TCRLA_Public/160309.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, March 9, 2016, Vol. 17, No. 48


                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Puts 'B2' GSR on ARS250MM Sr. Debt Issuance
PILISAR SA: Moody's Withdraws B3 Rating on Credit Facility
PILISAR SA: Moody's Withdraws Caa3 Corporate Family Rating


B E R M U D A

BERMUDA COMMERCIAL: Moody's Withdraws Ba3 Issuer Rating


B O L I V I A

BANCO PRODEM: Moody's Affirms B2 LT Deposit Rating; Outlook Neg.


B R A Z I L

OI SA: Said to Hire Advisers to Restructure $15 Billion Debt


C A Y M A N  I S L A N D S

ACS CAYMAN: Shareholder Receives Wind-Up Report
ADAPA NEW: Shareholder Receives Wind-Up Report
ADAPA NEW ASIA: Shareholder Receives Wind-Up Report
ASIA INVESTMENT: Shareholder Receives Wind-Up Report
CHINA GLOBAL: Shareholders Receive Wind-Up Report

EJF OPPORTUNITY: Shareholders Receive Wind-Up Report
ENFOCA EN MAESTRO: Shareholders Receive Wind-Up Report
GOLDMAN SACHS HOLDINGS: Shareholders Receive Wind-Up Report
GOLDMAN SACHS PERRY: Shareholders Receive Wind-Up Report
GOLDMAN SACHS PEP: Shareholders Receive Wind-Up Report

GOLDMAN SACHS VINTAGE: Shareholders Receive Wind-Up Report
GROWTH AND EMERGING: Shareholders Receive Wind-Up Report
GROWTH AND EMERGING HOLDINGS: Shareholders Receive Wind-Up Report
IONIC EVENT: Shareholders Receive Wind-Up Report
IONIC EVENT MASTER: Shareholders Receive Wind-Up Report

PEP XI OFFSHORE: Shareholders Receive Wind-Up Report
PEP XI OFFSHORE HOLDINGS: Shareholders Receive Wind-Up Report
SAPELO FUND: Shareholder Receives Wind-Up Report


J A M A I C A

* JAMAICA: To Introduce Electronic Business Registration Form


M E X I C O

PETROLEOS MEXICANOS: Hits 13th Straight Loss With $9.3BB Decline


P U E R T O    R I C O

EFRON DORADO SE: Parties Delay Cash Use Hearing to March 30
JORGE WILSON: Court Partially Grants Bid to Junk Wilson's Suit
PUERTO RICO: Main Street Launches Ad Campaign on Restructuring
PUERTO RICO ELECTRIC: Gets Extension to File Rate Petition
SPORTS AUTHORITY: Pursues Closing Sales for 200 Stores

SPORTS AUTHORITY: Wants 90-Day Extension of Lease Decision Period
SPORTS AUTHORITY: Section 341 Meeting Set for March 29
SPORTS AUTHORITY: Taps KCC as Claims and Noticing Agent
SPORTS AUTHORITY: Joint Administration of Cases Sought


S T. V I N C E N T  &  G R E N A D I N E S

ST. VINCENT & GRENADINES: Needs Strong Macroeconomic Framework


U R U G U A Y

BANCO BANDES: Moody's Affirms B3 LT LC & FC Deposit Ratings


                            - - - - -


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


GPAT COMPANIA: Moody's Puts 'B2' GSR on ARS250MM Sr. Debt Issuance
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B2 global scale rating (GSR) and a Aa2.ar national
scale rating (NSR) to GPAT Compania Financiera (GPAT)'s takedown
under its senior debt program of ARS1500 million.  The issuance,
for up to ARS250 million, will be due in 18 months.  The outlook
on all ratings is positive.

These ratings were assigned to GPAT Compania Financiera S.A.'s ARS
250 million senior unsecured debt issuance:

  B2 Global Local Currency Debt Rating
  Aa2.ar Argentina National Scale Local Currency Debt Rating

                         RATINGS RATIONALE

The global scale senior unsecured debt rating considers the
challenging operating environment in Argentina, balanced by the
very high probability that GPAT will receive support from its
foreign-owned parent, B1 rated Banco Patagonia, in the event of
stress.  While GPAT's GSR compares poorly with global peers, its
NSR is one of the highest in the country.

Despite the increased probability of credit positive policies
being implemented under the new administration, there are still
ongoing uncertainties around the economic environment in
Argentina, characterized by high inflation and weak economic
growth.  These credit challenges outweigh fundamental credit
strengths including GPAT's key role as the financial agent for
General Motors Argentina and its strong commercial and strategic
importance to the corporation, as well as its good asset quality,
profitability and capital metrics.  GPAT's ratings also consider
risks associated with the company's monoline business model and
its funding structure, which is heavily reliant on senior debt
issuances.

In line with the positive outlook on the sovereign, the outlook
for all GPAT's ratings is positive, reflecting our expectations
that new administration will continue to implement credit positive
policies, which in turn should positively affect GPAT's business
prospects and earning generation capacity.

The ratings could face upward pressure if Banco Patagonia's
ratings are upgraded due to an upgrade in both Argentina's
government bond rating and country ceiling as a result of an
improvement in the country's economic or institutional strength,
or a reduction in its susceptibility to event risk.  Reflecting
the positive outlook, downward rating pressure is unlikely at this
time.

GPAT is 99% owned by Banco Patagonia (local currency deposit
rating B1 stable, BCA caa1).  The one-notch differential between
the B1 local currency deposit rating for Banco Patagonia and the
B2 debt rating for GPAT reflects the structural subordination of
GPAT's bondholders to all liability holders of Banco Patagonia.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$2,272 million of total assets and
Ar$788 million of shareholders' equity as of December 2015.

