TCRLA_Public/160331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, March 31, 2016, Vol. 17, No. 63


                            Headlines



B R A Z I L

BANCO DO NORDESTE: S&P Affirms 'BB/B' Ratings; Outlook Negative
BRAZIL: Low Oil Price to Pressure Offshore Drillers for Coming Yrs
NII HOLDINGS: Default Under Brazil Bank Loan Covenant Looms
ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'BB'; Outlook Negative
RIOPREVIDENCIA: Fund Starts Talks With Holders of $3.1BB Debt


C A Y M A N  I S L A N D S

ALTOS HORNOS: Creditors to Hold Meeting on April 18
APEX CAYMAN: Shareholders Receive Wind-Up Report
BLUE ELEPHANT: Shareholders Receive Wind-Up Report
CCM CAYMAN: Shareholders Receive Wind-Up Report
CRESCENT CORPORATE: Court Hears Petition to Appoint Liquidators

DAIRY HOLDINGS: Creditors to Hold Meeting Today
FIVE FIFTEEN: Shareholders Receive Wind-Up Report
FOOD HOLDINGS: Creditors to Hold Meeting Today
GLG EMERGING: Shareholders Receive Wind-Up Report
ISAM CAYMAN: Shareholders Receive Wind-Up Report

LDK SOLAR: Court to Hear Wind-Up Petition on April 6
MAN SPECIAL: Shareholders Receive Wind-Up Report
MAN SYSTEMATIC: Shareholders Receive Wind-Up Report
MARATHON CAYMAN: Shareholders Receive Wind-Up Report
ORTLAND EQUITIES: Commences Liquidation Proceedings

SKYLINE FEEDER: Shareholders to Hear Wind-Up Report on April 14
SKYLINE MASTER: Shareholders to Hear Wind-Up Report on April 14
SUPER ISAM: Shareholders Receive Wind-Up Report
VANTAGE DRILLING: Court Appoints Beighton & Lawson as Liquidators


C H I L E

GUANAY FINANCE: Fitch Cuts $450MM Sr. Sec. Notes Rating to 'BB-'


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Banks to Mull US$5BB+ in International Reserves
DOMINICAN REPUBLIC: Agro Exports Jump 22% to US$6.04BB in 3 Years


J A M A I C A

JAMAICA: Under Pressure to Fund FINSAC Report


P U E R T O    R I C O

ALLIED FINANCIAL: Jose Jimenez Approved as Accountant
DF SERVICING: Hires Pietrantoni Mendez as Tax Counsel
DORAL FINANCIAL: April 7 Hearing on Bid to Extend Exclusivity
PUERTO RICO: Governor Pushes Back Against Federal Control Board


V I R G I N   I S L A N D S

PEAK HOTELS: Appoints Crumpler and Bower as Liquidators


                            - - - - -


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B R A Z I L
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BANCO DO NORDESTE: S&P Affirms 'BB/B' Ratings; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale
'BB/B' and its national scale 'brAA-' ratings on Banco do Nordeste
do Brasil (BNB). S&P has also revised the bank's stand-alone
credit profile (SACP) to 'bb' from 'bb+'.  The outlook is
negative.

S&P bases its ratings on the bank on its adequate business
position (based on the bank's large market share in the country's
northeast region), its adequate capital and earnings, underpinned
by S&P's forecasted risk-adjusted capital (RAC) ratio of 8% for
the next two years, its moderate risk position, average funding,
and strong liquidity.  S&P also believes BNB has a very high
likelihood of receiving extraordinary support from the government
of Brazil, if needed.

"We revised BNB's risk position to moderate from adequate because
we believe the bank is exposed to riskier segments than the
industry on average (such as SMEs and microcredit), given its
social role and material exposure to  those segments.  Likewise,
its asset quality indicators could continue to deteriorate amid a
tougher economic environment, especially in the northeast region
of Brazil where the economic recession has been stronger.  BNB's
NPL ratio peaked at 5.97% in June 2015, followed by a charge-offs
ratio of 3.76% in December 2015.  As a result of higher charge-
offs, the banks NPLs stood at 4.94% as of December 2015.  Looking
forward, we believe asset quality will remain a concern for the
bank, as we expect a longer economic recession in Brazil.
Moreover, we believe BNB's asset quality metrics could suffer more
than the industry on average because we believe the bank will
remain focused on servicing its core customer base, which presents
higher risk than other segments.  Still, BNB has maintained a high
coverage ratio of almost 2x, which we see as positive," S&P noted.

The negative outlook for the next 12 months on BNB reflects the
outlook on the foreign currency sovereign rating on the Federative
Republic of Brazil (BB/Negative/B).  The ratings on the latter
constrain those on the BNB, given its significant exposure to
government securities.  It also reflects S&P's view of a continued
negative trend in Brazil's BICRA economic risk.

