TCRLA_Public/160401.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, April 1, 2016, Vol. 17, No. 64


                            Headlines



A R G E N T I N A

ROMBO COMPANIA: Moody's Rates ARS250MM Sr. Unsec. Debt Issuance B2


B E L I Z E

BELIZE: Unveils Climate-Resilient Tourism Program With IDB


B E R M U D A

SEADRILL LTD: Said to Line Up Advisors for Debt Talks


B R A Z I L

ANDRADE GUTIERREZ: Moody's Cuts Corporate Family Rating to B2


C A Y M A N  I S L A N D S

4228 LIMITED: Shareholders Receive Wind-Up Report
ANAMIE LTD: Shareholders Receive Wind-Up Report
ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report
CORNERSTONE HOLDINGS: Members to Hear Wind-Up Report on April 4
DRIER HOLDINGS: Shareholders Receive Wind-Up Report

DYNAMIC DRAGONS: Shareholders Receive Wind-Up Report
ENQUEST DONS: Shareholders Receive Wind-Up Report
JAPAN REALTY: Shareholders Receive Wind-Up Report
JELLYBEAN PROPERTY: Shareholders Receive Wind-Up Report
MSREF VII JAPAN XXI: Shareholders Receive Wind-Up Report

MSREF VII JAPAN XVII: Shareholders Receive Wind-Up Report
MSREF VII JAPAN XVI: Shareholders Receive Wind-Up Report
MSREF VII JAPAN III: Shareholders Receive Wind-Up Report
PEICH LTD: Shareholders Receive Wind-Up Report
PEICH 2 LTD: Shareholders Receive Wind-Up Report

PEICH 3 LTD: Shareholders Receive Wind-Up Report
ROOT INVEST: Members Receive Wind-Up Report
SELECTINVEST ARV II: Shareholders Receive Wind-Up Report
SELECTINVEST INSTITUTIONAL: Shareholders Receive Wind-Up Report
TANBARK INVESTMENTS: Shareholders Receive Wind-Up Report


C H I L E

CHILE: Loses 12 pct. of Annual Salmon Harvest to Deadly Algae


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Bank Injects US$200MM to Keep Demand 'Normal'


M E X I C O

METROFINANCIERA 05U: Moody's Cuts Ratings to Caa1 (sf)
MEXICO: Oil Exports Fall 45.8%
MEXICO: Bond Traders Are Signaling Inflation Slowdown Won't Last


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Up Fee for 2nd Checked Bag on its Flights


                            - - - - -


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A R G E N T I N A
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ROMBO COMPANIA: Moody's Rates ARS250MM Sr. Unsec. Debt Issuance B2
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B2 global local currency senior debt rating to Rombo
Compania Financiera S.A. (Rombo) new bond expected issuance for an
amount up to ARS250 million, which will be due in 24 months. At
the same time, on the National Scale, Moody's assigned Aa2.ar
local currency debt rating to the expected issuance.

The outlook on all ratings is positive.

The following ratings were assigned to Rombo Compania Financiera
S.A.:

ARS250 million senior unsecured debt issuance:

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

The local currency senior unsecured debt ratings are based on a
standalone baseline credit assessment (BCA) of caa1, which
receives two notches of uplift reflecting the assessment of a
moderate probability of support from the company's main parent,
RCI Banque (Baa1, stable) in case of stress. Rombo is 60% owned by
RCI Banque and 40% by BBVA Banco FrancÇs (unrated), and together
with RCI Banque forms the principal financial arm of its ultimate
owner, Renault S.A. (Baa3, stable) in Argentina.

The caa1 BCA assigned to Rombo is based on the company's monoline
business model, its predominantly wholesale funding structure, and
the increasing level of competition within the car-financing
industry in Argentina. These risks are balanced in part by the
company's satisfactory risk management practices that are aligned
to those of its parent companies as well as its adequate
capitalization.

The positive outlook on the company's ratings is in line with the
positive outlook Caa1 rating for Argentina's government bond
rating and incorporates the improving operating environment in the
country, including a move to a more sustainable economic policy
making since a new administration assumed power on December 2015.

