TCRLA_Public/160406.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, April 6, 2016, Vol. 17, No. 67


                            Headlines



B R A Z I L

BRAZIL: Real Leads Global Losses as Commodities Extend Declines
EDP ENERGIAS: Moody's Assigns Ba3 Rating on BRL250MM Debentures
PETROLEO BRASILEIRO: Sought Arbitration for Sete Brasil Talks
USINAS SIDERURGICAS: Moody's Lowers CFR to Ca; Outlook Stable


C A Y M A N  I S L A N D S

ENERGY RECOVERY: Creditors' Proofs of Debt Due April 13
GLG EMERGING: Creditors' Proofs of Debt Due April 12
GLG MMI: Creditors' Proofs of Debt Due April 12
GOLDEN FUNDING: Creditors' Proofs of Debt Due April 15
HANDU ESELL: Commences Liquidation Proceedings

HAV3 (12): Creditors' Proofs of Debt Due April 15
JD CAPITAL: Creditors' Proofs of Debt Due April 12
KEI LIMITED: Creditors' Proofs of Debt Due April 12
LEAP LEVERAGED: Creditors' Proofs of Debt Due April 12
MAN ARS I: Creditors' Proofs of Debt Due April 12

MAN COLONIA: Creditors' Proofs of Debt Due April 12
MAN TOP: Creditors' Proofs of Debt Due April 12
MORAR CAYMAN: Creditors' Proofs of Debt Due April 12
SYCAMORE LANE: Creditors' Proofs of Debt Due April 14
USIMINAS COMMERCIAL: Moody's Lowers Rating on Sr. Notes to Ca

WIGHTLINK FINANCE: Creditors' Proofs of Debt Due April 14


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Blackouts are Back, and So Are the Excuses
DOMINICAN REPUBLIC: Traffic in the Capital Has 'Collapsed'


J A M A I C A

DIGICEL GROUP: To Acquire TRES Networks in Curacao


M E X I C O

BANCO AZTECA: Moody's Reviews Ba1 Deposit Ratings for Downgrade
SEGUROS AZTECA: Moody's Affirms Ba1/Aa3.mx Rating; Outlook Stable


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Amends Exchange Offers Under Ch.11 Plan
ADELPHIA COMMUNICATIONS: Extends Exchange Offers Under Ch.11 Plan
INVERSIONES ARAXI: Case Summary & 11 Unsecured Creditors
SPANISH BROADCASTING: Delays Filing of 2015 Annual Report


                            - - - - -


===========
B R A Z I L
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BRAZIL: Real Leads Global Losses as Commodities Extend Declines
---------------------------------------------------------------
Paula Sambo at Bloomberg News reports that Brazil's real led
losses among major currencies as commodities fell, undermining the
prospects for the country's exports.  The currency also weakened
as President Dilma Rousseff vowed never to resign, dashing hopes
of a quick change in government that the market is rooting for,
according to Bloomberg News.

The real fell 1.3 percent to 3.5995 per dollar at 1:01 p.m. on
April 5 in Sao Paulo, the worst performance among the world's 16
most-traded currencies, according to Bloomberg News.

Bloomberg News relates that the Australian dollar and Colombian
and Mexican pesos also slipped.  One-month implied volatility of
the real rose 1.85 percentage point to a five-month high of 23.845
percent, Bloomberg News discloses.

Oil slid after Saudi Arabia's deputy crown prince said the country
would freeze output only if Iran does too, casting doubt on a deal
between the two countries, Bloomberg News notes.  The comments
helped end a rally in oil that has supported a 4.5 percent gain in
developing-country currencies this year, Bloomberg News says.

"Most emerging-market currencies are down due to the small
correction in commodity prices -- the real is no exception and is
also losing steam," said Arnaud Masset, an analyst at Swissquote
Bank SA in Gland, Switzerland, Bloomberg News discloses.  "The
real has gained a lot this year with the market viewing the
current political mess in a favorable light as it could
potentially result in a political shake-up that might unlock the
situation," Mr. Masset added.

Bloomberg News relays that the real's 10 percent gain this year is
the biggest among 150 currencies worldwide, bolstered by
speculation that Rousseff will lose her battle to stay in office.