The principal methodology used in this rating was Finance
Companies published in October 2015.


PILISAR SA: Moody's Withdraws B3 Rating on Credit Facility
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn Pilisar S.A.'s B3/A1.ar backed senior unsecured bank
credit facility rating for its own business reasons.  At the same
time, Moody's Investors Service has withdrawn Pilisar's Caa3
Corporate Family Rating (CFR) for its own business reasons.

These ratings were withdrawn:

   -- Backed senior unsecured bank credit facility: B3/A1.ar

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

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

Pilisar S.A. is a local appliance manufacturer headquartered in
Buenos Aires, Argentina.  The company was founded in 2005 and
since 2012 it is majority owned by Newsan's local shareholders.
In the SIAM plant Pilisar manufactures refrigerators and is
planning to incorporate vertical freezers, washing machines and
dishwashers.


PILISAR SA: Moody's Withdraws Caa3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn Pilisar S.A.'s Caa3
Corporate Family Rating for its own business reasons.

This rating was withdrawn:

   -- Corporate family rating: Caa3

                          RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Pilisar S.A. is a local appliance manufacturer headquartered in
Buenos Aires, Argentina.  The company was founded in 2005 and
since 2012 it is majority owned by Newsan's local shareholders.
In the SIAM plant Pilisar manufactures refrigerators and is
planning to incorporate vertical freezers, washing machines and
dishwashers.


=============
B E R M U D A
=============


BERMUDA COMMERCIAL: Moody's Withdraws Ba3 Issuer Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn all its ratings for
Bermuda Commercial Bank Limited.  The withdrawn ratings were Ba3
and Not Prime for long and short term deposits, Ba3 issuer rating,
ba3 standalone baseline credit assessment (BCA), ba3 adjusted BCA,
and Ba2(cr) and Not Prime(cr) counterparty risk (CR) assessments.
All ratings had a stable outlook.

These ratings were withdrawn:

Issuer: Bermuda Commercial Bank Limited

  Adjusted Baseline Credit Assessment, previously rated ba3
  Baseline Credit Assessment, previously rated ba3
  Long-term Bank Deposit Rating, previously rated Ba3
  Short-term Bank Deposit Rating, previously rated NP
  Issuer Rating, previously rated Ba3
  Long-term Counterparty Risk Assessment, previously rated Ba2(cr)
  Short-term Counterparty Risk Assessment, previously rated NP(cr)

Outlook Actions:

Issuer: Bermuda Commercial Bank Limited

  Outlook, Changed To Rating Withdrawn From Stable

                          RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.


=============
B O L I V I A
=============


BANCO PRODEM: Moody's Affirms B2 LT Deposit Rating; Outlook Neg.
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has changed
Banco Prodem S.A.'s ratings outlook to negative from stable and
affirmed the bank's long-term global and national scale local and
foreign currency deposit ratings at B2 and Aa3.bo respectively.
In addition, Moody's has affirmed Prodem's short-term global and
national scale local and foreign currency deposit ratings at Not
Prime/BO-1 and its B1(cr)/Not Prime(cr) long and short-term global
counterparty risk assessments.

These ratings and assessments of Banco Prodem S.A. were affirmed:

  Baseline Credit Assessment (BCA): b2
  Adjusted Baseline Credit Assessment: b2
  Long-term global local and foreign currency deposit rating: B2,
   changed outlook to negative from stable
  Short-term global local and foreign currency deposit ratings:
   Not Prime
  Long-term national scale local and foreign currency deposit
   ratings: Aa3.bo
  Short-term national scale local and foreign currency deposit
   ratings: BO-1
  Long- and short-term global counterparty risk assessments:
   B1(cr) / Not Prime (cr), respectively

                        RATINGS RATIONALE

The rating action follows the revision of the outlook of the
government of Venezuela to negative on March 4, 2016, due the
Venezuelan government's heavy dependence on oil-related revenues
coupled with the sharp drop in the price of oil.  Prodem is
indirectly owned by the Venezuelan government through its parent
Banco Bandes S.A. (Bandes Venezuela, unrated).  These actions are
part of a global review of oil-exporting sovereigns and the banks
and subsidiaries of banks that operate in these countries.

In changing the outlook to negative, Moody's recognizes the
linkages between Banco Prodem and Bandes Venezuela, which provides
managerial support and provides contingent credit lines to its
Bolivian subsidiary.  In turn, Bandes Venezuela is vulnerable to
the deterioration of the creditworthiness of the government of
Venezuela given the government's control of the institution and
the bank's exposure to the Venezuelan economy.

In affirming Prodem's BCA, Moody's recognizes the bank's well-
established franchise in the Bolivian microfinance lending niche
and its good asset quality indicators despite its focus on a
relatively risky market segment.  However, these credit strengths
are offset by challenges including Prodem's deteriorating
profitability, below average capitalization level, tight liquidity
position, and reliance on term deposits from institutional
investors.

                 WHAT COULD MOVE RATINGS UP OR DOWN

There is limited upside pressure on the bank ratings given the
current negative outlooks on both the bank's parent sovereign and
the bank itself.  The bank's ratings could be downgraded in the
event of a downgrade of the government of Venezuela and/or in the
case of a deterioration of the bank's fundamentals.

Banco Prodem S.A. is located in La Paz, Bolivia, and had BOB 7.11
billion in assets and BOB 592 million in equity as of December
2015.


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


OI SA: Said to Hire Advisers to Restructure $15 Billion Debt
------------------------------------------------------------
Cristiane Lucchesi, Jodi Xu Klein, and Jeffrey McCracken at
Bloomberg News report that Oi SA, the most indebted phone company
in Brazil, hired advisers to help restructure its BRL60 billion
($15 billion) in debt, one person with knowledge of the matter
said, asking not to be identified because the information is
private.

