TCRLA_Public/160216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, February 16, 2016, Vol. 17, No. 32


                            Headlines



B R A Z I L

ODEBRECHT OFFSHORE: Fitch Says Above Average Recovery Possible


C A Y M A N  I S L A N D S

CANTHILL LIMITED: Commences Liquidation Proceedings
CHINA FISHERY: Placed Under Provisional Liquidation
DEBA LIMITED: Placed Under Voluntary Wind-Up
EM PARTNERS: Placed Under Voluntary Wind-Up
HARD ASSETS: Placed Under Voluntary Wind-Up

HARD ASSETS MASTER: Placed Under Voluntary Wind-Up
PRIME STARS: Placed Under Voluntary Wind-Up
QUOVIS LIMITED: Placed Under Voluntary Wind-Up
RP CAPITAL: Placed Under Voluntary Wind-Up
RUSSEL INVESTMENT: Placed Under Voluntary Wind-Up

SAIL ALPHATRAXX: Members Receive Wind-Up Report
SIRAJ GLOBAL: Commences Liquidation Proceedings
SUPREME BRIGHT: Commences Liquidation Proceedings
TRITON 700: Placed Under Voluntary Wind-Up
UFG REAL: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

BARRICK GOLD: Land Dispute Sends Farmers, Firm Back to Court


J A M A I C A

JAMAICA: Makes J$62 Billion Bond Payment
JAMAICA: Bank of Jamaica Lowers Inflation Forecast


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Senate Vote on Utility Workout Set
PUERTO RICO: Guam Says No to Territorial Bankruptcy
PUERTO RICO: Needs Bankruptcy Access From Congress, Ravitch Says
SPANISH BROADCASTING: PlusTick Management Reports 8.6% Stake
SPANISH BROADCASTING: Renaissance Tech Holds 6.8% of CL-A Shares


                            - - - - -


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


ODEBRECHT OFFSHORE: Fitch Says Above Average Recovery Possible
--------------------------------------------------------------
With default a real possibility for Odebrecht Offshore Drilling
Ltd. (OODFL), investors who wait could expect an above average
recovery, according to this final report in Fitch Ratings' 10-
report series on the 10 Most Distressed LatAm Corporates.

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

'Using a discounted cash flow analysis, we expect an average
recovery of 80%. A liquidation scenario would result in
significantly lower recovery given distressed market conditions,'
said Cinthya Ortega, Director.

The recovery analysis assumes a dayrate between USD250,000 -
USD300,000 for ODN I, ODN II and Norbe VI; daily opex below
USD175,000, uptime levels below 95%, and proceeds from the sale of
Tay IV of no less than USD50 million.

The recovery analysis incorporates the possibility that dayrates
may be renegotiated, but also assumes that existing Petrobras rig
contracts will not be terminated.

A negative rating action would be triggered if the notes are
restructured to avert probable payment default.

Fitch's 10 Most Distressed LatAm Corporates series was 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
==========================


CANTHILL LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 10, 2015, the sole shareholder of Canthill Limited
resolved to voluntarily liquidate the company's business.

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:

          Mourant Ozannes
          Bute Director Services Ltd
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CHINA FISHERY: Placed Under Provisional Liquidation
---------------------------------------------------
On Dec. 8, 2015, the Grand Court of the Cayman Islands entered an
order to place China Fishery Group Limited under provisional
liquidation.

The company's provisional liquidators are:

          Kris Beighton
          Alexander Lawson
          KPMG
          P.O. Box 493, Century Yard
          Cricket Square, Grand Cayman KY1-1106

          Fergal Power
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong


DEBA LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 11, 2015, the sole shareholder of Deba 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


EM PARTNERS: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 11, 2015, the shareholders of EM Partners Ltd resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Markus Stutz
          Haussmann Treuhand AG
          Telephone: (011) 41 44 254 31 31
          Facsimile: (011) 41 44 254 31 80
          Seefeldstrasse 45
          8008 Zurich
          Switzerland


HARD ASSETS: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 11, 2015, the sole shareholder of Hard Assets 2x Fund Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Van Eck Absolute Return Advisers Corp.
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


HARD ASSETS MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 11, 2015, the sole shareholder of Hard Assets 2x Master
Fund Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Van Eck Absolute Return Advisers Corp.
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


PRIME STARS: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 9, 2015, the sole shareholder of Prime Stars Investments
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:

          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


QUOVIS LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 10, 2015, the sole shareholder of Quovis 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:

          Golden 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


RP CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 10, 2015, the sole member of RP Capital Advisors 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


RUSSEL INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 11, 2015, the sole shareholder of Russel Investment Fund
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:

          John S. Sullivan
          c/o Tim Cone
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


SAIL ALPHATRAXX: Members Receive Wind-Up Report
-----------------------------------------------
The members of Sail Alphatraxx Fund received on Jan. 22, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SIRAJ GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 11, 2015, the sole shareholder of Siraj Global 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 liquidators are:

          Eleanor Fisher
          Tammy Fu
          Zolfo Cooper (Cayman) Limited
          38 Market Street, Suite 4208
          Canella Court, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 946 0081


SUPREME BRIGHT: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 11, 2015, the sole shareholder of Supreme Bright Capital
Management 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:

          Yang Wei
          Two Exchange Square, Room 4603, 46th Floor
          8 Connaught Place, Central
          Hong Kong


TRITON 700: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 28, 2015, the sole member of Triton 700 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


UFG REAL: Placed Under Voluntary Wind-Up
----------------------------------------
On Dec. 9, 2015, the sole shareholder of UFG Real Estate Holdco
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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


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


BARRICK GOLD: Land Dispute Sends Farmers, Firm Back to Court
------------------------------------------------------------
Dominican Today reports that hundreds of farmers were gathered
Feb. 11 at the Sanchez Ramirez province (central) Land Court, site
of the fifth hearing in their case against the miner Barrick Gold.

Hundreds of people have sued the mining company to demand payment
for the farmers' properties, according to Dominican Today.

National Police officers have cordoned off the area to traffic on
Sanchez St. with barriers to prevent incidents, the report notes.

Members of the families Rosario, Diaz and Vasquez demand payment
for their alleged properties, who affirmed having struggled over
three years against Barrick Gold, the report discloses.


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


JAMAICA: Makes J$62 Billion Bond Payment
----------------------------------------
RJR News reports that the Jamaican Government was to make the much
publicized J$62 billion bond payment last Feb. 11, 2016.

The payment is for debt that was rescheduled.

Finance Minister Dr. Peter Phillips, in an interview with
Bloomberg TV, reiterated that, with the repayment, the Government
will reopen the local bond market for which he said considerable
interest was being generated, according to RJR News.

"We're going to list some of this on our stock exchange, hoping to
generate a secondary market in domestic paper," Dr. Phillips
explained, the report notes.

That secondary market, Dr. Phillips predicted, "will facilitate,
not only further issues of debt, but at the same time . . . . help
stimulate and give some transparency to an important market for
commercial paper that's developing as well," the report relays.

Dr. Peter Phillips' appearance on Bloomberg TV in New York came
after he accepted an award on behalf of Jamaica for "Latin America
Bond Deal of the Year" at the 2015 International Financing Review
Americas Award Ceremony, the report notes.

The award was given for the US$2 billion worth of bonds issued in
July last year, the report discloses.

The deal was seen as record breaking for emerging markets last
year, the report says.

Part of the proceeds was used to repay debt to Venezuela, which
reduced Jamaica's debt burden by 10 percentage points, the report
adds.

                        *     *     *

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.


JAMAICA: Bank of Jamaica Lowers Inflation Forecast
--------------------------------------------------
RJR News reports that the Bank of Jamaica has revised its
inflation forecast for the current fiscal year which ends March
31, saying it now expects it to be below the target range.

At the start of the fiscal year, the BOJ said it expected
inflation to be in a range of 5.5% to 7.5%, according to RJR News.

It now anticipates, however, that the out turn to be below that
forecast, the report notes.

The revised forecast was driven by expectations that prices for
electricity, gasoline and transport costs would fall faster than
price pressures from higher cost processed food, the report adds.

                        *     *     *

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.



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


PUERTO RICO ELECTRIC: Senate Vote on Utility Workout Set
--------------------------------------------------------
Michelle Kaske and Alexander Lopez at Bloomberg News report that
Puerto Rico's Senate plans to vote on a bill to restructure the
island's main electricity provider and reduce its $9 billion debt
load.

The Senate will weigh in on the measure, Senate President Eduardo
Bhatia told reporters in San Juan.

The House of Representatives would then approve the bill following
passage in the upper chamber, House Speaker Jaime Perello said
during a press briefing, according to Bloomberg News.  A
December agreement between the Puerto Rico Electric Power
Authority and its creditors expires today, Feb. 16, unless
lawmakers approve the legislation, Bloomberg News notes.

