TCRLA_Public/160208.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, February 8, 2016, Vol. 17, No. 26


                            Headlines



A R G E N T I N A

ARGENTINA: Proposes that Holdout Creditors Accept 25% Haircut
BUENOS AIRES: Moody's Rates ST Treasury Note Program (P)Caa1


B R A Z I L

COMPANHIA SIDERURGICA: Debt Restructuring Very Likely, Says Fitch
GOL LINHAS: Poor Operational Results Ups Default Risk, Says Fitch
PACIFIC EXPLORATION: Fitch Says Average Recovery Expected for Firm
SAMARCO MINERACAO: Multi-Notch Cut if Deal Collapses Fitch Says


C A Y M A N  I S L A N D S

ALLOGIO LTD: Placed Under Voluntary Wind-Up
ALPEN ASSET: Commences Liquidation Proceedings
ARENA CAPITAL: Commences Liquidation Proceedings
BLACKSTONE TP: Commences Liquidation Proceedings
BROADWAY GATE: Placed Under Voluntary Wind-Up

BROADWAY GATE MASTER: Placed Under Voluntary Wind-Up
EC MASTER: Commences Liquidation Proceedings
FLORIDA PROPERTIES: Placed Under Voluntary Wind-Up
FOUR SEASONS: Commences Liquidation Proceedings
GULLIVER HOLDING: Placed Under Voluntary Wind-Up

KGI SELECT: Placed Under Voluntary Wind-Up
KIMCO PAN: Commences Liquidation Proceedings
KIMCO PAN MASTER: Commences Liquidation Proceedings
KINGSWOOD INVESTMENTS: Commences Liquidation Proceedings
ODEBRECHT OFFSHORE: S&P Lowers Notes Rating to 'B-'

PRIME INVESTMENTS: Commences Liquidation Proceedings
RAB EUROPEAN: Placed Under Voluntary Wind-Up
REALM PARTNERS: Commences Liquidation Proceedings
SAIL ALPHATRAXX: Commences Liquidation Proceedings
T ASIA L: Commences Liquidation Proceedings

TAO L HOLDINGS: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Basks in Lower Debt From Cheaper Oil


J A M A I C A

NATIONAL COMMERCIAL BANK: More Management Changes at Bank


P U E R T O    R I C O

PUERTO RICO: As Crisis Rages, Firms Head to Dominican Republic


V E N E Z U E L A

VENEZUELA: Debt Default May be Country's Best Hope


X X X X X X X X X

* Fitch Publishes LatAm Beverage Trends for 3Q'15, Fitch Says
* BOND PRICING: For the Week From Feb. 1 to Feb. 5, 2016


                            - - - - -


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


ARGENTINA: Proposes that Holdout Creditors Accept 25% Haircut
-------------------------------------------------------------
EFE News reports that Argentina's government issued a formal offer
to its U.S. holdout creditors, proposing that they accept a 25
percent discount on the defaulted sovereign bonds they hold.

The Finance Ministry said the total payment would amount to $6.5
billion if fully accepted by the holdout creditors, so-called
because they refused to accept earlier debt restructurings in 2005
and 2010, instead winning a victory in a U.S. federal court in
2012, according to EFE News.

The proposal divides the holdout creditors into two main
categories, those who obtained a judgment against Argentina from
U.S. District Judge Thomas Griesa in Manhattan and those who did
not join the U.S. lawsuit, the report notes.

Judge Griesa ruled in favor of one group of holdouts in 2012,
including Elliott Management Corp. founder and Chief Executive
Officer Paul Singer's NML Capital Ltd. Citing a violation of the
bonds' "pari passu" (equal treatment) clause, he ordered Argentina
to pay them $1.3 billion plus interest before making further
payments to bondholders who accepted the restructurings, the
report notes.

Other holdout bondholders, known as "me too" litigants, won
similar judgments against Argentina in Griesa's court last year,
bringing the total owed by the South American country to the
litigating bondholders to around $10 billion, the report relays.

Argentina was blocked from making interest payments to its
exchange bondholders (those that accepted the 2005 and 2010
restructurings) when it refused to comply with Griesa's ruling,
leading credit ratings agencies to lower its credit rating to
"selective default," the report relays.

