TCRLA_Public/160314.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

             Monday, March 14, 2016, Vol. 17, No. 51


                            Headlines



A R G E N T I N A

BALANZ CAPITAL: Moody's Assigns B-bf Global Scale Bond Fund Rating
BUENOS AIRES: S&P Assigns 'B-' Rating to $1.25BB Sr. Unsec. Notes


B R A Z I L

J&F INVESTIMENTOS: S&P Affirms 'B+' Global Scale Rating
OI S.A.: Hires PJT Partners to Renegotiate Debt
OI S.A.: S&P Lowers Rating to 'CCC' & Removes from Watch Neg.


C A Y M A N  I S L A N D S

ACP MARBLETON: Placed Under Voluntary Wind-Up
AIJED INTERNATIONAL: Commences Liquidation Proceedings
AMPLITUDE DYNAMIC: Commences Liquidation Proceedings
AMPLITUDE KLASSIK: Commences Liquidation Proceedings
ASIA RESOURCES: Commences Liquidation Proceedings

BLUE CITY: Commences Liquidation Proceedings
COINAGE INTERNATIONAL: Placed Under Voluntary Wind-Up
DEL MAR MASTER: Commences Liquidation Proceedings
DEL MAR OFFSHORE: Commences Liquidation Proceedings
DYNAMIC DRAGONS: Commences Liquidation Proceedings

EL LEON: Commences Liquidation Proceedings
GOLDEN ESTATE: Placed Under Voluntary Wind-Up
METRON ABSOLUTE: Commences Liquidation Proceedings
MINT INVESTMENTS: Commences Liquidation Proceedings
MONSOON ASIA-PACIFIC: Commences Liquidation Proceedings

PEICH LTD: Commences Liquidation Proceedings
PEICH 2: Commences Liquidation Proceedings
RIVER STRATEGY: Placed Under Voluntary Wind-Up
WORLDWIDE TARGET: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Legislation Slashes Pension Fund Managers' Profits
* AMCHAMDR Touts Dominican Business Climate to Florida Investors


J A M A I C A

UC RUSAL: Seeks to Refinance Debt


M E X I C O

CEMEX SAB: Sells Operations in Thailand and Bangladesh


T R I N I D A D  &  T O B A G O

PETROTRIN: New Buyer Wants Failed GTL Plant


V E N E Z U E L A

VENEZUELA: To Pay 1,500% More Per Dollar to Travel Abroad


X X X X X X X X X

* BOND PRICING: For the Week From March 7 to March 11, 2016


                            - - - - -


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


BALANZ CAPITAL: Moody's Assigns B-bf Global Scale Bond Fund Rating
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Balanz Capital Renta Fija Plus FCI
(the Fund), a bond fund domiciled in Argentina that will be
managed by Balanz S.A.SGFCI. SA (Patagonia)

The ratings assigned are as follows:

-- Global scale bond fund rating: B-bf

-- National scale bond fund rating: A-bf.ar

RATINGS RATIONALE

The Fund's ratings are based on Moody's expectation that Balanz
Capital Renta Fija Plus FCI will largely invest in domestic
corporate bonds denominated in local currency rated at minimum of
B3/A3.ar. The Fund will complement its investment strategy with
exposure to Lebacs (local Tbills) and government bonds.
Additionally, Moody's expects the Fund will invest its liquidity
in sight deposits in relatively strong local financial entities,
therefore the portfolio average duration will not exceed three
years.

The rating agency noted that Balanz Capital Renta Fija Plus FCI is
a new fund with no prior track record, but it is managed by an
experienced manager. Moody's analysis was performed on a model
portfolio provided by the fund sponsor. The rating agency expects
the Fund to be managed in line with the model portfolio. However,
Moody's noted that if the Fund's invested portfolio deviates
materially from the model portfolio, the Fund's ratings could be
changed.

"While the Fund's credit quality profile is comparable to those of
similarly rated peers, the portfolio has been constructed to take
advantage of a period of declining rates", said Moody's lead
analyst Carlos de Nevares.