Russian billionaire Mikhail Fridman withdrew his proposal to help
finance a merger between Oi and Telecom Italia SpA's Brazilian
unit, according to Bloomberg News.

Telecom Italia's Tim Participacoes SA doesn't want to continue
with discussions, Mr. Fridman's investment vehicle LetterOne
Technology said, adding that it's still interested in investing in
Brazil, Bloomberg News relays.

Mr. Fridman's withdrawal ended a four-month effort to structure a
deal and left Rio de Janeiro-based Oi with no alternative other
than restructuring, Bloomberg News says.  The company has $4.5
billion of debt payments due by the end of next year and its high
rate of cash burn will make it hard for Oi to borrow to pay that
back, according to Robert Jaeger, an analyst at Societe Generale
SA in London, Bloomberg News adds.

A representative of Oi declined to comment.

As reported in the Troubled Company Reporter-Latin America on
March 3, 2016, Moody's America Latina has downgraded Oi S.A.'s
corporate family rating to Caa1/Caa1.br.  As part of this rating
action, Moody's has also downgraded the ratings on unsecured debt
at Oi S.A.to Caa2/Caa2.br, one notch below the corporate family
rating due to their junior position in the capital structure.  The
company has significant indebtedness at subsidiary holding
companies which have a priority claim on the majority of operating
cash flows.  The outlook remains negative.


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


ACS CAYMAN: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of ACS Cayman Holdings 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265


ADAPA NEW: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Adapa New Asia Master Fund, Ltd. received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ADAPA NEW ASIA: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Adapa New Asia Offshore Fund, Ltd. received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ASIA INVESTMENT: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Asia Investment Funds II 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:

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


CHINA GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of China Global Opportunities Fund GP Limited
received on Jan. 26, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Erhfei Liu
          Room 1010, Level 10
          Central Building, 1-3 Pedder Street
          Central, Hong Kong


EJF OPPORTUNITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of EJF Opportunity 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:

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


ENFOCA EN MAESTRO: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Enfoca EN Maestro Ltd received on Jan. 25,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Enfoca Asset Management Ltd.
          c/o Jesus Zamora Leon
          Enfoca, Av. Jorge Basadre 310
          Piso 7
          San Isidro
          Telephone: (511) 222 2090
          e-mail: Jzamora@enfoca.com.pe


GOLDMAN SACHS HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Goldman Sachs Perry Private Opportunities
Offshore Holdings Advisors, Inc. received on Jan. 27, 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


GOLDMAN SACHS PERRY: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Goldman Sachs Perry Private Opportunities
Offshore Advisors, Inc. received on Jan. 27, 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


GOLDMAN SACHS PEP: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Goldman Sachs Pep Asia Offshore Advisors, Inc.
received on Jan. 27, 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


GOLDMAN SACHS VINTAGE: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Goldman Sachs Vintage Fund IV Offshore
Holdings Advisors, Inc. received on Jan. 27, 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


GROWTH AND EMERGING: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Growth and Emerging Markets Private Equity
Managers: 2011 Offshore Advisors Inc. received on Jan. 27, 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


GROWTH AND EMERGING HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------------
The shareholders of Growth and Emerging Markets Private Equity
Managers: 2011 Offshore Holdings Advisors Inc. received on
Jan. 27, 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


IONIC EVENT: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Ionic Event Driven Fund II 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:

          David Stephen Sargison
          31 Woodland Drive Lower Valley
          P.O. Box 414 SAV Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 947 2390


IONIC EVENT MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Ionic Event Driven Master Fund II 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:

          David Stephen Sargison
          31 Woodland Drive Lower Valley
          P.O. Box 414 SAV Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 947 2390


PEP XI OFFSHORE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pep XI Offshore Advisors, Inc. received on
Jan. 27, 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


PEP XI OFFSHORE HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of PEP XI Offshore Holdings Advisors, Inc.
received on Jan. 27, 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


SAPELO FUND: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Sapelo 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:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-8577
          e-mail: martina.delima@palawcayman.com


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


* JAMAICA: To Introduce Electronic Business Registration Form
-------------------------------------------------------------
RJR News reports that the Companies Office of Jamaica plans to
introduce an electronic business registration form to facilitate a
hassle-free and more convenient option to transacting business.

Judith Ramlogan, Chief Executive Officer of the Companies Office,
has explained that, under this initiative, all agencies that are
responsible for regulating start-ups will be included in the
process, according to RJR News.

Applicants will need a signing pad or a token for digital
signatures as well as a scanner, as some documents may need to be
uploaded to the system, the report notes.

When the documents, along with payment by credit card, are
submitted to the Companies Office, the registration is done
automatically and a notification sent when the certificate is
ready, the report relays.

Mrs. Ramlogan disclosed as well that discussions are being held at
the regional level with various registrars of companies for the
establishment of an online registry for CARICOM companies, the
report discloses.

The Business Registration Form was introduced in January 2014 to
address a wide cross-section of issues faced by individuals in the
process of business start-ups, the report says.

This multi-purpose registration form is a "one-stop shop" for
businesses and eliminates the need to visit several agencies, 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
===========


PETROLEOS MEXICANOS: Hits 13th Straight Loss With $9.3BB Decline
----------------------------------------------------------------
Adam Williams at Bloomberg News reports that Petroleos Mexicanos'
financial woes continue to mount as the country's biggest company
reported a BRL168.9 billion ($9.3 billion) loss in the fourth
quarter and laid out plans for deep spending cuts this year,
including delays of new offshore developments.

Pemex lost about $32 billion in all of 2015, based on the exchange
rate in each quarter, as oil prices plunged and the company's
crude output fell for an 11th straight year, according to a
financial report, notes Bloomberg News.  Pemex hasn't recorded a
profit since 2012.  The company had more than $87 billion in debt
at the conclusion of the third quarter and owes an estimated $7
billion to service providers, Bloomberg News relays.

