TCRLA_Public/160303.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, March 3, 2016, Vol. 17, No. 44


                            Headlines



B A R B A D O S

MONTICELLO INSURANCE: Moody's Cuts IFS Rating to B1; Outlook Neg.


B R A Z I L

GENERAL MOTORS: Plans to Lay Off an Additional 1,500 Workers
ODEBRECHT ENGENHARIA: Fitch Cuts Issuer Default Ratings to 'BB'
OI S.A.: Moody's Lowers CFR to Caa1; Outlook Negative


C A Y M A N  I S L A N D S

ANTHRACITE BALANCED: Commences Liquidation Proceedings
AQR GLOBAL: Placed Under Voluntary Wind-Up
AQR STYLE: Placed Under Voluntary Wind-Up
BLACKSTONE ZS: Commences Liquidation Proceedings
COLOMBIA SPECIAL: Placed Under Voluntary Wind-Up

DYNAMIC DRAGONS: Placed Under Voluntary Wind-Up
ELEUTHERA CURRENCY: Placed Under Voluntary Wind-Up
ENQUEST DONS: Commences Liquidation Proceedings
HSBC DISTRESSED: Placed Under Voluntary Wind-Up
HSBC DISTRESSED MASTER: Placed Under Voluntary Wind-Up

ISQ JAPAN: Commences Liquidation Proceedings
MUNSTER II INVESTMENT: Placed Under Voluntary Wind-Up
ODEBRECHT OFFSHORE: S&P Lowers Rating on Notes to 'CCC+'
ODEBRECHT OLEO: S&P Lowers CCR to 'CCC+' & Remains on Watch Neg.
RUSSIAN CINEMA: Commences Liquidation Proceedings

SERENGETI CAPENSIS: Placed Under Voluntary Wind-Up
SHELF DRILLING: Moody's Lowers CFR to B2; Outlook Stable
SILVER CREEK: Commences Liquidation Proceedings
SOPHROSYNE MALTHUSIAN: Commences Liquidation Proceedings
SPROTT GLOBAL: Placed Under Voluntary Wind-Up

TCW/CRESCENT: Placed Under Voluntary Wind-Up
TCW/CRESCENT MEZZANINE: Placed Under Voluntary Wind-Up


C O L O M B I A

ECOPETROL: Sees Reserves Fall 11% in 2015


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: To Export Natural Gas to the Caribbean


J A M A I C A

* JAMAICA: New Government Plans Speedy Tabling of Budget


M E X I C O

AXTEL SAB: Takes Aim at U.S. Businesses as Cross-Border Ties Grow


P U E R T O    R I C O

COCO BEACH: Wants Administrative Claims Bar Date Established
EFRON DORADO: Seeks to Employ Luis Carrasquillo as Accountant
EFRON DORADO: Seeks to Employ Charles Cuprill as Attorney


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Gas Production Fell to Ten-year Low in 2015


                            - - - - -


===============
B A R B A D O S
===============


MONTICELLO INSURANCE: Moody's Cuts IFS Rating to B1; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service (MIS) has downgraded the insurance
financial strength (IFS) rating of Monticello Insurance Limited
(Monticello, or MIL) to B1, from Ba1, with a negative outlook.
Monticello is the captive reinsurance subsidiary of Brazil based
Vale S.A. (senior unsecured debt at Ba3, negative outlook), one of
the largest metal and mining companies in the world.  The
downgrade follows Moody's announcement on February 26 of the
downgrade of the captives' parent company -- Vale S.A.

                         RATINGS RATIONALE

The rating downgrade of MIL to B1, from Ba1, with a negative
outlook, reflects the downgrade of Vale's rating to Ba3 from Baa3,
also with a negative outlook.  According to Moody's, MIL's IFS
rating benefits from the support provided by Vale, reflecting
Monticello's close integration with the global risk management
function of the group.  Therefore, the lowering of the parent's
rating to Ba3 has resulted in both a somewhat diminished
fundamental credit profile, and weakened level of support, for
Monticello, resulting in the downgrade of the captive's IFS rating
to B1.

MIL is a core part of Vale's risk-management program and is the
sole insurance captive utilized in Vale's property insurance and
business interruption program worldwide.  Explicit support from
Vale to MIL, which has been provided through capital injections --
totaling US$240 million over the past three years --and ongoing
financial support to cover losses is a key driver of MIL's credit
rating.  The rating agency expects that MIL will continue to
receive parental support from Vale to backstop MIL's obligations
to its fronting insurance carriers, although that support is
ultimately limited by Vale's intrinsic credit strength.

MIL's rating is constrained by its product risk concentration and
significant risk exposures which has resulted in earnings
volatility, as the company has reported net losses in 2012, as
well as the weak sovereign credit profile and operating
environment of Barbados, where MIL is domiciled.

Given the negative outlook of MIL's rating, an upgrade is
unlikely, but a return to stable outlook for Vale S.A.'s rating
could lead to a restoration of a stable outlook for MIL.
Conversely, MIL's rating could be downgraded if: 1) Vale's rating
is downgraded; 2) support from the group to the captive company is
reduced; 3) the captive reinsurer begins to cover risks of
external (i.e. non-Vale) entities or engages in non-reinsurance
business; or 4) Barbados' sovereign rating (currently B3, negative
outlook) is downgraded.

Monticello Insurance Limited is based in Barbados.  As of Dec. 31,
2014, its total assets amounted to US$501 million and its
shareholders' equity was US$158 million.  The company's total
annual gross premium for 2014 totaled US$44 million, and the
company recorded a net income of US$64.5 million in 2014.

The principal methodology used in this rating was Global
Reinsurers published in December 2015.


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


GENERAL MOTORS: Plans to Lay Off an Additional 1,500 Workers
------------------------------------------------------------
EFE News reports that General Motors has notified labor unions of
plans to lay off 1,500 workers at a plant in Brazil after
terminating 517 employees in February at a different location in
the South American country.