In Argentina's proposal, the holdouts who benefited from the pari-
passu ruling were offered a 30 percent haircut on all principal
and interest owed, although that discount could be reduced to 27.5
percent if they accept the offer prior to Feb. 19, the report
notes.

Those who did not sue Argentina in the United States were offered
150 percent of the bonds' principal amount, the report says.

The report notes that the offer marks the first time Argentina has
issued a formal proposal to hedge funds that refused to sign on to
the debt restructurings, which were accepted by 93 percent of the
country's creditors.

It comes after business-friendly President Mauricio Macri took
office in December, replacing leftist Cristina Fernandez, who
refused to offer the holdouts better terms than what the exchange
bondholders had received, the report discloses.

Argentina's Finance Ministry said two of the leading litigating
bondholders -- Montreux Partners and Dart Management -- had
already agreed to accept the offer, the report says.

Earlier, Argentina -- which has been shut out of international
capital markets -- settled with a group of 50,000 Italian retail
bondholders, agreeing to pay them $1.3 billion, the report notes.

The course of action of NML Capital, which has maintained a hard-
line position in the litigation against Argentina, remains to be
seen, the report relays.

NML Capital Ltd. and other hedge funds acquired Argentine bonds on
the secondary market at large discounts following Buenos Aires'
massive 2001 debt default, the report notes.

The Finance Ministry said the offer was subject to approval by the
Argentine Congress and to Griesa lifting his block on Argentina's
payments to its exchange bondholders, the report says.

The origins of Argentina's debt default, a decision adopted amid a
financial meltdown and economic depression, go back to Argentina's
1976-1983 military regime, which presided over a 465 percent
expansion in public indebtedness, the report adds.

                        *     *     *

The Troubled Company Reporter-Latin America reported in Nov. 27,
2015, that Moody's Investors Service has changed the outlook on
Argentina's Caa1 issuer rating to positive from stable.  The
outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

On Aug. 1, 2014, reported that Argentina defaulted on some of its
debt late July 30 after expiration of a 30-day grace period on a
US$539 million interest payment.  Earlier that day, talks with a
court- appointed mediator ended without resolving a standoff
between the country and a group of hedge funds seeking full
payment on bonds that the country had defaulted on in 2001.  A
U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed.  The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


BUENOS AIRES: Moody's Rates ST Treasury Note Program (P)Caa1
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (Global Scale local currency) and Baa3.ar
(Argentina National Scale) ratings to the 2016 Short-Term Treasury
Note Program of the Province of Buenos Aires. The ratings are in
line with the province's long term local currency issuer ratings,
which carry positive outlook.

RATINGS RATIONALE

The Short-Term Treasury Note Program has been authorized by the
province's 2016 Budget Law N 14.807 and by the Supplementary
Budgetary Law, whereas Resolutions 17/16 and 64/16 of the
provincial General Treasury set the specific issuance conditions
of the series within the program and its maximum amount. The
treasury notes will be backed by transfers from the Government of
Argentina (Caa1, positive). The assigned debt ratings reflect
Moody's view that the willingness and capacity of the Province of
Buenos Aires to honor these short-term treasury notes is in line
with the provincial's long-term credit quality as reflected in the
Caa1/Baa3.ar issuer ratings in local currency.

The maximum issuance amount authorized under the program is almost
ARS7.259 million or its equivalent in foreign currency. This
represents around 8% of the province's net direct and indirect
debt as of September 2015 --last reported figure- and about 2% of
total revenues budgeted for 2016.

The Province of Buenos Aires intends to issue monthly Series of
Treasury Notes in public tenders in the domestic market with
maturities up to 365 days, and has already issued two Series in
the past month of January.

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 notes 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 profiles and ratings, and upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Buenos Aires's ratings. Conversely, a downgrade in Argentina's
bond ratings and/or further systemic deterioration or
idiosyncratic risks arising in this Province --such as an
additional deterioration of its financial results or significantly
higher debt levels- could exert downward pressure on the ratings
assigned and could translate in to a downgrade in the near to
medium term.


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


COMPANHIA SIDERURGICA: Debt Restructuring Very Likely, Says Fitch
----------------------------------------------------------------
It is unlikely Companhia Siderurgica Nacional (CSN) will achieve
free cash flow neutrality through asset sales, heightening risk of
a debt restructuring within the next 24 months, according to the
latest report in Fitch's 10 report series: "10 Most Distressed
LatAm Corporates."

One report will be released each day through Feb. 12th per the
schedule found at end of this release.

"Negative pressures on CSN's cash flow are not expected to abate
in 2016. If iron prices average USD45 per ton, we are looking at
the need for asset sales of around BRL2.0 billion for the company
to be free cash flow neutral in 2016," said Phillip Wrenn,
Associate Director. "But we believe monetizing assets in this
environment will be extremely challenging."

Unprecedented market conditions including the sharp drop in iron
ore prices, collapse in Brazilian steel demand, and rising
benchmark interest rates impacted CSN's credit profile and
contributed to the deterioration of the company's credit profile.

Fitch's 10 Most Distressed LatAm Corporates series will be
released one report per day as follows:

Feb. 1st: Samarco Mineracao S.A.
Feb. 2nd: Companhia Siderurgica Nacional
Feb. 3rd: Pacific Exploration and Production Corporation
Feb. 4th: GOL Linhas Aeresas S.A.
Feb. 5th: Oi S.A.
Feb. 8th: GeoPark Latin America Limited Agencia en Chile
Feb. 9th: Ajecorp B.V.
Feb. 10th: TV Azteca, S.A.B. de C.V.
Feb. 11th: QGOG Constellation S.A.
Feb. 12th: Odebrecht Offshore Drilling Finance Ltd.


GOL LINHAS: Poor Operational Results Ups Default Risk, Says Fitch
-----------------------------------------------------------------
Absent new shareholder capital, a default or debt restructuring in
the next 12-24 months is a real possibility for Gol Linhas Aereas
Inteligentes S.A. (GOL), according to Fitch Ratings in the latest
report in our 10-report series titled '10 Most Distressed LatAm
Corporates'.

One report will be released each day through Feb. 12 per the
schedule found at the bottom of this release.

'GOL's credit risk is substantial as it struggles to cover
interest expenses and likely faces a negative free cash flow
margin of about 10%, driven by negative EBIT margin,' said Jose
Vertiz, Director.  'GOL's ability to maintain liquidity will be
crucial during 2016.  Managing traffic, the yield environment,
raising costs and capex levels could all help minimize cash burn
during 2016.'

GOL's principal credit risk is demand deterioration, which will
likely be exacerbated by economic conditions in Brazil and its
impact on the top line.  Devaluation of the Brazilian real against
the U.S. dollar narrowed GOL's capacity to benefit from lower oil
prices, and operating cost per available seat kilometer excluding
fuel expenses will continue its upward trend in 2016.

Fitch's 10 Most Distressed LatAm Corporates series will be
released one report per day as:

  Feb. 1: Samarco Mineracao S.A.
  Feb. 2: Companhia Siderurgica Nacional
  Feb. 3: Pacific Exploration and Production Corporation
  Feb. 4: Gol Linhas Aereas Inteligentes S.A.
  Feb. 5: Oi S.A.
  Feb. 8: GeoPark Latin America Limited Agencia en Chile
  Feb. 9: Ajecorp B.V.
  Feb. 10: TV Azteca, S.A.B. de C.V.
  Feb. 11: QGOG Constellation S.A.
  Feb. 12: Odebrecht Offshore Drilling Finance Ltd.


PACIFIC EXPLORATION: Fitch Says Average Recovery Expected for Firm
------------------------------------------------------------------
With default likely imminent, the focus on Pacific Exploration and
Production Corporation (Pacific) turns to recovery, according to
the latest report in Fitch Ratings' 10 report series 10 Most
Distressed LatAm Corporates.

One report will be released each day through Feb. 12th per the
schedule found at the end of this release.

'Pacific's 'C' rating points towards strong potential of default
with recovery expected to be close to 50% with an oil prices
assumption of $40/bbl,' said Lucas Aristizabal, Senior Director.

Fitch uses a going concern analysis, which yields a higher
recovery value than a liquidation scenario, which could yield
investors recovery between 31% and 40%.

Depressed oil prices have reduced Pacific's liquidity to an
adequate $489 million in cash with zero short-term debt. But as of
the 12 months ended September 2015, total and net debt/EBITDA have
increased to 4.3x and 3.9x, from 1.9x and 1.8x in 2014, with total
debt increased by $630 million during the first nine months of
2015.

Fitch's 10 Most Distressed LatAm Corporates series will be
released one report per day as follows:

Feb. 1st: Samarco Mineracao S.A.
Feb. 2nd: Companhia Siderurgica Nacional
Feb. 3rd: Pacific Exploration and Production Corporation
Feb. 4th: GOL Linhas Aeresas S.A.
Feb. 5th: Oi S.A.
Feb. 8th: GeoPark Latin America Limited Agencia en Chile
Feb. 9th: Ajecorp B.V.
Feb. 10th: TV Azteca, S.A.B. de C.V.
Feb. 11th: QGOG Constellation S.A.
Feb. 12th: Odebrecht Offshore Drilling Finance Ltd.


SAMARCO MINERACAO: Multi-Notch Cut if Deal Collapses Fitch Says
---------------------------------------------------------------
Fitch Ratings launched its 10 report series covering Latin
America's most distressed corporate credits with Samarco.  One
report will be released each day through Feb. 12 per the schedule
found at the end of this release.

"The collapse of Samarco's discussions with authorities to reach a
broad agreement would complicate its ability to resume operations
in a timely manner, resulting in a multi-notch downgrade and
making default likely," said Jay Djemal, Director at Fitch
Ratings.

Motivation remains high for all parties to agree to a deal that
provides Samarco with a manageable path to recovery, although it's
possible that one or more participating groups may not agree to
the first proposed settlement.

The reputational risk to shareholders combined with Samarco's high
profitability, unaffected assets, future dividends and economic
importance to Brazil, remain strong incentivizing factors to an
agreement.

Fitch believes the likely outcome of the agreement will be ongoing
extraordinary payments by Samarco. Government sources have cited a
total sum of BRL20 billion over a period of 10 years or more.

Fitch's 10 Most Distressed LatAm Corporates series will be
released one report per day as follows:

Feb. 1: Samarco Mineracao S.A.
Feb. 2: Companhia Siderurgica Nacional (CSN)
Feb. 3: Pacific Exploration and Production Corporation
Feb. 4: GOL Linhas Aeresas S.A.
Feb. 5: Oi S.A.
Feb. 8: GeoPark Latin America Limited Agencia en Chile
Feb. 9: Ajecorp B.V.
Feb. 10: TV Azteca, S.A.B. de C.V.
Feb. 11: QGOG Constellation S.A.
Feb. 12: Odebrecht Offshore Drilling Finance Ltd.


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


ALLOGIO LTD: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 24, 2015, the sole shareholder of Allogio Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2016, will be included in the company's dividend
distribution.

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


ALPEN ASSET: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 1, 2015, the sole shareholder of Alpen Asset Advisors
(Cayman) SPC resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Telephone: +1 (345) 949 0100


ARENA CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 2, 2015, the members of
Arena Capital Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


BLACKSTONE TP: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 30, 2015, the sole shareholder of Blackstone TP Offshore
Fund Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BROADWAY GATE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 30, 2015, the sole shareholder of Broadway Gate Offshore
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Pennant Capital Management, LLC
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier 89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


BROADWAY GATE MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Nov. 30, 2015, the sole shareholder of Broadway Gate Master
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Pennant Capital Management, LLC
          c/o Tim Cone
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


EC MASTER: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Dec. 1, 2015, the members of
EC Master Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


FLORIDA PROPERTIES: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 7, 2015, the sole shareholder of Florida Properties Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2016, will be included in the company's dividend
distribution.

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


FOUR SEASONS: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 1, 2015, the sole shareholder of Four Seasons Select
Management Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Doran + Minehane
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613
          59/60 O' Connell Street
          Limerick
          Ireland


GULLIVER HOLDING: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 24, 2015, the sole shareholder of Gulliver Holding Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2016, will be included in the company's dividend
distribution.

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


KGI SELECT: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 27, 2015, the sole shareholder of KGI Select Fund SPC
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Yew Boon Tan
          c/o Ben Gillooly
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


KIMCO PAN: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 2, 2015, the sole shareholder of Kimco Pan Asia Fund
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


KIMCO PAN MASTER: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 2, 2015, the sole shareholder of Kimco Pan Asia Master
Fund Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


KINGSWOOD INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 30, 2015, the sole shareholder of Kingswood Investments
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Paul Travers
          Ground Floor, Harbour Centre
          42 North Church Street, George Town
          P.O. Box 1569 Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


ODEBRECHT OFFSHORE: S&P Lowers Notes Rating to 'B-'
---------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Odebrecht
Offshore Drilling Finance Ltd's (OODFL) notes to 'B-' from 'B'.
At the same time, S&P maintained the rating on CreditWatch
negative, where it placed it on Oct. 30, 2015.

The downgrade reflects the revision of Petroleo Brasileiro S.A. -
Petrobras' SACP.  Petrobras charters the drillships involved in
the OODFL transactions under long-term contracts.  S&P believes
these contracts constitute a key component for the debt rating on
OODFL's notes.  Therefore, S&P assigns a credit dependency
assessment (CDA) to OODFL's offtaker that's equal to Petrobras'
SACP, which acts as a constraining factor on the rating on OODFL's
debt.

The 'BB' corporate credit rating on Petrobras incorporates its
'b-' SACP and S&P's view of the very high likelihood of
extraordinary support from the government in the event of
financial distress.  S&P equalized OODFL's revenue or offtaker CDA
to Petrobras' SACP, and not its credit rating because, in S&P's
view, the SACP reflects the risk associated with the nature of
these contractual obligations.  S&P envisions scenarios of stress
for Petrobras under which the sovereign provides extraordinary
support through, for example, liquidity injections, loans from
public banks, or other types of credit facilities.  However, S&P
believes that this extraordinary support won't necessarily flow on
a timely basis to meet the payment of drillship charter agreement.

The CreditWatch negative listing still reflects the risk of
triggering a non-automatic event of default after Dec. 21, 2015
(90 days after the termination of ODN Tay IV vessel charter
agreement) and the risk of a renegotiation of the notes to absorb
the impact of expected lower cash flow available for debt service
(CFADS) going forward.  The latter could result in multiple
downgrade of the notes, depending on our assessment of the
proposed conditions.  A multiple-notch downgrade could also result
following the acceleration of the notes' payment if an agreement
is not reached before the due date of the forbearance agreement.
S&P expects to resolve the CreditWatch listing within the next 90
days or earlier if Odebrecht Oleo e Gas S.A., the drillship
operator, reaches an agreement earlier with the bondholders.


PRIME INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 7, 2015, the sole shareholder of Prime Investments Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Michael Charles Culhane
          Level 9, 146 Arthur Street
          North Sydney, NSW 2060
          Australia


RAB EUROPEAN: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 26, 2015, the sole shareholder of Rab European Credit
Opportunities Fund Limited resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351


REALM PARTNERS: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 30, 2015, the sole shareholder of Realm Partners Sub-Fund
Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Realm General Partner LLC
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


SAIL ALPHATRAXX: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 27, 2015, the sole shareholder of Sail Alphatraxx Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


T ASIA L: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on Dec. 2, 2015, the members of T
Asia L Holdings, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


TAO L HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 2, 2015, the members of
Tao L Holdings, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


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


DOMINICAN REPUBLIC: Basks in Lower Debt From Cheaper Oil
--------------------------------------------------------
Dominican Today reports that plummeting global crude prices have
not only provided the Dominican Republic with cheaper fuel, but
has also reduced its need to borrow through the PetroCaribe
agreement.

The country took US$597.2 million less in financing from Venezuela
last year than in 2013, according to a report by the Debt
Directorate of Public Credit, Dominican Today notes.

The Debt Directorate report said the country borrowed only
US$132.2 million from Venezuela in 2015, or 80% less than the
US$729.4 million in 2013, Dominican Today relays.

The decrease is directly related to the more than 70 percent fall
in the price of a barrel from June 2014 to date, the report
discloses.

In fact financing from Venezuela fell the most precisely during
that period, when the PetroCaribe credit fell US$404.1 million,
the report notes.

The fall stems from the PetroCaribe energy cooperation agreement
stipulation that when the price of oil exceeds US$40 a barrel,
Venezuela lends a part of the crude oil sold to the Dominican
Republic, with 23 years to repay and a two-year grace period,
Dominican Today relays.

The price of crude however has gone beyond that figure during
months and as an example, West Texas (WIT) on Feb. 4 traded at
US$32.7, the report notes.

Aside from a lower to PetroCaribe debt for the country, the amount
outstanding had also fallen, due to an early repayment in 2015,
the report adds.

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



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


NATIONAL COMMERCIAL BANK: More Management Changes at Bank
---------------------------------------------------------
RJR News reports that more changes have been made to the senior
management team at Jamaica's National Commercial Bank.

Garfield Palmer, who was Manager of the Duke Street branch, has
been promoted to Assistant General Manager, effective February 1,
the report notes.

Gabrielle Banbury Kelly is to join the bank as an Assistant
General Manager, according to RJR News.

She will be assigned to the Group Managing Director's Office
effective February 15, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 8, 2015, Standard & Poor's Ratings Services raised its long-
term issuer credit rating on National Commercial Bank Jamaica Ltd.
to 'B' from 'B-'.  S&P also affirmed its short-term 'B' issuer
credit rating on the bank.  The upgrade follows the same rating
action on the sovereign, which in turn reflects the country's
ability to meet its fiscal targets in the past two years, which
has led improved fiscal credibility and stabilized its debt
trajectory. NCBJ's 'b+' SACP remains unchanged.


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


PUERTO RICO: As Crisis Rages, Firms Head to Dominican Republic
--------------------------------------------------------------
Dominican Today, citing EFE News, reports that contrary to what
had become commonplace for decades, a growing number of Puerto
Rican companies are making headway in Dominican Republic as a
strategy to survive the island-nation's crisis.

"There are many Puerto Ricans coming to the neighboring country to
do business," revealed German Monroig, executive director of the
Puerto Rico Commonwealth Office (ELA) in the Dominican Republic,
an agency that has been operating since 1990, according to
Dominican Today.

That agency, said Mr. Monroig, works as a link to promote business
relations between the two islands, which reach nearly US$1.5
billion annually, of which US$900 million which goes to Puerto
Rico's coffers, the report notes.

Part of the economic momentum is also due to the law known as the
Export Services Act, which seeks to promote Puerto Rico as
international service center with reduced income tax rate and tax-
exempt property as incentives for the professional services sector
to stay on the island, the report relays.

Marketing, construction or health are the most sought after
services which are found in the neighboring country, just 102
kilometers away from Puerto Rico, the report discloses.

Mr. Monroig, who has headed the ELA since September 2014, said
Puerto Rican companies like Danosa specializing in sealants are
noted for their construction services sector, where labor is much
cheaper in Dominican Republic than in Puerto Rico, the report
relays.

Puerto Rican's minimum monthly full-time wage are as much as five
times that of Dominicans, according to the official, the report
notes.

Among the factors behind the "migration" of companies in addition
to proximity, is the same language and good flight connections,
with at least four daily flights between the two territories by
JetBlue, the report says.

Mr. Monroig said another attraction for Puerto Rican entrepreneurs
when evaluating the Dominican Republic is the Caribbean country's
7% economic growth while Puerto Rico has been hobbled by a 10-year
crisis, the report adds.

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



=================
V E N E Z U E L A
=================


VENEZUELA: Debt Default May be Country's Best Hope
--------------------------------------------------
The Financial Times reports that Azerbaijan has called for help
from the International Monetary Fund.  Nigeria is turning to the
World Bank, according to The Financial Times.  Russia and Saudi
Arabia are slashing public spending and considering sales of state
assets, the report notes.

In Venezuela, where the collapse in oil prices has been even more
devastating for the economy, the authorities appear paralysed, the
report relays.  With President Nicolas Maduro locked in a power
struggle with the opposition-led legislature, the best hope for
Venezuelans may be for the country's external creditors to step in
and force a resolution -- sooner rather than later, the report
discloses.

It is difficult to pin down numbers in a country with three
official exchange rates and controlled prices that bear little
relation to realities on the black market, the report relays.  But
inflation is running in triple digits, even by the official
measure; the IMF estimates that output shrank by a tenth last
year; and it is clear that people are suffering acute hardship,
the report says.

Oil exports are the only source of the hard currency Venezuela
needs to buy almost all daily essentials, the report discloses.
Imports have collapsed from about $50 billion in 2007, when Brent
crude averaged $72 a barrel, to $30 billion last year, a
remarkable 40 per cent contraction that has led to shortages of
medicines, nappies and basic foods such as milk and rice, the
report notes.

Queues, hoarding and profiteering have become part of everyday
life, the report says.  With the price of Venezuelan crude barely
above the cost of production, imports are set to extend their
decline this year, the report notes.  It would not take much to
turn hardship into a humanitarian crisis and a wave of refugees,
the report discloses.

Yet there is no sign of any effective action to avert disaster,
the report notes.  Mr. Maduro has left in place repressive price
controls and fuel subsidies that serve simply to enrich regime
insiders, the report relays.  He has sought to tighten his grip on
the central bank, damaging its already threadbare credibility, the
report notes.   And he has asked the national assembly for powers
to run the economy by emergency decree, a request that was passed,
possibly unconstitutionally, by a Supreme Court packed with regime
placemen and then blocked by the legislature, the report
discloses.

The result is policy stasis.  There are no heroes in Venezuelan
politics at the moment, only greater or lesser villains, The
Financial Times notes.  Nobody is in control or legislating and
nobody is being constructive, at a time when assertive action is
essential to avert an economic crash that would affect the vast
majority of Venezuelans, the report relays.

Yet despite the complete failure of his policies, Mr. Maduro has
made it a priority to meet payments on sovereign debt, even at the
cost of squeezing imports further, says the report.  This is
because a default would threaten the regime's existence: it could
allow creditors to seize oil cargoes and assets abroad, choking
off the revenues on which the system of political patronage
depends, the report notes.

The government has scraped together enough to service the debt,
with the help of Chinese loans and exigencies such as gold swaps
and high yield issuance, the report relays.  It may be able to
stagger on for a few more months.  However, payments of some $10.5
billion fall due this year and China's patience is wearing thin.
Unless oil prices recover, even cutting imports further will not
be enough to plug the financing gap, the report notes.  With the
risk of social unrest rising, most analysts believe a default is
inevitable, the FT discloses.

This would create huge strains if asset seizures cut Venezuela off
from its only sure source of revenues, worsening the existing
shortages, the FT relays.  Any restructuring would be difficult,
given Venezuela's hostility to the IMF, adds the report.
However, a default would at least force the country's delinquent
politicians to confront its problems, however messy and delayed
their resolution might be, the report says.  In the current
impasse, this may be the best outcome, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2015, Moody's Investors Service says the political outlook
in Venezuela (Caa3 stable) will likely face increased challenges
should opposition parties make significant gains in the country's
upcoming congressional elections.


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


* Fitch Publishes LatAm Beverage Trends for 3Q'15, Fitch Says
-------------------------------------------------------------
Fitch Ratings has published its Latin America Quarterly Beverage
Trend report with 3Q'15 results.

'Third quarter 2015 volumes generally improved in most markets
driven by non-CSD products,' said Cristina Madero, Associate
Director at Fitch.  'Mexican consumer demand for beverages is
improving but still weak.  In Brazil companies reported volume
contractions in the single-digits except for Grupo Embotellador
Atic, which saw double-digit declines as it continues to
restructure its Brazilian operations.  AmBev's beer segment was
the exception and posted a slight volume increase . Strong
commercial efforts continue to drive volumes in Peru, Chile, and
Argentina.'

The report shows quarterly sales volume trends and key financial
figures of certain Fitch-rated Latin American bottlers in Chile,
Brazil, Argentina, Mexico and Peru beginning with the first
quarter of 2013. Companies included are:

   -- Embotelladora Andina S.A. ('BBB+'/Outlook Stable)
   -- Compania Cervecerias Unidas ('AA+(cl)'/Outlook Stable)
   -- Coca-Cola FEMSA S.A.B. de C.V. ('A'/Outlook Stable)
   -- Ambev S.A. ('WD'; ratings withdrawn in August 2015)
   -- Arca Continental S.A.B. de C.V. ('A'/Outlook Stable)
   -- Grupo Embotellador Atic S.A. ('B+'/Outlook Negative)
   -- Corporacion Lindley S.A. ('BBB-'/Outlook Positive)


* BOND PRICING: For the Week From Feb. 1 to Feb. 5, 2016
--------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP


                            ***********


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 * * *