TCRLA_Public/160308.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, March 8, 2016, Vol. 17, No. 47


                            Headlines



B R A Z I L

BRAZIL: Recovery Eludes Economy After Biggest Dive in 25 Years
PETROLEO BRASILEIRO: Lula Meets with Rousseff Amid Probe


C A Y M A N  I S L A N D S

ALCHEMY INDIA: Shareholders Receive Wind-Up Report
BLACKPINE PRIVATE: Shareholder Receives Wind-Up Report
CALLAWAY CAPITAL: Shareholders Receive Wind-Up Report
COMMON SENSE: Shareholders Receive Wind-Up Report
COMMON SENSE EVERGREEN: Shareholders Receive Wind-Up Report

COMMON SENSE OFFSHORE: Shareholders Receive Wind-Up Report
COMMON SENSE PARTNERS: Shareholders Receive Wind-Up Report
COMMON SENSE PARTNERS SPV: Shareholders Receive Wind-Up Report
CONDOR CAPITAL: Shareholders Receive Wind-Up Report
CPC/WEETABIX SBS: Shareholders Receive Wind-Up Report

DOUBLE HAVEN: Shareholders Receive Wind-Up Report
JASMINE INVESTMENT: Members Receive Wind-Up Report
MERIT INVESTMENTS: Members Receive Wind-Up Report
OMAN HUNT: Shareholders Receive Wind-Up Report
PLATINUM EQUITY: Shareholder Receives Wind-Up Report

PWP ALPHA: Shareholder Receives Wind-Up Report
PWP ALPHA MASTER: Shareholder Receives Wind-Up Report
ST ALPHA: Shareholders Receive Wind-Up Report
VOREDA WOODLANDS: Members Receive Wind-Up Report
WANTHORPE OPPORTUNITY: Shareholders Receive Wind-Up Report


J A M A I C A

JAMAICA: JMA Wants Early Meeting with New Government


M E X I C O

MEXICO: Central Bank Cuts Growth Forecasts for 2016, 2017
SERVICIOS CORPORATIVOS: Fitch Hikes Issuer Default Ratings to 'B+'


P U E R T O    R I C O

ANTILLES CARPET: Case Summary & 20 Largest Unsecured Creditors
DF SERVICING: May Use Cash Collateral Until April 30
PUERTO RICO INVESTMENT: Case Summary & 4 Unsecured Creditors


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Not Bankrupt, Prime Minister Says


V E N E Z U E L A

VENEZUELA: Moody's Affirms Caa3 Ratings & Changes Outlook to Neg.


                            - - - - -


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


BRAZIL: Recovery Eludes Economy After Biggest Dive in 25 Years
--------------------------------------------------------------
David Biller at Bloomberg News reports that Latin America's
largest economy shrank the most in a quarter century last year and
no recovery is in sight as shriveling demand and political crisis
pummel activity.

Brazil's 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.  While the figure was better
than the 1.6 percent decline estimated by 47 economists surveyed
by Bloomberg, it wasn't enough to prevent Brazil's GDP from
sinking 3.8 percent in 2015.  That was the greatest plunge in 25
years, according to data from the government's economic research
institute IPEA, Bloomberg News notes.

"There's nothing to celebrate in these GDP figures," Luciano
Rostagno, chief strategist at Banco Mizuho do Brasil, told
Bloomberg News by phone.  "There is no reason to expect the
economy will rebound.  Investment and industry activity are
expected to remain weak, and the outlook for private consumption
remains bleak on back of job and credit market conditions," he
added.

Bloomberg News notes that 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.  A weakened currency has helped improve the
competitiveness of exporters, which the government has said will
help spur Brazil's recovery, Bloomberg News relays.  Still,
joblessness is on the rise, inflation is in double-digits and both
companies and the government are receiving downgrades, Bloomberg
News says.

                          Investment Plunge

Bloomberg News notes that fourth-quarter investment plunged 4.9
percent -- its seventh consecutive drop -- as family consumption
fell by 1.3 percent.  The latter was slightly better than
anticipated, according to Jankiel Santos, chief economist at
Haitong in Sao Paulo, and Edward Glossop, emerging-market
economist at Capital Economics Ltd, Bloomberg News relays.

"Private consumption did fall at a slower pace, and that could be
another reason why the economy performed better than it did in the
previous quarter," Mr. Glossop told Bloomberg News by phone from
London.  "But it's still four consecutive quarters of decline, so
nothing to cheer about," he added.