Brazilian traders have been betting that a new government would
end the political paralysis that has hampered efforts to respond
to the worst recession in decades, Bloomberg News notes.

Economists in a central bank survey published on April 4 forecast
the economy will shrink 3.73 percent this year, more than the 3.66
percent they expected a week earlier, the report relays.  They
lowered their forecast for the benchmark rate for the first time
in four months and now expect 0.5 percentage point of cuts by the
end of the year to 13.75 percent, Bloomberg News says.

Swap rates on the contract maturing in January 2017, a gauge of
expectations for interest-rate moves, were unchanged at 13.78
percent, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, a severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.


EDP ENERGIAS: Moody's Assigns Ba3 Rating on BRL250MM Debentures
---------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba3 rating on the global
scale and A2.br on the national scale to BRL250 million of senior
unsecured amortizing six-year debentures to be issued by EDP
Energias do Brasil S.A. (EDB) in the local market.  At the same
time, Moody's affirmed EDB's Ba3/A2.br corporate family ratings.
The outlook is negative for all ratings.

EDB will use the proceeds of the debentures to finance the
construction of power projects.

                        RATINGS RATIONALE

EDB's Ba3/A2.br corporate family ratings reflect the company's
adequate credit metrics and expertise managing the generation and
distribution segments, along with its steady access to the local
banking and capital markets.

EDB's rating are constrained by Brazil's Ba2 bond rating, the high
level of debt at the holding company and the expectation of
challenging operating conditions at the level of the distribution
companies over the next couple of years.

EDB's ratings are one notch lower than the implicit Ba2/Aa2.br
ratings on a consolidated basis, to reflect the structural
subordination of debt at the holding company level to that of the
operating companies.

Moody's Feb. 25, 2016, downgrade of EDB's corporate family rating
to Ba3 from Ba2 on the global scale reflects the rating agency's
view that deteriorating fiscal and economic conditions in Brazil
will negatively affect EDB's credit quality.

Moody's would consider revising its outlook to stable if EDB can
improve its liquidity position and secure timely and adequate
long-term financing to fund its capital expenditure program.  In
addition, EDB would need to achieve consolidated credit metrics
commensurate with the implicit consolidated Ba2/Aa2.br ratings.
Such a scenario would imply a retained cash flow over debt ratio
higher than 10% and interest coverage above 2.5x on a sustainable
basis.  Moody's would also need to revise the outlook for Brazil's
bond rating to stable before similarly revising EDB's outlook.

The rating agency could downgrade EDB's ratings and the debentures
if the company fails to secure timely and adequate funding to
refinance its short-term debt and to further support capital
injections into its current power projects.  A downgrade of
Brazil's bond rating could also prompt a downgrade.

Headquartered in Sao Paulo, Brazil, EDP - Energias do Brasil S.A.
is a holding company controlled by EDP - Energias de Portugal
(Baa3 stable) with activities in generation, distribution and
commercialization of electricity.  In 2015, EDB's power
distribution business represented 43% of consolidated EBITDA, 55%
of the power generation business and 2% of the commercialization
of energy.

The two distribution subsidiaries, Bandeirante and Escelsa,
distributed in aggregate 26,443 GWh in 2015 (approximately 5.3% of
the electricity consumed in Brazil's electricity integrated
system).  The generation business consisted of 2,381MW of
installed capacity at year-end 2015, which accounted for
approximately 1.8% of the country's electricity installed
capacity.  EDB reported consolidated net revenues of BRL9.791
billion (USD2.507 billion), which does not include BRL317 million
of construction revenues (USD81 million) and a net profit of
BRL1,406 million (USD 360million) in 2015.


PETROLEO BRASILEIRO: Sought Arbitration for Sete Brasil Talks
-------------------------------------------------------------
Guillermo Parra-Bernal and Aluisio Alves at Reuters report that
state-controlled Petroleo Brasileiro SA unsuccesfully sought the
appointment of arbiters to rework a long-term contract with debt-
laden drilling rig leaser Sete Brasil Participacoes SA, according
to three sources with knowledge of the situation.

The proposal, made in recent weeks, called on each party to name
three mediators to rework the contract, said the sources, who
requested anonymity since the plan is private, according to
Reuters.  The contract between Petrobras and Sete Brasil has been
in dispute for two years, the report notes.

