TCRLA_Public/160212.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

            Friday, February 12, 2016, Vol. 17, No. 30


                            Headlines



A R G E N T I N A

ARGENTINA: Cravath Takes Lead On Debt Default Defense


B R A Z I L

GRUPO EMBOTELLADOR: Weak Performance Pressured Results, Fitch Says
QGOG CONSTELLATION: Downgrade Not Expected, Fitch Says


C A Y M A N  I S L A N D S

BINJAI HILL: Commences Liquidation Proceedings
BINJAI HILL FUND: Commences Liquidation Proceedings
EIP ENERGY: Commences Liquidation Proceedings
I.A.P. LIMITED: Placed Under Voluntary Wind-Up
NAKKAR INVESTMENT: Commences Liquidation Proceedings

RAMIUS CONVERTIBLE: Commences Liquidation Proceedings
RAMIUS CONVERTIBLE SEGREGATED: Commences Liquidation Proceedings
RAMIUS CREDIT: Commences Liquidation Proceedings
RAMIUS CREDIT: Commences Liquidation Proceedings
RAMIUS ENTERPRISE: Commences Liquidation Proceedings

RAMIUS MULTI-STRATEGY FOF: Commences Liquidation Proceedings
RAMIUS MULTI-STRATEGY: Commences Liquidation Proceedings
RAMIUS PB: Commences Liquidation Proceedings
RAMIUS PORTSIDE: Commences Liquidation Proceedings
RAMIUS VINTAGE: Commences Liquidation Proceedings


C O L O M B I A

COLOMBIA: To Heed Court Ruling Against Mining in Highland


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Foods Pace January Price Climb of 0.39%
DOMINICAN REP: Electricity Pact Still on Track, Top Official Says


M E X I C O

TV AZTECA: Fitch Says Cash Burn May Fuel Downgrade


P E R U

* PERU: OKs Repsol's Environmental Assessment of Gas Project


P U E R T O    R I C O

HORNED DORSET: Had Until Feb. 11 to File Ch. 11 Plan, Outline
PUERTO RICO: Obama Budget Includes Bankruptcy Power


                            - - - - -



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


ARGENTINA: Cravath Takes Lead On Debt Default Defense
-----------------------------------------------------
Julie Wernau, writing for The Wall Street Journal, reports that
Argentina is putting on a new face for the judge who will
ultimately decide the outcome for a 15-year debt battle that has
locked the country out of capital markets.

The Argentine government said on Feb. 9 that New York-based law
firm Cravath Swaine & Moore will represent Argentina before U.S.
District Judge Thomas Griesa in New York, notes the report.

WSJ says Cleary Gottlieb, who has represented Argentina in the
courtroom since 2002 in the debt battle, will still be co-counsel
for Argentina, but not in front of the judge.

Insiders say the move is a push by President Mauricio Macri to
convince the judge that the new government is serious about ending
the stalemate, according to WSJ.

The report recalls that the government has failed to settle with
holdout creditors who refused to settle for 30 cents on the dollar
as part of two exchange offers that stemmed from a 2001 default on
more than $80 billion in bonds.  The high profile case eventually
led the nation to default on those exchange bonds as well after
the judge issued an injunction under a legal premise that it
couldn't pay some bondholders and not others.

Under the new government, notes WSJ, Mr. Macri's administration
traveled to New York last week to try to settle the matter and has
an offer on the table to all holdouts, some of which have agreed
to the proposal.

Argentina officials have said publicly that they hope to sway the
judge to lift the injunction even if not all creditors have agreed
to the deal, the report relates.

Argentina says Cravath was selected from eight submitted
proposals, calling it the firm that will "advise the country in
the final stage of this long dispute," notes WSJ.

                  Cravath Confirms Appointment

Jonathan Randles at Law360.com reports that Cravath Swaine & Moore
LLP confirmed that Argentina has picked the firm to take over as
the country's lead counsel in long-running bondholder litigation
in New York stemming from its 2001 debt default.

Cravath takes over lead duties defending Argentina from Cleary
Gottlieb Steen & Hamilton LLP, which will stay on as co-counsel, a
spokesperson said.

Messages sent to Cleary and Argentina's finance ministry were not
immediately returned.

                        *     *     *

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.



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


GRUPO EMBOTELLADOR: Weak Performance Pressured Results, Fitch Says
------------------------------------------------------------------
Weak operating performance in Brazil and Mexico in conjunction
with soft currencies in those markets have pressured the results
of Grupo Embotellador Atic S.A. (Atic), 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 the bottom of this release.