Net exports also contributed positively to the fourth-quarter
result, but mainly because of a 5.9 percent drop in imports,
according to Banco Mizuho's Rostagno, Bloomberg News says.
Exports fell 0.4 percent.

The Finance Ministry said the economy may stabilize in the third
quarter and rebound by the end of the year as the government focus
on initiatives to boost investment, expand credit and keep jobs,
Bloomberg News notes.  "The main challenge at the moment is to
recover internal demand," it said in a statement obtained by
Bloomberg News.

                              Elusive Recovery

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, told Bloomberg News by phone from Sao Paulo.

"This is a big difference compared to prior crises," Mr. Kawall
said, Bloomberg News relays.  "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 notes.  Standard & Poor's,
Fitch Ratings and Moody's Investors Service have handed out 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 News 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,
Bloomberg News relays.  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 notes.

Fourth-quarter data will also weigh down near-term performance due
to a statistical quirk known as the carry-over effect, by which
the previous quarter affects the subsequent period's result,
Bloomberg News says.  If 2016 GDP were to remain at the same level
as recorded in the fourth quarter, it would decline 2.4 percent,
according to Enestor dos Santos, principal economist at Banco
Bilbao Vizcaya Argentaria SA in Madrid, said by phone, 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 relays.  Both
forecast stagnation next year, which would mean no growth until
2018 when Brazilians elect a new leader, Bloomberg News notes.

As reported in the Troubled Company Reporter - Latin America on
Feb. 26, 2016, Moody's Investors Service has downgraded Brazil's
issuer and bond ratings to Ba2 and changed the outlook to
negative.


PETROLEO BRASILEIRO: Lula Meets with Rousseff Amid Probe
--------------------------------------------------------
EFE News reports that Brazilian President Dilma Rousseff visited
her political mentor and predecessor, Luiz Inacio Lula da Silva,
at his apartment in this southeastern city a day after he was
detained for questioning as part of the probe into a massive
corruption scheme centered on state-controlled oil company
Petrobras.

The head of state arrived at Mr. Lula's home in Sao Bernardo do
Campo, a suburb of Sao Paulo, where some 300 people had gathered
to show their support for the charismatic former president and co-
founder of the Workers' Party, or PT, according to EFE News.

The crowd also showed its backing for President Rousseff, chanting
"No coup" in reference to the opposition's attempt to impeach her
for allegedly massaging budget figures to disguise the size of the
deficit, the report relays.

Although she did not meet with people on the street, President
Rousseff, Lula and the ex-president's wife, Marisa Leticia, later
greeted the crowd from the balcony of the apartment, the report
notes.

President Rousseff raised her left fist to the crowd, while the
supporters chanted "Lula, warrior of the Brazilian people" and
waved red flags and shirts (the color of the center-left PT), the
report says.

Minutes earlier, Mr. Lula had greeted and mingled with his
supporters, many of whom had camped out overnight to show their
solidarity with the popular politician, at the entrance to the
apartment building, the report discloses.

Federal Police raided Mr. Lula's home in Sao Bernardo do Campo and
then brought him in for three hours of questioning at a police
station located at Congonhas Airport in Sao Paulo, the report
notes.

The ex-president, who governed Brazil from 2003 through the end of
2010, said afterward that he had felt like a "prisoner" and called
his detention an "insult," the report notes.

Prosecutors, for their part, said that the body of evidence
against Lula was "quite significant" and that Mr. Lula's
foundation had received nearly BRL20 million (some $5 million) in
donations from the five engineering and construction companies
most closely tied to the bribes-for-inflated contracts scandal
centered on Petrobras, the report relays.

The main focus of the Petrobras investigation has been on an
alleged cartel of companies that purportedly overcharged the oil
giant for contracts, splitting the extra money with corrupt
Petrobras officials while setting aside some of the loot to pay
off politicians who provided cover for the graft, the report
notes.

Mr. Lula was detained for questioning a day after Brazil's Supreme
Court voted unanimously to allow prosecution of lower house
speaker Eduardo Cunha for his alleged involvement in the Petrobras
scandal, discloses the report.

Numerous convictions have already been handed down in the $2
billion corruption scandal, with senior construction company
officials among those sentenced to prison or house arrest, the
report relays.

President Rousseff, a former Petrobras chair who succeeded Mr.
Lula as president in 2011, has not been implicated in the scandal,
the report adds.

