TCRLA_Public/160318.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, March 18, 2016, Vol. 17, No. 55


                            Headlines



A R G E N T I N A

ARGENTINA: Lawmakers Back Debt Settlement Deal
PETROBRAS ARGENTINA: S&P Lowers Rating on $300MM Notes to 'B+'


B R A Z I L

HYPERMARCAS SA: Moody's Affirms Ba2 GS CFR, Outlook Now Negative
JIVE INVESTMENTS: Out of Lehman's Ashes, Fund Returns 115% a Year
MINAS GERAIS: Deficit May Widen Beyond Forecast, Moody's Says
SAMARCO MINERACAO: Moody's Cuts Corporate Family Rating to Caa2
USINAS SIDERURGICAS: Capital Increase is Credit Pos., Moody's Says

USINAS SIDERURGICAS: Fitch Cuts Issuer Default Ratings to 'C'


C A Y M A N  I S L A N D S

AUBISQUE UK: Shareholder Receives Wind-Up Report
BELLINGHAM INVESTMENTS: Placed Under Voluntary Wind-Up
BOR COMPANY: Placed Under Voluntary Wind-Up
DANYORI CAPITAL: Shareholders Receive Wind-Up Report
DIARY INVESTMENTS: Members Receive Wind-Up Report

DUBAI ENVIRONMANTAL: Shareholders Receive Wind-Up Report
GP MANAGEMENT III: Shareholders Receive Wind-Up Report
INTERNATIONAL INVESTMENT: Members Receive Wind-Up Report
KEYSTONE LIMITED: Shareholders Receive Wind-Up Report
MACQUARIE SPECTRUM: Members Receive Wind-Up Report

MIDSHIPS CAPITAL: Placed Under Voluntary Wind-Up
MIDSHIPS CAPITAL MASTER: Placed Under Voluntary Wind-Up
MYOLD INC: Placed Under Voluntary Wind-Up
NOVATO CORP: Placed Under Voluntary Wind-Up
RBS SPECIAL: Shareholders Receive Wind-Up Report

RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due Today
RIPALA INVESTMENT: Members Receive Wind-Up Report
SONICA INTERNATIONAL: Placed Under Voluntary Wind-Up
WOODS FURNITURE: Commences Liquidation Proceedings
YTAM OVERSEAS: Members Receive Wind-Up Report


J A M A I C A

JAMAICA: Consumers Face Largest Hike in Gas Prices in Over a Year


M E X I C O

MEXICO: Foreign Reserves Drop by $4 Million


P U E R T O    R I C O

MORGANS HOTEL: Reports $5.45 Million Net Income for 2015
NORFE GROUP: Schedules $17.3M in Assets, $31.4M in Debt
VILLAGE DEVELOPMENT: Case Summary & 15 Top Unsecured Creditors


T R I N I D A D  &  T O B A G O

ARCELOR MITTAL: TTMA Hits Firm for Closing Operations & Job Cuts


                            - - - - -


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


ARGENTINA: Lawmakers Back Debt Settlement Deal
----------------------------------------------
BBC News reports that Argentina's lower house of Congress has
approved a repayment deal which aims to put an end to a 14-year
battle with holdout creditors.

After 20 hours of debate, a majority of 165 to 86 lawmakers voted
in favor of repealing two bills which stood in the way of the
agreement with creditors, according to BBC News.

It is a victory for President Mauricio Macri who struck the deal
after his election win in November, the report relays.

It will now go to the Senate, where it will likely face stiffer
opposition, the report says.

                           'Vulture Funds'

The debate in the Senate, where opposition parties have a
majority, is scheduled to start later, the report relays.

Time is of the essence: under the terms of the deal struck by
President Macri with US creditors in New York, Argentina only has
until April 14 to pay the holdouts, BBC News says.

These are the creditors who refused to agree to a restructuring of
Argentina's debt after it defaulted on nearly $100 billion (GBP71
billion) in 2001, the report discloses.

At the heart of President Macri's deal is a cash payment of $4.7
billion, about 75% of what Argentina owes, to the funds which sued
the South American country in a US court over non-payment, says
the report.

The previous government of President Cristina Fernandez de
Kirchner refused to negotiate with the holdouts, whom it called
"vulture funds," the report relays. The long-standing dispute has
restricted Argentina's access to international credit markets.

While its Latin American neighbours can borrow with interest rates
of about 5%, Argentina has been forced to pay at least double,
leaving the country without much-needed financial help, the report
notes.

President Macri had warned lawmakers that a "no" vote would
condemn Argentina to continue being a "financial pariah" shunned
by global credit markets, the report adds.

                         *     *     *

The Troubled Company Reporter-Latin America reported in Nov. 27,
2015, that Moody's Investors Service has changed the outlook on
Argentina's Caa1 issuer rating to positive from stable.  The
outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

On Aug. 1, 2014, reported that Argentina defaulted on some of its
debt late July 30 after expiration of a 30-day grace period on a
US$539 million interest payment.  Earlier that day, talks with a
court- appointed mediator ended without resolving a standoff
between the country and a group of hedge funds seeking full
payment on bonds that the country had defaulted on in 2001.  A
U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed.  The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


PETROBRAS ARGENTINA: S&P Lowers Rating on $300MM Notes to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected its issue-level
rating on Petrobras Argentina S.A.'s (PESA; B-/Stable/--) $300
million Series S notes due 2017 by lowering it to 'B+' from 'BB'.
This rating is now the same as the corporate credit rating on the
company's parent, Petroleo Brasileiro S.A. - Petrobras (Petrobras;
B+/Negative/--) due to its full and unconditional payment
guarantee.

The rating error occurred on Feb. 17, 2016, when S&P downgraded
Petrobras to 'B+' from 'BB' and didn't process the same rating
action on PESA's $300 million Series S notes due 2017.

RATINGS LIST

Petrobras Argentina S.A.              To      From
  $300M Series S notes due 2017       B+      BB


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


HYPERMARCAS SA: Moody's Affirms Ba2 GS CFR, Outlook Now Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed Hypermarcas S.A.'s Ba2
global scale and A1.br national scale corporate family ratings, as
well as the Ba2 ratings of its senior unsecured notes due 2021.
The outlook for the ratings was revised to negative from stable.
The change in outlook follows Moody's downgrade on February 24,
2016 of Brazil's government bond rating to Ba2 from Baa3 with a
negative outlook.

Ratings affirmed:

Issuer: Hypermarcas S.A.

  Corporate Family Rating: Ba2/A1.br
  USD 400 million senior unsecured notes due 2021: Ba2

Outlook actions
  Revised to negative from stable

                         RATING RATIONALE

The change in outlook to negative follows the downgrade of
Brazil's sovereign ratings to Ba2 from Baa3, with a negative
outlook.  Hypermarcas generates 100% of its revenues in the local
market and, although it operates in the more resilient
pharmaceutical segment, the company is exposed to domestic
fundamentals.

The Ba2/A1.br ratings are supported by the company's good credit
metrics driven by its focus on core business assets, organic
growth and deleveraging in the last years.  After the announced
divestitures of several businesses in the consumer segment and
expected reduction of debt, Hypermarcas will have very comfortable
leverage and liquidity ratios, despite the more narrow business
portfolio and loss in absolute EBITDA (although pharma's margins
are higher than those of the consumer portfolio).  In addition,
the ratings incorporate the good prospects of the pharmaceutical
industry in Brazil, supported by the increase in the population's
age, greater availability of generic and branded generic drugs,
and potential for increased per capita consumption over time.
Conversely, the ratings are constrained by Hypermarcas'
historically acquisitive profile and by the possible margin
pressure from the generics and branded-generics segments as the
market matures.  Finally, Moody's expects the current
macroeconomic deterioration in Brazil to negatively impact even
resilient industries such as pharma, despite its high growth
longer term prospects.

With the recent downgrade of the government of Brazil on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
national scale ratings (NSRs) among issuers in Brazil has become
compressed.  As a result, the current mapping of global scale
ratings to national scale ratings may no longer be adequately
serving one of its intended purposes, which is to provide greater
credit differentiation among issuers in Brazil than is possible on
the global rating scale.  However, if Moody's NSR methodology is
revised as proposed in the Request for Comment (RFC) entitled
"Mapping National Scale Ratings from Global Scale Ratings"
published on January 20, the resulting new Brazilian scale would
likely imply that many Brazil global scale ratings would be
remapped to higher ratings on the national scale.

While the RFC included a new proposed national scale map for
Brazil, given the aforementioned ratings changes, the new map
design for Brazil will likely differ from the specific map
proposal included in the RFC.  In addition to the proposed
Brazilian map, the RFC comprised a proposed update to our
methodology for mapping national scale ratings from global scale
ratings, including guidelines for the design of new national scale
maps and changes to existing maps, as well as proposed new
national scale maps for each of the other countries in which we
currently offer NSRs.  The comment period for this RFC closed on
February 22.

The negative outlook on Hypermarcas' ratings mirrors the negative
outlook for Brazil's sovereign ratings.

Although unlikely in the short term, an upgrade would depend on an
upgrade of Brazil's sovereign rating.  Positive pressure on the
rating would also require the maintenance of positive free cash
flow, consistent organic growth and maintained and/or improved
profitability.  This will be the case if free cash flow to debt
consistently exceeds 10% and if EBIT/Interest Expense is over 3.2
times.  Finally, positive rating pressure depends on company
deleveraging to below 3.5x Debt/EBITDA (all figures considering
Moody`s standard adjustments) and financial and liquidity policies
that remain conservative.

The ratings could be lowered in the case of a weakening in the
company's operating performance, resulting in EBITDA margin
consistently below 20% and negative free cash flow generation on
few consecutive quarters.  Moreover, pressure on the ratings would
arise if the company proves unable to sustain leverage below 4.0x
or if liquidity deteriorates.  Additional negative actions on
Brazil's sovereign ratings would also trigger a downgrade of
Hypermarcas' ratings.

Hypermarcas, founded in 2001 and headquartered in Sao Paulo,
Brazil, is currently one of the largest pharmaceutical companies
in the country, enjoying leading positions in the domestic OTC,
generic and branded generic markets.  In 2015, the company
reported total revenues of BRL 3.0 billion (approximately USD 900
million considering the average exchange rate for the period) and
adjusted EBITDA margin of 33.2%, these figures consider continued
operations only.


JIVE INVESTMENTS: Out of Lehman's Ashes, Fund Returns 115% a Year
-----------------------------------------------------------------
Paula Sambo and Josue Leonel at Bloomberg News report that back in
2014, Jive Investments Holding Ltd. was knocking at the doors of
U.S. hedge funds trying to create a partnership to invest in
Brazilian distressed assets.

"They just weren't interested in coming here," said Guilherme
Ferreira, Jive's 37-year-old co-founder, according to Bloomberg
News.  The market was simply too small.

Bloomberg News notes that these days, Jive is the biggest
independent buyer of distressed assets in Brazil, and those same
funds that passed over the chance to team up are hunting for
opportunities, he said.  While Mr. Ferreira declined to name the
firms, he said the motivation behind their change of heart is
obvious: Delinquencies are surging amid Brazil's worst-in-a-
century recession, prompting banks to unload non-performing loans
for pennies on the dollar, Bloomberg News says.

"Brazil as a whole is distressed," Mr. Ferreira said, Bloomberg
News discloses.  "Things that didn't look like they were in
trouble suddenly are.  Investments that were once considered
investment grade have turned into high yield," he added.

Jive, which got its start snapping up bad corporate loans and
distressed bonds after Lehman Brothers went bust in 2008, has
posted an internal rate of return that tops 115 percent in each of
the past five years, Mr. Ferreira said, Bloomberg News notes.

Bloomberg couldn't independently confirm that figure.  In August,
Jive struck the kind of deal it was hunting for all those years
ago, raising BRL500 million ($138 million) from Credit Suisse
Group AG's private-banking clients, according to statements from
both firms, Bloomberg News notes.

Distressed asset funds such as Jive acquire credit portfolios at
aggressive discounts, usually from large banks, and then earn a
profit by collecting on the loans, renegotiating with the
borrowers or repackaging the debt and issuing securities,
Bloomberg News says.

Jive bought Lehman's Brazil portfolio -- whose face value was
BRL816 million -- for just BRL27 million in a 2010 court-approved
sale, Mr. Ferreira said, Bloomberg News notes.  The firm has
already collected 16 percent of the principle and is aiming for 30
percent -- or about BRL244 million -- in the next five years, he
said, Bloomberg News adds.

With most economists agreeing that Brazil isn't any closer to
turning a corner on its recession, Jive estimates that banks and
others could be sitting on at least BRL400 billion in bad loans,
Bloomberg News discloses.  In 2014, buyers of that debt closed
deals with a face value of BRL15 billion, Mr. Ferreira said.  Jive
plans to boost its headcount to 85 employees by year-end from 67
now to tackle more distressed debt and expand into private equity.
It's also negotiating states' liabilities and looking into the
real estate sector, says Bloomberg News.

According to the report, Brazil's economy is poised to shrink 3.5
percent in 2016, according to a central bank survey, adding to a
3.8 percent contraction last year.  Meanwhile, annual inflation is
running above 10 percent and unemployment in Brazil's six biggest
metropolitan areas has surged to 7.6 percent from 4.3 percent at
the start of last year, data compiled by Bloomberg show.

All of that is making it harder for consumers and businesses to
pay their bills, Bloomberg News notes.  Personal delinquency rates
soared to 6.2 percent in January from 5.3 percent a year earlier,
the central bank said, Bloomberg News relays.  And the number of
companies filing for bankruptcy protection in the first two months
of the year doubled, according to Serasa Experian, a Sao Paulo-
based credit-rating company, says the report.

In February, Jive bought a portfolio valued at BRL2.2 billion from
Itau Unibanco Holding SA, Latin America's biggest bank by market
value, according to three people familiar with the transaction who
asked not to be named because they're not authorized to speak
publicly on the matter, Bloomberg News recalls.

"From one day to the next, Brazil became a huge opportunity for
buyers of distressed assets," said Mr. Ferreira, who declined to
confirm the Itau portfolio acquisition, Bloomberg News notes.
"Banks that never thought about selling loan portfolios are now
selling," he added.


MINAS GERAIS: Deficit May Widen Beyond Forecast, Moody's Says
-------------------------------------------------------------
The Brazilian state of Minas Gerais (Ba3 negative) may struggle to
contain its deficit this year as spending remains elevated, while
Brazil's recession crimps tax revenues, says Moody's Investors
Service.

Minas Gerais is projecting a budget deficit for 2016 that is on a
par with the shortfall of 13 percent of total revenues that it
reported last year.  However, that expectation is based on a
projected 1.4 percent decline in Brazil's GDP a forecast that
Moody's believes is too optimistic.

"The state is particularly vulnerable to Brazil's economic
downturn due to its reliance on the automotive and steel sectors,"
said Paco Debonnaire, an Analyst at Moody's.  "Minas Gerais is
also hampered by persistently high spending, driven mainly by
personnel and pension costs."

The state has cut spending, raised taxes and won concessions on
its federal debt since the start of last year, but the resulting
savings haven't been sufficient to materially reduce the deficit.
Alternative options, such as restructuring its federal debt will
help to a certain extent although its timing remains unclear.
Ultimately, the state could cover the shortfall by deferring the
payment of some of its expenses to 2017, a move which would
undermine the state's recovery prospects.

Minas Gerais is also contending with the uncertainty of a legal
challenge on its use of private judicial deposits.  In 2015, the
state registered deposits paid by private legal disputants,
pending the outcome of their cases, as revenue representing around
7% of the state's total revenue in that year.  This practice is
being contested in the courts and could overtime lead to an
additional liability, which weighs negatively on the state's
credit profile.

The state also faces rising debt servicing costs on its foreign
debt in case of a further drop in the value of the Brazilian real,
according to the report "Minas Gerais squeezed by high costs,
falling revenues."

The report is available to Moody's subscribers at:

   https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1019217


SAMARCO MINERACAO: Moody's Cuts Corporate Family Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 the
corporate family rating of Samarco Mineracao S.A. ("Samarco") and
the ratings of its senior unsecured notes due 2022, 2023 and 2024.
The outlook remains negative.

Ratings Downgraded:

-- Issuer: Samarco Mineracao S.A.

Corporate Family Rating: to Caa2 (from Caa1 )

$US1,000 million Senior Unsecured Notes due 2022: to Caa2 (from
Caa1)

$US700 million Senior Unsecured Notes due 2023: to Caa2 (from
Caa1)

$US500 million Senior Unsecured Notes due 2024: to Caa2 (from
Caa1)

-- Outlook is negative for all ratings

RATINGS RATIONALE

The downgrade to Caa2 reflects mainly the continued uncertainty
about Samarco's ability to resume operations and, therefore, our
concerns over liquidity pressures, as resources available to meet
its financial obligations diminish overtime. In the absence of
cash generation, the company's cash position of $US711 million as
of June 2015 is tight to meet with its financial obligations as
well as capex, costs and operating expenses, including payment of
suppliers, wages, and taxes. We estimate that, combined with the
BRL 2 billion 2016 portion of the remediation agreement signed
with Brazil's government on March 2 (at least 50% of it already
disbursed for remediation efforts and penalties), total outflows
may reach over BRL 2 billion in the year.

On March 2, 2016 Samarco and its shareholders (Vale and BHP
Billiton) signed an agreement with key authorities (Federal
Government, State Governments of Minas Gerais and Esp¡rito Santo,
environmental authorities, the National Department of Mining
Production -- DNPM, among others) setting the financial terms that
Samarco will need to comply with until 2030 for the environmental,
social and economic remediation or recovery of the areas affected
by the accident. The agreement sets a total amount of BRL 4.4
billion to be paid from 2016 to 2018, and annual payments between
BRL 0.8 to 1.6 billion from 2019 to 2021. Amounts will be defined
from 2022 onwards, based on the targets set by the agreement.
Although the agreement is a positive development as it sets the
amounts that Samarco -- or Vale and BHP, in case Samarco cannot
meet these obligations -- will need to pay over the next few
years, there is additional risk coming from law suits and claims
from parts not involved in the settlement. Besides, Samarco has
covenants under part of its outstanding debt, and debt
acceleration from a covenant breach remains a risk.

Since the accident, Samarco's operations at the mines and
beneficiation plants are suspended and the company's final
products' (pellets) inventories have been sold. While operations
are suspended, the company contemplates alternatives that include
the sale of energy and logistics services, but the proceeds may
not be sufficient to meet all the aforementioned obligations
Samarco will have during 2016. On the other hand, if Samarco is
able to resume production in the short term, it will immediately
benefit from its fully-integrated operations, which has supported
its solid profitability through the years.

The negative outlook reflects pressure on the company's rating
that will persist until its operational and liquidity risks are
resolved.

An upward rating movement would require Samarco to resume
production, or find alternatives that could avoid a liquidity
shortfall, including support from shareholders. Although Samarco's
shareholders have indicated their support to the company in the
response effort and are committed with the environmental
remediation of affected areas, it is highly uncertain whether
there could be additional financial support other than helping to
meet the obligations set under the agreement signed on March 2,
2016 in case of need.

The ratings could suffer additional negative pressure if Samarco
is unable to resume operations over the next couple of quarters,
if there is material deterioration in the company's liquidity
position or if Samarco is unable to meet its financial obligations
on a timely basis or fails to renegotiate existing covenants on
its debt instruments.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014. Please see the Ratings
Methodologies page on www.moodys.com for a copy of this
methodology.

Samarco Mineracao S.A. ("Samarco") is one of the largest exporters
of seaborne iron ore pellets worldwide with operations located in
Esp¡rito Santo and Minas Gerais, in the Southeast region of
Brazil. The company has a fully integrated business model with an
installed capacity to produce 30.5 million pellets annually. In
the last twelve months ended June 2015, Samarco had BRL 7.3
billion ($US2.7 billion) in revenues spread across clients in
North America, Middle East, North Africa, Asia and Europe, with a
21% global market share. In the afternoon of November 5, 2015, an
accident occurred with two dams next to the industrial operations
at the Germano beneficiation units and next to Samarco's iron ore
mines, releasing mine tailings, flooding one nearby community and
impacting many other communities downstream. Operations at the
site are suspended since the accident.


USINAS SIDERURGICAS: Capital Increase is Credit Pos., Moody's Says
------------------------------------------------------------------
Moody's Investors Service comments that the proposed capital
increase by Usinas Siderurgicas de Minas Gerais S.A. (Caa1 - RuR
Down) shareholders, approved by the Board of Directors, is credit
positive but does not fully address the company's liquidity
issues.


USINAS SIDERURGICAS: Fitch Cuts Issuer Default Ratings to 'C'
-------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) of Usinas Siderurgicas de Minas Gerais S.A.
(Usiminas) to 'C' from 'B-' and the National rating to C(bra)'
from 'BBB-(bra)'.  In addition, Fitch has removed the IDRs from
Rating Watch Negative.  Fitch also downgraded Usiminas' senior
unsecured notes to 'C/RR4' from 'B-/RR4'.

The downgrades reflect an expectation that Usiminas will likely
enter into an agreement with its creditors that will allow for
sufficient time to receive a capital injection, as per the
company's Notice to the Market dated March 11, 2016.  The high
probability of Usiminas entering into a standstill agreement with
its creditors is commensurate with a rating of 'C'.

However, Fitch views the BRL1 billion capital increase approved by
Usiminas' board of directors to be insufficient for curtailing the
company's level of cash flow burn in the long term.  The company's
capital structure is unsustainable, in our view, and would likely
need additional resources to survive a prolonged period of
stagnant demand.  A debt restructuring would be unavoidable if
Usiminas is unable to refinance its bank maturities and complete
its capital injection in the near term.

                         KEY RATING DRIVERS

Unmanageable Liquidity Position: Usiminas' cash on hand as of
Dec. 31, 2015, cannot cover maturities through 2016.  Usiminas'
plans for an equity injection and refinancing of its bank debt are
absolutely necessary in order to manage its financial obligations.
Usiminas breached its net debt / EBITDA covenant of 3.5x at year-
end 2015 based on its bank debt, which the company was able to
negotiate waivers on.  Fitch does not believe Usiminas will be
able to comply with this covenant requirement over the next two
years, resulting in additional waivers required.

Unsustainable Leverage: Fitch projects Usiminas' net leverage will
increase well above 14x during 2016 despite the company's plan to
raise BRL1 billion of equity to offset its high level of cash flow
burn.  Weakening credit metrics will go unabated unless Usiminas
receives additional equity and/or completes asset sales during
2016 and 2017.  Fitch expects Usiminas to have difficulty raising
cash through asset sales, as the company has very limited non-
strategic assets it could dispose of, coupled with the inability
to monetize any asset sales at maximum value given current market
conditions.  The company's current credit profile is untenable, as
Fitch expects EBITDA generation to remain dismal in 2016 and 2017.

Cashflow to Remain Under Pressure: Fitch project Usiminas will
generate negative free cash flow (FCF) during the next two years.
Declining international steel prices, increased energy prices,
high tax and interest rate burdens have all put downward pressure
on the company's operating cash flow generation and will persist
through 2016.  The company's expectations of lower capex
requirements and improved working capital management will likely
not lead to any material changes in FCF generation over the short
term.

Progressive Deterioration of Domestic and Worldwide Steel Markets:
Flat steel consumption in Brazil was down 18% during 2015 with
limited expectations for recovery over the near term.  Brazil's
industrial sector has unrelentingly decreased its demand for steel
with continued weakening in the automotive, household appliances,
and civil construction sectors.  The global steel market was
negatively impacted by Chinese steel producers who increased their
exports by approximately 20% to 112 million tons and accounted for
over one-third of global exports in 2015.  Increased Chinese
exports have put significant downward pressure on global steel
prices and driven down global installed capacity utilization
levels.

Brutal Operating Environment: Usiminas reported a 21% decline in
domestic steel volumes sold as weaker demand levels were
experienced across many of the company's end markets.  Partially
offsetting the decline in domestic demand was an increase in steel
exports, particularly to the U.S. and Argentina.  Steel volumes
exported represented 27% of total volumes sold during 2015, an
increase from 17% from the prior year.  However, the offset in
volumes sold in the domestic market compared to the export market
will likely lead to further profitability deterioration due to
lower pricing power and increased working capital needs for
exports.

Unprofitable Iron Ore Business: Usiminas has no ability to
generate cashflow from its iron ore business due to lack of port
access.  Usiminas cancelled its contract with the Sudeste Port
during June 2015 after the port failed to open after more than
three years of delays.  Other major ports are owned by Vale and
CSN which export their own iron ore.

                          KEY ASSUMPTIONS

Fitch's base case for the issuer includes these assumptions:

    -- 35% drop in steel volumes in 2016;
    -- 5% increase in domestic prices;
    -- 0% increase in export prices;
    -- 2016 EBITDA margin between 3%-5%.

                        RATING SENSITIVITIES

Fitch would downgrade Usiminas' ratings to Restricted Default (RD)
if the company is unable to meet its financial obligations
following the standstill.

An upgrade of the ratings for Usiminas could occur following the
completion of its standstill with creditors, successful
refinancing of its bank debt to beyond 2018, and receipt of its
expected equity injection.

                              LIQUIDITY

Usiminas' consolidated liquidity position has declined to BRL2
billion as of Dec. 31, 2015, compared to BRL2.9 billion as of
Dec. 31, 2014, and Fitch expects further erosion. Usiminas
reported BRL319 million of cash and cash equivalents at the
holding company level as of Dec. 31, 2015, compared to BRL800
million as of Dec. 31, 2014.  The company's cash-to-short-term
debt ratio was 1.1x as of Dec. 31, 2015, compared to 1.7x as of
Dec. 31, 2014.  Usiminas will face refinancing issues for its
amortization profile during 2016 and beyond if it does not
lengthen its maturity schedule.  The company's debt profile
consists of BRL1.9 billion of maturities due in 2016 and BRL1.8
billion of maturities due in 2017.

                       FULL LIST OF RATING ACTIONS

Fitch has downgraded Usiminas' ratings as:

   -- Foreign currency Long-term IDR to 'C' from 'B-';
   -- Local currency Long-term IDR to 'C' from 'B-';
   -- National scale rating to 'C(bra)' from 'BBB-(bra)';
   -- US$400 million notes due 2018 to 'C/RR4' from 'B-/RR4'.

Fitch has removed the ratings from Rating Watch Negative.


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


AUBISQUE UK: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Aubisque UK Investments Limited received on
Feb. 26, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BELLINGHAM INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Jan. 22, 2016, the sole shareholder of Bellingham Investments
Fund 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:

          John S. Sullivan
          c/o Tim Cone
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


BOR COMPANY: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on Jan. 19, 2016, the
sole shareholder of Bor Company Ltd resolved to voluntarily wind
up the company's operations.

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

The company's liquidator is:

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


DANYORI CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Danyori Capital Limited received on Feb. 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: 945 7676


DIARY INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Diary Investments Ltd. received on Feb. 29, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


DUBAI ENVIRONMANTAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Dubai Environmantal Services International US
Ltd. received on Feb. 29, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


GP MANAGEMENT III: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of GP Management III Ltd received on Feb. 23,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced liquidation proceedings on Jan. 22, 2016.

The company's liquidator is:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


INTERNATIONAL INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------------
The members of International Investment Management Group received
on Feb. 29, 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


KEYSTONE LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Keystone Limited received on Feb. 23, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MACQUARIE SPECTRUM: Members Receive Wind-Up Report
--------------------------------------------------
The members of Macquarie Spectrum Holdings No.1 Limited received
on March 11, 2016, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Darren Riley
          c/o Summit Management Limited
          Governors Square, Suite # 4-210
          23 Lime Tree Bay Avenue
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands


MIDSHIPS CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 22, 2016, the sole shareholder of Midships Capital Fund
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Hilltop Park Associates LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


MIDSHIPS CAPITAL MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On Jan. 22, 2016, the sole shareholder of Midships Capital Master
Fund Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Hilltop Park Associates LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


MYOLD INC: Placed Under Voluntary Wind-Up
-----------------------------------------
On Jan. 8, 2016, the sole shareholder of Myold Inc resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

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


NOVATO CORP: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 6, 2016, the sole shareholder of Novato Corp resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

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


RBS SPECIAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of RBS Special Opportunities General Partner
(Cayman) Limited received on Feb. 24, 2016, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due Today
------------------------------------------------------------
The creditors of Residential Reinsurance 2011 Limited are required
to file their proofs of debt today, March 18, 2016, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 19, 2016.

The company's liquidators are:

          James Trundle
          Kevin Poole
          171 Elgin Avenue, Willow House
          P.O. Box 10233 Grand Cayman
          Cayman Islands
          Telephone: 914-2270/ 949-5263
          Facsimile: 949-6021


RIPALA INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Ripala Investment Ltd. received on Feb. 29, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


SONICA INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 21, 2015, the sole shareholder of Sonica International
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Sonica Capital LLC
          c/o Ridhiima Kapoor
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


WOODS FURNITURE: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 15, 2016, the shareholders of Woods Furniture & Design
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 liquidators are:

          Russell Smith
          Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands


YTAM OVERSEAS: Members Receive Wind-Up Report
---------------------------------------------
The members of YTAM Overseas Ltd. received on Feb. 29, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


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


JAMAICA: Consumers Face Largest Hike in Gas Prices in Over a Year
-----------------------------------------------------------------
RJR News reports that the price of gasoline is to record its
biggest increase in just over a year.

Petrojam will this week hike the price of gasoline by $3.43 -- the
increase takes the price to the highest in two months, according
to RJR News.

The price of regular diesel increases as well, going up 81 cents
while low sulphur diesel increases by $1.58, the report relays.

Kerosene will cost $1.68 more. Propane cooking gas goes up 52
cents while butane increases by 37 cents.

Meanwhile, the price of oil rose sharply on Wednesday, March 16.

Oil for delivery in April rose 6 per cent or $2.12 cents to $38.46
cents a barrel, the report adds.

                           *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


MEXICO: Foreign Reserves Drop by $4 Million
--------------------------------------------
Latin American Herald reports that Mexico's foreign reserves fell
by $4 million to $176 billion last week, the Bank of Mexico said.

Gold and foreign currency reserves fell in the week ending March
11 due to purchases of dollars by the government from the central
bank, the Bank of Mexico said in a statement, according to Latin
American Herald.

Foreign reserves have fallen by $642 million since the end of
2015, the Bank of Mexico said, notes the report.

The M1 money supply, which includes currency, coins and demand
deposits, fell by MXN725 million (about $41 million) to nearly
MXN1.2 trillion (some $67.23 billion) last week, the central bank
said, the report notes.

The money supply has contracted by MXN48.23 billion ($2.71
billion) since Jan. 1, the report adds.



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


MORGANS HOTEL: Reports $5.45 Million Net Income for 2015
--------------------------------------------------------
Morgans Hotel Group Co. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing net income
attributable to common stockholders of $5.45 million on $220
million of total revenues for the year ended Dec. 31, 2015,
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, Morgans Hotel had $562 million in total
assets, $771 million in total liabilities and a $209 million total
deficit.

As of Dec. 31, 2015, the Company had approximately $45.9 million
in cash and cash equivalents.  The Company also had $12.9 million
of restricted cash as of Dec. 31, 2015, which consisted primarily
of cash held in escrow accounts for debt service or lease
payments, capital expenditures, insurance programs, and taxes.

"Our ability to pay interest and dividends on, and the outstanding
balances of, our debt and our Series A preferred securities, fund
our operations, and make anticipated capital expenditures depends
upon our future operating performance and our ability to monetize
the Hudson and Delano South Beach hotels.  Prevailing economic
conditions, our ability to consummate the monetization of our
owned real estate assets, if at all, and financial, business and
other factors, many of which are beyond our control, will affect
our ability to make these payments and fund operations."

"Currently, we do not intend to invest in new development projects
until we ascertain the expected net proceeds we could receive from
the sale of the Hudson and Delano South Beach hotels.  In
addition, we may need to reduce operating expenses or delay
certain capital expenditures in the event that operating results
are below expectations, further additional restructuring and non-
operating costs are incurred, or the closing of the contemplated
Hudson and Delano South Beach asset sales or the termination of
certain management agreements, and related receipt of termination
fees, are delayed."

"We believe that based on current and anticipated levels of
operations and conditions in our industry and markets, a
combination of cash on hand, proceeds from the planned asset sales
and internally generated funds will be adequate to fund our
current level of operational needs for the next twelve months."

A full-text copy of the Form 10-K is available for free at:

                     http://is.gd/b7ec1U

                  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.


NORFE GROUP: Schedules $17.3M in Assets, $31.4M in Debt
------------------------------------------------------
Norfe Group Corp. filed with the U.S., Bankruptcy Court for the
District of Puerto Rico amended schedules of assets and
liabilities, disclosing:

   Name of Schedule                   Assets       Liabilities
   ----------------                   ------       -----------
A. Real Property                 $14,500,000

B. Personal Property              $2,769,436
C. Property Claimed as Exempt
D. Creditors Holding
   Secured Claims                                   $6,842,181
E. Creditors Holding Unsecured
   Priority Claims                                      $2,838
F. Creditors Holding Unsecured
   Non-priority Claims                             $24,596,571
                                 -----------       -----------
TOTAL                            $17,269,436       $31,441,591

The Debtor disclosed total assets of $14.9 million and debt of
$25.4 million in the previous iteration of the schedules.

A copy of the company's amended schedules is available without
charge at http://is.gd/9VcSDO

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


VILLAGE DEVELOPMENT: Case Summary & 15 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: The Village Development Corporation
        PO Box 191427
        San Juan, PR 00919 1427

Case No.: 16-02021

Chapter 11 Petition Date: March 15, 2016

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

Debtor's Counsel: William M Vidal Carvajal, Esq.
                  WILLIAM VIDAL CARVAJAL LAW OFFICES
                  MCS Plaza
                  255 Ponce De Leon Ave Suite 801
                  San Juan, PR 00917
                  Tel: 787-764-6867 - 399-6415
                  Fax: 787-764-6496
                  E-mail: william.m.vidal@gmail.com

Total Assets: $84,862

Total Liabilities: $1.24 million

The petition was signed by Rafael E. Rodriguez Torres, president.

A list of the Debtor's 15 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-02021.pdf


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


ARCELOR MITTAL: TTMA Hits Firm for Closing Operations & Job Cuts
----------------------------------------------------------------
Trinidad and Tobago Newsday reports that the Trinidad and Tobago
Manufacturers' Association (TTMA) chided global steel giant,
Arcelor Mittal, for firing its local workforce ahead of shutting
down operations, and offered to help the 644 employees get new
jobs.  "It is most unfortunate that a company that has received so
much from the government and people of Trinidad and Tobago would
treat its people with such an apparent lack of concern," slammed
the TTMA, according to Trinidad and Tobago.

The Association invited the dismissed workers to explore new jobs
in the manufacturing sector, the report notes.

"Affected persons seeking employment may also register with the
TTMA careers website so that their skills may be searched for by
employers who may not have jobs posted but are nonetheless looking
for skilled citizens," TTMA said, the report relays.

The TTMA also proposed to work with the State to hold a job fair
soon for the displaced workers to learn of job opportunities in
the manufacturing sector, the report adds.


                            ***********


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 * * *