TCRLA_Public/160210.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

            Wednesday, February 10, 2016, Vol. 17, No. 28


                            Headlines



B R A Z I L

BRAZIL: Real Falls Amid Renewed Concern Over Fiscal Deficits


C A Y M A N  I S L A N D S

CEDAR PARTNERS: Commences Liquidation Proceedings
CLAIRVUE (CAYMAN): Commences Liquidation Proceedings
EDIN INVESTMENTS: Placed Under Voluntary Wind-Up
EL (CAYMAN): Commences Liquidation Proceedings
ICHIKAWA TWO: Placed Under Voluntary Wind-Up

KROM RIVER: Commences Liquidation Proceedings
MP GLOBAL: Placed Under Voluntary Wind-Up
NARASHINO THREE: Placed Under Voluntary Wind-Up
NEBULAE CANADIAN: Commences Liquidation Proceedings
PNT SPV: Commences Liquidation Proceedings

PRIDE INVESTMENTS: Placed Under Voluntary Wind-Up
QF PLASTICS: Placed Under Voluntary Wind-Up
QFB LEINSTER: Placed Under Voluntary Wind-Up
QFB LONDON: Placed Under Voluntary Wind-Up
SEARCHLIGHT HARBOR: Commences Liquidation Proceedings

SMGP ADMINISTRATION: Commences Liquidation Proceedings


C O S T A   R I C A

COSTA RICA: Moody's Changes Outlook on Ba1 Rating to Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Big Firms Asks Opposition Party to Rejoin Talks


J A M A I C A

JAMAICA: JHTA Says No Fall-Off in Visitor Arrival Due to Zika
NORANDA JAMAICA: Parent Files for Chapter 11 Bankruptcy Protection


T R I N I D A D  &  T O B A G O

SUPER INDUSTRIAL: NGC Must be Stopped, Ex Attorney General Says


V E N E Z U E L A

VENEZUELA: Acquiring Medications is Getting Harder and Harder


V I R G I N   I S L A N D S

HOVENSA LLC: 2nd Amended Liquidating Plan Confirmed
HOVENSA LLC: LimeTree Balks at Plan Assignments to ERT
HOVENSA LLC: Three Members of Oversight Committee Named
HOVENSA LLC: U.S. Objection on ERT Waiver Resolved


                            - - - - -


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


BRAZIL: Real Falls Amid Renewed Concern Over Fiscal Deficits
------------------------------------------------------------
Paula Sambo at Bloomberg News reports that Brazil's real slipped,
paring its second consecutive weekly advance, on speculation the
government will abandon its fiscal target this year and slow the
pace of spending cuts.

The real weakened 0.3 percent to 3.9039 per dollar in Sao Paulo,
leaving it up 2.4 percent last week, says the report.  The
currency is the best performer in Latin America this year after
losing more than a third of its value in 2015 on concern the
government will struggle to shore up the nation's finances,
according to Bloomberg News.

Concern was raised again when newspaper Folha de S. Paulo reported
that the Finance Ministry is considering bringing forward a
proposal to make fiscal targets more flexible, calling into
question this year's goal for a surplus of 0.5 percent of gross
domestic product before interest payments, Bloomberg News notes.

Brazil had its credit rating cut to junk by Standard & Poor's and
Fitch Ratings last year because of low growth, fiscal concerns and
the political outlook as President Dilma Rousseff struggled to
fend off impeachment, Bloomberg News says.  A surprise
acceleration in inflation last month added to pessimism on the
economy, Bloomberg News notes.

"Fiscal shenanigans combined with rising inflation discouraged any
flow into the real," said Ipek Ozkardeskaya, an analyst at London
Capital Group, Bloomberg News relays.

The government still hasn't decided how much spending it will cut
from this year's budget, but the amount will be less than in 2015,
Planning Minister Valdir Simao told Folha, Bloomberg News notes.

Swap rates on contracts due January 2017, a measure of traders'
wagers on the direction of interest rates, rose 0.03 percentage
point to 14.56 percent, Bloomberg News adds.

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'.


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


CEDAR PARTNERS: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 8, 2015, the members of
Cedar Partners Investment Management 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.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


CLAIRVUE (CAYMAN): Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 8, 2015, the sole shareholder of Clairvue (Cayman) GP,
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:

          Brendan MacDonald
          c/o Clairvue Capital Partners
          150 California Street
          Suite 850 San Francisco
          CA 94111
          USA
          Telephone: +1 (345) 914 6365


EDIN INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 8, 2015, the sole shareholder of Edin Investments
Enterprises Limited resolved to voluntarily wind up the company's
operations.

