TCRLA_Public/160311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, March 11, 2016, Vol. 17, No. 50


                            Headlines



A R G E N T I N A

SCOTIABANK: Has 'No Desire' to Return to Argentina, CEO Says
YPF SA: Argentina Supports Keeping Parts of Chevron Pact Secret


C A Y M A N  I S L A N D S

ANNAPOLIS LIMITED: Commences Liquidation Proceedings
CAPITAL GROWTH: Commences Liquidation Proceedings
CQS CAYMAN: Commences Liquidation Proceedings
DINVEST CONCENTRATED: Shareholders Receive Wind-Up Report
DINVEST GLOBAL: Shareholders Receive Wind-Up Report

EASTWEST TRADES: Shareholders Receive Wind-Up Report
ELEUTHERA CURRENCY: Shareholders Receive Wind-Up Report
EMERSON CAPITAL: Shareholders Receive Wind-Up Report
GRAND HORIZON: Commences Liquidation Proceedings
HSBC DISTRESSED: Shareholder Receives Wind-Up Report

HSBC DISTRESSED MASTER: Shareholder Receives Wind-Up Report
JAPAN REALTY: Commences Liquidation Proceedings
PEICH 3 LTD: Commences Liquidation Proceedings
RUSSIAN CINEMA: Shareholders Receive Wind-Up Report
SELECTINVEST ARV: Shareholders Receive Wind-Up Report

SELECTINVEST ARV II: Shareholders Receive Wind-Up Report
SOPHROSYNE MALTHUSIAN: Shareholders Receive Wind-Up Report
SUNSET REALIZATION: Shareholders Receive Wind-Up Report
TAIB-JAIC ASIAN: Placed Under Voluntary Wind-Up


C O L O M B I A

BANCO DE BOGOTA: Moody's Cuts LT FC Sub. Debt Rating to 'Ba2'


M E X I C O

CEMEX SAB: S&P Assigns 'B+' Rating to $500MM Sr. Secured Notes
FRONTIER STAR: Judge Extends Termination Date of DIP Loan
FRONTIER STAR: Can Use Cash Collateral Until March 19
PETROLEOS MEXICANOS: Begins Repaying Debts to Suppliers


P E R U

COMPANIA MINERA: S&P Affirms 'BB' CCR; Outlook Remains Stable
SAVIA PERU: No Oil Spilled During Fire on Platform in Pacific


P U E R T O    R I C O

DF SERVICING: AFS CPA Group Approved as Auditor
DF SERVICING: Hires Salichs Pou as Special Counsel


                            - - - - -


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


SCOTIABANK: Has 'No Desire' to Return to Argentina, CEO Says
------------------------------------------------------------
Doug Alexander at Bloomberg News reports that Bank of Nova Scotia
would consider acquisitions to further expand operations in Latin
America, Chief Executive Officer Brian Porter said.  "Just don't
expect anything in Brazil or Argentina," he said, according to
Bloomberg News.

"We've got a small business in Brazil and we're fine with that,
thank you," Mr. Porter said in an interview on Bloomberg TV
Canada.  "And Argentina, we have no desire to go back," he added.

Bloomberg News notes that Scotiabank's operations in Brazil are
focused on corporate lending and investment banking, with no
retail lending presence.  The Toronto-based bank withdrew from
Argentina in 2002, after the South American country defaulted on
its debt and devalued its currency, Bloomberg News relays.

Citigroup Inc., the fourth-largest U.S. lender, said last month it
plans to sell retail-banking and credit-card operations in Brazil,
Argentina and Colombia, Bloomberg News notes.  The bank said it
will continue serving institutional clients in the countries.

Bloomberg News relays that Mr. Porter said he'd consider "tuck-in
acquisitions" to expand Scotiabank at home and abroad, citing its
20 percent purchase of Canadian Tire Corp.'s financial-services
business in 2014, and more recent takeovers of Citigroup's
consumer-banking operations in Panama, Costa Rica and Peru.

Bloomberg News notes that Mr. Porter said earlier in a call with
analysts that he'd view such deals as "incremental acquisitions."