Earlier, Pemex pledged to meet the government's request that it
trim its 2016 budget by BRL100 billion.  As much as $3.6 billion
of the cuts will come from deferred projects, including expensive
offshore wells, Jose Antonio Gonzalez Anaya, the company's CEO,
said in a conference call with investors, Bloomberg News notes.

Pemex will pursue partners for any future deepwater development,
Mr. Gonzalez Anaya said, Bloomberg News discloses.

The cuts follow a general strategy of focusing reduced spending on
the most profitable investments while increasing efficiency,
according to a budget report released by the company earlier,
Bloomberg News notes.  Pemex will strive to maintain crude
production, despite the budget cuts, "to the extent possible," the
CEO said, Bloomberg News says.

                          Adding Strength

"These adjustments do not weaken Pemex, they strengthen it," Mr.
Gonzalez Anaya said on the call, Bloomberg News notes.

Pemex will still be able to make its payments owed to service
providers despite the reduction in the company's budget, Mr.
Gonzalez Anaya said.  The company's quarterly loss was largely due
to the fall in crude prices and the depreciation of the Mexican
peso, according to Treasurer Rodolfo Campos, Bloomberg News
discloses.  Mexico Deputy Finance Minister Miguel Messmacher said
on the same call that the budget reductions guarantee Pemex will
meet its financial obligations.

Pemex's crude production averaged 2.28 million barrels per day in
the fourth quarter, a 3.5 percent decrease from a year earlier,
Bloomberg News says. Oil output, which dropped after an April 1
accident in the Gulf of Mexico, fell for an eleventh straight
year.

The company expects the price of oil to be close to $25 a barrel
this year, compared to the $50 they'd previously planned,
according to the report, Bloomberg News discloses.

Mexico announced plans to cut BRL100 billion ($5.5 billion) from
the oil giant's budget on Feb. 17 in a move aimed at stemming the
depreciation of the peso and limiting inflation in Latin America's
second-largest economy amid the slump in international crude
prices, Bloomberg News adds.



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


EFRON DORADO SE: Parties Delay Cash Use Hearing to March 30
----------------------------------------------------------
At the behest of debtor Efron Dorado SE and lender PR Asset
Portfolio 2013-1 International Sub I, LLC, the Bankruptcy Court
has granted a continuance of the March 2 hearing on the Debtors'
motion to use cash collateral until March 30, 2016 at 9:00 a.m.

On Feb. 2, 2016, the Debtor filed an "Urgent Motion for Use of
Cash Collateral and Adequate Protection", where it requested the
use of PRAPI's Cash Collateral under Section 363 of the Bankruptcy
Code.

PRAPI filed its opposition to the Cash Collateral Motion on Feb.
19, 2016.

A hearing to consider the Cash Collateral Motion and the
Opposition was scheduled for March 2, 2016.

The Debtor and PRAPI are currently engaged in discovery
proceedings which are relevant to the resolution of the Cash
Collateral issues before the Court.  As a result, attorneys for
the Parties have conferred, and Debtor has agreed, to submit
certain documentation to PRAPI, within the next two days, as well
as to make Mr. David Efron available for the taking of a
deposition on April 6, 2016 at 2:00 p.m.  The Debtor will shortly
submit a budget to PRAPI as to Debtor's operating expenses.

In view of the fact that the information being procured as part of
the discovery proceedings are necessary for the effective
consideration of the Cash Collateral issues in this case, the
Parties requested that the March 2, 2016 hearing be re-scheduled
to a later date after the next two weeks, and/or an available date
after the second week of April.

Attorneys for PR Asset Portfolio 2013-1 International Sub I, LLC:

         O'NEILL & BORGES LLC
         Hermann D. Bauer, Esq.
         American International Plaza
         250 Munoz Rivera Avenue, Suite 800
         San Juan, Puerto Rico 00918-1813
         Tel: (787) 764-8181
         Fax: (787) 753-8944
         E-mail: hermann.bauer@oneillborges.com

                       About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan.
20, 2016.  The petition was signed by David Efron, partner.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as its bankruptcy counsel.

In its petition, the Debtor listed total assets of $33.2 million
and total debt of $15.2 million.  According to the schedules, the
Debtor owns the shopping mall known as Paseo Del Plata Shopping
Center located in Dorado, Puerto Rico; a parcel of land consisting
of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of
land consisting of 30 Cuerdas known as Hernandez Farm.


JORGE WILSON: Court Partially Grants Bid to Junk Wilson's Suit
--------------------------------------------------------------
Judge Mildred Caban Flores of the United States Bankruptcy Court
for the District of Puerto Rico granted in part and denied in part
the motion filed by Jose Nater Vazquez, Esq., to dismiss Dr. Jorge
E. Rodriguez Wilson's adversary complaint.

Gladys Arroyo Heredia previously obtained a state court judgment
against Dr. Rodriguez for tort damages, and then pursued and
obtained an order and writ of attachment against Dr. Rodriguez'
income stemming from health insurance providers.  Nater
represented Arroyo in the state court proceedings.

The adversary complaint alleged that after Dr. Rodriguez filed for
bankruptcy, the garnishments on Dr. Rodriguez's income continued,
although the automatic stay was in effect.  Dr. Rodriguez thus
sought damages for willful violation of the automatic stay and
turnover of the monies garnished from Dr. Rodriguez due to the
violations of stay and preferential transfer.