The negative outlook on Brazil reflects S&P's view that there is a
greater than one-in-three likelihood that S&P could lower the
ratings on Brazil.  S&P anticipates that within the next year a
downgrade could stem, in particular, from potential key policy
reversals given Brazil's fluid political dynamics, including lack
of cohesion within the cabinet, inconsistent policy initiatives,
and uncertainties during or following the impeachment process.  A
downgrade could also result from greater economic turmoil than S&P
currently expects, either due to governability issues or the
weakened external environment.

The negative outlook also reflects S&P's view of a continued
negative trend in Brazil's BICRA economic risk and S&P's belief
that the bank could experience financial deterioration from
pressures on the Brazilian banking system because of the impact of
fiscal and monetary tightening on S&P's economic assessment of
Brazil.

S&P could revise the outlook to stable if Brazil's political
uncertainties and conditions for consistent policy execution
improve across branches of government to stanch fiscal
deterioration and strengthen GDP growth prospects.  S&P expects
that these improvements would support a quicker turnaround and
could help Brazil to exit from the current recession, facilitating
improved fiscal performance and providing more room to maneuver in
the face of economic shocks.  In order for S&P to revise the
outlook to stable, it would also require the negative trend in
Brazil's BICRA to reverse.


BRAZIL: Low Oil Price to Pressure Offshore Drillers for Coming Yrs
------------------------------------------------------------------
Low oil prices and waning demand for drilling services will
continue to put the credit profiles of Brazilian offshore drilling
vessel projects under pressure for the next three to five years,
says Moody's Investors Service.

Petroleo Brasileiro S.A. (Petrobras, B3 negative), Brazil's
national oil company, slashed its projected capital spending
budget by more than a third earlier this year.  Much of the
reduction in spending will affect exploration and production
activities, impacting drillers that have significant re-
contracting risk and a large amount of debt outstanding.

Moody's currently rates outstanding debt of US$3.4 billion in the
following projects: Odebrecht Offshore Drilling Finance Limited
("OODFL"; Caa3 negative), Odebrecht Drilling Norbe VIII/IX Ltd.
("Norbe VIII/IX"; Caa2 negative) and QGOG Atlantic/Alaskan Rigs
Ltd ("QGOG Atlantic/Alaskan Rigs"; Caa1 negative).

"Low oil prices have forced oil producers to cut their spending,
particularly in exploration and production," said Alexandre Leite,
a Vice President and Senior Credit Officer at Moody's.  "The
challenging market conditions for drillers worldwide have also
crimped the value of their assets."

As Petrobras continues to cut its capital and operating expenses,
there is an increased risk of the drilling vessels having their
contract terminated as a result of faulty operations.  There is
also higher risk that Petrobras might seek to renegotiate some
conditions with vessels that have day-rates much higher than the
current market level.

The ongoing investigations into alleged corruption at Petrobras
could also impact drillers, according to the report,
"Infrastructure -- Latin America Brazil's Drillers Continue to
Face Significant Hurdles."

The report is available to Moody's subscribers at:

    http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1016911


NII HOLDINGS: Default Under Brazil Bank Loan Covenant Looms
-----------------------------------------------------------
NII Holdings, Inc. on June 19, 2015, won confirmation of the First
Amended Joint Plan of Reorganization Proposed by the Plan Debtors
and the Official Committee of Unsecured Creditors, and on June 26,
2015, emerged from the Chapter 11 proceedings.  KPMG LLP in
McLean, Virginia, audited the consolidated balance sheets of NII
Holdings and subsidiaries as of December 31, 2015 (Successor) and
December 31, 2014 (Predecessor), and the related consolidated
statements of comprehensive (loss) income, changes in
stockholders' equity (deficit), and cash flows for the six month
periods ended December 31, 2015 (Successor) and June 30, 2015
(Predecessor) and for the year ended December 31, 2014
(Predecessor).  KPMG said the Company is unlikely to satisfy a
financial covenant included in Nextel Brazil's local bank loans
and the existence of cross default provisions included in Nextel
Brazil's equipment financing facility raise substantial doubt
about the Company's ability to continue as a going concern.

     (A) Brazil Bank Loans

NII Holdings, which filed its Annual Report on Form 10-K with the
U.S. Securities and Exchange Commission early this month,
disclosed that in December 2011, Nextel Telecomunicacoes Ltda., or
Nextel Brazil, borrowed the equivalent of $341.2 million from a
Brazilian bank and utilized the proceeds of this borrowing to
repay a portion of the unpaid purchase price relating to the
spectrum it acquired in June 2011.  Because this loan is
denominated in Brazilian reais, the payments for principal and
interest will fluctuate in U.S. dollars based on changes in the
exchange rate of the Brazilian real relative to the U.S. dollar.
In October 2012, Nextel Brazil entered into an additional
Brazilian real-denominated bank loan agreement, under which Nextel
Brazil borrowed the equivalent of approximately $196.9 million.

