TCRLA_Public/160323.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

            Wednesday, March 23, 2016, Vol. 17, No. 58


                            Headlines



B R A Z I L

AGENCIA DE FOMENTO: Fitch Affirms 'BB+' Issuer Default Ratings
PETROLEO BRASILEIRO: Incurs BRL36.9BB Net Loss in 4th Quarter


C A Y M A N  I S L A N D S

ALPHARD CAPITAL: Commences Liquidation Proceedings
BLUE TREE: Creditors' Proofs of Debt Due March 28
CA BERLIN: Court Enters Wind-Up Order
CRANBERRY HOLDINGS: Creditors' Proofs of Debt Due March 28
ESTE INVESTMENTS: Placed Under Voluntary Wind-Up

EXS CASH: Court Enters Wind-Up Order
EXS FUND: Court Enters Wind-Up Order
INFINITI PREMIUM: Commences Liquidation Proceedings
KANTA HOLDINGS: Creditors' Proofs of Debt Due March 28
ONIL INVESTMENTS: Creditors' Proofs of Debt Due March 28

PD GERMANY: Court Enters Wind-Up Order
PIGNA INVESTMENT: Placed Under Voluntary Wind-Up
RV DRESDEN: Court Enters Wind-Up Order
SANDBOURNE FUND: Commences Liquidation Proceedings
SEA2 LIMITED: Commences Liquidation Proceedings


C O L O M B I A

* Colombia Face More Challenges in Weak Global Condition, IMF Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Industrialists Urge to End Fenatrado Monopoly


P E R U

* PERU: Central Bank Seen Weighing Intervention on Sol Strength


P U E R T O    R I C O

ALLIED FINANCIAL: Hires Jose Jimenez as Accountant
DF SERVICING: Files Amended Schedules of Assets & Liabilities
DF SERVICING: Joint Administration of Cases Granted
LAS AMERICAS: Wants ALD Enjoined from Prosecuting State Court Suit
LAS AMERICAS: ALD Asks Court to Dismiss Ch. 11 Case


T R I N I D A D  &  T O B A G O

CL FIN'L: TT$7 Billion From Sale, Minister Imbert Says


                            - - - - -


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


AGENCIA DE FOMENTO: Fitch Affirms 'BB+' Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Agencia de Fomento
do Parana S.A.'s (FP) Long-Term National Rating to Stable from
Negative. At the same time, Fitch has affirmed FP's long-term
National Ratings and Issuer Default Ratings (IDRs). The Outlook on
the IDRs remains Negative.

A full list of rating actions follows at the end of this release.

Key Rating Drivers
The rating actions on FP follow the same actions taken on its
controlling shareholder, the State of Parana (EPR). The revision
of the Outlook for the Long-Term National Rating and the
affirmation of EPR's ratings reflect its better than previously
forecast revenue generation, after the state implemented a tax
increase approved at the end of 2014. EPR's operating margin,
according to adjustments made by Fitch, reached 4.9%, factoring in
the adoption of a few measures to curb expenses and improve
revenues to a sustainable level.

FP's IDRs and National ratings are equal to those of EPR,
reflecting the expectation of institutional support from its
controller. FP belongs to EPR and its mission is to foster the
development of the region and its 399 municipalities. For this
purpose, it manages state development funds, giving support to
sectors considered strategic for the government. Fitch considers
FP strategic for EPR, since it is part of the public policies
implemented by the entity.

The Negative Outlook on FP IDRs also follows that of EPR, which,
in turn, follows that of Brazil's sovereign rating. The Negative
Outlook on Brazil's IDRs highlights the continued uncertainties
and negative risks related to the country's economic, fiscal and
political developments.

A large part of FP's credit portfolio relies on good guarantees,
given its strong relationship with the state municipalities
(responsible for 78% of the total portfolio) and the fact that it
operates with attractive rates. However, despite still being good,
the credit quality showed significant deterioration in June 2015,
as a result of FP's strategy to increase the private credit
(microcredit and financing to micro, small and medium-size
companies). Non-performing loans (classified as D-H) increased to
3.3% in June 2015, from 0.9% in December 2014 and require
attention in view of the deteriorated local economic environment.
Loan loss coverage has decreased strongly and was only 64% in June
2015, against 118% in December 2014 and 184% in 2013.