Nater argued that Dr. Rodriguez must prove every single element to
establish a colorable claim for preference under Section 547(b) of
the Bankruptcy Code.  Judge Flores agreed with Nater that Dr.
Rodriguez cannot establish the first element that the transfer was
made "to or for the benefit of a creditor" because Nater is a non-
creditor of Dr. Rodriguez, but merely an attorney of the judgment
creditor in the state court litigation.  Thus, the motion to
dismiss was granted as to count three for turnover of property
with respect to Nater.

Nater also argued that the amended complaint must be dismissed
because he personally did not undertake the seizure of monies from
Dr. Rodriguez.  Nater blamed the marshal instead, who executed the
attachment order issued by the state court judge.  Judge Flores
disagreed, citing the legal practice that it is the judgment
creditors through the assistance of their counsel who present the
writ of attachment to the marshal.

Nater further argued that the stay violations must be dismissed
against him because Dr. Rodriguez never provided adequate
protection and that retention does not constitute a willful
violation of the stay.  Judge Flores again rejected this argument,
explaining that Dr. Rodriguez is not required to afford adequate
protection for post-judgment attachments that occurred after the
bankruptcy case was commenced because such action is void.

The case is IN RE: JORGE E. RODRIGUEZ WILSON, Chapter 11, Debtor.
JORGE E. RODRIGUEZ WILSON, Plaintiff, v. GLADYS ARROYO HEREDIA AND
JOSE NATAR VAZQUEZ, Defendants

A full-text copy of Judge Flores' February 25, 2016 opinion and
order is available at http://is.gd/OAPmJNfrom Leagle.com.

Jorge E. Rodriguez is represented by:

          Emily Darice Davila Rivera, Esq.
          LAW OFFICE EMILY D DAVILA RIVERA
          420 Ponce Leon Midtown Suite 311
          San Juan, PR 00918

Gladys Arroyo Heredia is represented by:

          Modesto Bigas Mendez, Esq.
          BIGAS & BIGAS
          515 Calle Ferrocarril
          Urb Santa Maria
          Ponce, PR 00717
          Tel: (78)844-1444

Jose Nater Vazquez is represented by:

          Sergio Criado, Esq.
          CORREA ACEVEDO & ABESADA LAW OFFICE
          Centro Internacional De Mercado
          Torre II, 90 Carr., Suite 407
          Guaynabo, PR 00968
          Tel: (787)273-8300


PUERTO RICO: Main Street Launches Ad Campaign on Restructuring
--------------------------------------------------------------
On March 8, Main Street Bondholders was set to launch a new
advertising campaign exposing the Obama Administration's radical
restructuring plan for Puerto Rico headed by Treasury Secretary
Antonio Weiss, which would harm the ability of states to borrow.

The campaign will run throughout the week in various outlets in
Washington, D.C. and New York, NY, including the Wall Street
Journal, The Hill and Politico.

"Antonio Weiss' reckless 'Super Territories Restructuring' plan is
unprecedented and will raise borrowing costs for states," said 60
Plus Association Vice-President Matthew Kandrach.

As the advertisement points out, several governors also voiced
concern over the imminent threat posed by the Treasury's "Super
Territory Restructuring" through a join letter to Speaker Paul
Ryan and Majority Leader Mitch McConnell.

"Of most concern to us as governors, granting Puerto Rico such
unprecedented bankruptcy authority would likely raise the
borrowing costs of our states, reducing our ability to invest in
vital services and eroding investor confidence in the whole notion
of full faith and credit debt," said Governors Bentley (AL), Ducey
(AZ), LePage (ME,) Ricketts (NE), Martinez (NM) and Daugaard (SD).

Main Street Bondholders Coalition is a project of the 60 Plus
Association, and is comprised of small bondholders from across
America who are committed to a policy process that returns Puerto
Rico to sound financial management, respect for the rule of law,
and the protection of their retirement savings.


PUERTO RICO ELECTRIC: Gets Extension to File Rate Petition
----------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico
officials won an additional three weeks to submit a proposed rate
charge to the island's energy commission, a fee that would repay
bonds used to help restructure about $9 billion of debt owed by
the government's power company.

Creditors for the Puerto Rico Electric Power Authority, known as
Prepa, agreed to give officials until March 22 to work on their
petition to implement a new customer fee, called a securitization
charge, Jose Echevarria, a spokesman for the utility, said in a
statement, according to Bloomberg News.  A January agreement
between Prepa, the island's main electric provider, bondholders
and bond-insurance companies set that deadline for March 1,
Bloomberg News notes.  A petition for a broader review of Prepa's
rates is now due by April 22.

"These extensions were necessitated by amendments to the Prepa
Revitalization Act during the legislative process which required
additional information and documentation to be provided to the
energy commission as part of the rate review process," Echevarria
said in the statement obtained by Bloomberg News.

Bloomberg News says that the commonwealth's three-member energy
commission will have 75 days to weigh in on the new fee once it's
submitted.  Prepa needs the proposed securitization to be approved
so it can execute its restructuring deal under which investors
agreed to take a 15 percent loss by swapping their securities for
new bonds, Bloomberg News relays.  The proposed securitization
charge would repay that debt, Bloomberg News notes.

                         No Rubber Stamp

The commission expects to complete a review of the new
securitization charge within the 75-day time frame, Agustin Carbo
Lugo, the panel's president, said, Bloomberg News notes.
Officials are open to dedicating a portion of electricity revenue
to repay the bonds and not allowing the utility access to those
funds, he said, Bloomberg News relays.

"We know that it's a common practice in the industry to have this
type of structure when you have to pay debt," Bloomberg News
quoted Carbo Lugo as saying.  "What we really wanted to make sure
is that we're not rubber stamping their proposal," he added.