BALANZ SGFISA is the asset management arm of the Argentinean
Balanz Financial group, which started as a local brokerage agency
in 2003. As of February 2016, Balanz managed approximately
AR$1.576 million in assets with approximately 0.73% of market
share.


BUENOS AIRES: S&P Assigns 'B-' Rating to $1.25BB Sr. Unsec. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue-level
rating on the Province of Buenos Aires' (PBA) senior unsecured
notes for $1.25 billion.  The amortizing notes will have a final
maturity in 2024 and will be denominated in U.S. dollars.  The
proceeds of the bond issuance will be used to fund social,
infrastructure, and other public investment projects, to improve
the province's debt maturity profile, and to make debt service
payments.  Additionally, about 17% of the proceeds will be used
for special municipal funds created under the province's 2016
budget law.

Adding the $1.25 billion issuance to our estimate for PBA's 2015
year-end debt stock, S&P calculates that the province's total debt
stock will reach Argentine peso (ARP) 155,956 million, a rise from
ARP136,752 million estimated at the end of 2015.  However, S&P
believes that by the end of 2016 the impact of this issuance and
other new borrowings on the province's debt stock will be
partially offset by debt repayments and inflation, which will
nominally increase the province's operating revenues.  These
factors contribute to S&P's expectation that the province's debt
will reach 50% of operating revenues by year-end 2016, compared to
51% estimated at year-end 2015.  Therefore, S&P do not view this
additional debt as harmful to the province's financial profile and
it expects that its moderate debt burden will continue to support
its credit profile.

The foreign currency rating on the PBA reflects S&P's 'B-' global
scale long-term issuer credit rating and T&C assessment on
Argentina.  The province of Buenos Aires does not meet the
threshold to be assigned a rating above the sovereign, mostly
because the province's liquidity isn't sufficient to cover all of
its debt obligations.  In addition, S&P assess the province's
stand-alone credit profile (SACP) as 'b-'.  The SACP is not a
rating, but rather a means of assessing the intrinsic
creditworthiness of a local and regional government (LRG) under
the assumption that there is no sovereign rating cap.  The
province's SACP results from the combination of S&P's assessment
of PBA's individual credit profile and the institutional framework
under which it operates.  PBA, like all LRGs in Argentina,
operates under a very volatile and unbalanced institutional
framework.  At the same time, PBA's individual credit profile is
limited by its very weak budgetary performance and flexibility,
and its weak economy, financial management, and liquidity.  On the
other hand, the province's moderate contingent liabilities and
debt burden support its creditworthiness.

The province of Buenos Aires shares critical links with the
central government through its significant revenue distribution,
direct financing of infrastructure projects, and authorization to
issue new debt.  The recently elected national government under
Mauricio Macri has promised to tackle the economic, fiscal, and
financing challenges that LRGs have faced.  The new president's
agenda to address these fiscal obstacles--structural imbalances in
the coparticipation system, and financing pensions and
infrastructure needs--is not without political conflicts.
However, S&P believes that the federal government's renewed
attention to these issues is a positive indicator, and
demonstrates political willingness to address LRGs' long-term
demands to ensure fiscal sustainability over time.

The stable outlook on the province of Buenos Aires mirrors the
stable outlook on the sovereign local currency rating.  The
outlook reflects renewed dialogue between LRGs and the federal
government about tackling fiscal and economic challenges in the
short to medium term.  If S&P was to raise its T&C assessment and
the local currency rating on the sovereign over the next 12
months, S&P could also upgrade PBA.  On the other hand, S&P could
lower the ratings on PBA if the T&C assessment weakens or if S&P
was to lower the sovereign local currency rating.

RATINGS LIST

Province of Buenos Aires
Issuer Credit Rating                         B-/Stable/--

Rating Assigned

Province of Buenos Aires
$1.25 bil sr unsec nts due 2024              B-


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


J&F INVESTIMENTOS: S&P Affirms 'B+' Global Scale Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' global scale
and 'brBBB' national scale corporate credit and senior unsecured
ratings on J&F Investimentos S.A.  S&P also removed these ratings
from CreditWatch positive.  The outlook is stable.  At the same
time, S&P affirmed its 'brBBB' issue-level rating on Eldorado
Brasil Celulose S.A.'s debentures, which J&F guarantees.