YPF SA: Argentina Supports Keeping Parts of Chevron Pact Secret
---------------------------------------------------------------
Latin American Tribune reports that Argentina's Anti-Corruption
Office is supporting state-controlled energy company YPF in its
effort to preserve the confidentiality of parts of an investment
deal reached with U.S. energy supermajor Chevron, state-run news
agency Telam reported.

YPF SA recently complied with a Supreme Court order to deliver up
a copy of that contract, which governs the companies' arrangement
to develop massive shale oil and gas reserves in the southern
province of Neuquen, according to Latin American Tribune.

But on Feb. 29 the Buenos Aires-based company reiterated its
request that the pact, which allegedly contains secret clauses,
not be released in its entirety to the public, the report notes.

YPF SA stressed then that it would be at a "competitive
disadvantage" otherwise, the report relays.

Telam reported that Laura Alonso, head of the Anti-Corruption
Office, the Justice Ministry unit responsible for applying a 2003
decree guaranteeing access to public information, met with YPF CEO
Miguel Galuccio and other senior company officials, the report
notes.

The agency added that her office ruled that the company had
provided ample justification for accepting the contract from full
public disclosure, finding that the reasons the company gave were
in keeping with international standards, the report says.

The Supreme Court ordered the full disclosure of the investment
deal governing development of the Vaca Muerta shale formation in
response to a complaint filed by socialist lawmaker Ruben Hector
Giustiniani and other politicians, the report discloses.

They filed suit after YPF refused to provide information about the
contract, particularly aspects related to environmental quality
and the activities the companies will perform, the report says.

In issuing the order, the Supreme Court said full disclosure of
the contract was required under the 2003 decree, the report notes.

Separately, company sources told EFE that Mr. Galuccio would heed
the request of President Mauricio Macri, who took office last
December, and resign as YPF's CEO at the end of April, the report
discloses.

The YPF SA chief will remain at his post until the next
shareholders' meeting to ensure an orderly transition and assist
in the search for his replacement, the sources said, the report
relays.

The report notes that Mr. Macri's administration asked Galuccio to
step down due to planned changes to the state-controlled company's
structure to be carried out next month, according to government
sources cited by Telam.

Then-President Cristina Fernandez, Macri's predecessor, named
Galuccio as YPF SA's CEO in 2012 after her administration seized
Spanish energy major Repsol's 51 percent stake in the company, the
report adds.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb.
Feb. 19, 2016, Fitch Ratings affirmed YPF S.A.'s 'CCC' foreign
currency Long-term Issuer Default Ratings and upgraded local
currency Long-term Issuer Default Ratings to 'B', with the outlook
revised to Stable from Negative.


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


ANNAPOLIS LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 24, 2015, the shareholder of Annapolis Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Duff & Phelps (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


CAPITAL GROWTH: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 18, 2015, the sole shareholder of Capital Growth Russia
Fund resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Doran + Minehane
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613
          59/60 O' Connell Street
          Limerick
          Ireland


CQS CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 31, 2015, the shareholder of CQS Cayman Management Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          PO Box 31106 Grand Cayman KY1-1205
          Cayman Islands


DINVEST CONCENTRATED: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Dinvest Concentrated Opportunities II
Realization Ltd. received on Jan. 29, 2016, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DINVEST GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Dinvest Global Equity (Cayman) Ltd. received
on Jan. 29, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EASTWEST TRADES: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Eastwest Trades Inc. 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


ELEUTHERA CURRENCY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Eleuthera Currency Fund received on Jan. 31,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


EMERSON CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Emerson Capital Partners Offshore Fund Ltd.
received on Jan. 21, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


GRAND HORIZON: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 4, 2016, the shareholders of Grand Horizon Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          JTC (Cayman) Limited
          2nd Floor, Suite 3204 Gardenia Court
          Camana Bay
          P.O. Box 780 Grand Cayman
          Cayman Islands KY1-9006
          c/o Charlotte Ackerley
          Telephone (345) 949 7212


HSBC DISTRESSED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of HSBC Distressed Opportunities 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 Madeleine Welham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


HSBC DISTRESSED MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of HSBC Distressed Opportunities 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 Madeleine Welham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


JAPAN REALTY: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 24, 2015, the shareholder of Japan Realty Investment
Company V resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Collas Crill & CARD
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