The restructuring would be the first step in Puerto Rico's attempt
to reduce its $70 billion debt load after the commonwealth and its
agencies borrowed for years to fill budget gaps, Bloomberg News
notes.  Puerto Rico's economy has shrunk every year but one since
2006 and has already defaulted on some agency debt, Bloomberg News
relays.  Governor Alejandro Garcia Padilla warned that the island
may stop paying principal and interest as soon as May if U.S.
lawmakers fail to help the island restructure its obligations,
Bloomberg News notes.

Prepa and its creditors agreed to the debt exchange after first
signing a contract in August 2014 that kept negotiations out of
court, Bloomberg News says.  The restructuring will allow Prepa to
modernize a system that relies on petroleum to produce
electricity, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Standard & Poor's Ratings Services maintained its
'CC' long-term and underlying ratings (SPURs) on Puerto Rico
Electric Power Authority's (PREPA) electric revenue bonds.
However, the ratings remain on CreditWatch, where they were
originally placed with negative implications on June 18, 2014.

As of June 30, 2015, PREPA had about $8.44 billion of long-term
debt outstanding, and an additional $730 million due to
noteholders.


SPORTS AUTHORITY: Pursues Closing Sales for 200 Stores
-------------------------------------------------------
Sports Authority Holdings, Inc., and its affiliated debtors seek
Bankruptcy Court approval of sale guidelines relating to the
conduct of store closing sales.

As of Jan. 30, 2016, the Debtors operated 464 stores in 40 states
and Puerto Rico, and five distribution centers located in New
Jersey, California, Colorado, Georgia, and Illinois.  Prior to the
Petition Date, the Debtors commenced a restructuring process to
streamline their savings and efficiency initiatives.  As part of
this process, the Debtors completed a comprehensive review of the
performance of all of their retail stores to analyze, among other
things, the profitability and viability of each store location and
to determine the Debtors' optimal footprint.

The Debtors, in consultation with their advisors, determined that
it is in the best interest of their estates to immediately prepare
for closure up to 200 stores and two of their their distribution
centers.

To effectuate a smooth transition into Chapter 11 and minimize
administrative expenses for their estates, the Debtors seek
authorization to (a) assume a Closing Store Agreement, and (b)
immediately continue the Closing Sales at designated Closing
Stores, for which they prepared prior to the Petition Date, with
the assistance of Gordon Brothers Retail Partners, LLC and Tiger
Capital Group, LLC (collectively "Liquidation Consultant").

"[T]he Debtors are in a difficult financial situation; they need
to maximize sources of liquidity and minimize expenses as much as
possible," asserts Andrew L. Magaziner, Esq., at Young Conaway
Stargatt & Taylor, LLP, counsel for the Debtors.  "The Closing
Sales will help the Debtors with both of these goals," he adds.

Failure to secure an interim order approving the Closing Sales by
March 16, 2016, is an event of default under the Debtors' proposed
debtor-in-possession financing agreement.

The Sale Guidelines provide, among other things, that: (a) all
sales of Store Assets would be deemed free and clear of all
encumbrances; (b) ,erchandise could be sold with the benefit of
various marketing techniques and price mark-downs to promote
efficient liquidation; and (c) certain Store Assets that cannot be
promptly liquidated may be abandoned if and when the Debtors
determine, in their business judgment, that retaining, storing, or
removing those assets would result in unnecessary expense with
little or no benefit to the estates.

               Engagement of Liquidation Consultant;
                      Closing Store Agreement

On Feb. 17, 2016, the Debtors and the Liquidation Consultant
executed the Closing Store Agreement.  The Liquidation Consultant
will be retained as the Debtors' exclusive, independent consultant
to conduct the Closing Sales at the Closing Stores during the Sale
Term to, among other things: (a) recommend appropriate discounts,
advertising, and signage; (b) provide qualified supervisors to
oversee the Closing Sales to maximize sales; (c) maintain
communication with the Debtors' employees at the Closing Stores
and monitor the progress of the Closing Sales; (d) recommend loss
prevention initiatives; (e) advise the Debtors regarding legal
requirements and applicable laws, rules, and regulations affecting
"going out of business" sales; (f) develop and implement a
Customer Transition Program to assist the Debtors in their efforts
to transition their existing customers at the Closing Stores to
the Debtors' ongoing store locations and ecommerce platform; and
(g) assist the Debtors with the rebalancing and consolidation of
inventory within and, if necessary, across markets.

The Debtors will designate the Closing Stores on an ongoing basis.

The Closing Sales commenced Feb. 23, 2016, and will terminate on
or before June 7, 2016.

The Debtors will pay for all expenses incident to the Closing
Sales in accordance with a mutually agreed upon expense budget.
With respect to certain Consultant's controlled expenses, the
Liquidation Consultant will advance funds for these expenses and
the Debtors will thereafter reimburse the Liquidation Consultant
for those expenses.  The Debtors will also reimburse the
Liquidation Consultant for its reasonable expenses associated with
the sale of the Offered FF&E.

The Debtors will pay the Liquidation Consultant a First Quality
Merchandise Incentive Fee that is between 0.75% and 1.75%, based
on the total amount of First Quality Gross Proceeds, net of sales
taxes.  The Debtors will pay the Liquidation Consultant a
Clearance Merchandise Base Fee that is equal to 1.5% of the
Clearance Gross Proceeds, net of sales taxes.  The Liquidation
Consultant will also earn the FF&E Commission equal to 17.5% of
the gross sales of the Offered FF&E, net of sales taxes.

The Debtors funded to the Liquidation Consultant $750,000 to be
held by the Liquidation Consultant and to be applied towards any
unpaid obligations of the Debtors pending the final
reconciliation.


The Debtors are entitled to a commission equal to 5% of all
non-Debtor goods sold during the Closing Sale at the Closing
Stores.

                         Closing Bonuses

To ensure maximum success of the Closing Sales, the Debtors seek
authorization to implement the Bonus Program and fulfill their
obligations thereunder to Bonus Program participants, all of whom
are non-insiders.  Specifically, the Debtors request the authority
to, at their discretion, provide additional compensation in the
form of bonuses to (a) three district managers calculated based on
a combination of sales revenues and retention of personnel; (b)
the store manager at each Closing Store, the assistant store
manager at each Closing Store, the two assistant sales managers at
each Closing Store, and five team sales people, calculated based
on a combination of sales revenues and shrink control.

The Debtors request authority to determine the individual amounts
of each Closing Bonus, except that the total aggregate cost of the
Bonus Program, in any event, will not exceed 0.5% of the Debtors'
overall gross annual payroll and will not exceed 6.0% of the
Debtors' gross annual payroll for the Closing Stores.

The Debtors believe that allowing the District Managers and
Closing Store Management Teams to earn Closing Bonuses at the
Closing Stores will provide much-needed motivation for key
personnel who are critical to the success of the Closing Sales.

                  Dispute Resolution Procedures

The Debtors recognize that the Closing Sales at certain Closing
Stores may be subject to certain Liquidation Laws, which include
but are not limited to various federal, state or local statute,
ordinance, or rule, or licensing requirement directed at
regulating "store closing," "sale on everything," "everything must
go," "liquidation sale," "winter clearance outlet," or similar
themed sales or bulk sale laws, including laws restricting safe,
professional and non-deceptive, customary advertising such as
signs, banners, posting of signage, and use of sign-walkers in
connection with the sale, and ordinances establishing license or
permit requirements, waiting periods, time limits or bulk sale
restrictions.  To the extent that any Liquidation Laws purport to
prohibit, restrict, or otherwise interfere with the Closing Sales
at any Closing Stores, the Debtors request that the Court deem
those Liquidation Laws to be waived with respect to the Closing
Sales, which are under the supervision of the Bankruptcy Court.

                       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: Wants 90-Day Extension of Lease Decision Period
-----------------------------------------------------------------
Sports Authority Holdings, Inc., and its affiliated debtors seek a
90-day extension, through and including Sept. 28, 2016, of their
statutory deadline by which they must assume or reject leases,
subleases and other agreements that may be considered unexpired
leases of non-residential real property under applicable law.

The Debtors have initiated multiple sales processes pursuant to
which they seek to maximize value for their retail locations,
underlying leasehold interests and related assets.  Specifically,
the Debtors are conducting store closing sales at certain
designated retail locations and, simultaneously therewith,
marketing their leasehold interests in their remaining retail
stores, together with related assets, to third party purchasers.

The Debtors and their advisors intend to thoroughly review the
Real Property Leases that govern their occupancy of the Closing
Stores, and make an informed decision regarding the potential
value that may be realized from assignment thereof.  In the event
that the Debtors determine that there is a robust market for any
or all of Closing Store leases, the Debtors intend to solicit
offers for assignment and explore all commercially reasonable
options.

The Debtors do not believe that they will have had sufficient time
by the expiration of the initial Assumption/Rejection Period to
make informed decisions whether to reject or assume the Real
Property Leases.

"Given the inherent fluidity in these Chapter 11 Cases,
circumstances may arise during the pendency of these cases that
would cause the Debtors to re-evaluate the need to continue
leasing a particular property," according to Andrew L. Magaziner,
Esq., at Young Conaway Stargatt & Taylor, LLP, counsel for the
Debtors.  "In the absence of an extension of the current
Assumption/Rejection Period, the Debtors could be forced to
prematurely assume Real Property Leases that may later prove to be
burdensome, which could give rise to large administrative expense
claims against the Debtors' estates and hamper the Debtors'
ability to successfully prosecute these Chapter 11 Cases," he
maintained.

                    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: Section 341 Meeting Set for March 29
------------------------------------------------------
Pursuant to Section 341 of the Bankruptcy Code, Andrew R. Vara,
the Acting United States Trustee for the District of Delaware, has
scheduled a meeting of creditors of Sports Authority Holdings,
Inc., et al., on March 29, 2016, at 9:00 a.m. at J. Caleb Boggs
Federal Building, 844 King Street, 2nd Floor, Room 2112, in
Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                  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: Taps KCC as Claims and Noticing Agent
-------------------------------------------------------
Sports Authority Holdings, Inc., et al., seek authority from the
Bankruptcy Court to employ Kurtzman Carson Consultants LLC as
their claims and noticing agent in lieu of the Clerk of the United
States Bankruptcy Court for the District of Delaware, effective as
of the Petition Date.

The Debtors anticipate that thousands of entities will be noticed
during the course of these Chapter 11 cases.  In view of the
number of anticipated claimants and the complexity and scope of
their business, the Debtors assert that KCC's appointment as the
claims and noticing agent is both necessary and in the best
interests of their estates and their creditors because they and
the Clerk will be relieved of the burdens associated with the
Claims and Noticing Services.

KCC's hourly rates are:

       Position                               Hourly Rate
       --------                               -----------
       Executive Vice President                  Waived
       Director/Senior Managing Consultant        $175
       Consultant/Senior Consultant             $70-$160
       Technology/Programming Consultant        $35-$70
       Clerical                                 $25-$50
       Solicitation Lead/Securities Director      $215
       Securities Senior Consultant               $200

The Debtors request that the undisputed fees and expenses incurred
by KCC in the performance of the services be treated as
administrative expenses of their estates and be paid in the
ordinary course of business without further application to or
order of the Court.

Prior to the Petition Date, the Debtors provided KCC a retainer in
the amount of $50,000.  KCC seeks to hold that retainer under the
Services Agreement during the cases as security for the payment of
fees and expenses incurred under the Services Agreement.