According to NII Holdings, as of the December 31, 2014 measurement
date, the Company was not in compliance with the net debt
financial covenant included in each of Nextel Brazil's outstanding
local bank loans.  In February 2015, Nextel Brazil and the lenders
providing the local bank loans entered into standstill agreements
under which the lenders agreed that they would not seek remedies
under the provisions of the agreements related to Nextel Brazil's
failure to satisfy the financial covenants in the loan agreements
in the period before September 15, 2015 and that further principal
repayment obligations due between the signing date and September
15, 2015 would be suspended.

In addition, the standstill agreements formally committed the
lenders to sign further amendments to the terms of the local bank
loans. Among other things, the amendments revised the financial
covenants and principal repayment schedule for the loans, granted
the lenders a security interest over amounts held in certain
collection accounts maintained with each lender and increased the
interest margin on the loans from approximately 115% of the local
Brazilian borrowing rate to approximately 140% of this local rate.

Certain of these amendments were implemented in connection with
the standstill agreements and the remainder became effective in
connection with NII Holdings' emergence from Chapter 11
proceedings.  Subsequent to the amendments, both of these loan
agreements have floating interest rates equal to 139.54% of the
local Brazilian borrowing rate (19.74% as of December 31, 2015),
have monthly repayment terms beginning in June 2016 and a final
maturity of October 2019.

The amendments provided for a "covenant holiday" through December
31, 2015, during which time the Company was not required to comply
with the financial covenants outlined in Nextel Brazil's local
bank loan agreements.  Going forward, Nextel Brazil must maintain
a net debt to earnings before interest, taxes, depreciation and
amortization, or EBITDA, ratio over the trailing 12 months of no
greater than:

     4.0 as of June 30, 2016,
     3.5 as of December 31, 2016 and
     2.5 as of June 30, 2017 and on each six-month
         anniversary thereafter.

"In connection with our emergence from Chapter 11, we made a
number of changes within our senior management team and modified
our business plan to reflect our available cash resources and the
impact of the current and expected economic and competitive
conditions in Brazil on both our subscriber growth and revenues,
and to align our costs with this revised outlook. Based on our
current business plan, we believe that it is unlikely that we will
satisfy the applicable financial covenant included in both of
Nextel Brazil's local bank loan agreements at the June 30, 2016
measurement date," NII Holdings said.

"If we are unable to develop or implement changes to our business
that allow us to meet this covenant, we will need to refinance or
negotiate amendments to these financing arrangements or secure
waivers from the lenders in order to avoid a potential default
under the loan agreements. If a default occurs, the lenders could
require us to repay the amounts outstanding under these
arrangements."

As of December 31, 2015, the Company had $233.8 million principal
amount outstanding under Nextel Brazil's local bank loans.

     (B) Brazil Equipment Financing Facility

In April 2012, Nextel Brazil entered into a U.S. dollar-
denominated loan agreement with the China Development Bank, under
which Nextel Brazil was able to borrow up to $500.0 million to
finance infrastructure equipment and certain other costs related
to the deployment of its WCDMA network. A portion of this
financing has a floating interest rate based on LIBOR plus 2.90%
(3.75% and 3.16% as of December 31, 2015 and 2014, respectively),
and the remainder of this financing has a floating interest rate
based on LIBOR plus 1.80% (2.65% and 2.06% as of December 31, 2015
and 2014, respectively).

The financing is guaranteed by NII Holdings and may limit the
Company's ability to pay dividends and other upstream payments.
Loans under this agreement have a three-year borrowing period, a
seven-year repayment term that began in August 2015 and a final
maturity of June 2022. Assets purchased using the amounts borrowed
under Nextel Brazil's equipment financing facility are pledged as
collateral.

In December 2014, Nextel Brazil and the lender under the equipment
financing facility agreed to amend this facility to remove all
financial covenants beginning with the December 31, 2014
measurement date through the June 30, 2017 measurement date so
that the first measurement date under the amended facility will be
December 31, 2017. In exchange for that covenant relief, Nextel
Brazil granted the lender preferential rights to the amounts held
in certain bank accounts.

"Because of the uncertainty regarding our ability to meet the
financial covenant contained in Nextel Brazil's local bank loans
and certain cross-default provisions that are included in the loan
agreement under Nextel Brazil's equipment financing facility, we
have continued to classify the amount outstanding under this
facility as a current liability in our consolidated balance sheet
as of December 31, 2015," NII Holdings said.

As of December 31, 2015, the Company had $342.5 million in
principal amount outstanding under Nextel Brazil's equipment
financing facility.  The Company does not have the ability to
borrow additional amounts under this equipment financing facility.

Following the sales of its operations in Mexico and Argentina, NII
Holdings now operates only in Brazil.  The Company provides
wireless communication services under the Nextel(TM) brand in
Brazil, competing with rivals like Vivo, which is owned by Spain's
Telefonica and has the largest market share in the Sao Paulo
metropolitan area and Rio de Janeiro; Claro, which is controlled
by Mexico's America Movil; Telecom Italia Mobile, or TIM, a
subsidiary of Italy's Telecom Italia; and TNL PCS S.A., a
subsidiary of Telemar Norte Leste, Brazil's largest wireline
incumbent, that offers its services under the brand name "Oi."

