TCRLA_Public/160225.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

           Thursday, February 25, 2016, Vol. 17, No. 39


                            Headlines



B E R M U D A

CENTRAL EUROPEAN: S&P Raises CCR to 'B+'; Outlook Stable


B R A Z I L

BRAZIL: Real Falls as Goldman Sachs Cites Fiscal Insolvency Risk
BTG PACTUAL: Chile Unit Cuts 16% of Jobs as Brazil Scandal Bites
CNOVA N.V.: Faces "Stevenson" Securities Class Action in NY


C A Y M A N  I S L A N D S

1794 COMMODORE: Shareholders Receive Wind-Up Report
1794 EVENT: Shareholders Receive Wind-Up Report
BAER'S FURNITURE: "Gray" Suit Seeks Unpaid OT Wages Under FLSA
BANIF SECURITIES: Members Receive Wind-Up Report
CANTHILL LIMITED: Members Receive Wind-Up Report

CONUS FUND: Shareholder Receives Wind-Up Report
DEBA LIMITED: Shareholder Receives Wind-Up Report
EM PARTNERS: Shareholders Receive Wind-Up Report
HARD ASSETS: Shareholder Receives Wind-Up Report
HARD ASSETS MASTER: Shareholder Receives Wind-Up Report

MIURA GLOBAL: Shareholders Receive Wind-Up Report
MODULA CAPITAL: Shareholders Receive Wind-Up Report
PENNANT CREDIT: Shareholder Receives Wind-Up Report
POTOMAC RIVER: Shareholder Receives Wind-Up Report
PRIME STARS: Members Receive Wind-Up Report

QUOVIS LIMITED: Members Receive Wind-Up Report
RP CAPITAL: Members Receive Wind-Up Report
RUSSEL INVESTMENT: Shareholder Receives Wind-Up Report
SUPREME BRIGHT: Sole Member Receives Wind-Up Report
TRITON 700: Members Receive Wind-Up Report

UFG REAL: Shareholder Receives Wind-Up Report
WHITE LOTUS: Members Receive Wind-Up Report


M E X I C O

GRUPO SENDA: S&P Raises GS LT CCR to 'B'; Outlook Stable
MEXICO: Economy Grows 2.5% in 2015


P U E R T O    R I C O

PUERTO RICO: FINRA Finds UBS Liable For $1.5MM in Bond Case
REDONDO CONSTRUCTION: 1st Cir. Vacates Judgment in PRHTA Suit


V E N E Z U E L A

PETROLEOS DE VENEZUELA: New Military Company to Provide Services


                            - - - - -


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B E R M U D A
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CENTRAL EUROPEAN: S&P Raises CCR to 'B+'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it raised to 'B+'
from 'B' its corporate credit rating on Bermuda-registered TV
broadcaster Central European Media Enterprises Ltd. (CME).  The
outlook is stable.

The upgrade of CME and the upward revision of the stand-alone
credit profile (SACP) reflect S&P's view that CME has alleviated
the short-term risk of financial distress by arranging the
refinancing of about $815 million due in 2017.  At the same time,
S&P believes that the company's capital structure is unsustainable
over the long term.  S&P considers that CME's high debt level and
the risk of its earnings growth being depressed by unfavorable end
markets or by an unfavorable exchange rate of local currencies to
the U.S. dollar, could prevent CME from timely leverage reduction
or refinancing of its debt instruments with banks or in the
capital market on a stand-alone basis.

