TCRLA_Public/160317.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

            Thursday, March 17, 2016, Vol. 17, No. 54


                            Headlines



A R G E N T I N A

JOHN DEERE: Moody's Assigns B1 Rating to ARS130M Sr. Debt Issuance
LOMBARD ABIERTO: Moody's Assigns 'B-bf' GS Bond Fund Rating


B R A Z I L

BRAZIL: Unemployment Jumps in 2015, Adding to Rousseff's Woes
BRAZIL: Moody's Says Lending Push Could Up Asset Risk at Banks
SAMARCO MINERACAO: Fitch Revises 'BB-' IDR Watch to Negative


C A Y M A N  I S L A N D S

AFFINITY FUND II: Placed Under Voluntary Wind-Up
AFRICA HORIZONS: Commences Liquidation Proceedings
AMBASSADOR SAN JUAN: Commences Liquidation Proceedings
AQUAMARINE OCEAN: Commences Liquidation Proceedings
ATLANTA AGGREGATOR: Commences Liquidation Proceedings

ATLANTA CO-INVESTMENT: Commences Liquidation Proceedings
CROWN ONE: Placed Under Voluntary Wind-Up
EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up
GATOS ASSET: Commences Liquidation Proceedings
GRAND CRU: Court Enters Wind-Up Order

INTERNATIONAL INVESTMENT: Commences Liquidation Proceedings
JOURNEY INVESTMENT: Commences Liquidation Proceedings
JOURNEY INVESTMENT MASTER: Commences Liquidation Proceedings
JOURNEY INVESTMENT U.S.: Commences Liquidation Proceedings
LA BELLE: Commences Liquidation Proceedings

NAD OFFSHORE: Commences Liquidation Proceedings
PANTHALASSA CM: Commences Liquidation Proceedings
RBS SPECIAL: Placed Under Voluntary Wind-Up
SUNRISE ASSET: Commences Liquidation Proceedings
TRIMAX MASTER: Court Enters Wind-Up Order


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries Eye Regional Economic Bloc


G U A T E M A L A

EXPLORACIONES MINERAS: Protesters Fight Mining Firms, Pollution


P U E R T O    R I C O

NORFE GROUP: PRAPI Blocks Access to Cash Collateral
PUERTO RICO: Democratic Debt Bills Give Pensions Preference


T R I N I D A D  &  T O B A G O

* Expand Law to Protect Workers, ECA Says


                            - - - - -


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


JOHN DEERE: Moody's Assigns B1 Rating to ARS130M Sr. Debt Issuance
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B1 global scale rating (GSR) and a Aaa.ar national
scale rating (NSR) to John Deere Credit Compania Financiera S.A.
(JDC)'s sixth takedown under its senior debt program of ARS900
million.  The issuance, for up to ARS 130 million, will be due in
24 months.  The outlook on all ratings is stable.

These ratings were assigned to JDC's ARS130 million senior
unsecured debt issuance:

  B1 Global Local Currency Debt Rating
  Aaa.ar Argentina National Scale Local Currency Debt Rating

                         RATINGS RATIONALE

The global scale senior unsecured debt rating considers the
challenging operating environment in Argentina, balanced by the
very high probability that JDC will receive support from its
foreign-owned parent, (P)A2 rated John Deere Credit Inc.  This
support assumption provides three notches of uplift to the
company's caa1 standalone credit assessment, resulting in long-
term global senior unsecured debt rating of B1, which is
constrained by Argentina's local currency country ceiling.  While
JDC's GSR compares poorly with many global peers, it remains one
of the strongest credits in the country, as reflected in its
Aaa.ar national scale local currency debt rating.

The caa1 standalone rating takes into account risks related to
JDC's monoline business orientation, which leaves it susceptible
to climate risk and the challenging operating environment in which
it operates.  Also, the rating considers the company's reliance on
market funds, which expose it to swings in interest rates and
refinancing risk.  However, these risks are partially mitigated by
the credit lines from the company's parent, as well as long term
financing provided by John Deere & Co's local subsidiary,
Industrias John Deere Argentina.  The rating is also supported by
adequate although deteriorating asset quality metrics and an ample
capital cushion which provides loss absorption capacity in case of
stress.  Nominal profitability indicators are ample as well,
although these are distorted by the very high rate of inflation.

                 WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could go up if Argentina's country ceiling is upgraded
as JDC's global local currency debt rating is currently
constrained by the country ceiling.

John Deere Credit Compania Financiera S.A. is headquartered in
Rosario, Argentina, and reported assets of ARS528 million and
shareholders' equity of ARS83 million as of December 2015.


LOMBARD ABIERTO: Moody's Assigns 'B-bf' GS Bond Fund Rating
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Lombard Abierto Plus (the Fund), a
newly launched short term bond fund managed by Patagonia Inversora
S.A.SGFCI. SA (Patagonia Inversora)

The ratings assigned are as follows:

-- Global scale bond fund rating: B-bf

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

RATINGS RATIONALE

The bond fund ratings are based on Moody's expectation that the
Fund will invest primarily in Lebacs (Tbills) denominated in local
currency. Additionally, Moody's expects that the Fund's will
invest its liquidity in a central bank account or sight deposits
at Patagonia Bank. The B-bf/Aa-bf.ar ratings also incorporate an
expectation that if the current spread between Tbills and
corporates widens, the Fund's investment strategy would shift to
include more corporate bond investments.

"Lombard Abierto Plus is an investment vehicule for insitutional
investors that seeks to offer a return consistent with Lebacs and
in excess short term fund returns with an average portfolio
duration not to exceed 180 days." said Assistant Vice President
Carlos de Nevares.

Patagonia is a mid-size Argentinean asset manager with
approximately 2.3% share of total industry assets. As of 31
January 2016, Patagonia Inversora managed AR$4,851.7 billion in
assets under management.


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


BRAZIL: Unemployment Jumps in 2015, Adding to Rousseff's Woes
-------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's national
unemployment rate in 2015 rose to its highest since the data
series began three years earlier, piling pressure on President
Dilma Rousseff who was a prime target in one of the nation's
largest protests ever on March 13.

The unemployment rate in 2015 averaged 8.5 percent, up from 6.8
percent the prior year, according to data released by the national
statistics institute in Rio de Janeiro, according to Bloomberg
News.  In the fourth quarter, the jobless rate was 9 percent, up
from 8.9 percent the prior quarter yet below a median estimate of
9.1 percent from 21 economists surveyed by Bloomberg.

The report relates that Latin America's largest economy is
lumbering into its second year of recession after shedding more
than 1.5 million jobs throughout 2015.  President Rousseff's
government has been working to implement a fiscal adjustment,
displeasing her party's rank-and-file that has called on her to do
more to protect employment, says Bloomberg News.  The record
turnout demonstrated government opposition is growing amid
impeachment proceedings, Bloomberg News notes.

Bloomberg News says that anti-government protests have largely
drawn support from members of Brazil's higher economic classes,
and indeed more than three-quarters of demonstrators at the Sao
Paulo protest were college-educated and white, according to
polling company Datafolha.  The nationwide protest, however,
appeared more mixed than in the past, according to Marco Antonio
Teixeira, professor of political science at the Getulio Vargas
Foundation, Bloomberg News discloses.

"There were more people from the lower social classes," Mr.
Teixeira told Bloomberg News by phone from Sao Paulo before the
release of employment data.  "Those people are going to the
streets above all for fear of losing their jobs, and against the
socio-economic situation," he added.

Bloomberg News notes that the nation's unemployed population rose
to 8.6 million on average in the year from 6.7 million in 2014,
according to the statistics institute.  The institute has been
phasing in the national unemployment rate, and will discontinue
its series for the six major metropolitan areas after a final
release later this month, Bloomberg News relays.


BRAZIL: Moody's Says Lending Push Could Up Asset Risk at Banks
--------------------------------------------------------------
Brazil's efforts to increase lending through state-owned banks
could increase their asset quality risk and increase risk to
creditors, said Moody's Investors Service.

On 28 January 2016, Brazil's government announced several measures
aimed at boosting the supply of credit to consumers and companies
by BRL83 billion ($20.32 billion) in 2016 through state-owned
banks. These programs include directing loans at below-market
rates to specific economic sectors, and allowing borrowers to
refinance existing debt at longer maturities.

The government intends for the banks -- Banco Nacional de
Desenvolvimento Econ“mico e Social (BNDES, Ba3/Ba2 negative, ba2),
Banco do Brasil S.A. (BB, Ba3/Ba2 negative, ba2), Caixa Econ“mica
Federal (Caixa, Ba3/Ba2 negative, ba3), and the Fundo de Garantia
do Tempo de Servi‡o (FGTS, unrated) -- to use these funds to
originate new loans.

In a new report, Moody's said that given Brazil's deep economic
recession and borrowers' high levels of existing leverage, it will
likely be difficult for the banks to significantly increase
lending in the current environment.

"Borrowers in Brazil are already facing strains from the country's
deep economic recession, rising unemployment, climbing borrowing
costs and high inflation," said Moody's Assistant Vice President
Alexandre Albuquerque. "Compelling the banks to boost lending more
aggressively could drive up asset risks at a time when credit
conditions are deteriorating."

The government's program for the state-owned banks relies on
incentives for both banks and borrowers to motivate loan growth.
However, Moody's said that if borrowers' negative sentiment
prevails, the public banks will have to find an alternative way to
deploy their increased liquidity -- likely through investments in
government securities or short-term repurchase agreements with the
central bank, or with other financial institutions.

Brazil's government provided the three largest state-owned banks
as well as the country's unemployment compensation fund with
BRL72.4 billion ($18.54 billion) in the last week of December
2015. However, Moody's said that without a significant rise in
lending, the injection will mostly serve to increase the banks'
already high liquidity positions.

Even without further expansion of the state-owned banks' loan
books, Moody's expects non-performing loans (NPLs) to rise in 2016
as a result of the macroeconomic pressures. In addition, the
banks' ability to make new loans is constrained by their modest
capital buffers.


SAMARCO MINERACAO: Fitch Revises 'BB-' IDR Watch to Negative
------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Samarco Mineracao
S.A.'s (Samarco's) ratings to Negative from Evolving.

Samarco benefits from its ownership under two industry leaders,
Vale S.A. (Vale; 'BBB'/Outlook Negative) and BHP Billiton
Limited/Plc (BHPB; 'A+'/Outlook Negative), with each company
owning 50% of Samarco. Fitch believes Samarco's two strong
shareholders will continue to support Samarco through the
challenges of the next two years in order to resume normalized
operations following the announcement of the settlement with the
Brazilian authorities.

KEY RATING DRIVERS

Landmark Agreement Reached:

The outcome of discussions between Samarco, Vale and BHPB with the
Brazilian authorities has been finalized. The agreement covers
remediation, mitigation and compensation for the tailings dam
accident, and is subject to final court approval. Fitch considers
the final agreement terms as being manageable for the three mining
companies, as discussed in Fitch's special report 'Samarco -
Binary Outcome' (February 2016), and assumes Samarco's operations
to resume in late 2016.

Ratings Continue to Reflect Shareholder Support:

Fitch has revised the Rating Watch to Negative from Evolving
following the announcement. The Rating Watch Negative reflects the
pending final approval by the courts and the uncertainty regarding
the length of time until Samarco is able to resume operations.
Vale and BHPB have guaranteed the funding for the foundation to be
created as part of the agreement and are expected to continue
supporting Samarco until it resumes normalized operations.

Rating Watch Negative Resolution:

The Rating Watch Negative provides Samarco with approximately
three months to regain the necessary operating licenses required
to restart operations. Failure to do so may result in a multi-
notch downgrade, notwithstanding tangible shareholder intervention
in the form of a capital contribution. Should the licences be
reinstated within the three month timeframe, Fitch expects
operations to resume at the beginning of the fourth quarter 2016.
If operations do not begin and are not close to starting within
this timeframe, significant further delay may increase Samarco's
risk of bankruptcy, also resulting in a multi-notch downgrade
notwithstanding significant shareholder support. The ratings
continue to factor in a two-notch uplift from Samarco's standalone
rating of 'B' reflecting Fitch's view of ongoing shareholder
support. Should tangible support not materialize to the extent
Fitch expects, the two-notch differential may be reduced to one.

Limited Cashflow Impact on Shareholders:

Fitch's cash flow assumptions indicate limited impact on Vale and
BHPB. In the event Samarco is unable to comply with its payment
commitments to the foundation, the amount payable each year is
very manageable to the company's shareholders and the shortfall
required will be divided between them equally. Fitch resolved the
Rating Watch Negative on Vale's international ratings to
'BBB'/Outlook Negative following the announcement and reflecting
the Outlook on Brazil's sovereign rating.

Near-Term Deal Payments:

The three mining companies have agreed that Samarco will pay BRL2
billion in 2016. This amount will include money spent on the
related clean-up, remediation and compensation costs paid by
Samarco to date. Fitch assumes an additional USD375 million to be
funded by the company in 2016 to meet this total amount net of
spending to date. Cash of approximately USD230 million frozen by
the courts is also expected to be released. Fitch's assumes
Samarco's standalone cash balance to be approximately USD10
million at year-end 2016 and includes cash inflows related to
estimated accounts receivables, tax refunds, and financial
earnings.

Long-Term Deal Payments:

A maximum cap of BRL1.2 billion per year in 2017 and 2018 has been
established with BRL240 million within these amounts each year set
as a compensation limit. The total amount of the remediation and
compensation agreed is BRL4.4 billion spanning 2016-2018. A sewage
and water program has also been established within these annual
limits to pay BRL50 million in 2016, BRL200 million in 2017 and
BRL250 million in 2018. From 2019-2021 a range of BRL800 million
to BRL1.6 billion has been set as annual contributions to the
foundation based on the amount dictated by requirements. This
amount is not an upfront figure - it will be the cap at which
Samarco will meet any claims agreed by the foundation and will
only be spent as required. The terms provide for a period of 15
years with 2022 to 2030 establishing a compensation limit of
BRL240 million a year. The total maximum amount over the entire 15
years could be as high as BRL11.4 billion or as low as BRL9
billion under the assumption that compensation payments continue
to be required post 2020.

Foundation to Disburse Funds:

A foundation will be established within 120 days of the agreement
by the government and the three mining companies to manage the
funds paid into it. The foundation will address future claims and
decide appropriate actions to ensure the Doce River Basin is
environmentally recovered to pre-accident levels and affected
parties appropriately compensated and remediated. The foundation
committee will be comprised by two representatives from Samarco,
two from Vale, two from BHPB and one from the government.

Covenant Waivers Expected:

Samarco will breach its net debt/EBITDA covenant of 4.0x and
covenant relating to the flow of export receivables from pre-
export loan agreements during the next covenant test date in
first-quarter 2016. Fitch expects waivers to be received for these
covenants, with the relevant banks being incentivized by the
settlement. The framework provided by this expected agreement
should pave the way for a resumption of Samarco's operations and
lead to the relatively swift restoration of its operating licenses
in Minas Gerais. The possibility of Samarco resuming its
operations during 2016 has increased in likelihood since the
initial fall-out from the accident.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Samarco
include:

-- Resumption of operations in late 2016.
-- No income taxes due to combination of losses and deferrals
    during the period.
-- No business interruption insurance proceeds due to ongoing
    process.
-- Fitch's mid-cycle price assumptions for iron ore (62% Fe CFR
    China reference) at USD45/tonne in 2016 and 2017, USD50/tonne
    in 2018.
-- Iron ore pellet sale volumes of approximately 5 million tonnes
    in 2016, 20 million tonnes in 2017 and 2018, normalized
    production of approximately 30 million tonnes achieved in
    2019.
-- Funding requirements to be met through debt financing and/or
    combination of capital injection or shareholder loans.

RATING SENSITIVITIES

Samarco's ratings could be downgraded should Fitch observe
deterioration in Vale's and BHPB's commitment to support Samarco
during the challenges over the next few years as the company
rebuilds its operations. A downgrade could also occur if the
company takes significantly longer than anticipated to resume
operations and liquidity is pressured notwithstanding shareholder
support. A significant erosion in credit quality of the
shareholders and/or a financial loss related to a sizeable
criminal case, or other litigation not covered within the
settlement, could also lead to negative action. The absence of
public federal and state prosecutors' as signatories to the
agreement is a concern that could lead to further criminal legal
claims

An upgrade is not envisaged during the next few years as the
company returns to normalized operations at full installed
capacity over an estimated two year period.

LIQUIDITY

Fitch's assumes Samarco's standalone cash balance to be
approximately USD10 million at year-end 2016 and includes cash
inflows related to estimated accounts receivables, financial
earnings and tax refunds. Access to new financing is also expected
to be possible once the company resumes operations, possibly by
late 2016. Fitch continues to factor-in financial assistance from
shareholders, in the event it is required.

FULL LIST OF RATING ACTIONS

Fitch has revised the Rating Watch on Samarco's ratings as
follows:

-- Local currency long-term IDR 'BB-', Rating Watch revised to
    Negative from Evolving;
-- Foreign currency long-term IDR 'BB-', Rating Watch revised to
    Negative from Evolving;
-- National long-term rating 'A(bra)', Rating Watch revised to
    Negative from Evolving;
-- Senior unsecured debt rating 'BB-', Rating Watch revised to
    Negative from Evolving.


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


AFFINITY FUND II: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 8, 2016, the sole member of Affinity Fund II General
Partner Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 22, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AFRICA HORIZONS: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Jan. 18, 2016, the members of
Africa Horizons G.P. Ltd resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 1, 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


AMBASSADOR SAN JUAN: Commences Liquidation Proceedings
------------------------------------------------------
On Jan. 6, 2016, the shareholder of Ambassador San Juan 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:

          Elliot Greenberg
          c/o Maples and Calder, Attorneys-at-law
          Ugland House
          PO Box 309 Grand Cayman KY1-1104
          Cayman Islands


AQUAMARINE OCEAN: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 18, 2016, the members of Aquamarine Ocean Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 28, 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


ATLANTA AGGREGATOR: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 13, 2016, the shareholders of Atlanta Aggregator Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 4, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Orangefield (Cayman) Ltd
          c/o Damian Juric
          Telephone: + 1 (345) 769 3407
          Facsimile: + 1 (345) 769 3408
          Suite #7, Grand Pavilion Commercial Centre
          802 West Bay Road,
          P.O. Box 10250 Grand Cayman KY1-1003
          Cayman Islands


ATLANTA CO-INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------------
On Jan. 13, 2016, the shareholders of Atlanta Co-Investment GP
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 4, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Orangefield (Cayman) Ltd
          c/o Damian Juric
          Telephone: + 1 (345) 769 3407
          Facsimile: + 1 (345) 769 3408
          Suite #7, Grand Pavilion Commercial Centre
          802 West Bay Road,
          P.O. Box 10250 Grand Cayman KY1-1003
          Cayman Islands


CROWN ONE: Placed Under Voluntary Wind-Up
-----------------------------------------
On Jan. 12, 2016, the shareholders of Crown One Master Fund SPC
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:

          Wong Yan Wai, George
          c/o Charlotte Bradshaw
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +852 3656 6034


EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 18, 2016, the shareholder of Everbright Ashmore Investment
Purple (Cayman) 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:

          Antoine Bastian
          Name: Richard Bennett/Phoebe Chan
          c/o Elian Fiduciary Services (Cayman ) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


GATOS ASSET: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 10, 2015, the shareholder of Gatos Asset Management
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 liquidators are:

          David Dinner
          Michael Wingrave
          Telephone: (345) 745-5001
          Facsimile: (345) 745-5010
          P.O. Box 10190 Grand Cayman KY1-1002
          Cayman Islands


GRAND CRU: Court Enters Wind-Up Order
-------------------------------------
On Jan. 12, 2016, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Grand CRU Fund 2.

The company's liquidators are:

          Michael Pearson
          Andrew Childe
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, Grand Cayman
          Cayman Islands


INTERNATIONAL INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------------
On Jan. 18, 2016, the shareholder of International Investment
Management Group resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


JOURNEY INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 19, 2016, the shareholder of Journey Investment Management
Feeder Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 2, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


JOURNEY INVESTMENT MASTER: Commences Liquidation Proceedings
------------------------------------------------------------
On Jan. 19, 2016, the shareholder of Journey Investment Management
Master Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 2, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


JOURNEY INVESTMENT U.S.: Commences Liquidation Proceedings
----------------------------------------------------------
On Jan. 19, 2016, the shareholder of Journey Investment Management
U.S. Feeder Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 2, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


LA BELLE: Commences Liquidation Proceedings
-------------------------------------------
On Jan. 15, 2016, the shareholders of La Belle Marine Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 1, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands


NAD OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Jan. 18, 2016, the members of
Nad Offshore Holdco Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 2, 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


PANTHALASSA CM: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 4, 2016, the sole shareholder of Panthalassa CM 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:

          Walkers Liquidations Limited
          c/o Ian Williams
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229


RBS SPECIAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 14, 2016, the sole shareholder of RBS Special
Opportunities General Partner (Cayman) 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:

          Avalon Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


SUNRISE ASSET: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 10, 2015, the shareholder of Sunrise Asset Management
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 liquidators are:

          David Dinner
          Michael Wingrave
          Telephone: (345) 745-5001
          Facsimile: (345) 745-5010
          P.O. Box 10190 Grand Cayman KY1-1002
          Cayman Islands


TRIMAX MASTER: Court Enters Wind-Up Order
-----------------------------------------
On Jan. 12, 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of Trimax Master Fund Limited.

The company's liquidators are:

         Stuart Sybersma
          Michael Green
          Deloitte & Touche
          P.O Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258


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


DOMINICAN REPUBLIC: Industries Eye Regional Economic Bloc
---------------------------------------------------------
Dominican Today reports that industrialists from Puerto Rico and
the Dominican Republic met in the country to discuss the
productive chain and kick off an initiative aimed at creating a
regional economic bloc including Cuba and other Caribbean nations.

"In fact we're planning joint missions to other countries to
achieve what we call the Caribbean Bloc," said Dominican
Industries Association (AIRD) executive vice president Circe
Almanzar, according to Dominican Today.  "In other words, how to
link the Hispanic Caribbean together to bring higher added value
and greater strength which can supplement our non-competitive
industries," Mr. Almanzar added.

For his part, Puerto Rico Industries Association (AIPR) President
Carlos Rivera Velez said the productive chain seeks to create a
sustainable economy in the long-term, the report relays.

"We brought several areas of opportunities through the years in
which Dominican Republic and Puerto Rico have cooperated in the
manufacturing area, where there are still many opportunities in
the manufacturing sector," Mr. Rivera said, noting that Dominicans
can leverage the USA label to accesss the US market, the report
discloses.

Mr. Rivera said other areas of opportunities for the two countries
are also within the DR-CAFTA, in Puerto Rico's service sector, in
engineering and maintenance and research and development, among
others, the report notes.

The AIPR and AIRD representatives, who met to define the areas to
work together to bolster business ties and create jobs in both
countries, agreed to meet again next June, 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'.


=================
G U A T E M A L A
=================


EXPLORACIONES MINERAS: Protesters Fight Mining Firms, Pollution
---------------------------------------------------------------
Pablo L. Orosa at EFE News recalls that anti-riot cops broke up a
protest in May 2014, when a group of small farmers from central
Guatemala attempted to stop mining company Exploraciones Mineras
de Guatemala, a unit of U.S.-based Kappes Cassiday & Associates,
from polluting their lands.  The fight still continues today.

Farmers from San Pedro Ayampuc and San Jose del Golfo set up
improvised barracks in front of the Energy and Mines Ministry to
demand an end to the mining project, says the report.

Exploraciones Mineras de Guatemala started operations on May 23,
2014, after police broke down the barrier installed by the family
farmers weeks before to block the miners' access, according to EFE
News.

Environmentalist Tono Reyes told EFE that it was a police action
out of all proportion, which left "some 30 people injured," notes
the report.

The area's inhabitants, some 40,000, are aware that the waters of
their lands contain a high concentration of arsenic, a potential
danger that mining practices have multiplied, the report says.

According to environmental activists, the concentration of arsenic
per liter varies between 0.052 to 0.087 milligrams, much higher
than the 0.01 established by international authorities, the report
relays.

Since 2010, grassroots organizations have been organizing peaceful
protests against mining in their territory, the report notes.

On Nov. 11, 2015, the Supreme Court of Justice judged in their
favor and suspended the mining license, a decision that was
enacted on Feb. 22, the report discloses.

But, Mr. Reyes said, the work goes on with the connivance of the
government, which "defends the interests of the Americans," the
report adds.


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


NORFE GROUP: PRAPI Blocks Access to Cash Collateral
---------------------------------------------------
PR Asset Portfolio 2013-1 International Sub I, LLC ("PRAPI")
sought and obtained from Judge Mildred Caban Flores of the U.S.
Bankruptcy Court for the District of Puerto Rico an order
prohibiting Norfe Group Corp. from using its cash collateral

PRAPI related that it entered into a Settlement with the Debtor,
whereby PRAPI agreed to a certain payment structure.  As a result
of the Debtor's continued and ongoing defaults under the
Settlement, PRAPI was forced to file State Court Cases on April 2,
2014.  Prior to the filing of the petition, it once again reached
out to the Debtor and agreed to a new repayment structure through
the Consensual Agreement filed in the State Court Cases.  PRAPI
agreed to modify the terms of the Consensual Agreement on two
separate occasions solely to accommodate the Debtor's needs.

