TCRLA_Public/160118.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 18, 2016, Vol. 17, No. 11


                            Headlines



A R G E N T I N A

YPF SA: Signs Deal With American Energy on Vaca Muerta JV


B R A Z I L

BRAZIL: Rousseff Rules Out Pre-Salt Auction, Citing Low Oil Prices
PETROLEO BRASILEIRO: Moody's Says Spending Cuts are Positive
USJ ACUCAR: S&P Lowers CCR to 'CCC-'; Outlook Remains Negative


C A Y M A N  I S L A N D S

ACM EAGLE: Shareholders Receive Wind-Up Report
AKSHAR INVESTMENTS: Members Receive Wind-Up Report
ALTITUDE GLOBAL: Shareholder Receives Wind-Up Report
BARRICK CAYMAN: Shareholder Receives Wind-Up Report
BMB COMIT: Shareholders Receive Wind-Up Report

CALEDONIAN BANK: Creditors' Proofs of Debt Due Feb. 6
EDMOND DE ROTHSCHILD: Members Receive Wind-Up Report
EON INVESTMENTS: Members Receive Wind-Up Report
IVORY GLOBAL: Shareholders Receive Wind-Up Report
LA SALLE VENTURES: Shareholders Receive Wind-Up Report

LINDSAY FIDUCIARY: Shareholders Receive Wind-Up Report
OLD SQUARE: Shareholder Receives Wind-Up Report
PARUSKREML CAPITAL: Members Receive Wind-Up Report
SAF QUANTITATIVE: Members Receive Wind-Up Report
SIENA G.P.: Shareholders Receive Wind-Up Report

STOCKHOLM INVESTMENTS: Members Receive Wind-Up Report
VANTAGE DRILLING: Court to Hear Wind-Up Petition on Jan. 18


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Hotel Glut in Capital Worries Hoteliers
DOMINICAN REP: Lack of Funds Partially Halts Plant Construction


M E X I C O

SERVICIOS CORPORATIVOS: S&P Puts 'B+' CCR on CreditWatch Pos.


P U E R T O    R I C O

SPANISH BROADCASTING: Joins FCC's Auction with PR Stations


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: 3 Jets Rebranded
TRINIDAD OFFSHORE: Workers Cry Victimization


V I R G I N   I S L A N D S

AAUG INSURANCE: Court Appoints Hill and Hutchison as Liquidators
HOVENSA LLC: Files Supplement to Bankruptcy Exit Plan
HOVENSA LLC: Amends Liquidating Plan Ahead of Jan. 19 Hearing
HOVENSA LLC: UST Reserves Right to Object to Plan Trustees
HOVENSA LLC: Virgin Islands Keeps Rights to Raise Plan Issues

KINGATE EURO: Court to Hear Application on Jan. 26
KINGATE GLOBAL: Court to Hear Application on Jan. 26


X X X X X X X X X

* BOND PRICING: For the Week From Jan. 11 to Jan. 15, 2016


                            - - - - -


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


YPF SA: Signs Deal With American Energy on Vaca Muerta JV
---------------------------------------------------------
EFE News reports that Argentine state-controlled energy company
YPF SA has signed a preliminary agreement with U.S.-based American
Energy Partners LP to explore and develop two areas of the massive
Vaca Muerta shale formation, a project that will require an
investment outlay of $500 million over the next three years.

The Argentine company said in a statement that Aubrey McClendon,
Oklahoma City-based AELP's chief executive officer and a prominent
U.S. shale developer, and YPF CEO Miguel Galuccio presented the
details of the joint venture deal to Energy Minister Juan Jose
Aranguren, according to EFE News.

The report notes that the plan involves launching "a shale gas
pilot at the Bajada de Anelo block," which covers a 200-sq.-
kilometer (77-sq.-mile) area in the southwestern province of
Neuquen, YPF said.

"After this first stage, which will conclude in mid-2018, plans
call for the project to continue in a massive development phase,"
the statement added, the report relays.

