TCRLA_Public/160304.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, March 4, 2016, Vol. 17, No. 45


                            Headlines



B R A Z I L

BRAZIL: Economy Shrinks Less Than Forecast in Fourth Quarter
COMPANHIA SIDERURGICA: Moody's Cuts Corp. Family Rating to Caa1
CSN ISLANDS: Moody's Cuts Sr. Unsec. Notes Rating to 'Caa1'
PETROLEO BRASILEIRO: In Talks with Pampa Energia on Assets Sale


C A Y M A N  I S L A N D S

ALPEN ASSET: Shareholders Receive Wind-Up Report
ANTHRACITE BALANCED (JR-49): Members Receive Wind-Up Report
ANTHRACITE BALANCED (SWISSCA): Members Receive Wind-Up Report
AQR DIVERSIFIED: Shareholder Receives Wind-Up Report
BELSIZE PARK: Shareholders Receive Wind-Up Report

BLUE CITY: Commences Liquidation Proceedings
BLUE HORSESHOE: Shareholders Receive Wind-Up Report
EAS FUND: Shareholders Receive Wind-Up Report
EASTWEST TRADES: Commences Liquidation Proceedings
EMERSON CAPITAL: Commences Liquidation Proceedings

GW TR: Shareholder Receives Wind-Up Report
HURLEY INVESTMENTS: Shareholders Receive Wind-Up Report
JASPER EMPLOYMENT: Shareholders Receive Wind-Up Report
KNOTT PARTNERS: Shareholders Receive Wind-Up Report
MADAEN AL: Shareholders Receive Wind-Up Report

OPTO GRAND: Commences Liquidation Proceedings
SANCTUARY LIMITED: Shareholders Receive Wind-Up Report
TAIYO JAPAN: Shareholders Receive Wind-Up Report
TAIYO RPMI: Shareholders Receive Wind-Up Report
TREK LTD: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: IMF Says Growth Averaged Over 7% During 2014-15


M E X I C O

GRUPO FAMSA: Fitch Affirms 'B+' IDR; Outlook Stable


P A R A G U A Y

BANCO REGIONAL: S&P Affirms 'BB-' ICR; Outlook Remains Stable


P U E R T O    R I C O

EFRON DORADO: Files Amended Schedules of Assets and Liabilities
EJS INCORPORADO: Case Summary & 20 Largest Unsecured Creditors
SPORTS AUTHORITY: Files for Ch 11. to Seek Going-Concern Buyer
SPORTS AUTHORITY: Case Summary & 50 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

FIRST CITIZENS: Repays Debt of US$175 Million


X X X X X X X X X

* Caribbean Economies Urged to Move Away From High Gov't. Spending


                            - - - - -


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


BRAZIL: Economy Shrinks Less Than Forecast in Fourth Quarter
------------------------------------------------------------
David Biller at Bloomberg News reports that Latin America's
largest economy contracted less than economists expected late last
year as a boost in agriculture output helped offset an overall
decline in production.

Gross domestic product contracted 1.4 percent in the three months
ended in December, after a 1.7 percent drop the previous quarter,
the national statistics institute said in Rio de Janeiro,
according to Bloomberg News.  The figure was better than the 1.6
percent decline estimated by 47 economists surveyed by Bloomberg,
but it wasn't enough to prevent Brazil's GDP from sinking 3.8
percent in 2015, its greatest plunge in 25 years, according to
data from the government's economic research institute IPEA.

"Slightly better than expected, but still a sizable contraction of
the economy," Alberto Ramos, chief Latin America economist at
Goldman Sachs Group Inc., told Bloomberg News by phone.  "There's
no indication of a recovery in the near-term," Mr. Ramos said,
Bloomberg News notes.

Investors have been holding back as political uncertainty swirls
amid a sweeping corruption investigation and the central bank
holds interest rates at their highest since 2006, Bloomberg News
says.  A weakened currency has helped improve the competitiveness
of exporters, which the government has said will help spur
Brazil's recovery, Bloomberg News relays.

The fourth-quarter headline GDP figure was buoyed by agriculture
output, which rose 2.9 percent and helped offset a 4.9 percent
decline in investment, Bloomberg News notes.

                          Elusive Recovery

According to the report, consumer and investor confidence levels
have rebounded this year from record lows, which would normally
suggest that the economy is bottoming.  However, private-sector
credit problems signal there's no turnaround in sight just yet,
Carlos Kawall, chief economist at Banco Safra, said by phone from
Sao Paulo, Bloomberg News says.

"This is a big difference compared to prior crises," the report
quoted Mr. Kawall as saying.  "This will prevent the bottom from
being as soon as the confidence indicators are suggesting, and
poses downside risks."

Brazilian courts granted more than 5,500 bankruptcy filings in
2015, the most since 2008, according to Sao Paulo-based credit
rater Serasa Experian, Bloomberg News says.  Standard & Poor's,
Fitch Ratings and Moody's Investors Service have handed out more
than 133 downgrades to Brazilian non-financial companies so far
this year, an average of more than three each business day,
according to data compiled by Bloomberg.

The prolonged recession has made it tougher for the government to
shore up its finances, Bloomberg notes.  Fiscal consolidation
plans were met with resistance from an opposition emboldened by
proceedings to impeach President Dilma Rousseff, as well as from
coalition lawmakers incensed by initiatives to cut spending, says
the report.  The nation's nominal budget deficit as a percentage
of GDP reached 10.8 percent in January, its highest on record, as
gross debt as a percentage of GDP climbed to 67 percent, Bloomberg
News relays.

Brazil's economy will contract 3.45 percent this year, according
to the median forecast from economists surveyed by the central
bank, Bloomberg News discloses.  The Organization for Economic
Cooperation and Development forecasts the Brazilian economy to
contract 4 percent this year, while the International Monetary
Fund sees a 3.5 percent recession, Bloomberg News says.  Both
forecast stagnation next year, which would mean no growth until
2018 when Brazilians elect a new leader, Bloomberg News adds.


COMPANHIA SIDERURGICA: Moody's Cuts Corp. Family Rating to Caa1
---------------------------------------------------------------
Moody's America Latina downgraded Companhia Siderurgica Nacional
S.A. - CSN's global scale ratings to Caa1 from B1 and the National
Scale Rating (NSR) to B2.br from Baa3.br. The outlook remains
negative.

Ratings downgraded:

-- Issuer: Companhia Siderurgica Nacional S.A. - CSN

Corporate Family Rating (local currency): to Caa1 from B1 in the
global scale and to B2.br from Baa3.br in the national scale

The outlook for all ratings remains negative.

For further information on related ratings and Global Scale
Rating, please see the ratings tab on the issuer/entity page for
the respective issuer on www.moodys.com.

RATINGS RATIONALE

The downgrade reflects primarily the low likelihood that CSN's
operations and credit metrics will recover in the next 12 to 18
months and its unsustainable capital structure. Accordingly, the
company will need to rely either on asset sales, a capital
increase or a debt restructuring to reduce debt levels. CSN's free
cash flow generation will remain limited by the current weak steel
market conditions in Brazil and global iron ore market, combined
with a heavy interest burden given CSN's current capital structure
and debt levels. In addition, global oversupply of steel will
continue to constrain expansion of exports and the low price
outlook for iron ore will limit results from this segment as well.