In the year to Dec. 31, 2015, the company reported about
$123 million operating income before depreciation and
amortization, a 30% increase year-on-year at actual rates.  CME
posted about $1.1 billion of debt as of Dec. 31, 2015.  According
to S&P's base case, CME will post a Standard & Poor's-adjusted
EBITDA of about $140 million-$145 million for 2016, and about
$1.16 billion adjusted debt, translating to a debt-to-EBITDA
leverage ratio of about 8x.  Although S&P acknowledges that
trading conditions in CME's main markets have improved over the
past few quarters, CME remains exposed to economic uncertainty in
its major markets and foreign-exchange risks.  Most of its
revenues are generated in euros or euro-linked currencies, while
about a quarter of its costs are related to foreign programming
and are paid in U.S. dollars.  This depresses profitability when
the U.S. dollar strengthens against the euro.  At the same time,
after the refinancing of the $540 million U.S. dollar-denominated
debt with the EUR469 million euro-denominated bank facility, all
CME's debt will be denominated in euros, which will alleviate the
foreign exchange risk to its cash flows.

Under S&P's group rating methodology, it continues to consider CME
a strategically important investment for its key shareholder,
U.S.-based diversified media and entertainment company Time
Warner.  Time Warner currently has a 76% fully diluted economic
interest and a 49.4% voting stake in CME.  In addition, pro forma
for the recent refinancing transaction, Time Warner guarantees all
of CME's drawn debt, as well as provides the revolving credit
facility (RCF).

S&P believes that the CME investment is an important part of Time
Warner's international growth strategy.  Time Warner has
historically stressed that, with the maturation of the U.S.
domestic cable television market, cable network segment growth
would increasingly come from its international operations and
investments.  With about $1.9 billion in total accumulated
investment and debt commitments and guarantees since 2009, the CME
investment is by far Time Warner's largest international
television network investment.  CME's strong positions in its
markets and improvement in its operating performance in recent
quarters and forecast over medium term underpins S&P's assessment
of CME's strategically important status for Time Warner and S&P's
belief that it is unlikely to be sold.

In S&P's base case, it assumes:

   -- Approximately 2.5%-3.0% growth of TV advertising in CME's
      markets in 2016-2017.

   -- S&P's expectation that reported revenue will grow by 2%-3%
      annually from 2016, mainly supported by improving
      performance in the Czech Republic and Romania, the group's
      largest markets.  S&P also anticipates carriage fees will
      contribute to revenue growth.  At the same time, S&P sees
      downside risk stemming from an unfavorable U.S. dollar to
      euro exchange rate.

   -- Adjusted EBITDA of about $140 million-$155 million in 2016-
      2017--corresponding with an EBITDA margin of about 23%-24%--
      caused by a significant reduction in acquired content costs,
      partially offset by investment in local content.  A working
      capital outflow of up to $15 million annually.  No
      acquisition activity or shareholder remuneration.

Based on these assumptions, S&P arrives at these credit measures:

   -- High, albeit declining, adjusted leverage of about 7.5x-8.0x
      in 2016 and 2017.  EBITDA interest coverage of about 1.2x in
      2016 with little room for improvement due to the high amount
      of paid-in-kind financing costs.  Free operating cash flow
      of about $30 million in 2016 rising to about $50 million in
      2017.

The stable outlook reflects S&P's belief that CME will remain an
important part of Time Warner's international growth strategy over
the next 12 months and a strategically important investment for
Time Warner.  However, S&P thinks CME has the ability to benefit
from the anticipated mildly improving operating environment and
avoid a weakening of its liquidity.

S&P could downgrade CME if it considered its strategically
important status to Time Warner to have diminished.  S&P could
also lower the rating if it perceived an increased risk of a
short-term financial distress or faster-than-anticipated
deterioration of liquidity over the coming months.  This could
stem from lower-than-expected EBITDA growth leading CME to fail to
maintain adequate headroom under its financial covenants.
Finally, S&P could lower its rating on CME if S&P was to lower its
rating on Time Warner by multiple notches, which S&P considers
unlikely.

S&P considers an upgrade over the next 12 months to be unlikely
because it already incorporates a material improvement in
operating performance and leverage reduction in the current
ratings.

Any upgrade would be contingent on S&P's assessment of CME's group
status for Time Warner being higher than the current strategically
important.


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


BRAZIL: Real Falls as Goldman Sachs Cites Fiscal Insolvency Risk
----------------------------------------------------------------
Paula Sambo at Bloomberg News reports that Brazil's real weakened
after inflation surprisingly accelerated and as Goldman Sachs said
the currency is poised to drop another 11 percent this year while
the government struggles to contain consumer-price increases and
shore up its budget.

Sentiment in Brazil remains distinctively negative and the
dominant view is that things will get worse before they get
better, Alberto Ramos, a senior economist at the bank, wrote in a
report after a three-day visit to Brazil and meetings with policy
makers at the Finance Ministry, central bank, national development
bank and Petrobras, according to Bloomberg News.

"There is a growing perception among local investors and analysts
that Brazil is on a trajectory that could eventually lead to
fiscal insolvency over the medium-term," Bloomberg News quoted Mr.
Ramos as saying.  "The main concern is that the authorities are
yet to show either strong willingness or political strength to
deal successfully with these growing challenges," Mr. Ramos added.

The currency slid 0.3 percent to 3.9588 per dollar in Sao Paulo on
Feb. 23.  Goldman Sachs expects the real to depreciate to as weak
as 4.4 per dollar this year, about 10 percent lower than current
levels, Bloomberg News notes.

Bloomberg News says that the real is the worst performing major
currency over the past 12 months, down 27 percent as the country
heads to its deepest recession in more than a century and the
government posts a record budget deficit.  Policy makers have
struggled to pass measures that would help the economy amid an
effort to impeach President Dilma Rousseff that has dominated the
country's political discourse, Bloomberg News discloses.

The currency gained Feb. 22 after Brazilian police carried out
another series of search and arrest warrants related to the so-
called Carwash scheme of alleged kickbacks at the state-run oil
company, Petroleo Brasileiro SA, Bloomberg News relays.  An arrest
warrant for Rousseff's former campaign strategist fueled
speculation that the electoral court, known as TSE, could force
new elections this year, Bloomberg News notes.  Eurasia Group put
the probability at 20 percent.

"The Carwash probe and its potential impact on budget
consolidation are causing a pullback in carry positions at the
moment," said Ipek Ozkardeskaya, an analyst at London Capital
Group. Carry investors are those who buy the real to benefit from
the currency's high interest rates relative to the dollar and
euro, Bloomberg News notes.  Brazil's benchmark is 14.25 percent.

Inflation topped all analyst forecasts in the year through mid-
February, accelerating to 10.84 percent after the central bank
refrained from raising the lending rate, which is already the
highest since 2006, and the government proposed loosening fiscal
targets, Bloomberg News relays.

Swap rates on the contract maturing in January 2017, a gauge of
expectations for interest-rate moves, rose 0.025 percentage point
to 14.205 percent, adds Bloomberg News.


BTG PACTUAL: Chile Unit Cuts 16% of Jobs as Brazil Scandal Bites
----------------------------------------------------------------
Felipe Iturrieta at Reuters reports that the Chilean arm of
Brazilian financial group BTG Pactual said that it had fired 16
percent of its workforce, as part of cost-cutting restructuring in
the wider company following the arrest of its billionaire founder.

BTG Pactual Chile said that the reduction of 58 workers was aimed
at cutting costs by around 25 percent, according to Reuters.

Last month, the Brazilian parent fired some 18 percent of its
Brazil-based staff. It is seeking to sell assets and raise cash
following the arrest of its billionaire founder Andre Esteves in
November, which triggered massive client money outflows, the
report notes.

The report relays that Mr. Esteves was detained on suspicion of
obstructing the largest graft probe in Brazil's history.

BTG Pactual Chile said the job cuts would not affect business
operations.  Despite press speculation about an impending sale
late last year, the Chilean business has not been formally put up
for sale, the report notes.


CNOVA N.V.: Faces "Stevenson" Securities Class Action in NY
-----------------------------------------------------------
William J. Stevenson, individually and on behalf of all others
similarly situated, the Plaintiff, v. Cnova N.V., Vitor Faga De
Almeida, German Quiroga, Emmanuel Grenier, Jean Charles Naouri,
LĀ”bano Miranda Barroso, Eleazar de Carvalho Filho, Didier Leveque,
Ronaldo Iabrudi Dos Santos Pereira, Arnaud Strasser,
Fernando Tracanella, Nicolas Woussen, Morgan Stanley & Co. LLC,
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Credit Suisse Securities (USA) LLC, Deutsche Bank
Securities Inc., BNP Paribas Securities Corp., HSBC Securities
(USA) INC., Natixis Securities Americas LLC, and SG Americas
Securities, LLC, the Defendants, Case No. 1:16-cv-00444 (S.D.N.Y.,
January 20, 2016), seeks to pursue remedies under the Securities
Act, as a result of Defendants' wrongful acts and omissions, and
the precipitous decline in the market value of the Company's
securities.

On November 19, 2014, Cnova priced its IPO of 26,800,000 shares,
at a price of $7.00 per share, exclusive of the underwriters'
over-allotment option to purchase 4,020,000 additional shares. On
December 18, 2015, after the market closed, Cnova issued a press
release entitled "Cnova N.V. Initiates a Review of Inventory in
Brazil".  In relevant part, the Company disclosed that its Board
of Directors engaged legal advisors and external forensic
accountants to perform a review of issues related to inventory
management. According to the Company, the issues involve the
handling of product returns and damaged product inventory at
distribution centers of Cnova's Brazilian subsidiary, Cnova
Comercio Eletronico S.A. (Cnova Brazil).

Cnova N.V. operates as an e-Commerce company in Europe, Latin
America, Asia, and Africa. It operates in two segments, Cdiscount
and Cnova Brazil. The company offers televisions, mobile phones,
tablet computers, DVD/CD players, MP3 players, cameras, and home
entertainment and stereo systems, as well as various accessories
and other consumer electronic products under third party brands
and private labels, such as Continental Edison and Oceanic. The
Company is headquartered at Schiphol, Netherlands.

The Plaintiff is represented by:

          Lesley F. Portnoy, Esq.
          Lionel Z. Glancy, Esq.
          Robert V. Prongay, Esq.
          Casey E. Sadler, Esq.
          Charles H. Linehan, Esq.
          GLANCY PRONGAY & MURRAY LLP
          122 East 42nd Street, Suite 2920
          New York, NY 10168
          Telephone: (212) 682 5340
          Facsimile: (212) 884 0988
          E-mail: lportnoy@glancylaw.com

               - and -

          Howard G. Smith, Esq.
          LAW OFFICES OF HOWARD G. SMITH
          3070 Bristol Pike, Suite 112
          Bensalem, PA 19020
          Telephone: (215) 638 4847
          Facsimile: (215) 638 4867



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


1794 COMMODORE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of The 1794 Commodore Overseas 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.
           dms House, 2nd Floor
           P.O. Box 1344 Grand Cayman KY1-1108
           Cayman Islands
           Telephone: (345) 946 7665
           Facsimile: (345) 949 2877


1794 EVENT: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of The 1794 Event Driven Overseas 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.
           dms House, 2nd Floor
           P.O. Box 1344 Grand Cayman KY1-1108
           Cayman Islands
           Telephone: (345) 946 7665
           Facsimile: (345) 949 2877


BAER'S FURNITURE: "Gray" Suit Seeks Unpaid OT Wages Under FLSA
--------------------------------------------------------------
Stanley Gray, by and through the undersigned counsel and on behalf
of all those similarly situated, the Plaintiff, v.
Baer's Furniture Co., Inc., Ronald W. Baer, individually, and
Gary Peacock, individually, the Defendants, Case No. 0:16-cv-
60097-MGC (S.D. Fla., January 15, 2016), seeks to recover unpaid
overtime wages, damages for retaliation, liquidated damages, post-
judgment interest, and reasonable attorneys' fee and costs from
Defendants, for violation of the Fair Labor Standards Act.

Baer's Furniture, a Florida corporation, owns and operates a chain
of home furnishing stores in Florida. It provides living, bedroom,
dining, entertainment, office, and outdoor furniture, as well as
mattresses; and professional interior design services and
consultations. The company also serves shoppers from the
Caribbean, including Freeport and Nassau, Bahamas, the Cayman
Islands, the Virgin Islands, the Florida Keys, and more. It sells
products online. The Company was founded in 1945 and is
headquartered in Pompano Beach, Florida with store locations in
Casselberry, Winter Garden, Boca Raton, Dania Beach, Fort
Lauderdale, Ft. Myers, Miami, Naples, North Palm Beach, and
Pembroke Pines.

The Plaintiff is represented by:

          Brian J. Militzok, Esq.
          MILITZOK LAW, P.A.
          Wells Fargo Building
          4600 Sheridan Street, Suite 402
          Hollywood, Florida 33021
          Telephone: (954) 780-8228
          Facsimile: (954) 719-4016
          E-mail: bjm@militzoklaw.com


BANIF SECURITIES: Members Receive Wind-Up Report
------------------------------------------------
The members of Banif Securities Holdings Ltd. received on Jan. 29,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Luca Cantelli
          Candace L. Ebanks
          Finab-International Corporate Management
          Genesis Building Services Ltd., 3rd Floor
          P.O. Box 32338 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 945-8060
          Facsimile: (345) 945-8069


CANTHILL LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Canthill 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:

           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


CONUS FUND: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of The Conus Fund Offshore Limited received on
Jan. 12, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Conus Partners, Inc.
          c/o Justin Savage
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


DEBA LIMITED: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Deba Limited received on Jan. 28, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of EM Partners Ltd. received on Jan. 18, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HARD ASSETS: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Hard Assets 2x Fund Ltd. received on Jan. 12,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


HARD ASSETS MASTER: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Hard Assets 2x Master Fund Ltd. received on
Jan. 12, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MIURA GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Miura Global Telecom And Broadband 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.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


MODULA CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Modula Capital One (MC-1) received on Jan. 13,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PENNANT CREDIT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Pennant Credit Opportunities Offshore Fund,
Ltd. received on Jan. 12, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Pennant Capital Management, L.L.C.
          c/o Tim Cone
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


POTOMAC RIVER: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Potomac River Capital SPV, Ltd. received on
Jan. 13, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Potomac River Capital, LLC
          c/o Justin Savage
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PRIME STARS: Members Receive Wind-Up Report
-------------------------------------------
The members of Prime Stars Investments Limited received on
Jan. 11, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


QUOVIS LIMITED: Members Receive Wind-Up Report
----------------------------------------------
The members of Quovis Limited received on Jan. 11, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


RP CAPITAL: Members Receive Wind-Up Report
------------------------------------------
The members of RP Capital Advisors Limited received on Jan. 22,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Russel Investment Fund received on Jan. 27,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


SUPREME BRIGHT: Sole Member Receives Wind-Up Report
---------------------------------------------------
The sole member of Supreme Bright Capital Management received on
Jan. 18, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Yang Wei
          Two Exchange Square, Rm 4603
          8 Connaught Place, Central
          Hong Kong


TRITON 700: Members Receive Wind-Up Report
------------------------------------------
The members of Triton 700 Ltd. received on Jan. 12, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of UFG Real Estate Holdco Limited received on
Jan. 12, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WHITE LOTUS: Members Receive Wind-Up Report
-------------------------------------------
The members of White Lotus Holdings Limited received on Jan. 11,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

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



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


GRUPO SENDA: S&P Raises GS LT CCR to 'B'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it raised its global scale
long-term corporate credit rating on Grupo Senda Autotransporte
S.A. de C.V. to 'B' from 'B-'.  At the same time, S&P raised its
long term national scale corporate credit rating to 'mxBBB-' from
'mxBB-' and S&P's short term national scale corporate credit and
debt ratings to 'mxA-3' from 'mxB'.  The outlook is stable.

The rating action follows Senda's refinancing of its previous
credit facility through a new long-term syndicated loan for about
Mexican peso (MXN) 2,200 million issued in two tranches.  The
first tranche is a seven-year senior unsecured loan of MXN1,725
million, with increasing amortizations bearing a floating rate;
the second is an eight-year senior unsecured loan of MXN475
million, with increasing amortizations bearing a fixed rate.  In
contrast with the previous syndicated facility, Senda now benefits
not only from the extension of its debt maturity profile, but also
from significantly lower amortizations during the next three
years, which, in S&P's opinion, will result in greater financial
flexibility and liquidity.  In addition, the weighted average of
debt maturities increases to about 4.5 years.  The new credit
facility is fully denominated in pesos, which, in S&P's opinion,
eliminates exposure to foreign exchange volatility.

The stable outlook reflects S&P's expectation that the company's
cash flow generation and liquidity will improve within the next 12
months as passenger traffic in northern Mexico continues to
recover, and Senda further expands its personnel transportation
segment.  The outlook also reflects S&P's expectation that the
company will post key credit metrics commensurate with its
aggressive financial risk profile for the next two years, with an
FFO to debt between 15% and 21% and FFO cash interest coverage
above 3.0x.

S&P could lower the ratings, if, as a result of lower-than-
expected revenue growth, additional leverage or higher-than-
expected diesel price increases, the company's operating
performance deteriorates in such way that FFO to debt is below 12%
and FFO cash interest coverage is below 2.0x, or if lower cash
flow generation results in unanticipated liquidity constraints.

Although unlikely in the short-term, S&P could upgrade Senda's
ratings if its key financial metrics of FFO to EBITDA and FFO to
cash interest expenses coverage improve consistently to above 20%
and 4.0x, respectively, as a consequence of higher-than-expected
revenue growth, better EBITDA margins, and a significant
deleverage.


MEXICO: Economy Grows 2.5% in 2015
----------------------------------
EFE News reports that Mexico's gross domestic product (GDP) grew
2.5 percent in 2015, compared to the previous year, boosted by all
three sectors of the economy, the National Statistics Institute,
or INEGI, said.

The figure was within the range laid out in the Finance
Secretariat's last estimate, a downward revision released on Aug.
20 that projected GDP growth of between 2 percent and 2.8 percent
in 2015, according to EFE News.

The secretariat revised its growth estimate downward due to the
plunge in oil prices and production, the report notes.

Mexico's 2.5 percent economic growth last year marked a slight
improvement from 2014, when the economy grew by 2.3 percent, the
report relays.

The service sector grew 3.3 percent last year, compared to 2014,
while the agricultural sector expanded by 3.1 percent and the
manufacturing sector grew by 1 percent, the INEGI said, the report
discloses.

In the fourth quarter, Mexico's GDP grew by 2.5 percent, compared
to the same period in 2014, boosted by a 3.7 percent increase in
service sector activity, a 2.7 percent jump in agriculture and a
0.20 percent increase in manufacturing, the report notes.

Mexico's economy, however, slowed in the October-December period,
compared to the previous quarter, when it expanded at an
annualized rate of 2.8 percent, the report relays.

GDP, on a seasonally adjusted basis, grew 0.50 percent in the
October-December 2015 period, compared to the prior quarter,
thanks to 0.90 percent growth in the service sector, while
agriculture contracted 1.9 percent and manufacturing declined 0.40
percent, the report discloses.

The Finance Secretariat estimates that Mexico's GDP will grow
between 2.6 percent and 3.6 percent in 2016, the report adds.



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


PUERTO RICO: FINRA Finds UBS Liable For $1.5MM in Bond Case
-----------------------------------------------------------
Matt Chiappardi at Law360.com reports that a Financial Industry
Regulatory Authority arbitration panel in Puerto Rico awarded a
San Juan woman nearly $1.5 million from UBS AG units on her claim
the financial services company defrauded her in connection with
loans secured by so-called closed-end funds heavily invested in
the commonwealth's debt.

In a brief statement of the award, the arbitration panel did not
give a reason for their decision, but stated that UBS AG units UBS
Financial Services Inc. and UBS Financial Services Inc. of Puerto
Rico were liable to Christel Barie Bengoa Lopez for $1.1 million
in compensatory damages plus interest, as well as roughly $300,000
of her legal fees, an award her attorney said is rare for the
situation, according to Law360.com.

"Rarely do the arbitrators award attorneys' fees and expert costs,
and we were fortunate to get that," Ms. Lopez's attorney Robert
Wayne Pearce told Law360.

The issue stems from a complaint Ms. Lopez filed in 2014, which
was one of several consumer complaints, alleging that when she
invested a $5 million gift from the sale of her father's business,
UBS steered her into what she was told were safe, low-risk mutual
funds, the report notes.

But the funds were actually speculative investments because of
their undiversified and "excessive concentration" in Puerto Rican
bonds, which were hit by several downgrades of the commonwealth's
credit markets and general weakness in the island's economy, the
complaint states, the report relays.

The report discloses that when Ms. Lopez needed to raise funds for
things like buying a residence and paying off a business loan, she
was advised to get a line of credit with her funds as collateral.

But the strategy essentially leveraged already leveraged assets,
and the funds eventually dropped more than 50 percent in value,
prompting a margin call by UBS, according to the complaint, the
report relays.

The report notes that Ms. Lopez sought $2 million in her
complaint, and was awarded about half that from the panel in
compensatory damages.

"We were very happy with the award," the report quoted Mr. Pearce
as saying.  "It was not the result we hoped for, but it was a good
award nonetheless."

When contacted, a UBS representative said in an emailed statement
that its investors in closed-end Puerto Rico funds have received
"excellent" returns over the past 20 years, and that the panel's
decision is not necessarily indicative of how other venues might
rule on complaints from customers over similar products, the
report notes.

Although the arbitrators awarded less than the full damages the
claimant requested, "UBS is disappointed with the decision to
award any damages, with which we respectfully disagree," the
statement read, the report relays.

The decision comes about six months after a FINRA panel awarded
nearly $3 million to three other investors in a similar situation,
the report discloses.

Moreover, in September, UBS Financial Services Inc. of Puerto Rico
agreed to pay $15 million in disgorgement, interest and penalties,
and FINRA separately fined the unit $7.5 million over its alleged
supervisory failures and ordered it to pay roughly $11 million to
165 customers in connection with its closed-end funds, the report
says.

The issue has also triggered class-action litigation against UBS
and a Banco Popular subsidiary, the report notes.

Puerto Rico is currently struggling under more than $70 billion in
public debt, but the commonwealth is specifically barred under a
1984 amendment to the U.S. Bankruptcy Code from accessing Chapter
9, the report relays.

Attempts by Puerto Rico to pass its own legislation to restructure
its debt have been blocked by the courts, but the White House and
Puerto Rican officials have also been pushing Congress in recent
weeks to pass legislation that includes a bankruptcy option, the
report notes.

Ms. Lopez is represented by Robert Wayne Pearce and Julio Cayere
Quidgley of The Law Offices of Robert Wayne Pearce.

UBS is represented by Joshua D. Jones and Gregg M. McCormick of
Bressler Amery & Ross PC and Luis D. Davila-Pernas of McConnell
Valdes LLC.

The FINRA proceeding is in the matter of arbitration between Ms.
Lopez and UBS Financial Services Inc. of Puerto Rico et al., case
number 14-01541.

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.


REDONDO CONSTRUCTION: 1st Cir. Vacates Judgment in PRHTA Suit
-------------------------------------------------------------
IN RE: REDONDO CONSTRUCTION CORPORATION, Debtor. PUERTO RICO
HIGHWAY AND TRANSPORTATION AUTHORITY, Plaintiff, Appellant, v.
REDONDO CONSTRUCTION CORPORATION, Defendant, Appellee, No. 15-1397
returns to the United States Court of Appeals for the
First Circuit following its remand in In re Redondo Construction
Corp. (Redondo III), 678 F.3d 115 (1st Cir. 2012).

The Puerto Rico Highway and Transportation Authority appeals the
district court's affirmance of the bankruptcy court's award of
prejudgment interest to Redondo Construction Corporation on its
contract claims under Article 1061 of the Puerto Rico Civil Code,
31 L.P.R.A. accruing through the payment of principal.  The
Authority asserts that Redondo forfeited its claim, and that even
if such an award was warranted, the bankruptcy court used
incorrect start and end dates for accrual.

In a Decision dated February 10, 2016, which is available at
http://is.gd/tXISQifrom Leagle.com, the First Circuit vacated the
district court's judgment and remanded the case to allow for an
award of postjudgment interest and a reduction of the Article 1061
interest award to the extent their accrual periods overlap.

Hector Benatez Arraiza, Esq. Quiones & Arbona, P.S.C. for
appellant.

Charles A. Cuprill-Hernandez, Esq., Law Offices Charles A.
Cuprill, P.S.C., for appellee.

Redondo Construction Corporation has been in the construction
business for 30 years, and worked on many public and government
projects.  Redondo filed for chapter 11 protection (Bankr. D.P.R.
Case No. 02-02887) on March 19, 2002, and the Bankruptcy Court
confirmed the Debtor's chapter 11 plan on Oct. 6, 2005.


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


PETROLEOS DE VENEZUELA: New Military Company to Provide Services
----------------------------------------------------------------
Eyanir Chinea at Reuters reports that a recently-announced
Venezuelan military company will provide services to state oil
company Petroleos de Venezuela,
S.A. (PDVSA), especially in terms of security in the crime-ridden
OPEC country, the company's president said.

Some industry observers and opposition leaders had speculated the
company, Camimpeg, was a potential mechanism to shield assets from
being seized in the event of a debt default, according to Reuters.

But PDVSA President and Oil Minister Eulogio Del Pino said the
company is designed to provide services and support in the country
with the world's largest oil reserves, the report notes.

"It will help PDVSA in all the necessary areas.  For instance in
border areas, we're going to increase our security, in operational
issues where our soldiers are perfectly prepared," Mr. Del Pino
told reporters as he exited the National Assembly.

Venezuela's national crime pandemic -- the United Nations says the
country has one of the world's highest murder rates -- is a
growing headache for the oil industry, a recent Reuters
investigation found, the report notes.

Foreign oil companies operating in Venezuela have been clamoring
for more protection, especially in the vast and isolated oil
fields of the heavy crude Orinoco Belt, the report relays.

A PDVSA branch known as PDVSA Servicios used to provide many key
services to oil fields but appears to have faded away in the last
year, the report says.

Government critics say the announcement of the new army-led firm
lacks transparency and shows Venezuela's already prominent
military is gaining more power, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has affirmed Petroleos de Venezuela,
S.A.'s (PDVSA) foreign and local currency Issuer Default Ratings
(IDRs) at 'CCC'.  Fitch has also affirmed the rating for
approximately USD30 billion of senior unsecured debt outstanding
at 'CCC/RR4'.  Concurrently, Fitch has affirmed PDVSA's national
long-term rating at 'AA(ven)'.


                            ***********


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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