PEICH 3 LTD: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 16, 2015, the sole shareholder of Peich 3 Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goulden
          c/o Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          Reference: NDL
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647


RUSSIAN CINEMA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Russian Cinema Holding received on Jan. 26,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michael Kevin Hurley
          c/o Steep Rock Limited
          104 / 3 Nizhegorodskaya Ul
          Moscow, 109052
          Russia
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


SELECTINVEST ARV: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Selectinvest ARV II MC Ltd. received on
Jan. 29, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SELECTINVEST ARV II: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Selectinvest ARV II MC Ltd. received on
Jan. 29, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SOPHROSYNE MALTHUSIAN: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Sophrosyne Malthusian Partners 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:

          Taj Bayless
          3726 Las Vegas Boulevard
          South 2504W
          Las Vegas
          Nevada 89158
          United States of America
          Telephone: +1 (212) 444 2500
          e-mail: taj.bayless@sophrosynecapital.com


SUNSET REALIZATION: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sunset Realization Partners, Ltd. received on
Jan. 29, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TAIB-JAIC ASIAN: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 29, 2015, the sole shareholder of TAIB-JAIC Asian Balanced
Private Equity Fund resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Jaic-Taib Capital Management (Cayman) Ltd.
          Willow House, Floor 4
          Cricket Square George Town
          Grand Cayman KY1-1103
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


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


BANCO DE BOGOTA: Moody's Cuts LT FC Sub. Debt Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service lowered Banco de Bogota, S.A.'s
standalone baseline credit assessment (BCA) to ba1 from baa3, and
has downgraded its long-term foreign currency subordinated debt
rating to Ba2 from Ba1. Both the BCA and the subordinated debt
rating have been placed on review for further downgrade. The
bank's Baa2/Prime-2 local and foreign currency long- and short-
term deposit and the Baa2 foreign currency senior unsecured debt
ratings were also placed on review for downgrade, as were its
long- and short-term counterparty risk assessments (CR
Assessments) of Baa1(cr) and Prime-2(cr).

At the same time, Moody's downgraded the local and foreign
currency long-term issuer ratings of Grupo Aval Acciones y
Valores, S.A. (Grupo Aval) to Ba2 from Ba1, and placed them on
review for further downgrade. Moody's also downgraded Grupo Aval
Limited's senior unsecured foreign currency debt rating to Ba2
from Ba1; this rating is also on review for downgrade.

A detailed list of all ratings affected is provided below.

RATINGS RATIONALE

BANCO DE BOGOTA

LOWERING OF STANDALONE BASELINE CREDIT ASSESSMENT AND REVIEW FOR
FURTHER DOWNGRADE

In lowering the BCA to ba1, Moody's took into account a drop of
around 110 basis points in the bank's already low adjusted capital
ratio based on December 2015 estimates from 6.5% a year earlier.
This decrease was driven by a 52% depreciation of the Colombian
peso during 2015.

Given the bank's significant dollar-denominated investments in
Central America, the depreciation contributed to a 20% and 30%
increase in the peso value of Banco de Bogota's risk weighted
assets and goodwill, respectively, revealing in turn the
susceptibility of the bank's capital position to currency swings.

Banco de Bogota's strong earnings have allowed the bank to operate
with comparatively low core capital levels for years. Moreover,
the bank's conservative management and credit policies have
resulted in healthy asset quality metrics, as reflected by a non-
performing loan ratio of below 1.5% in 2015, and the portfolio
benefits from a relatively high degree of geographical
diversification. At current levels, however, Banco de Bogota's
core capital adequacy provides limited capacity to continue to
support the bank's historically robust loan growth or absorb
losses in the event of stress, making the bank more vulnerable to
any deterioration in asset risk or earnings performance. In
addition, the bank's sizable single borrower and sector
concentrations relative capital (the 20 largest exposures
represent 2 times TCE and loans to the oil sector equal 52% of
TCE, though most of the latter is to state-owned oil company
Ecopetrol rated Baa3 on review for downgrade), and significant
presence in riskier countries in Central America (41% of assets),
expose the balance sheet to greater volatility in terms of asset
quality, particularly under current uncertain market conditions.

