TCRLA_Public/160330.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 30, 2016, Vol. 17, No. 62


                            Headlines



A R G E N T I N A

ARGENTINA: Telesur Weighs Response to Exit Plan


B E L I Z E

* BELIZE: IMF Says Real GDP Growth Reached 3.6 Percent in 2014


B R A Z I L

BANCO DAYCOVAL: S&P Affirms 'BB-/B' GS ICR; Outlook Remains Neg.
BRAZIL: Analysts Expect GDP to Contract 3.66%
GOL LINHAS: Hires PJT Partners as Financial Adviser
GOL LINHAS: S&P Lowers CCR to 'CCC-' & Removes from Watch Neg.


C A Y M A N  I S L A N D S

4228 LIMITED: Commences Liquidation Proceedings
ADVENTURE PETROLEUM: Members Receive Wind-Up Report
CI INVESTMENT: Shareholder to Hear Wind-Up Report on April 4
EQUIFIN RCH: Shareholders Receive Wind-Up Report
EXOTIX LATIN: Member Receives Wind-Up Report

GILAN HOLDINGS: Sole Member to Hear Wind-Up Report on April 12
INTERLEND HOLDINGS: Members to Hear Wind-Up Report on March 30
JELLYBEAN PROPERTY: Placed Under Voluntary Wind-Up
LEHMAN BROTHERS CDO: Court Enters Wind-Up Order
MAYFAIR PANTHER: Placed Under Voluntary Wind-Up

OMP INVESTMENTS: Members to Hear Wind-Up Report on March 30
ROOT INVEST: Commences Liquidation Proceedings
SBT VENTURE: Commences Liquidation Proceedings
SOLSTICE ABS: Creditors' Proofs of Debt Due March 30
SUETONE BALANCED: Commences Liquidation Proceedings

SUNBELL LIMITED: Shareholders Receive Wind-Up Report
TANBARK INVESTMENTS: Placed Under Voluntary Wind-Up
THEOREMA EUROPE: Commences Liquidation Proceedings
THEOREMA EUROPE +: Commences Liquidation Proceedings
ZAIS INVESTMENT: Creditors' Proofs of Debt Due March 30


C H I L E

LATAM AIRLINES: S&P Lowers CCR to 'BB-'; Outlook Negative


P U E R T O    R I C O

PUERTO RICO: Rescue Plan Advances, Led by House Republicans
PUERTO RICO: Bill Said to Have Investor Cram-Down Mechanism
SPORTS AUTHORITY: Gibson Dunn Tapped as Restructuring Co-counsel
SPORTS AUTHORITY: Hires FTI Consulting as Financial Advisor
SPORTS AUTHORITY: Hires Rothschild as Investment Banker

SPORTS AUTHORITY: Taps Kurtzman Carson as Administrative Advisor
SPORTS AUTHORITY: Gets Interim OK to Start Closing Store Sales


                            - - - - -


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


ARGENTINA: Telesur Weighs Response to Exit Plan
-----------------------------------------------
EFE News reports that international broadcaster Telesur, which is
based in Venezuela, said it was "studying a formal response" to
Argentina's plan to leave the media company.

"The Argentine State is leaving the #Telesur network @herlombardi
announces on his Twitter account; #teleSUR is studying a formal
response" to the move, the broadcaster said in a Twitter post,
referring to Argentine Media and Public Content Minister Hernan
Lombardi, according to EFE News.

Minister Lombardi said over the weekend that Argentina's
government had started the process of unloading its stake in
Telesur, the report notes.

"Our country had no role in the broadcaster's content or in its
management.  This decision is in line with what we've decided with
regard to public media in terms of plurality and austerity,"
Minister Lombardi told the Buenos Aires daily La Nacion, the
report relays.

Telesur tweeted that it "is not the custom of our multimedia
(outlet) to carry reports without due confirmation," the report
discloses.

Argentina has a 16 percent stake in La Nueva Television del Sur,
the company that owns Telesur and whose other shareholders are
Venezuela, Cuba, Ecuador, Bolivia, Nicaragua and Uruguay, the
report relays.

Telesur was launched in 2005 by Venezuelan President Hugo Chavez,
who died in 2013.

Argentina will be allowed to leave the broadcaster six months
after officially announcing its exit, the report notes.

Argentina joined Telesur under the January 2005 cooperation
agreement with Venezuela, the report adds.

                           *     *     *

The Troubled Company Reporter-Latin America reported in March 24,
2016, Fitch Ratings has upgraded Argentina's Long-term local-
currency Issuer Default Rating (LT LC IDR) to 'B' from 'CCC', with
a Stable Outlook. Fitch has affirmed Argentina's Long-term
foreign-currency (FC) IDR at 'RD' and the short-term FC IDR at
'RD'. In addition, Fitch has upgraded the Country Ceiling to 'B'
from 'CCC'.

On 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.

But that was not the end. NML Capital objected to a Feb. 19 ruling
by Judge Thomas P. Griesa of Federal District Court for the
Southern District of New York that would lift the injunction,
which had locked Argentina out of international markets. Judge
Griesa set the condition that Argentina must repeal laws that
prevented it from making payments to the holdout investors and
make full payments to the bondholders that settled by Feb. 29.

Argentina requested that the injunction be lifted after it made an
offer to pay $6.5 billion to settle lawsuits from other holdout
bondholders on Feb. 5.

Complicating matters, there is another group of bondholders not
included in the $4.65 billion deal between Argentina and the four
hedge funds who have argued that they will get far worse terms if
they agree to Argentina's $6.5 billion proposal.

NML Capital appealed Judge Griesa's ruling, and the matter has
since been held up because the appeals court stayed the ruling.

In Argentina, the newly elected president, Mr. Macri, has been
working to repair relations with the international financial
world, which has largely shunned Argentina for more than a decade.
The lower house of Argentina's legislature has approved the
holdout debt deals, and the bill is being weighed by the Senate,
which is expected to vote by March 30.