S&P also revised its recovery rating on J&F's debt, and therefore
on Eldorado's senior unsecured notes, to '3H' from '4H',
indicating S&P's expectation of meaningful recovery (50%-70%; the
higher band of the range) in the case of a default payment.

The rating affirmation follows S&P's analysis of the final
financing structure for the R$2.75 billion acquisition of
Alpargatas S.A. (not rated).  J&F entirely financed the
transaction with a seven-year maturity syndicated loan with Vigor
Alimentos S.A.'s shares pledged as collateral.  The latter company
is one of J&F's holdings.  Although S&P views Alpargatas as a more
mature business that benefits from a resilient dividend payment
stream, the debt-funded acquisition will increase J&F's interest
burden sharply, weighing on its liquidity.

From a business standpoint, Alpargatas' addition to J&F's
portfolio diversifies and strengthens the latter's portfolio,
because the apparel company is publicly traded and has a mature
business with a light balance sheet.  Nevertheless, J&F's debt
profile concentrated in short-term maturities and its high
interest expenses continue to constrain its liquidity and ratings.


OI S.A.: Hires PJT Partners to Renegotiate Debt
-----------------------------------------------
Tatiana Bautzer at Reuters reports that Oi SA has hired PJT
Partners and Rothschild Group to refinance around BRL13 billion
($3.34 billion) of debt maturing by the end of next year, two
sources with direct knowledge of the matter said.

According to the first source, the company will at first try to
extend maturities, Reuters notes.  Rothschild, which Oi hired last
year to improve the company's debt profile, will negotiate with
local lenders, both sources said, while PJT Partners, a former
unit of Blackstone Group, will negotiate with the bondholders,
notes the report.

Oi SA, PJT Partners and Rothschild declined to comment.

Shares and bonds of Oi have been tumbling, when Russian
billionaire Mikhail Fridman's investment firm Letter One abandoned
an $4 billion offer to finance the takeover of a Brazilian rival,
the report relays.

Credit agency Moody's downgraded the company's debt, saying its
capital structure is untenable.

"We see a high risk of debt restructuring initiatives over the
next 12 to 18 months that would likely involve losses to
creditors," said Moody's corporate finance vice-president, Marcos
Schmidt, in a report, Reuters discloses.

The flopped merger plan between Oi and rival TIM Participacoes as
well as Letter One's proposed capital injection were seen as a
lifeline to the indebted telecommunications company, struggling
with a BRL35 billion ($9 billion) net debt and slipping revenue as
a result of Brazil's deep recession, the report notes.

At a time of convergence in the industry, Oi owns the biggest
fixed line network in Brazil and lags behind its three major
rivals in mobile subscriptions, with 18 percent market share, the
report adds.


OI S.A.: S&P Lowers Rating to 'CCC' & Removes from Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings on Oi S.A. to 'CCC' from 'B+' and national scale ratings
to 'brCCC' from 'brBBB-'.  S&P also removed these ratings from
CreditWatch negative, where it placed them on Feb. 26, 2016.  The
recovery ratings on the company's rated debt remain unchanged at
'4', indicating S&P's expectation for average (30%-50%; in the
lower half of the range) recovery following a default.

The downgrade reflects S&P's view that Oi's strategy to reduce
debt will probably involve a subpar debt exchange, which S&P would
assess as distressed, given current low prices on the company's
bonds, its high leverage, and unfavorable refinancing prospects.
If the debt exchange doesn't occur in the next 12 months, S&P
views increased chances for a default sometime in 2017 because Oi
would post cash flow deficits in 2016 and 2017 amid a demanding
debt payment schedule.  As of Sept. 30, 2015, the company's cash
totaled R$16.4 billion.

S&P expects management to decide on the strategy to optimize its
debt profile over the next few months.