Although we believe that the company is better-positioned than
most of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint, CSN's ratings are
primarily constrained by its weakened credit metrics, namely high
leverage, low interest coverage and deteriorated cash flow
metrics. In addition, the rating also incorporates the heightened
risks faced by the steel industry in Brazil due to the economic
contraction, tight credit availability and low business
confidence, which directly impact steel consuming industries such
as automotive, construction and consumer durables. Besides, the
deceleration in China's GDP growth and additional iron ore supply
coming online at a lower cost basis will continue to pressure iron
ore prices.

CSN's ratings and credit profile are supported by the company's
adequate liquidity to meet financial obligations over the next
couple of years and by the announced strategy to reduce leverage
and liquidity risks in the medium term, including the
renegotiation of debt maturing in 2016 and 2017 with local banks
and the planned asset divestitures. Nevertheless, the company
still needs to address mid-term debt maturities and very high
leverage in a period of limited cash flow generation.

CSN's ratings continue to reflect its position as a leading
manufacturer of flat-rolled steel in Brazil, with a favorable
product mix focused on value-added products. Historically, the
company has reported a strong EBITDA margin (as defined by
Moody's) in the 20-30% range, supported by its solid domestic
market position, wide range of products through different segments
and globally competitive production costs both in steel and iron
ore. Moreover, margins have been relatively high compared to steel
peers as mining benefited from higher iron prices in the past few
years -- and even though margins have declined, they are still
healthy compared to global peers (adjusted EBITDA margins at 27%
in the last twelve months ended September 2015).

The negative outlook reflects our expectations that market
conditions for steel producers in Brazil and iron ore producers
globally will remain challenging, with further risk to the
downside, and that credit metrics will likely remain pressured for
the next 12 to 18 months.

The ratings could suffer additional negative pressure if the
company enters a debt restructuring process that entails
significant losses to creditors.

An upward rating movement would require that CSN to adequate its
capital structure, with adjusted leverage trending towards 6.0x
total adjusted debt to Ebitda and interest coverage ratios
(measured by EBIT to Interest) remain above 1.5x on a sustainable
basis. An adequate liquidity profile and operating performance
would be further considerations in a rating upgrade or outlook
change.

Companhia Sider£rgica Nacional ("CSN") is a vertically integrated,
low-cost producer of flat-rolled steel, long-steel, iron ore and
cement. With an annual capacity of 6.7 million tons of crude
steel, 6.0 million tons of rolled products and 1.6 million tons of
long steel, CSN sells its products to a broad array of industries,
including the automotive, capital goods, packaging, construction
and home appliance sectors. CSN owns and operates cold rolling and
galvanizing facilities in the U.S. and long steel assets in
Germany, besides substantial iron ore, limestone, dolomite and tin
reserves, railroads, port terminals and power generation assets.
In the last twelve months ended September 2015, CSN reported
consolidated net revenues of BRL 15.5 billion ($US 5.2 billion
converted at the average exchange rate).


CSN ISLANDS: Moody's Cuts Sr. Unsec. Notes Rating to 'Caa1'
-----------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B1 the foreign
currency rating assigned to the senior unsecured notes of CSN
Islands XI Corporation, CSN Islands XII Corporation and CSN
Resources S.A. that are guaranteed by Companhia Siderurgica
Nacional (CSN). At the same time, Moody's America Latina
downgraded CSN's global scale rating to Caa1 and the National
Scale Rating (NSR) to B2.br from Baa3.br. The outlook remains
negative.

Ratings downgraded:

-- Issuer: CSN Islands XI Corporation

$US750 million 6.875% Senior Unsecured Notes Due 2019: to Caa1
from B1

-- Issuer: CSN Islands XII Corporation (Cayman Islands)

$US1 billion 7.0% Senior Unsecured Perpetual Notes: to Caa1 from
B1

-- Issuer: CSN Resources S.A. (Luxembourg)

$US1.2 billion 6.5% Senior Unsecured Notes Due 2020: to Caa1 from
B1

The outlook for all ratings remains negative.

RATINGS RATIONALE

The downgrade reflects primarily the low likelihood that CSN's
operations and credit metrics will recover in the next 12 to 18
months and its unsustainable capital structure. Accordingly, the
company will need to rely either on asset sales, a capital
increase or a debt restructuring to reduce debt levels. CSN's free
cash flow generation will remain limited by the current weak steel
market conditions in Brazil and global iron ore market, combined
with a heavy interest burden given CSN's current capital structure
and debt levels. In addition, global oversupply of steel will
continue to constrain expansion of exports and the low price
outlook for iron ore will limit results from this segment as well.

Although we believe that the company is better-positioned than
most of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint, CSN's ratings are
primarily constrained by its weakened credit metrics, namely high
leverage, low interest coverage and deteriorated cash flow
metrics. In addition, the rating also incorporates the heightened
risks faced by the steel industry in Brazil due to the economic
contraction, tight credit availability and low business
confidence, which directly impact steel consuming industries such
as automotive, construction and consumer durables. Besides, the
deceleration in China's GDP growth and additional iron ore supply
coming online at a lower cost basis will continue to pressure iron
ore prices.

CSN's ratings and credit profile are supported by the company's
adequate liquidity to meet financial obligations over the next
couple of years and by the announced strategy to reduce leverage
and liquidity risks in the medium term, including the
renegotiation of debt maturing in 2016 and 2017 with local banks
and the planned asset divestitures. Nevertheless, the company
still needs to address mid-term debt maturities and very high
leverage in a period of limited cash flow generation.

CSN's ratings continue to reflect its position as a leading
manufacturer of flat-rolled steel in Brazil, with a favorable
product mix focused on value-added products. Historically, the
company has reported a strong EBITDA margin (as defined by
Moody's) in the 20-30% range, supported by its solid domestic
market position, wide range of products through different segments
and globally competitive production costs both in steel and iron
ore. Moreover, margins have been relatively high compared to steel
peers as mining benefited from higher iron prices in the past few
years -- and even though margins have declined, they are still
healthy compared to global peers (adjusted EBITDA margins at 27%
in the last twelve months ended September 2015).

The negative outlook reflects our expectations that market
conditions for steel producers in Brazil and iron ore producers
globally will remain challenging, with further risk to the
downside, and that credit metrics will likely remain pressured for
the next 12 to 18 months.

The ratings could suffer additional negative pressure if the
company enters a debt restructuring process that entails
significant losses to creditors.

An upward rating movement would require that CSN to adequate its
capital structure, with adjusted leverage trending towards 6.0x
total adjusted debt to Ebitda and interest coverage ratios
(measured by EBIT to Interest) remain above 1.5x on a sustainable
basis. An adequate liquidity profile and operating performance
would be further considerations in a rating upgrade or outlook
change.