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:

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


EL (CAYMAN): Commences Liquidation Proceedings
----------------------------------------------
On Dec. 9, 2015, the sole shareholder of EL (Cayman) 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:

          Fox Paine Capital Co-Investors International GP, Ltd.
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


ICHIKAWA TWO: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 27, 2015, the sole member of Ichikawa Two resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 11, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KROM RIVER: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 9, 2015, the sole shareholder of Krom River Commodity Fund
Inc. 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:

          David McGeough
          Piccadilly Centre, 2nd Floor
          28 Elgin Avenue, George Town
          P.O. Box 697GT Grand Cayman
          Cayman Islands


MP GLOBAL: Placed Under Voluntary Wind-Up
-----------------------------------------
On Nov. 2, 2015, the members of MP Global Advisors Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Kanika Green
          P.O. Box 799 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 925-3500


NARASHINO THREE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 27, 2015, the sole member of Narashino Three resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 11, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NEBULAE CANADIAN: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 4, 2015, the sole shareholder of Nebulae Canadian Resource
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:

          Norrep Capital Management Ltd.
          TD North Tower
          4330, 77 King Street West
          P.O. Box 196 Toronto
          Ontario M5K 1H6
          Canada
          Telephone: +1 (416) 640 4163


PNT SPV: Commences Liquidation Proceedings
------------------------------------------
On Dec. 8, 2015, the members of PNT SPV, 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


PRIDE INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 4, 2015, the members of The Pride Investments Group
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 11, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


QF PLASTICS: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 8, 2015, the sole member of QF Plastics Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 11, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


QFB LEINSTER: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 8, 2015, the sole member of QFB Leinster Developments Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 11, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


QFB LONDON: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 8, 2015, the sole member of QFB London Partner Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 11, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SEARCHLIGHT HARBOR: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 8, 2015, the shareholder of Searchlight Harbor Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 12, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          Cayman Islands
          P.O. Box 30116 Grand Cayman KY1-1201
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


SMGP ADMINISTRATION: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 9, 2015, the sole shareholder of SMGP Administration 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:

          Anna Yonge
          IMS Liquidations Ltd.
          Harbour Centre, George Town
          P.O. Box 61 Grand Cayman KY1-1102
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635
          Cayman Islands


===================
C O S T A   R I C A
===================


COSTA RICA: Moody's Changes Outlook on Ba1 Rating to Negative
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
Government of Costa Rica's Ba1 issuer rating to negative from
stable.  At the same time, Moody's has affirmed Costa Rica's Ba1
senior unsecured and issuer ratings.

The decision to change the outlook reflects Moody's expectation
that the lack of political consensus to reduce the fiscal deficit
will continue to put pressure on the government's rising debt
burden.

The key drivers for Moody's affirmation of Costa Rica's Ba1 rating
are:

  1. Costa Rica's economic strength supported by a GDP per capita
     that is almost twice the peer median.

  2. Moderate institutional strength as evidenced by a long
     tradition of consensus-building and high rankings for
     governance.

  3. Low external vulnerabilities including a current account
     deficit that is mostly financed by net foreign direct
     investment.

RATINGS RATIONALE

RATIONALE FOR THE NEGATIVE OUTLOOK

The main driver of the outlook change to negative from stable is
Moody's expectation that Costa Rica's high fiscal deficits will
continue, leading to a continued increase in government debt.

Costa Rica's government debt, which will reach 47% of GDP this
year, has risen every year since 2008 when it was almost half the
current level at 25%.  The main reason behind the rising debt
burden is high fiscal deficits that averaged 5.1% of GDP since
2010 and will, absent significant fiscal policy reform, exceed 6%
of GDP this year and next.

In the last few years there have been several attempts by both the
current and prior administrations to reduce the fiscal deficit, in
most cases through new legislation increasing the tax intake but
none has been adopted.  Approval of tax and fiscal reform has
stalled due to a lack of agreement between the executive and the
legislature on whether to prioritize tax increases versus spending
cuts, an agreement made even more difficult due to a highly
atomized legislature which has 57 members and 9 political parties.