The new wave of layoffs will affect workers at a GM manufacturing
plant in the Sao Paulo suburb of Sao Caetano do Sul, the union
said, according to EFE News.

The report notes that the affected employees have been out of work
since October, but they were still being paid under a temporary
suspension of the collective bargaining agreement and expected to
return to their jobs.

On Feb. 1, the company laid off 517 workers at the plant in Sao
Jose dos Campos, located 90 kilometers (56 miles) northeast of Sao
Paulo, the report relays.

Brazil's auto industry is mired in a deep crisis amid economic
recession, rising unemployment, tighter credit and loss of
consumer confidence, the report discloses.

Sales and production tumbled last year, prompting automakers to
adopt measures to adjust output to demand, including the
concession of collective paid vacations and more layoffs, the
report adds.


ODEBRECHT ENGENHARIA: Fitch Cuts Issuer Default Ratings to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency long-
term Issuer Default Ratings (IDRs) for Odebrecht Engenharia e
Construcao S.A. (OEC) to 'BB' from 'BBB-', and its long-term
National Scale Rating to 'AA-(bra)' from 'AA+(bra)'. These rating
actions affect approximately $US 3 billion of issued debt by
Odebrecht Financial Limited (OFL), which OEC unconditionally and
irrevocably guarantees. The Rating Outlook remains Negative. A
complete list of ratings follows at the end of this press release.

KEY RATING DRIVERS

The downgrade reflects Fitch's perception of OEC's continued
business profile deterioration, influenced by the challenging
macroeconomic environment in Brazil, maintenance of low oil prices
and potential consequences of the Lava-Jato investigation. These
events are likely to pressure the company's backlog, revenues and
cash flow generation during the next years.

Fitch believes the reputational damage from the Lava-Jato scandal
and maintenance of low oil prices will erode OEC's capacity to
replace backlog. In addition, it has reduced Odebrecht group's
ability to access debt and capital markets; despite no debt
rollover until 2018 for the heavy construction company. OEC's
credit profile is further affected by the intrinsic volatility of
the construction business and high exposure to government clients
combined with the weakness of oil prices, as an important part of
OEC's clients depend on the commodity exports to fund their
infrastructure projects.

OEC's ratings remain supported by its scale as the largest Latin
American Engineering and Construction (E&C) company, strong
liquidity, and low to moderate leverage. Company's diversified and
robust backlog adds a degree of visibility to revenues and EBITDA,
which is positive for its credit profile. It was also taken into
account OEC's financial discipline in not overpaying dividends to
Odebrecht S.A. (ODB) and its strategy to not support its more
leveraged sister companies.

The Rating Outlook is Negative due to the uncertainties regarding
the potential outcomes from the Lava-Jato investigation and the
performance of the Brazilian economy in 2016 and 2017, along with
the maintenance of oil prices at historical lows.

Cash Flow Generation to Reduce

Fitch expects a challenging business environment for OEC to
negatively impact cash flow generation over the next years. The
restricted launches of infrastructure project in Brazil due to the
deteriorated macroeconomic environment and political crisis should
result in OEC's domestic backlog consumption. The daunting
scenario in Brazil influences 22% of the backlog, while another
44% is affected by low oil prices, resulting in backlog
consumption that reduced to $US 30 billion from $US 34 billion in
the first nine months of 2015.

Fitch foresees a positive but low free cash flow (FCF) in the next
three years. Positively, EBITDA margin of 9% - 10% should compare
adequately for the industry. During the LTM ended Sept. 2015,
OEC's EBITDA generation of BRL4.2 billion and EBITDA margin of
9.7% were favorably influenced by the company's efficient
execution and discipline in the bidding process. Cash flow from
operations (CFFO) of BRL6.7 billion was robust and sufficient to
cover capital expenditures of BRL817 million and dividends of
BRL396 million, delivering a FCF of BRL5.5 billion.

Robust but Concentrated Backlog

OEC's robust backlog presents certain degrees of concentration. By
the end of September 2015, 63.7% of OEC's backlog of BRL119
billion ($US 30 billion) came from public clients with the ten
largest projects responsible for 56.5% of the company's total
backlog. Oil export countries such as Venezuela and Angola have
represented 43.6% of the portfolio of contracts, which further
adds concentration risks and concerns related to the pace of
projects execution due to low oil prices.

Low to Moderate Leverage

Fitch believes OEC will maintain moderate to low leverage over the
next three years, with total adjusted debt around 3.0x-3.5x. As of
the LTM ended Sept. 30, 2015, the company's total adjusted
leverage reached 3.2x, from 2.6x in December 2014, influenced by
the real devaluation on the company's FX debt exposure. By the end
of September 2015, OEC's total adjusted debt was BRL13.7 billion,
with 87% composed of $US  bonds. In the same period, OEC's net
adjusted leverage was 0.5x, as per Fitch's metrics.

No Direct Affiliate Support
Fitch assumed no direct support from OEC to its sister-companies
during the next five years. The agency also expects minimum
dividend payments from OEC to ODB. Fitch understands that if one
of the ODB's subsidiaries requires financial support all
possibilities would be exhausted, such as downsizing,
restructuring, debt renegotiations, before ODB is called to inject
money. The agency believes that only in a very unlikely scenario,
OEC would be used to cover any losses of the group. The company
contribution to the group should continue to be through dividends
to the holding company and the debt service of OFL's issuances.

KEY ASSUMPTIONS

-- Backlog in Brazil declining 10% in 2015, 10% in 2016, and 2%
    in 2017. Abroad, the portfolio of contracts in $US  falls 2%
in
    2015, 3% in 2016, and recovers to a 2% growth in 2017;
-- Revenues in BRL growing 34% in 2015 and flat in 2016 despite
    the FX depreciation;
-- EBITDA margins of 9.6% in 2015, 8.8% in 2016 and 9.4% in 2017.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:
-- More severe backlog reductions than Fitch's initial
    expectations, further affecting its cash flow generation;
-- Unexpected support to sister companies or higher dividend
    payments to ODB causing significant liquidity decrease;
-- Heavy fines and suspensions from the Lava-Jato investigation.

