debt.

"The Commonwealth has not satisfied the preconditions to the
clawback and is disregarding the priorities of its own
Constitution and the rule of the law. This confiscation of
revenues pledged to bondholders is illegal. We encourage the
Commonwealth to instead focus on measures that build market
credibility and develop specific fiscal plans to address its
critical issues, including revenue collection," said Dominic
Frederico, President and Chief Executive Officer of Assured
Guaranty.

"These actions stand in contrast to the consensual agreement that
we and other creditors recently reached with Puerto Rico's
electric utility, PREPA. That agreement provides for the reform
and efficient recapitalization of PREPA. Assured Guaranty
continues to stand ready to work constructively with Puerto Rico
in a consensual way, in keeping with our long term support of the
island," Frederico added.

The suit, filed in United States District Court for the District
of Puerto Rico, names Governor Alejandro Garcia Padilla and a host
of government officials and seeks to have the clawback declared
unconstitutional and asks the Court to issue an injunction against
its implementation.

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: Closes Exchange of Stations in Puerto Rico
----------------------------------------------------------------
Spanish Broadcasting System, Inc., completed the exchange of three
of its 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. The
transaction will qualify as a like-kind exchange under Section
1031 of the Internal Revenue Code.

The Company intends to file applications 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. As participants
in the FCC's television spectrum incentive auction, the Company
will be subject to the FCC's anti-collusion rule, which prohibits
certain communications during a "quiet period." The quiet period
will end when the FCC issues a public notice announcing the
completion of the reverse and the forward auctions, which will
likely be sometime in late 2016. 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.

                             *     *     *

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: Seeks to Honor Consultant Agreements, Pay Bonuses
--------------------------------------------------------------
Hovensa L.L.C. seeks authority from the District Court of the
Virgin Islands Bankruptcy Division to honor agreements it entered
into with 10 consultants, who were retained to effectively
maintain and market its assets through a sale process, transition
into the Chapter 11 case, complete the sale of its assets and wind
down the Debtor's business and estate.

According to the Debtor, now that the order for the sale of its
assets to Limetree Bay Holdings, LLC, has been entered, the Debtor
is at a critical stage in its chapter 11 case; a stage that
requires reliable, dedicated, and most importantly, knowledgeable
assistance. The Consultants have proven to be indispensable and
essential to the results achieved to date, and their wealth of
institutional knowledge has substantially reduced the
administrative costs borne by the estate. Going forward, the
Debtor will continue to rely on the Consultants as it works
towards: (a) the close of the sale of its assets to Limetree; (b)
the confirmation of a plan of liquidation; and (c) the orderly
wind own of the Debtor's remaining business and otherwise
resolving its remaining obligations and liabilities.

The Debtor asserts that attempting to replicate the Consultants'
institutional knowledge would be impossible, and replacing the
Consultants with individuals lacking knowledge of the Debtor's
operations would be inefficient and detrimental to the chapter 11
case -- particularly given that the Debtor must move on an
expedited basis to accomplish these tasks.

The Debtor also seeks authority from the Court to pay Contractual
Bonuses to the Consultants conditioned on an agreement with each
of the Consultants to extend his or her Consultant Agreement
through January 31, 2016. Eight of the Consultant Agreements
included a bonus component, which is scheduled to be paid on
December 31, 2015. The Contractual Bonuses total $160,800, in the
aggregate.

The Debtor proposes to pay the Contractual Bonuses as well as a
slight increase in each Consultant's monthly consulting fee in
order to induce the Consultants to remain with the Debtor through
this critical period. The total potential increase in monthly
consulting fees to all Consultants is approximately $28,000, in
the aggregate.

The Debtor is represented by:

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

         -- and --

         Lorenzo Marinuzzi, Esq.
         Jennifer L. Marines, Esq.
         William M. Hildbold, Esq.
         MORRISON & FOERSTER LLP
         250 West 55th Street
         New York, NY 10019
         Tel: (212) 468-8000
         Fax: (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: Has Exclusive Right to File Plan Until March 14
------------------------------------------------------------
Cara Salvatore at Bankruptcy Law360 reported that the Hess-linked
oil refinery at the center of a U.S. Virgin Islands bankruptcy
tangle will maintain control of its bankruptcy for a bit longer, a
federal judge ruled on Jan. 4, 2015, extending Hovensa LLC's
exclusivity period to March 14.

Hovensa filed for bankruptcy in September, citing poor economic
conditions, "intense competition," and approximately $1.3 billion
in losses between 2009 and 2011, according to first-day filings.
The St. Croix refinery, which processed crude oil from Venezuela
and other places, is dually owned by Hess Corp. and Petroleos de
Venezuela.

                          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).


                            ***********


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.

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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.
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Chapman, Editors.

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