Companhia Sider£rgica Nacional ("CSN") is a vertically integrated,
low-cost producer of flat-rolled steel, long-steel, iron ore and
cement. With an annual capacity of 6.7 million tons of crude
steel, 6.0 million tons of rolled products and 1.6 million tons of
long steel, CSN sells its products to a broad array of industries,
including the automotive, capital goods, packaging, construction
and home appliance sectors. CSN owns and operates cold rolling and
galvanizing facilities in the U.S. and long steel assets in
Germany, besides substantial iron ore, limestone, dolomite and tin
reserves, railroads, port terminals and power generation assets.
In the last twelve months ended September 2015, CSN reported
consolidated net revenues of BRL 15.5 billion ($US 5.2 billion
converted at the average exchange rate).


PETROLEO BRASILEIRO: In Talks with Pampa Energia on Assets Sale
---------------------------------------------------------------
EFE News reports that Brazilian state-controlled energy company
Petroleo Brasileiro S.A. (Petrobras) said that it had entered into
exclusive talks with Pampa Energia, Argentina's largest electric
utility, on the sale of its assets in the neighboring country.

Petrobras said in a statement that its senior management approved
the exclusive talks with Pampa for a period of 30 days, renewable
for an equal period of time, according to EFE News.

Petrobras said on Jan. 20 that it had launched negotiations for
the sale of its Argentine unit, Petrobras Argentina, the report
notes.

It did not indicate which companies had expressed interest, but
press reports then said that Pampa Energia was believed to have
offered $1.2 billion and that Argentine state-controlled oil
company YPF would be willing to pay $1.5 billion, the report says.

Pampa Energia, controlled by businessman Marcelo Mindlin, is
already a minority partner of Petrobras in the pipeline operator
Transportadora de Gas del Sur, or TGS, which the Brazilian company
controls, the report relays.

Petrobras Argentina's assets include oil and gas concessions and
wells, a network of service stations, a thermoelectric plant, a
hydroelectric dam and TGS, the report notes.

The planned sale of its Argentine unit is part of a $15 billion
divestment program that Petrobras launched last year amid a severe
crisis stemming from the steep drop in oil prices and sharp
depreciation of the real against the dollar, the report says.

The divestment plans also come amid a bribes-for-inflated
contracts scandal centered on Petrobras, which has seen its market
cap plunge and its debt soar in recent years, the report
discloses.

Petrobras' gross debt climbed at the end of the third quarter of
2015 to BRL506.5 billion (some $124.9 billion), the highest of any
oil company worldwide.

As reported in the Troubled Company Reporter-Latin America on Feb.
26, 2016, Moody's Investors Service downgraded all ratings for
Petroleo Brasileiro S.A. - PETROBRAS ("Petrobras")'s and ratings
based on Petrobras' guarantee, including the company's senior
unsecured debt and Corporate Family Rating to B3 from Ba3. The
company's baseline credit assessment (BCA) was lowered to caa2
from b3. At the same time, Moody's downgraded Petrobras Argentina
S.A. ("PESA")'s ratings, including its senior unsecured medium
term note program and Corporate Family Rating to B3 from B2, in
line with the senior unsecured rating of Petrobras.


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


ALPEN ASSET: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Alpen Asset Advisors (Cayman) SPC received on
Jan. 26, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Telephone: +1 (345) 949 0100


ANTHRACITE BALANCED (JR-49): Members Receive Wind-Up Report
-----------------------------------------------------------
The members of Anthracite Balanced Company (JR-49) Limited
received on Jan. 4, 2016, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


ANTHRACITE BALANCED (SWISSCA): Members Receive Wind-Up Report
-------------------------------------------------------------
The members of Anthracite Balanced Company (Swissca) Limited
received on Jan. 27, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AQR DIVERSIFIED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of AQR Diversified Convexity Offshore Fund, Ltd.
received on Jan. 26, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          AQR Capital Management, LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876


BELSIZE PARK: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Belsize Park Investment Management Ltd.
received on Jan. 26, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jonathan Blair Look
          Villa 10 363-13A UmmSquim
          P.O. Box 119 390 Dubai
          United Arab Emirates


BLUE CITY: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 23, 2015, the sole shareholder of Blue City Investments 1
Limited 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:

          Andrew Morrison
          c/o Sandipan Bhowmik
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          e-mail: sandipan.bhowmik@fticonsulting.com


BLUE HORSESHOE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Blue Horseshoe Fund Ltd. received on Jan. 26,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Jonathan Blair Look
          Villa 10 363-13A UmmSquim
          P.O. Box 119 390 Dubai
          United Arab Emirates
          e-mail: blairlook@gmail.com


EAS FUND: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of EAS Fund Services Ltd. received on Jan. 28,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


EASTWEST TRADES: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 23, 2015, the shareholder of Eastwest Trades Inc. resolved
to voluntarily liquidate the company's business.

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:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100


EMERSON CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Dec. 1, 2015, the members of
Emerson Capital Partners Offshore Fund Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


GW TR: Shareholder Receives Wind-Up Report
------------------------------------------
The sole shareholder of GW TR Fund I received on Jan. 26, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Joan Lederer
          Greywolf Capital Management LP
          c/o Mark Santangeli
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


HURLEY INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Hurley Investments No.3 Limited received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Anthony Levy
          30 Gresham Street
          London, EC2V 7PG


JASPER EMPLOYMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Jasper Employment Closing Ltd received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Andrew Childe
          c/o Trudy-Ann Scott
          Fund Fiduciary Partners Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town, Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5855


KNOTT PARTNERS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Knott Partners Offshore (SRI) Fund Limited
received on Jan. 29, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eric A. Andersen
          Eclipse Consulting LLC
          Ara Hill Top Buiding
          Pletterijweg Oost 1 #A-6
          Willemstad
          Curacao
          Telephone: +599-9 465 2259
          e-mail: andersen@eclipseconsultingllc.com


MADAEN AL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Madaen Al Luzi received on Jan. 26, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OPTO GRAND: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 17, 2015, the shareholders of Opto Grand (Cayman) Co.,
Ltd. 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:

          Mr. Huang, Yung-Chiang
          No. 1 Lixing 5th Rd
          East Dist
          Hsinchu City 300
          Taiwan (R.O.C.)
          Telephone: 886-3-5638951
          Ext.: 20200 or 20201
          Facsimile: 886-3-5783696


SANCTUARY LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Sanctuary Limited received on Feb. 25, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Melanie Myers-Khouri
          c/o Travers Thorp Alberga
          Harbour Place, 2nd Floor
          103 South Church Street, George Town
          Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 949 0699
          Facsimile: +1 (345) 949 8171


TAIYO JAPAN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Taiyo Japan Alpha GP Ltd. received on Jan. 26,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michael King
          Telephone: +425 896 5300
          c/o Taiyo Pacific Partners LP
          5300 Carillon Point
          Kirkland Washington, 98033
          United States of America


TAIYO RPMI: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Taiyo RPMI Fund GP Ltd. received on Jan. 26,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michael King
          Telephone: +425 896 5300
          c/o Taiyo Pacific Partners LP
          5300 Carillon Point
          Kirkland Washington, 98033
          United States of America


TREK LTD: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Trek Ltd. received on Jan. 27, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


DOMINICAN REP: IMF Says Growth Averaged Over 7% During 2014-15
--------------------------------------------------------------
On February 19, 2016, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with the
Dominican Republic, and considered and endorsed the staff
appraisal without a meeting on a lapse-of-time basis.