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
==========================


ALCHEMY INDIA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Alchemy India Fund (Cayman) 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:

          Atul Sharma
          78 Bayshore Road
          #05-22 Costa Del Sol
          469991 Singapore
          Telephone: (+65) 6597-7082
          Facsimile: (+65) 6410-9590


BLACKPINE PRIVATE: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Blackpine Private Equity SLP Limited received
on Jan. 20, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lawrence Sheng Yu Chu
          Flat E3, Unicorn Garden, 3rd Floor
          11 Shouson Hill Road East
          Shouson Hill
          Hong Kong
          Telephone: +852 3700 9700
          Facsimile: +852 3579 1918


CALLAWAY CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Callaway Capital GP received on Jan. 29, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


COMMON SENSE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Common Sense Long-Biased Offshore, 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:

          Fort Rock Asset Management, LLC
          c/o Mike Wietecki
          15350 SW Sequoia Parkway
          Suite 250, Portland
          Oregon 97224
          United States of America
          Telephone: +1 (503) 603 2516
          e-mail: mwietecki@fort-rock.com


COMMON SENSE EVERGREEN: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Common Sense Evergreen Fund, 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:

          Fort Rock Asset Management, LLC
          c/o Mike Wietecki
          15350 SW Sequoia Parkway
          Suite 250, Portland
          Oregon 97224
          United States of America
          Telephone: +1 (503) 603 2516


COMMON SENSE OFFSHORE: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Common Sense Offshore, 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:

          Fort Rock Asset Management, LLC
          c/o Mike Wietecki
          15350 SW Sequoia Parkway
          Suite 250, Portland
          Oregon 97224
          United States of America
          Telephone: +1 (503) 603 2516


COMMON SENSE PARTNERS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Common Sense Partners BPI, 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:

          Fort Rock Asset Management, LLC
          c/o Mike Wietecki
          15350 SW Sequoia Parkway
          Suite 250, Portland
          Oregon 97224
          United States of America
          Telephone: +1 (503) 603 2516


COMMON SENSE PARTNERS SPV: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Common Sense Partners BPI SPV, 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:

          Fort Rock Asset Management, LLC
          c/o Mike Wietecki
          15350 SW Sequoia Parkway
          Suite 250, Portland
          Oregon 97224
          United States of America
          Telephone: +1 (503) 603 2516


CONDOR CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Condor Capital Management Limited received on
Jan. 25, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Arnaud Cayla
          30 Place de Madeleine
          75008 Paris
          France
          Telephone: +33 1 53 43 20 43


CPC/WEETABIX SBS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of CPC/Weetabix SBS, 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:

          Royal W. Carson, III
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (214) 999-1000
          Facsimile: +1 (214) 999-1022


DOUBLE HAVEN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Double Haven Asia Credit OC Fund received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kanwaljit Singh Bahra
          c/o Double Haven Capital (Hong Kong) Limited
          Level 41, 4104-08, 248 Queen's Road East
          Wan Chai
          Hong Kong


JASMINE INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Jasmine Investment Company received on Feb. 4,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


MERIT INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Merit Investments Limited received on Feb. 4, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


OMAN HUNT: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Oman Hunt Oil Company received on Jan. 26,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


PLATINUM EQUITY: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Platinum Equity Plus Fund 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:

          K.D. Blake
          c/o Jenna Nicholson
          Telephone: (345) 914-4494/ (345) 949-4800
          Facsimile: (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800


PWP ALPHA: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of PWP Alpha Europe Long Only 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PWP ALPHA MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of PWP Alpha Europe Long Only Master 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ST ALPHA: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of St. Alpha Event 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:

          Stone Toro Asset Management LLC
          313 Commons Way
          Princeton
          New Jersey 08540
          United States of America
          Telephone: +1 (609) 748 1936
          e-mail: richard@stonetoro.com


VOREDA WOODLANDS: Members Receive Wind-Up Report
------------------------------------------------
The members of Voreda Woodlands Holdco Limited received on
Feb. 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ian Robert
          Kingston Smith & Partners LLP
          Devonshire House
          60 Goswell Road, London EC1M 7AD
          United Kingdom


WANTHORPE OPPORTUNITY: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Wanthorpe Opportunity Fund 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:

           Shi Lanjiang
           Room 701, 24th Building
           No 5 Xiang Xi Road
           Xiangzhou District, Zhuhai City
           Guangdong Province
           People's Republic of China PRC 519000


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


JAMAICA: JMA Wants Early Meeting with New Government
----------------------------------------------------
RJR News reports that the Jamaica Manufacturers' Association (JMA)
will be seeking an early meeting with the new Jamaican Government
to discuss issues related to the sector.