"If Atic would close its operations in Brazil and Mexico, its free
cash flow for 2016 would be in the high single digits and net
leverage would decline to about 5.9x; this compares positively to
a negative free cash flow and a net leverage of around 6.5x if
these markets remain in operation," said Cristina Madero/Associate
Director.

Last year was an extremely harsh year for Atic, with growth in
most of its operating markets weak and currencies in Colombia,
Indonesia, Brazil and Mexico depreciating sharply. Atic is
expected to generate approximately EUR82 million of EBITDA during
2016, a slight increase when compared with Fitch's projection of
EUR78 million of EBITDA in 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: Grupo Embotellador Atic S.A.
Feb. 10th: TV Azteca, S.A.B. de C.V.
Feb. 11th: QGOG Constellation S.A.
Feb. 12th: Odebrecht Offshore Drilling Finance Ltd.


QGOG CONSTELLATION: Downgrade Not Expected, Fitch Says
------------------------------------------------------
With the majority of QGOG Constellation S.A.'s (Constellation)
contracts set to expire after 2018, the company's credit ratings
should be able to withstand declining dayrates, according to the
latest report in Fitch Ratings' 10-report series title '10 Most
Distressed LatAm Corporates.'

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

'As long as operating expenses are at or below historical levels,
and fleet performance remains strong, Constellation can weather
deteriorating dayrates declining to an average of USD300,000 for
the ultra-deepwater rigs and USD150,000 for the midwater rigs
without a downgrade,' said Cinthya Ortega, Director.

We project that Constellation's free cash flow (FCF) and EBITDA
will remain solid in 2016 and 2017. Fitch expects USD250 million
of FCF and 4.2x of total net leverage in 2016, and USD327 million
of FCF and 3.4x of total net leverage in 2017. As of the last 12
months ended September 2015, EBITDA was USD650 million.
Fitch's base case assumption presumes rigs will remain contracted
and that Petrobras will not attempt to renegotiate contracted
dayrates.

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.



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


BINJAI HILL: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 11, 2015, the sole member of Binjai Hill Asian Acorns
(Non-US Feeder) Fund 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:

          Justin Murray Guy Kendrick
          4 Binjai Hill 589921
          Singapore


BINJAI HILL FUND: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 11, 2015, the sole member of Binjai Hill Asian Acorns Fund
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:

          Justin Murray Guy Kendrick
          4 Binjai Hill
          589921
          Singapore


EIP ENERGY: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 8, 2015, the sole shareholder of EIP Energy Income Fund
Offshore, 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:

          Energy Income Partners, LLC
          c/o Nandita Hogan
          449 Riverside Avenue
          Westport Connecticut 06880
          United States of America
          Telephone: +1 (203) 349 8232


I.A.P. LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 8, 2015, the sole member of I.A.P. 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:

          Alan Turner
          Turners Management Ltd.
          Strathvale House
          90 North Church Street
          P.O. Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


NAKKAR INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 11, 2015, the sole shareholder of Nakkar Investment Ltd.
resolved to voluntarily liquidate the company's business.

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


RAMIUS CONVERTIBLE: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Convertible
Arbitrage 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:

          Ramius Advisors, LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS CONVERTIBLE SEGREGATED: Commences Liquidation Proceedings
----------------------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Convertible
Arbitrage Segregated 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:

          Ramius Advisors, LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS CREDIT: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Credit
Opportunities Segregated 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:

          Ramius Advisors, LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS CREDIT: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Credit
Opportunities 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:

          Ramius Advisors, LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS ENTERPRISE: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Enterprise
Segregated 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:

          Ramius Advisors, LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS MULTI-STRATEGY FOF: Commences Liquidation Proceedings
------------------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Multi-Strategy
Master FOF 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:

          Ramius Alternative Solutions LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS MULTI-STRATEGY: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Multi-Strategy
Fund (Euro) 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:

          Ramius Advisors, LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS PB: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius PB Segregated 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:

          Ramius Advisors, LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS PORTSIDE: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Portside
Segregated 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:

          Ramius Advisors, LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


RAMIUS VINTAGE: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Ramius Vintage Multi-
Strategy FOF 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:

          Ramius Alternative Solutions LLC
          c/o Michael Benwitt
          830 Third Avenue, 4th Floor
          New York, NY 10022
          USA
          Telephone: (212) 823 0226


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


COLOMBIA: To Heed Court Ruling Against Mining in Highland
---------------------------------------------------------
EFE News reports that Colombia's government said it would comply
with a Constitutional Court ruling that bans all mining activities
in the Andean nation's "paramo," or alpine tundra, regions.