                          Background

The Dominican economy has continued its vibrant performance.
Growth averaged over 7 percent during 2014-15, fueled mainly by
domestic demand. Employment recovery and the decline in oil prices
boosted disposable income, while the consumption-led recovery in
the U.S provided tailwinds through linkages with tourism and
remittance flows. Strong growth in private investment dovetailed
the expansion in consumption.

Despite strong growth, lower oil prices kept inflation low and
strengthened the external position. While inflation expectations
remained within the central bank's target of 4ñ1 percent, actual
inflation was below the target range throughout 2015, picking up
to over 2 percent by end-year as the oil price effect waned and
food prices spiked following a mid-year drought. The external
position strengthened on the back of lower oil prices and robust
remittance and tourism inflows. The current account deficit is
estimated at about 2 percent of GDP by end-2015 and reserves
recovered to a level equivalent to over three and a half months of
imports, excluding free-trade zones. The current account deficit
and the real exchange rate are broadly in line with the economy's
fundamentals.

The monetary policy stance remained broadly neutral during 2015.
Softening core inflation prompted several rounds of interest rate
cuts by the central bank in early 2015, to 5 percent, which offset
an earlier policy tightening. The banking system continues to show
healthy capitalization, profitability and asset quality.
Fiscal policies continued to safeguard the gains from the recent
fiscal consolidation. The fiscal adjustment during 2013-14, to a
consolidated public sector deficit of about 4.5 percent of GDP,
has been critical in restoring confidence. Excluding one-off
receipts, the deficit in 2015 is estimated to have been maintained
at broadly similar levels as the previous year. This, together
with the face value reduction in public debt (by 3.1 percent of
GDP) due to the restructuring of the Petrocaribe liabilities,
moderated the increase in consolidated public sector debt
(including the debt of the electricity sector and the central
bank) to 48.5 percent of GDP estimated by staff for 2015.

Going forward, the growth momentum will soften as the economy
returns to its potential growth. Staff projects growth to slow to
5.4 percent in 2016 and to its longer-term potential rate of 4.5-5
percent by 2017. The positive output gap and the incipient
pressures on real wages are projected to return inflation to the
target range in 2016. Risks to the staff's macroeconomic outlook
are moderate and somewhat tilted to the downside, largely owing to
potential negative spillovers from weaker growth in advanced
economies.

                      Executive Board Assessment

In concluding the 2015 Article IV consultation with the Dominican
Republic, Executive Directors endorsed the staff's appraisal as
follows:

Economic activity maintains a strong momentum, aided by a
favorable external environment and a strengthened policy
framework. Domestic demand has been the main growth engine,
supported by an expansion in employment, robust credit growth,
lower oil prices, and the recovery in the U.S. Inflation remained
low, the current account deficit contracted, and key social
indicators improved. The implementation of sound policies has
underpinned the strong economic performance. The inflation
targeting framework has been successful at maintaining inflation
expectations around the official target range in the face of
positive supply shocks, and notable fiscal consolidation efforts
over the past three years have slowed further increases in public
debt. Going forward, as some of the external tailwinds dissipate,
the economy is expected to slow to its potential growth of 4.5-5
percent.

The challenge for macroeconomic policies will be to sustain high
growth rates and address remaining poverty and inequality
challenges, further strengthening the fiscal position, limiting
risks of negative international spillovers and tackling long-term
legacies in the electricity sector.

Fiscal sustainability and social spending pressures require
renewed attention to strengthening the fiscal position. Over the
medium-term, public debt is set to rise due to large consolidated
deficits, and additional pressures are building from the need to
sustain adequate infrastructure and social spending. The
authorities' continued commitment to fiscal discipline is welcome,
and the favorable cyclical position provides a good opportunity to
undertake the adjustment to put debt on a downward path. A major
effort is needed to expand the narrow tax base, eroded by tax
exemptions and incentives, and to tackle inefficient spending,
including on generalized electricity subsidies. The strides
achieved over the past decade in building up institutions are
notable, but there is merit in further strengthening the fiscal
framework by anchoring annual policy decision-making to
sustainability objectives and improving the quality of spending.

The risk profile of public debt would benefit from reduced
reliance on foreign currency borrowing, which necessitates further
development of the domestic bond market in coordination with the
central bank, a major issuer in the market.

The monetary policy stance is appropriate in guiding inflation
back to target range, but a strengthened framework could further
improve policy effectiveness and outcomes. The strong economic
outlook, waning supply shocks, and tightening labor markets are
reducing the scope for further interest rate cuts. The tightening
bias is therefore appropriate in guarding against upside risks to
inflation. Transition towards more exchange rate flexibility and
the continued buildup of reserves will increase resilience against
external spillovers and shocks. The challenges of managing
monetary policy and legacy quasi-fiscal debts should be tackled
through increased coordination with the fiscal authorities in
avoiding overlap between two issuers to develop the local bond
markets and in firming up the recapitalization arrangements.
The resilience of the financial system has been strengthened over
the past years in tandem with improved bank supervision. The
regulatory reform agenda for the banking system needs to be
further advanced towards best international practice, and pockets
of rapid credit growth warrant monitoring. At the same time, the
supervision of non-bank financial intermediaries remains weak and
-- although these are not systemic -- vigilance is needed against
inherent risks, especially those related to potential AML/CFT
activities.

Sustaining strong economic growth and making it more inclusive
will require concerted reform efforts. The authorities' reforms in
education, strengthening social safety nets, and in promoting
financial inclusion should help boost growth and improve social
outcomes. Addressing long-standing problems in the electricity
sector remains key to improving growth prospects. Needed measures
include significant upgrades to the public distribution networks,
a move towards cost recovery pricing and reducing regulatory
uncertainty. The latter would also foster a stronger investment
climate needed to narrow infrastructure gaps, while increased
product market competition and labor market flexibility would
strengthen the economy's competitiveness.

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


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


GRUPO FAMSA: Fitch Affirms 'B+' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Grupo Famsa S.A.B. de C.V.'s local and
foreign currency long-term Issuer Default Rating at 'B+' as well
as the long-term National Scale Rating at 'BBB(mex)'.  The Rating
Outlook is Stable.  Fitch has also assigned a 'BBB(mex)' rating to
Famsa's MXN1 billion new local issuance.

FAMSA's ratings reflect its market position in the Mexican retail
sector, geographic and product diversification, broadly stable
operating cash flow generation by the retail operation, as well as
an expectation of a gradual improvement in leverage.  The ratings
are constrained by historically low growth in retail sales, still
high levels of non-performing loans (NPLs) and a linkage with its
banking subsidiary, Banco Ahorro Famsa ([Banco Famsa; or BAF]
rated 'BBB(mex)'/Stable Outlook).  The 'RR4' rating reflects
average recovery prospects in case of default between 30% and 50%
of principal.

                       KEY RATING DRIVERS

Good Performance in Mexican Retail Sales:

Following the consumption recovery in the country for 2015, Famsa
presented a consolidated revenues increase of 11.8% compared to
2014.  EBITDA margin also increased to 10.7% from 9.7% in 2014,
partly due to a better mix in product sales and Banco Famsa's
provision decreases related to NPLs.  Famsa's main challenge is to
retain and increase market share in a market where larger retail
chains such as Coppel and Elektra, also target the low-income
segment of the population.