The two companies also will partner with Pluspetrol and Gas y
Petroleo del Neuquen on an exploration project in the southern
part of the Cerro block, which encompasses a 375-sq.-kilometer
(145-sq.-mile) area of that same province, the report says.

"Through these agreements, an AELP unit would acquire an up to 50
percent stake in those blocks," YPF said, the report discloses.

The preliminary agreement was signed at YPF's offices, and "over
the next three months the parties will negotiate the definitive
accords with a view to launching joint operations in Bajada de
Anelo and Cerro Arena Sur during 2016," the Argentine company
said, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Nov.
6, 2015, Moody's Affirms YPF S.A Caa1 global scale and Baa1.ar in
the national scale ratings.  At the same time, Moody's Investors
Service has affirmed the rating of its senior unsecured notes at
Caa1 in the global scale, and the rating of its medium-term note
program at (P)Caa1 in the global scale. The outlook was changed to
stable from negative.


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


BRAZIL: Rousseff Rules Out Pre-Salt Auction, Citing Low Oil Prices
------------------------------------------------------------------
EFE News reports that President Dilma Rousseff said that due to
the sharp drop in global oil prices Brazil had no short-term plans
to auction off any blocks in its highly promising pre-salt region.

"No one holds an auction for an exploration block with the barrel
below $30 unless you want to give it to someone," Ms. Rousseff
said in a breakfast in Brasilia with members of the media,
according to EFE News.

EFE News notes that the pre-salt region, so-named because its
reserves -- estimated at tens of billions of barrels of crude
equivalent -- are located under water, rocks and a shifting layer
of salt at depths of up to 7,000 meters (22,950 feet) below the
surface of the Atlantic, lies off the southeastern coast of
Brazil.

The per-barrel price of Brent crude, the global benchmark, fell
below $30 on Jan. 15 for the first time since March 2004 due to
investors' uncertainty about the Chinese economy and a supply
glut, the report relays.

The Brazilian government, however, is considering awarding
concessions for smaller areas, including onshore blocks, that are
"less profitable," Ms. Rousseff said, the report discloses.

The drop in oil prices and the end to the commodity boom have not
only affected Brazil -- and state oil company Petrobras in
particular -- but all international markets as well, the president
said, the report relays.

Ms. Rousseff said her government was not ruling out injecting
fresh funds into Petrobras, but stressed that despite the adverse
scenario Brazil's largest company was strong enough to stand on
its own, citing its ability to produce oil at low cost and adapt
to the current circumstances, the report notes.

"Petrobras has reduced investment, not because it wants to but
because it can't survive otherwise," she added.

The company, which has been embroiled in recent months in a
massive corruption scandal, recently announced a 24.6 percent
reduction in its investment target for the 2015-2019 period and
also cut its production target for 2016 by 1.8 percent, the report
relays.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has downgraded Brazil's ratings:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) to 'BB+' from 'BBB-', Outlook remains Negative;

   -- Senior unsecured foreign and local currency bonds to 'BB+'
      from 'BBB-';

   -- Short-term foreign currency IDR to 'B' from 'F3'.


PETROLEO BRASILEIRO: Moody's Says Spending Cuts are Positive
------------------------------------------------------------
The decision by Petroleo Brasileiro S.A. (Petrobras, Ba3 RUR) to
sharply reduce its capital spending is positive, as it helps the
oil company preserve cash at a time when it is facing significant
refinancing risk. The company's estimates of a limited decline in
its production target for 2020 imply very low prices for equipment
and services as well as continued operating productivity, says
Moody's Investors Service.

Petrobras said that it would cut spending by 36% to an annual
average of $19 billion from $28.8 billion for the period 2017 to
2019. The company has about $24 billion of debt maturing in the
next two years.

While the cut in spending will help protect Petrobras' cash
position, the oil company's funding options will remain limited
against the backdrop of weak oil prices and a weak Brazilian
economy, said Nymia Almeida, a Vice President and Senior Credit
Officer at Moody's in the report "Petr¢leo Brasileiro S.A.:
Petrobras slashes capital spending again."