Delinquency control is key for the maintenance of FP's results, in
view of its reduced margin. FP's profitability/net equity (6% in
June 2015) is adequate as far as being a development agency, with
interest rates charged on credit operations lower than those
practiced by traditional institutions in the banking sector.
Furthermore, FP operates nearly completely with its own funds and
low leverage (net equity/total liabilities: 91%), which explains
the high return on assets (ROA: 5.4%). According to local rules,
FP cannot capture deposits and financial bills.

Given the low leverage, the regulatory capital ratios and Fitch's
core capital are very high (77.1% in June 2015), without
intangible assets and subordinated debts. FP was recapitalized
with BRL150 million in 2014 after a BRL150 million capital
withdrawal in 2013.

Rating Sensitivities
Any changes to EPR's ratings, its propensity to support FP, or in
Fitch's evaluation of the agency's strategic importance for the
controller can result in rating revisions.

FULL LIST OF RATING ACTIONS:

Fitch has affirmed the following:
-- Long-Term Foreign and Local Currency IDRs at 'BB+'; Outlook
    Negative;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- Support Rating at '3';
-- Long-Term National Rating at 'AA(bra)'; Outlook revised to
    Stable from Negative;
-- Short-Term National Rating at 'F1+ (bra)'.


PETROLEO BRASILEIRO: Incurs BRL36.9BB Net Loss in 4th Quarter
-------------------------------------------------------------
Jeb Blount and Marta Nogueira at Reuters report that Brazil's
state-controlled oil company Petroleo Brasileiro SA posted its
biggest-ever quarterly loss after booking a large writedown for
oil fields and other assets as oil prices slumped and refinery
projects faltered.

Petroleo Brasileiro SA, as the company at the epicenter of
Brazil's massive corruption scandal is commonly known, had a
consolidated net loss of BRL36.9 billion ($10.2 billion) in the
fourth quarter, according to a securities filing, Reuters notes.

The bigger-than-expected shortfall was 48 percent larger than the
BRL26.6 billion-real loss a year earlier, the previous record, the
report notes.  It also turned the company's full-year 2015 result,
which was positive through September, into a full-year loss, the
report relays.

For a second year in a row, Chief Executive Officer Almir Bendine
said, Petrobras will not pay dividends to either its government or
non-government investors and it plans to make no bonus payments to
employees, the report discloses.

The result caught analysts and investors by surprise.  The largest
fourth-quarter loss expected in a Reuters survey of analysts was
BRL9.7 billion.  Petrobras common shares PBR.DG (PBR.N) fell 5.5
percent in after-hours electronic trading in New York, after the
results were released, the report discloses.

The red ink at Petrobras was driven by a 46 percent decline in the
price of benchmark Brent crude oil LCOc1, a drop that has driven
up losses and caused writedowns throughout the global oil
industry, the report says.

Of the BRL46.4 billion written off in the quarter, 83 percent was
for oil fields, the report notes.  A year earlier, writedowns were
also the cause of Petrobras losses, although they were largely
related to the giant price-fixing, bribery and political kickback
scandal that has roiled the company and help fuel calls for the
impeachment of Brazilian President Dilma Rousseff, the report
discloses.

Rousseff, who was chairwoman of the board of Petrobras from 2003
to 2010 when much of the corruption took place, has denied any
wrongdoing, the report notes.

Petrobras' poor result also bodes poorly for Brazil's economy.
Brazil's biggest company and largest investor has been slashing
spending and laying off thousands in the wake of the scandal and
oil price drop, helping deepen the country's worst recession in
decades, the report says.

Net sales, or sales minus sales taxes, totaled BRL85.1 billion in
the quarter and adjusted earnings before interest, taxes,
depreciation and amortization, or EBITDA, were BRL17.1 billion,
the report relays.

The fourth quarter result pushed the company's full-year 2015
result to a BRL34.8 billion loss, the report notes.

The company, though, did manage to increase its cash position at
the end of the period to BRL97.8 billion from BRL44.2 billion by
cutting investments, the report says.  That provided it a bigger
cushion to pay its BRL492.8 billion, or $126.2 billion, of debt at
the end of the quarter, the report discloses.

Mr. Bendine told reporters, the company can generate enough cash
to make all its debt payments through the end of 2017 without
needing to raise new capital, even if its plan to sell about $14
billion of assets this year runs into trouble, the report notes.

"Even if we hit a road-bump we have sufficient cash through 2017,"
Mr. Bendine said.  "This doesn't mean if we have good
opportunities to raise cash or lengthen maturities we won't do
it," he added.