Banco Famsa Undergoing Operational Consolidation:

FAMSA's financial division, Banco Famsa, has good brand equity and
competitive position in consumer finance, mainly in northeastern
Mexico.  Its financial performance is constrained by its high
credit costs which limited the bank's ability to be more
profitable, and still high loan-impairment charges.  However, BAF
is addressing it and still shows a reasonable capital adequacy.
During 2014 and 2015, Famsa made a total of MXN400 million capital
increase in BAF.

BAF continues to operate with a diversified and growing base of
customer deposits.  BAF also shows organic growth of its loan
portfolio, although customers' sensitivity to a weak economic
environment continues to be a limiting factor.

Improvement in NPL, Still Above the Peers:

As of Dec. 31, 2015, Famsa's consolidated portfolio (excluding
collection rights) had an average of 15.6% of overdue accounts
(more than one day overdue) and 12.9% of NPLs (past due accounts
for 90 days or more).  These compare positively to 17.4% and 14.5%
presented in December 2014, respectively, due to the company's
collection efforts and changes in credit granting policies.
However, these NPL indicators are still high compared to the
regional peers focused on the same market segment which have NPL
indicators below 10%.  As of December 2015, the company has
consolidated reserves equivalent to 46% of those NPLs.

USA Operations EBITDA-Positive:

The last two years have been positive for Famsa's USA operations.
Fiscal year end (FYE) 2015 EBITDA for the U.S. operations is MXN93
million, an increase compared to MXN88 million in 2014.  Most of
that increase is related to the peso devaluation and to a lesser
extend to increases in personal loans and Famsa to Famsa revenues.
Same store sales for the USA operations kept growing for 2015 and
the company expects to continue this trend in the near future.

Leverage Expected to Be Broadly Constant:

Fitch expects debt-to-EBITDA (excluding bank deposits) to remain
constant in the short- to medium-term.  Debt-to-EBITDA and net
debt-to-EBITDA for 2015 (excluding bank deposits) are 5.1x and
3.9x, respectively.

Consolidated leverage and net leverage (including bank deposits)
are 15.5x and 14.2x, respectively.  Consolidated leverage has
increased mainly due to the Mexican peso's devaluation against the
U.S. dollar, working capital financing and increasing banking
deposits.  Famsa has not declared dividends for the last few years
and has a limited share repurchase program for up to MXN300
million.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Famsa include:

   -- Consolidated revenues grow in average 5% annually during
      2016-2019;
   -- EBITDA margin of 10.6% during 2016-2019;
   -- EBITDA from the U.S. division continues to be positive;
   -- Average funds from operations (FFO) of MXN2.9 billion per
      year for 2016-2019;
   -- Consolidated debt (excluding bank deposits) to be around
      MXN7 billion in 2016-2019.
   -- Average capex of MXN325 million during 2016-2019.
   -- No Dividends payment for 2016-2019.

                       RATING SENSITIVITIES

Future developments that may individually or collectively lead to
a negative rating action include: deterioration in BAF's
creditworthiness beyond FAMSA's ability to lend support,
consolidated gross leverage (excluding bank deposits) consistently
above 5.5x, lower EBITDA generation by FAMSA USA as well as by
significant deterioration in the quality of the loan portfolio.

Future developments that may individually or collectively lead to
a positive rating action include: sustained improvement in
profitability margins and/or organic growth in sales that
consistently outperforms the industry, a strengthening of Banco
Famsa's credit quality as well as a sustained gross leverage
(excluding deposits) below 4.0x.

                            LIQUIDITY

Liquidity Should Be Adequate.  For year-end 2015, FAMSA's debt
amounted to MXN9.1 billion and bank deposits totaled MXN18.4
billion.  FAMSA's debt is comprised of senior notes, national
short- and long-term issuances and bank loans.  Short-term debt as
of Dec. 31, 2015, was MXN4.2 billion, with non-restricted cash
holdings of about MXN2.2 billion, so some refinancing risk could
persist.  However, the company's short-term receivables portfolio
of MXN26.6 billion should also support the company's liquidity.

As of Dec. 31, 2015, short-term debt (excluding bank deposits) is
79% denominated in pesos.  On a pro forma basis, after Famsa's
payment of the USD33 million commercial paper in January 2016,
short-term debt would be 92.7% denominated in pesos.  Short-term
debt for Famsa is mostly made up of short-term Cebures programs
and bank loans and is primarily used to finance working capital.

Famsa is exposed to currency variations. As of Dec. 31, 2015,
Famsa's retail division debt was 57% dollar-denominated and it
didn't have hedging instruments.  After the payment of the dollar
denominated commercial paper in January 2016, that percentage
decreased to 52% of total debt.  Nevertheless, currency exposure
is partially mitigated by cash flows from the U.S. operations.

                   FULL LIST OF RATING ACTIONS

Fitch has assigned this rating:

   -- MXN1 billion Certificados Bursatiles new issuance due 2017
      at 'BBB(mex)'.

Fitch has affirmed these ratings:

   -- Foreign currency long-term IDR at 'B+';
   -- Local currency long-term IDR at 'B+';
   -- Long-term national scale rating at 'BBB(mex)';
   -- Short-term national scale rating at 'F3(mex)';
   -- USD250 million senior unsecured notes due in 2020 at
      'B+/RR4';
   -- MXN1 billion Certificados Bursatiles issuance due 2016 at
      'BBB(mex)';
   -- MXN1 billion short-term Certificados Bursatiles program at
      'F3(mex)'.

The Rating Outlook is Stable.


===============
P A R A G U A Y
===============


BANCO REGIONAL: S&P Affirms 'BB-' ICR; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit and senior unsecured debt ratings on Banco Regional
S.A.E.C.A.  The outlook remains stable.

The ratings on Banco Regional reflect its strong business position
among banks in Paraguay, weak capital and earnings based on S&P's
forecasted risk-adjusted capital ratio of 4.9% for the next 12-18
months, adequate risk position because its asset quality metrics
remained adequate despite slumping industry conditions, average
funding, and adequate liquidity.  The 'BB-' issuer credit rating
on the bank reflects its 'bb-' stand-alone credit profile because
it excludes any external support from the government or the group.
Rabobank Financial Institutions Development B.V. owns 40% of the
bank, but local shareholders control it.


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


EFRON DORADO: Files Amended Schedules of Assets and Liabilities
---------------------------------------------------------------
Efron Dorado, SE filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a motion to submit an amended summary of
its schedules as well as amended schedules A/B, E/F and H, and
Schedule G and Statement of Financial Affairs.

The motion was signed by the Debtor's counsel:

     CHARLES A. CUPRILL-HERNANDEZ
     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

In its Amended Schedules, the Debtor disclosed:

     Schedule A/B: Assets-Real and Personal Property

          1a. Real property:                       $32,100,000.00

          1b. Total personal property:              $5,252,618.63
                                                -----------------
          1c. Total of all property:               $37,352,618.63

     Summary of Liabilities

          Schedule D: Creditors Who Have Claims
            Secured by Property                    $14,410,900.20

          Schedule E/F: Creditors Who Have
            Unsecured Claims

              3a. Total claim amounts of
                  priority unsecured claims                 $0.00

              3b. Total amount of claims of
                  nonpriority amount of
                  unsecured claims                 $27,648,232.19
                                                -----------------
          Total liabilities                        $42,059,132.39

A copy of the Debtor's Motion and Schedules is available at no
extra charge at:

     http://bankrupt.com/misc/EFRONDORADO_19_sal.pdf

In its petition, the Debtor listed total assets of $33.18 million
and total debts of $15.15 million.  The petition was signed by
David Efron, partner.