Moody's notes that the bank's regulatory capital ratio remains
considerably higher than Moody's preferred measure of
capitalization, tangible capital equity to risk-weighted assets
(TCE/RWA), and continues to exhibit an adequate if declining
cushion relative the Colombia's regulatory minimum. However, the
regulatory ratio includes Tier 2 capital and grandfathers goodwill
accumulated before 2012, which currently represents a very high
63% of common equity. In Moody's view, neither Tier 2 capital nor
goodwill provide meaningful loss absorption prior to the point of
non-viability.

The downgrade of the bank's BCA translated directed into a
downgrade of its subordinated debt rating, which is notched off of
the BCA, and does not benefit from government support.

The review will focus on the near-term prospects for the bank's
core capitalization. Moody's could lower further the standalone
BCA if management does not demonstrate a credible plan to improve
the bank's capital ratios within the next three months. In light
of the bank's thinner capital position, the review will also
consider its plans for the management of large loan exposures.

Despite the downgrade of the BCA, the bank's deposit and senior
debt ratings have not been downgraded at this time because of
increased uplift stemming from Moody's continued assessment that
there is a high probability that Banco de Bogota will benefit from
government support in the event of financial stress. However, the
senior ratings were placed on review for downgrade because a
further downgrade of the BCA would likely lead to a downgrade of
the senior ratings, notwithstanding government support. A lower
BCA would also lead to a lower rating for subordinated debt
instruments.

GRUPO AVAL AND GRUPO AVAL LIMITED

The downgrade of Grupo Aval's and Grupo Aval Limited's issuer and
senior unsecured ratings to Ba2, respectively, reflects the
downgrade of Banco de Bogota's BCA to ba1. Grupo Aval's ratings
reflect the incorporation of structural subordination of the bank
holding company's liabilities versus the liabilities of its
operating entities, mainly composed of Banco de Bogota, and are
notched off the bank's BCA. In turn, Grupo Aval Limited's debt
ratings are based on Grupo Aval's irrevocable and unconditional
guarantee of Grupo Aval limited's liabilities under the
indentures. The review for further downgrade of the ratings on
Grupo Aval and Grupo Aval Limited mirrors the ongoing review on
the bank's BCA.

LIST OF AFFECTED RATINGS

Banco de Bogota

The following ratings were downgraded and placed on review for
further downgrade:

-- Long term foreign currency subordinated debt rating:
    downgraded to Ba2 from Ba1, review for downgrade

-- Standalone baseline credit assessment: lowered to ba1 from
    baa3, review for downgrade

The following ratings were placed on review for downgrade:

-- Long term local currency deposits of Baa2, review for
    downgrade

-- Short term local currency deposits of Prime-2, review for
    downgrade

-- Long term foreign currency deposits of Baa2, review for
    downgrade

-- Short term foreign currency deposits of Prime-2, review for
    downgrade

-- Long term foreign currency senior unsecured debt of Baa2,
    review for downgrade

-- Long and short term counterparty risk assessments of
    Baa1(cr)/Prime-2(cr), review for downgrade

Grupo Acciones y Valores, S.A.

The following ratings were downgraded and placed on review for
further downgrade:

-- Long term local currency issuer: downgraded to Ba2 from Ba1,
    review for downgrade

-- Long term foreign currency issuer: downgraded to Ba2 from Ba1,
    review for downgrade

Grupo Aval Limited

The following ratings were downgraded and placed on review for
further downgrade:

-- Long term foreign currency backed senior unsecured: downgraded
    to Ba2 from Ba1, review for downgrade


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


CEMEX SAB: S&P Assigns 'B+' Rating to $500MM Sr. Secured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating and recovery rating of '3H' to CEMEX S.A.B. de C.V's
(global scale: B+/Positive/--; national scale: mxBBB/Positive/mxA-
2) $500 million dollar-denominated senior secured notes due 2026.
The recovery rating of '3H' indicates that bondholders can expect
a meaningful (50% to 70%; the higher band of the range) recovery
in the event of a payment default.

CEMEX intends to use the net proceeds of the issuance to fund the
redemption and/or repurchase of its April 2019 dollar-denominated
notes, April 2019 euro-denominated notes, and June 2018 dollar-
denominated notes.  CEMEX will use the remainder, if any, for
general corporate purposes, including repayment of other debt in
accordance with the company's credit agreement.