Metry Seaga, President of the JMA, told RJR News that his
organization hopes to meet with Prime Minister Andrew Holness and
the relevant portfolio minister as soon as possible, "just to
reiterate how important the manufacturing sector is . . . . to
advise them of some of the issues we have been battling with over
the years, and to see how we can help," according to RJR News.

Arising from those discussions, the manufacturers and the
government would then be better able to determine what policies
should be put in place "to ensure that there is growth in our
sector, which we feel will redound to growth in the entire
economy," the report quoted Mr. Holness as saying.

                            Sugar Cess

Mr. Seaga asserted that, with the change in government, the
proposed sugar cess will no longer be a problem for the
manufacturing sector, the report notes.

That issue, having been introduced by Derrick Kellier, the
outgoing Minister of Agriculture he said he did not expect the new
government will be pursuing it, and therefore, he said, the JMA
will not even raise it during the meeting with the Prime Minister,
"unless it is brought up," the report relays.

Mr. Kellier last year disclosed that proceeds from the cess would
be used to finance the sugar industry's transformation, the report
notes.

Mr. Kellier said then that the government would not allow imported
refined sugar, meant for the manufacturing sector, to continue to
be leaked to the retail trade, and undermine raw sugar production
as well as rob the Government of Jamaica of revenue, the report
adds.

                          *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


MEXICO: Central Bank Cuts Growth Forecasts for 2016, 2017
---------------------------------------------------------
Reuters reports that Mexico's central bank lowered its growth
outlook for this year and next, adding that it expects inflation
to approach its 3 percent target in 2016.

The central bank, in its quarterly inflation report posted online,
said it now saw growth in 2016 between 2 and 3 percent, below the
2.5-3.5 percent forecast in its last report, according to Reuters.

The bank also lowered its growth expectations for 2017 to 2.5 to
3.5 percent from 3 to 4 previously, the report relays.


SERVICIOS CORPORATIVOS: Fitch Hikes Issuer Default Ratings to 'B+'
------------------------------------------------------------------
Fitch Ratings has upgraded Servicios Corporativos Javer, S.A.B de
C.V.'s (JAVER) local and foreign currency Issuer Default Ratings
(IDRs) to 'B+' from 'B'; Fitch has also upgraded JAVER's
outstanding $US159 million senior notes due 2021 to 'BB-/RR3' from
'B+/RR3'. The Rating Outlook is revised to Positive from Stable.

The ratings upgrade reflects JAVER's strengthened financial
profile after the company completed its Initial Public Offering
(IPO) which consisted in selling among investors 34% of the
company's equity. Proceeds from the IPO were used to reduce the
company's indebtedness. The total amount of net proceeds obtained
was MXN1.748 billion. Previously, the company launched on Dec. 18,
2015 a tender offer for its senior notes due in 2021 and became
effective on Jan. 19, 2016, in which $US136 million of the notes
outstanding were repurchased with the IPO funds and cash on hand.
In addition, the company had repurchased in the open market around
$US25 million of the senior notes, which represented a total debt
reduction of $US161 million.

The pro forma effects of these transactions results in a total
debt of MXN2.539 billion from MXN4.795 billion registered at the
end of December 2015. Total leverage (total debt at face
value/EBITDA) and net leverage are estimated to be 3.0x and 2.6x
respectively, which compares favourably to 5.6x and 4.4x as of
fourth-quarter 2015.

The Positive Outlook reflects the company's financial profile
reconfiguration which should translate in additional operating
flexibility in the form of lower interest expense, lower exposure
to foreign currency debt mismatch with local currency cash flows,
and stronger credit metrics. The IDRs could be upgraded if the
company successfully refinances the remaining dollar-denominated
debt with a new Mexican peso-denominated instrument, maintains its
target of positive free cash flow (FCF) generation through the
business cycle, in conjunction with a total debt to EBITDA
approximating 2.5x.

JAVER's ratings reflect the company's solid business position as
the national leader in houses sold through Infonavit (17,501
units), land reserves equivalent to five years of production and
focus on positive FCF generation. The ratings are limited by the
company's limited geographic diversification and high dependency
in Infonavit system.