NII Holdings noted that during 2015, the Brazilian economy
contracted as domestic demand decreased due to a combination of
high inflation, high interest rates, growing unemployment, tighter
credit conditions, a decline in business investments and political
issues. According to reports issued by the International Monetary
Fund, or the IMF, it is estimated that Brazil's gross domestic
product, or GDP, fell about 3.7% in 2015 compared to the end of
2014, and most economic forecasts for 2016 currently project
continued economic contraction. The unemployment rate in Brazil
was almost 7% at the end of 2015 and is expected to reach 9% in
2016.

Real wages in Brazil have been falling since March 2015 and are
expected to continue to fall. The foreign currency exchange rate
in Brazil declined 42% relative to the U.S. dollar from 2014 to
2015.

These economic conditions are affecting the wireless
telecommunications industry in Brazil, leading to lower customer
credit and pressure on customer demand, pricing and customer
turnover.

NII Holdings disclosed that as of December 31, 2015, the Company
had a working capital deficit of $170.6 million compared to a
working capital deficit of $40.7 million as of December 31, 2014.
As of December 31, 2015, the Company's working capital included
$342.2 million in cash and cash equivalents, of which $3.7 million
was held by Nextel Brazil in Brazilian reais, and $84.3 million in
short-term investments, the majority of which was held in
Brazilian reais.

In addition, as of December 31, 2015, NII Holdings had $141.7
million of cash collateral securing certain performance bonds
relating to obligations to deploy spectrum in Brazil.  As of
December 31, 2015, NII Holdings also had $226.9 million in cash
held in escrow in connection with the sales of Nextel Argentina,
Nextel Mexico and Nextel Peru and $54.3 million in judicial
deposits in Brazil.

Within the six months following its emergence from bankruptcy, NII
Holdings said it posted a net loss of $274,003,000 (for the six
months ended Dec. 31, 2015) amid revenues of $529,434,000.

At Dec. 31, 2015, NII Holdings had total assets of $2,729,908,000
against total current liabilities of $898,609,000; total
liabilities not subject to compromise of $1,179,093,000 and total
stockholders' equity of $1,550,815,000.

A copy of NII Holdings' Annual Report is available at
http://is.gd/WpS3Mz


ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'BB'; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Odebrecht Engenharia e Construcao S.A.
(OEC) to 'BB' from 'BB+' and its national scale long-term rating
to 'brA+' from 'brAA+'.  S&P affirmed its 'brA-1' short-term
corporate credit rating on the company.  The outlook on the
corporate credit ratings remains negative.

S&P also lowered its issue-level ratings on Odebrecht Finance Ltd.
(OFL) to 'BB' from 'BB+'.  At the same time, S&P removed this
rating from CreditWatch developing.  S&P also assigned a recovery
rating of '4L' to this debt, indicating its expectation that
lenders would receive average (30%-50%; the lower range of the
band) recovery of their principal in the event of a payment
default.

The downgrade reflects S&P's view of OEC's rising financial
constraints as the corruption investigations of the company
progresses.  Although OEC is cooperating with authorities to reach
a leniency agreement in the short term, the fine and penalties
amount remains uncertain.  Nevertheless, S&P believes the
litigation related to the corruption probe, along with weaker
business conditions for the company, could result weaker credit
metrics.

While OEC hasn't disclosed a final agreement with the authorities,
reputational risks have exacerbated, weakening business conditions
and hampering working-capital management.  The benefits from new
advanced payments to the company have shrunk because its backlog
has plunged.  Also, OEC is experiencing delays in collecting
accounting receivables because of deterioration of its clients'
overall creditworthiness.  As a result, OEC has posted about R$4.2
billion in working-capital needs as of September 2015, and S&P
expects it to post a shortfall in FOCF for that year.  OEC's
lesser ability to access debt markets is also weighing on backlog
replenishment because the project lenders have also increased the
scrutiny over the compliance standards; perceived financial
stability; and accuracy of the bidding process for the
engineering, procurement, and construction provider they extend
credit to in order to assure that they won't have to change the
contractor in the middle of the project.

S&P acknowledges that FOCF among engineering and construction
companies may be volatile due to large working-capital swings, and
unexpected and often large cost overruns.  Therefore, OEC's cash
flow leverage may deteriorate quickly in in a stressful scenario,
which S&P incorporates in its assessment of OEC's significant
financial risk profile.

S&P revised its view of OEC's liquidity to adequate from strong.
The company posts a comfortable and smooth amortization schedule,
because the bulk of its debt matures after 2025 and its sources-
over-uses ratio is above 2.0x.  However, S&P views OEC's ability
to absorb high-impact, low-probability events without the need for
refinancing as more restricted.  The company is also exposed to
higher working-capital swings and a large volume of advances from
clients that could reduce its cash holdings under a more stressful
scenario.  Even though OEC has no financial covenants under its
debt agreements, its standing in credit markets has also weakened.