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 16-00283) on
January 20, 2016.  Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, serves as its bankruptcy counsel.


EJS INCORPORADO: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: EJS Incorporado
           aka EJS Inc.
        PO Box 661
        Bayamon, PR 00960-0061

Case No.: 16-01647

Chapter 11 Petition Date: March 1, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Edward A Godoy

Debtor's Counsel: Ada M Conde, Esq.
                  ADA M. CONDE, ESQ.
                  PO Box 13268
                  San Juan, PR 00908-3268
                  Tel: 787-721-0401
                  Fax: 787-721-3616
                  E-mail: estudiolegal1611@gmail.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Manuel Rodriguez Amador,
president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-01647.pdf


SPORTS AUTHORITY: Files for Ch 11. to Seek Going-Concern Buyer
--------------------------------------------------------------
Sports Authority Holdings, Inc. and certain of its affiliates
sought protection under Chapter 11 of the Bankruptcy Code saying
they have struggled under the weight of their secured and
subordinated debt obligations -- more than $1.1 billion in funded
debt -- which have resulted in significant interest expenses.  The
Debtors said their secured obligations are scheduled to mature
within the next two years and anticipated not being able to pay or
refinance those debts outside of the Chapter 11 cases.

To restructure their operations, the Debtors intend to run a
dual-track process.  The Debtors have initiated and will run an
expedited sale process and, at the same time, they will negotiate
with their creditors regarding a plan of reorganization.

Court documents show that for 2015, the Debtors recorded, on a
consolidated basis, sales of approximately $2.6 billion and net
losses, before taxes, of approximately $156.6 million.  As of the
Petition Date, the Debtors owe approximately $178.9 million in
trade debt.  As of Jan. 30, 2016, the Debtors have approximately
$1.6 billion in assets.

"[T]he Debtors have recently accumulated substantial losses,
primarily as a result of changing market trends, shifting sales
from traditional brick and mortar retailers to a proliferation of
online resellers," said Jeremy Aguilar, chief financial officer of
Sports Authority.  Major industry trends, such as the steady
decline in the popularity of golf, and certain regional issues,
like the Los Angeles port labor dispute and the reduced number of
South American tourists in Florida, have also weighed on the
Debtors' operational performance, Mr. Aguilar added.

On Jan. 15, 2016, the Debtors missed a $21.5 million interest
payment on their Subordinated Debt Obligations.  Despite attempts
to negotiate with their key creditor constituencies for a
consensual restructuring of their capital structure, the Debtors
failed to reach an agreement prior to the date of the scheduled
interest payment.

"The missed interest payment, coupled with a lack of a
comprehensive forbearance, resulted in an almost immediate erosion
of certain key vendor support, further exacerbating the Debtor's
financial situation and threatening their ability to operate their
business," Mr. Aguilar maintained.  He added that the sudden loss
of some key vendor support required the Debtors to quickly change
strategy and intensified their efforts to locate a going-concern
buyer.  According to Mr. Aguilar, the Debtors have marketed their
assets to date, however, no party has yet submitted a final
proposal for a sale transaction.

                 Financing and Plan/Sale Timeline

The Debtors negotiated with certain of their lenders regarding
potential debtor-in-possession postpetition financing.  Certain
ABL Lenders and FILO Lenders jointly agreed to provide the Debtors
with postpetition financing in the form of a senior secured,
super-priority asset based revolving credit facility of up to $500
million and a senior secured, super-priority first in last out
term loan credit facility of up to $95.28 million in aggregate
principal amount pursuant to a Senior Secured, Super-Priority
Revolving Debtor-in-Possession Credit Agreement dated as of March
2016.  The DIP Credit Agreement is conditioned on the following
case milestones:

   * Petition Date: The Debtors must file (i) the Bid Procedures
     Motion, (ii) a motion seeking authority to close and
     liquidate up to 180 stores operated by the Debtors and to
     engage a liquidator in respect thereof, and (iii) a motion
     seeking to extend the time period to assume or reject leases
     to not less than 210 days from the Petition Date;

   * March 16, 2016: The Debtors must have obtained an order
     approving the Store Closing Motion on an interim basis;

   * April 1, 2016: The Debtors must have obtained an order
     approving the Lease Designation Extension Motion;

   * April 11, 2016: To the extent not previously delivered, the
     Debtors must deliver bid packages to any potential bidders
     for the Debtors' businesses or assets that are identified by
     the DIP Agent;

   * April 21, 2016: Deadline to receive/submit binding bids with
     respect to the Proposed Sale Transaction;

   * April 25, 2016: Auction (if necessary);

   * April 27, 2016: Hearing for the Proposed Sale Transaction;
     and

   * April 28, 2016: Deadline to close Proposed Sale Transaction.

In consultation with their advisors, the Debtors determined to
immediately close up to 200 stores and two of their five
distribution centers.  The Debtors said they began preparing for
these closures prior to the Petition Date, and are fully prepared
to launch "store closing" sales at the affected store locations.

                         First Day Motions

To enable the Debtors to operate effectively and minimize
potential adverse effects from the commencement of these Chapter
11 cases, the Debtors have requested certain relief in "first day"
motions and applications filed with the Court.  The First Day
Motions, seek, among other things, to (a) use existing cash
management system, (b) pay employee obligations, (c) pay critical
vendor claims, (d) prohibit utility providers from discontinuing
services, (e) pay prepetition taxes and fees, and (f) obtain post-
petition financing and use cash collateral.

A full-text copy of the declaration in support of the First Day
Motions is available for free at:

      http://bankrupt.com/misc/22_SPORTS_Declaration.pdf

                      About Sports Authority

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.


SPORTS AUTHORITY: Case Summary & 50 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                       Case No.
       ------                                       --------
       Sports Authority Holdings, Inc.              16-10527
          aka Sports Authority
       1050 West Hampden Avenue
       Englewood, CO 80110

       Slap Shot Holdings, Corp.                    16-10528

       The Sports Authority, Inc.                   16-10529

       TSA Stores, Inc.                             16-10530

       TSA Gift Card, Inc.                          16-10531

       TSA Ponce, Inc.                              16-10532

       TSA Caribe, Inc.                             16-10533

Type of Business: Sporting Goods Retailers

Chapter 11 Petition Date: March 2, 2016

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Mary F. Walrath

Debtors' General         Robert A. Klyman, Esq.
Counsel:                 Matthew J. Williams, Esq.
                         Jeremy L. Graves, Esq.
                         Sabina Jacobs, Esq.
                         GIBSON, DUNN & CRUTCHER LLP
                         333 South Grand Avenue
                         Los Angeles, CA 90071-1512
                         Tel: (213) 229-7000
                         Fax: (213) 229-7520
                         Email: rklyman@gibsondunn.com
                                mjwilliams@gibsondunn.com
                                jgraves@gibsondunn.com
                                sjacobs@gibsondunn.com