KEY RATING DRIVERS

Leading Market Position:
JAVER is the leading homebuilding company in Mexico based on the
number of units sold through the Infonavit system. During 2015,
the company sold 17,501 units through Infonavit, out of a total of
18,565 homes sold. The company holds a leading position on its
main markets (states of Nuevo Leon and Jalisco). JAVER has
presence in states with the highest income per capita (Nuevo Leon,
Jalisco and Queretaro) and positive economic and population growth
trends (Queretaro and Estado de Mexico) that have a positive
relation with the number of available mortgages through the
Infonavit system.

Ability to Adjust Sales Strategy:
The company has shown the ability to adjust its sales strategy
according to market dynamics. JAVER has the ability to adapt the
prices of its inventory of units ready to be sold. Given the
uncertain market conditions regarding subsidies to low income
houses, the company was able to change its sales strategy,
changing the sales mix towards increased middle-income houses. By
the end 2015, 62% of the company units sold were middle-income
houses compared to 47% in 2014.

Limited Geographic Diversification:
Historically, total revenue has been concentrated in only two
states. As of Dec. 31, 2015, 77% of the total revenue was
generated in Nuevo Leon and Jalisco. This concentration increases
the company's dependence upon specific local and municipal
governments to secure land and permits, and translates into
exposure to individual market dynamics. This concentration has
been decreasing slowly as the company enters other markets such as
Estado de Mexico and Quintana Roo.

Focus on Positive FCF:
JAVER strategy is focused in generating positive FCF. During the
past four years, the company has managed the investment in working
capital in order to generate FCF. Management initiatives include
increased inventory rotation through price adjustments, which in
turn can have an impact on profitability, but lowering the
inventory levels. As of Dec. 31, 2015, JAVER's FCF was MXN235
million, which compares favourably with MXN71 million generated in
2014. Fitch expects that JAVER will continue with the strategy to
maintain working capital days at current levels in the coming
years.

Improvement in Credit Metrics:
The repurchase of $US136 million of the outstanding senior notes
of the company has improved its leverage levels. As of Dec. 31,
2015 and due to the Mexican Peso depreciation in 2015, total
leverage and net leverage increased to 5.6x and 4.4x respectively
from 5.3x and 3.9x in 2014. The pro forma total leverage and net
leverage of the company, after the debt reduction, are 3.0x and
2.6x respectively. The company is working to refinance the
remaining $US159 million through the issuance of a peso
denominated credit facility, in order to improve financial cost,
eliminate foreign currency debt exposure and extend the debt
maturity profile. Fitch estimates total adjusted leverage between
3.0x and 2.5x and adjusted net leverage ranging between 2.6x and
2.2x in the next 24 to 36 months.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for JAVER include:

-- Sales volume (housing units) average growth of 9% for 2016-
    2017;
-- JAVER's low-income units sold in 2016 resume growth;
-- EBITDA margin around 14%, similar to current levels;
-- Land capex within historic levels needed to replace deployed
    land reserves;
-- Dividend payments increase to up toMXN400 million per year.

RATING SENSITIVITIES

Considerations that could lead to a negative rating action
include:
-- Weak operational results with sales volume decreases and
    EBITDA margin reduction below current level of 14%;
-- Land capex levels substantially above current expectations of
    investing to replace land reserves used;
-- Consistent negative FCF generation driven by increasing
    working capital needs due to slow inventory rotation;
-- Total debt to EBITDA consistently above 3.0x.

Positive rating actions can derive from the combination of the
following factors:

-- Strong operational results, reaching targets of housing units
    sold in the near future, while maintaining EBITDA margin at
    current levels, and continued positive FCF generation;
-- Strengthening of the company's leverage ratio (total
    debt/EBITDA) to 2.5x;
-- Refinancing of the outstanding $US159 million notes due 2021
    with a peso denominated credit facility and elimination
    currency mismatch between cash flows and debt.

LIQUIDITY

JAVER's liquidity related to debt maturities and projected
investments remains strong. The company changed their financing
strategy from short-term debt and bridge loans financing to
longer-term debt with the issuance of the senior notes due in
2021. As a result of this strategy, as of Dec. 31, 2015, the
company's short-term debt represented 0.5% of the total debt. The
capex plan for the next years is expected to be funded with the
internally generated cash flow and cash on hand.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings:

Servicios Corporativos Javer, S.A.B. de C.V.
- -Long-term Issuer Default Rating (IDR) to 'B+' from 'B';
-- Local currency long-term IDR to 'B+' from 'B';
-- $US159 million due 2021 senior unsecured notes to 'BB-/RR3'
    from 'B+/RR3'.

