TCRLA_Public/160217.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 17, 2016, Vol. 17, No. 33


                            Headlines



A R G E N T I N A

ARGENTINA: Ends Mining Export Tax to Boost Output, Investment


B R A Z I L

OI SA: S&P Lowers CCR to 'BB-'; Outlook Remains Negative


C A Y M A N  I S L A N D S

ALLOGIO LTD: Shareholders Receive Wind-Up Report
BLACKSTONE TP: Shareholders Receive Wind-Up Report
BROADWAY GATE: Shareholders Receive Wind-Up Report
BROADWAY GATE MASTER: Shareholders Receive Wind-Up Report
EC MASTER: Shareholders Receive Wind-Up Report

FOUR SEASONS: Shareholder Receives Wind-Up Report
GULLIVER HOLDING: Shareholders Receive Wind-Up Report
KGI SELECT: Shareholder Receives Wind-Up Report
KIMCO PAN: Shareholders Receive Wind-Up Report
KIMCO PAN MASTER: Shareholders Receive Wind-Up Report

KINGSWOOD INVESTMENTS: Shareholders Receive Wind-Up Report
RAB EUROPEAN: Shareholders Receive Wind-Up Report
REALM PARTNERS: Shareholders Receive Wind-Up Report
S.P. HEDIN: Shareholders Receive Wind-Up Report
SCREENTECH HOLDINGS: Shareholders Receive Wind-Up Report


C O L O M B I A

PACIFIC EXPLORATION: EIG Updates Terms of Tender Offers for Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: To Allocate More Funds for Grape Growers
DOMINICAN REP: Legislation to Boost Firms in Congressional 'Limbo'


M E X I C O

ALESTRA S. DE RL: S&P Affirms 'BB' CCR & Removes from Watch Pos.


P U E R T O    R I C O

MORGANS HOTEL: Ameriprise Financial Holds 2.7% Stake as of Dec. 31
PUERTO DEL REY: Court Sides with Marina PDR in Ex-Worker's Suit


T R I N I D A D  &  T O B A G O

BP TRINIDAD: To Send Home More Workers


V I R G I N   I S L A N D S

CRESCENT CORPORATE: Court to Hear Appointment Application Feb. 22
ORTLAND EQUITIES: Creditors' Proofs of Debt Due Feb. 26


                            - - - - -


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


ARGENTINA: Ends Mining Export Tax to Boost Output, Investment
-------------------------------------------------------------
EFE News reports that Argentine President Mauricio Macri disclosed
the elimination of a 5 percent tax on mineral exports, a move
aimed at boosting production and investment in the mining sector.

"Today the (export taxes) on mineral exports come to an end," the
business-friendly conservative, inaugurated in December, said in a
ceremony in the northwestern highland province of San Juan,
according to EFE News.

In a statement, the president's office said Mr. Macri urged mining
companies to conduct their productive activities "with absolute
respect for the environment," the report notes.

The report relays that Mr. Macri made the announcement in Barreal,
a town in the Andean foothills, accompanied by San Juan Gov.
Sergio Unac and Interior Minister Rogelio Frigerio, among others.

Argentina has been among the South American countries hard hit by
the end of the commodity boom.

The country's mining exports amounted to $3.36 billion in the
first 11 months of 2015, 7.5 percent less than in the same period
of 2014, according to the IES Investigaciones Economica private
consulting firm, the report relays.

Between January and November of last year, Argentina exported 1.72
billion tons of minerals, with gold accounting for 60.7 percent of
the total. Copper's share of total mineral exports was 11.1
percent, while aluminum and silver each accounted for 6.1 percent,
the report notes.

Besides announcing the elimination of the levy, Macri also
recalled the historic crossing of the Andes by Gen. Jose de San
Martin and his troops in 1817, part of Argentina's struggle for
independence from Spain, the report adds.

                          *     *     *

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

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

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

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

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

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

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

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

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

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


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


OI SA: S&P Lowers CCR to 'BB-'; Outlook Remains Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and issue ratings on Oi S.A. to 'BB-' from 'BB+'.  The outlook
remains negative.  The recovery ratings on the issues remain
unchanged at '4'.

At the same time, S&P lowered its national scale ratings to 'brA-'
from 'brAA+'.