The notes will benefit from a security package under the same
terms as all of the company's other senior capital markets debt.
The security package includes the full and unconditional
guarantee, on a joint and several basis and on a general senior
basis, by CEMEX Mexico, S.A. de C.V., New Sunward Holding B.V.,
CEMEX Espana, S.A., Cemex Asia B.V., CEMEX Corp., and other
subsidiaries CEMEX directly or indirectly owns.

RATINGS LIST

CEMEX S.A.B. de C.V.
  Corporate credit rating
   Global Scale                       B+/Positive/--
   National Scale                     mxBBB/Positive/mxA-2

Rating Assigned

CEMEX S.A.B. de C.V.
$500 mil. Sr. Sec. Notes due 2026     B+
  Recovery Rating                      3H


FRONTIER STAR: Judge Extends Termination Date of DIP Loan
---------------------------------------------------------
A U.S. bankruptcy judge extended the termination date of the loan
provided by Western Alliance Bank to get Frontier Star LLC and its
affiliates through bankruptcy.

The order, issued by Judge Eddward Ballinger Jr. of the U.S.
Bankruptcy Court in Arizona, extended the termination date to
March 19.

Judge Eddward Ballinger also extended the expiration date of the
letter of credit issued by the bank in the face amount of $2.9
million to March 31.

The extension would give the company's Chapter 11 trustee
additional time to sell its restaurant operations, which must be
completed by March 15, according to court filings.

On Jan. 15, Judge Ballinger signed off on an order giving final
approval to the $7.9 million loan that Western Alliance committed
to provide to get the company through bankruptcy.  The order
granted the bank "first priority liens" in Frontier Star assets
that were used as collateral for the loan.

The Jan. 15 order contains provisions protecting the security
interests held by Wells Fargo Financial Leasing Inc. in certain
equipment, and the liens held by Protective Life Insurance Co. in
a real property located in Tempe, Arizona.

Frontier Star used both assets as collateral for the $7.9 million
loan, according to court filings.

                       About Frontier Star

Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ
LLC are large Carl's Jr. and Hardee's franchisees operated by
three grandchildren of Carl Karcher, who founded the Carl's Jr.
hamburger chain, now owned by parent company CKE Restaurants, Inc.

The grandchildren include the LeVecke siblings Carl, Margaret and
Jason, who is listed as chief executive officer/manager of both
companies.  The LeVecke siblings had more than 130 Carl's Jr. and
Hardee's franchises in seven states and Puerto Vallarta, Mexico,
as of late 2013.

Frontier Star, LLC and Frontier Star CJ, LLC filed Chapter 11
bankruptcy petitions (Bankr. D. Ariz. Lead Case No. 15-09383) on
July 27, 2015.  The petitions were signed by Jason LeVecke as
CEO/manager.  The Cavanagh Law Firm serves as counsel to the
Debtors.

On November 19, 2015, P. Gregg Curry was appointed as the Debtors'
Chapter 11 trustee.

Frontier Star disclosed $71.9 million in assets and $27.3 million
in debt in its schedules.


FRONTIER STAR: Can Use Cash Collateral Until March 19
-----------------------------------------------------
Frontier Star LLC and its affiliates received court approval to
use the cash collateral until March 19, 2016.

The order, issued by U.S. Bankruptcy Judge Eddward Ballinger Jr.,
allowed the companies to use the cash collateral of Western
Alliance Bank and Meadowbrook Meat Co. to support their
operations.

As of Nov. 16, 2015, the companies owed more than $24.9 million to
Western Alliance, a pre-bankruptcy lender.  Meadowbrook, a major
supplier, is owed more than $2.67 million, according to court
filings.

                       About Frontier Star

Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ
LLC are large Carl's Jr. and Hardee's franchisees operated by
three grandchildren of Carl Karcher, who founded the Carl's Jr.
hamburger chain, now owned by parent company CKE Restaurants, Inc.

The grandchildren include the LeVecke siblings Carl, Margaret and
Jason, who is listed as chief executive officer/manager of both
companies.  The LeVecke siblings had more than 130 Carl's Jr. and
Hardee's franchises in seven states and Puerto Vallarta, Mexico,
as of late 2013.