RIOPREVIDENCIA: Fund Starts Talks With Holders of $3.1BB Debt
-------------------------------------------------------------
Filipe Pacheco at Bloomberg News reports that Rioprevidencia, the
pension fund for public-sector workers from Rio de
Janeiro state, is holding informal talks with holders of its $3.1
billion in bonds after a waiver for breached debt covenants
expired.

Rioprevidencia, which is grappling with a 10 billion-real ($2.8
billion) budget hole this year, isn't currently considering a full
restructuring of its dollar-denominated debt and hasn't hired any
new financial advisers to tackle its funding needs, said
Chief Executive Officer Gustavo Barbosa, according to Bloomberg
News.  He declined to provide additional details on the talks.

"We believe the structure of the notes is resilient and has been
supporting the financial service of the bonds," Mr. Barbosa said
by telephone from Rio de Janeiro, notes the report.  "Now, we are
seeking friendly solutions with bondholders," Mr. Barbosa added.

Investors granted a waiver in October after Rioprevidencia's
forward-looking debt coverage ratio -- a measure of cash flow
available to pay interest and principal -- fell below the minimum
threshold required to prevent a possible acceleration of payments,
Bloomberg News says.

In exchange for the waiver, the fund boosted the coupon on the
securities by 3 percentage points to as much as 9.5 percent,
Bloomberg News notes.  It breached debt covenants again in the
past two fiscal quarters that ended March 22, when the waiver
expired, Bloomberg News relays.

Separately, the pension fund is also in talks for 1 billion reais
in credit facilities from Banco do Brasil SA to help finance its
deficit, Mr. Barbosa said.  The state-run bank didn't immediately
respond to a request for comment.

Rioprevidencia relies on royalties from crude oil sales, most of
which come from state-controlled Petroleo Brasileiro SA, to pay
its debt and its retiree benefits, Bloomberg News notes.  Brent
prices have declined 65 percent since the first tranche of
Rioprevidencia's debt was issued in June 2014.

The pension funds' $2 billion in notes due 2024, its most liquid
outstanding maturity, advanced 0.2 cent on May 28 to 59.2 cents on
the dollar, data compiled by Bloomberg show.


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


ALTOS HORNOS: Creditors to Hold Meeting on April 18
---------------------------------------------------
The creditors of Altos Hornos de Mexico S.A.B. de C.V. will hold a
meeting on April 18, 2016, at 10:00 a.m., in the Faculty of
Seminars of the Universidad Autonoma de Coahuila.

During the meeting, these matters will be discussed:

   -- list of attendance;
   -- proposed agreement; and
   -- vote regarding the admission of the plan.


APEX CAYMAN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Apex Cayman Fund Limited received on March 23,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


BLUE ELEPHANT: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Blue Elephant Offshore Consumer Fund, 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:

          Ahees Jain
          One Bridge Street
          Suite 87, Irvington
          New York 10533
          United States of America


CCM CAYMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of CCM Cayman Fund Limited received on March 23,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


CRESCENT CORPORATE: Court Hears Petition to Appoint Liquidators
---------------------------------------------------------------
A petition to appoint liquidators for Crescent Corporate Services
Limited was heard before the High Court of Justice in the Virgin
Islands on Feb. 22, 2016.

The company's legal practitioners are:

          Dian Fahie de Castro
          Stephen Grayson
          Financial Services Commission
          Haycraft Building, Pasea Estate
          P.O. Box 418 Cayman Islands


DAIRY HOLDINGS: Creditors to Hold Meeting Today
-----------------------------------------------
The creditors of Dairy Holdings Limited will hold their meeting
today, March 31, 2016, at 9:30a.m.

The company's liquidator is:

          Zolfo Cooper
          38 Market Street
          Canella Court, 2nd Floor
          Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006


FIVE FIFTEEN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Five Fifteen Cayman Fund Limited received on
March 23, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


FOOD HOLDINGS: Creditors to Hold Meeting Today
----------------------------------------------
The creditors of Food Holdings Limited will hold a meeting today,
March 31, 2016, at 9:00a.m.

The company's liquidator is:

          Zolfo Cooper
          38 Market Street
          Canella Court, 2nd Floor
          Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006


GLG EMERGING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of GLG Emerging Markets Credit Opportunity Fund
received on March 23, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


ISAM CAYMAN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Isam Cayman Fund Limited received on March 23,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


LDK SOLAR: Court to Hear Wind-Up Petition on April 6
----------------------------------------------------
A petition to wind up the operations of LDK Solar Co., Ltd., will
be heard before the Grand Court of Cayman Islands on April 6,
2016, at 10:00 a.m.

The petition was presented by Orchard Makira Master Ltd.

The petition also seeks to appoint John Batchelor and David
Griffin of FTI Consulting as the company's liquidators.