The Rating Outlook is revised to Positive from Stable.

The Recovery Ratings are 'RR3', which indicates good recovery
prospects given default. 'RR3' rated securities have
characteristics consistent with securities historically recovering
51%-70% of current principal and related interest in an event of
default.


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


ANTILLES CARPET: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Antilles Carpet, Inc.
        1173 Ave. 65 De Infanteria
        San Juan, PR 00924

Case No.: 16-01724

Chapter 11 Petition Date: March 3, 2016

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

Judge: Hon. Brian K. Tester

Debtor's Counsel: Carmen D Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  Email: condecarmen@condelaw.com

Total Assets: $224,281

Total Liabilities: $3.13 million

The petition was signed by John Hernandez Vazquez, vice-president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-01724.pdf


DF SERVICING: May Use Cash Collateral Until April 30
-----------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the United States
Bankruptcy Court for the District of Puerto Rico has entered an
interim order authorizing DF Servicing, LLC, et al., to use cash
collateral until April 30, 2016.

Secured lender Bautista Cayman Asset Company has consented to the
Debtors' use of the cash collateral to fund (i) working capital
and general corporate purposes of the Debtors, and (ii) costs,
fees, and expenses incurred in connection with the administration
and prosecution of the cases.

The Lender is entitled to adequate protection of its interests in
the cash collateral and prepetition collateral in an amount equal
to the aggregate post-petition diminution in the value of its
interests in the cash collateral and prepetition collateral.

A copy of the court order is available for free at:

                       http://is.gd/BE6UWE

As reported by the Troubled Company Reporter on Feb. 10, 2016,
Judge Inclan entered an order prohibiting the Debtors from using
any cash collateral of the Lender and the Debtors were directed to
show cause in writing why a further order should not be entered.
The Lender had asked the Court to prohibit the Debtors' use of
cash collateral until they provide adequate protection against the
diminution in value of the Lender's cash collateral and condition
the Debtors' continued use of cash collateral on the adequate
protection.

                        About DF Servicing

Engaged in the business of purchase and sale of construction
projects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC,
and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.
D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015.  The
petitions were signed by Mark Mashburn, the president.  Charles A
Cuprill, PSC Law Office, serves as counsel to the Debtors.


PUERTO RICO INVESTMENT: Case Summary & 4 Unsecured Creditors
--------------------------------------------------------------
Debtor: Puerto Rico Investment, S.E.
        1173 Ave. 65 De Infanteria
        San Juan, PR 00924

Case No.: 16-01734

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: March 3, 2016

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

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Carmen D Conde Torres, Esq.
                  C. CONDO & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  E-mail: condecarmen@condelaw.com

Total Assets: $2.58 million

Total Liabilities: $2.92 million

The petition was signed by John Hernandez Vazquez, vice
president/treasurer.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.



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


TRINIDAD & TOBAGO: Not Bankrupt, Prime Minister Says
----------------------------------------------------
Joel Julien at Trinidad Express reports that Trinidad and Tobago
is "certainly not bankrupt" but we do have "cash flow" problems,
Prime Minister Dr. Keith Rowley has said.

Dr. Rowley made the statement during a news conference held at the
Magdalena Beach and Golf Resort in Lowlands, Tobago after what he
described as a "successful retreat" of the Cabinet at the hotel
over the weekend, according to Trinidad Express.

The report notes that Dr. Rowley said the retreat focused on
financial management of the State's affairs, the prioritizing of
projects and the treatment of Government's commitments, including
arrears owed to public servants and other debtors.

Finance Minister Colm Imbert made a presentation and he "brought
the Cabinet up to date in how we are going so far and where we are
with respect to his preparation in reporting to the Cabinet" in
the next few weeks with respect to the national budget, Dr. Rowley
said, the report relays.


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


VENEZUELA: Moody's Affirms Caa3 Ratings & Changes Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed Venezuela's Caa3 issuer and
government bond ratings and changed the outlook to negative from
stable.  The government's senior secured and senior unsecured
government bond ratings were affirmed at Caa3, as were the senior
unsecured shelf and MTN program ratings at (P)Caa3.