Legislative approval is the final step to allow Prepa, as the
utility's known, to cut its obligations through a debt exchange,
Bloomberg News relays.  The utility and its creditors negotiated
for 16 months before reaching agreement in December. It would be
the largest-ever debt restructuring in the $3.7 trillion
municipal-bond market, Bloomberg News discloses.

The Prepa plan should upgrade the island's infrastructure to use
more natural gas instead of oil and for stricter controls on the
purchase of fuel which in the past had been of questionable
quality and inflated price, Mr. Bhatia said, Bloomberg News
relays.

Prepa relies primarily on oil to generate electricity.

If the Senate amends the bill, the House may send the measure back
to a special joint committee that has been working on the
legislation, according to Michelle Gonzalez, a spokeswoman for
Perello in San Juan, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Standard & Poor's Ratings Services maintained its
'CC' long-term and underlying ratings (SPURs) on Puerto Rico
Electric Power Authority's (PREPA) electric revenue bonds.
However, the ratings remain on CreditWatch, where they were
originally placed with negative implications on June 18, 2014.

As of June 30, 2015, PREPA had about $8.44 billion of long-term
debt outstanding, and an additional $730 million due to
noteholders.


PUERTO RICO: Guam Says No to Territorial Bankruptcy
---------------------------------------------------
Brian Chappatta at Bloomberg News reports that Puerto Rico has
always gotten the most attention among the U.S. territories.  It's
the most-populous, most-indebted, most-proximate to the mainland
and most-vocal in pressing the case for bankruptcy, according to
Bloomberg News.

Now, officials from the other islands are speaking up as they seek
to borrow.  In Guam, which issued $143 million of tax-free water
bonds, they say borrowing costs could swell if Congress extends
Chapter 9 bankruptcy protection to U.S. territories as a way for
Puerto Rico to reduce its $70 billion of debt, Bloomberg News
notes.  It's an idea supported by the Obama administration and
Alejandro Garcia Padilla, the commonwealth's governor, Bloomberg
News relates.

"When it comes to the policymakers in Washington, D.C., dealing
with the Puerto Rico situation, I've made it very clear: Guam has
no need nor desire to look at any type of backdoor such as
bankruptcy protection," Bloomberg News quoted Guam Governor Eddie
Calvo, a Republican who in 2014 won a second term to lead the
island of 167,500, as saying.

"That's something we've always believed has made our triple tax-
exempt bond sales very attractive -- that we were treated a
certain way," Mr. Calvo said in a telephone interview Feb. 3 from
San Francisco, where he met with rating companies and investors,
Bloomberg News notes.  His goal is "ensuring the sanctity of these
investments for investors," he added.

Bloomberg News discloses that Guam averted the fate of American
Samoa's bond sale last month, which officials said came at a high
penalty.

The island's economic development authority issued $23 million of
federally taxable debt due in 2024 that priced to yield 11.9
percent, data compiled by Bloomberg show.  In August, it sold
taxable securities at a 7.5 percent yield.  The most-recent
offering will fund a government-run charter bank, Bloomberg News
relays.  The Bank of Hawaii plans to leave, making the new
institution the only bank for the territory's 55,000 residents.

That island had to delay its deal and pay higher borrowing costs
because of the potential change to extend Chapter 9 protection to
territories, said Keniseli Lafaele, director of American Samoa's
commerce department, Bloomberg News notes.

"I don't believe we should manage our territory with the thought
in our minds that we can fail and then use bankruptcy as a way out
of our trouble," Mr. Lafaele said in an e-mail obtained by
Bloomberg News.  "We plan to live within our means, including
strategic and limited use of debt," Mr. Lafaele added.

Those assurances may not have been enough for investors in the
bonds, which have a Moody's rating of Ba3, three steps below
investment grade, notes the report.

Offering documents for the deal cite "a lot of discussion" about
changing federal law to give Puerto Rico different treatment under
the bankruptcy code, Bloomberg News notes.  Any enacted
legislation could alter the rights of American Samoa bondholders,
according to the disclosure.

                           Virgin Islands

"The specter of it, that they can always retroactively change
these legal statutes should things become problematic in the
Virgin Islands or Guam or American Samoa, would drive spreads up
on those bonds," said David Ashley, a portfolio manager in Santa
Fe, New Mexico, at Thornburg Investment Management, which oversees
$11 billion of munis, Bloomberg News relays.  The company owns no
Puerto Rico securities, but holds other territory debt, including
from the Guam Waterworks Authority, Bloomberg News added.