The downgrade reflects S&P's expectation that Oi will show higher
debt levels and therefore weaker cash flow leverage metrics amid
worsening macroeconomic conditions in Brazil.  While S&P
previously expected the company to increase EBITDA generation and
profitability more rapidly due to cost-cutting initiatives, S&P
now believe this will be delayed as higher inflation and currency
depreciation put more pressure on its cost structure.

The higher cost of debt linked to basic interest rates in Brazil
is also impairing Oi's plans to improve its cash flow generation.
It still has not been able to sell some assets, which has led to
higher debt levels and weaker credit metrics than S&P previously
forecasted.  S&P now expects Oi to maintain debt to EBITDA above
6x in the next two years, absent transformative events such as
capital injections and/or M&A activity.  At this point, the
likelihood and timing of such events is difficult to predict.

S&P believes the company will continue focusing on refinancing
debt in advance to avoid liquidity pressures, while seeking ways
to improve its capital structure via debt reduction.  The
potential capital injection of up to $4 billion from the
investment group, Letter One (subject to a business combination
with TIM Participacoes S.A.) would probably be transformative for
Oi.  However, as the timing and final conditions of the
transaction remain uncertain, S&P is not yet incorporating it into
its ratings and outlook.

S&P's base-case scenario for Oi assumes:

   -- GDP contraction of 3% in Brazil in 2016, followed by growth
      of 1% in 2017.

   -- Inflation of 10.7% in 2016 and 7.5% in 2017.

   -- Basic interest rates of 14.75% in 2016 and 13.75% in 2017.

   -- Stable revenues in 2016 and growth of nearly 2% in 2017,
      assuming higher commercial activity, combined with higher
      average revenues per user (ARPU) in the residential segment
      due to pay TV and broadband growth, mitigating a reduction
      in revenue generating units in residential fixed lines and
      lower ARPU in the mobile segment due to lower mobile
      termination rates.

   -- Relatively stable EBITDA generation, due to the combination
      of cost pressures from inflation and currency depreciation
      and higher commercial activity mitigated by continued cost-
      cutting.

   -- Higher interest expenses due to higher basic interest rates
      in Brazil and higher debt levels (than previously expected)
      consuming a large part of company's cash flow generation.

   -- Estimated capital expenditure (capex) of about Brazilian
      real (R$) 5.2 billion in 2016 and R$5.5 billion in 2017.

   -- No dividend payments as we forecast net losses for the next
      two years.

Based on these assumptions, S&P arrives at these credit measures
for 2016 and 2017:

   -- EBITDA margin of 33%-34%;
   -- Debt to EBITDA of 6x-7x; and
   -- Negative free operating cash flow.

S&P still assess Oi's liquidity as adequate because S&P expects
sources of liquidity will exceed uses by more than 1.2x in the
next 12 months.  S&P expects the company will continue to obtain
waivers as it breaches its financial covenants (according to S&P's
forecasts), as it has done recently.  Oi's debt subject to
financial covenants is about R$17 billion and comprises
debentures, BNDES loans, loans from export credit agencies, and
certificates of real estate receivables.  S&P believes that Oi has
sound relationship with banks, which should enable it to refinance
its debt.  S&P also thinks it has shown prudent risk management
regarding its anticipated debt refinancing.  However, S&P might
revise liquidity to less than adequate if it do not see Oi
gradually regaining satisfactory access to credit markets.

Oi's principal liquidity sources for the 12 months from Sept. 30,
2015 include:

   -- Cash of R$16.4 billion.
   -- Forecast funds from operations of about R$2.1 billion.
   -- Undrawn committed credit lines maturing beyond 12 months
      totaling about R$3.4 billion; and
   -- A R$2.5 billion loan from China Development Bank, disbursed
      in December 2015.

Principal liquidity uses for the same period include:

   -- Short-term debt maturities of about R$8.7 billion;
   -- Concessions payable and refinanced taxes of R$928 million to
      be paid in the next 12 months;
   -- Estimated capex of about R$5 billion; and
   -- Forecast working capital and other cash outflows (mainly
      judicial deposits) of about R$2.4 billion.

S&P applies a positive comparable rating analysis to reflect Oi's
large scale and position in the Brazilian telecom market, which
has enabled it to raise new debt and afforded it bargaining power
with suppliers.