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


ACP MARBLETON: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 29, 2015, the shareholders of ACP Marbleton Limited
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Eleni Hadjichristoudia
          Telephone: 0035722555800
          Facsimile: 0035722555804
          5 Themistokli Dervi Street
          Elenion Building, 2nd Floor, P.C. 1066
          Nicosia, Cyprus


AIJED INTERNATIONAL: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on Dec. 30, 2015, the shareholder
of Aijed International, 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:

          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


AMPLITUDE DYNAMIC: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 21, 2015, the sole shareholder of Amplitude Dynamic
Trading Fund 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:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


AMPLITUDE KLASSIK: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 21, 2015, the sole shareholder of Amplitude Klassik Fund
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:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


ASIA RESOURCES: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 4, 2016, Asia Resources Fund Limited commenced liquidation
proceedings.

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

The company's liquidator is:

          Gems Investment Management Limited
          c/o Maples and Calder
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


BLUE CITY: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 23, 2015, the shareholder of Blue City Investments 1
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Andrew Morrison
          c/o Sandipan Bhowmik
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          PO Box 30613 Grand Cayman KY1-1203
          Cayman Islands


COINAGE INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Dec. 20, 2015, the sole member of Coinage International Holding
Company Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 8, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DEL MAR MASTER: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 23, 2015, the shareholders of Del Mar Master Fund Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 9, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Andrew Childe
          Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854
          e-mail: trudyann.scott@fundsolutionservices.com


DEL MAR OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Dec. 23, 2015, the
members of Del Mar Offshore Fund Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 9, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Andrew Childe
          Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854


DYNAMIC DRAGONS: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 7, 2016, the sole shareholder of Dynamic Dragons SPC
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:

          Chan Ming Fon
          Telephone: +65 6538 4889
          Facsimile: + 65 6538 5933
          24 Raffles Place
          #26-01B Clifford Centre
          Singapore 048621


EL LEON: Commences Liquidation Proceedings
------------------------------------------
On Jan. 4, 2016, the shareholder of El Leon De Juda Investment
Company resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 8, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


GOLDEN ESTATE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 30, 2015, the shareholder of Golden Estate Ltd. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


METRON ABSOLUTE: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Dec. 29, 2015, the members of
Metron Absolute Return Fund 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:

          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


MINT INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 21, 2015, the shareholder of Mint Investments Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


MONSOON ASIA-PACIFIC: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 29, 2015, the members of Monsoon Asia-Pacific Systematic
Fund Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Jonathan Law
          Landmark Square
          West Bay Road
          P.O. Box 775 Grand Cayman KY1-9006
          e-mail: Christine.holland@dilloneustace.ie


PEICH LTD: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Dec. 30, 2015, the sole
shareholder of Peich 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
          Mourant Ozannes Cayman Liquidators Limited
          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


PEICH 2: Commences Liquidation Proceedings
------------------------------------------
On Dec. 30, 2015, the sole shareholder of Peich 2 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
          Mourant Ozannes Cayman Liquidators Limited
          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; or


RIVER STRATEGY: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 24, 2015, the sole member of River Strategy Fund Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 8, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


WORLDWIDE TARGET: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 31, 2015, the shareholders of Worldwide Target Technology
Holdings 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.

Mr. Ma Li is the company's liquidator.


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


DOMINICAN REP: Legislation Slashes Pension Fund Managers' Profits
-----------------------------------------------------------------
Dominican Today reports that the Chamber of Deputies passed a bill
in two roll calls that slashes the Pension Fund Administrators'
(AFP) annual profits from 30% to 15%.

The bill had been passed in the previous legislature, but was
about to expire, according to Dominican Today.  It will now go to
the Senate, the report notes.

The legislation amends Dominican Social Security System Law 87-01,
and stipulates that all pension benefits granted under the
Contributory Scheme will be updated annually, according to the
Central Bank's Consumer Price index (CPI), the report relays.

It also stipulates that the National Social Security Council will
be afforded the relevant regulations, the report adds.

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


* AMCHAMDR Touts Dominican Business Climate to Florida Investors
----------------------------------------------------------------
Dominican Today reports that companies specialized in technology,
energy, goods production free zone and other areas recently came
from Florida as part of a trade mission coordinated by the
American Chamber of Commerce (AMCHAMDR) in collaboration with
Florida Foreign Trade Association, represented by its president
Ralph Puga, aimed at exploring business opportunities in meetings
with Dominican counterparts.