The negative outlook reflects Moody's view that increased
uncertainty surrounding economic and political events in Venezuela
could increase the loss severity bondholders could face in the
event of a default, a development to which we assign a high
probability of occurrence.

                         RATINGS RATIONALE

RATIONALE FOR NEGATIVE OUTLOOK

Venezuela is highly dependent on hydrocarbons to drive economic
growth and to finance government expenditure.  Oil and gas account
for over 90% of goods exports and roughly 32% of GDP.  It also
provides around 45% of consolidated government revenues.

Between September 2014 and September 2015, the oil price roughly
halved.  Since then, it has fallen a further 40%.  Moody's
recently revised its oil price assumptions for Brent to US$33 per
barrel in 2016 and US$38 per barrel in 2017, rising only slowly
thereafter to US$48 by 2019.

The government balance sheet remains under intense pressure as the
sovereign continues to draw down its assets at an accelerated
pace.  Between 2013 and 2015, Moody's estimates that revenue as a
percentage of GDP declined by 4.1 percentage points and the fiscal
deficit increased from 1.8 % in 2013 to 3.0% last year.  These
figures pertain to central government finances, although when
consolidating Petroleos de Venezuela's (PDVSA) finances, fiscal
deficits reach levels above 15% of GDP.  However, it is
challenging to pinpoint the exact level as the government ceased
publishing fiscal statistics in 2014.  During the same period the
country's current account balance relative to GDP moved from a
surplus of 0.2% to a deficit of 6.6%.

Given the authorities' weak policy response, and other factors
being equal, the depressed oil prices for the coming years would
eventually precipitate a credit event.  The widening gap between
the official exchange rate (VEF10 per dollar) and the "market"
exchange rate (VEF1,050 per dollar), denotes higher inflation,
which has risen from 68.5% in 2014 to 180.9% in 2015.  In its
efforts to manage pressure on the exchange rate and cover its
external funding gap, Venezuela has run down its international
reserves from US$22.1 billion in 2014 to an estimated US$13.5
billion today, reducing its external buffers against future
shocks.  Similarly, the reduction in government assets from an
estimated US$17 billion to some US$5 billion over the same period
has significantly eroded the government's financial buffers.
Meanwhile, the economy is expected to contract by an average of
1.9% annually over the next four years, a fall of 1.2 percentage
points from the average level in the same period up to end-2015.

The negative outlook reflects Moody's view that while the loss
bondholders would have to bear in the event of a default -- a
credit development to which we assign a very high probability of
occurrence -- is extremely difficult to assess with precision
given Venezuela' highly volatile economic and political
environment, Moody's anticipates that it could exceed 35%.

                 WHAT COULD RESULT IN A DOWNGRADE

Given that the current Caa3 rating incorporates a very high risk
of default, Moody's would downgrade Venezuela's rating if it
concluded that losses in the event of a default would probably
exceed 35%, or if such losses were to materialize.

       WHAT COULD STABILIZE THE RATING AT THE CURRENT LEVEL

Although currently less likely, Moody's would move the outlook
back to stable if the likelihood of a credit event were to
decrease over the next 12-18 months due to a strong recovery in
oil prices.  Although unlikely in the near future, the rating
would face upward pressure if balance of payments prospects were
to improve significantly provided that a sufficiently large
increase of financing flows ensures a stabilization of external
accounts, further decreasing the likelihood of a credit event.

  GDP per capita (PPP basis, US$): 17,759 (2014 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): -5.7% (2015 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 180.9% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -3% (2015 Estimate) (also known
   as Fiscal Balance)
  Current Account Balance/GDP: -6.6% (2015 Estimate) (also known
   as External Balance)
  External debt/GDP: 118.6% (2015 Estimate)
  Level of economic development: Low level of economic resilience
  Default history: At least one default event (on bonds and/or
   loans) has been recorded since 1983.

On March 1, 2016, a rating committee was called to discuss the
rating of Venezuela, Government of.  The main points raised during
the discussion were: The systemic risk in which the issuer
operates has materially increased.  The issuer has become
increasingly susceptible to event risks.  Other views raised
included: The issuer's economic fundamentals, including its
economic strength, have not materially changed.  The issuer's
institutional strength/ framework, have not materially changed.
The issuer's governance and/or management, have not materially
changed.  The issuer's fiscal or financial strength, including its
debt profile, has not materially changed.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in Deember 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



                            ***********


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.

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                            ***********


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.
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Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

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