The negative outlook indicates that S&P could lower the ratings in
the next 12 months if it sees increasing refinancing risks and
liquidity pressures as the company consumes its current cash
position to pay down debt.  Although this is not S&P's base case,
it could also lower the ratings if the company is not able to
obtain waivers for its financial covenants, as this could cause
part of its debt to accelerate.

The only upside scenario S&P sees in the medium term is the
potential capital injection of up to $4 billion, subject to a
business combination with TIM Participacoes S.A.  This would
probably result in much lower leverage than S&P currently
forecasts for Oi on a stand-alone basis.


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

ALLOGIO LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Allogio Ltd. received on Jan. 19, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BLACKSTONE TP: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Blackstone TP Offshore Fund Ltd received on
Jan. 14, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BROADWAY GATE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Broadway Gate Offshore Fund, Ltd. received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Pennant Capital Management, LLC
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


BROADWAY GATE MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Broadway Gate Master Fund, Ltd. received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Pennant Capital Management, LLC
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


EC MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of EC Master Fund Ltd. received on Jan. 21, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


FOUR SEASONS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Four Seasons Select Management Ltd. received on
Jan. 14, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GULLIVER HOLDING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Gulliver Holding Ltd. received on Jan. 19,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


KGI SELECT: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of KGI Select Fund SPC received on Jan. 11, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Yew Boon Tan
          c/o Ben Gillooly
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


KIMCO PAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Kimco Pan Asia Fund Limited received on
Jan. 13, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KIMCO PAN MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Kimco Pan Asia Master Fund Limited received on
Jan. 13, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KINGSWOOD INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Kingswood Investments Ltd. received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RAB EUROPEAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Rab European Credit Opportunities Fund Limited
received on Jan. 15, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


REALM PARTNERS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Realm Partners Sub-Fund Ltd received on
Jan. 14, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


S.P. HEDIN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of S.P. Hedin received on Jan. 12, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          UBS Nominees Ltd.
          c/o Stephen Nelson
          Telephone: +1345 949 4544
          Facsimile: +1345 949 8460
          Zephyr House, 122 Mary Street, George Town
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


SCREENTECH HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Screentech Holdings Limited received on
Jan. 14, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Kukulovski
          Telephone: + 61 2 9236 8333
          Facsimile: + 61 2 9236 8334
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


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


PACIFIC EXPLORATION: EIG Updates Terms of Tender Offers for Notes
-----------------------------------------------------------------
EIG Pacific Holdings Ltd., a Cayman Islands limited company and
subsidiary of Harbour Energy Ltd., has amended the terms of its
pending tender offers for the outstanding (i) 5.375% Senior Notes
due 2019, (ii) 7.250% Senior Notes due 2021, (iii) 5.125% Senior
Notes due 2023 and (iv) 5.625% Senior Notes due 2025 (the "2025
Notes" and, together with the 2019 Notes, the 2021 Notes and the
2023 Notes, the "Notes") of Pacific Exploration & Production
Corporation.  The Offeror amended the terms of the Tender Offers
to, in summary, (i) replace conditions relating to the Offeror's
reorganization plans for the Company with conditions that the
Company merely file for insolvency (ii) include a 90 day "long
stop" date for the Tender Offers, (iii) provide Holders who tender
with certain limited withdrawal and liquidity rights, (iv) change
to U.S. $160 per U.S. $1,000 principal amount of Notes the
consideration offered to Holders who have not yet tendered their
notes for a new early tender period and (v) amend certain other
conditions and provisions.