MAN SPECIAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Man Special Opportunities Holding Ltd.
received on March 23, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


MAN SYSTEMATIC: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Man Systematic Commodity Index Tracker Fund
received on March 23, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


MARATHON CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Marathon Cayman Fund Limited received on
March 23, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


ORTLAND EQUITIES: Commences Liquidation Proceedings
---------------------------------------------------
Ortland Equities Corp. commenced liquidation proceedings.

Only creditors who were able to file their proofs of debt by
Feb. 26, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuart C E Mackellar
          Zolfo Cooper (BVI) Limited
          c/o Ami Sweeney
          Telephone: +1 (284) 393 9611
          Facsimile: +1 (284) 393 9601


SKYLINE FEEDER: Shareholders to Hear Wind-Up Report on April 14
---------------------------------------------------------------
The shareholders of Skyline Feeder Fund Limited will hear on
April 14, 2016, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


SKYLINE MASTER: Shareholders to Hear Wind-Up Report on April 14
---------------------------------------------------------------
The shareholders of Skyline Master Fund Limited will hear on
April 14, 2016, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


SUPER ISAM: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Super Isam Systematic Cayman Fund Limited
received on March 23, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


VANTAGE DRILLING: Court Appoints Beighton & Lawson as Liquidators
-----------------------------------------------------------------
The Grand Court of Cayman Islands, on Jan. 18, 2016, appointed K.
Beighton and A. Lawson as the liquidators of Vantage Drilling
Company.

The company's Liquidators can be reached at:

          K. Beighton
          A. Lawson
          KPMG
          P.O. Box 493, Century Yard
          Cricket Square, Grand Cayman KY1-1106
          Cayman Islands


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


GUANAY FINANCE: Fitch Cuts $450MM Sr. Sec. Notes Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has downgraded the rating on Guanay Finance
Limited's 2013-1 notes to 'BB-' from 'BB' and revised the Rating
Outlook to Negative from Stable.

The issuance is backed by U.S. and Canadian-dollar-denominated
future flow ticket receivables originated by LATAM Airlines Group
S.A. (LATAM). Flows result from airline ticket sales and cargo
charges by LAN Airlines S.A. (LAN) under IATA code 045 that are
purchased using a qualified credit, debit or charge card in the
U.S. and Canada. Fitch's rating addresses the timely payment of
interest and principal on a quarterly basis.

KEY RATING DRIVERS
The rating action follows Fitch's recent downgrade to LATAM's
long-term Issuer Default Rating (IDR) and reflects the following
key rating drivers:

Downgrade to LATAM: On March 24, 2016, Fitch downgraded LATAM's
long-term IDR to 'B+' from 'BB-' and revised the Outlook to
Negative from Stable. Fitch assigns a going-concern assessment
(GCA) score of 'GC3' to the airline. The credit strength of the
transaction is linked to the credit quality of LATAM.

Coverage Ratios in Line with Expectations: Collections supported
an average quarterly debt service coverage ratio (DSCR) of 3.82x
in 2015, in line with Fitch's base case. Fitch's DSCR considers
maximum quarterly debt service for the life of the transaction.
Coverage levels benefit from a strategically important and strong
securitized business line.

Future Flow Debt Relative to Company Liabilities: The future flow
issuance represents approximately 4.7% of LATAM's consolidated
debt and 5.6% of unconsolidated debt (excluding TAM). While these
percentages are low relative to the balance sheet, the transaction
is large relative to the company's total unsecured debt, as most
of the company's debt relates to leases and secured debt.

Moderate Diversion Risk: While designated obligors have signed
notice and consent agreements (N&Cs), the transaction is exposed
to potential diversion risk. Cash flows could be diverted from the
transaction by changing designated obligors or rerouting sales
through a different IATA code. This risk limits differentiation of
the issuance rating from the originator's IDR.

RATING SENSITIVITIES
The rating is sensitive to changes in the credit quality of LATAM.
A downgrade of LATAM's 'B+' IDR could lead to a downgrade of the
notes. In addition, a contraction in LAN's North American gateway
business that would result in a decline in DSCRs could also lead
to rating downgrades.

Fitch has downgraded the following ratings:
-- Series 2013-1 $US 450 million senior secured fixed-rate notes
    downgraded to 'BB-' from 'BB'; Rating Outlook revised to
    Negative from Stable.



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


DOMINICAN REP: Banks to Mull US$5BB+ in International Reserves
--------------------------------------------------------------
Dominican Today reports that the Central Bank will meet with the
chief executive officers of Dominican Republic's banks to deal
with foreign exchange earnings, a net international reserves (NIR)
exceed US$5 billion.

In a statement the Central Bank said that it is ready to cushion
any unexpected situation, according to Dominican Today.

It reiterates having sufficient reserves to face any eventuality
related to the dollar's rate, noting the Dominican currency's
relative stability leads to "confidence of the national productive
system and the citizens," the report notes.

As of March 23, the RIN closed at US$5.1 billion, while gross
international reserves totaled US$5.3 billion, "the highest in
Dominican recorded economic and financial history," the report
relays.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.


DOMINICAN REPUBLIC: Agro Exports Jump 22% to US$6.04BB in 3 Years
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's agro exports
jumped 22% from 2012 to 2015 posting a total volume as high as
US$6.04 billion, said Export and Investment Center (CEI-RD)
executive director Jean Alain Rodriguez.

Mr. Rodriguez said during the 2012-2015 period agro exports
climbed from US$1.34 billion in 2012 to US$1.63 billion in 2015,
or an average annual growth of 9%, and 1.15% higher than the
previous year, according to Dominican Today.

The report notes that Mr. Rodriquez said the US$1.47 billion
exported in 2013 was a "substantial increase" of 9.57% over 2012.

Mr. Rodriquez said agro exports totaled US$1.6 billion during
2014, a 7.64% jump compared to 2013, the report relays.

The official also noted that the US$1.63 billion in agro exports
in 2015 was 2.91% higher than in 2014, the report notes.

                             Growth Areas

Mr. Rodriguez added that there were considerable increases in the
export of various agricultural products, among them cucumbers
(170%), organic banana (115%), mangos (69%) and raw cocoa beans
(56%), the report relays.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.


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


JAMAICA: Under Pressure to Fund FINSAC Report
--------------------------------------------
RJR News reports that pressure is being placed on the new Jamaican
Government to indicate when it will fulfil its campaign promise to
provide funds for the completion of the FINSAC report.

Finance Minister Audley Shaw had declared in the lead-up to the
February 25 general election that he would ensure that the report
is completed, according to RJR News.

Yola Gray-Baker, President of the Association of FINSAC'd
Entrepreneurs, told RJR News that the Finance Minister was
contacted on the matter, however, not much progress has been made,
the report notes.

Ms. Gray-Baker said the group is waiting to see if the funds for
the completion of the FINSAC report are included in the 2016/2017
Budget, the report adds.

                              *     *     *

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


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


ALLIED FINANCIAL: Jose Jimenez Approved as Accountant
-------------------------------------------------------
Allied Financial, Inc., sought and obtained approval from the U.S.
Bankruptcy Court for the District of Puerto Rico 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.P.R. 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 debt of $9.14 million.  C. Conde & Assoc. represents the
Debtor as counsel.  Mildred Caban Flores has been assigned the
case.


DF SERVICING: Hires Pietrantoni Mendez as Tax Counsel
-------------------------------------------------------
DF Servicing, LLC seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Pietrantoni Mendez
& Alvarez, LLC as special counsel to the Debtors.

DF Servicing had engaged the services of Pietrantoni Mendez as its
counsel regarding tax and corporate matters, including issues with
various municipalities of the Commonwealth of Puerto Rico.

DF Servicing has agreed to pay $300 per hour for work to be
performed by the firm's Edgar Rios-Mendez, and $220 per hour for
work to be performed by Dianette M. Rivera Melendez.

Pietrantoni Mendez will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Edgar Rios-Mendez and Dianette M. Rivera Melendez, both attorneys
of Pietrantoni Mendez & Alvarez, 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.

Pietrantoni Mendez can be reached at:

     Edgar Rios-Mendez, Esq.
     Dianette M. Rivera Melendez, Esq.
     PIETRANTONI MENDEZ & ALVAREZ, LLC
     Popular Center, 19th Floor
     208 Ponce de Leon Avenue
     San Juan, PR 00918
     Tel: (787) 773-6012
     Fax: (787) 274-1470
     E-mail: ERios@pmalaw.com
             drivera@pmalaw.com

                      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, CPA Luis R. Carrasquillo & Co, P.S.C. as financial
consultant, AFS CPA Group, LLC, serves as auditor, and Salichs Pou
& Associates, PSC, as special counsel.


DORAL FINANCIAL: April 7 Hearing on Bid to Extend Exclusivity
-------------------------------------------------------------
Doral Financial is asking the U.S. Bankruptcy Court to extend the
exclusive period during which the Company can file a Chapter 11
plan and solicit acceptances thereof through and including June
22, 2016 and September 20, 2016, respectively.

According to BankruptcyData, Doral explains that, "To date, Doral
Properties has achieved a number of important tasks in this
bankruptcy case, including: (a) obtaining relief from the Court
pursuant to various first-day motions to facilitate transition
into chapter 11; (b) securing consensual use of cash collateral
from the Debtors' secured creditor, UMB Bank, N.A. (the
'Trustee'); (c) filing its schedules of assets and liabilities and
statement of financial affairs; (d) establishing a claims bar
date; and (e) selling substantially all of its assets . . . While
Doral Properties has made substantial progress in this case, Doral
Properties requires additional time to complete negotiations on a
chapter 11 plan that will best maximize value for creditors."

The Court scheduled an April 7, 2016 hearing on the motion.

                     About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.   DFC estimated $50
million to $100 million in assets and $100 million to $500 million
in debt as of the bankruptcy filing.

On Nov. 25, 2015, Doral Properties filed a voluntary petition
(Case No. 15-13160).  Doral Properties Inc. disclosed total assets
of P23,149,434 and total liabilities of 37,335,000.