Since the inauguration of Mr. Macri in December, "Argentina has
taken significant steps to normalize its relations with its
creditors," the United States said in the brief, adding that the
lifting of the injunction is "in the public interest."

A spokesman for NML Capital declined to comment.


===========
B E L I Z E
===========


* BELIZE: IMF Says Real GDP Growth Reached 3.6 Percent in 2014
--------------------------------------------------------------
On September 16, 2015, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV Consultation with
Belize.

Real GDP growth reached 3.6 percent in 2014, up from 1.5 percent
in 2013 and well above the five-year average of 2.9 percent. A
rebound in agriculture, strong performances in tourism,
electricity, construction and services offset the significant
decline in oil-related activities. The fall in international oil
and food prices pushed headline inflation (y/y) to -0.2 percent as
of December 2014. Despite strong tourism receipts, falling exports
and relatively strong imports widened the external current account
deficit to 7.6 percent of GDP in 2014, up from 4.4 percent of GDP
in 2013.

PetroCaribe and other official disbursements continued to finance
the current account deficit and help build international reserves
(equivalent to 5 months of imports at end-December 2014).
The fiscal stance deteriorated significantly in FY 2014/15 (April-
March).  The primary fiscal balance recorded a deficit of 1.5
percent of GDP, down from a revised deficit of 0.2 percent of GDP
in FY 2013/14 and well below the surplus of 1 percent of GDP
envisaged in the FY 2014/15 budget.  Revenue collection remained
in line with budget targets.  Spending continued to grow well
above budget targets.  Financing of the fiscal deficit essentially
came from a drawdown of PetroCaribe deposits and official external
loans. Relatively strong GDP growth helped maintain public debt
around 76 percent of GDP.

Private credit growth recovered and reached 4.7 percent in 2014,
up from 3.5 percent in 2013, supported by strong real estate
credit and loans to the sugar sector, while broad money grew by
7.9 percent.  The banking system remained highly liquid. Non-
performing loans (NPLs) declined to 15.7 percent at end-December
2014, down from 17.6 percent at end-2013.  The banking system's
reported capital adequacy ratio (CAR) stayed above 21 percent. The
termination of major correspondent banking relationships with
Belizean banks has so far had a limited impact on the financial
system and economic activity.

Growth over the short-to-medium term would hover around 2.5
percent, in line with the assessment made during the 2014 Article
IV Consultation. Inflation would remain subdued owing to the
exchange rate peg and moderate inflation in trading partners.
However, the fiscal outlook could be worse due to excess spending.
The primary fiscal balance would remain in deficit for a while as
the political climate further exacerbates spending pressures and
hinders revenue-enhancing reforms. Expansionary fiscal policies
would increase imports in the context of modest growth of exports,
widening the external current account deficit. International
reserves could decline to uncomfortable levels, especially if
compensation for the nationalized utilities is paid and
repatriated.

                    Executive Board Assessment

Executive Directors noted the recent improvement in economic
activity, despite the significant deterioration in the fiscal
stance and the widening external current account deficit. Belize's
economic outlook is characterized by sluggish growth, weak fiscal
stance, and external and financial sector vulnerabilities. They
welcomed the settlement reached on one of the two nationalized
companies but noted that significant contingent liabilities from
these nationalizations remain, which could further raise the
already elevated debt levels. Against this backdrop, Directors
called for a concerted effort to reduce vulnerabilities, rebuild
policy buffers, and accelerate medium-to-long term growth.
Directors underscored the importance of prompt and credible fiscal
efforts that would boost investor confidence and private
investment. In this context, they urged the authorities to begin
to progressively raise the primary balance to levels consistent
with debt sustainability. This could be achieved by removing
exemptions and zero-ratings from GST, building a stronger revenue
administration that contains leakages, and limiting current
spending, including through reform of the public officers' pension
scheme. Directors agreed that public sector reforms and stronger
public financial management, especially internal controls, audits
and procurement practices, would reduce low-quality spending and
should not be delayed.

Directors welcomed the authorities new Growth and Sustainable
Development Strategy (GSDS). In order to ensure credible
implementation of the GSDS, Directors recommended that the
authorities seek to tap into all available resources, domestic and
external. Domestic resources can be mobilized through enhanced
domestic revenue collection and spending rationalization, which
would create the fiscal space needed for greater investment in
human capital. External resources can be mobilized through
international partners and well-designed public private
partnerships. Directors stressed that the success of any growth
strategy would require well functioning financial markets,
supporting infrastructure and regulation for key economic sectors
such as agriculture and tourism, an attractive business
environment, greater liberalization of domestic markets, including
labor markets, and greater diversification of export markets.

Directors welcomed continued progress in financial sector reforms,
including preparation of a financial crisis management plan and
bank resolution templates with technical assistance from the Fund.
Directors also welcomed the recent strengthening of banks' balance
sheets, but noted that significant vulnerabilities remain and were
heightened by the recent termination of some corresponding banking
relationships. Directors are encouraged by the authorities'
determination to keep the banking system under tight supervision,
and reiterated the call for an asset quality review of all banks
to fully assess their true strength.

Directors noted the challenges in collateral valuation and their
weak loss absorption capacity in the context of illiquid markets.
Therefore, Directors recommended a gradual increase in
provisioning to fully cover all loan losses, secured and
unsecured. It is also important to continue preparing financial
stability reports, including bank stress tests that fully take
shortfalls in provisioning into account.

Directors noted that the deficiencies identified by the Caribbean
Financial Action Task Force (CFATF) have been mostly addressed,
allowing Belize to recently exit the CFATF follow-up and
monitoring process. Important reforms are still needed to ensure
effective implementation of Belize's AML/CFT regime in line with
recent Financial Action Task Force (FATF) standards.

Directors concurred that the recent termination of corresponding
banking relationships with Belizean banks and banks in many other
countries could have a significant impact on financial stability
and economic activity in the affected countries. They urged the
authorities regulating international banks that are terminating
correspondent banking relationships to better clarify their
expectations of how these international banks should deal with
local banks they perceive as "high risk."