R. Blair Thomas, CEO of EIG Global Energy Partners and Co-Chairman
of Harbour Energy's Board of Directors, said, "Our goal remains to
keep Pacific E&P intact and avoid the death-spiral the Company
appears to be facing.  It seems apparent that Pacific E&P is
insolvent and that a bankruptcy filing is imminent.  The Company
and its creditors have not generated a credible alternative to our
offer and now appear to face a prolonged and volatile bankruptcy
that will require an immediate and significant infusion of capital
in order for the Company to meet its basic operating obligations.
No credible source for these funds has been identified and rumors
of a significant liquidity hole continue to grow. The time for
posturing and delay is over-Pacific E&P's management and its Board
of Directors owe it to all stakeholders to engage in a
constructive dialogue with EIG regarding our proposal, which
restores the financial health of the Company by massively
deleveraging its balance sheet.  "We appreciate the input we've
received from the advisors to the Ad Hoc Committee of bondholders
and have adjusted our offers to enhance certainty, offer liquidity
to tendering bondholders and significantly shorten the timeframe
in which remaining conditions must be satisfied. Since we made our
initial offers, oil prices have dropped further and nearly a full
month has been wasted without a solution for the Company, bringing
Pacific E&P closer to the brink and sharply increasing the risk
profile of this transaction."  "We must therefore reduce our offer
price to account for a less conditional offer, the continuing
decline in oil prices and a further eroded Pacific E&P balance
sheet. The bondholders who have tendered Notes to date will
benefit from the reduced conditionality of our revised offers, as
well as the higher price from our initial offers."  "We urge all
remaining bondholders to tender their Notes today. In a highly
complex and uncertain situation, our revised offers provide price
certainty to noteholders and, for all of the Company's
stakeholders, including host countries, the best path towards
assuring continuity of operations and restoring the value of
Pacific E&P."

A full text copy of the company's press release is available free
at:

                        http://is.gd/rfEcVp


Pacific Exploration and Production Corp., previously named Pacific
Rubiales, is a Canadian-based exploration and production company
with production operations primarily in Colombia, where it is the
second largest producer, operating in partnership with Ecopetrol
S.A., the national oil company.  It also has other assets in Peru,
Brazil, Guatemala, Papua New Guinea, Guyana and Belize.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2016, Standard & Poor's Ratings Services lowered its
long-term corporate credit and issue-level ratings on Pacific
Exploration and Production Corp (Pacific) to 'D' from 'CC'.


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


DOMINICAN REPUBLIC: To Allocate More Funds for Grape Growers
------------------------------------------------------------
Dominican Today reports that National Grape Institute (INUVA)
director Mario Perez and Agriculture Ministry officials visited
the western province of Bahoruco, to check the current reality of
winemaking in Neiba valley.

The Agriculture Ministry representatives said the visit aims to
help grape growers make wine and other products, according to
Dominican Today.

The report notes that Mr. Perez said Agriculture would provide
more funding to kick start the grape industry in Bahoruco
province.

"We have taken important steps, we made requests, we knocked on
doors and finally see that the requests have resulted with this
visit which begins Feb. 15," the business leader said, noting that
the funding will boost the amount of the planted areas, 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: Legislation to Boost Firms in Congressional 'Limbo'
------------------------------------------------------------------
Dominican Today reports that Herrera and Santo Domingo Province
Industries Association (AEIH) President Antonio Taveras said key
initiatives to promote small and medium businesses and national
exports are in limbo.

Mr. Taveras cited the bill that creates the Mutual Guarantee
System, designed for SMEs to have access to credit, which has been
stalled in Congress since last year, according to Dominican Today.

"The Monetary Board played its role submitting the bill to the
Executive Branch for its evaluation in June last year; the
president also assumed his, but it quickly ended up Congress,
where it has apparently been shelved," said the industrialist, the
report notes.

"In the case of Bandex (export development bank) there are already
regulations, approvals by the Monetary Board, and KPMG audits of
this financial institution are available, so we see no good reason
for this entity not start to play its role of financing exports,"
Mr. Taveras said, the report relates.

Mr. Taveras noted that the legislation's main purpose is to create
a legal platform for expediency in favor of SMEs of guaranteed
access to formal credit, at lower costs and longer terms, in
financial intermediaries, the report notes.

The BANDEX is another initiative which the industrial leader sees
as tied up in Congress, which despite having its board appointed
just over four months ago, has set to meet since the Finance
Ministry hasn't convened its assembly, as the agency's bylaws
stipulate, the report adds.

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


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


ALESTRA S. DE RL: S&P Affirms 'BB' CCR & Removes from Watch Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Alestra S. de R.L. de C.V.  S&P also removed this
rating from CreditWatch positive implications, where S&P placed it
on Oct. 2, 2015.  The outlook is stable.  At the same time, S&P
kept its 'B-' corporate credit rating on Axtel S.A.B. de C.V. on
CreditWatch positive.