On Dec. 4, 2015, the Court directed the joint administration of
the Debtors' chapter 11 cases under Case No. 15-10573, for
procedural purposes.  Both cases are assigned to Judge Shelley C.
Chapman.

The Debtors are represented by Ropes & Gray LLP as counsel.
Garden City Group, LLC serves as the Debtors' claims agent.  Carol
Flaton at Zolfo Cooper Management serves as chief restructuring
officer.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
appointed five creditors of the company to serve on the official
committee of unsecured creditors.  The Committee is represented by
Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at Schulte Roth &
Zabel LLP.  The panel tapped Fiddler, Gonzalez, Rodriguez, P.S.C.
as special Puerto Rico counsel; McConnell Valdes LLC as special
Puerto Rico tax counsel; Capstone Advisory Group, LLC, together
with its wholly-owned subsidiary Capstone Valuation Services, LLC,
as financial advisor; and Prime Clerk LLC as its information
agent.


PUERTO RICO: Governor Pushes Back Against Federal Control Board
---------------------------------------------------------------
Michelle Kaske and Alexander Lopez at Bloomberg News reports that
Puerto Rico Governor Alejandro Garcia Padilla welcomed proposed
federal legislation that would help the island restructure its $70
billion of debt, while saying it imposes too much U.S. control
over the commonwealth.

A draft measure by House Republicans that has circulated on
Capitol Hill would give a federal control board the legal
authority to oversee a reduction of the island's debts, instead of
entrusting that power to local officials, according to Bloomberg
News.

The control board would have the ability to cut the budget if
Puerto Rico lawmakers are unable to erase the chronic deficits
that are at the root of the fiscal crisis -- a step that would
take key decisions away from the island's legislature and
governor, Bloomberg News notes.

"The section on restructuring the debt is positive, but the price
is too high," Garcia Padilla told reporters in San Juan, Bloomberg
News relays.

Puerto Rico and its agencies have run up $70 billion in debt from
years of borrowing to pay its bills, Bloomberg News discloses.

Garcia Padilla's administration has been negotiating with
creditors in an effort to persuade them to accept less than
they're owed because it has no way to reduce its debt in court,
Bloomberg News says.

He's urged Congress to give the commonwealth restructuring powers
to help corral investors who are reluctant to accept a loss,
Bloomberg News notes.

The draft bill from the House Natural Resources Committee is the
most comprehensive fix yet advanced by Congressional Republicans
to help pull Puerto Rico from a crisis that's been building since
June, when Garcia Padilla said its debts aren't payable, Bloomberg
News notes.

The committee plans to hold a hearing on the bill on April 13.

While Senate Democrats have pushed their own proposals, the
House's measure has a high likelihood of becoming law, said
Daniel Hanson, an analyst at Height Securities, a Washington-based
broker dealer, Bloomberg News relays.  Republicans control both
houses of Congress.

"The bill has the right pieces," Mr. Hanson said, referring to the
legislation's ability to repair Puerto Rico's finances, Bloomberg
News notes.  "It's the right approach to moving forward," Mr.
Hanson added.

Still, the draft bill doesn't resolve how the government's various
creditors will fare under a restructuring, he said, Bloomberg News
relays.  Puerto Rico's debt was sold by different issuers and
backed by separate revenue streams or legal safeguards, Bloomberg
News notes.

"It doesn't seem as though this legislation properly addresses all
the different legal facets that are going to emerge," Mr. Hanson
Said, Bloomberg News discloses.

Prices on Puerto Rico securities were little changed March 28,
notes the report.

General obligations with an 8 percent coupon and maturing in
2035 traded at an average price of 70.3 cents on the dollar
March 28, down from 71.2 cents on March 24, notes Bloomberg News.
The average yield was 12 percent.

Garcia Padilla reiterated that the island is unable to make a $422
million Government Development Bank bond payment due May 1 unless
it reaches an agreement with investors, Bloomberg News discloses.
It would follow smaller defaults by certain island agencies,
Bloomberg News notes.  Puerto Rico and its agencies face an
additional $2 billion debt-service payment July 1.



===========================
V I R G I N   I S L A N D S
===========================


PEAK HOTELS: Appoints Crumpler and Bower as Liquidators
-------------------------------------------------------
On Feb. 8, 2016, the Eastern Caribbean Supreme Court in the High
Court of Justice Virgin Islands appointed Russell Crumpler of KPMG
(BVI) Limited and Sarah Bower of KPMG in Hong Kong as the
liquidators of Peak Hotels and Resorts Limited.

The Liquidators can be reached at:

          Russell Crumpler
          KPMG (BVI) Limited
          Sarah Bower
          KPMG
          Hong Kong
          Stephenson Harwood LLP
          1 Finsbury Circus
          London EC2M 7SH
          United Kingdom DX
          64 Chancery Lane
          Facsimile: +44 (0) 20 7329 7100





                            ***********


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 * * *