"Petrobras continues to operate under difficult conditions. As a
result, its credit quality will remain under considerable stress
in the short to medium term," said Almeida.

A weak Brazilian economy, volatile oil prices and local currency,
difficult prospects for asset sales and political uncertainties
are combing to limit the company's funding options. In addition,
banks in Brazil are facing their own lending restrictions and will
likely have much lower risk appetite in a contracting economy.

Petrobras' capital productivity lowered as it will now increase
investments in 2016 by $1 billion to $20 billion while oil
production will decline by 2% in the year. As for 2020, the
company estimates limited effect on oil production target from
lower capital spending. But the actual impact will depend on many
factors, including the nature of the expenditure cuts, the prices
paid for equipment and services day-rates and continued
productivity gains. In addition, lower investments on longer lead-
time projects would probably not impact production until after
2020.


USJ ACUCAR: S&P Lowers CCR to 'CCC-'; Outlook Remains Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit and issue-level ratings on USJ Acucar e Alcool
S/A to 'CCC-' from 'B-'.  At the same time, S&P lowered its Brazil
national scale corporate credit rating on the company to 'brCCC-'
from 'brB-'.  The outlook on the corporate ratings remains
negative.  S&P's recovery rating of '4', with an average recovery
prospects of 30%-50%, in the low range of the band, remains
unchanged.

The downgrade reflects the increasing liquidity pressures on USJ
given its low cash position and inventories to meet its short-term
debt obligations.  S&P believes the company's capital structure
has become unsustainable amid unfavorable conditions for debt
refinancing--which has in turn shortened the debt profile--the
slow pace of land sales to reduce debt, and the Brazilian currency
depreciation effect on debt and interest payment given that about
75% of USJ's debt is denominated in dollars.  S&P believes these
factors can result in the company's default on its debt obligation
in the short term, increasing its dependency on favorable external
factors to continue covering its liabilities.

Although the company's operating performance has improved in the
2015-2016 harvest and is likely to further strengthen cash flows
in the 2016-2017 harvest (starting in April) amid high sugar and
ethanol prices, the depreciation of the Brazilian real
substantially increased USJ's interest burden over its dollar-
denominated debt profile and weakened credit metrics, while high
capex and the investments in its joint venture, SJC Bioenergia,
resulted in free operating cash flow shortfalls and higher debt.
The company has still options to extend maturities because most of
its existing debts are not guaranteed by assets and it has a
sizeable amount of lands to potentially pledge as collateral.
Nevertheless, the recovery and debt ratings on the bond could
deteriorate amid such scenario.

"We view USJ's liquidity as "weak." We expect a gap between cash
sources and needs of about R$200 million for the next 12 months,
which exposes the company to refinancing risks under tighter
liquidity conditions in Brazil, especially for the sugarcane
sector.  A higher interest burden has also weakened USJ's
liquidity over the past few quarters, and we expect this scenario
to persist.  The company continues to breach its financial
covenants, and obtained waiver for its bank loans, while the
bonds' covenants are incurrence only," S&P said.


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


ACM EAGLE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of ACM Eagle Growth Fund, Ltd. received on
Dec. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David La Valle
          e-mail: dmlavalle@amcapmgt.com
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (212) 344-3300
          Facsimile: +1 (212) 344-2045


AKSHAR INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Akshar Investments 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:

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


ALTITUDE GLOBAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Altitude Global Strategy received on Dec. 22,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BARRICK CAYMAN: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Barrick Cayman (D) Ltd. received on Dec. 22,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stephen Galbraith
          c/o Barrick International (Barbados) Corp.
          Balmoral Hall, 2nd Floor
          Balmoral Gap Hastings, Christ Church
          Barbados BB14033
          Telephone: (246) 430 8801
          Facsimile: (246) 437 886 0