An upgrade is unlikely in the short term.

LIQUIDITY

Fitch expects OEC to maintain a strong liquidity over the next
three years. The company's financial flexibility is favored by the
$US 1.0 billion standby committed credit facility with
unrestricted access until November 2019. As of Sept. 30, 2015,
OEC's sound cash position of BRL11.5 billion covered short term
debt of BRL1.6 billion 7.3x. The agency forecasts OEC to report
cash coverage ratios of 18x-22x from 2015 until 2019. The company
benefits from lengthened debt amortization schedule being the next
relevant principal amortization is the BRL500 million due April
2018.

FULL LIST OF RATING ACTIONS

Fitch downgrades the following:

Odebrecht Engenharia e Construcao S.A. (OEC)
-- Foreign and local currency IDRs to 'BB' from 'BBB-';
-- National scale rating to 'AA-(bra)' from 'AA+(bra)'.

Odebrecht Finance Limited (OFL)
-- BRL500 million senior unsecured notes due 2018 to 'BB' from
    'BBB-';
-- $US 500 million senior unsecured notes due 2020 to 'BB' from
    'BBB-';
-- $US 600 million senior unsecured noted due 2022 to 'BB' from
    'BBB-';
-- $US 800 million senior unsecured notes due 2023 to 'BB' from
    'BBB-';
-- $US 550 million senior unsecured notes due 2025 to 'BB' from
    'BBB-';
-- $US 500 million senior unsecured notes due 2029 to 'BB' from
    'BBB-';
-- $US 850 million senior unsecured notes due 2042 to 'BB' from
    'BBB-';
-- $US 750 million perpetual bonds to 'BB' from 'BBB-'.


OI S.A.: Moody's Lowers CFR to Caa1; Outlook Negative
-----------------------------------------------------
Moody's America Latina has downgraded Oi S.A.'s corporate family
rating to Caa1/Caa1.br.  As part of this rating action, Moody's
has also downgraded the ratings on unsecured debt at Oi S.A.to
Caa2/Caa2.br, one notch below the corporate family rating due to
their junior position in the capital structure.  The company has
significant indebtedness at subsidiary holding companies which
have a priority claim on the majority of operating cash flows.
The outlook remains negative.

                        RATINGS RATIONALE

Issuer: Oi S.A.

Ratings downgraded:

   -- Corporate Family Rating: to Caa1/Caa1.br from Ba3/A3.br
   -- BRL 400 mm BRAZILIAN DEBENTURES due 2017: to Caa2/Caa2.br
      from B1/Baa3.br
   -- BRL 2.350 mm BRAZILIAN DEBENTURES due 2018: to Caa2/Caa2.br
      from B1/Baa3.br
   -- BRL 246 mm BRAZILIAN BOND due 2020: to Caa2/Caa2.br from
      B1/Baa3.br
   -- BRL 1.600 mm BRAZILIAN DEBENTURES due 2020: to Caa2/Caa2.br
      from B1/Baa3.br

The downgrade was based on the company's persistently increasing
leverage and cash consumption, which has reduced financial
flexibility and has led to an untenable capital structure.
Moody's believes that Letter One's announcement that it dropped
its proposal for a potential transaction involving up to USD 4.0
billion in capital injection from Letter One into Oi will further
constrain the company's liquidity and financial flexibility to
invest in CAPEX and spectrum, and its ability to amortize debt.
Since there is no visibility of another transforming event such as
a merger or capital injection that could lead to lower leverage, a
more comfortable maturity profile, and stronger financial
flexibility, we see a high risk of debt restructuring initiatives
over the next 12-18 months that would likely involve losses to the
creditors.

Oi's Caa1 corporate family rating reflects its scale, geographic
diversity, broad asset base, wide network coverage and strong
margins.  These strengths are offset by the company's challenges
to upgrade its network in Brazil to meet shifting consumer demand,
the highly competitive market in the country, the margin pressure
it faces from an unfavorable product mix shift and the company's
limited financial flexibility given its large debt burden and
challenging momentum for funding through capital markets.  Moody's
forecasts Oi's adjusted leverage will reach over 5.5x at year-end
2015 and 2016 and expects it to continue to consume cash through
2017.

Moody's believes that despite the company's cost cutting and
efficiency efforts, its business will face further margin
deterioration from an unfavorable product mix shift to pay TV and
broadband and the price pressure inherent in its targeted value
segment, especially during the ongoing economic slowdown in
Brazil.  Further reductions in capital spending may result in
future operational and competitive challenges.

Oi's sale of Portugal Telecom's assets in June 2015 increased the
company's cash position, but at the same time kept the company's
total debt outstanding and interest burden high.  Although
decreasing due to the company's cost cutting and efficiency
efforts, cash burn is still high and we believe it may influence
Oi's decision to reduce network investments that would negatively
impact their competitive position in the near future.  Oi's main
competitors, Telefonica Brasil S.A. (Ba1 negative) and America
Movil S.A.B. de C.V. (A2 stable), remain well capitalized and are
investing heavily in Brazil for growth, both organically, with
CAPEX and on spectrum, and through M&A.

Oi has sufficient liquidity to meet its obligations over the next
12 months.  On the other hand, Moody's forecasts that the company
will continue to consume cash through 2017, excluding any
potential spectrum purchases.  Oi had BRL 16.4 billion in cash at
the end of September 2015 plus access to approximately BRL 3.0
billion in committed credit facilities and upcoming maturities in
the order of BRL 1.0 billion until the end of 2015, BRL 11.3
billion in 2016, and BRL 9.0 billion in 2017.  CAPEX is high at
around BRL 5.0 billion per year and the company is not expected to
generate positive free cash flow at least until 2018, reinforcing
its dependency on the capital markets, currently closed, to extend
debt maturities.

Moody's rates unsecured debt at Oi S.A. Caa2/Caa2.br, one notch
below the corporate family rating due to its junior position in
the company's capital structure.