Among the participating companies from Florida figure One Coast,
Electric Supply, Factronics USA, Latam Xport, West Inc and AATI,
whose representatives also took part in talks about the Dominican
Republic, according to Dominican Today.

The speakers included David McNeill, Senior Commercial Officer of
the US Commercial Service in Santo Domingo; Gerson Perez,
Assistant Manager of New Business Investment of the Dominican
Republic Export and Investment Center CEI-RD; and Erick Alma, CEO
of Haina International Terminal, the report relays.

In his welcome speech, AMCHAMDR Executive vice president William
Malamud described Dominican Republic's business climate as
favorable, says the report.

"With these initiatives, AMCHAMDR seeks to further encourage
foreign investment in the country by organizing trade missions.
During the mission 80 business meetings were organized," AMCHAMDR
said in an e-mailed statement obtained by the news agency.

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


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


UC RUSAL: Seeks to Refinance Debt
---------------------------------
RJR News reports that UC Rusal has asked lenders to refinance some
of its US$8.4 billion debt pile.

The Russian aluminum group disclosed the move in its full-year
financial statements, according to RJR News.

This comes less than two years after its most recent debt
restructuring, the report notes.

UC Rusal, which is the parent company of Jamaica's Alpart and
Windalco, has been battling hefty liabilities since the 2008
financial crisis, the report relays.

In 2009, it underwent a US$17 billion restructuring, but remained
heavily indebted and was forced to restructure its debt again in
2014, the report notes.

In October last year UC Rusal announced its first dividend since
2010, which seemed to mark the end of a painful retrenchment by
the company, the report relays.

But UC Rusal revealed it was again in talks with its banks, the
report says.

The company said in a note with its financial results that it had
started negotiations to reset covenants to a sustainable level,
due in part to a massive decline in London Metal Exchange aluminum
price, the report notes.

UC Rusal is also in discussion with its lenders on new refinancing
facilities that would cover most of the remaining debt repayments
this year, the report adds.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, RJR News said Jamaica Mining Minister Phillip
Paulwell, who returned to Jamaica from his trip to Russia, has
declared that all is well with the arrangements that have been
made for full restoration of operations at the Alumina Partners of
Jamaica (Alpart) bauxite/alumina plant at Nain in St. Elizabeth.

After being closed for six years, work resumed at the plant
earlier this year, but only in respect of mining of the ore for
shipment to Russia, in the first instance, according to RJR News.
The phased resumption plan should see the resumption of alumina
refining towards the end of 2016, the report said.

TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal
has re-ignited its war of words with the London Metal Exchange,
saying it has allowed financial speculators to distort prices.
Vladislav Soloviev, Chief Executive Officer of the heavily
indebted Russian group, said the price of aluminum traded on the
LME has been depressed by as much as 30 per cent by the actions of
money-market players, according to RJR News.

UC Rusal has been involved in a bitter legal wrangle with the LME
over plans to reform the exchange's warehousing system and
introduce rules to tackle long queues that built up in the
aftermath of the global financial crisis, the report said.


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


CEMEX SAB: Sells Operations in Thailand and Bangladesh
------------------------------------------------------
EFE News reports that CEMEX S.A.B. de C.V said it was selling its
operations in Thailand and Bangladesh to Siam City Cement Public
Company Limited for $53 million as part of a strategy to sell
assets to reduce the corporate debt.

"The proceeds obtained from this transaction will be used mainly
for debt reduction and for general corporate purposes," CEMEX said
in a statement obtained by EFE News.

"The closing of this agreement is subject to the satisfaction of
standard conditions for this type of transactions.  We currently
expect to finalize this divestiture during the second quarter of
2016," the cement giant added, notes the report.

CEMEX posted its first profit in six years in 2015, when net
income came in at $75 million, thanks to cost cutting and stronger
operating results, the report relays.

The Mexican cement giant finished 2014 with a loss of $507
million, the report notes.