Debtors' Co-Counsel:     Michael R. Nestor, Esq.
                         Kenneth J. Enos, Esq.
                         Andrew L. Magaziner, Esq.
                         YOUNG CONAWAY STARGATT & TAYLOR, LLP
                         Rodney Square
                         1000 North King Street
                         Wilmington, DE 19801
                         Tel: (302) 571-6600
                         Fax: (302) 571-1253
                         Email: mnestor@ycst.com
                                kenos@ycst.com
                                amagaziner@ycst.com

Debtors'                 ROTHSCHILD INC.
Investment
Banker:

Debtors'                 FTI CONSULTING, INC.
Financial
Advisor:

Debtors'                 KURTZMAN CARSON CONSULTANTS LLC
Notice, Claims,
Solicitation,
Balloting and
Tabulation Agent:

Total Assets: $1.6 billion

Total Secured Debts: $1.1 billion

The petition was signed by Michael E. Foss, chairman & chief
executive officer.

Consolidated List of Debtors' 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
TCW/Crescent Mezzanine              Mezzanine Debt    $62,708,611
Partners III, L.P.
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

Caisse De Depot                     Mezzanine Debt    $47,913,872
ATTN: Louise Lalonde Centre
CDP Capital
1000 Place Jean-Paul-Riopelle
Montreal , Quebec H 2Z 2B3
Tel: (514) 847-2857
Fax: (514) 281-9368
Email: llalonde@lacaisse.com

Nike USA, Inc.                        Trade Debt      $47,874,846
ATTN: Christopher Clipper
8605 Sw Creekside Pl
Beaverton, OR 97005
Tel: (800) 344-6453
Email: christopher.clipper@nike.com

TCW/Crescent Mezzanine Partners      Mezzanine Debt   $41,381,614
IV, L.P.
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

TCW/Crescent Mezzanine Partners      Mezzanine Debt   $33,657,898

IVB, L.P.
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

280 Funding I                        Mezzanine Debt    $24,467,058
ATTN: Alice Taormina
345 Park Avenue 31St Floor
New York, NY 10154
Tel: (212) 503-2100
Fax: (212) 503-6930
Email: sal.aloia@gsocap.com and
alice.taormina@gsocap.com

ASICS America Corporation           Consignment and    $23,268,366

ATTN: Kenji Sakai                   Other Trade Debt
80 Technology Drive
Irvine, CA 92618
Tel: (949) 453-8888
Email: Kenjis@asicsamerica.com

Under Armour                           Trade Debt      $23,168,557
1020 Hull Street
Baltimore, MD 21230
Tel: (888) 427-6687

NY Life                              Mezzanine Debt    $22,595,117
ATTN: C/O GoldPoint Partners LLC
51 Madison Avenue Suite 1600
New York, NY 10010
Tel: (212) 576-6500
Fax: (212) 576-5591
Email: lsmith@goldpointpartners.com /
Nancy_Scotton@nylim.com

Stichting PensioEnfonds               Mezzanine Debt   $16,610,142
ATTN: C/O AlpInvest Partners B.V.
Jachthavenweg 118 1081 KJ
Amsterdam , Netherlands
Email: investment.accounting@alpinvest.com /
thomas.spoto@alpinvest.com

NY Life Inv. Mgt.                     Mezzanine Debt   $15,501,735
ATTN: C/O GoldPoint Partners LLC
51 Madison Avenue Suite 1600
New York, NY 10010
Tel: (212) 576-6500
Fax: (212) 576-5591
Email: lsmith@goldpointpartners.com /
Nancy_Scotton@nylim.com

NW Mutual Life                        Mezzanine Debt   $13,309,409
720 E. Wisconsin Avenue Milwaukee,
WI 53202-4797
Tel: (414) 665-1679
Email: privateinvest@northwesternmutual.com /
jebbentley@northwesternmutual.com

GSO Domestic Capital Funding LLC      Mezzanine Debt   $12,799,286
ATTN: Alice Taormina
345 Park Avenue 31St Floor
New York, NY 10154
Tel: (212) 503-2100
Fax: (212) 503-6930
Email: sal.aloia@gsocap.com and
alice.taormina@gsocap.com

Stichting PensioEnFonds               Mezzanine Debt   $11,073,428
ATTN: C/O AlpInvest Partners B.V.
Jachthavenweg 118 1081 KJ
Amsterdam , Netherlands
Email: investment.accounting@alpinvest.com
/thomas.spoto@alpinvest.com

Varma Mutual Pension Insurance        Mezzanine Debt   $10,647,527
Company
Salmisaarenranta 11
Helsinki, Finland
Tel: 358-10-244-3230
Fax: 358-10-244-5068
Email: risto.autio@varma.fi /
Oili.Auranen@varma.fi

Conn General                          Mezzanine Debt    $9,982,057
ATTN: Edward Lewis
900 Cottage Grove Road A4Aa
Bloomfield, CT 6002
Tel: (860) 226-8432
Fax: (860) 226-8596
Email: edward.lewis@cigna.com

TCW/Crescent Mezzanine Trust III      Mezzanine Debt    $9,769,106
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

Implus Footcare LLC                     Trade Debt      $9,400,729
2001 TW Alexander Drive Box 13925
Durham, NC 27709-3925
Tel: (800) 446-7587

Agron Inc.                              Trade Debt      $9,219,174
2440 South Sepulveda Blvd
Los Angeles, CA 90064
Tel: (800) 966-7697

MAC Capital                           Mezzanine Debt    $7,504,377
ATTN: Nakietha Richard Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com /
Nakietha.Richard@wellsfargo.com

NYLim Parallel                        Mezzanine Debt    $7,155,138
ATTN: C/O GoldPoint Partners LLC
51 Madison Avenue Suite 1600
New York, NY 10010
Tel: (212) 576-6500
Fax: (212) 576-5591
Email: lsmith@goldpointpartners.com /
Nancy_Scotton@nylim.com

Partners Group Prime                  Mezzanine Debt    $6,106,357
Yield Sarl
ATTN: Roland Roffler
Zugerstrasse 57
Ch 6341 Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com
lu-pgprimeyield@intertrustgoup.com
NTGL CST@ntrs.com
PartnersFA@ntrs.com

M J Soffe LLC                          Trade Debt       $5,347,700
ATTN: Keith Bilyeu
P O Box2507 Fayetteville, NC 28302
Tel: (910) 483-2500
Email: Keith.Bilyeu@mjsoffe.com

Easton Baseball/SoftBall Inc.          Trade Debt       $4,560,452
ATTN: Mark Tripp
7855 Haskell Avenue Suite 200
Van Nuys, CA 91406-1901
Tel: (800) 347-3901
Email: Mark.tripp@easton.com

Partners Group Mezz Fin II LP        Mezzanine Debt     $4,530,523
ATTN: Roland Roffler
Zugerstrasse 57
Ch 6341 Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com