Total debt in reais, though, was 40 percent greater at the end of
2015 than a year earlier, the report notes.

The biggest non-oil-field write-off was BRL5.28 billion for the
company's unfinished Comperj refinery near Rio de Janeiro, whose
ballooning costs and repeated delays were one of the key focuses
of the Petrobras corruption scandal, the report says.

Start-up of the refinery has been pushed back to at least 2023
because Petrobras has been unable to find a partner to help
finance the plant's completion, company officials said, the report
discloses.

As reported in the Troubled Company Reporter-Latin America on Feb.
26, 2016, Moody's Investors Service downgraded all ratings for
Petroleo Brasileiro S.A. - PETROBRAS ("Petrobras")'s and ratings
based on Petrobras' guarantee, including the company's senior
unsecured debt and Corporate Family Rating to B3 from Ba3. The
company's baseline credit assessment (BCA) was lowered to caa2
from b3. At the same time, Moody's downgraded Petrobras Argentina
S.A. ("PESA")'s ratings, including its senior unsecured medium
term note program and Corporate Family Rating to B3 from B2, in
line with the senior unsecured rating of Petrobras.



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


ALPHARD CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 27, 2016, the sole shareholder of Alphard Capital
Management resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 16, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Martin Allen
          Correg. De Bella Vista
          Nuevo Reparto El Carmen
          Via Grecia
          BV757 Edificio Angie Luige 4 Apart. 8
          Republic of Panama
          c/o Paolo Ferrari
          Telephone: +507 308 9800


BLUE TREE: Creditors' Proofs of Debt Due March 28
-------------------------------------------------
The creditors of Blue Tree Holdings are required to file their
proofs of debt by March 28, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 3, 2016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


CA BERLIN: Court Enters Wind-Up Order
-------------------------------------
On Jan. 27, 2016, the Grand Court of the Cayman Islands entered an
order to wind up the operations of CA Berlin Project Company, Ltd.

The company's liquidators are:

          Matthew Wright
          Christopher Kennedy
          RHSW (Cayman) Limited
          P.O. Box 897, Windward 1
          Regatta Office Park, Grand Cayman KY1-1103
          Cayman Islands


CRANBERRY HOLDINGS: Creditors' Proofs of Debt Due March 28
----------------------------------------------------------
The creditors of Cranberry Holdings Ltd. are required to file
their proofs of debt by March 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 3, 3016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          Bermuda Trust Company Limited
          Compass Point, 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


ESTE INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------
On Feb. 3, 2016, the sole shareholder of Este Investments Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 15, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Zedra Holdings (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


EXS CASH: Court Enters Wind-Up Order
------------------------------------
On Jan. 20, 2016, the Grand Court of the Cayman Islands entered an
order to wind up the operations of EXS Cash Plus Segregated
Portfolio.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          Windward 1, Regatta Office Park
          P.O. Box 897 Cayman Islands
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


EXS FUND: Court Enters Wind-Up Order
------------------------------------
On Jan. 20, 2016, the Grand Court of the Cayman Islands entered an
order to wind up the operations of EXS Fund (SPC) Ltd.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          Windward 1, Regatta Office Park
          P.O. Box 897 Cayman Islands
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


INFINITI PREMIUM: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 11, 2016, the shareholders of Infiniti Premium Resources
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 14, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Margot Macinnis
          Borrelli Walsh (Cayman) Limited
          Harbour Place, Ground Floor
          103 South Church Street
          Suite 731, 10 Market Street Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands
          Telephone: +345 743 8800
          Facsimile: +345 743 8801


KANTA HOLDINGS: Creditors' Proofs of Debt Due March 28
------------------------------------------------------
The creditors of Kanta Holdings are required to file their proofs
of debt by March 28, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 3, 2016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


ONIL INVESTMENTS: Creditors' Proofs of Debt Due March 28
--------------------------------------------------------
The creditors of Onil Investments Limited are required to file
their proofs of debt by March 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 4, 2016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


PD GERMANY: Court Enters Wind-Up Order
--------------------------------------
On Jan. 27, 2016, the Grand Court of the Cayman Islands entered an
order to wind up the operations of PD Germany Project Company I,
Ltd.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


PIGNA INVESTMENT: Placed Under Voluntary Wind-Up
------------------------------------------------
On Feb. 5, 2016, the sole shareholder of Pigna Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 7, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Appleby Tower, 4th Floor
          71 Fort Street
          George Town, Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


RV DRESDEN: Court Enters Wind-Up Order
--------------------------------------
On Jan. 27, 2016, the Grand Court of the Cayman Islands entered an
order to wind up the operations of RV Dresden Project Company,
Ltd.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


SANDBOURNE FUND: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 28, 2016, the sole shareholder of Sandbourne Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 16, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands
          Telephone: (345) 815 4558


SEA2 LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 29, 2016, the shareholder of SEA2 Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 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 Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100


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


* Colombia Face More Challenges in Weak Global Condition, IMF Says
------------------------------------------------------------------
An International Monetary Fund (IMF) mission, headed by Jorge
Roldos, visited Bogota during March 7-18, 2016 to conduct the
country's annual Article IV consultation, part of the IMF's
regular surveillance of all member countries.  At the end of the
discussions, Mr. Roldos issued the following statement:

Colombia's strong policy framework and timely policy actions
allowed the economy to withstand the large decline in oil prices
and post one of the strongest growth performances in the region in
2015.  However, the near-term outlook poses additional challenges
as the country faces a further weakening in global and regional
conditions as well as local weather-related shocks, with less
space for countercyclical policies. The authorities' proactive and
coordinated policy response will help continue an orderly
adjustment process needed to reduce macroeconomic imbalances and
restore growth in the near-term. The medium-term outlook is
favorable, with growth projected to gradually pick up supported by
the authorities' infrastructure and development agenda.

An orderly adjustment with remarkable resilience
Colombia showed strong resilience to changing global conditions in
2015. Despite facing a terms-of-trade shock larger than most of
its peers, Colombia posted one of the highest growth rates in the
region and achieved important social gains with improvements in
poverty reduction and income inequality. Growth was underpinned by
a relatively resilient growth in real private consumption. The
decline in oil prices eroded exports and fiscal revenue, and led
to a strong depreciation of the peso which fueled inflationary
pressures as the external adjustment process got under way. The
central government reaffirmed its commitment to the fiscal rule
and achieved its structural balance target through timely
expenditure cuts and revenue increases from the end-2014 tax
reform. The central bank initiated a tightening cycle in September
to ensure the anchoring of inflation expectations and contain the
widening current account deficit. Latest data suggests the policy
tightening has started to be transmitted to the economy through a
welcome moderation in credit and domestic demand, while there are
some initial signs that the currency depreciation is boosting
industrial activity and that inflation expectations have started
to moderate.

               Policies to engineer a "soft landing"

Further policy tightening will help guide the economy through an
additional weakening in global conditions during 2016. The
Colombian economy is facing a further large decline in oil prices
relative to our last consultation but with somewhat weaker initial
conditions than in 2015. Inflation is above target, the current
account deficit and public debt have further increased, and the
availability of external financing has weakened somewhat -- as in
other emerging markets. In this context, the mission welcomes the
proactive and coordinated policy response from the authorities.
The central government's commitment to contain the headline fiscal
deficit through well-targeted expenditure cuts together with some
further monetary policy tightening will help moderate domestic
demand and contribute to the adjustment of the external current
account deficit to a more modest level of capital inflows. The
mission welcomes the authorities' efforts to protect key social
programs from the expenditure cuts announced in February, and also
notes that if growth were to weaken further, additional cuts might
be needed. The mission is encouraged by the authorities' effective
debt-management operations which reduces financing needs.
Depending on macroeconomic conditions, monetary policy will
continue to be tightened to guide inflation expectations toward
the target band. The floating exchange rate will remain the first
line of defense against swings in global financial conditions,
while the central bank's transparent foreign currency intervention
mechanism will prevent disorderly movements in the exchange rate
and ease liquidity pressures. Under this policy-induced moderation
in domestic demand, the mission projects growth to moderate to 2.5
percent in 2016, helping set the foundations for faster growth in
the medium term.

   Slowdown to be followed by a gradual but steady recovery

The medium-term outlook is favorable. The mission projects growth
to gradually improve over the medium-term and reach 4.3 percent in
2020 supported by the 4G infrastructure agenda and some recovery
in non-traditional exports and oil prices. The current account
deficit will gradually decline and approach its medium-term
sustainable level through a combination of import compression and
export expansion. The mission welcomes the authorities' structural
reform agenda, which is rightly focused on strengthening business
competitiveness including through simplified customs procedures,
infrastructure investment and a streamlined regulatory framework.
The mission supports progress in the 4G agenda, including
innovative funding structures and the timely sale of ISAGEN.
Moreover, other reform measures to strengthen education and
disseminate managerial best practices and innovation, reduce
subsidies and import tariffs, stand to facilitate the needed
productive transformation and diversification away from
commodities.

The mission shares the authorities' urgency for the adoption of a
structural tax reform that mobilizes revenue and improves
progressivity and business competitiveness. The additional revenue
is essential to help protect key infrastructure and social
programs while complying with the fiscal rule. The mission
welcomes the thrust of the recommendations of the commission of
tax experts and encourages the authorities to seek a prompt
approval and implementation of their own version of the reform.
The authorities' commitment to clearly specify all peace-related
expenditures in the upcoming medium-term fiscal framework is also
welcome.

The external environment continues to pose further downside risks
but there are also upside risks. The main risks stem from
Colombia's still significant near-term external financing needs
and potential capital inflow reversals resulting from volatile
global financial conditions. Further declines in oil prices could
fuel additional currency depreciation and inflation. On the
upside, bringing the peace process to fruition could further
improve business confidence and capital inflows, reinforcing the
recovery that will follow the necessary adjustment process.
Macro-financial linkages require a sharpened focus and continued
vigilance.

The financial system was also resilient to changing global
financial conditions and a slowdown in credit but there is a need
for continued vigilance. The real growth in bank credit has
moderated in recent months but some areas are still growing at a
fast pace. Consumption-related credit has slowed down more
markedly in line with subdued durable-good consumption; however,
commercial credit has remained buoyant due in part to corporates'
efforts to replace external credit lines. Corporate and household
leverage remains modest by international standards. However, some
corporate sectors exhibit a weaker financial position, but their
impact on banks balance sheets remain contained. Liquidity
pressures have risen in some parts of the financial system as a
result of changes in intermediaries' liabilities structure and the
associated increase in funding cost, but they remain manageable.
The mission welcomes the authorities' continued surveillance and
analysis of corporate developments and their impact on the
financial system under various stress scenarios.

The mission welcomes the authorities' continued efforts to improve
financial supervision and regulation. Since December 2015 the
supervisor has the authority to impose higher levels of capital
and liquidity to financial institutions that exhibit a higher risk
profile, enhancing its ability to manage potential financial
vulnerabilities. The mission welcomes recent supervisory
assessments of financial institutions solvency and liquidity
positions and more stringent stress tests that would help detect
and address emerging vulnerabilities in the current juncture.

The mission encourages the supervisory authority to engage in
further communication efforts to explain the peculiarities of the
Colombian regulatory regime and the strengths of the supervisory
framework. The mission also welcomes recent efforts to identify
systemic conglomerates and stressed the important to approve the
financial conglomerates law which would further expand the
authorities' ability to manage risks including those stemming from
cross-border operations.


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


DOMINICAN REP: Industrialists Urge to End Fenatrado Monopoly
------------------------------------------------------------
Dominican Today reports that Herrera and Santo Domingo Province
Industries Association (AEIH) President Antonio Taveras urged the
government, the private sector and the political organizations to
start legal proceedings against the truckers' association
(Fenatrado).

According to a press release published by Diario Libre, Taveras
described the truckers' association cargo monopoly as "one of the
greatest distortions in the Dominican Republic's economy,"
Dominican Today notes.

The AEIH president also referred to the so-called unions as very
powerful companies that impose their own law on the ports,
subjecting business owners to their rates and conditions,
according to Dominican Today.  "This group is used to ending their
differences by appealing to violence, blackmail and vandalism."

Fenatrado president Blas Peralta is currently being held in pre-
trial custody, accused of the murder of former Santo Domingo State
University (UASD) rector Mateo Aquino Febrillet over a dispute on
elected posts in San Cristobal province, Dominican Today 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'.


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


* PERU: Central Bank Seen Weighing Intervention on Sol Strength
---------------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Peru's central bank
has been contacting local traders to test the waters on a possible
intervention in the market after the sol reached its strongest
level since November, according to Morgan Stanley and Citigroup
Inc.

The central bank is considering buying dollar swaps in a sign to
the market that it wants to slow down the appreciation of the
sol -- which means sun in Spanish -- and calm volatility,
Citigroup said in a note to clients, according to Bloomberg News.
Morgan Stanley also mentioned talks of an intervention in a note
to clients.

The sol has strengthened 0.1 percent to 3.33 percent as of 9:45
a.m. on March 15 in Lima, trimming an earlier gain of 0.4 percent,
according to prices provided by Datatec, the strongest level for
the currency since last November, the report relays.  So far this
month, the sol has gained 5.7 percent, on course for its first
monthly appreciation in almost two years, the report notes.

"For a market of the size of Peru's the moves are quite out of the
normal," said Alejandro Cuadrado, head of Latin America FX
strategy at Banco Bilbao Vizcaya Argentaria SA in New York, the
report discloses.  "We've seen flows entering the Peruvian market,
which have been compounded by low liquidity," he added.

Normal volume for the sol spot market is about $400 million per
day and March 14 volume was about half that number, Mr. Cuadrado
said, the report notes.

Morgan Stanley expects the Andean currency to weaken, but is
waiting to see if the central bank acts before selling the sol
against dollars, it said in the note. Currency intervention would
be a "huge" sign as the monetary authority has been selling
dollars and buying swaps since October 2014 to tame volatility,
Morgan Stanley said, the report discloses.


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


ALLIED FINANCIAL: Hires Jose Jimenez as Accountant
--------------------------------------------------
Allied Financial, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico for permission to employ Jose Jimenez,
CPA, CVA, CIRA, of Jimenez Vazquez & Associates, PSC, as
accountant.

Mr. Jimenez agreed to perform these tasks for the Debtor:

   1. assist in gathering and compiling the necessary information
required to file the Chapter 11 petition and court required
information and schedules;

   2. provide consulting services and assist the Debtor and her
attorney in documenting the reorganization plan to be filled in
the
case;

   3. prepare monthly operating reports, prepare financial
projects
and other relevant information as required and necessary;

   4. prepare all necessary tax returns to ascertain Debtor is in
full compliance with her fiscal responsibilities;

   5. assist the Debtor and her attorney in all matters related to
court instructions, transactions, and or information requests of
an accounting or financial nature.

The Debtor will pay Mr. Jimenez at $145 per hour.  Mr. Jimenez
also required a retainer of $4,000 and will paid upon approval of
the application for employment.

To the best of the Debtor's knowledge, Mr. Jimenez and the firm
are "disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.

Mr. Jimenez can be reached at:

         Jose Jimenez
         JIMENEZ VAZQUEZ & ASSOCIATES, PSC
         Calle 8 D-1 Valparaiso
         Toa Baja, P.R.
         P.O. Box 3774, Bayanon, PR
         Tel: (787) 447-0098
         Fax: (939) 338-2362

                     About Allied Financial

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


DF SERVICING: Files Amended Schedules of Assets & Liabilities
-------------------------------------------------------------
DF Servicing, LLC, filed with the U.S. Bankruptcy Court for the
District of Puerto Rico its amended schedules of assets
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                $2,160,000
  B. Personal Property            92,501,859
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $99,948,965
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $59,844,292
                                 -----------      -----------
        Total                    $94,661,859     $159,793,257

A copy of the amended schedules is available for free at:
http://is.gd/LCYtJ8

                        About DF Servicing

Engaged in the business of purchase and sale of construction
projects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC,
and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.
D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015.  The
petitions were signed by Mark Mashburn, the president.  Charles A
Cuprill, PSC Law Office, serves as counsel to the Debtors.


DF SERVICING: Joint Administration of Cases Granted
---------------------------------------------------
U.S. Bankruptcy Judge Enrique Lamoutte Inclan has approved the
administrative consolidation of the Chapter 11 cases of DF
Servicing, LLC, DF Tier I, LLC, DF Investments, LLC, and DF
Holdings LLC.  The Chapter 11 cases will be consolidated and
jointly administered under Case No. 15-10253.

                        About DF Servicing

Engaged in the business of purchase and sale of construction
projects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC,
and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.
D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015.  The
petitions were signed by Mark Mashburn, the president.  Charles A
Cuprill, PSC Law Office, serves as counsel to the Debtors.


LAS AMERICAS: Wants ALD Enjoined from Prosecuting State Court Suit
------------------------------------------------------------------
Las Americas 74-75, Inc., asks the U.S. Bankruptcy Court to enter
a preliminary injunction, and thereafter a permanent injunction,
enjoining ALD Acquisition, LLC, from impairing the Debtor's rights
under a Contract of Sale of Lot 74.

The Debtor asks the Court to specifically order ALD to cease and
desist from prosecuting in the State Court any cause of action
related directly or indirectly with the Sales Contract for Lot 74
executed by the Debtor and Walgreen de San Patricio, Inc.  The
Debtor further asks the Court to enjoin ALD from impairing the
Debtor's rights as to the consigned funds amounting to
$13,732,659.

The Debtor tells the Court that prior to the bankruptcy filing,
the Debtor and/or El Piex entered into financial facilities with
different banks which were guaranteed by separate liens over each
of the properties of the Debtor, and from which ALD acquired the
mortgage notes for Lot 74 from by Oriental Bank & Trust PR, the
Debtor alleges. The Debtor continues saying that on several
occasions, ALD approached the Debtor to purchase Lots 74 and 75,
and however, upon the Parties' failure to reach an agreement as to
the purchase price on the properties, ALD pursued the Debtor with
collection actions for the purpose of gaining title of the
properties through foreclosure. On the other hand, Walgreens
purchased Lot 74 for $16M and the Debtor consigned the amount of
$13,732,659 as full payment to ALD for liens over Lot 74, the
Debtor added.

The Debtor further avers that the State Court issued a Summary
Judgment in resolution to the clarification sought as to the
amount claimed, in which the Court: "declared that the total
amounts due under the loans were $12,757,000, determined that the
consignment of funds made by the Debtor was correct, ordered the
ALD to cancel the mortgage notes and explicitly left to the
parties the reconciliation of the debt." However, ALD refused to
accept payment from the Debtor and/or the consigned funds, instead
filed a claim in the Bankruptcy Court for the total amount of
$14,761,721 for which the Debtor filed an objection, the Debtor
continues.

The Debtor asserts that ALD's actions in the state court are an
attack against Walgreens, the Debtor, the Debtor's interest in the
property and property of the estate, and are geared to nullify the
sale of Lot 74 by the Debtor to Walgreens and the funds consigned
in the 2010 case. The actions of ALD expose the Debtor to possible
claims from Walgreens. The Debtor further asserts that the
Disclosure Statement and Plan of Reorganization have already been
filed and the main means of execution are the funds consigned from
the sale of the Lot 74 to Walgreens. If ALD's actions continue,
the reorganization of the Debtor will be thwarted and ALD's
interference with the contractual relationship between the Debtor
and Walgreens for the sale of Lot 74 will expose the Debtor and
the Debtor's estate to damages, the Debtor claims.

Although ALD filed a "Motion from Relief from the Automatic Stay"
requesting that the automatic stay be lifted in order to allow the
continuation of post judgment litigation in the 2010 Case,
however, as of this date ALD does not have an Order from the
Bankruptcy Court allowing it to proceed with the Appeal, thereby
making its actions blatant disregard to the protections afforded
to the Debtor by Section 362 of the Bankruptcy Code and are
violation of the automatic stay provision.

Las Americas 74-75, Inc. is represented by:

     Carmen D. Conde Torres, Esq.
     C. CONDE & ASSOC.
     San Jose Street #254, 5th Floor
     San Juan, P.R. 00901-1253
     Telephone: (787) 729-2900
     Facsimile: (787) 729-2203
     Email: condecarmen@condelaw.com

                   About Las Americas 74-75

Las Americas 74-75, Inc., was incorporated in 2004 by Porfirio
Guzman and Maria M. Benitez, and is the owner of certain real
estate property located at the Hato Rey Ward, in San Juan, Puerto
Rico, right next to the reorganized area of Plaza Las Americas.

Las Americas 74-75, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R., Case No. 15-01527) on March 2,
2015.

The petition was signed by Omar Guzman Benitez, vice president.

The case is assigned to Judge Edward Godoy.

Las Americas 74-75 tapped Carmen Conde Torres, Esq., at C. Conde &
Associates, in San Juan, Puerto Rico, as counsel; and Albert
Tamarez Vasquez as accountant.

Las Americas disclosed total assets estimated at $21.2 million and
total debt estimated at $18.7 million.


LAS AMERICAS: ALD Asks Court to Dismiss Ch. 11 Case
---------------------------------------------------
ALD Acquisition, LLC, asks the U.S. Bankruptcy Court to enter an
order dismissing Las Americas 74-75, Inc.'s Chapter 11 case.

ALD asserts that the Debtor's assets are primarily composed of
the consigned amount and Lot 75, and neither of which will
appreciate in value as a result of any efforts by Debtor or any
reorganization, nor will the Debtor's value be maximized through a
reorganization process, inasmuch as the value of Debtor's assets
is determined principally by market forces.

Furthermore, ALD stresses that the Debtor's financial problems
involve essentially a dispute between the Debtor and ALD which can
be adequately addressed and resolved in the pending State Court
Action, specifically since the disputed Lot 75 is the subject of a
foreclosure action as a result of arrearages on the Debtor's debt
where the CFI has in personam jurisdiction.

According to ALD, the Debtor is not engaged in any regularly
conducted business activity that would benefit from
reorganization, as evidenced by the Disclosure Statement and plan
of reorganization which contemplate the sale of substantially all
of its assets to pay creditors and the Debtor also has no
employees and no jobs to preserve.

As such, ALD claims that the Debtor's bankruptcy case does not
serve any legitimate bankruptcy purpose and the Plan is a
liquidating Chapter 11 plan that does not contemplate its
rehabilitation and continued operation. ALD emphasizes that the
Creditors' and the estate's best interest require the dismissal
of the Debtor's bankruptcy case so as to avoid the accumulation
of additional administrative expenses and consequent diminution of
the estate. Every additional dollar incurred in administering the
case is one dollar less that can be paid to creditors, ALD added.

Finally, ALD contends that if the Court declines to dismiss the
case, it should abstain from exercising jurisdiction over the same
pursuant to Section 305 of the Bankruptcy Code which gives the
Court the authority and discretion to abstain from exercising
jurisdiction over and dismissing an otherwise properly filed case
if "the interests of creditors and the debtor would be better
served by such dismissal."

The Debtor sought and obtained extension of its exclusive period
to file an Amended Disclosure Statement and Amended Plan of
Reorganization through March 15, 2016.

Las Americas 74-75, Inc. is represented by:

     Carmen D. Conde Torres, Esq.
     C. CONDE & ASSOC.
     San Jose Street #254, 5th Floor
     San Juan, P.R. 00901-1253
     Telephone: (787) 729-2900
     Facsimile: (787) 729-2203
     Email: condecarmen@condelaw.com

ALD Acquisition, LLC is represented by:

     Mohammad Saleh Yassin, Esq.
     Charles A. Cuprill-Hernandez, Esq.
     CHARLES A. CUPRILL, P.S.C., LAW OFFICES
     356 Fortaleza Street - Second Floor
     San Juan, PR  00901
     Telephone: (787) 977-0515
     Facsimile: (787) 977-0518
     E-mail: m.yassin@cuprill.com
             ccuprill@cuprill.com

               About Las Americas 74-75

Las Americas 74-75, Inc., was incorporated in 2004 by Porfirio
Guzman and Maria M. Benitez, and is the owner of certain real
estate property located at the Hato Rey Ward, in San Juan, Puerto
Rico, right next to the reorganized area of Plaza Las Americas.

Las Americas 74-75, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 15-01527) on March 2,
2015.

The petition was signed by Omar Guzman Benitez, vice president.

The case is assigned to Judge Edward Godoy.

Las Americas 74-75 tapped Carmen Conde Torres, Esq., at C. Conde &
Associates, in San Juan, Puerto Rico, as counsel; and Albert
Tamarez Vasquez as accountant.

Las Americas disclosed total assets estimated at $21.2 million and
total debt estimated at $18.7 million.


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


CL FIN'L: TT$7 Billion From Sale, Minister Imbert Says
------------------------------------------------------
Anna Ramdass at Trinidad Express reports that the government will
be recovering some TT$7 billion from the sale and wrapping up of
subsidiaries of CL Financial Limited, says Finance Minister Colm
Imbert.

This was disclosed by Minister Imbert at a news conference at the
Finance Ministry in the Eric Williams Financial Complex, Port of
Spain, according to Trinidad Express.

The report notes that Minister Imbert said he meets with the
Central Bank and this is an issue always on the agenda.

Minister Imbert said the Central Bank informed him that they have
advertised for sale, the traditional portfolio of Colonial Life to
some 17 entities in Trinidad and Tobago, the report relays.

Minister Imbert said with respect to Methanol Holdings
International Ltd (MHIL), a letter will soon go from the CL
Financial board to other shareholders of MHIL offering them the
shares as indicated in the shareholders' agreement, the report
notes.

Minister Imbert said they have to be offered to buy first as he
noted that evaluation price stood at TT$2 billion, the report
relays.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.  Colonial Life Insurance
Company Ltd. (CLICO) is a member of the CL Financial Group.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express said the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, saidd that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


                            ***********


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 * * *