CEMEX struggled after acquiring Australia's Rinker for $15.3
billion in 2007, a year before the U.S. housing market crashed and
Europe's economy took a nosedive, the report says.

CEMEX, which was founded in 1906 in the northern Mexican city of
Monterrey, has operations in more than 50 countries, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
March 11, 2016 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.


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


PETROTRIN: New Buyer Wants Failed GTL Plant
-------------------------------------------
Asha Javeed at Trinidad Express reports that after spending US$400
million on a gas-to-liquids (GTL) plant that never got off the
ground, State energy company Petroleum Company of Trinidad and
Tobago (Petrotrin) is proposing to sell it off for US$35 million.

Details suggest it could be a sweet deal for the proposed buyer,
NiQuan Energy Trinidad Ltd (NiQuan), which in 2013 took Petrotrin
to court for rights to purchase it, according to Trinidad Express.

The proposed sale could see Petrotrin receiving only US$10 million
in cash with the balance of US$25 million in preferrential shares
in NiQuan, the report notes.

Furthermore, Petrotrin will buy products produced by the plant
from NiQuan, the report relays.

It's an about-turn for both NiQuan and Petrotrin after almost two
years of legal wrangling over the rights of the plant --
Petrotrin's right to sell it (as scrap or otherwise) versus
NiQuan's right to purchase it, the report discloses.

It will do little to dent the debt that Petrotrin has to repay in
the coming years and maintain its commercial viability in the face
of low energy prices, the report notes.

Petrotrin's albatross is the repayment of two bonds -- a US$850
million bond due in 2019, and another US$750 million bond which
will mature in 2022, the report says.

But the proposed sale would bring further closure to the GTL saga
after Petrotrin dropped its lawsuit for US$109 million against
former executive chairman Malcom Jones to recover money for the
failed plant, the report adds.

                            About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on July
23, 2015, Trinidad Express reports that state-owned Petroleum
Company of Trinidad and Tobago (Petrotrin) multiplied its losses
11.2 times to reach US$168 million for the nine months ended June
30 compared to US$15 million loss for the same period last year,
but its earnings before income tax, depreciation and amortisation
(EBITDA) rose 132 per cent between March and June, preliminary
financials show.

TCRLA reported on Dec. 2, 2014, that Trinidad and Tobago Newsday
said that in the face of falling global oil prices, which is
starring to impact on Trinidad and Tobago's earnings from its
petroleum resources, Petroleum Company of Trinidad and Tobago has
rolled out a plan to remain viable and to survive in the harsh
global oil industry.  Petrotrin said in a media release that it is
forging ahead with objective cost management decisions imperative
to secure its viability, according to Trinidad and Tobago Newsday.
The report said Petrotrin's operations have also been severely
impacted due to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


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


VENEZUELA: To Pay 1,500% More Per Dollar to Travel Abroad
---------------------------------------------------------
EFE News reports that vice president for productive economy Miguel
Perez Abad has announced that the exchange rate for Venezuelans
who want to travel abroad will be more than 1,500 percent higher
than the one applied so far, according to the settings of the new
exchange system.

Dollars for travelers and electronic purchases of Venezuelans,
which have so far been available at the rate of 13 bolivars per
dollar, will be sold at a higher exchange rate which will
fluctuate around 200 bolivars per dollar, Mr. Abad said, according
to EFE News.

The application of this exchange rate means that the Venezuelan
government continues to subsidize the trips abroad of its
citizens, although to a much lesser extent than before, the report
notes.

The floating rate, called "complementary foreign exchange rate
(DICOM)", also includes the sales operations of foreign exchange
generated by exports, and the sale of hydrocarbons and basic
industries, explained the vice president at a press conference
from the headquarters of the Central Bank of Venezuela, the report
relays.

The exchange rate is part of the dual exchange rate system,
recently announced by the Government of Venezuela which took
effect March 10, he said, the report relays.

The system has been launched at a time when the country faces a
severe economic crisis, exacerbated mainly by falling oil prices
which have reduced the income of the oil exporting country by up
to 70 percent, the report adds.


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


* BOND PRICING: For the Week From March 7 to March 11, 2016
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *