TCRLA_Public/160315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, March 15, 2016, Vol. 17, No. 52


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Rates USD1.250MM Sr. Unsec. Notes B1.ar
BUENOS AIRES: Moody's Puts Caa2 GS FC Rating on USD1.250M Notes
EDENOR SA: Posts ARS3.33 Billion Operating Loss in 2015
EDENOR SA: Approves Staff's Life Insurance Policies
EDENOR SA: Extraordinary Shareholders Meeting Set for April 28

FIDEICOMISO FINANCIERO: Moody's Rates ARS38MM Certificates Caa1.ar


B R A Z I L

BANCO BTG: Moody's Lowers Deposit Ratings to Ba3; Outlook Negative
BRAZIL: Some Locals Surround Congress, Demand Pres. Resignation
BRAZIL: Sells $1.5 Billion in 10-Year Bonds as Yields Decline
OI S.A.: Fitch Cuts LT Issuer Default Ratings to 'CCC'


C A Y M A N  I S L A N D S

AIJED INTERNATIONAL: Shareholders Receive Wind-Up Report
COLUMBUS FRONTIERS: Commences Liquidation Proceedings
CONCENTRIC CAPITAL: Shareholders Receive Wind-Up Report
CONTINENTAL LIFE: Commences Liquidation Proceedings
CQS CAYMAN: Members Receive Wind-Up Report

DEL MAR INTERMEDIATE: Commences Liquidation Proceedings
DQ LTD: Commences Liquidation Proceedings
EL LEON: Members Receive Wind-Up Report
FRONTWAVE CAPITAL: Members Receive Wind-Up Report
FRONTWAVE INVESTMENT: Commences Liquidation Proceedings

GRAND HORIZON: Shareholders to Hear Wind-Up Report on March 25
LINKSUS ADVERTISING: Commences Liquidation Proceedings
LINKSUS MEDIA: Commences Liquidation Proceedings
METRON ABSOLUTE: Shareholders Receive Wind-Up Report
MSREF VII: Commences Liquidation Proceedings

MSREF VII GP: Commences Liquidation Proceedings
MSREF VII JAPAN: Commences Liquidation Proceedings
MSREF VII XXI: Commences Liquidation Proceedings
PERSPECTIVE FUND: Shareholders Receive Wind-Up Report
WR LTD: Commences Liquidation Proceedings


C H I L E

AUTOMOTORES GILDEMEISTER: Fitch Ups Issuer Default Ratings to CCC


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Brewster Talk Haiti Situation in Meeting
DOMINICAN REPUBLIC: Investment Managers Eye Workers' Pension Fund


J A M A I C A

DIGICEL GROUP: Gets Pay Television Licence in Fiji


P U E R T O    R I C O

ALLIED FINANCIAL: Taps Special Atty to Handle Collection Suits
COCO BEACH GOLF: Files Plan to Distribute $2.2M Sale Proceeds
J.C. JEWELLER'S: Voluntary Chapter 11 Case Summary
MORGANS HOTEL: Reports Q4 and Full Year 2015 Results
SPORTS AUTHORITY: $595M DIP Loan Has Interim Approval

SPORTS AUTHORITY: U.S. Trustee Forms 7-Member Committee
SPORTS AUTHORITY: Court Approves Joint Administration of Cases


                            - - - - -


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


BUENOS AIRES: Moody's Rates USD1.250MM Sr. Unsec. Notes B1.ar
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B1.ar (Argentina's National Scale) rating to the Senior
Unsecured Notes to be issued by the Province of Buenos Aires for
USD1.250 million.  At the same time Moody's Investors Service
assigned a Caa2 (Global Scale) rating in foreign currency to the
same Notes.  The rating is in line with the province's long term
foreign currency issuer rating, which carry a positive outlook.

                         RATINGS RATIONALE

The bond issuance has been authorized by the Provincial Law
N14.807, by Governor's Decree N122 of 2016 and by Resolution N43
of the provincial Ministry of Economy which set the specific
conditions of the Notes.  The Province of Buenos Aires will use
the proceeds to fund infrastructure and/or social projects, to
honor and/or refinance debts services and to improve its debt
maturity profile.  The assigned debt rating reflect Moody's view
that the willingness and capacity of the Province of Buenos Aires
to honor these Notes is in line with the provincial's long-term
credit quality as reflected in the B1.ar issuer rating in foreign
currency in National Scale.

The rated bonds, which constitute direct, general, unconditional
and unsubordinated obligations of the province, will be
denominated and payable in US dollars with a maturity of eight
years.  The bonds will amortize in three annual installments
equivalent the first two of them to 33.33% of the outstanding
principal in the months of March of 2022 and march of 2023; and
equivalent to 33.34% the one of march 2024.  They will pay 9.125%
annual interest rate on a semi-annual basis and will be subject to
the State of New York Law.

After the issuance of these Notes, Moody's anticipates that the
ratio of total debt to total revenues of the Province of Buenos
Aires will rise to 50% approximately from 45% expected by the end
of last fiscal year.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date.  Moody's
does not expect changes to the documentation reviewed over this
period nor anticipates changes in the main conditions that the
Notes will carry.  Should issuance conditions and/or final
documentation of these Notes deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act
accordingly.

                WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Buenos Aires's ratings.  Conversely, a downgrade in Argentina's
bond ratings and/or further systemic deterioration or
idiosyncratic risks arising in this Province --such as an
additional deterioration of its financial results or significantly
higher debt levels- could exert downward pressure on the ratings
assigned and could translate in to a downgrade in the near to
medium term.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

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


BUENOS AIRES: Moody's Puts Caa2 GS FC Rating on USD1.250M Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a Caa2 (Global Scale
Foreign Currency) ratings to the Senior Unsecured Notes to be
issued by the Province of Buenos Aires for USD1.250 million.  The
rating is in line with the province's long term foreign currency
issuer rating, which carry a positive outlook.

                         RATINGS RATIONALE

The bond issuance has been authorized by the Provincial Law
N14.807, by Governor's Decree N122 of 2016 and by Resolution N43
of the provincial Ministry of Economy which set the specific
conditions of the Notes.  The Province of Buenos Aires will use
the proceeds to fund infrastructure and/or social projects, to
honor and/or refinance debts services and to improve its debt
maturity profile.  The assigned debt ratings reflect Moody's view
that the willingness and capacity of the Province of Buenos Aires
to honor these Notes is in line with the provincial's long-term
credit quality as reflected in the Caa2 issuer rating in foreign
currency and Global Scale

The rated bonds, which constitute direct, general, unconditional
and unsubordinated obligations of the province, will be
denominated and payable in US dollars with a maturity of eight
years.  The bonds will amortize in three annual installments
equivalent to 33.33% of the outstanding principal the first two of
them in march of 2022 and in march of 2023, and equivalent to
33.34% the one of march 2024.  They will pay 9,125% annual
interest rate on a semi-annual basis and will be subject to the
State of New York Law.

After the issuance of these Notes, Moody's anticipates that the
ratio of total debt to total revenues of the Province of Buenos
Aires will rise to 50% approximately from 45% expected by the end
of last fiscal year.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date.  Moody's
does not expect changes to the documentation reviewed over this
period nor anticipates changes in the main conditions that the
Notes will carry.  Should issuance conditions and/or final
documentation of these Notes deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act
accordingly.

                WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Buenos Aires's ratings.  Conversely, a downgrade in Argentina's
bond ratings and/or further systemic deterioration or
idiosyncratic risks arising in this Province --such as an
additional deterioration of its financial results or significantly
higher debt levels- could exert downward pressure on the ratings
assigned and could translate in to a downgrade in the near to
medium term.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.


EDENOR SA: Posts ARS3.33 Billion Operating Loss in 2015
-------------------------------------------------------
EDENOR SA reported that revenue slightly grew to ARS 3.80 billion
in the year ended Dec. 31, 2015, compared with ARS 3.60 billion in
2014.  Operating loss was ARS 3.33 billion and gross loss was ARS
1.37 billion in 2015, higher than the ARS 2.52 billion and ARS
1.10 billion, respectively, in 2014.

EDENOR was able to post a profit from continuing operations of ARS
1.14 billion in 2015 primarily on account of the "income
recognition on account of the RTI - SE Resolution 32/15" of
ARS5.025 billion in 2015.  The Company reported a loss from
continuing operations of ARS 779.7 million in 2014.

As of Dec. 31, 2015, EDENOR had ARS 12.98 billion in total assets,
ARS 11.45 billion in total liabilities and ARS 1.52 billion in
total equity.

A full-text copy of the Form 6-K as filed with the Securities and
Exchange Commission is available for free at http://is.gd/uOeBHx

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.


EDENOR SA: Approves Staff's Life Insurance Policies
---------------------------------------------------
Edenor S.A.'s Board of Directors in a meeting held March 8, 2016,
decided to approve the contract of life insurance policies for
Edenor's staff with the company Origenes Seguro de Vida, a
"related party" corporation pursuant to section 72 of Law N 26.831
of the Capital Markets Law.

In this regard, in compliance with section 73 of the mentioned
regulation, the Company's Audit Committee, in its meeting held on
Feb. 29, 2016, stated that the conditions of the operation in
question may be reasonably considered appropriate in relation with
ordinary and usual market's conditions.  The Audit Committee's
decision is made available to the Shareholders at its corporate
address.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

EDENOR SA reported that revenue slightly grew to ARS 3.80 billion
in the year ended Dec. 31, 2015, compared with ARS 3.60 billion in
2014.  Operating loss was ARS 3.33 billion and gross loss was ARS
1.37 billion in 2015, higher than the ARS 2.52 billion and ARS
1.10 billion, respectively, in 2014.

EDENOR was able to post a profit from continuing operations of ARS
1.14 billion in 2015 primarily on account of the "income
recognition on account of the RTI - SE Resolution 32/15" of
ARS5.025 billion in 2015.  The Company reported a loss from
continuing operations of ARS 779.7 million in 2014.

As of Dec. 31, 2015, EDENOR had ARS 12.98 billion in total assets,
ARS 11.45 billion in total liabilities and ARS 1.52 billion in
total equity.


EDENOR SA: Extraordinary Shareholders Meeting Set for April 28
-----------------------------------------------------------------
Edenor S.A.'s Board of Directors in a meeting held March 8, 2016,
decided to call an Ordinary and Extraordinary General
Shareholder's meeting on April 28, 2016, at 11:00 a.m. on first
call and at 12:00 noon on second call.  The meeting will be held
at its corporate address at Del Libertador Avenue 6363, ground
floor of the Autonomous City of Buenos Aires.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

EDENOR SA reported that revenue slightly grew to ARS 3.80 billion
in the year ended Dec. 31, 2015, compared with ARS 3.60 billion in
2014.  Operating loss was ARS 3.33 billion and gross loss was ARS
1.37 billion in 2015, higher than the ARS 2.52 billion and ARS
1.10 billion, respectively, in 2014.

EDENOR was able to post a profit from continuing operations of ARS
1.14 billion in 2015 primarily on account of the "income
recognition on account of the RTI - SE Resolution 32/15" of
ARS5.025 billion in 2015.  The Company reported a loss from
continuing operations of ARS 779.7 million in 2014.

As of Dec. 31, 2015, EDENOR had ARS 12.98 billion in total assets,
ARS 11.45 billion in total liabilities and ARS 1.52 billion in
total equity.


FIDEICOMISO FINANCIERO: Moody's Rates ARS38MM Certificates Caa1.ar
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Pvcred Serie XXVI.  This transaction will
be issued by TMF Trust Company (Argentina) S.A. -- acting solely
in its capacity as issuer and trustee.

As of March 11, the securities for this transaction have not yet
been placed in the market.  The transaction is pending approval
from the Comision Nacional de Valores, if any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

   -- ARS 73,952,000 in Class A Floating Rate Debt Securities
      (VRDA TV) of "Fideicomiso Financiero Pvcred Serie XXVI",
      rated Aaa.ar (sf) (Argentine National Scale) and B1 (sf)
      (Global Scale, Local Currency)

   -- ARS 38,097,000 in Certificates (CP) of "Fideicomiso
      Financiero Pvcred Serie XXVI", rated Caa1.ar (sf) (Argentine
      National Scale) and Caa3 (sf) (Global Scale, Local
      Currency).

                         RATINGS RATIONALE

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
6,862 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.  Only the
installments due after July 31, 2016, will be assigned to the
trust.

The VRDA TV will bear a floating interest rate (BADLAR plus
400bps).  The VRDA TV's interest rate will never be higher than
38% or lower than 22%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination level of 34.0% for the
VRDA TV, calculated over the pool's principal balance as of
July 31, 2016.  The subordination level will increase overtime due
to the turbo sequential payment structure.  The transaction will
have a grace period for principal and interest payment until
September 2016.

The transaction also benefits from an estimated 46.6% annual
excess spread, before considering losses, taxes or prepayments and
calculated at the caps of 38% for the VRDA TV.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.  Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio.  In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2012 to January 2016.  Moody's has observed a weaker
performance of loans in the unregulated segments compared to total
portfolio of pvcred loans.  As a result, and due to the
uncertainty in the macroeconomic environment, Moody's has
increased some of the default assumptions in the securitized
pools.  Moody's notes that there is significant uncertainty around
key macroeconomic variables in Argentina, including inflation
rates, salary increases compared to inflation, and economic
activity, which have an impact on future performance of this
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution of losses for each one of the different
securitized subpools: for the PVCred loans, a mean of 22% and a
coefficient of variation of 60% and for the "Refinanciados" loans,
a mean of 41% and a coefficient of variation of 60%.  Also,
Moody's assumed a lognormal distribution for prepayments with a
mean of 35% and a coefficient of variation of 70%.

Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
Caa1/Baa1.ar.  In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 2.8% expected loss for Class A Floating
Rate Debt Securities and 31.2% for the Certificates.

Moody's also evaluated the back-up servicing arrangements in the
transaction.  If Pvcred is removed as collection agent, Banco
Comafi will be appointed as the back-up collection agent.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased by 2%
from the base case scenario, the ratings of the Class A Floating
Rate Securities would likely be downgraded to B2 (sf), while that
of the Certificates would remain unchanged

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.


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


BANCO BTG: Moody's Lowers Deposit Ratings to Ba3; Outlook Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Banco BTG Pactual S.A.'s
long-term global and national scale local-currency deposit ratings
to Ba3 and A2.br, from Ba2 and A1.br respectively, its senior
unsecured MTN program (foreign currency) rating to (P)Ba3 from
(P)Ba2, and its baseline credit assessment (BCA) to ba3 from ba2.
Moody's also downgraded the foreign currency senior unsecured debt
and subordinated ratings assigned to Banco BTG Pactual S.A., Grand
Cayman Branch to Ba3 and B1, from Ba2 and Ba3 respectively, as
well as the Luxembourg Branch's foreign currency preferred stock
non-cumulative debt rating to B3(hyb) from B2(hyb).  At the same
time, Moody's confirmed the long-term global foreign-currency
deposit ratings of Ba3.  The short-term global local- and foreign-
currency deposit ratings of Not Prime were not affected by this
action.  In addition, Moody's placed a negative outlook on all
ratings.