WHAT COULD CHANGE THE RATING UP/DOWN

The entity's rating could face upward pressure if Argentina's bond
rating is upgraded or if Argentina's macro profile rises due to an
improvement in the country's economic or institutional strength or
a reduction in its susceptibility to event risk. While the rating
is unlikely to face downward pressure given the positive outlook,
the outlook could stabilize if the outlook of the Government of
Argentina returns to stable.

The principal methodology used in this rating was Finance
Companies published in October 2015. Please see the Ratings
Methodologies page on www.moodys.com.ar for a copy of this
methodology.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

Rombo Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, with assets of ARS2.98 billion and equity of ARS617.1
million as of December 2015.


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


BELIZE: Unveils Climate-Resilient Tourism Program With IDB
----------------------------------------------------------
The Ministry of Tourism and Civil Aviation, in collaboration with
the Inter-American Development Bank, officially launched the
Sustainable Tourism Program II on March 8-10, 2016 at the Black
Orchid Resort in Burrell Boom Village.  In October 2015, the IDB's
Board of Executive Directors approved a US$15 million loan
facility, and in January 2016, a loan agreement was executed
between the IDB and the Government of Belize for this new program.

Tourism continues to be one of Belize's most important economic
sectors, contributing 15 percent of total direct GDP and
generating US$747 million in foreign exchange earnings in 2014. It
also represents 35 percent of total exports of goods and service
and contributes one out of every six jobs for the nation. The
first Sustainable Tourism Program (STP I) focused on consolidation
of the destinations of Ambergris Caye, Placencia, Belize City and
San Ignacio and generated the National Sustainable Tourism Master
Plan 2030 (NTSMP). Following the implementation of STP I in 2013,
the Government of Belize and the IDB collaborated on a second
Sustainable Tourism Program (STP II), through an extensive
planning process.

STP II is designed to support the implementation of the NSTMP in
new and emerging destinations: the Corozal District, Toledo
District/Punta Gorda, the Mountain Pine Ridge/Chiquibul/Caracol
complex, and Caye Caulker. The program will increase tourism
expenditures, employment and income; promote disaster and climate
resilience and environmental sustainability in tourism
destinations; and create enabling conditions for private sector
investment in overnighgt tourism. A key component of the project
aims to expand and restore visitor facilities at archaeological
sites, including a state-of-the-art museum at Caracol, and to
support the development of nature-based tourist attractions and
services in the selected destinations. Additional major
infrastructure upgrades in the destinations are programmed to
support tourism development in municipalities, rural areas, and
protected areas.

STP II is the first tourism loan approved by the IDB that
systematically mainstreams biodiversity and ecosystem services.
"Mainstreaming biodiversity in tourism development will contribute
to a shift towards informed management of social and ecological
systems," said IDB Project Team Leader Sybille Nuenninghoff.

The Ministry of Tourism and Civil Aviation and the Bank have
partnered on sustainable tourism projects for 20 years. Between
1998 and 2015, the Bank's investment in the sector, which includes
three loans and 15 grants, amounted to US$43 million.

The project launch brought together tourism stakeholders and local
beneficiaries to discuss the key elements of the program and the
proposed activities. Remarks were provided by Yashin Dujon, CEO of
Ministry of Tourism and Civil Aviation and Cassandra Rogers, IDB
Representative in Belize.

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2015, Standard & Poor's Ratings Services revised its
outlook on the long-term ratings on Belize to stable from
positive.  S&P also affirmed its 'B-/B' long- and short-term
foreign and local currency sovereign credit ratings on Belize.  At
the same time, S&P affirmed its 'B-' transfer and convertibility
assessment.


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B E R M U D A
=============


SEADRILL LTD: Said to Line Up Advisors for Debt Talks
-----------------------------------------------------
Luca Casiraghi, Dinesh Nair, and Steven Church at Bloomberg News
report that Seadrill Ltd., the offshore driller with the biggest
debt load, hired Houlihan Lokey Inc. and Morgan Stanley to advise
it in negotiations on restructuring $11 billion of loans and
bonds, two people familiar with the matter said.