BMB COMIT: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of BMB Comit III LDC received on Dec. 22, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Telephone: +1 (345) 640 5861
          e-mail: trudyann.scott@fundsolutionservices.com


CALEDONIAN BANK: Creditors' Proofs of Debt Due Feb. 6
-----------------------------------------------------
The creditors of Caledonian Bank Limited are required to file
their proofs of debt by Feb. 6, 2016, to be included in the
company's third interim dividend distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman, KY1-1106
          Cayman Islands


EDMOND DE ROTHSCHILD: Members Receive Wind-Up Report
----------------------------------------------------
The members of Edmond De Rothschild SPC received on Dec. 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


EON INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Eon Investments 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:

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


IVORY GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Ivory Global Energy Fund 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:

          Alric Lindsay
          Artillery Court, Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands


LA SALLE VENTURES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of La Salle Ventures Limited received on Dec. 18,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LINDSAY FIDUCIARY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Lindsay Fiduciary Services (Cayman) 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:

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


OLD SQUARE: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Old Square Capital, 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:

          Ogier
          c/o Jacqueline Haynes
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PARUSKREML CAPITAL: Members Receive Wind-Up Report
--------------------------------------------------
The members of Paruskreml Capital Management Ltd. received on
Dec. 31, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SAF QUANTITATIVE: Members Receive Wind-Up Report
------------------------------------------------
The members of SAF Quantitative Strategies SPC received on
Dec. 31, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SIENA G.P.: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Siena G.P. (Cayman) 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:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          e-mail: cayman@tridenttrust.com


STOCKHOLM INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Stockholm Investments Limited received on Dec. 15,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          c/o Allan Virtue
          Telephone: (345) 947-4700
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands


VANTAGE DRILLING: Court to Hear Wind-Up Petition on Jan. 18
-----------------------------------------------------------
A petition to wind up the operations of Vantage Drilling Company
will be heard before the Grand Court of Cayman Islands on Jan. 18,
2016, at 10:00 a.m.

The petition was filed by Wells Fargo Bank, National Association.
The petition seeks to appoint Kris Beighton and Alexander Lawson
of KPMG as the company's liquidators.


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


DOMINICAN REPUBLIC: Hotel Glut in Capital Worries Hoteliers
-----------------------------------------------------------
Dominican Today reports that the Santo Domingo Hotel Association
is pleased with the announced new hotel in Dominican Republic's
capital by the Hard Rock chain, but its executives also question
the city's preparedness for more lodging offers and more tourists.

"We have a serious problem with respecting traffic laws since the
city is not a friendly city; you cannot walk on a sidewalk here,
they are broken, dirty, dark," said Association president Roberto
Henriquez quoted by diariolibre.com, according to Dominican Today.

The National Palace said president Danilo Medina met with several
tour operators of the Hard Rock chain who announced the
construction of a 40-story hotel, the report notes.

The information didn't specify the project's cost and the number
of rooms wasn't initially disclosed, the report relays.  It was
announced that construction will start in April, built on the
corner of Lincoln and Aybar avenues, in the upscale Piantini
sector.

The hotel would be the chain's second in the country, the first
Hard Rock Hotel and Casino opened in Punta Cana in February 2011.

"I worry about the lack of planning by the authorities in the
sense that it increases more traffic and no parking," said
Henriquez, also the general manager of the Radisson Hotel.

In nearby Churchill Av., the Poma Group builds the Real
Intercontinental Hotel, slated to open mid-year, and there are
other projects in that same sector.

The National District's more than 26 major hotels some 30 smaller
ones account for around 5,000 rooms, while six new properties
would increase the figure by 30%.

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: Lack of Funds Partially Halts Plant Construction
---------------------------------------------------------------
Dominican Today reports that the construction of the two coal-
fired plants in Punta Catalina (south) is partially halted on lack
of funds, with more than 2,000 workers laid off, community leaders
and the now unemployed denounced.