PRAPI told the Court that the Debtor's bad faith dealings have
precluded any and all efforts made by PRAPI to find reasonable
commercial solutions to this matter.  PRAPI further told the Court
that the Debtor has now filed the instant bankruptcy case as a
means to delay the foreclosure process and obtain additional time
to the sole prejudice and detriment of PRAPI, whose collateral has
been diminishing in value, and will likely continue to diminish in
value.

PRAPI asserted that it should not be forced, through the
non-consented use of its cash collateral, to place its collateral
at substantial risk by essentially "financing" a bankruptcy
proceeding that appears to have a minimum, if any, probability of
reorganization whatsoever, and where the likelihood of PRAPI
recovering on the used cash collateral is remote, at best, in
light of the fact that there exists no viable exit strategy
pursuant to which creditors, such as PRAPI, will be paid the
amount and value of their security interest.

PR Asset Portfolio 2013-1 International Sub I, LLC ("PRAPI") is
represented by:

          Hermann D. Bauer, Esq.
          Nayuan Zouairabani, Esq.
          O'NEILL & BORGES LLC
          American International Plaza
          250 Munoz Rivera Avenue, Suite 800
          San Juan, PR 00918-1813
          Telephone: (787)764-8181
          Facsimile: (787)753-8944
          E-mail: hermann.bauer@oneillborges.com
                  nayuan.zouairabani@oneillborges.com

                        About Norfe Group

Norfe Group Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-00285) in Old San Juan, Puerto Rico, on Jan.
20, 2016.  The petition was signed by David Efron, president.

The Debtor disclosed total assets of $14.9 million and debt of
$25.4 million.

The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, as counsel.


PUERTO RICO: Democratic Debt Bills Give Pensions Preference
-----------------------------------------------------------
Steven T. Dennis at Bloomberg News reports that Senate Democrats,
led by Robert Menendez of New Jersey, put out their version of a
plan to tackle Puerto Rico's growing debt crisis -- an ambitious,
broad restructuring of the territory's debt coupled with billions
in tax breaks and other aid.

The plan is almost certain to be rejected by House Republicans,
who plan on releasing their own legislative proposal this month,
according to Bloomberg News.

A pair of bills released by Mr. Menendez would give Puerto Rican
pensions preference over bondholders, who would face a steep
haircut in court, Bloomberg News notes.

Bloomberg News says the sweeping territory-wide restructuring
authority proposed in the bills, which would apply to the full $70
billion of the territory's debt, will surely face resistance from
debtholders.

Fully funding pensions is no small matter; Puerto Rico's
retirement system has about $46 billion in liabilities and about
$2 billion in assets, Bloomberg News relays.

The Democratic release comes after months of bipartisan talks on
Puerto Rico have yet to produce a compromise approach, Bloomberg
News says.

"For the 3.5 million American citizens living on the island of
Puerto Rico, time is running short," Mr. Menendez said in a
statement obtained by Bloomberg News.  "Congress has to act
immediately to fix the federal funding shortfalls and give Puerto
Rico the tools it needs to fully restructure its debt.

"That's why I'm introducing a comprehensive legislative package
that provides critical health-care funding, individual tax
incentives to encourage work in the formal economy, and a
mechanism for territory-wide restructuring of the island's debts,"
he said, Bloomberg News notes.

While the legislation would create a Financial Stability and
Reform Board and a chief financial officer, Republicans have
demanded the creation of a financial control board that would have
much stronger authority, as well as other provisions to ensure
that another debt crisis doesn't crop up in a few years, Bloomberg
News adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2015, Moody's Investors Service has downgraded $1.09
billion of Puerto Rico appropriation bonds issued by the Public
Finance Corporation (PFC) to C from Ca, while maintaining other
ratings assigned to the US territory's debt.


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


* Expand Law to Protect Workers, ECA Says
-----------------------------------------
Trinidad Express reports that the Employers Consultative
Association (ECA) has suggested that legislation be expanded to
provide for the lay-off process following last week's Industrial
Court judgment involving ArcelorMittal Point Lisas and the Steel
Workers' Union of Trinidad and Tobago (SWUTT).

The ECA stated that lay-off was an accepted practice in the field
of industrial relations, which has been addressed in several
judgments, according to Trinidad Express.

It noted that the requirement of a company to treat with a
recognized majority union for the purpose of collective bargaining
is stipulated by the Industrial Relations Act (IRA) section 40,
which reads: "Where a recognized majority union or an employer
fails to comply with this section, that party is guilty of an
industrial relations offence and liable to a fine of four thousand
dollars," notes the report.


                            ***********


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 * * *