Upon completion of the merger between Alestra and Axtel, the new
entity will consolidate into Axtel, and the corporate credit
ratings of both companies will converge to 'BB' with a stable
outlook.  This rating will reflect Axtel as a "moderately
strategic" subsidiary of Alfa S.A.B. de C.V. (BBB/Stable/--), and
will benefit from a one-notch uplift relative to its 'bb-' stand-
alone credit profile.  Axtel is a successful and profitable
business, unlikely to be sold in the short term, and S&P believes
it's likely to receive support from its parent company, Alfa, if
necessary.

In S&P's view, the newly merged company will benefit from these
factors:

   -- A stronger business risk profile, which will improve its
      competitive positon due to a more diversified product
      portfolio;

   -- A larger scale because it would become the third-largest
      fixed telecom player in the Mexican market in terms of
      revenues and EBITDA, albeit still smaller than those of
      Telefonos de Mexico S.A. de C.V.;

   -- A more robust and reliable network; and

   -- The potential for operating synergies through cross-selling,
      economies of scale, network integration, and transfer of
      skills.


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


MORGANS HOTEL: Ameriprise Financial Holds 2.7% Stake as of Dec. 31
------------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Ameriprise Financial, Inc. and Columbia Management
Investment Advisers, LLC disclosed that as of Dec. 31, 2015, they
beneficially own 950,632 shares of common stock of Morgans Hotel
Group Co. representing 2.74 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at:

                       http://is.gd/uxRtIb

                   About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues
for the year ended Dec. 31, 2014, compared with a net loss
attributable to common stockholders of $58.5 million on $236
million of total revenues during the prior year.

As of Sept. 30, 2015, the Company had $515 million in total
assets, $774 million in total liabilities and a $259 million total
deficit.


PUERTO DEL REY: Court Sides with Marina PDR in Ex-Worker's Suit
----------------------------------------------------------------
Judge Jose Antonio Fuste of the United States District Court for
the District of Puerto Rico granted Marina PDR Tallyman, LLC's
request to reconsider its previous denial of Marina PDR's motion
for summary judgment, but only to determine whether Marina PDR is
a successor employer of Marina Puerto del Rey.

On April 15, 2014, Esther Caraballo sued Marina PDR, alleging that
Marina PDR committed employment discrimination and wrongful
discharge in violation of Puerto Rico Law No. 80 when it
terminated her employment before the expiration of her ninety-day
probationary period.

Caraballo began working for Marina Puerto del Rey on October 31,
2003.  On May 31, 2013, after the sale of Marina Puerto del Rey to
Marina PDR through bankruptcy proceedings, Caraballo executed an
employment and confidentiality agreement which stated that her
employment with Marina PDR began on May 31, 2013, and that she was
subject to a ninety-day probationary period.

Marina argued that it terminated Caraballo for "just cause" and
that her damages, if any, are limited to the time period during
which she worked for Marina PDR -- that is, from May 31, 2013, to
August 19, 2013.

Judge Fuste found that the damages for any successful claim for
wrongful termination under Law 80 will be limited to the time
Caraballo was employed by Marina PDR, in other words, from May 31,
2013, to August 19, 2013.  The judge explained that the plain
language of the Order Confirming Sale undoubtedly defeats
Caraballo's claim that her time in service with Marina Puerto del
Rey continued on to Marina PDR.  Judge Fuste further explained
that Caraballo's signed employment contract, which acknowledged
that she was a new employee of Marina PDR as of May 31, 2013,
cured any remaining concerns as to whether the time in grade of
Marina Puerto del Rey's employees remained with them after its
sale to Marina PDR.

The case is ESTHER M. CARABALLO-CECILIO, Plaintiff, v. MARINA PDR
TALLYMAN, LLC, Defendant, Civil No. 3:14-CV-01454 (JAF) (D.P.R.).

A full-text copy of Judge Fuste's January 29, 2016 order is
available at http://is.gd/7FUy1Ufrom Leagle.com.