Bank lenders to the company formed a committee this month to lead
the talks and appointed adviser Lazard Ltd. and law firm White &
Case, said the people, who asked not to be identified because the
information is private, according to Bloomberg News.

Offshore drillers are struggling to repay debt as competition and
reduced spending by oil companies hurt profits, the report notes.

Falling demand for rig services is forecast to reduce sales at the
world's largest offshore contractors by 25 percent this year and
at least 10 percent in 2017, according to Bloomberg Intelligence
analyst Andrew Cosgrove.

Spokesmen at Houlihan Lokey, Morgan Stanley and White & Case
declined to comment on the appointments.

Officials at Seadrill and Lazard didn't immediately respond to e-
mails and calls seeking comment.

Seadrill has $2.6 billion of unsecured bonds and $8.4 billion of
bank facilities, Bloomberg News notes.   Almost $3.5 billion of
debt is due by the end of next year, according to data compiled by
Bloomberg.

The company's $948 million of bonds due September 2017 are quoted
at about 45 cents on the dollar, the data show, Bloomberg News
says.

The company, controlled by billionaire John Fredriksen, aims to
have a plan agreed with bondholders and banks by the end of June,
Chief Executive Officer Per Wullf said in an interview on Feb. 26,
Bloomberg News discloses.

Getting to a deal will be complex, in part because Seadrill has
more than 40 bank creditors across a dozen syndicates, Mr. Wullf
added, notes the report.


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


ANDRADE GUTIERREZ: Moody's Cuts Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service downgraded to B2 from B1 the corporate
family rating assigned to Andrade Gutierrez Engenharia S/A. (AGE)
and to B2 from B1 the rating on its guaranteed notes issued by
Andrade Gutierrez International S.A. (AGInt). The outlook for all
ratings remains negative.

Ratings changed:

Issuer: Andrade Gutierrez Engenharia S/A (AGE), Brazil

-- Corporate Family Rating: to B2 from B1

Issuer: Andrade Gutierrez International S.A. (AGInt), Luxemburg

-- $US 500 million senior unsecured notes due 2018: to B2 from B1
    foreign currency rating

The outlook for all ratings is negative

RATINGS RATIONALE

The downgrade of AGE's rating reflects the expected deterioration
in the company's credit metrics and liquidity profile due to the
prolonged construction industry downturn in Latin America and
potential contingent liabilities arising from the corruption
investigations in Brazil.

The "Lava-Jato" investigations and political uncertainties in
Brazil negatively impacted the engineering and construction
sector. Industry conditions have also been adversely affected by
the sharp decline in commodity prices that is constraining
investments of the metals and mining and oil and gas industries
throughout Latin America and Africa, key markets for AGE. Further
pressure results from lower than anticipated economic growth in
2016 and more limited fiscal availability for certain governments
to timely support their infrastructure development plans as
compared previous years, particularly in Brazil, Venezuela and
Angola. "As a result, we expect the company's credit metrics,
including operating margins, leverage and interest coverage will
remain pressured until at least 2018."

Liquidity risk has increased for the company with potential
contingencies or penalties arising from Brazil's corruption
investigations. According to the press, the Andrade Gutierrez
group negotiated a leniency agreement of R$1 billion to be paid
over the next 12 years to settle judicial proceedings related to
wrong doings of its former executives and avoid business
limitations.

AGE has cash availability of about R$2.3 billion that approximates
71% of its total debt and off-balance guarantees as of 3Q15, but
there are $500 million of debt maturities concentrated in April
2018 that put some refinancing pressure over the next two years.
Partially mitigating the liquidity risk is AGE's significant size
and scale as the second largest construction company in Brazil,
with a large backlog of approximately BRL26 billion that provides
good revenue visibility for the next 3 years.

The backlog is well diversified in terms of segments supported by
the company's solid execution experience in large scale and
complex infrastructure projects, but it has an unfavorable
geographic concentration within Latin America, with Venezuela
(Caa3 negative) and Brazil (Ba2 negative) representing,
respectively, 39% and 25% of the total backlog at the end of the
3Q15. The company is also primarily exposed to public clients,
which account for approximately 84% of its contracted projects,
but only 9% refers to public clients in Brazil.

A ratings upgrade is unlikely at this time, but ratings
stabilization will be considered if there is a constructive
resolution of the ongoing corruption investigations in Brazil, and
there is a better outlook for AGE's key end-markets. Outlook
stabilization would also depend on the company sustaining a robust
liquidity cushion for its upcoming debt maturities; improvement in
backlog diversification and further corporate governance
developments. Outlook stabilization would also be supported by
AGE's adjusted leverage improving to below 5.0 times and if its
adjusted FFO to debt remains above 15% on a sustainable basis.

AGE's ratings could be further downgraded if the company's cash
balance is not sufficient to cover all of the company's debt
service in the short term, or if the company's total adjusted debt
to EBITDA ratio deteriorates to more than 6.5 times (5.2x as of
LTM 3Q15) or if its funds from operations (FFO) to debt is less
10% (30% as of LTM 3Q15) for two or more quarters without the
expectation of improvement. A liquidity deterioration that results
in a sudden cash drain would also trigger a downgrade.

Andrade Gutierrez Engenharia S/A (AGE) is the second largest
engineering and heavy construction company in Brazil, with net
revenues of BRL6.8 billion ($US 2.3 billion) as of LTM 30
September 2015. The company's backlog of BRL27.5 billion ($US 6.9
billion) as of September 30, 2015 is comprised of 73 diversified
projects including hydro power plants, basic infrastructure
projects, industrial and civil construction, and oil and gas
projects, of which 25% are located in Brazil, 44% in other Latin
American countries and 31% in Africa, Europe and Asia. As of 30
September 2015, the company's outstanding cash position was BRL2.3
billion for a total gross debt of BRL3.2 billion that includes its
off balance debt guarantees.

AGE is one of the main subsidiaries of Andrade Gutierrez S.A.
(AGSA, unrated), one of the largest infrastructure conglomerates
in Brazil, with strategic interests in telecommunication services
and public concessions in transport, energy and sanitation. In
addition to 100% ownership in AGE, the Andrade Gutierrez group
indirectly holds 1.2% of Oi S.A. (Caa1, Negative), 10.26% of
Contax (unrated), 17.0% of CCR S.A. (Ba3, negative), 8.8% of
Companhia Energetica de Minas Gerais -- CEMIG (Ba3, negative), and
8.3% of Companhia de Saneamento do Parana -- SANEPAR (Ba3,
stable), among other smaller stakes in infrastructure and
concession companies. AGSA reported consolidated net revenues of
BRL7.2 billion in the LTM ended 2Q15.


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


4228 LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of 4228 Limited received on March 22, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ANAMIE LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Anamie Ltd. received on March 22, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Anthracite Balanced Company (GMN) 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:

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


CORNERSTONE HOLDINGS: Members to Hear Wind-Up Report on April 4
---------------------------------------------------------------
The members of Cornerstone Holdings Limited will hear on April 4,
2016, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Alexandria Bancorp Limtied
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 945-1111
          Facsimile: (345) 945-1122


DRIER HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Drier Holdings Limited received on March 22,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


DYNAMIC DRAGONS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Dynamic Dragons SPC received on March 22,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Chan Ming Fon
          24 Raffles Place
          #26-01B Clifford Centre
          Singapore 048621
          Telephone: + 65 6538 4889
          Facsimile: + 65 6538 5933


ENQUEST DONS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Enquest Dons Oceania Limited received on
March 29, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 949 7500
          Facsimile: +1 (345) 949 8258


JAPAN REALTY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Japan Realty Investment Company V received on
March 22, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


JELLYBEAN PROPERTY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Jellybean Property Limited received on
March 22, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MSREF VII JAPAN XXI: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of MSREF VII Japan Asset XXI GP Ltd received on
March 22, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stephen Nelson
         Collas Crill
         Willow House, 2nd Floor, Cricket Square
         P.O. Box 709 Grand Cayman, KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073


MSREF VII JAPAN XVII: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of MSREF VII Japan Asset XVII GP Ltd received on
March 22, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stephen Nelson
         Collas Crill
         Willow House, 2nd Floor, Cricket Square
         P.O. Box 709 Grand Cayman, KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073


MSREF VII JAPAN XVI: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of MSREF VII Japan Asset XVI GP Ltd received on
March 22, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stephen Nelson
         Collas Crill
         Willow House, 2nd Floor, Cricket Square
         P.O. Box 709 Grand Cayman, KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073


MSREF VII JAPAN III: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of MSREF VII Japan Asset III GP Ltd received on
March 22, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


PEICH LTD: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Peich 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:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


PEICH 2 LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Peich 2 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:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


PEICH 3 LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Peich 3 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:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ROOT INVEST: Members Receive Wind-Up Report
-------------------------------------------
The members of Root Invest Cayman G.P. received 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.
          Citco Trustees (Cayman) Limited
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


SELECTINVEST ARV II: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Selectinvest ARV II SPV Ltd. received on
March 31, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 949 7500
          Facsimile: +1 (345) 949 8258


SELECTINVEST INSTITUTIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Selectinvest Institutional Multistrategy Ltd.
received on March 31, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 949 7500
          Facsimile: +1 (345) 949 8258


TANBARK INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Tanbark Investments Ltd. received on March 22,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


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C H I L E
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CHILE: Loses 12 pct. of Annual Salmon Harvest to Deadly Algae
-------------------------------------------------------------
EFE News reports that the algal bloom that plagued numerous salmon
farms in southern Chile in recent weeks has caused the loss of 12
percent of this year's projected harvest, or the equivalent of
about 106,000 tons of fish, the SalmonChile trade association
said.

The onslaught "has ended" after the process of removing fish
killed by the algae was completed, SalmonChile said in a statement
obtained by EFE News.

The algal proliferation is caused by higher-than-normal
temperatures in the Pacific Ocean as a result of the El Nino
weather phenomenon, EFE News notes.  Blooming microalgae embed
themselves in the gills of the salmon, gradually causing death by
asphyxiation, the report discloses.

A single drop of water can hold up to 25 of the algae and salmon
raised in enclosures cannot escape the algae like free-range
salmon can, the report notes.

The industry "exhausted all human, economic and logistical
resources in dealing with this crisis," SalmonChile said, the
report relays.

The trade group said consumers could expect "shortages" for a few
months, especially during the second half of this year, but
indicated that the supply would not be interrupted since the bloom
"was contained" in the affected area, the report discloses.

Unions representing employees at salmon-processing plants blame
the algal bloom for the loss of some 10,000 jobs, the report
notes.

Chile is the world's second-largest producer of salmon after
Norway.


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


DOMINICAN REPUBLIC: Bank Injects US$200MM to Keep Demand 'Normal'
-----------------------------------------------------------------
Dominican Today reports that central banker Hector Valdez Albizu
announced a gradual injection of as much as US$200.0 million to
the currency market to meet the of economy's demand of dollars and
contribute to the "normal behavior" of Dominican Republic's
productive activities.

"We will neither allow uncertainty to be generated regarding the
flow of currency into the productive sectors, nor create unwanted
expectations on the relative level of the exchange rate, much less
at a time when the Central Bank has sufficient international
reserves to face any eventuality," Mr. Valdez said, the report
notes.

In a meeting with the treasurers of financial institutions
accompanied by Central Bank senior officials and technical staff,
Mr. Valdez also noted that there are neither monetary nor fiscal
reasons that could lead to an inadequate behavior of the currency
market, the report relays.

The official stressed the Central Bank's strong international
reserves, which set a record at yearend 2015, adding that on
March 28, gross international reserves topped US$5.17 billion,
with US$5.12 billion in net reserves, "with 3.7 months of imports,
which has been recognized by international organizations and risk
rating agencies," the report added.

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'.


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


METROFINANCIERA 05U: Moody's Cuts Ratings to Caa1 (sf)
------------------------------------------------------
Moody's de Mexico has today downgraded two Mexican RMBS
transactions. The full rating action is as follows::

Issuer: Metrofinanciera -- MFCB 05U

MFCB 05U, Downgraded to Caa1 (sf) from B3 (sf); previously on Aug
5, 2013 Downgraded to B3 (sf).

MFCB 05U, Downgraded to Caa1.mx (sf) from B1.mx (sf); previously
on Aug 5, 2013 Downgraded to B1.mx (sf).

Issuer: Proyectos Adamantine - MXMACCB 06U

MXMACCB 06U, Downgraded to Caa3 (sf) from Caa2 (sf); previously on
Aug 5, 2013 Downgraded to Caa2 (sf).

MXMACCB 06U, Downgraded to Caa3.mx (sf) from Caa2.mx (sf);
previously on Aug 5, 2013 Downgraded to Caa2.mx (sf).

RATINGS RATIONALE

The rating action is a result of the recent performance of the
underlying pools and reflects Moody's updated loss expectation on
these pools. The ratings downgraded are due to the weaker
performance of the underlying collateral and the credit
enhancement available to the Certificates.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

Factors that would lead to a downgrade are: higher expected loss
levels, lower cash availability and deterioration of loss
coverage.

Factors that would lead to an upgrade are lower expected loss
levels resulting from improved liquidity levels and strong
portfolio performance.


MEXICO: Oil Exports Fall 45.8%
-------------------------------
EFE News notes that Mexico's oil exports fell at an annualized
rate of 45.8 percent in February, a month when the trade deficit
totaled $724.7 million, the National Institute of Statistics and
Geography, or INEGI, said.

Exports totaled $29.02 billion in February, down 2.3 percent from
the same month in 2015, the INEGI said in a statement, the report
relays.

Oil exports plunged 45.8 percent to $1.12 billion, while non-
petroleum exports rose 1 percent to $27.89 billion last month, the
report discloses.

Imports totaled $29.74 billion in February, up 2.2 percent from
the same month in 2015, the report adds.


MEXICO: Bond Traders Are Signaling Inflation Slowdown Won't Last
----------------------------------------------------------------
Sebastian Boyd at Bloomberg News reports that traders and
economists are preparing for faster cost-of-living increases in
Mexico even after inflation unexpectedly slowed earlier this
month.

The country's breakeven rate, a bond-market gauge of investors'
expectations for living expenses, has risen 0.14 percentage point
to 2.76 percent since March 22, according to Bloomberg News.
That's when Mexico reported annual inflation rate unexpectedly
slowed to 2.71 percent, holding below the central bank's 3 percent
target.

Bloomberg News notes that Mexico's weakening currency, which has
slipped 1.8 percent this year, will cause price increases to
accelerate in Latin America's second-biggest economy this year,
prompting the central bank to raise benchmark interest rates, said
Alberto Ramos, the chief Latin America economist at Goldman Sachs
Group Inc.

Last month, policy makers unexpectedly boosted borrowing costs by
half a percentage point to 3.75 percent after the currency fell to
a record low, Bloomberg News notes.

Breakeven inflation rates in Mexico "seem a bit low," said Mr.
Ramos, who forecasts inflation will quicken to 3.4 percent this
year, Bloomberg News relays.  "There has been some pressure
feeding through.  It's the impact of the pass-through from the
currency.  It needs to be monitored," Mr. Ramos added.


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


CARIBBEAN AIRLINES: To Up Fee for 2nd Checked Bag on its Flights
----------------------------------------------------------------
RJR News reports that beginning May 1, Caribbean Airlines will
introduce a new rate of US$30 for passengers' second checked bag.

All passengers' first checked piece of luggage, with a maximum
weight of 50 pounds, will continue to be free, according to RJR
News.

The current baggage rate of US$25 will be honored on all tickets
purchased up to March 31, the report relays.

Passengers flying business class, those enrolled in Caribbean
Miles and 7th Heaven Rewards Loyalty programs as well as those
purchasing flexible economy fares, will be exempt from the fee for
their second checked bag, the report notes.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


                            ***********


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.


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