Frontier Star, LLC and Frontier Star CJ, LLC filed Chapter 11
bankruptcy petitions (Bankr. D. Ariz. Lead Case No. 15-09383) on
July 27, 2015.  The petitions were signed by Jason LeVecke as
CEO/manager.  The Cavanagh Law Firm serves as counsel to the
Debtors.

On November 19, 2015, P. Gregg Curry was appointed as the Debtors'
Chapter 11 trustee.

Frontier Star disclosed $71.9 million in assets and $27.3 million
in debt in its schedules.


PETROLEOS MEXICANOS: Begins Repaying Debts to Suppliers
-------------------------------------------------------
EFE News reports that Mexican state-owned oil giant Petroleos
Mexicanos has begun repaying most of its past-due debts to
suppliers after securing credit lines with development banks, CEO
Jose Antonio Gonzalez Anaya said.

In an appearance before the lower house's Energy Committee to
answer questions about Pemex's budget-cutting plans, Mr. Gonzalez
Anaya said the debt-repayment process began and would conclude in
two weeks, according to EFE News.


=======
P E R U
=======


COMPANIA MINERA: S&P Affirms 'BB' CCR; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit and issue-level ratings on Compania Minera Milpo S.A.A.
The outlook remains stable.

"We are affirming our ratings on Milpo despite the sharply lower
metals prices during the past few quarters, weakening the
company's revenue and EBITDA generation.  However, Milpo's greater
production, cost and capital expenditure (capex) reduction
strategy, and strong cash position are keeping its credit metrics
and free operating cash flow generation (FOCF) in line with an
intermediate financial risk profile.  We expect the company's debt
to EBITDA to remain below 3.0x for the next few years and its
funds from operations (FFO) to debt below 30% in 2016 and to
recover to above 30% afterwards," S&P said.

"Our ratings on Milpo reflect its exposure to metals price
volatility; the dependency on few productive assets, mainly the
Cerro Lindo mine that will likely continue contributing more than
80% of the company's EBITDA; however, we recognize the integration
of el Porvenir and Atacocha facilities will somewhat decrease this
dependency; small size and scale, and relatively limited life of
reserves, which is common for underground operations.  The
company's adequate profitability, thanks to its efforts to
increase production at its existing mines and its main mine
efficient cost structure, mitigate these weaknesses," S&P noted.

The stable outlook on Milpo reflects S&P's expectation of adequate
operating and financial performance, with EBITDA margins above 26%
and debt to EBITDA below 3.0x, thanks to the company's cost-
reduction initiatives and cash position despite low metal prices.
Even if prices decline 10% below S&P's base-case scenario, it
expects Milpo's credit metrics would remain consistent with its
current rating level.  The outlook also reflects that a one-notch
downgrade of Votorantim won't have an immediate rating impact on
Milpo because its rating is already capped at the stand-alone
credit profile (SACP) level.

S&P could revise Milpo's SACP down one notch if its credit metrics
weaken as a result of lower-than-expected metal prices (a decline
in excess of 10%), or greater cash costs, leading to debt to
EBITDA above 3.0x on a sustained basis.  In addition, S&P could
lower the rating if higher capex or unexpected dividend payments
deteriorate Milpo's FOCF to levels below S&P's expectations.  S&P
could also downgrade Milpo if S&P was to lower its rating on
Votorantim by two notches.

If Milpo maintains its current SACP, an upgrade would necessarily
follow the same action on Votorantim, which S&P views as unlikely
because the latter has a negative outlook.


SAVIA PERU: No Oil Spilled During Fire on Platform in Pacific
-------------------------------------------------------------
Latin America Herald Tribune reports that no one was injured in a
fire that broke out on an oil platform in the Pacific Ocean and no
fuel was spilled, rig operator Savia Peru said.

The fire occurred on March 1 and was "controlled immediately," the
company said in a statement obtained by Latin America Herald
Tribune.

The blaze did not cause any damage, Savia Peru said, adding that
it implemented an emergency plan to deal with the incident, the
report notes.

Platform KK is in the Pena Negra sector of Lot Z-2B off the coast
of the northern region of Piura, located on the border between
Peru and Ecuador, about 1,200 kilometers (some 745 miles) north of
Lima, the report relays.