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


BANCO DAYCOVAL: S&P Affirms 'BB-/B' GS ICR; Outlook Remains Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' global
scale and 'brA/brA-2' Brazilian national-scale issuer credit
ratings on Banco Daycoval S.A.  The outlook remains negative.  The
bank's stand-alone credit profile (SACP) remains at 'bb-'.

The ratings reflect Daycoval's moderate business position and
adequate risk position.  The bank's capital and earnings is in the
adequate range based on S&P's projections of its risk-adjusted
capital (RAC) of 8.0%-8.5% for the next two years.  S&P considers
Daycoval's funding to be below average because of the bank's high
reliance on institutional investors.  The bank's liquidity
position remains adequate, in S&P's view.


BRAZIL: Analysts Expect GDP to Contract 3.66%
---------------------------------------------
EFE News reports that private sector analysts expect Brazil's
economy to contract by 3.66 percent this year, the Central Bank
said.

Last week, analysts expected Brazil's economy to contract by 3.6
percent, the report notes.

Analysts also turned more negative on the outlook for 2017,
revising their growth estimate downward from 0.44 percent to 0.35
percent, according to EFE News.

The gross domestic product (GDP) and inflation figures come from
the Boletin Focus, a weekly Central Bank survey of analysts from
about 100 private financial institutions on the state of the
national economy, the report relays.

The government expects Brazil's GDP to contract by 3.05 percent
this year after declining 3.8 percent in 2015, the worst
performance in the past 25 years, the report says.

If the 2016 forecast turns out to be correct, Brazil's economy
will contract for two years in a row for the first time since
1930, the report notes.

The analysts surveyed revised their inflation forecast for this
year from 7.43 percent to 7.31 percent, while keeping their 2017
estimated unchanged at 6 percent, the report discloses.

The worsening economic outlook for Brazil comes amid the political
crisis surrounding President Dilma Rousseff, who could be
impeached and removed from office, the report notes.

The lower house of Congress has started the process, with members
divided and support for Rousseff falling by the week, the report
relays.

Vice President Michel Temer's Brazilian Democratic Movement Party,
or PMDB, plans to meet to discuss whether to drop out of the
governing coalition, the report notes.


GOL LINHAS: Hires PJT Partners as Financial Adviser
---------------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Gol
Linhas Aereas Inteligentes SA said it has hired U.S.-based PJT
Partners Inc. as a financial adviser, as the country's deep
economic recession is hurting demand for air travel.

Gol said in a statement it hired "PJT Partners to advise the
company in connection with measures to strengthen its capital
structure and liquidity and to improve the profile of its debt,"
according to The Wall Street Journal.

In February, Moody's Investors Service downgraded its rating on
Gol SA because the airline faces a cash crunch in coming months as
debt payments come due, the report notes.

Moody's cut Gol SA's corporate family rating to Caa1 from B3 and
its foreign currency rating for Gol Finance's perpetual notes and
senior notes due in 2017 to Caa2 from B3, the report relays.

Gol is Brazil's, and Latin America's, biggest low-cost airline in
terms of revenue, the report relays.  Brazil's weak economy has
hurt sales, and the company's traffic fell 9% in the fourth
quarter from a year earlier, the report says.

After contracting 3.8% last year, Brazil's economy is expected to
shrink 3.66% this year, according to economists, the report notes.

Gol has "insufficient liquidity" and faces a difficult market
situation, and will need to either sell assets, carry out a
capital increase or restructure its debt in coming months to meet
its debt service needs in the next year to year and a half,
Moody's said last month, while expressing confidence in the
company's management, the report discloses.

Gol on April 5 will publish its financial results for the fourth
quarter and for the full year of 2015, the report adds.


GOL LINHAS: S&P Lowers CCR to 'CCC-' & Removes from Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on GOL Linhas Aereas Inteligentes S.A.
(GOL) to 'CCC-' from 'B-'.  S&P also lowered its national scale
corporate credit rating on the company to 'brCCC-' from 'brB-'.
In addition, S&P removed all ratings from CreditWatch negative
listing.  The outlook on the corporate credit ratings is negative.

S&P also lowered its issue-level rating on GOL's senior unsecured
bonds to 'CCC-' from 'B-'.  The recovery rating of '4', indicating
S&P's expectation of an average recovery (30%-50%; the lower end
of the range) for the unsecured debt, remains unchanged.

GOL has announced that it has engaged advisors to look for
measures to strengthen its capital structure.  This announcement
supports S&P's view that due to difficult market conditions, weak
demand, weak domestic currency, and intense competition that will
result in subpar cash generation, GOL's capital structure will
become unsustainable.  S&P believes that high interest expenses
and cash burn from operations will deplete the company's currently
strong cash position in the next 12 to 18 months.  This scenario
would increase the likelihood that GOL will seek to de facto
restructure its debts, especially the most expensive senior
unsecured debt within the next six months.  Given the company's
inability to improve credit metrics on its own, it's highly likely
that S&P would consider the renegotiation of terms and conditions,
or exchange offers, as a distress negotiation, which would
tantamount to a default.

The negative outlook reflects S&P's expectations that the company
will look to renegotiate the terms of some of its debts in the
next six months, and that there's high likelihood S&P would
consider those negotiations as distressed.  Furthermore, S&P will
lower the company's ratings if it fails to meet any of its
scheduled financial obligations with banks, lessors, and/or bonds.

An upgrade is currently unlikely, given the weak fundamentals for
the company's operations and that a positive rating action would
depend on significant improvements in GOL's cash flows due to
external factors, such a capital increase or unexpected recovery
in market conditions.


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


4228 LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On Feb. 18, 2016, the members of 4228 Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Andre Slabbert
          Appleby Trust (Cayman) Ltd.
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 345 949 4900


ADVENTURE PETROLEUM: Members Receive Wind-Up Report
---------------------------------------------------
The members of Adventure Petroleum Investments Inc. received on
March 21, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Keith High
          Hampson and Company
          P.O. Box 698 Grand Cayman KY1 - 1107
          Cayman Islands
          Telephone: +1 (345) 949 - 6090


CI INVESTMENT: Shareholder to Hear Wind-Up Report on April 4
------------------------------------------------------------
The shareholder of CI Investment 8 Inc. (Cayman) will hear on
April 4, 2016, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          James Porcelli
          John Vele
          150 Millford Road
          East Windsor, NJ 08520
          USA


EQUIFIN RCH: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Equifin RCH (Offshore), Ltd. received on
March 24, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Equifin Capital Management II, LLC
          Mani Sadeghi
          401 Park Avenue South
          Suite 829
          New York, New York 10016
          United States of America
          Telephone: +1 (212) 382 6000


EXOTIX LATIN: Member Receives Wind-Up Report
--------------------------------------------
The member of Exotix Latin America Limited received on March 29,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced liquidation proceedings on Feb. 11, 2016.

The company's liquidators are:

          Wilton McDonald II
          Peter M.O. Young
          c/o Advanced Fund Administration (Cayman) Ltd.
          27 Hospital Road
          Cayman Corporate Centre, 5th Floor
          P.O. Box 1748 Grand Cayman KY1-1109
          Cayman Islands


GILAN HOLDINGS: Sole Member to Hear Wind-Up Report on April 12
--------------------------------------------------------------
The sole member of Gilan Holdings Limited will hear on April 12,
2016, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola VG1110
          British Virgin Islands


INTERLEND HOLDINGS: Members to Hear Wind-Up Report on March 30
--------------------------------------------------------------
The members of Interlend Holdings Ltd. will hear on March 30,
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


JELLYBEAN PROPERTY: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Feb. 9, 2016, the sole member of Jellybean Property Limited
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


LEHMAN BROTHERS CDO: Court Enters Wind-Up Order
-----------------------------------------------
On Feb. 9, 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of Lehman Brothers CDO Associates
(Cayman) Ltd.

The company's liquidators are:

          Simon Conway
          David A.K. Walker
          PwC Corporate Finance & Recovery (Cayman) Limited
          Camana Bay, 18 Forum Lane
          P.O. Box 258 Grand Cayman, KY1-1104
          Cayman Islands


MAYFAIR PANTHER: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Feb. 18, 2016, the sole shareholder of Mayfair Panther Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 29, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Zedra Directors (Cayman) Limited.
          c/o Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


OMP INVESTMENTS: Members to Hear Wind-Up Report on March 30
-----------------------------------------------------------
The members of OMP Investments will hear on March 30, 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


ROOT INVEST: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 19, 2016, the members of Root Invest Cayman G.P. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 29, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SBT VENTURE: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 19, 2016, the shareholders of SBT Venture Capital, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 29, 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


SOLSTICE ABS: Creditors' Proofs of Debt Due March 30
----------------------------------------------------
The creditors of Solstice ABS CBO II, Ltd. are required to file
their proofs of debt by March 30, 2016, to be included in the
company's dividend distribution.

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

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


SUETONE BALANCED: Commences Liquidation Proceedings
---------------------------------------------------
On Feb. 2, 2016, the sole shareholder of Suetone Balanced Company
SPC resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 24, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Simon Conway
          c/o Gabby Whitter
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8730
          Facsimile: (345) 945 4237


SUNBELL LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sunbell Limited received on March 24, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Telephone: +1 (345) 949 0100


TANBARK INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Feb. 9, 2016, the sole member of Tanbark Investments Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


THEOREMA EUROPE: Commences Liquidation Proceedings
--------------------------------------------------
On Feb. 12, 2016, the members of Theorema Europe Fund, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 29, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keith Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Giji Alex
          Telephone: +1 (345) 914-4350/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


THEOREMA EUROPE +: Commences Liquidation Proceedings
----------------------------------------------------
On Feb. 12, 2016, the members of Theorema Europe Fund + Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 29, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keith Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Giji Alex
          Telephone: +1 (345) 914-4350/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


ZAIS INVESTMENT: Creditors' Proofs of Debt Due March 30
-------------------------------------------------------
The creditors of Zais Investment Grade Limited VI are required to
file their proofs of debt by March 30, 2016, to be included in the
company's dividend distribution.

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

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


LATAM AIRLINES: S&P Lowers CCR to 'BB-'; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit ratings on LATAM Airlines Group S.A. to 'BB-'
from 'BB'.  S&P also lowered its corporate credit rating on TAM
S.A. to 'BB-' from 'BB' and its national scale rating to
'brA-' from 'brA+'.  S&P also lowered its issue-level ratings on
LATAM's and TAM's senior unsecured debt to 'B+' from 'BB-'.  The
outlook on the corporate ratings for both scales remains negative.

S&P also lowered its ratings on LATAM's pass-through series 2015-1
certificates to 'BBB+(sf)' from 'A-(sf)' on the Class A, and to
'BB+(sf)' from 'BBB-(sf)' on the Class B certificates.  The
downgrade on the certificates reflects LATAM's lower corporate
credit ratings.

The negative rating actions reflect the group's weak operating
performance in Brazil as a result of an aggressive price
competition amid significant supply overcapacity in that market,
the weak demand resulting from recession, and the currency
depreciation that limits LATAM's profitability because a large
portion of the company's revenues are in real, while most of its
costs are denominated in dollars.  LATAM's Brazilian operations
represent about 34% of the consolidated revenues.

The negative outlook on LATAM and TAM reflects S&P's expectations
that despite the former's and the Brazilian airline industry lower
capacity in 2016, the feeble economy and potential further
currency depreciation can lower prices and load factor further,
jeopardizing cash flow and financial metrics.  S&P could downgrade
LATAM if it posts debt to EBITDA persistently above 5.0x and FFO
to debt below 12% in the next 12-18 months.  S&P could also
downgrade LATAM if its liquidity deteriorates, either due to
weaker cash generation and/or cash position as a result of its
inability to access debt and refinance its short-term maturities.

LATAM's upgrade is currently unlikely, but S&P could revise the
outlook to stable if profitability in the Brazilian market
improves significantly as a result of lower competition and of
capacity adjustments, resulting in debt to EBITDA closer to 4.0x,
and FFO to debt of about 20% while liquidity cushion improves.


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


PUERTO RICO: Rescue Plan Advances, Led by House Republicans
-----------------------------------------------------------
Mary Williams Walsh, writing for The New York Times' DealBook,
reported that politicians in Washington are coalescing around a
financial plan to rescue Puerto Rico, just weeks before an
expected major default on bond payments that would spread more
turmoil through the island's shaky economy.

According to the report, the plan, being drafted as legislation by
House Republicans, would not grant Puerto Rico's most fervent
request: permission to restructure its entire $72 billion debt in
bankruptcy.  It would, however, give the island certain crucial
tools that bankruptcy proceedings can offer -- but only if it
first comes under close federal oversight and meets other
conditions, the report related.

The oversight would be provided by a five-member voting board,
selected by the president of the United States from candidates
with expertise in finance, law or other relevant fields; at least
two would have their primary residence in Puerto Rico, the report
further related.  The secretary of the Treasury and the governor
of Puerto Rico would also serve on the board, but would not have a
vote, the report said.  The board would have offices both in
Washington and San Juan, and would have the power to subpoena
documents from both governments, the report added.  It would audit
Puerto Rico's government, improve operations, find savings and
ultimately determine how much of the $72 billion debt really has
to be restructured, if any, the DealBook said.

The rescue package, according to DealBook, is primarily the work
of House Republicans under the direction of Paul Ryan, the House
speaker, in consultation with the Treasury Department and
Democratic leaders, including Representative Nancy Pelosi, the
minority leader.

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


PUERTO RICO: Bill Said to Have Investor Cram-Down Mechanism
-----------------------------------------------------------
Kasia Klimasinska and Billy House at Bloomberg News report that an
emerging U.S. House Republican bill to address Puerto Rico's debt
crisis would create a strong oversight board and a mechanism to
force creditors to accept a restructuring deal, according to a
congressional official familiar with the legislative efforts and a
written summary.

The board's debt restructuring powers could include all creditors,
but only after certain conditions are met, a congressional
official said, according to Bloomberg News.

The partial draft also provides for the board to petition a judge
for a court-supervised restructuring, which would amount to a
cram-down mechanism to force resistant investors to accept a deal,
according to a Republican-drafted legislative summary circulated
on Capitol Hill and the congressional official, Bloomberg News
notes.
The proposal would be an alternative to a process under Chapter 9
of the U.S. bankruptcy code, which Republicans have opposed,
Bloomberg News relays.

As part of the plan, lawmakers are also considering safeguarding
Puerto Rico from legal action by temporarily prohibiting creditor
lawsuits, Bloomberg News discloses.

The proposal, which is being developed by Republicans on the House
Natural Resources Committee, remains fluid and details could still
change, congressional aides said, Bloomberg News notes.

A legislative hearing on the proposal is planned for April 13,
after the House returns from a recess.

                            Oversight Board

The oversight board included in the draft is modeled after the one
imposed once on the District of Columbia, rather than on the one
proposed by the U.S. Treasury Department to address Puerto Rico's
financial troubles, the congressional official said, Bloomberg
News relays.

The board would consist of five appointed members and would have
the power to hire financial and management experts, according to
the summary, Bloomberg News notes.

Forcing creditors into a restructuring if Puerto Rico fails to
negotiate in good faith would be "an extreme stand," said Daniel
Solender, who manages $18 billion of state and local debt,
including commonwealth securities, as head of municipals at Lord
Abbett & Co. in Jersey City, New Jersey, Bloomberg News says.

"The outcome is definitely uncertain in that type of structure,"
Mr. Solender said, Bloomberg News notes.  "It's concerning how
everything will be decided and who would be deciding," Mr.
Solender added.

Prices on Puerto Rico securities were little changed March 24.
General-obligations with an 8 percent coupon and maturing July
2035 traded at an average price of 71.25 cents on the dollar,
compared with 71.5 cents the day before, data compiled by
Bloomberg show.  The average yield was 11.8 percent.

Lawmakers may alter the legislation as it makes its way through
the House and the Senate, potentially weakening any proposed
forced restructuring, Daniel Hanson, an analyst at Height
Securities, a Washington-based broker dealer, wrote in a report,
Bloomberg News notes.

"We continue to believe that a federal control board created by
such a law would have expansive authority over local Puerto Rico
budgets but limited ability to coerce creditors into any kind of
restructuring," Mr. Hanson said in his report, Bloomberg News
discloses.  "Any bankruptcy authority passed through Congress will
likely include only limited scope," Mr. Hanson added.
Democrats have been told by Republicans drafting the bill that a
version of the measure is to be publicly posted on March 29, said
a Democratic aide, Bloomberg News relays.

                            Tight Timing

But time is running tight. Governor Alejandro Garcia Padilla has
warned the island may default May 1 on a $422 million debt payment
unless the commonwealth reaches an agreement with its creditors,
Bloomberg News notes.  Puerto Rico and its agencies face another
$2 billion payment due July 1.

"At least people are working toward a solution, so that's a
positive thing," Bloomberg News quoted Mr. Solender as saying.
"The structure is uncertain, but at least there's progress in that
direction," Mr. Solender added.

Bloomberg News says that republicans have in recent months been
insisting that Puerto Rico needs a strong oversight board to
manage the territory's fiscal problems.  By modeling such a board
after the one imposed on D.C. in the 1990s, Republicans are
choosing a muscular body that could likely limit the powers of
officials in Puerto Rico, Bloomberg News notes.

The federal government in 1995 established a five-member control
board to oversee the District of Columbia's finances and imposed a
chief financial officer to manage the district's agencies, notes
the report.  The panel had the power to override decisions by the
mayor and the D.C. city council, Bloomberg News relays.

That control board ended its oversight in 2001 after four straight
years of balanced budgets and approved audits, Bloomberg News
discloses.

                          Several Hurdles

Under the plan being shaped now by House Republicans for Puerto
Rico, such a board would seek audited financial statements at all
levels of government, the legislative summary said, Bloomberg News
notes.  The board also would have the authority to enact budgets
if the governor and lawmakers do not, and make cuts in departments
and agencies, including public corporations, Bloomberg News says.

Certain conditions would have to be met before the board could
proceed with debt restructuring, including audited financial
statements, a fiscal plan and budget, and mediation among the
various debtors and creditors, Bloomberg News discloses.

As a last resort, according to the memo, the oversight board would
have the power to authorize a petition in U.S. District Court for
restructuring, Bloomberg News relays.

Also mentioned in the summary is that an independent study would
be conducted of Puerto Rico's pension obligations and their
sustainability, Bloomberg News adds.


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


SPORTS AUTHORITY: Gibson Dunn Tapped as Restructuring Co-counsel
----------------------------------------------------------------
Sports Authority Holdings, Inc, et al., seek authorization from
the U.S. Bankruptcy Court for District of Delaware to employ
Gibson, Dunn & Crutcher LLP as general bankruptcy and
restructuring co-counsel to the Debtor, nunc pro tunc to March 2,
2016.

The Committee requires Gibson Dunn to:

   (a) advise the Debtor of their rights, powers, and duties as
debtors in possession under chapter 11 of the Bankruptcy Code;

   (b) prepare, on behalf of the Debtors, all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules, and other documents, and review

Gibson Dunn received the following payments from the Debtors:

   -- Remaining Advance Payment            $750,000.00

   -- During 90 days before petition date
      Fees                               $2,130,063.23
      Expense Reimbursements                $42,722.51

   -- Within one year prior petition date
      Fees                               $3,620,554.65
      Expense reimbursements                $80,187.23

Gibson Dunn professionals will be paid these hourly rates:

   -- Hourly rate
      Partners                           $895-$1,215
      Counsel                            $855
      Associates                         $480-$795
      Paraprofessionals                  $365-420

Gibson Dunn will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Robert A. Klyman, Esq., a partner in the law firm of Gibson, Dunn
& Crutcher LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtors and their estates.

Gibson Dunn also will make a reasonable effort to comply with the
U.S. Trustee's requests for information and additional disclosures
as set forth in the Guidelines for Reviewing Applications for
Compensation and Reimbursement of Expenses Filed under 11 U.S.C.
Sec. 330 by Attorneys in Larger Chapter 11 Cases, effective as of
November 1, 2013, both in connection with the Application and the
interim and final fee applications to be filed by Gibson Dunn in
these Chapter 11 Cases.

Gibson Dunn can be reached at:

       Robert A. Klyman
       GIBSON, DUNN & CRUTCHER LLP
       333 South Grand Avenue
       Los Angeles, CA 90071-1512
       Tel: (213) 229-7000
       Fax: (213) 229-7520
       E-mail: rklyman@gibsondunn.com

                     About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family's destination for footwear, apparel, fitness, team sports
and outdoor recreation.

Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case
Nos. 16-10527 to 16-10533) on March 2, 2016.  The case has been
assigned to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

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

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


SPORTS AUTHORITY: Hires FTI Consulting as Financial Advisor
-----------------------------------------------------------
Sports Authority Holdings, Inc, et al., seek authorization from
the U.S. Bankruptcy Court for the District of Delaware to employ
FTI Consulting, Inc. and FTI Consulting Technology LLC, as
financial advisor to Debtor, nunc pro tunc to March 2, 2016.

The Debtor requires FTI Consulting to:

   (a) render general financial advice, provide financial
       analytics and modeling;

   (b) assist with developing and evaluating the Debtor's short
       term cash flows under a variety of scenarios;

   (c) assist with sizing and securing financing as needed;

   (d) provide analytical support for the development and
       analysis of various strategic alternatives available to
       the Debtors;

   (e) assist the Debtors with the development of their business
       plan;

   (f) assist with analyzing and developing strategies to address
       the Debtors' existing obligations;

   (g) assist the Debtors with developing and implementing
       operational improvements initiatives;

   (h) provide information and analyses necessary to support
       sales of the Debtors' assets and assist with any related
       auction processes;

   (i) assist the Debtors with store closures and liquidations;

   (j) attend meetings, presentations and negotiations as may be
       requested by the Debtors;

   (k) assist with developing accounting and operating procedures
       to segregate prepetition and postpetition business
       transactions;

   (l) support the preparation of motions and develop procedures
       and processes necessary to implement such motions;

   (m) assist in the development of a creditor matrix;

   (n) work with the Debtors to develop appropriate
       communications materials;

   (o) develop training materials and assist in training the
       Debtors' personnel with respect to accounting and
       reporting;

   (p) assist with developing a process and infrastructure to
       respond to and track calls received from suppliers,
       employees and other constituents, including the production
       of various management reports reflecting call center
       activity;

   (q) assist in the identification of executor contracts and
       unexpired leases and performing cost/benefit evaluations
       with respect to the assumption or rejection of each, as
       needed;

   (r) assist in negotiations with contract counterparties;

   (s) prepare the Debtors with respect to financial related
       disclosures that will be required by the Court and the
       U.S. Trustee;

   (t) assist in the preparation of Statements of Financial
       Affairs, Schedules of Assets and Liabilities, and Monthly
       Operating Reports;

   (u) participate in meetings and provide support to the Debtors
       and their other professional advisor in negotiations with
       potential investors, banks and other secured lenders, the
       creditors' committee appointed in these cases, the U.S.
       Trustee, other parties-in-interest, and professionals
       hired by the same, as requested;

   (v) assist in the evaluation and analysis of avoidance
       actions, including fraudulent conveyances and preferential
       transfers;

   (w) assist in the development of a Key Employee Incentive
       Plan, if needed;

   (x) assist in the preparation for (and attendance at as a
       witness or otherwise) depositions and court hearings;

   (y) assist the Debtors in managing and executing the
       reconciliation process involving claims filed by all
       creditors;

   (z) assist with the development of a contract database for the
       Debtors; and

   (aa) render such other restructuring and general business
        consulting or such other assistance for the Debtors as
        the Debtors' management or counsel may request.

FTI Consulting will be paid as follows:

   (a) Daily Rate:

       Scott Wallace                   $3,000
       Terry Barwin                    $2,500

   (b) FTI Consulting Technology LLC: The Debtors have agreed to
       pay FTI for services related to the development of a
       contract database based on FTI Consulting Technology LLC's
       customary rates for these services.

   (c) Hourly Rates:

       Senior Managing Directors                        $825-$995
       Directors/Senior Directors/Managing Directors    $615-$815
       Consultants/Senior Consultants                   $325-$595
       Administrative/Paraprofessionals                 $130-$260

FTI Consulting will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Stephen Coulombe, senior managing director of FTI Consulting,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

FTI Consulting can be reached at:

       Stephen Coulombe
       FTI CONSULTING, INC.
       200 State Street, 9th Floor
       Boston MA, 02109
       Tel: (617) 897-1500
       Fax: (617) 897-1510
       E-mail: steve.coulombe@fticonsulting.com

                        About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family's destination for footwear, apparel, fitness, team sports
and outdoor recreation.

Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case
Nos. 16-10527 to 16-10533) on March 2, 2016.  The case has been
assigned to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

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

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


SPORTS AUTHORITY: Hires Rothschild as Investment Banker
-------------------------------------------------------
Sports Authority Holdings, Inc, et al., seek authorization from
the U.S. Bankruptcy Court for District of Delaware to employ
Rothschild Inc. as investment banker to Debtor, nunc pro tunc to
March 2, 2016.

The Debtor requires Rothschild to:

   (a) review and analyze the Debtor's assets and the operating
       and financial strategies of the Debtor;

   (b) review and analyze the business plans and financial
       projections prepared by the Company including, but not
       limited to, testing assumptions and comparing those
       assumptions to historical Company and industry trends;

   (c) evaluate the Debtor's debt capacity in light of its
       projected cash flows and assist in the determination of an
       appropriate capital structure for the Debtor;

   (d) evaluate the Debtor's liquidity, including financing
       alternatives;

   (e) determine a range of values for the Debtor and any
       securities that the Debtor offers or proposes to offer in
       connection with a Transaction;

   (f) identify and/or initiate potential Transactions, M&A
       Transactions and/or New Capital Raises, as appropriate;

   (g) assist the Debtor in raising debt or equity financing,
       including developing marketing materials, creating and
       maintaining a data room and contact log, initiating
       contact with potential capital providers and running the
       process for a New Capital Raise;

   (h) assist the Debtor in M&A Transaction related activities,
       including developing marketing materials, creating and
       maintaining a data room and contact log and initiating and
       managing contact with interested buyers throughout the
       process;

   (i) assist the Debtor in planning for dialogue and
       negotiations with creditors for a potential Transaction,
       including with respect to the creditor due diligence
       process and negotiations with the various creditor
       constituencies;

   (j) assist the Debtor and its other professionals in reviewing
       the terms of any proposed Transaction, M&A Transaction
       and/or New Capital Raise (whether proposed by the Debtor
       or by a third party), in responding thereto and, if
       directed, in evaluating alternative proposals for a
       Transaction, M&A Transaction and/or New Capital Raise, as
       applicable;

   (k) advise the Debtor on the risks and benefits of considering
       a Transaction with respect to the Debtor's intermediate
       and long-term business prospects and strategic
       alternatives to maximize the business enterprise value of
       the Debtor;

   (l) assist or participate in negotiations with the parties in
       interest, including, without limitation, any current or
       prospective creditors of, holders of equity in, or
       claimants against the Debtor and/or their respective
       representatives in connection with a Transaction;

   (m) advise the Debtor with respect to, and attend, meetings
       of the Debtor's Board of Directors, creditor groups,
       official constituencies and other interested parties, as
       reasonably requested;

   (n) participate in hearings and trials before the Court and
       provide relevant testimony (at hearings, trial and
       depositions) with respect to the matters described in this
       Application and the Engagement Letter and issues arising
       in connection with any proposed Plan, and attend any
       depositions and assist counsel in the preparation with
       respect to any of the foregoing; and

   (o) render such other financial advisory or investment banking
       services as may be agreed upon by Rothschild and the
       Debtor.

Rothschild will be paid as follows:

   (a) Monthly Fee: $150,000 per month

   (b) Completion Fee: $4,750,000 upon the earlier of (i) the
       confirmation and effectiveness of a Plan and (ii) the
       closing of a Transaction;

   (c) M&A Fee: Upon the closing of an M&A Transaction, (i) 0.75%
       of the Aggregate Consideration up to Aggregate
       Consideration of $700 million plus (ii) 2.0% of the
       Aggregate Consideration greater than $700 million and up
       to $900 million, plus (iii) 3.0% of the Aggregate
       Consideration greater than $900 million;

   (d) New Capital Fee:

       (1) 1.0% of the face amount of any senior secured or
           junior secured debt raised (including, without
           limitation, any debtor-in-possession financing
           raised);

       (2) 2.0% of the face amount of any unsecured debt raised;
           and

       (3) 3.5% of any equity capital or capital convertible
           into equity or hybrid capital raised, including,
           without limitation, equity underlying any warrants,
           purchase rights or similar contingent equity
           securities (each, a "New Capital Raise");

       Provided that (A) the New Capital Fee shall not be payable
       to the extent new capital is raised from Leonard Green &
       Partners, L.P. or its affiliates and (B) the New Capital
       Fee shall be reduced by 50% with respect to any new
       capital raised from existing creditors of the Debtors (or
       the creditors' affiliates) (the reduction in this clause
       (B), the "New Capital Fee Reduction").   Leonard Green &
       Partners, L.P. and its affiliates are significant
       shareholders of the Debtors.