"We receive this decision with the utmost respect and will
obviously abide by it," Environment and Sustainable Development
Minister Gabriel Vallejo said, according to EFE News.

The high court ruled that Paragraph 1, Article 173 of the 2014-
2018 National Development Plan, approved in 2014, was
unconstitutional, says the repor.

That paragraph had made an exception to a 2011 ban on mining in
the paramo, stating that exploration and development of non-
renewable resources and mining were permissible as long as the
environmental licenses for those activities had been issued prior
to Feb. 9, 2010, and June 16, 2011, respectively, the report
notes.

Paramos are intertropical alpine ecosystems where shrub land
predominates and which are located more than 3,000 meters (9,835
feet) above sea level, the report relays.

These high-altitude regions are the source of most of the water
that Colombians consume, the report notes.

The Constitutional Court ruled in favor of a challenge brought by
the leftist opposition Alternative Democratic Pole, or PDA, party
against several articles in the National Development Plan, one of
President Juan Manuel Santos' flagship programs, the report
discloses.

It found that Colombians' right to a healthy environment overrode
rights acquired through environmental licenses, the report relays.

Greenpeace's spokeswoman in Colombia, Silvia Gomez, told EFE News
that the environmental watchdog had backed the PDA's lawsuit,
saying that that paragraph of the National Development Plan had
favored mining over paramo conservation.

"I think it's really a reconquest of what society had already won,
but which political and mining interests had taken from us," she
added, the report relays.


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


DOMINICAN REPUBLIC: Foods Pace January Price Climb of 0.39%
-----------------------------------------------------------
Dominican Today reports that January prices remained mostly
unchanged at 0.39% higher than December, paced by foods and non-
alcoholic beverages, the Central Bank announced.

It said the group of foods is where low income workers economy
spend the most "and have been the most impacted by the month's CPI
as a result," according to Dominican Today.

"The Consumer Price Index (CPI) remained virtually unchanged
compared to December 2015," the Central Bank said in a statement
obtained by the news agency.

It said annual inflation in January 2015 to January 2016, or the
last 12 months reached 2.53%, remaining below the lower limit of
the inflation target of 4.0% +/- 1.0% set in the monetary program
for 2016, the report notes.

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


DOMINICAN REP: Electricity Pact Still on Track, Top Official Says
-----------------------------------------------------------------
Dominican Today reports that the coordination team for the
Electric Pact headed by presidency chief of staff Gustavo Montalvo
and Economic and Social Council (CES) president monsignor Agripino
Nunez announced progress after a meeting.

"The Dominican government has made every effort to finalize the
signing of this agreement and from the first day the government
team has provided complete and total support to this process, in
compliance with the provisions of the National Development
Strategy," the report quoted Mr. Montalvo as saying.

Mr. Montalvo said the Government has provided the information to
the political parties, business organizations and social groups
that had requested it, sent to the CES in November and December,
the report notes.

The report relays that Mr. Montalvo said the documents have been
delivered as they are collected and processed, though some
information requested weren't available, but is processed as a
result of the motion, while others have been posted on the
websites of government agencies for months.

"I want to reiterate how important it is for the Government and
Dominican society maintain any agenda of a particular sector on
the margins of the pact.  It's the responsibility of all to
prevent contaminating this exercise in democracy with political
agendas. Each one of us who participates in this process must rise
up to the historic responsibility we are addressing," Mr. Montalvo
added.

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



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


TV AZTECA: Fitch Says Cash Burn May Fuel Downgrade
--------------------------------------------------
A difficult path to free cash flow generation for TV Azteca S.A.B.
de C.V. (TV Azteca) caused by increased production costs and muted
revenue growth sets the company up for a potential downgrade,
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 the bottom of this release.

"TV Azteca needs to rein its cash burn to prevent a further
ratings downgrade," said Alvin Lim, Director. "Failure to turn
around negative free cash flow generation amid sluggish EBITDA
growth, resulting in a vulnerable liquidity profile over the
medium term, will pressure ratings."

TV Azteca will need at least MXN3.3 billion of EBITDA in 2016 to
generate positive free cash flow. Fitch does not expect the
company to meet the target as drastic cuts in production costs are
unlikely, given the importance of competitive content. Also, Fitch
does not forecast substantial increases in advertising prices
during 2016 given the unfavorable operational outlook while
continued EBITDA loss in the company's Colombian telecom operation
is expected in 2016.

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.



=======
P E R U
=======


* PERU: OKs Repsol's Environmental Assessment of Gas Project
------------------------------------------------------------
EFE News reports that Peru's Energy and Mines Ministry said it had
approved Spanish energy major Repsol's environmental impact
assessment of the Sagari natural gas project, located in the
jungles of the southern region of Cuzco.

The ministry's General Directorate of Environmental Energy Affairs
approved the assessment of Sagari, a project whose area of
influence straddles the territories of the Porotobango,
Kitepampani and Nuevo Mundo indigenous communities, noting that
Repsol had conducted "participation mechanisms" among those
stakeholders, according to EFE News.

Its statement said the project would require an investment outlay
of just over $958 million and entail the drilling of two
development wells and the construction of other gas production
installations, the report notes.

It said the company's interventions with the local communities
were aimed at providing "information regarding the project and
establishing a direct dialogue" to ensure their "contributions,
observations and suggestions" are taken into account, the report
relays.

The environmental impact assessment of Sagari received the go-
ahead of the National Service of Natural State Protected Areas, or
Sernanp; the Agriculture Ministry's National Water Authority; and
the Supervisory Agency for Investment in Energy and Mining, or
Osinergmin, the report adds.



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


HORNED DORSET: Had Until Feb. 11 to File Ch. 11 Plan, Outline
-------------------------------------------------------------
The Hon. Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico granted The Horned Dorset Primavera Inc.,
additional 45 days from Dec. 28, 2015, to file its Chapter 11 Plan
and an explanatory disclosure statement; and file objections to
claims.

On Dec. 22, 2015, the Debtor filed a second request for extension
explaining that it needed additional time since it is still
evaluating claims filed by the governmental entities in order to
determine the filing of objections to the same.

The Debtor noted that, among other things, in order to properly
address the claims made by the Treasury Department, the Debtor and
its accountant must review almost nine years of documents in order
to properly ascertain the validity of Treasury's claim.

                About The Horned Dorset Primavera

The Horned Dorset Primavera Inc. operates the Horned Dorset
Primavera, a small luxury hotel located in northwestern Puerto
Rico, two miles from the town of Rincon.  The hotel --
http://www.horneddorset.net/-- is set among rolling hills at the
edge of the beautiful Caribbean Sea and is known for reserved
European service executed in an atmosphere unique in  Puerto Rico
and the award-winning Restaurant Aaron.  The hotel is a member of
Relais & Chateaux.

The Horned Dorset Primavera Inc. commenced a Chapter 11 bankruptcy
case (Bankr. D.P.R. Case No. 15-03837) in Old San Juan, Puerto
Rico on May 22, 2015.

According to the docket, the Debtor's Chapter 11 plan is due
Nov. 18, 2015.

The Debtor has tapped Isabel M. Fullana, Esq., at Garcia Arregui &
Fullana PSC, as counsel.


PUERTO RICO: Obama Budget Includes Bankruptcy Power
---------------------------------------------------
Peter Schroeder at The Hill reports that President Obama is
proposing to provide Puerto Rico with billions of dollars in
relief, in addition to allow the territory to declare bankruptcy
on some of its debt.

The president's fiscal 2017 budget proposal includes several
policy changes aimed squarely at helping the territory boost its
economy, and get out from under a debt burden island officials say
is unmanageable, according to The Hill.

Among the changes are bankruptcy power for Puerto Rico, an
expansion of the Earned Income Tax Credit to the island, and
increased Medicaid funds, the report notes.  All the policy
changes, if enacted, would apply to Puerto Rico and other U.S.
territories, the report relays.  The president's plan would also
subject the island to "strong fiscal oversight," but does not
detail exactly how, the report says.

After years of economic decline, Puerto Rican officials are
warning the island will not be able to pay off its most important
debts for more than a few months at most, the report notes.  The
issue of how to help the island, and the millions of American
citizens living there, has become a top priority for Congress, the
report says.  Speaker Paul Ryan (R-Wis.) has vowed to produce
legislation on the matter by the end of March.

The White House plan would allow Puerto Rico to undergo a
"comprehensive restructuring" of its debts, a move likely to be
fiercely contested by investors in Puerto Rican debt eager to be
paid in full, the report discloses.

In addition, the administration wants to extend the Earned Income
Tax Credit, currently available in all 50 states, to Puerto Rico
and other territories, the report notes.  That credit is available
to low and middle-income individuals and families.  According to
the White House, such an expansion would cost $601 million in
fiscal 2017, and $6.6 billion over the next decade, the report
relays.

Obama's budget would also scrap a cap on Medicaid funds that
currently applies to territories, and would gradually increase
Federal Medicaid matching funds until they fall in line with
levels enjoyed by U.S. states, the report discloses.

Such a shift would cost $320 million in fiscal 2017, and $29.6
billion over the next decade, 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.


                            ***********


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.


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