"The construction has slowed down and economic development that
the people of Nizao thought had arrived is stalled," said Elpidio
Made, Nizao township bus driver union general secretary, as quoted
by elnacional.com.do, according to Dominican Today.

The report notes that despite efforts for a comment from
executives, contractor Odebretch PR manager Keysi Cruz told
reporters she would ask the State-owned electric utility CDEEE to
authorize the statement, but no response thus far.

Shop owners, transportation businesses, community leaders and
several workers said the economy of Nizao has slumped as a result
of the layoffs, the report relays.

Pedro Carmona, secretary of the dump truckers union said the lack
of work poses a grave threat to Nizao's economy, 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'.


===========
M E X I C O
===========


SERVICIOS CORPORATIVOS: S&P Puts 'B+' CCR on CreditWatch Pos.
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Servicios Corporativos Javer S.A.P.I.
de C.V. on CreditWatch with positive implications.

S&P also placed its 'B+' issue-level rating on Javer's existing
senior unsecured notes on CreditWatch positive.  The recovery
rating remains at '4', indicating S&P's expectation of average
recovery (30% to 50%; higher band of the range) in the event of a
default.  S&P will revise its recovery assumptions when it has
further clarification on the group's future capital structure.

The CreditWatch listing follows Javer's announcement that it
successfully completed its IPO on the Mexican stock exchange.  The
transaction considered a total of 94.8 million shares at an
offering price of MXN19.00 per share.  Javer announced that it
will use the net proceeds from the offering to make a partial
prepayment on its senior unsecured notes due 2021.  Additionally,
S&P considers that the company could use part of its cash reserves
to increase the size of the debt prepayment, which would further
improve Javer's key credit metrics and financial risk profile.

S&P intends to resolve the CreditWatch once Javer completes its
debt prepayment, which could occur within the next few weeks.  S&P
could raise its ratings on Javer by one notch if the debt
reduction reduces debt to EBITDA below 4.0x and raises EBITDA
interest coverage above 3.0x, which would prompt S&P to revise its
financial risk profile assessment to "significant" from
"aggressive."

Before resolving the CreditWatch, S&P will review its financial
risk profile assessment on Javer, the new ownership structure,
financial policy, and growth strategy.  However, if the debt
reduction doesn't align the company's credit metrics with S&P's
"significant" financial risk profile assessment, it would most
likely affirm the current ratings and assign a stable outlook.


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


SPANISH BROADCASTING: Joins FCC's Auction with PR Stations
----------------------------------------------------------
Spanish Broadcasting System, Inc., is participating in the FCC's
Television Spectrum Incentive Auction with its Puerto Rico
stations.

"We have filed an application to participate in the FCC's
television spectrum incentive auction with our Puerto Rico
television stations, WTCV-DT - Channel 32, WVEO-DT - Channel 17
and WVOZ-DT - Channel 47, to potentially generate cash proceeds
that are expected to be created by the auction process.  As
participants in the FCC's television spectrum incentive auction we
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 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 and any potential 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.


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


CARIBBEAN AIRLINES: 3 Jets Rebranded
------------------------------------
Trinidad Express reports that there were cheers of delight from
pupils of the Timehri Primary School choir when the first Boeing
737 took off after the launch of Caribbean Airlines' Guyana 50th
Independence Anniversary logo aircraft at the Cheddi Jagan
International Airport in Timehri, Guyana.

Independence Day will be celebrated on May 26 and, in honour of
the golden jubilee, State-owned Caribbean Airlines (CAL) has
branded three of its Boeing 737 aircraft with the Independence
logo.

Designed by artists Chris Taylor and Compton Bobb, the logo bears
the image of the Guyanese jaguar (Felis Pantera), the country's
national animal and the number 50.

                      About Caribbean Airlines

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

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

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

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

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


TRINIDAD OFFSHORE: Workers Cry Victimization
---------------------------------------------
Sandhya Santoo at Trinidad Express reports that Trinidad Offshore
Fabricators (TOFCO) workers employed on the bpTT Juniper rig at
Labdico Industrial Estate, La Brea, engaged in protest action on
Jan. 13, claiming victimization.