The incident was reported to government regulators "within the
shortest time possible" and the cause of the blaze is under
investigation, Savia Peru said, the report notes.

Offshore block Z-2B covers 199,865 hectares (493,493 acres) and is
home to 1,400 wells in seven fields - Pena Negra, San Pedro,
Lobitos, Litoral, Providencia, Los Organos and Chira, the report
adds.


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


DF SERVICING: AFS CPA Group Approved as Auditor
-----------------------------------------------
The Bankruptcy Court in Puerto Rico has authorized DF Servicing,
LLC, to employ AFS CPA Group, LLC, as auditor.

The Debtor is in need of an external auditor to assist it in the
preparation of its external audit and related statements of income
and retained earnings, cash flows, preparation of corporate income
tax returns, volume of business tax return, personal property tax
return and annual corporation report.  In selecting AFS CPA Group,
LLC, the Debtor has made careful and diligent inquiry into its
qualifications and connections and has found AFS and its members
to be duly qualified to assist the Debtor by reason of their
ability, integrity and professional experience.

The duties of AFS will include the preparation of the Debtor's
annual tax returns in order to meet governmental deadlines and
avoid interest and penalties, and providing auditing services for
the year ended on December 31, 2015, including the completion of
planning and evaluation, field work procedures, preparation of
reports and performance of tests and reviews of the Debtor's
accounting procedures to assure that the Debtor is operating in an
efficient manner.

AFS's fee is estimated to be:

     $1,900.00 for the preparation of corporate income tax
               return, volume of business tax return, personal
               property tax return and annual corporation report;

     $7,500.00 for the external audit (Parent Only) and $1,800.00
               (Consolidated), plus out of pocket expenses which
               customarily range from 5% to 10% of the total
               fees;

Supplementary schedules will be billed separately and the
estimated fee will range between $750 and $2,000.

AFS's personnel hourly rates are $125.00 for certified public
accountants and partners, and $75.00 for assistants and staff.

AFS attests that its members do not represent or hold any interest
adverse to the Debtor or its estate, and that the firm and its
members are disinterested persons as defined in 11 U.S.C. Sec.
101(14).

                        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.  AFS
CPA Group, LLC, serves as auditor.


DF SERVICING: Hires Salichs Pou as Special Counsel
--------------------------------------------------
DF Servicing, LLC, may employ Salichs Pou & Associates, PSC, as
special counsel, according to the bankruptcy court in Puerto Rico.

DF Servicing engaged the firm prior to the bankruptcy filing date
as its counsel in the cases:

     (a) DF Servicing, LLC v. Terrazas De Borinquen, Inc.,
         Civil Case No. E CD2011-1071(402), wherein judgment
         was entered, non-litigation real estate matters
         remaining to be disposed of; and

     (b) DF Servicing, LLC v. Hillview Condominium Corp.;
         Builders Group & Development, Corp.; El Cordoves Limited
         Partnership - Sociedad Especial; Jorge Alberto Rios
         Pulpeiro, Civil Case No. F CD2010-1378, wherein
         litigation is pending -- currently in discovery phase.

The Debtor wants the firm to continue representing it in those
cases.

The firm charges $180 per hour for members and senior counsels,
$135.00 per hour for associates; and $85 per hour for paralegals,
plus costs and expenses.

The firm may be reached at:

     Juan C. Salichs, Esq.
     SALICHS POU & ASSOCIATES, PSC
     Popular Center
     208 Ponce de Leon Avenue, 14th Floor, Suite 1434
     San Juan, PR 00918
     Tel: (787) 449-6000
     Fax: (787) 474-3892

Mr. Salichs attests that his firm, its partners and associates, do
not represent or hold any interest adverse to the Debtor or to its
estate in respect to the matters on which the firm is to be
employed; and that the firm and its members are disinterested
persons as defined in 11 U.S.C. Sec. 101(14), and within the
meaning of 11 U.S.C. Sec. 327(a).

The Debtor owes the firm $792 representing fees and expenses
incurred in litigation of certain Puerto Rico State Court cases,
but the firm waives the rights to collect those fees in order to
qualify as disinterested persons.

                         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.  AFS
CPA Group, LLC, serves as auditor.


                            ***********


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
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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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