This action concludes the review for downgrade which was opened on
Nov. 25, 2015.

                          RATING RATIONALE

The downgrades reflect Moody's view that BTG's financial profile
has been lastingly weakened following the arrest of its former
chairman and CEO.  While the bank has managed to stabilize its
liquid assets position following a significant withdrawal of
short-term funding and its capital levels are expected to improve
behind the recently announced sale of its Swiss bank, BSI Group
(BSI, unrated; BSI AG: deposits A3 on review for upgrade, BCA baa2
on review for upgrade), Moody's anticipates that the bank's
recurring earnings will decline as a result of client defection in
certain business lines.  Brazil's deteriorating operating
environment will compound the pressures on revenue generation
stemming from the harm inflicted on the bank's franchise by recent
events.  At the same time, BTG's historically strong operating
efficiency coupled with its flexible cost structure and the
initiatives it has implemented to reduce operating expenses are
expected to sustain its profitability at still reasonable levels.

BTG's capital position is expected to improve as the bank
continues to sell assets and deleverage.  In particular, the
completion of the sale of BSI to EFG International AG (Issuer
rating A2 on review for downgrade), expected to occur by the end
of Q2 2016, will be crucial to achieving enhanced capital ratios.
The precise impact on capital will also depend on the ultimate
terms of the sale -- specifically how much BTG receives in cash
and how much it receives in shares of the purchaser.  While the
bank's capital is expected to be higher than it was before the
current crisis began if the sale closes successfully, it will
nevertheless not be sufficient to offset the reduction in earnings
and increased funding risk, especially in the context of a weaker
operating environment and reduced geographic diversification.

BTG's other asset sales have also allowed it to shore up its
liquidity position following a sharp drop in late November.
However, the bank is still working to rebuild its customers' and
counterparties' confidence and consequently its capacity to
rollover and raise new unsecured funding remains somewhat limited.
If investor confidence does not continue to recover, pressure on
the bank's liquidity is likely to increase.

The negative outlook incorporates the risk of additional damage to
the bank's franchise and liquidity should BTG's internal audit
investigation into the allegations against its former CEO find any
wrongdoing on the part of the bank itself, or its executives.
Also, it incorporates risks to the bank should the case against
its former CEO proceed.

The negative outlook also captures execution risks related to the
bank's sale of BSI and other assets, as well as its strategy for
stabilizing profits, funding, and liquidity.

                WHAT COULD CHANGE THE RATING DOWN/UP

The rating could face further downward pressure if: (1) BTG's
liquidity position begins to deteriorate again; (2) profitability
declines more than anticipated; (3) capitalization does not
improve as much as anticipated; or (4) internal or external
investigations implicate the bank or its other executives in
wrongdoing.

Upward pressures on BTG's ratings are unlikely, as they have a
negative outlook.  However, the outlook on BTG's ratings could be
stabilized if investigations find no wrongdoing on the part of the
bank and its executives, and the bank is able to increase
capitalization as anticipated, as well as stabilize its earnings
and liquidity as expected.

These ratings and assessments will be downgraded:

Issuer: Banco BTG Pactual S.A.

  Long-term global local currency deposit rating to Ba3, from Ba2
  Senior Unsecured MTN Program (foreign currency), to (P)Ba3 from
   (P)Ba2
  Long-term Brazilian national scale Deposit Rating, to A2.br from
   A1.br
  Adjusted Baseline Credit Assessment, to ba3 from ba2
  Baseline Credit Assessment, to ba3 from ba2
  Long-term Counterparty Risk Assessment, to Ba2(cr) from Ba1(cr)

Issuer: Banco BTG Pactual S.A., Grand Cayman Branch

  Senior Unsecured MTN Program(foreign currency), to (P)Ba3 from
   (P)Ba2
  Long-term foreign currency senior unsecured debt, to Ba3 from
   Ba2
  Subordinate debt (foreign currency), to B1 from Ba3
  Long-term Counterparty Risk Assessment, to Ba2(cr) from Ba1(cr)

Issuer: Banco BTG Pactual S.A., Luxembourg Branch

  Long-term Counterparty Risk Assessment, to Ba2(cr) from Ba1(cr)
  Pref. Stock Non-cumulative debt (foreign currency), to B3 (hyb)
   from B2 (hyb)

These ratings have been confirmed:


Issuer: Banco BTG Pactual S.A.

  Short-term Brazilian national scale Deposit Rating, at BR-1
  Long-term foreign-currency deposit rating, at Ba3

These ratings and assessments assigned to Banco BTG Pactual S.A.
were not affected:

   -- Short-term global local currency deposit rating of Not Prime
   -- Short-term global foreign-currency deposit rating of Not
      Prime
   -- Short-term MTN program (foreign currency) rating of (P)Not
      Prime
   -- Short-term counterparty risk assessment of Not Prime(cr)

These ratings and assessments assigned to Banco BTG Pactual S.A.,
Grand Cayman and Luxembourg Branches were not affected:

   -- Short-term MTN program (foreign currency) rating of (P)Not
      Prime
   -- Short-term counterparty risk assessment of Not Prime(cr)

Outlook Actions:

Issuer: Banco BTG Pactual S.A.
  Outlook, Changed To Negative From Rating Under Review

Issuer: Banco BTG Pactual S.A., Grand Cayman Branch
  Outlook, Changed To Negative From Rating Under Review

                LAST RATING ACTIONS & METHODOLOGIES

The last rating action on BTG Pactual was on Feb. 25, 2016, when
Moody's downgraded BTG's foreign currency bank deposit rating to
Ba3 to reflect the rating's constraint by Brazil's country
ceiling.  This rating action followed the downgrade of Brazil's
bond rating and the changes in the country ceilings on 24 February
2016.  Also, all other ratings were not impacted by this action,
including the ratings assigned to Banco BTG Pactual S.A., Grand
Cayman and Luxembourg branches, which remained on review for
downgrade.

The principal methodology used in these ratings was Banks
published in January 2016.

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

Banco BTG Pactual S.A. is headquartered in Sao Paulo, Brazil and
had total consolidated assets of BRL254.5 billion ($65.2 billion)
and equity of BRL19.7 billion ($5.0 billion) as of Dec. 31, 2015.


BRAZIL: Some Locals Surround Congress, Demand Pres. Resignation
---------------------------------------------------------------
Latin American Herald reports that some 100,000 protesters
gathered around the Brazilian Congress in support of the
opposition's plan to impeach President Dilma Rousseff, who was the
target of huge protests around the country.

Military Police calculated the crowd size in Brasilia as one of
the largest demonstrations in recent decades in the capital,
according to Latin American Herald.

All over Brazil, the majority of demonstrators in dozens of cities
dressed in the green and yellow of the national flag and chanted
slogans against Rousseff, her predecessor and political mentor
Luis Inacio Lula da Silva and the Workers Party, or PT, to which
both belong, the report notes.

The protesters moved along the downtown avenue along which stand
all the main government buildings to the seat of Congress, where
thousands of people arranged themselves to spell out the phrase
"Dilma Out," which was captured by cameras in helicopters
overhead, the report relays.

The anti-Rousseff protest here -- and elsewhere -- unfolded
peacefully, monitored by some 2,000 police amid a festive
atmosphere, the report discloses.

The largest demonstration in the nation was held on Rio de
Janeiro's Copacabana Beach, where authorities said they could not
estimate the crowd size, the report says.

Organizers there said that between 500,000 and one million people
moved along Atlantica Ave., which runs parallel to one of Rio's
most famous beaches, the report notes.

The national day of protests was called by groups from civil
society, but it was explicitly supported by all the political
opposition parties, which are promoting Rousseff's impeachment in
Congress, the report relays.

Potential impeachment proceedings would be based on accounting
irregularities detected in the government balance sheets in 2014
and 2015, but the opposition has said it will also incorporate its
suspicions of illegal campaign finance activities involving state-
owned oil company Petrobras that aided Rousseff in her 2014
reelection, the report discloses.

President Rousseff is facing a severe political and economic
crisis, amid rising inflation and unemployment that has made
social unease more acute and chopped her popularity rating down to
around 10 percent, the report notes.

The president, meanwhile, has said "I only ask that there not be
any violence," asserting that everyone has the right to take to
the streets to protest either for or against the government, the
report adds.

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


BRAZIL: Sells $1.5 Billion in 10-Year Bonds as Yields Decline
-------------------------------------------------------------
Filipe Pacheco, Patricia Lara, and Paula Sambo at Bloomberg News
report that the same turmoil that's roiling Brazil's government
opened up a window for the country's first bond sale since it was
cut to junk.

Brazil sold $1.5 billion of 10-year bonds to yield 6.125 percent,
according to data compiled by Bloomberg.  The sale comes as
speculation that President Dilma Rousseff will be impeached drives
down borrowing costs, according to Bloomberg News.

Bloomberg News notes that Brazil's bond yields have tumbled to a
three-month low on wagers that an ever-widening corruption scandal
will bring down the administration and usher in new leadership
that's better equipped to pull the country out of its economic
slump.  The offer is the nation's first since September 2014,
which was a year before the country lost its investment-grade
rating, Bloomberg News relays.

"This improvement in market sentiment has paved the way for the
government to sell new notes," said Paulo Nepomuceno, a fixed-
income strategist at brokerage Coinvalores CCVM in Sao Paulo,
Bloomberg News notes.  "It's clear that Rousseff's government is
weak, and the market is pricing that," Mr. Nepomuceno said.

Bloomberg News notes that traders have been pushing up the value
of Brazilian bonds, stocks and the currency after months of
political gridlock that prevented lawmakers from focusing on kick-
starting the stalled economy and closing a crippling budget gap.

Brazil's foreign notes yield 6.5 percent on average, still higher
than Honduras, South Africa and Turkey, but down from as high as
7.8 percent in December, Bloomberg News relays.

The country still paid 0.5 percentage point more than the average
for BB countries, according to data compiled by JPMorgan Chase &
Co., notes the report

The Treasury saw the recent drop in foreign bond yields as a
starting point to consider a sale of debt overseas, Marcia
Tapajos, the head of external debt operations, said in an
interview, Bloomberg News discloses.

The proceeds of the deal, coordinated by Bank of America Merrill
Lynch and JPMorgan, will be used for general budgetary purposes,
the government's filing said, Bloomberg News says.

The real rose 1.8 percent to 3.6263 per dollar on Thursday, March
10, extending gains after a news report that prosecutors requested
a preventive arrest of Brazil's former President Luiz Inacio Lula
da Silva added to speculation that a change in government may be
drawing closer, Bloomberg News says.

Yields on Brazil's $4.3 billion of notes due 2025, the nation's
most-traded bonds, declined 0.02 percentage point to 5.82 percent,
Bloomberg News notes.

In another sign of demand for the country's debt, Brazil's
Treasury offered the largest tranche of long-term fixed rate local
bonds since May, Bloomberg News relays.  It placed 4,720 contracts
of a total offering of 5,000 contracts maturing in 2023 and 2027,
according to data from the Treasury, Bloomberg News adds.

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


OI S.A.: Fitch Cuts LT Issuer Default Ratings to 'CCC'
------------------------------------------------------
Fitch Ratings has downgraded Oi S.A.'s (Oi) Long-term foreign- and
local-currency Issuer Default Ratings (IDR) and its senior
unsecured notes to 'CCC' from 'B'. Fitch has also downgraded the
company's National Long-term rating and local debentures rating to
'CCC(bra)' from 'BBB-(bra)'. All the ratings have been removed
from Negative Watch. A full list of rating actions follows at the
end of this release.

The downgrades reflect the increased possibility for Oi to undergo
debt restructuring in the near term, following the company's press
release on March 9, 2016, regarding its engagement with PJT
Partners to optimize its liquidity and debt profile. Fitch
believes that any meaningful turnaround in the company's credit
profile based on its stand-alone operational fundamentals is
unlikely in the absence of industry consolidation. As such, Oi
will likely face serious liquidity issues from 2017 as its access
to capital markets for refinancing would remain constrained given
its precarious balance sheet amid continued negative free cash
flow (FCF) generation.

KEY RATING DRIVERS

Failed Merger Attempt

Fitch does not expect any meaningful improvement in Oi's credit
profile in the absence of industry consolidation given its
weakening market position and perennial cash burn. Oi has actively
implemented cost-saving initiatives which enabled a modest EBITDA
growth during the first nine months of 2015, but it has been
insufficient to curb the ongoing negative FCF generation due to
high interest expenses and capex requirement. EBITDA improvement
driven by cost savings is unsustainable without gradual top-line
growth, which Fitch does not expect to be achievable given the
company's continued under-investments in network upgrades.

Refinancing Risk

Fitch forecasts Oi will face a serious liquidity problem from 2017
on, as its access to capital markets for refinancing will be
limited because of investors' concerns as to the company's
operational sustainability. Oi's debt maturities for 2016 and 2017
amount to BRL11.4 billion and BRL9 billion, respectively, of which
capital market debt comprised about 54% and 75% of those
maturities in 2016 and 2017, respectively. The company held a
readily-available cash balance of BRL16.4 billion at end-September
2015, while it also signed an agreement with China Development
Bank for a USD1.2 billion credit facility, which will help serve
its debt obligation in 2016.

However, Fitch forecasts Oi's negative FCF generation to amount to
about BRL4 billion in 2016. Without any refinancing, aside from
the already-agreed-upon China Development Bank credit facility,
Fitch expects the company will face difficulty in meeting its debt
maturities in 2017, which could force a debt restructuring. In
addition, there is low visibility on Oi's potential sale of its
75% stake in Africatel in the near term, given the ongoing legal
disputes with other shareholders.

Weak Cash Flow; High Leverage

Oi's current capital structure is not deemed sustainable. The
company's total gross debt, net of hedging derivatives, amounted
to BRL53.7 billion as of Sept. 30, 2015, which compares to its LTM
EBITDA generation of BRL7.6 billion, resulting in a net leverage
ratio of 4.9x. Fitch estimates the company's interest expenses
would consume more than 70% of its EBITDA generation in 2016,
leaving limited room for other cash outflow items, such as capex,
working capital requirements, as well as judicial deposits. As
such, its uncurbed negative FCF generation will continue to erode
its cash balance.

Oi's management is reviewing its strategic options as to how to
turn around the company's financial profile. A lack of tangible
evidence that it could improve its capital structure in a timely
manner will immediately result in further ratings downgrade.

Tough Operating Environment

Brazil remains one of the most competitive markets in Latin
America, while its mobile market has increasingly become
saturated. Oi has the lowest mobile market share among the four
major players, with about an 19% subscriber share. Mobile data and
fixed services, including broadband and pay-TV, have become the
key growth drivers for the industry, but Oi's rivals have made
more aggressive investments in those services than the company so
far. Without industry consolidation, the competitive landscape
will remain fierce, limiting any market share recovery for Oi.


KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Oi include:
-- Muted revenue growth in 2016;
-- EBITDA margin at around 26% in 2016
-- Negative FCF generation, including judicial deposits, amount
    to BRL4 billion in 2016;
-- Cash balance to fall to below BRL3 billion by end-2016.

RATING SENSITIVITIES

Fitch's key credit focus for Oi remains its ability to refinance
its upcoming debt maturities given limited credit access. Further
ratings downgrades will be forthcoming if there is a lack of
indication that the company has secured viable refinancing
sources.

Conversely, any positive rating action is unlikely at the current
juncture given the company's weak cash flow generation and
liquidity risk.


LIQUIDITY

Oi's medium-term liquidity profile is vulnerable given the large
upcoming debt maturities in 2016 and 2017, and the company's
limited access to capital markets. The company held a readily
available cash balance of BRL16.4 billion as of Sept. 30, 2015
which compares to its debt maturities of BRL12.4 billion by end-
2016, including the fourth quarter of 2015. Fitch projects this
cash balance will be quickly eroded given continued negative FCF
generation.

FULL LIST OF RATING ACTIONS

Fitch has downgraded and removed the following ratings for
Negative Watch:

Oi S.A.
-- Long-term foreign-currency and local-currency IDRs to 'CCC'
    from 'B';
-- National Long-term rating to 'CCC(bra)' from 'BBB-(bra)';
-- Telemar Norte Leste, S.A.'s (Telemar) senior notes, originally
    due 2017, 2019, and 2020, to 'CCC+/RR3' from 'B+/RR3';
-- All outstanding foreign-currency senior unsecured notes to
    'CCC'/RR4 from 'B'/RR4;
-- Local debentures to 'CCC(bra)' from 'BBB-(bra)'.

Oi Brasil Holdings Cooperatief U.A. (Oi Netherlands)
-- EUR600 million senior notes due 2021 to 'CCC/RR4' from
'B/RR4'.

Telemar notes, rated 'CCC+/RR3', reflect good recovery prospects
in the event of default, given Telemar's position as the main cash
flow generator with operating assets. Securities rated 'RR3' have
characteristics consistent with securities historically recovering
51% - 70% of current principal and related interest. However,
despite structural seniority compared to Oi's other unsecured
notes, Fitch has low visibility as to whether these notes would be
entitled to seniority under Brazil's legal system upon any
potential reorganization or debt restructuring of Oi. Oi's other
senior unsecured notes, with Recovery Ratings of 'RR4', represent
average recovery prospects of 31% - 50% given default.


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


AIJED INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Aijed International Ltd. received on March 7,
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


COLUMBUS FRONTIERS: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 24, 2015, the sole shareholder of Columbus Frontiers Latin
America Trade Finance Opportunities 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:

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


CONCENTRIC CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Concentric Capital Limited received on
Feb. 10, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ardmore GP Limited
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


CONTINENTAL LIFE: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 13, 2015, the shareholders of Continental Life and
Casualty Insurance Company Limited 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:

          Hadley J. Chilton
          c/o Leanne Kerley
          Telephone: +1 (284) 494 5800
          Tropic Isle Building
          Nibbs Street Road Town
          P.O. Box 650 Tortola VG 1110
          British Virgin Islands


CQS CAYMAN: Members Receive Wind-Up Report
------------------------------------------
The members of CQS Cayman Management Limited received on Feb. 19,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


DEL MAR INTERMEDIATE: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 23, 2015, the sole shareholder of Del Mar Intermediate
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
          c/o Trudy-Ann Scott
          Fund Solution Services Limited,
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854


DQ LTD: Commences Liquidation Proceedings
-----------------------------------------
On Dec. 23, 2015, the sole shareholder of DQ 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:

          Simon Conway
          c/o Kadie Prospere
          Telephone: +1 (345) 914 8745
          Facsimile: +1 (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


EL LEON: Members Receive Wind-Up Report
---------------------------------------
The members of El Leon De Juda Investment Company received on
Feb. 9, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FRONTWAVE CAPITAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Frontwave Capital Limited received on March 3,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Jelana Eckart
          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


FRONTWAVE INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on Jan. 8, 2016, the members of
Frontwave Investment 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:

          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: Shareholders to Hear Wind-Up Report on March 25
--------------------------------------------------------------
The shareholder of Grand Horizon Limited will receive on March 25,
2016, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LINKSUS ADVERTISING: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 18, 2015, the shareholders of Linksus Advertising Holding
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 17, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ding Lei
          Building 36, Room 502 Unit 2
          Meiliyuan Xiaoqu
          Haidian
          Beijing
          China
          Telephone: 8610-83798686
          Facsimile: 8610-85171378


LINKSUS MEDIA: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 18, 2015, the shareholders of Linksus Media Holding Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 17, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ding Lei
          Building 36, Room 502 Unit 2
          Meiliyuan Xiaoqu
          Haidian
          Beijing, China
          Telephone: 8610-83798686
          Facsimile: 8610-85171378


METRON ABSOLUTE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Metron Absolute Return Fund Limited received
on March 7, 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


MSREF VII: Commences Liquidation Proceedings
--------------------------------------------
On Jan. 8, 2016, the shareholder of MSREF VII Japan Asset XVI GP
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:

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


MSREF VII GP: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 7, 2016, the shareholder of MSREF VII Japan Asset III GP
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:

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


MSREF VII JAPAN: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 8, 2016, the shareholder of MSREF VII Japan Asset XVII GP
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:

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


MSREF VII XXI: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 7, 2016, the sole shareholder of MSREF VII Japan Asset XXI
GP 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:

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


PERSPECTIVE FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Perspective Fund SPC received on Jan. 29,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Summit Management Limited
          c/o David Egglishaw
          Suite # 4-210, Governors Square
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 945 7676


WR LTD: Commences Liquidation Proceedings
-----------------------------------------
On Dec. 23, 2015, the sole shareholder of WR 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:

          Simon Conway
          c/o Kadie Prospere
          Telephone: +1 (345) 914 8745
          Facsimile: +1 (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


=========
C H I L E
=========


AUTOMOTORES GILDEMEISTER: Fitch Ups Issuer Default Ratings to CCC
-----------------------------------------------------------------
Fitch Ratings has upgraded Automotores Gildemeister S.A.'s (AG)
long-term foreign and local currency Issuer Default Ratings (IDRs)
to 'CCC' from 'RD' (Restricted Default) on completion of the
company's debt restructuring. Fitch has also withdrawn the 'C/RR4'
ratings on AG's unsecured notes, which includes the US$400 million
unsecured senior notes due in 2021 and the US$300 million
unsecured senior notes due in 2023. At the same time, considering
the terms and conditions of AG's recently executed debt exchange
offer, Fitch has assigned a 'CCC-/RR4' rating to AG's US$422
million new senior secured notes due in 2021.

The upgrade of the AG's IDRs to 'CCC' reflects Fitch's assessment
of the company's credit profile following the completion of its
external debt restructuring. Specifically, the upgrade reflects
the improvement in AG's financial flexibility post debt exchange
completion. AG's IDRs incorporate the company's capital structure,
liquidity, and cash flow generation resulting from the recently
executed debt restructuring. AG's US$422 million senior secured
notes rating of 'CCC-/RR4' reflects the weaker position in the
capital structure of this security relative to the company's
secured bank loans. The ratings also consider the challenging
business environment the company currently faces in its main
markets - Chile and Peru - with declining trend in unit sales in
both markets.

KEY RATING DRIVERS

New Capital Structure Incorporated:

On Feb. 24, 2016, AG announced the settlement of the exchange
offer with holders of the US$400 million unsecured senior notes
due in 2021 and the US$300 million due in 2023. Under the
agreement, approximately US$660 million of the original notes -
plus approximately US$37 million of accrued interest -were
exchanged into new senior secured notes for a total amount of
approximately US$422 million, with interest payable in kind at a
10% rate during the first 24 months; and interest payable in cash
at a 7.5% rate thereafter. The new senior secured notes mature in
May 2021 with no scheduled amortization. The new notes are secured
by first-priority liens on real estate properties with an
estimated value of approximately US$180 million. The transaction
also considers the conversion of approximately US$273 million of
debt into equity, and the continuity of current owners and
management control. On Feb. 24, 2016, the exchange offer closed
with a total of 94.22% of holders validly tendering their existing
bonds. Also, on Feb. 20, 2016, Hyundai Motor Company renewed its
key distribution agreement with AG for a two-year term.

Material Debt Reduction and Interest Capitalization Add Financial
Flexibility:

The company's pro forma total on-balance debt - post restructuring
- is estimated to be around US$614 million, which represent a
reduction of approximately 30% when compared to AG's total on-
balance debt as of Sept. 30, 2015 (US$883 million). The company's
ability to capitalize interest expenses during the first 24 months
adds financial flexibility. AG's interest expenses during the last
12 months ending Sept. 30, 2015, were approximately USD70 million.
Considering the company executes the option of no cash interest
payments during the first two years on the new notes, AG's annual
cash paid interest expenses are estimated around US$5 million
during 2016-2017. After the first 24 months, AG's annual interest
expenses are expected to increase to around US$45 million.

Vehicle Sales to Remain Weak in 2016:

Fitch expects vehicle sales to decline in Chile and Peru during
2016 due to the slower economic trends in both countries. Evidence
of the weak backdrop includes downward revisions of GDP
expectations in recent quarters, declining consumer confidence,
and material depreciation of both currencies against the U.S.
dollar. This weakness has resulted in lower vehicle sales in both
markets during 2015. Chile's 2015 total unit sales are estimated
at around 282,232 units, representing a 16% declined when compared
to 2014's total unit sales. Peru's 2015 total unit sales are
expected at around 156,000 units, indicating a 7% decline versus
2014's total unit sales. Fitch anticipates this trend will
continue in Chile and Peru throughout 2016, with total annual
average vehicle sales of around 254,000 in Chile and 148,000 in
Peru in 2016.

Potential Recovery for 2017-2018 Key:

Although the new capital structure provides financial flexibility
to AG, Fitch believes the company's capacity to improve its
ability to service its debt - after the first 24 months post-debt
restructuring - depends heavily on expansion in vehicle sales in
the Chilean and Peruvian markets. Assuming a recovery in these
markets in 2017-2018 resulting in annual growth rates in vehicle
sales of around 10% in these markets, AG could improve its cash
flow generation and reach interest coverage above 1x toward 2018,
the first year when the company will have to cover the full annual
amount of interest expenses. Absent a recovery in AG's vehicle
sales, the company's capacity to cover interest expenses in 2018
will be limited.

KEY ASSUMPTIONS

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

-- AG executes the option of no cash interest payments during the
    first two years on the new notes;
-- Revenue growth reaches single-digit contraction in 2016 and
    starts to improve toward 2017-2018, reflecting better macro
    and business conditions in AG's two key markets, Chile and
    Peru;.
-- 2016 EBITDA of around US$25 million;
-- 2016 total on-balance-sheet debt around US$585 million as of
    Dec. 31, 2016;
-- "EBITDA margin reaches around 2.5% in 2015-2016, with some
    improvements as we near 2017-2018."
-- Annual capital expenditures around USD4 million and no
    dividend payments during 2016-2021.

RATING SENSITIVITIES
Considerations that could lead to a negative rating action
include:

-- Weak operational results with vehicle sales declining,
    limiting the recovery of AG's cash flow generation approaching
    2018;
-- Expectations of AG's interest coverage ratio, measured as
    total EBITDA to Interest Expenses ratio, substantially below
    1x approaching 2018;
-- Consistent negative free cash flow (FCF) generation.

Positive rating actions are possible from the combination of the
following:

-- AG's operational results consistently above expectations
    driven by better than expected vehicle sales;
-- Strengthening of the company's interest coverage ratio
    approaching 2018;
-- Capacity to maintain consistently neutral-to-positive FCF
    generation.

LIQUIDITY

AG's liquidity is viewed as manageable during 2016-2017, as the
company will take the option to capitalize interest expenses
during this period. Starting in 2018, the company's capacity to
maintain adequate liquidity will require consistent improvement in
cash flow generation measured as EBITDA coupled with neutral-to-
positive FCF levels.

FULL LIST OF RATING ACTIONS

Fitch has upgraded AG's foreign and local currency IDRs as
follows:

-- Long-term Foreign currency IDR to 'CCC' from 'RD';
-- Long-term Local currency IDR to 'CCC' from 'RD'.

Fitch has also withdrawn the 'C/RR4' ratings on AG's unsecured
notes, which includes the US$400 million unsecured senior notes
due in 2021 and the US$300 million due in 2023. At the same time,
considering the terms and conditions of AG's recently executed
debt exchange offer, Fitch has assigned a 'CCC-/RR4' rating to
AG's US$422 million new senior secured notes due in 2021.


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


DOMINICAN REPUBLIC: Brewster Talk Haiti Situation in Meeting
------------------------------------------------------------
Dominican Today reports that Foreign minister Andres Navarro, US
ambassador James W. Brewster, Presidency chief of staff Gustavo
Montalvo and US envoy to Haiti, Peter M. Mulrean met in the
National Palace, as part of an effort to spur Dominican Republic-
Haiti talks.

Minister Navarro called it "a very special work meeting," noting
that it's the first with the US envoys for both Hispaniola
nations, according to Dominican Today.

The report notes that Minister Navarro discussed in the meeting
was an agenda of interest to Washington and Santo Domingo.

The talks also included the political process in Haiti, where an
interim government was appointed last month, the report relays.

Before this meeting, Foreign Minister participated in the Bureau
of Coordination of International Cooperation on Climate Change and
Development Mechanism, where, despite the insistence of
journalists, refused to talk about the criticism of the
ambassador, the report discloses.

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'.


DOMINICAN REPUBLIC: Investment Managers Eye Workers' Pension Fund
-----------------------------------------------------------------
Dominican Today reports that the executive vice president of
Pioneer Funds investment management said the pension fund should
be invested in mutual funds to diversify their current portfolios.

Yamil Isaias lauded the Pension Superintendence's (SIPEN) efforts
to manage the pension fund -- which currently tops RD$367.7
billion (US$7.99 billion) -- to diversify them and benefit
workers, according to Dominican Today.

Mr. Isaias warned however that the Dominican securities market
faces major challenges, specifically in that sector, to achieve a
healthy and correct development to boost the national economy, the
report notes.  "One of these challenges is to achieve greater
transparency in the real value of property traded in real estate
funds, as this could affect healthy competition and the image of
the industry," the report quoted Mr. Isaias as saying.

"We recommend a differentiated rate decrease in the values of real
estate.  Thus there will be more transparency in the value of
property, further growth in the procurement of goods and high-
value securities investment funds; strategies that ultimately will
benefit the diversification of pension funds," Mr. Isaias said,
the report relays.

The executive said the entry of qualified managers such as pension
fund spurs investor confidence and make them more attractive to
small investors, the report notes.

The investment expert spoke in the Dominican-Canadian Chamber of
Commerce forum on "Investment Funds and Trusts" hosted by all
companies in the sector, the report discloses.

Specialized in real estate, Pioneer Funds is the country's first
investment fund manager, with the highest market share, 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'.


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


DIGICEL GROUP: Gets Pay Television Licence in Fiji
--------------------------------------------------
RJR News reports that the Government of Fiji has granted Digicel a
12-year license to fully operate its pay television -- Sky
Pacific.

This comes six months after Digicel formally acquired the
country's only pay TV station from the previous owner, Fiji
Television, according to RJR News.

Fiji's Communications Minister announced that the three licenses
were given to Digicel, the report notes.  He said Sky Pacific
could not show any local content on its pay channels, unless they
were messages of national importance that needed to be
disseminated, the report relays.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL

  -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
     Outlook;

  -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
     'B-/RR5';

  -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
     -/RR5'.

DL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- USD 250 million 7% senior notes due 2020 at 'B/RR4';

  -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';

  -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- Senior secured credit facility at 'B+/RR3'.


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


ALLIED FINANCIAL: Taps Special Atty to Handle Collection Suits
--------------------------------------------------------------
Allied Financial, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico for permission to employ Susana Castro
Cintron as special counsel.

Ms. Cintron represents the Debtor in these cases:

   1. Allied Financial, Inc. vs. MIME Developers, Inc., et al.,
Civil No.J CD2011-0256;

   2. Allied Financial, Inc. vs. Miguel Mendez Betnaces, Myriam
Sanes Rivera and their Conjugal partnership, et a., Civil No.
CDJ2011-0304;

   3. Allied Financial, Inc. vs. Luis Martorell, Maritza Franqui
Echevestre and their Conjugal Partnership, et al., Civil No.,
NSCI2010-0810;

   4. Allied Financial, Inc. vs. Raul Guadalupe Viera, Civil No. E
CD2011-0368;

   5. Allied Financial, Inc. vs. The Reef Harbor, Inc., et al.,
Civil No. ISCI2010-00925;

   6. Allied Financial Inc. vs. Calero Recio, Civil No. A
CD2010-0175;

   7. Allied Financial, Inc. vs. Estancias de Altomonte, et al.,
Civil Number D CD2008-2098; and

   8. In Re Ramon Manuel Arbona Garcia Case No. 11-09827.

According to the Debtor, except for In re Ramon Arbona Garcia, all
of the cases are collection of money claims and foreclosure
proceedings with final judgments entered.  They are all in the
judgment execution process.

The duties and obligations of the applicant who already represents
the Debtor in the cases are included, but not limited to:

   1. prepare complain and all necessary pleadings;

   2. manage all initial discovery process in the cases including,
reviewing records, sending and answering interrogatories, inital
motion for discovery, etc.;

   3. attend hearing;

   4. handle motions and dispositive motions;

   5. meet with defendants and plaintiff;

   6. negotiate possible stipulations;

   7. any other legal issue that may be brought up during the
case.

Ms. Cintron has not requested a retainer fee in the case and no
prepetition fees are owed.  Compensation for professional services
to be rendered in the case is agreed as a rate of $150 per hour
plus any costs and expenses.

To the best of the Debtor's knowledge, the Ms. Cintron is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                     About Allied Financial

Allied Financial, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Puerto Rico Case No. 16-00180) on Jan. 15, 2016.  The
petition was signed by Rafael Portela as president of the Board of
Directors.  The Debtor disclosed total assets of $10.28 million
and total debts of $9.14 million.  C. Conde & Assoc. represents
the Debtor as counsel.  Mildred Caban Flores has been assigned the
case.


COCO BEACH GOLF: Files Plan to Distribute $2.2M Sale Proceeds
-------------------------------------------------------------
Coco Beach Golf & Country Club, S.E., which sold its assets for
$2.2 million, on March 3, 2016, filed a proposed Plan of
Liquidation that contemplates the distribution of sales proceeds
through consented carved-out distributions to be agreed to by the
secured creditors.

At an auction on Nov. 18, 2015, OHorinzon Global, LLC, emerged
with the highest and best offer for all real and personal property
of the Debtor.  The Court on Nov. 20 entered an order approving
the sale to OHorinzon.  The aggregate amount received on the date
of closing was $2,200,000, and said funds have been deposited with
the Clerk of the U.S. Bankruptcy Court for further distribution to
allowed creditors in the case pursuant the terms of the Plan.

According to the Disclosure Statement, the Plan provides that:

   * The secured claim of Puerto Rico Tourism Development Fund
("PRTDF"), a subsidiary of the Government Development Bank for
Puerto Rico ("GDB"), filed in the amount of $32,667,159 on account
of commercial loans, will be paid in accordance with a settlement,
which provides, among other things, payment to PRTDF of an initial
lump sum of $1 million, turnover of all amounts deposited in the
reserve account at Banco Popular de Puerto Rico, and a final
dividend after payment of all carve-out amounts approved in the
Plan.

   * Centro de Recaudacion de Ingresos Municipales, which asserts
a claim of $603,000 will be paid a one-time lump sum payment of
$225,000.

   * General unsecured claims, estimated to total $1,752,540, will
receive a lump sum payment of $20,000, to be paid pro-rata among
unsecured claimants.  PRTD will not receive distribution from the
unsecured claims funds on its unsecured deficiency claim, but will
be entitled to vote on the Plan under this class.

   * As to claims on account of golf membership contracts, the
purchaser OHorinzon has assumed all membership contracts.

   * Equity security holders will not receive any cash dividend.

The Debtor noted that all real and personal properties pertaining
to this bankruptcy estate are fully encumbered to Puerto Rico
Tourism Development Fund.  The Debtor's estimated analysis shows
that upon sale of all estate assets and payment of liens and
expenses, unsecured creditors would receive no dividend under a
Chapter 7 proceeding inasmuch all realizable funds would be
distributed first to the allowed secured creditor.

A copy of the Disclosure Statement filed March 3, 2016, is
available at:

        http://bankrupt.com/misc/Coco_Beach_222_DS.pdf

                       About Coco Beach Golf

Coco Beach Golf & Country Club, S.E., is the owner of a first
class golf and country club in Rio Grande, Puerto Rico, currently
operating under the name of Trump International Golf Club Puerto
Rico.  Completed in 2005, Trump International Golf Club has two
18-hole golf courses and country club facilities on a parcel land
with a total surface area of 2,501,944.021 square meters,
equivalent to 636.5629 "cuerdas".

The Company sought Chapter 11 protection (Bankr. D.P.R. Case No.
15-05312) in Old San Juan, Puerto Rico, on July 13, 2015, and
immediately filed a motion seeking to sell most of the assets for
$2.04 million in cash to OHorizons Global, LLC, subject to higher
and better offers.

The Debtor tapped Charles A. Cuprill-Hernandez as bankruptcy
counsel but the attorney resigned on Oct. 22, 2015.

The Debtor later hired Wigberto Lugo Mender and the firm of Lugo
Mender Group LLC., who will serve as attorneys

The Debtor in August 2015 won approval to hire Certified Public
Accountant (CPA) Luis R. Carrasquillo & CO. PSC, as financial
consultant.  CPA Carrasquillo resigned from his appointment.