Workers called on Minister of Labor Jennifer Baptiste-Primus and
La Brea Member of Parliament Nicole Olivierre to intervene,
according to Trinidad Express.

According to spokesperson Clive Charles, workers have stopped work
due to unsafe working conditions and health issues, the report
notes.


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


AAUG INSURANCE: Court Appoints Hill and Hutchison as Liquidators
----------------------------------------------------------------
Christopher Hill and Keiran Hutchison were appointed as
liquidators of AAUG insurance Co., Ltd. by the Eastern Caribbean
Supreme Court in the High Court of Justice, British Virgin Islands
on Nov. 30, 2015.  The Liquidators do not consider it necessary
for a meeting of creditors to be held at this time, having
considered the assets and liabilities of the company.

The Liquidators can be reached at:

          Christopher Hill
          Ernst & Young Ltd
          Ritter House, Wickhams Cay 2
          P.O. Box 3169 PMB 265
          Road Town Tortola
          British Virgin Islands; or

          Keiran Hutchison
          Ernst and Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman, KY1-1106
          Cayman Islands; and

          Thomas Parish
          Telephone: +1 (284) 852 5462
          e-mail: thomas.parish@vg.ey.com


HOVENSA LLC: Files Supplement to Bankruptcy Exit Plan
-----------------------------------------------------
Hovensa, L.L.C., submitted a plan supplement in support of, and in
accordance with, its Plan of Liquidation Pursuant to Chapter 11 of
the Bankruptcy Code.  The Plan Supplement includes:

    * Liquidating Trust Agreement;

    * Environmental Response Trust Agreement;

    * Schedule of Liquidating Trust Insurance Policies;

    * Schedule of Environmental Response Trust Insurance Policies;
and

    * Termination and Release Agreement, by and among the Debtor,
the GVI, and the Virgin Islands Bureau of Internal Revenue.

The Trusts filed with the Court do not indicate who the trustees
There under will be.

A copy of the Plan Supplement is available for free at:

     http://bankrupt.com/misc/Hovensa_541_Plan_Supplement.pdf



                         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., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.

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: Amends Liquidating Plan Ahead of Jan. 19 Hearing
-------------------------------------------------------------
Hovensa, L.L.C., which has agreed to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million, has amended its
proposed liquidating plan ahead of the confirmation hearing on
Jan. 19, 2016, at 10:00 a.m. (prevailing Eastern Time).

A copy of the First Amended Plan filed Jan. 12, 2016, is available
for free at:

     http://bankrupt.com/misc/Hovensa_542_1st_Am_Plan.pdf

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.

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., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.

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: UST Reserves Right to Object to Plan Trustees
----------------------------------------------------------
Guy G. Gebhardt, Acting United States Trustee, Region 21, said
that given the late filing of Hovensa, L.L.C.'s Amended Plan of
Liquidation and Plan Supplement, he reserves the rights with
respect to the Plan.

The Plan Supplements include, among other things, the Liquidating
Trust Agreement and the Environmental Response Trust Agreement
(collectively, the "Trusts").  The Trusts filed with the Court do
not indicate who the trustees thereunder will be, Mr. Gebhardt
pointed out.

The United States Trustee reserves his rights with respect to the
Plan and the Plan Supplements and to raise any issue with respect
thereto at any hearings thereon, including, but not limited to:
(i) the terms of the Plan and the Plan Supplements; and (ii) the
Trusts and such trustees as may be designated and appointed
thereunder.

The U.S. Trustee is represented by:

        Martin P. Ochs
        United States Department of Justice
        Office of the United States Trustee
        362 Richard B. Russell Building
        75 Ted Turner Drive, SW
        Atlanta, GA 30303
        Tel: (404) 331-4437
        E-mail: martin.p.ochs@usdoj.gov

                         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., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.

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: Virgin Islands Keeps Rights to Raise Plan Issues
-------------------------------------------------------------
Before the deadline to submit objections to Hovensa, L.L.C.'s
Liquidating Plan, the Government of the U.S. Virgin Islands
submitted a document seeking to reserve all of its rights with
respect to the plan and to raise any issues at the hearing.

As of the closing of the sale of substantially all assets of the
Debtor, the GVI released all its non-environmental claims against
the Debtor and the JV Partners.  Accordingly, the GVI's interest
in the Plan is limited primarily to how the Debtor addresses its
environmental obligations.

The version of the Plan served on creditors for solicitation of
their votes provides for the creation of an Environmental Response
Trust, which would assume and undertake the Debtor's environmental
obligations.  The Plan provides that the estate would fund the
Environmental Response Trust, and that a trustee would be selected
by the Debtor with the consent of the U.S. Environmental Agency
and the GVI's Department of Natural Resources.

Given the herculean efforts to obtain legislative approval in
early January and to close the sales transaction Jan. 4, the GVI
does not expect all the parties' work to be completed prior to the
Plan's objection deadline or the voting deadline.

Accordingly, the GVI seeks to reserve all its rights with respect
to the plan and to raise any issues at the hearing, including but
not limited to: (a) the terms of the Plan or the Environmental
Trust Agreement; (b) the selection of the Environmental Response
Trustee, and the (c) terms of the Environmental Trust Insurance
Policies.

The Government of the U.S. Virgin Islands is represented by:

         LAW OFFICES OF JOEL H. HOLT
         Joel H. Holt, Esq.
         2132 Company Street
         Christiansted, VI 00820
         Tel: (340) 773-8709
         Fax: (340) 778-8677

                - and -

         MACAULEY LLC
         Thomas G. Macauley, Esq.
         300 Delaware Avenue, Suite 760
         Wilmington, DE 19801
         Tel: (302) 656-0100
         Fax: (302) 654-4362

                - and -

         COHEN MILSTEIN SELLERS & TOLL PLLC
         Linda Singer, Esq.
         1100 New York Ave. N.W., Suite 500 West
         Washington, DC 20005

                         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., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.

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).


KINGATE EURO: Court to Hear Application on Jan. 26
--------------------------------------------------
An application for disclosure of documents on the identities and
transactions with Kingate Euro Fund, Ltd. to be directed to Irving
H. Picard -- Trustee of the liquidation estate of Bernard L.
Madoff Investment Securities LLC -- will be heard before the High
Court of the Virgin British Islands on Jan. 26, 2015.  This is in
connection with compliance of the US Federal Rules of Civil
Procedure and any order of the US Bankruptcy Court in the matter
of SIPC v. Bernard L. Madoff Inv. Secs. LLC, No. 08-1789 (SMB),
Picard v. Ceretti, et al., Adv. Proc. No. 09-1161 (SMB) (Bankr.
S.D.N.Y.).

To obtain further information, contact KINGATEEURO-LIQUIDATION.VG.


KINGATE GLOBAL: Court to Hear Application on Jan. 26
----------------------------------------------------
An application for disclosure of documents on the identities and
transactions with Kingate Global Fund, Ltd. to be directed to
Irving H. Picard -- Trustee of the liquidation estate of Bernard
L. Madoff Investment Securities LLC -- will be heard before the
High Court of the Virgin British Islands on Jan. 26, 2015.  This
is in connection with compliance of the US Federal Rules of Civil
Procedure and any order of the US Bankruptcy Court in the matter
of SIPC v. Bernard L. Madoff Inv. Secs. LLC, No. 08-1789 (SMB),
Picard v. Ceretti, et al., Adv. Proc. No. 09-1161 (SMB) (Bankr.
S.D.N.Y.).

To obtain further information, contact KINGATEEURO-LIQUIDATION.VG.



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


* BOND PRICING: For the Week From Jan. 11 to Jan. 15, 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 * * *