The report notes that other territory leaders don't see the harm
of having bankruptcy open to them, particularly if it's part of a
broader package that puts the islands on more equal footing with
U.S. states.

"Yes, I favor the territories being included under the bankruptcy
protection statutes as other U.S. jurisdictions," the report
quotes U.S. Virgin Islands Governor Kenneth Mapp as saying in an
e-mailed statement.  "While the Virgin Islands is stable
financially and does not require bankruptcy protection,
congressional changes in regard to Puerto Rico should include all
other U.S. territories."

Stacey Plaskett, the non-voting representative of the U.S. Virgin
Islands in Congress, has said she would push for the territory to
be included in any assistance package for Puerto Rico, outside of
bankruptcy, notes Bloomberg News.

"She is concerned that extending Chapter 9 bankruptcy protection
to the territories may raise a red flag on Wall Street and
jeopardize the Virgin Islands' bond ratings," Richard Motta,
Plaskett's press secretary, said in an e-mail, the report relays.

                       Northern Mariana

E-mails to the office of Northern Mariana Islands Governor Ralph
Deleon Guerrero Torres and the territory's commerce department
weren't returned, according to the report.

Calvo, Guam's governor, also sees Puerto Rico's fiscal crisis as a
chance to highlight unequal treatment of U.S. territories, apart
from the bankruptcy code, notes Bloomberg News.

The report recalls that under a four-part plan announced in
October to address Puerto Rico's crisis, the Obama administration
asked Congress to fix the commonwealth's funding disparity under
Medicaid. A spending bill in December didn't address the full
scope of that difference. The U.S. Treasury has also pressed
Congress to give Puerto Ricans access to the Earned Income Tax
Credit.

"When it comes to Medicaid, Medicare, the Earned Income Tax Credit
treatment, those are things where I want equity with the states if
there's to be something in a package," Calvo said, notes the
report.  "But obviously not where they're touching on bankruptcy
protection."

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.


PUERTO RICO: Needs Bankruptcy Access From Congress, Ravitch Says
----------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico needs to
have broad bankruptcy powers to reduce its $70 billion of debt and
revive its economy, Richard Ravitch, an adviser to the governor
during New York City's fiscal crisis in the 1970s, said on
Bloomberg Television.

The Caribbean island of 3.5 million and its agencies are unable to
file for bankruptcy protection, as cities including Detroit have
done, according to Bloomberg News.  Puerto Rico Governor Alejandro
Garcia Padilla has been seeking to persuade Congress to give the
island some legal ability to restructure its debt to strengthen
its hand with creditors, Bloomberg News notes.

Ultimately, federal lawmakers will grant Puerto Rico's request,
Ravitch, a former New York Lieutenant Governor who's working as an
unpaid adviser to the island, said in an interview with Bloomberg
News.

"The risk of social disorder and consequential responsibilities
for the federal government will ultimately make all of Congress
realize that this has to be done," Mr. Ravitch said, Bloomberg
News relays.  Mr. Ravitch said the plan should include a "federal
oversight board insuring that the restructuring plan is fair to
the people of Puerto Rico.  In the long term of the creditors,
it's the only way of solving the problem."

Bloomberg News discloses that Mr. Ravitch sits on the board of
Build America Mutual Assurance Co., a municipal bond-insurance
company owned by its policyholders. BAM, as the insurer is known,
doesn't insure any Puerto Rico debt.

"I have no economic interest whatsoever," Mr. Ravitch said,
Bloomberg News notes.  "They're not affected one way or another by
what happens in Puerto Rico."

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


SPANISH BROADCASTING: PlusTick Management Reports 8.6% Stake
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, PlusTick Management LLC and Thomas J. Hill disclosed
that as of Dec. 31, 2015, they beneficially own 359,608 shares of
common stock of Spanish Broadcasting System, Inc., representing
8.63 percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/RnmXzr

                  About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


SPANISH BROADCASTING: Renaissance Tech Holds 6.8% of CL-A Shares
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Renaissance Technologies LLC and Renaissance
Technologies Holdings Corporation disclosed that as of Dec. 31,
2015, they beneficially own 283,220 shares of Class A common stock
of Spanish Broadcasting System, Inc., representing 6.80 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/BQsqto


                    About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


                            ***********


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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