Esther M. Caraballo-Cecilio is represented by:

          Jessica A. Figueroa-Arce, Esq.
          Moraima S. Rios-Robles, Esq.
          ARROYO & RIOS LAW OFFICES, P.S.C.
          Maramar Plaza
          101 San Patricio Ave.
          Guaynabo PR 00968
          Email: jfigueroa@arroyorioslaw.com
                 mrios@arroyorioslaw.com

Marina PDR Tallyman, LLC is represented by:

          Roberto Abesada-Aguet, Esq.
          CORREA ACEVEDO & ABESADA LAW OFFICES, PSC
          Centro Internacional De Mercado
          Torre II, 90 Carr. Suite 407
          Guaynabo, PR 00968
          Tel: (787)273-8300

            -- and --

          Jaime E. Pico-Rodriguez, Esq.
          Carlos R. Paula, Esq.
          LABOR COUNSELS LLC
          Citibank Towers, Suite 500
          252 Ponce de Leon Avenue
          San Juan, PR 00918
          Tel: (787)758-1400
          Fax: (787)758-1414
          Email: paula@laborcounsels.com

                    About Puerto del Rey

Puerto del Rey, Inc., a/k/a Marina Puerto Del Rey, filed a
petition for Chapter 11 protection (Bankr. D.P.R. Case No.
12-10295) on Dec. 28, 2012, in Old San Juan, Puerto Rico, owing
$43 million to secured lender First Bank Puerto Rico Inc.  The
22-acre facility in Fajardo, Puerto Rico, has 918 wet slips and
dry storage for 600 boats.  Bankruptcy was designed to forestall
creditors from attaching assets.  In its amended schedules, the
Debtor disclosed $99.9 million in assets and $44.6 million in
liabilities as of the Petition Date.

The Charles A. Cuprill, PSC Law Offices, in San Juan, Puerto Rico,
represents the Debtor as counsel.


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


BP TRINIDAD: To Send Home More Workers
--------------------------------------
Trinidad Express reports that energy giant BP Trinidad and Tobago
(bpTT) will be sending home more workers.

BpTT said it has begun a consultation process with employees who
are likely to be affected by Group wide organizational changes,
according to Trinidad Express.

"As a result, the company anticipates that at the end of this
process approximately 2.5 per cent of its national employees will
be impacted and over 50 per cent of its expatriate staff in
Trinidad will be re-patriated," the company said in a media
release obtained by the news agency.

"The changes are part of the program BP has in place throughout
its businesses worldwide to simplify organizations and improve
efficiencies to help meet the challenge of the current low oil
price environment," bpTT said, the report notes.

In January, BP said that it expected 4,000 jobs across its
upstream businesses worldwide would be lost as the company makes
changes to remain competitive, the report relays.

President Norman Christie said, "Decreasing our staff is never our
first option. These changes are part of the company's ongoing
plans to improve efficiency and manage cost as it responds to the
challenges of global energy markets," the report notes.

"These difficult decisions follow in depth reviews of our 2016 and
future plans," the report quoted Mr. Christie as saying.  "We
remain committed to Trinidad and Tobago and to our future
development plans, Mr. Christie added.

The company said it has also undertaken extensive reviews of third
party costs, activity prioritization and process simplification,
the report adds.


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


CRESCENT CORPORATE: Court to Hear Appointment Application Feb. 22
-----------------------------------------------------------------
An application to appoint liquidators for Crescent Corporate
Services Limited will be heard before the High Court of Justice in
the Virgin Islands on Feb. 22, 2016.

The Financial Services Commission filed the application on
Jan. 18, 2016.

The legal practitioners for Financial Services are:

          Dian Fahie-de Castro
          Stephen Grayson
          Financial Services Commission
          Haycraft Buiding, Pasea Estate
          Road Town, Tortola
          P.O. Box 418, VG1110
          British Virgin Islands


ORTLAND EQUITIES: Creditors' Proofs of Debt Due Feb. 26
-------------------------------------------------------
The creditors of Ortland Equities Corp. are required to file their
proofs of debt by Feb. 26, 2016, to be included in the company's
dividend distribution.

The company's liquidator is:

          Stuart C E Mackellar
          Zolfo Cooper (BVI) Limited
          Ami Sweeney
          Telephone: +1 (284) 393 9611
          Facsimile: +1 (284) 393 9601


                            ***********


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
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Information contained herein is obtained from sources believed to
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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,
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202-362-8552.


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