As part of the overall compensation payable to KCC under the terms
of the Services Agreement, the Debtors have agreed to certain
indemnification and contribution obligations.

KCC represents it is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code with respect to
the matters upon which it is to be engaged.


                      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: Joint Administration of Cases Sought
------------------------------------------------------
Sports Authority Holdings, Inc. and certain of its debtor
affiliates ask the Bankruptcy Court to enter an order directing
joint administration of their Chapter 11 cases under the Lead Case
No. 16-10527.  The Debtors assert that joint administration is
warranted because (i) their financial affairs and business
operations are closely related, and (ii) it will ease the
administrative burden on the Court and other parties.

The Debtors maintained that joint administration will prevent
duplicative efforts and unnecessary expenses.

"With seven affiliated debtors, each with its own case docket,
administering these cases separately would result in duplicative
pleadings, notices and orders filed and served upon separate
service lists," said Andrew L. Magaziner, Esq., at Young Conaway
Stargatt & Taylor, LLP, counsel for the Debtors.  "This
unnecessary duplication would be costly for the estates and would
not create any counterbalancing benefit for creditors," he added.

According to the Debtors, the relief requested is purely
procedural and does not effectuate substantive consolidation of
their estates.

                      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.


==========================================
S T. V I N C E N T  &  G R E N A D I N E S
==========================================


ST. VINCENT & GRENADINES: Needs Strong Macroeconomic Framework
--------------------------------------------------------------
An International Monetary Fund (IMF) staff mission, led by
Dominique Simard, visited St. Vincent and the Grenadines from
March 22 to March 3, 2016 to conduct discussions for the 2016
Article IV Consultation.  Discussions were held with the Prime
Minister, Dr. the Honorable Ralph Gonsalves, the Leader of the
Opposition, Arnhim Eustace, the Director General of the Ministry
of Finance, other senior government officials, public and private
sector labor unions, and a broad range of private sector
representatives.  The mission team benefited from frank and
excellent cooperation of the public and private sector
interlocutors, was grateful for the hospitality of the government
officials who facilitated the visit, and issued the following
statement:

"The government of St. Vincent and the Grenadines has contributed
to improving poverty indicators since 2000 and is pursuing game-
changing projects, such as the completion of the new airport,
expected in 2016, and the development of geothermal energy over
the medium-term.  A strong macroeconomic framework is essential to
optimize the impact of these large infrastructure projects,
improve competitiveness and boost sustainable growth.  Key
elements of this strategy should include: (i) credible and
sustainable medium-term fiscal consolidation; (ii) reforms to
buttress the financial sector; and (iii) policies to improve the
business environment and build climate resilience."

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

                       http://is.gd/KSx6Tt


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


BANCO BANDES: Moody's Affirms B3 LT LC & FC Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has changed Banco Bandes Uruguay S.A.'s
(Bandes Uruguay) ratings outlook to negative from stable and
affirmed the bank's long-term local and foreign currency deposit
ratings at B3 in the global scale and at Baa3.uy in the national
scale as well as the short term global scale local and foreign
currency deposit ratings at Not Prime.

These ratings and assessments of Bandes Uruguay were affirmed:

  Baseline Credit Assessment: b3
  Adjusted Baseline Credit Assessment: b3
  Global Long Term Local And Foreign Currency Deposit Ratings: B3,
   changed outlook to negative from stable
  Global Short Term Local And Foreign Currency Deposit Ratings:
   Not Prime
  National Scale Local And Foreign Currency Deposit Ratings:
   Baa3.uy
  Long And Short Term Counterparty Risk Assessments: B2(cr)/Not
   Prime(cr)

                         RATINGS RATIONALE

The rating actions follow the revision of the outlook of the
government of Venezuela to negative on March 4, 2016 due the
Venezuelan government's heavy dependence on oil-related revenues
coupled with the sharp drop in the price of oil.  Bandes Uruguay
is indirectly owned by the Venezuelan government through its
parent Banco Bandes S.A. (Bandes Venezuela, unrated).  These
actions are part of a global review of oil-exporting sovereigns
and the banks and subsidiaries of banks that operate in these
countries.

In changing the outlook to negative, Moody's recognizes the
significant financial linkages between Bandes Uruguay and its
parent, Bandes Venezuela.  Bandes Uruguay continues to rely on
Bandes Venezuela for a significant share of its funding mix,
despite the bank's efforts to attract more retail and SME
depositors.  Also, Bandes Uruguay obtains a substantial share of
its income from services that the Uruguayan subsidiary provides to
its parent.  In turn, Bandes Venezuela is vulnerable to the
deterioration of the creditworthiness of the government of
Venezuela given the government's control of the institution and
the bank's exposure to the Venezuelan economy.

Rising risks associated with these linkages outweigh a recent
improvement of the bank's financial performance deriving from a
reduction in the size of its operating structure, a gradual
improvement in earnings quality and asset quality metrics, and a
modest diversification of its client deposit base.  Bandes Uruguay
continues to provide loans and services to individuals and small-
and medium-sized companies and has also obtained income obtained
from its local pension fund management company.  The bank is also
focused on developing a fee-based business derived from structure
finance operations and asset management.  These developments have
supported an improvement in the bank's operating performance,
helping it to achieve marginal but positive net income in the last
three years following six years of negative performance.

                 WHAT COULD MOVE RATINGS UP OR DOWN

There is limited upside pressure on the bank ratings given the
current negative outlooks on both the bank's parent sovereign and
the bank itself.  The bank's ratings could be downgraded in the
event of a downgrade of the government of Venezuela and/or in the
case of a deterioration of the bank's fundamentals.

Banco Bandes Uruguay S.A. is headquartered in Montevideo, Uruguay,
and it had assets of $433 million and equity of $39 million as of
December 2015.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any comillionercial use, resale
or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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