Oi's negative outlook reflects its challenges to reduce leverage
while still consuming cash in an adverse economic scenario that
will affect the company's top line, margins and CAPEX investments
that could result in debt restructuring initiatives that would
likely involve losses to the creditors.

Moody's could lower Oi's ratings further if liquidity drops
significantly or if the company announces a debt restructuring
that is considered a distressed exchange by Moody's.

Although not anticipated in the near term Oi's ratings could be
upgraded if the company is able to significantly improve its debt
profile, leverage is sustained comfortably below 4.0x (Moody's
adjusted) and the company produces sustained positive free cash
flow.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

POTENTIAL MAPPING RECALIBRATION FROM GLOBAL SCALE TO NATIONAL
SCALE RATINGS

With the recent downgrade of the government of Brazil on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
national scale ratings (NSRs) among issuers in Brazil has become
compressed, particularly at the Aa2.br level.  As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide greater credit differentiation among issuers
in Brazil than is possible on the global rating scale.  However,
if Moody's NSR methodology is revised as proposed in the Request
for Comment (RFC) entitled "Mapping National Scale Ratings from
Global Scale Ratings" published on January 20, the resulting new
Brazilian scale would likely imply that many Brazil global scale
ratings would be remapped to higher ratings on the national scale.

While the RFC included a new proposed national scale map for
Brazil, given the aforementioned ratings changes, the new map
design for Brazil will likely differ from the specific map
proposal included in the RFC.  In addition to the proposed
Brazilian map, the RFC comprised a proposed update to our
methodology for mapping national scale ratings from global scale
ratings, including guidelines for the design of new national scale
maps and changes to existing maps, as well as proposed new
national scale maps for each of the other countries in which we
currently offer NSRs.  The comment period for this RFC closed on
February 22.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.


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


ANTHRACITE BALANCED: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 17, 2015, the sole shareholder of Anthracite Balanced
Company (GMN) Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Simon Conway
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


AQR GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 23, 2015, the sole shareholder of AQR Global Asset
Allocation Offshore Fund (GBP) II, 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:

          AQR Capital Management, LLC
          c/o Joanne Huckle
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


AQR STYLE: Placed Under Voluntary Wind-Up
-----------------------------------------
On Dec. 23, 2015, the sole shareholder of AQR Style Premia
Offshore Fund II 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:

          AQR Capital Management, LLC
          c/o Joanne Huckle
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


BLACKSTONE ZS: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 21, 2015, the sole shareholder of Blackstone ZS Offshore
Fund Ltd. resolved to voluntarily liquidate the company's
business.

The company commenced liquidation proceedings on Dec. 21, 2015.

The company's liquidator is:

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


COLOMBIA SPECIAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 23, 2015, the sole shareholder of Colombia Special
Investments 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:

          Matias Rodriguez Arnal
          c/o Jody Powery-Gilbert
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


DYNAMIC DRAGONS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 21, 2015, the sole member of Dynamic Dragons II SPC
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ELEUTHERA CURRENCY: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 23, 2015, the sole shareholder of Eleuthera Currency 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:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          P.O. Box 10085 Grand Cayman KY1 1001
          161a Artillery Court
          Cayman Islands


ENQUEST DONS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 21, 2015, the
shareholders of Enquest Dons Oceania Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuart Sybersma
          c/o Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 949 7500
          Facsimile: +1 (345) 949 8258


HSBC DISTRESSED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 21, 2015, the sole shareholder of HSBC Distressed
Opportunities 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:

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


HSBC DISTRESSED MASTER: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Dec. 21, 2015, the sole shareholder of HSBC Distressed
Opportunities 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:

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


ISQ JAPAN: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 23, 2015, the shareholders of ISQ Japan Feeder GP Limited
resolved to voluntarily liquidate the company's business.

The company commenced liquidation proceedings on Dec. 23, 2015.

The company's liquidator is:

          Jun Asaki
          Room 401, 198-3 Yamamoto-cho 5-chome
          Naka-ku; Yokohoma-shi 231-0851
          Japan
          Telephone: +81-3-3210-2292


MUNSTER II INVESTMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Dec. 17, 2015, the sole shareholder of Munster II Investment
Company resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mark White
          c/o Brian Balleine
          Field Secretaries (Cayman) Limited
          Butterfield House, Fort Street, George Town
          P.O. Box 705 Grand Cayman
          Cayman Islands KY1-1107


ODEBRECHT OFFSHORE: S&P Lowers Rating on Notes to 'CCC+'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Odebrecht
Offshore Drilling Finance Limited's (OODFL) notes to 'CCC+' from
'B-'.  At the same time, S&P maintained the rating on CreditWatch
negative.

The downgrade reflects S&P's belief that OODFL's financial
performance will further deteriorate, resulting in lower cash flow
available for debt service (CAFDS) in the upcoming years because
of the termination of a charter and service contract for ODN Tay.
S&P also views higher market risk and a weaker competitive
position for re-chartering the vessels ODN Tay IV (docked) and
Norbe VI (in mid-2019) because of the oil & gas industry slump,
including Petroleo Brasileiro S.A. - Petrobras' (Petrobras) sharp
reduction of its capex plan.

Petrobras announced a significant drop in its capex plan in early
January 2016 mostly in the exploration and production segment.
Furthermore, after five years of production in the pre-salt area,
the company may reduce the number of wells to necessary to drill,
considering that the pre-salt reservoirs have been performing
better than expected in terms of profitability and costs.  In
S&P's opinion, this would result in lower demand for drillships to
develop the pre-salt area, raising the re-contracting risk for
OODFL's vessels, in particular for Norbe VI in mid-2019.  This has
prompted S&P to reduce its expectations for OODFL's CFADS starting
in 2019.

S&P don't envision an imminent risk of default because it believes
that considering the cash flows from the three contracted assets
and the reserve accounts in place, the project could survive for
at least the next 12 months.  However, the short-term risk of
default lies on the potential acceleration of the bonds, which are
in forbearance period after triggering a non-automatic event of
default.  This risk is assessed in S&P's negative CreditWatch.


ODEBRECHT OLEO: S&P Lowers CCR to 'CCC+' & Remains on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on OOG to 'CCC+' from 'B'.  At the same time, S&P lowered
its issue-level rating on Odebrecht Oil & Gas Finance Limited to
'CCC+' from 'B'.  S&P also maintained these ratings on CreditWatch
negative.

The downgrade reflects the rising risk of OOG's bonds' default,
stemming from a non-automatic cross-acceleration provision to one
of its projects, OODFL.  S&P continues to view OOG as a project
developer and base S&P's ratings on its ability to meet financial
obligations at the holding level from dividends from its operating
subsidiaries.  Its stand-alone credit profile already incorporates
S&P's expectation of weaker credit metrics in the next three years
due to lower-than-expected dividends from its operating
subsidiaries, including none from OODFL.

Even though, S&P don't envision an imminent risk of default
because S&P believes that OOG has short-term financial
flexibility, it doesn't have sufficient cash to absorb the impact
of debt-cross acceleration.  In addition, S&P views that the long-
term sustainability of its cash flows will depend on OODFL's
ability to renegotiate its bonds and on OOG to absorb the impact
of a lower expected dividends flow from the projects.  As of June
2015, OOG had about $150 million in unencumbered cash--according
to an audited financial report--and undrawn committed revolving
lines of approximately $200 million.

S&P also believes that ability of the ultimate parent, Odebrecht
S.A. (not rated), to financially support OOG on a timely basis has
weakened.  Even though S&P continues to believe there are
incentives for the group to support the subsidiary under distress,
given the reputational linkage between both, S&P considers that
the group currently doesn't have the financial flexibility to do
so.


RUSSIAN CINEMA: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 23, 2015, the shareholders of Russian Cinema Holding
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:

          Michael Kevin Hurley
          c/o Steep Rock Limited
          104 / 3 Nizhegorodskaya Ul
          Moscow, 109052
          Russia


SERENGETI CAPENSIS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 22, 2015, the sole shareholder of Serengeti Capensis
Associates 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:

          J.L. Serengeti Management LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


SHELF DRILLING: Moody's Lowers CFR to B2; Outlook Stable
--------------------------------------------------------
Moody's Investors Service took a number of rating actions on Shelf
Drilling Midco, Ltd. and Shelf Drilling Holdings, Ltd. (Holdings,
and together "Shelf Drilling").  Moody's downgraded Midco's
Corporate Family Rating (CFR) to B2 from B1, its Probability of
Default Rating (PDR) to B2-PD from B1-PD and its senior secured
term loan rating to B3 from B2.  At the same time, Moody's
downgraded Holdings' senior secured notes rating to B2 from B1.
The outlook on all ratings changed to stable.  This concludes the
rating review that was initiated on Jan. 22, 2016.

"Today's downgrade is driven by the increased business risk and
volatility in the oilfield services sector globally, and the
drilling segment more specifically resulting in significant
pressure on utilization and day rates", says Julien Haddad, a
Moody's Analyst.  "The stable outlook reflects Shelf Drilling's
strong competitive position in the markets it operates, and its
ability to absorb volatile and lower utilization and day rates
over the next 18 to 24 months".

                         RATINGS RATIONALE

Oil prices have dropped by more than 70% over the last 18 months
reflecting continued oversupply in the global oil markets, very
high inventory levels and additional Iranian oil exports coming on
line.  Moody's lowered its oil price estimates on January 21
(Moody's expects Brent prices to average 33$ in 2016 and 38$ in
2017) and expects a slow recovery for oil prices over the next
several years.

The rating agency expects that offshore drilling contractors will
face an extremely challenging operating environment through at
least 2018.  The substantial drop in oil and gas prices pushing
major National Oil Companies (NOCs) and Integrated Oil Companies
(IOCs) to reduce their operating expenditures, as well as the
increased competition in an over-supplied rig market will keep day
rates under severe pressure through 2018, weakening cash flow and
liquidity.  This, alongside limited capital market access, and
reduced rig values will hinder the ability of companies to
meaningfully reduce debt creating significant stress in the
industry.

While during the last six months, Shelf Drilling has successfully
signed a number of new contracts or extended existing contracts
across the Middle East, Africa and India with major NOCs and IOCs,
they nevertheless came at the expense of significantly lower day
rates, resulting in Moody's adjusted EBITDA decreasing by more
than 40% y-o-y in Q2 and Q3 2015.  It is Moody's expectation that
lower utilization and continued pressure on day rates could result
in a significant weakening of Shelf Drilling's leverage and
interest coverage metrics, with Debt to EBITDA increasing to 5.0x
and EBITDA interest coverage decreasing to below 2.5x in 2018.
Lower utilization and day rates could also increase refinancing
risk ahead of Midco's USD350 million senior loan maturing in
October 2018 and Holding's USD475 million senior notes maturing in
November 2018.

                   RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Shelf Drilling's exposure to oil
basins where production and rig counts have not decreased; its
lack of exposure to deep water and ultra-deep water drilling
activities; as well as the company's ability to continue to sign
new contracts, albeit at lower day rates.  This is driven by the
strong relationship Shelf Drilling continues to enjoy with its
customers and the company's ability, despite its old fleet -- and
hence less advanced technologically- to operate its rigs with
lower operating costs and hence gives the company a buffer in an
environment of lower day rates and where customers are price
sensitive.  During 2015, Shelf Drilling's management improved
operating performance and reduced costs by embarking on a cost
optimization program which has resulted in a decrease of the
average operating cost per rig to ca. $43K per day for 2015 from
$52.5K a year earlier.

Shelf Drilling's B2 ratings reflect (1) the company's strong
liquidity position with USD91 million of cash balances as of
September 2015 and USD200 million of unused committed RCF; (2)
Shelf Drilling's revenue and cash flow diversification across a
number of geographies with blue-chip companies with ca. three
quarters of Shelf Drilling's operating rigs, as of December 2015,
are under contract with NOCs and IOCs; (3) non-speculative build
strategy of the company with two new builds expected to be
delivered in Q4 2016 and Q2 2017 backed by five-year contracts
from Chevron Corporation (Aa1 ratings under review); (4) the
company's health and safety track record; and (5) Moody's
expectation of no dividend distribution in 2015 and 2016,
reflecting the shareholders' attitude towards conserving cash in
the business in light of the challenging operating environment.

The B3 rating on Midco's secured term loan reflects its
structurally subordinated claim to the rig assets, behind the $200
million senior secured first-lien revolver and $475 million senior
secured second-lien notes at Holdings, which directly owns all the
operating rig companies.  Midco's term loan does not have any
upstream guarantee from Holdings.  The 8.625% secured notes at
Holdings are rated B2 despite having significant amount of
structurally subordinated Midco debt in the capital structure.
The Midco term loan matures ahead of the Holdings notes and could
be repaid earlier leaving limited loss absorption cushion to
lenders at Holdings.

               WHAT WOULD CHANGE THE RATING UP/DOWN

Given the challenging market environment, an upgrade is unlikely
in the near term. However, ratings could be under positive
pressure if the company is able to re-contract rigs as they roll-
off and to find new contracts for its available rigs such that
debt to EBITDA were to remain below 3.0x on a sustained basis.
The company would also have to address its refinancing in a timely
manner.

Shelf's ratings could be downgraded if debt to EBITDA were to
increase to above 5.0x or if liquidity deteriorates.  Any loss of
contracts could also lead to a downgrade of Shelf's ratings.

                       PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

Shelf Drilling Midco, Ltd. is a Cayman Islands incorporated
holding company that owns all of the equity interest in Shelf
Drilling Intermediate, LTD. (Shelf Intermediate), which in turn
owns 100% of Shelf Drilling Holdings, Ltd.  Holdings owns 36
independent-leg cantilever jackup rigs and one swamp barge rig,
and through various subsidiaries conducts drilling operations in
the Southeast Asia, Middle East, India, West Africa and North
Africa / Mediterranean markets.

The Local Market analyst for this rating is Julien Haddad, 9714-
237-9539.


SILVER CREEK: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 22, 2015, the sole shareholder of Silver Creek Early
Advantage Fund, Ltd. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Silver Creek Capital Management LLC
          Eric E. Dillon
          1301 Fifth Avenue, 40th Floor
          Seattle Washington 98101
          United States of America
          Telephone: +1 (206) 774 6000


SOPHROSYNE MALTHUSIAN: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 22, 2015, the sole shareholder of Sophrosyne Malthusian
Partners Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Taj Bayless
          3726 Las Vegas Boulevard
          South 2504W
          Las Vegas
          Nevada 89158
          United States of America
          Telephone: +1 (212) 444 2500


SPROTT GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 23, 2015, the sole shareholder of Sprott Global Resources
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:

          Samgenpar, Ltd.
          c/o Joanne Huckle
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


TCW/CRESCENT: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 22, 2015, the sole shareholder of TCW/Crescent Mezzanine
Partners IV (Cayman), 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:

          TCW Management Company International Limited
          c/o Jody Powery-Gilbert
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


TCW/CRESCENT MEZZANINE: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Dec. 22, 2015, the sole shareholder of TCW/Crescent Mezzanine
Partners IVB (Cayman), 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:

          TCW Management Company International Limited
          c/o Jody Powery-Gilbert
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


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


ECOPETROL: Sees Reserves Fall 11% in 2015
-----------------------------------------
EFE News reports that Colombian state oil company Ecopetrol said
net proven hydrocarbons reserves fell to 1.84 billion barrels of
oil equivalent (boe) at the end of 2015, a figure that was down 11
percent from the previous year, when reserves totaled 2.08 billion
boe.

The decline in proven reserves was due mainly to the "sharp drop
in the price of hydrocarbons" on the world market, the company
said in a statement obtained by the news agency.

Some 95 percent of the reserves belong to the parent company,
while the remaining 5 percent of reserves are held by Ecopetrol's
Hocol and Ecopetrol America units, and its interests in Equion and
Savia Peru, the company said, the report notes.

Ecopetrol, which accounts for more than 60 percent of Colombia's
oil production, also has exploration and production operations in
Brazil, Peru and the U.S. Gulf of Mexico, the report adds.


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


DOMINICAN REPUBLIC: To Export Natural Gas to the Caribbean
----------------------------------------------------------
Dominican Today reports that Dominican Republic will become a
natural gas distribution and re-export center to the Caribbean
region this year, Caribbean Trade Consortium and Commonwealth
Roundtable president Fernando Gonzalez Nicolas affirmed.

As guest speaker in the "Conference on Gas Transport and Marketing
in the Americas" held in Houston and hosted by the British
organization Informa, Mr. Gonzalez said the center will have a
positive impact on the Dominican economy with "many collateral
benefits to our country," according to Dominican Today.

"As natural gas and propane gas increase their presence in power
generation throughout the Caribbean region, Dominicans will be the
first after Trinidad in supplying natural gas to the region,
through the re-export of natural gas," the business leader said,
the report notes.

Mr. Gonzalez said given tourism's vital importance to the
Caribbean, the use of clean fuels such as propane and natural gas
will spread, "because they don't harm the environment," the report
relays.

In a statement, Mr. Gonzalez also noted that since the power
companies consume the most fuel, the region's trend is toward
fewer fossil fuels and more natural gas and propane, the report
notes.

Mr. Gonzalez acknowledged however that the Caribbean countries
face key technical and financial challenges to convert to natural
gas, the report notes.

Niebert Blair, of Caricom, and Andrew Clifton, Executive Director
of the International Society of Tanker Ships and Terminal
Operators including the US, Europe and Asia also participated in
the English-Caribbean conference, 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'.


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


* JAMAICA: New Government Plans Speedy Tabling of Budget
--------------------------------------------------------
RJR News reports that the Jamaica Labour Party (JLP), which is
about to form the new Government of Jamaica, has signaled that
there will be a speedy tabling of the 2016/2017 Budget.

With the JLP slated to assume office within days, Dr. Horace
Chang, its General Secretary, told RJR News that the budget will
be a priority for the new administration.

Already, Dr. Chang said, the budget was "pretty much set," and the
JLP fully understood its obligations in respect of the country's
macro-economic priorities, the report notes.

Dr. Chang also disclosed that Andrew Holness, the incoming prime
minister, has had important discussions with representatives of
critical sectors already and will engage in others ahead of being
sworn into office, the report relays.

These include the key state financial agencies and the water
sector, among others, he added.

                         *     *     *

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.



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


AXTEL SAB: Takes Aim at U.S. Businesses as Cross-Border Ties Grow
-----------------------------------------------------------------
Patricia Laya at Bloomberg News reports that Axtel, S.A.B. de C.V.
(Axtel SAB), the newly acquired telecommunications unit of
Mexico's Alfa SAB, created a niche for itself in the local
enterprise market.  Now it's hoping the strategy will make sense
for businesses stretching north of the border, according to
Bloomberg News.

"The North American market is a fact, and the first step was taken
by mobile companies with roaming-free plans," Axtel Chief
Executive Officer Rolando Zubiran told Bloomberg News in an
interview from San Pedro Garza Garcia, Mexico, a suburb of
Monterrey where the company is based.  "There is a very important
community of Latin Americans in the United States that we can't
dismiss," Mr. Zubiran added.

Bloomberg News notes that Alfa, which agreed in October to buy
Axtel in a stock deal, completed the acquisition for about 51
percent of the combined entity.  Terms weren't disclosed.

Bloomberg News says that the new company has annual sales from its
business customers of about MXN11 billion ($607.9 million),
according to an estimate from Itau BBA.  The old Axtel focused on
residential customers, offering fiber-optic lines with high-speed
video and Internet in large cities, while Alfa's Alestra unit, in
recent years, zeroed in on business services including data
centers, cloud computing, backup solutions and integrating
systems, Bloomberg News notes.

Bloomberg News says that the new company will use the Axtel name,
though both brands will continue at a time when new federal laws
in Mexico seek to stimulate competition in the industry.  While
Axtel hasn't yet deployed fiber-optic networks in the U.S., it has
provided telecommunications services there to businesses such as
Alfa's subsidiaries, Mr. Zubiran said, Bloomberg News notes.
There could be an opportunity to expand services in the U.S., he
added.

Moody's Investors Service raised Axtel's corporate family rating
three levels to Ba3 from B3, saying the combination provides a
stronger credit profile and capital structure. The Ba3 rating is
three notches below investment grade.

"The larger size of the newly formed entity will also increase
both companies' competitive capacity in Mexico's fragmented
telecommunications industry," Moody's analyst Alonso Sanchez said
in a statement.

                         Enterprise Boost

Exposure to enterprise markets will fuel growth for the combined
company, Fitch Ratings analyst Alvin Lim said in an interview,
Bloomberg News relays.  "There are some synergies to be made, in
terms of networks, coverage, and the overall commercial platform.
It's a good strategic move," he added.

While traditional services like phones will see moderate growth at
best or possibly declining sales for the business segment,
enterprise cloud-computing services will post double-digit growth
in Latin America in the coming years, Pyramid Research analyst
Marcelo Kawanami said in a e-mail, Bloomberg News notes.  And
these services are set to reach 14 percent of telecommunications
sales in the region by the end of 2019, up from 5 percent in 2014.

Axtel shares have jumped 87 percent in the past 12 months, partly
fueled by acquisition rumors, Bloomberg News says.  Shares of
America Movil SAB, which competes against Axtel to offer phone and
Internet services, have fallen 22 percent in the same period,
Bloomberg News discloses.

                          'Significant Value'

"The merger represents a key strategic action that strengthens
Axtel's competitive position and creates significant value," Itau
BBA analyst Gregorio Tomassi said in a note to clients earlier
this month, Bloomberg News relays.  It also bolsters coverage and
network capacity, he said.

The combined unit will see synergies of as much as 1 billion pesos
in earnings before interest, taxes, depreciation and amortization,
and $20 million in capital spending a year, Mr. Zubiran said,
Bloomberg News notes.

Last year, wireless carriers America Movil, AT&T Inc., T-Mobile US
Inc. and Telefonica Mexico all introduced plans that ended cross-
border roaming charges and took advantage of a two-country region
with more than 400 million people, Bloomberg News relays.  The
lowering of telecommunications costs in Mexico, helped by laws
signed in 2014, gave operators legroom to offer the roaming-free
plans, Bloomberg News discloses.

"Whereas before there were regulatory obstacles, or artificial
borders, these are coming down every day," Bloomberg News quoted
Mr. Zubiran as saying.

As reported in the Troubled Company Reporter-Latin America on
Feb. 24, 2016, Moody's Investors Service upgraded Axtel, S.A.B. de
C.V.'s corporate family rating to Ba3 from B3.  The outlook is
stable.

This action concluded the review for upgrade initiated on Nov. 30,
2015.  The upgrade reflects Axtel's enhanced credit profile pro
form a for the merger with Alestra, S. de R.L. de C.V. (unrated),
subsidiary of Alfa S.A.B. de C.V. (Baa3, stable).



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


COCO BEACH: Wants Administrative Claims Bar Date Established
------------------------------------------------------------
Coco Beach Golf & Country Club, S.E., asks the U.S. Bankruptcy
Court for the District of Puerto Rico to set a bar date for the
filing of administrative claims and for the filing of motions for
the approval of professional fees, if any are still pending to be
filed, in order to share in distribution with other allowed
claimants in the class.

According to the Debtor, on Nov. 20, 2015, the Court approved the
sale of substantially all of Debtor's assets.  In essence, all of
Debtor's assets have been reduced to the amount of $2,200,000,
funds that remain encumbered to the major secured Puerto Rico
Tourism Development Fund, a subsidiary of the Government
Development Bank for Puerto Rico, an instrumentality of the
Commonwealth of Puerto Rico.

Upon conversion of significantly all of the estate assets, the
task remaining to the Debtor in the case is to complete the
distribution of sale proceeds by means of a Plan of Liquidation to
be proposed to creditors and parties in interest.  Since the funds
obtained from the sales proceeds are encumbered to a secured
creditor, approval of mandatory carve-outs are necessary as a
requisite to commence distributions.

                   About Coco Beach Golf

Coco Beach Golf & Country Club, S.E., is the owner of a first
class golf and country club in Rio Grande, Puerto Rico, currently
operating under the name of Trump International Golf Club Puerto
Rico.  Trump International Golf Club has two 18-hole golf courses
and country club facilities.

The Company sought Chapter 11 protection (Bankr. D.P.R. Case No.
15-05312) in Old San Juan, Puerto Rico, on July 13, 2015, and
immediately filed a motion seeking to sell most of the assets for
$2.04 million in cash to OHorizons Global, LLC, subject to higher
and better offers.


EFRON DORADO: Seeks to Employ Luis Carrasquillo as Accountant
-------------------------------------------------------------
Efron Dorado Se asks the U.S. Bankruptcy Court for the District of
Puerto Rico for authorization to employ CPA Luis R. Carrasquillo &
Co., P.S.C., as accountant and financial consultant.

The services that the firm will:

  -- Assist in obtaining the necessary data to complete the
Voluntary Bankruptcy Petition Form, as part of the Chapter 11
Voluntary Petition.

  -- Assist in obtaining the necessary financial information to
complete the Schedules and Statement of Financial Affairs.

  -- Assist in the preparation of all financial data to be
presented to the U.S. Trustee's Office within the first 15 days
after the filing.  This data will be used for the IDI ("Initial
Debtor's Interview") and the General Meeting of Creditors.

  -- Prepare financial projections and cash flows together with
Accountant's Report therein.

  -- Prepare the Liquidation Analysis for the Bankruptcy Court
along with its related Notes and Accountant's Report. This
includes valuation of the reorganized business on a distress
scenario and after the reorganization.

  -- Assist the Debtor's Legal Counselor in the preparation of the
Plan of Reorganization, Disclosure Statement, and all the related
documents for the Bankruptcy Court.

  -- Assist the legal counselor in the efforts to restructure
banks debts, obtain new financing sources, and/or any DIP or post
petition financing.

  -- Provide litigation support as specialized financial witness
and assist the Legal Counselors in any litigation that may arise
in the course of the reorganization that may require financial and
accounting testimony and litigation support.

  -- Provide special work as accountant and administrator of
Estates, as assigned by the Honorable Bankruptcy Court.

The standard hourly rates of the firm are:

     CPA Luis R. Carrasquillo     Partner             $175
     CPA Marcelo Guti‚rrez        Senior CPA          $125
     Other CPA's                                    $90-$125
     Lionel Rodr¡guez P‚rez       Senior Accountant   $90
     Carmen Callejas Echevarr¡a   Senior Accountant   $85
     Alfredo J. Segarra           Senior Accountant   $80
     Janet Marrero                Admin. Support      $45
     Iris L. Franqui              Admin. Support      $45

Efron Dorado Se filed a voluntary Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-00283) on Jan. 20, 2016.  Efron Dorado
Se, a single asset real estate company, disclosed total assets of
$33.2 million and total liabilities of $15.2 million as of the
Chapter 11 filing.  The Debtor's proposed counsel is Charles A.
Cuprill, P.S.C.


EFRON DORADO: Seeks to Employ Charles Cuprill as Attorney
---------------------------------------------------------
Efron Dorado Se asks the U.S. Bankruptcy Court for the District of
Puerto Rico for authority to employ Charles A. Cuprill, P.S.C.,
Law Offices, as its attorneys.

The Debtor has retained Cuprill as its counsel on the basis of a
$10,000 retainer paid by Norfe Development Corporation, the
Debtor's affiliate, against which the law firm will bill on the
basis of $350 per hour, for work performed or to be performed by
Charles A. Cuprill-Hernandez, Esq.; $250 per hour for any
associate, and $85 for paralegals.

Charles A. Cuprill-Hernandez, Esq., a principal of the firm,
assures the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors.

The law firm can be contacted at:

         Charles A. Cuprill, P.S.C., Law Offices
         356 Fortaleza Street, Second Floor
         San Juan, PR 00901
         Tel: (787) 977-0515
         Fax: (787) 977-0518
         E-mail: ccuprill@cuprill.com

Efron Dorado Se filed a voluntary Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-00283) on Jan. 20, 2016.  Efron Dorado
Se, a single asset real estate company, disclosed total assets of
$33.2 million and total liabilities of $15.2 million as of the
Chapter 11 filing.  The Debtor's proposed counsel is Charles A.
Cuprill, P.S.C.



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


TRINIDAD & TOBAGO: Gas Production Fell to Ten-year Low in 2015
--------------------------------------------------------------
Aleem Khan at Trinidad Express reports that Trinidad and Tobago's
natural gas production fell to a ten-year record low in 2015,
according to production data released by the Ministry of Energy.
In 2015, natural gas production fell to its lowest since 2005's
3,197 million standard cubic feet of gas per day (mmscf/d), to
reach 3,835 mmscf/d at the end of 2015, the ministry data released
indicated, according to Trinidad Express.

In a year-on-year (y-o-y) comparison to 2014, gas production fell
approximately six per cent from 4,069 mmscf/d, the report notes.

The decline, which started in 2010 when production had peaked at
4,330 mmscf/d, meant the country regressed to the 2006 level of
3,882 mmscf/d, the report relays.

Energy Sector Specialist Mark Ballosingh blamed the energy
sector's laying-off of operations and production workers for the
decline, the report adds.


                            ***********


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 comillionercial 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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