       Up to $1.25 million of the New Capital Fee shall be
       payable upon the later of the (a) the closing of the
       transaction by which the new capital is committed and
       (b) entry of an order approving Rothschild's retention
       by the Debtors, with any remainder of the New Capital
       Fee to be paid upon entry of an order approving
       Rothschild's final fee application. For the avoidance of
       doubt, the term "raised" shall include the amount
       committed or otherwise made available to the Debtors
       whether or not the amount (or any portion thereof) is
       drawn down at closing or is ever drawn down and whether
       or not such amount (or any portion thereof) is used to
       refinance existing obligations of the Debtors;

   (e) Credit: against the Completion Fee or M&A Fee (such credit
       to be applied only once and without duplication): (i) 50%
       of all Monthly Fees paid in excess of $500,000 and (ii)
       50% of any paid New Capital Fee; provided that the New
       Capital Fee Credit shall not apply with respect to New
       Capital Fees paid for any new capital raised from existing
       parties who are creditors of the Company as of the time
       the new capital is committed (or from the affiliates of
       such parties) provided such transaction has benefited from
       the New Capital Fee Reduction; provided, further, that the
       sum of any New Capital Fee Credit and the Monthly Fee
       Credit shall not exceed the Completion Fee or M&A, as
       applicable; and

   (f) Expenses: the Debtors will reimburse Rothschild for
       reasonable expenses incurred in connection with the
       performance of its engagement and the enforcement of the
       Engagement Letter, including without limitation the
       reasonable fees, disbursements and other charges of
       Rothschild's counsel (without the requirement that the
       retention of such counsel be approved by the Bankruptcy
       Court). Reasonable expenses also include, without
       limitation, expenses incurred in connection with travel
       and lodging, data processing and communication charges,
       research and courier services.

Neil A. Augustine, executive vice chairman of North American
Global Financial Advisory and co-chair of the North American Debt
Advisory and Restructuring Group at Rothschild Inc., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Rothschild can be reached at:

       Neil A. Augustine
       ROTHSCHILD INC.
       1251 Avenue of the Americas
       New York, NY 10020
       Tel: (212) 403-3500
       Fax: (212) 403-3501

                        About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family's destination for footwear, apparel, fitness, team sports
and outdoor recreation.

Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case
Nos. 16-10527 to 16-10533) on March 2, 2016.  The case has been
assigned to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

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

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


SPORTS AUTHORITY: Taps Kurtzman Carson as Administrative Advisor
----------------------------------------------------------------
Sports Authority Holdings, Inc, et al., seek authorization from
the U.S. Bankruptcy Court for District of Delaware to employ
Kurtzman Carson Consultants LLC as administrative advisor to
Debtor, nunc pro tunc to March 2, 2016.

The Debtor requires Kurtzman Carson to:

   (a) assist with, among other things, the solicitation,
       balloting, and tabulation and calculation of votes, as
       well as prepare any appropriate reports, as required in
       furtherance of confirmation of chapter 11 plan(s) in these
       cases;

   (b) generate an official ballot certification and testify,
       if necessary, in support of the ballot tabulation results;

   (c) gather data in conjunction with the preparation, and
       assist with the preparation, of the Debtors' schedules
       of assets and liabilities and statements of financial
       affairs;

   (d) provide a confidential data room;

   (e) manage any distributions pursuant to a confirmed chapter
       11 plan; and

   (f) provide other claims processing, noticing, solicitation,
       balloting, and administrative services described in the
       Services Agreement, but not included in the Section 156(c)
       Application, as may be requested from time to time by the
       Debtors.

Kurtzman Carson will be paid at these hourly rates:

  -- Consulting Services & Rates

     Executive Vice President                    Waived
     Director/Senior Managing Consultant         $175
     Consultant/Senior Consultant                $70-$160
     Technology/Programming Consultant           $35-$70
     Clerical                                    $25-$50

  -- Public Securities & Solicitation Services

     Solicitation Lead/Securities Director       $215
     Securities Senior Consultant                $200

Kurtzman Carson will also be reimbursed for reasonable
out-of-pocket expenses.

Evan Gershbein, senior vice president of Corporate Restructuring
Services at Kurtzman Carson Consultants LLC, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

Kurthzman Carson can be reached at:

       Evan Gershbein
       KURTZMAN CARSON CONSULTANTS LLC
       2335 Alaska Ave.
       El Segundo, CA 90245
       Tel: (310) 823-9000
       Fax: (310) 823-9133

                        About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family's destination for footwear, apparel, fitness, team sports
and outdoor recreation.

Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case
Nos. 16-10527 to 16-10533) on March 2, 2016.  The case has been
assigned to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

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

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


SPORTS AUTHORITY: Gets Interim OK to Start Closing Store Sales
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware issued an
order on an interim basis through and including March 29, 2016:

   (a) authorizing Sports Authority Holding, Inc., and its debtor
       affiliates to assume closing store agreement;

   (b) authorizing and approving closing sales free and clear of
       all liens, claims and encumbrances;

   (c) authorizing the implementation of customary employee bonus
       program and payments to non-insiders;

   (d) approving dispute resolution procedures; and

   (e) approving the Debtors' store closing plan.

The Court found that the Debtors have advanced sound business
reasons for entering into the Closing Store Agreement, and that
doing so is in the best interest of the Debtors and their
bankruptcy estates.

The Court will commence a hearing on March 29 at 1:00 p.m. (ET) to
consider the motion on a final basis.

The Debtors also filed with the Court a notice of corrected list
of designated store closing locations.  A copy of the Notice is
available for free at:

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

                       About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family's destination for footwear, apparel, fitness, team sports
and outdoor recreation.

Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case
Nos. 16-10527 to 16-10533) on March 2, 2016.  The case has been
assigned to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

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

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


                            ***********


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


                            ***********


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Troubled Company Reporter-Latin America is a daily newsletter
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