Wilson Team Sports                     Trade Debt       $4,460,227

8700 W Bryn Mawr
Chicago, IL 60631
Tel: (800) 562-1900

Thorlo Inc.                            Trade Debt       $4,455,428
ATTN: Tommy Morton
2210 Newton Dr
Statesville, NC 28677
Tel: (800) 438-0209
Email: tmorton@thorlo.com

Golden Viking Sports LLC               Trade Debt       $4,397,377
Import
21929 67Th Ave South
Kent, WA 98032
Tel: (253) 520-8868

Burton Snowboards                      Trade Debt       $3,918,208
PO Box 4449
Burlington, VT 054064449
Tel: (802) 862-4500

Life Insurance Co of North           Mezzanine Debt     $3,327,352
America
ATTN: Edward Lewis
900 Cottage Grove Road
Bloomfield, CT 6002
Tel: (860) 226-8432
Fax: (860) 226-8596
Email: edward.lewis@cigna.com

Shock Doctor Inc.                      Trade Debt       $3,167,445
ATTN: Dennis Goetz (United
Sports Brands)
110 Cheshire Lane Suite 120
Minnetonka, MN 55305
Tel: (952) 767-2300
Email: dgoetz@unitedspb.com

Pearl Holdings Limited               Mezzanine Debt     $3,151,668
ATTN: Roland Roffler
Zugerstrasse 57
Ch 6341 Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com

Partners Group Private Equity        Mezzanine Debt     $3,151,668
Performance Holding
ATTN: Roland Roffler
Zugerstrasse 57
Ch 6341 Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com

CastleWood Apparel Corp.               Trade Debt       $2,878,654
42 W 39th St 2nd Floor
New York, NY 10018
Tel: (212) 391-9797

Icon Health & Fitness Inc.             Trade Debt      $2,875,313
1500 S 1000 W
Logan, UT 84321
Tel: (435) 750-5000

Rawlings Sporting Goods                Trade Debt      $2,766,058
510 Maryville University Drive
Chesterfield, MO 63141
Tel: (800) 729-7770

HanesBrands Inc.                       Trade Debt      $2,713,300
1000 E Hanes Mill Road
Winston Salem, NC 27105
Tel: (336) 519-4400

TCW/Crescent Mezzanine                Mezzanine Debt   $2,561,795
Partners III Netherlands, L.P.
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

K2 Corporation                          Trade Debt     $2,535,706
4201 6Th Ave South
Seattle, WA 98108
Tel: (206) 805-4800

Taylormade-Adidas Golf Company          Trade Debt     $2,516,979
5545 Fermi Court
Carlsbad, CA 92008
Tel: (800) 456-8633

RIP Curl                                Trade Debt     $2,511,087
3030 Airway Ave
Costa Mesa, CA 92626
Tel: (714) 422-3600

Escalade Sports                         Trade Debt     $2,146,877
PO Box 889
Evansville, IN 47706
Tel: (812) 467-1200

Hot Chillys                             Trade Debt     $2,072,014
4145 Santa Fe #1
San Luis Obispo, CA 93401
Tel: (800) 468-2445

Brooks Sports Inc.                      Trade Debt     $2,013,899
3400 Stone Way N Ste 500
Seattle, WA 98103
Tel: (800) 227-6657

Credit Suisse                         Mezzanine Debt   $1,772,813

ANLAGESTIFTUNG 2 SAULE
ATTN: Roland
RofflerZugerstrasse 57 Ch 6341
Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com lu-
pgprimeyield@intertrustgoup.com
NTGL
CST@ntrs.comPartnersFA@ntrs.com

Hi-Tec Sports USA                        Trade Debt    $1,758,705
4801 Stoddard Rd
Modesto, CA 95356
Tel: (800) 521-1698

Cordini USA Inc.                         Trade Debt    $1,757,811
67 Allen Martin Drive
Essex Junction, VT 05452
Tel: (800) 467-3464

McDavid Knee Guard                       Trade Debt    $1,735,293
10305 Argonne Drive
Woodridge, IL 60517
Tel: (800) 237-8254

New Balance Athletic Shoe Inc.           Trade Debt    $1,610,743
20 Guest Street
Boston, MA 02135-2088
Tel: (800) 343-4648

New Era Cap Co.                          Trade Debt    $1,564,210
8061 Erie Road
Derby, NY 14047
Tel: (800) 989-0445


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


FIRST CITIZENS: Repays Debt of US$175 Million
--------------------------------------------
Asha Javeed at Trinidad Express reports that state bank First
Citizens has repaid debt totaling US$175 million.

Deputy chief executive Jason Julien said the company took the
decision to clear its balance sheets of all debt when they became
due on February 9, according to Trinidad Express.

"The bank has a strong balance sheet and surplus capital, and we
felt we did not need to go back to the international capital
market at this time, so we decided to repay the bonds fully when
they matured," Mr. Julien told the Sunday Express, notes the
report.

Mr. Julien explained that following the repayment, the company
took a decision to end its relationship with investor firm Moody's
Investor Services, the report notes.


=================
X X X X X X X X X
=================


* Caribbean Economies Urged to Move Away From High Gov't. Spending
------------------------------------------------------------------
Caribbean360.com reports that emerging markets, including those in
the Caribbean, must find new models of economic growth, and the
first step is to move away from models based on high government
spending or driven by debt, says Natalie Mansoor, head of asset
management at RBC Investment Management (Barbados) Ltd.

Speaking at the recent Annual Forecast Dinner hosted by the
Chartered Financial Analyst (CFA) Society Barbados, Mansoor noted
that many Caribbean economies have traditionally linked their
growth cycles to the external environment, together with reliance
on one or two products or services, according to Caribbean360.com.

"It is a simple model," the report quoted Ms. Mansoor as saying.
"In good times spend. In bad times borrow and continue to spend
and wait for good times to come back," Ms. Mansoor added.

But Ms. Mansoor said the problem with this approach was that
without stronger growth cycles the debt simply continued to grow,
the report notes.  As a result, she said she expected to see
downgrades, debt restructuring and defaults, the report relays.
She added: "I expect devaluations.  They are inevitable, whether
we choose them or have them forced on us," notes the report.

Ms. Mansoor told CFA members and guests that slow growth in wages
had become a drag on consumption in developed markets, and growth
in the global economy would have to come from emerging markets
with growing populations and rising incomes, the report discloses.
In the United States, for example, she said, growth in wages was
not keeping abreast of job creation, the report relays.

"In the US we have unemployment of 5%, but we still see low wage
growth. Normally, we should be getting more wage growth," Ms.
Mansoor said, the report notes.

The investment banker said two major factors were now keeping the
lid on wage growth in developed markets, the report relays.
First, most of the jobs being created are low-skilled and low-
paying, the report notes.  Secondly, the declining cost of
automation is displacing middle skilled jobs, the report
discloses.

In their presentations, both David Noel, Scotiabank's managing
director, Caribbean East, and Donna Wellington, CIBC
FirstCaribbean's managing director -- Barbados Operating Company,
also warned that high indebtedness and large fiscal deficits
continued to undermine hope of meaningful growth, the report says.

Made up of approximately 50 local investment professionals, the
CFA Society Barbados is a member of the Chartered Financial
Analyst Institute, a global not for profit organization comprising
over 135,000 investment professionals worldwide, 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.


                   * * * End of Transmission * * *