J.C. JEWELLER'S: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: J.C. Jeweller's, Inc.
          aka Oro Centro
        URB Hermanas Davila
        J 13 Ave Betances
        Bayamon, PR 00959

Case No.: 16-01756

Chapter 11 Petition Date: March 4, 2016

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

Judge: Hon. Brian K. Tester

Debtor's Counsel: Javier Vilarino, Esq.
                  VILARINO & ASSOCIATES, LLC
                  PO Box 9022515
                  San Juan, PR 00902-2515
                  Tel: 787-565-9894
                  E-mail: jvilarino@vilarinolaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Josue Carrion Carrero, president.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


MORGANS HOTEL: Reports Q4 and Full Year 2015 Results
----------------------------------------------------
Morgans Hotel Group Co. reported net income attributable to common
stockholders of $44.7 million on $57.3 million of total revenues
for the three months ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $10.6 million on $62.2
million of total revenues for the three months ended Dec. 31,
2014.

For the year ended Dec. 31, 2015, Morgans Hotel reported net
income attributable to common stockholders of $5.45 million on
$220 million of total revenues compared to a net loss attributable
to common stockholders of $66.6 million on $234 million of total
revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $562 million in total assets,
$771 million in total liabilities and a total deficit of $209
million.

At Dec. 31, 2015, the Company had approximately $45.9 million in
cash and cash equivalents and $12.9 million in restricted cash.

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

                      http://is.gd/m41dXN

                   About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.


SPORTS AUTHORITY: $595M DIP Loan Has Interim Approval
-----------------------------------------------------
Judge Mary F. Walrath on March 3, 2016, granted interim approval
to Sports Authority Holdings, Inc., et al.'s motion to obtain
postpetition secured financing totaling $595 million from existing
lenders and to use cash collateral of their prepetition lenders.

The Credit Facility consists of (i) a senior secured,
super-priority asset based revolving credit facility of up to
$500,000,000 in aggregate principal amount, and (ii) a senior
secured, super-priority first in last out term loan credit
facility of up to $95,285,000 in aggregate principal amount.  Bank
of America, N.A., serves as administrative agent and collateral
agent and Wells Fargo Bank, National Association, serve as FILO
Agent and syndication agent.  The DIP Credit Agreement also
contemplates the issuance of the FILO DIP Facility, which will not
provide additional availability to the Debtors, but rather will
serve as a post-petition refinancing of the Prepetition FILO Loan.

The DIP obligations will have a maturity of June 30, 2016.

A final hearing on the DIP financing motion is scheduled for March
29, 2016, at 1:00 p.m.  Objections to final approval of the
financing are due March 22.

The Debtors have stipulated that as of the Petition Date, the
Debtors owe a total of approximately $1.1 billion in principal
plus accrued interest on their secured debt obligations, which
include (i) $345.5 million in principal and $25.7 million in
letters of credit under an asset-based revolving credit facility
(the "ABL" Loan") provided by lenders led by Bank of America,
N.A., as administrative agent, (ii) $95.3 million owed under a
first-in, last-out term loan ("FILO Loan") provided by lenders led
by BofA, as administrative agent, and Wells Fargo Bank, N.A., as
FILO Agent, (iii) $276.7 million on a term loan provided by
lenders led by Wilmington Savings Fund Society, FSB, as
administrative agent, and (iv) $369.3 million in principal
outstanding under mezzanine notes.

According to the Interim DIP Order, any statutory committee
appointed in the Chapter 11 cases will 60 days following its
appointment, and parties-in-interest will have 75 days following
entry of the Interim DIP Order to challenge the Debtors'
stipulation in connection with the validity of the liens and
allowance of claims of the prepetition secured creditors.

A copy of the Interim DIP Order is available for free at:

    http://bankrupt.com/misc/Sports_A_157_Int_DIP_Order.pdf

Counsel for the DIP Agent:

         RIEMER & BRAUNSTEIN LLP
         Three Center Plaza
         Boston, MA 02108
         Attn: Donald E. Rothman, Esq.
         E-mail: drothman@riemerlaw.com

                - and -

         Ashby & Geddes
         500 Delaware Avenue
         Wilmington, Delaware 19899
         Attn: Gregory A. Taylor, Esq.
         E-mail: gtaylor@ashby-geddes.com

Counsel for the FILO Agent:

         Choate, Hall & Stewart LLP
         Two International Place
         Boston, Massachusetts
         Attn: Kevin J. Simard, Esq.
         E-mail: Ksimard@choate.com

                - and -

         Richards, Layton & Finger, PA
         One Rodney Square
         920 North King Street
         Wilmington, DE 19899
         Attn: Mark Collins
         E-mail: collins@rlf.com

Counsel for the Prepetition Term Loan Agent:

         Brown Rudnick LLP
         Seven Times Square
         New York, NY 10036
         Attn: Robert J. Stark and Bennett S. Silverberg
         E-mail: rstark@brownrudnick.com
                 bsilverbag@brownrudnick.com

                - and -

         Brown Rudnick LLP
         One Financial Center
         Boston, MA
         Attn: Andreas Andromalos, Esq.
         E-mail: aandromalos@brownrudnick.com

                      About Sports Authority

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

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

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


SPORTS AUTHORITY: U.S. Trustee Forms 7-Member Committee
-------------------------------------------------------
Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.

The committee members are:

     (1) TCW/Crescent Mezzanine Partners, et al.
         Attn: Elizabeth Ko
         11100 Santa Monica Blvd., Ste. 2000
         Los Angeles, CA 90025
         Phone: 310-235-5973
         Fax: 310-235-5967

     (2) New York Life Investment Management
         Mezzanine Partners, LP
         c/o Thomas Haubenstricker
         Vijay Palkar
         Lorne Smith
         51 Madison Ave., Ste. 1600
         New York, NY 10010
         Phone: 212-576-6500
         Fax: 212-576-5591

     (3) Stitching Pensioenfonds ABP
         c/o AlpInvest Partners
         Attn: M. Rademakers
         1081 KJ Amsterdam, The Netherlands
         Phone: +31 20 540 7575
         Fax: +31 20 540 7500

     (4) Nike, Inc.
         Attn: Kim Stewart
         One Bowerman Dr., Beauerton, OR 97005
         Phone: 503-532-7856
         Fax: 503-820-3008

     (5) Asics America Corp.
         Attn: Mark Schollaert
         80 Technology, Irvine, CA 92618
         Phone: 949-727-7165
         Fax: 949-453-0477

     (6) GGP Limited Partnership
         Attn: Julie Minnick Bowden
         110 N. Wacker Dr., Chicago, IL 60606
         Phone: 312-960-2707
         Fax: 312-442-6374

     (7) Realty Income Corp.
         Attn: Kirk R. Carson, Esq.
         11995 El Camino Real, San Diego, CA 92130
         Phone: 858-284-5256
         Fax: 858-481-4862

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                      About Sports Authority

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

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

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


SPORTS AUTHORITY: Court Approves Joint Administration of Cases
--------------------------------------------------------------
Sports Authority Holdings, Inc. and certain of its debtor
affiliates sought and obtained from the Bankruptcy Court an order
directing joint administration of their Chapter 11 cases
under the Lead Case No. 16-10527.  Nothing in the order will be
deemed or construed as directing or otherwise a substantive
consolidation of the Chapter 11 cases.

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

                      About Sports Authority

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

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

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


                            ***********


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
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