We estimate central government gross funding needs for 2016 of
close to 12% of GDP and, absent fiscal reforms that lead to lower
deficits, funding needs will continue to rise in 2017 and beyond.
Most of Costa Rica's funding needs will be met domestically, and
Moody's expects that in 2016 the government will borrow the
equivalent of 11% of GDP in its domestic markets.  This represents
an increase from recent years, with domestic funding in 2013 at
only 6.2% of GDP.  If this trend continues unabated it will place
pressure on domestic interest rates and economic growth.

            RATIONALE FOR AFFIRMATION OF THE Ba1 RATING

Costa Rica's Ba1 government bond rating balances the country's
comparatively strong national income and growth dynamics with high
fiscal deficits and a rising debt burden.  The decision to affirm
Costa Rica's ratings at this time, rather than downgrade, reflects
the balance of credit strengths.  Costa Rica is richer and has
until recently been growing faster than its rating peers.  The
country's estimated $52 billion nominal GDP (2015) is slightly
higher than the median for Ba rated sovereigns and its $14,919 GDP
per capita (PPP basis, 2014) is almost double the Ba category
median of $8,843.  Over the last five years, the economy averaged
3.9% annual growth, above the 3.6% median of Ba rated countries.
For 2016 we expect real GDP growth to rise close to 4%, driven by
investment and private consumption.

Another factor supporting the ratings is Costa Rica's strong
institutions, which provide a high degree of policy
predictability.  As the oldest democracy in the region Costa Rica
has a long tradition of consensus-building and high rankings for
governance, but that has led to gridlock when it comes to fiscal
reforms.

A comparatively high level of financial dollarization remains a
credit risk.  Costa Rica's total dollar deposits are 105% of the
sum of international reserves and banks' foreign assets, compared
to a median of 54% for similarly rated sovereigns (2014 data).  A
high level of financial dollarization raises the spillover risks
of a sudden devaluation.  It also represents a contingent claim on
reserves in the case of sizable withdrawals on dollar deposits.
But Costa Rica's external vulnerability remains low, with a
current account deficit that is more than 90% financed by foreign
direct investment, reducing the need for external debt.  Lower
global oil prices have also helped reduce the current account
deficit which stood at 4% of GDP last year down from a 5.1% of GDP
average in the four years prior.

                   WHAT COULD MOVE THE RATING UP

Given the negative outlook, a rating upgrade is unlikely.
However, we would stabilize the outlook at the current rating
level if we expected the government to adopt structural budgetary
adjustments, such as increased tax revenues, spending cuts or a
combination of both, that were expected to arrest and ultimately
reverse the rise in the government's debt levels.

                  WHAT COULD MOVE THE RATING DOWN

A continued deterioration of the fiscal accounts and further
increases in debt metrics would likely lead to further negative
rating actions.  Evidence of stress in the banking system or a
significant increase in the level of financial dollarization could
also place downwards pressure on the rating.

                         COUNTRY CEILINGS

The long-term foreign currency bond ceiling is unchanged at Baa2,
while the short-term foreign currency bond ceiling is unchanged at
P-3.  The long-term foreign currency deposit ceiling is unchanged
at Ba2, while the short-term foreign currency deposit ceiling
remains at NP.  The long-term local currency bond and deposit
ceilings are unchanged at A3.

  GDP per capita (PPP basis, US$): 14,919 (2014 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 3.5% (2014 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 5.1% (2014 Actual)
   Gen. Gov. Financial Balance/GDP: -5.7% (2014 Actual) (also
   known as Fiscal Balance)
  Current Account Balance/GDP: -4.7% (2014 Actual) (also known as
   External Balance)
  External debt/GDP: 42.3% (2014 Actual)
  Level of economic development: Moderate level of economic
   resilience
  Default history: No default events (on bonds or loans) have been
   recorded since 1983.

On Feb. 4, 2016, a rating committee was called to discuss the
rating of the Costa Rica, Government of.  The main points raised
during the discussion were: The issuer's institutional strength
has materially decreased.  The issuer's governance and/or
management have materially decreased.  The issuer's fiscal or
financial strength, including its debt profile, has materially
decreased.


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


DOMINICAN REP: Big Firms Asks Opposition Party to Rejoin Talks
--------------------------------------------------------------
Dominican Today reports that National Business Council (Conep)
executive vice president Rafael Paz said it's crucial that the
talks seeking to hammer out the National Electricity Pact
continue, and called on the major opposition party (PRM) to rejoin
the discussions.

Mr. Paz said the business sector's proposal for the Pact was the
result of two months of intense work, noting that the Conep brings
together not only the power companies, but also much of the
consumer companies since it directly leads to higher costs,
affected by their light bill, according to Dominican Today.

"If we could sit and put special interests aside and generate a
comprehensive proposal, we feel that this is the country's best
opportunity to achieve real solutions to the energy problem," the
report quoted Mr. Paz as saying.

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


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


JAMAICA: JHTA Says No Fall-Off in Visitor Arrival Due to Zika
-------------------------------------------------------------
RJR News reports that the Jamaica Hotel and Tourist Association
(JHTA) has declared that it has not seen any fallout in the local
industry due to the threat of the Zika Virus.

"We've been speaking with our partners and we are not seeing any
evidence of that for Jamaica," Nicola Madden Greig, JHTA
President, told RJR News.

According to a Reuters/Ipsos poll, 41-per cent of Americans aware
of  the virus are apprehensive about taking a trip to Zika
affected countries, the report notes.  The poll was conducted from
February 1 to 5.

RJR News sought a response from Mrs. Madden Greig, who noted that,
up to this point, Jamaica has had only one confirmed case of the
Zika virus.

Nevertheless, she said local hoteliers were being proactive, the
report relays.

"We have been sensitising our members and they have been
continuing their normal vector control and some have of course
done additional items, in terms of making sure that properties are
well within scope in terms of what they are doing," the report
quoted Mrs. Greig as saying.

According to the poll, six out of 10 Americans aware of Zika said
the virus concerned them, including 18 per cent who said they were
"very concerned," the report notes.

Of those aware of the virus, 41 per cent said they were less
likely to travel to Puerto Rico, Mexico or South America in the
next 12 months because of Zika, the report relays.


                        *     *     *

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


NORANDA JAMAICA: Parent Files for Chapter 11 Bankruptcy Protection
------------------------------------------------------------------
RJR News reports that Noranda Aluminum Holding Corporation, the
parent company of Noranda Jamaica Bauxite, filed for Chapter 11
bankruptcy protection.

Arising from this decision, Noranda said it will evaluate its
various business operations, according to RJR News.

The Tennessee-based company said challenging market conditions for
the aluminum industry and recent disruptions in its primary
business operations led to the decision, the report notes.

Noranda listed both assets and liabilities in the range of US$1
billion to US$10 billion, the report relays.

Noranda Aluminum Holding Corporation is a North American
integrated producer of aluminum products and rolled aluminum
coils.


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


SUPER INDUSTRIAL: NGC Must be Stopped, Ex Attorney General Says
---------------------------------------------------------------
Trinidad Express reports that former attorney general Ramesh
Lawrence Maharaj is claiming that the National Gas Company (NGC)
is incorrectly applying an order made in the High Court against
Super Industrial Services (SIS) to restrict seven other companies
from being able to access their accounts, leaving them unable to
pay workers or suppliers.

Mr. Maharaj plans to write to Prime Minister Dr. Keith Rowley
seeking his intervention, according to Trinidad Express.

Mr. Maharaj said the issue has implications for the enjoyment of
human and fundamental rights of individuals, the rule of law and
democracy, notes the report.

The report relays that Mr. Maharaj is representing the interest of
approximately 800 employees from Phoenix Welding and Fabricating
Ltd, Quality Refractory and Insulation Services Ltd, Point Lisas
Construction Ltd, JaniKing Ltd, Scaffold Professionals Ltd,
Professional Coatings Ltd and Prime Equipment Rentals Ltd.


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


VENEZUELA: Acquiring Medications is Getting Harder and Harder
-------------------------------------------------------------
Daniela Castro Molina at EFE News reports that congress,
controlled by the opposition, has declared a human health crisis
in Venezuela amid shortages of medications and medical equipment,
and a deterioration in public health institutions.

Lawmakers debated the issue after Venezuelan Pharmaceutical
Federation, or Fefarven, president Freddy Ceballos explained flaws
and problems in the distribution of up to 80 percent of
medications across the country, according to EFE News.

"We are witnessing a human crisis, patients are dying for lack of
medication," Mr. Ceballos told EFE, adding that it was "very
difficult" to keep records of patients affected by diseases that
appeared recently, such as Zika, since there was not an
epidemiological bulletin, a report that Congress should restore.

The government has not proposed a solution and although President
Nicolas Maduro recently promised "13 'engines' to activate
Venezuela's economy, he did not mention health care in any of
these areas," the report quoted Mr. Ceballos as saying.

The currency controls are creating shortages of medications to
treat high blood pressure, convulsions and cancer, as well as
antibiotics and contraceptives, among others, Mr. Ceballos said,
the report notes.

Production of these medications "requires raw materials and to
bring in raw materials dollars are needed," the Fefarven President
said, the report relays.

Since 2003, legislation has reserved the authority to buy and sell
hard currency, which is then distributed to businesses through a
complicated procedure, for the government, the report notes.

The government should implement "realistic and binding" agreements
for the distribution of hard currency to manufacturers and
importers of pharmaceutical products, Mr. Ceballos said, the
report notes.

Domestic production should have priority over imports since "a
dollar in Venezuela yields five times more," Mr. Ceballos said,
the report says.

The Fefarven president cited as an example immunoglobulin used for
the treatment of Guillain-Barre syndrome, associated with the Zika
virus, which could be manufactured in the country but instead is
imported, the report discloses.

The report notes that Mr. Ceballos expects a worsening situation
in Venezuela and called on the World Health Organization, or WHO,
and other international institutions to send medications to the
country.

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.


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


HOVENSA LLC: 2nd Amended Liquidating Plan Confirmed
---------------------------------------------------
Hovensa L.L.C., which has agreed to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million, received approval
from Judge Mary F. Walrath of a consensual chapter 11 plan of
liquidation, which resolves substantial claims of key stakeholders
predicated on the successful sale of substantially all of the
Debtor's assets.

Judge Walrath on Dec. 17, 2015, granted conditional approval of
the Disclosure Statement and scheduled a Jan. 19 hearing to
consider confirmation of the Plan.

The Debtor on Jan. 12, 2016, filed a First Amended Plan and on
Jan. 19, 2016, filed a Second Amended Plan.  A red-lined copy of
the Second Amended Plan is available for free at:

      http://bankrupt.com/misc/Hovensa_563_2nd_Am_Plan.pdf

Following a hearing on Jan. 19, Judge Walrath signed an order
granting final approval of the Disclosure Statement and confirming
the latest iteration of the Plan.

A copy of the Plan Confirmation Order is available for free at:

     http://bankrupt.com/misc/Hovensa_572_Plan_Conf_Order.pdf

                      "No Single Objection"

During the Chapter 11 case, the Debtor and its major stakeholders
engaged in renewed, extensive, good faith, arm's-length
negotiations regarding the terms of a potential sale and a plan of
liquidation.  These negotiations culminated in Court approval of
the sale transaction, followed by an historic vote on Dec. 30,
2015, whereby the U.S. Virgin Islands ("USVI") Legislature
ratified a landmark operating agreement between the Government of
the USVI ("GVI") and the purchaser.  With this approval, the
Debtor was able to consummate the sale transaction, yielding
approximately $90 million in sale proceeds for the benefit of the
Debtor's estate.

The support for the Plan is evidenced by the fact that it has not
drawn a single objection, and all but one of the 981 votes cast on
the Plan was an acceptance.

According to the Debtor, the Plan satisfies the requirements for
confirmation set forth in section 1129 and other applicable
provisions of the Bankruptcy Code, and is supported by all of the
Debtor's major stakeholders.  Each of the Classes of Claims
entitled to vote on the Plan has voted to accept the Plan.

The Debtor received no objections to either the Disclosure
Statement or the Plan prior to the Objection Deadline, and only
three parties -- the GVI, the U.S. Trustee, and the Purchaser --
filed reservations of rights with respect to the Plan.  The Debtor
said it has discussed and will continue to discuss these matters
with the parties and hopes to achieve a resolution of any
remaining
issues prior to the Jan. 29 combined hearing.

A copy of the Debtor's memorandum in support of confirmation of
its
Plan is available for free at:

     http://bankrupt.com/misc/Hovensa_546_Plan_Brief.pdf

A copy of the declaration of Thomas E. Hill in support of
confirmation of the Second Amended Plan is available for free at:

     http://bankrupt.com/misc/Hovensa_565_Plan_Hill_Decla.pdf

                    Terms of Liquidating Plan

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

The projected recoveries under the Plan are:

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

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

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

The Debtor received a rival offer from Buckeye Partners, L.P. for
$198.6 million by the Nov. 5 bid deadline, as well as nine bids
from other parties.

Following an auction in November, 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 on Jan. 20, 2016, received court approval of its
liquidating plan.


HOVENSA LLC: LimeTree Balks at Plan Assignments to ERT
------------------------------------------------------
Limetree Bay Terminals, LLC and Limetree Bay Holdings, LLC, which
purchased most of the assets of Hovensa L.L.C. in December,
submitted an objection to confirmation of the Debtor's liquidating
plan.

Limetree related that a critical aspect of the sale was the
Purchaser's obligation to fund potentially up to $30,000,000 in
Wind-Up Costs, subject to certain conditions precedent contained
in Section 7.33 of the Purchase Agreement.  A critical aspect of
the Sale was the Purchaser's obligation to fund potentially up to
$30,000,000 in Wind-Up Costs, subject to certain conditions
precedent contained in Section 7.33 of the Purchase Agreement.

Despite this express and unambiguous requirement of the Purchase
Agreement and numerous requests by Limetree Bay, the Debtor has
declined to include the language of Section 7.33 anywhere in the
Plan.  LimeTree says that while the parties are currently
negotiating, it is important to inform the Court that the proposed
form of the Plan and Environmental Response Trust Agreement do not
conform to (and, in fact, breach) the requirements of the Purchase
Agreement

Limetree Bay said it does not consent to the Debtor's attempted
assignment of its rights and benefits to the Environmental
Response Trust and the Reorganized Debtor without also including
its obligations as part of such assignment, nor does Limetree Bay
consent to the Debtor's attempted bifurcation and assignment of
its rights to the Environmental Response Trust and the Reorganized
Debtor.  Limetree Bay does not believe it is controversial to
require the Environmental Response Trust to accept the burdens of
the Debtor's obligations when it is receiving the benefits as
well.

But more importantly, Section 7.33 of the Purchase Agreement
expressly requires the Environmental Response Trust to "assume and
perform the Seller's obligations under the Transaction Documents
upon the effective date of the Plan."

Until the Plan actually conforms to the requirements of the
Purchase Agreement and does not alter or limit (whether directly
or indirectly) the requirements of Section 7.33 of the Purchase
Agreement, Limetree Bay has no obligation to fund any portion of
the $30,000,000 in Wind-Up Costs.

The Bankruptcy Court's Jan. 20 order confirming the Plan includes
a paragraph on the "Resolution of the Purchaser's Objection."  The
Order provides, "The Debtor and the Purchaser will work in good
faith to enter into a stipulation designating which obligations
under the Transaction Documents will be assumed by the
Environmental Response Trust, and which obligations will be
assumed by the Reorganized Debtor.  The Debtor and the Purchaser
agree to cooperate in good faith to the extent necessary regarding
any obligations under the Transaction Documents that are not
assigned to the Environmental Response Trust.  To the extent the
Debtor and the Purchaser are unable to reach agreement with
respect to the stipulation, the Court will hold a hearing to
determine which obligations under the Transaction Documents must
be assumed by the Environmental Response Trust and the Reorganized
Debtor.  For the avoidance of doubt, all parties' rights are
reserved with respect to any proposed agreement regarding the
assumption of obligations.  It will be a condition precedent to
the Effective Date of the Plan that the Court will approve an
agreement regarding the assumption of Obligations under the
Transaction Documents."

Limetree Bay's attorneys:

         NICHOLS NEWMAN LOGAN GREY & LOCKWOOD, P.C.
         Todd Newman, Esq.
         1131 King Street
         Christiansted, St. Croix 00820
         Telephone: (340) 773-3200
         Facsimile: (340) 773-3409
         E-mail: tnewman@nicholsnewman.com

              - and -

         LATHAM & WATKINS LLP
         Keith A. Simon, Esq.
         David F. McElhoe, Esq.
         885 Third Avenue
         New York, NY, 10022
         Telephone: (212) 906-1200
         Facsimile: (212) 751-4864
         E-mail: keith.simon@lw.com
                 david.mcelhoe@lw.com

                         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 on Jan. 20, 2016, received court approval of its
liquidating plan.


HOVENSA LLC: Three Members of Oversight Committee Named
-------------------------------------------------------
In accordance with Hovensa L.L.C.'s Second Amended Plan and the
Court's Jan. 20, 2016 Order Confirming Plan, the Official
Committee of Unsecured Creditors has selected three persons to
serve on the Oversight Committee.

The identity and affiliations of the individuals that form the
Oversight Committee are:

  * John Keough, partner at Clyde & Co US LLP, will serve as the
member representing a Trade Claim. Mr. Keough has represented
Atlantic Trading & Marketing, Inc. in connection with the Chapter
11 Case. Mr. Keough will be compensated in accordance with the
terms of the Liquidating Trust Agreement.

   * Lee J. Rohn, partner at Lee J. Rohn & Associates, will serve
as the member representing a Tort Claim. Ms. Rohn has represented
numerous Holders of Tort Claims in connection with the Chapter 11
Case. Ms. Rohn will be compensated in accordance with the terms of
the Liquidating Trust Agreement.

   * Stephen A. Weisbrod, partner at Weisbrod Matteis & Copley
PLLC, will serve as the independent member. Mr. Weisbrod will be
compensated in accordance with the terms of the Liquidating Trust
Agreement.


                             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 on Jan. 20, 2016, received court approval of its
liquidating plan.


HOVENSA LLC: U.S. Objection on ERT Waiver Resolved
--------------------------------------------------
The United States of America, on behalf of the United States
Environmental Protection Agency, filed a limited objection to
confirmation of Hovensa L.L.C.'s Plan of Liquidation.

The groundwater and certain areas of the refinery previously
operated by the Debtor are contaminated with hazardous waste and
hazardous waste constituents.  The Debtor is required by RCRA
permit VID 980536080, issued by EPA pursuant to the Resource
Conservation and Recovery Act, 42 U.S.C. Sec. 9601 et seq., to
clean up this contamination.  The Debtor is also subject to
various other environmental obligations under RCRA and other
environmental statutes in connection with the Facility.

To address the Debtor's obligation to clean up the contamination
at the Facility, as well as various other environmental
obligations, the Plan contemplates the establishment of an
Environmental Response Trust ("ERT").  The purpose of the ERT is
to implement the Environmental Remediation/Compliance Program
which includes, among other requirements, that the ERT implement
the cleanup required by the RCRA Permit.  The assets of the ERT
will include, inter alia,

     (a) a $5 million payment from the Debtor or Reorganized
         Debtor,

     (b) the rights of the Debtor with respect to RCRA financial
         assurance trusts holding about $36.6 million,

     (c) the right under the Purchase Agreement to require the
         Purchaser to pay up to $30 million in Wind-Up Costs
         under the Purchase Agreement,

     (d) the right to require the Purchaser to provide a certain
         amount of free electric power under the Purchase
         Agreement, and

     (e) an insurance policy to cover certain environmental
         conditions.

The ERT is to be established pursuant to an Environmental Response
Trust Agreement ("ERT Agreement"), to be entered into by the
Debtor, the United States (on behalf of EPA), the Government of
the Virgin Islands (on behalf of the Department of Planning and
Natural Resources ("DPNR")), and the Trustee (Roberto Puga of
Project Navigator, Ltd.) (the "ERT Parties").

Prior to the Jan. 19 confirmation hearing, the ERT Parties were
still finalizing the terms of the ERT Agreement, but are
continuing to work toward that goal.

In its Jan. 15 plan objection, the U.S. said that the Debtor
should not be given the sole discretion to determine whether to
waive the condition that the ERT Agreement be executed and
effective. The establishment of the ERT is essential to ensuring
that the Debtor's environmental obligations are addressed.
Confirmation of the Plan without the prior establishment of the
ERT would therefore be improper, the U.S. Trustee said.

To resolve the DOJ objection, the judge's Plan Confirmation Order
entered Jan. 20, 2016, provides, "Notwithstanding anything to the
contrary in the Plan or this Order, the Debtor will provide the
EPA and the GVI with three business days' notice and an
opportunity to object prior to the Debtor's waiver of any
conditions relating to the Environmental Response Trust."

The United States can be reached at:

         JOHN C. CRUDEN
         Assistant Attorney General
         Environment and Natural Resources Division
         United States Department of Justice

         Myles E. Flint, II
         Senior Counsel
         Donald G. Frankel
         Senior Counsel
         United States Department of Justice
         Environmental Enforcement Section
         Environment & Natural Resources Division
         One Gateway Center, suite 616
         Newton, MA 02458
         Tel: (617) 450-0442
         Fax: (617) 450-0448

                            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 on Jan. 20, 2016, received court approval of its
liquidating plan.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

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