The fate of Sete Brasil, which Petrobras helped create in 2008 to
manage the world's biggest deepwater drilling fleet with $89
billion in orders, hinges on Petrobras' willingness to sign the
contract, the report relays.  Petrobras is Sete Brasil's sole
client and owns 5 percent of the company.

Sete Brasil's main shareholders shunned the latest proposal and
say the company should file for bankruptcy protection to press
Petrobras into signing more favorable terms, the sources added,
the report discloses.

The arbitration proposal suggests Petrobras wants to thwart Sete
Brasil's threat to file for creditor protection, the sources said,
the report notes.  However, no arbitration "could fly at this
point" because two separate Sete Brasil shareholders have sued
Petrobras over the contract impasse, and they are not willing to
drop it, said the first source, the report relays.

According to the sources, Petrobras will present a reworked
contract proposal in coming weeks, says the report.

A collapse of Sete Brasil would be devastating not only for the
investors that backed the project but for dozens of local
suppliers. More than 800,000 local shipbuilding jobs could be
lost, triggering $10 billion in losses at a time when Brazil's
economy is already wrestling with a deep recession, industry
estimates show, the report notes.

The government-backed project began to sour when Petrobras and
Sete Brasil became engulfed in a corruption scandal known as
"Operation Car Wash," in 2014, the report recalls.  The scandal
has deprived Sete Brasil of long-term financing, forcing Brazil's
top banks to roll over BRL14 billion ($3.9 billion) in loans.

A draft proposal that Petrobras presented Sete Brasil in February
failed to assure the rig leaser's survival, notes Reuters.  Under
that proposal, Petrobras would rent 10 rigs for five years,
instead of 19 for 15 years originally, and cut lease rates by one-
third.

Petrobras Chief Executive Officer Aldemir Bendine and officials at
the company's exploration and production division remain at
loggerheads over the issue, with the latter wanting a collapse of
the rig leaser, the same sources added, the report relays.

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


USINAS SIDERURGICAS: Moody's Lowers CFR to Ca; Outlook Stable
-------------------------------------------------------------
Moody's America Latina has downgraded Usinas Siderurgicas de Minas
Gerais S.A. corporate family ratings to Ca from Caa1 (global
scale) and to Ca.br from Caa1.br (national scale).  The outlook
for the ratings is stable.  This concludes the review process
initiated on Jan. 27 2016.

Ratings downgraded:

Issuer: Usinas Siderurgicas de Minas Gerais S.A.

   -- Corporate Family Rating: Ca (from Caa1) in the global scale
      and Ca.br (from Caa1.br) in the national scale

The outlook for the ratings is stable.

                      RATINGS RATIONALE

The downgrade to Ca reflects primarily the standstill agreement
that has suspended principal payments of Usiminas' debt and
covenant compliance requirements for 120 days (starting on
March 18, 2016).  Usiminas intends to negotiate new terms with
creditors and extend maturities for all debt due in 2016, 2017 and
2018.  This agreement constitutes a missed payment default per
Moody's definition.  Moody's believes the company has an untenable
capital structure and any distressed restructuring likely to
entail significant losses to the bondholders.

Furthermore, the ratings continue to incorporate the continued
deterioration of market fundamentals for steelmakers in Brazil and
Usiminas' diminishing ability to generate cash flow from its
operations, which will keep credit metrics pressured for a
prolonged period of time and liquidity risks high absent major
debt restructuring.  Adjusted EBITDA margins at the end of 2015
were 4.9%, and leverage (measured by adjusted debt to EBITDA)
peaked at 18.9x, leading Usiminas to breach financial covenants
applicable to the majority of its total debt at the end of 2015.
The company was able to negotiate waivers with debt holders.

On the other hand, Moody's acknowledges that the recently
announced capital increase of BRL 1.0 billion will partially
relieve short term liquidity pressures amid very challenging
market conditions.  Usiminas also announced a number of
initiatives to reduce costs and improve profitability, including a
significant downsizing of operations that will adjust the
company's cost base to current demand levels, and a material
reduction in capital expenditures.  Nevertheless, given the
severity of the downturn of Brazil's steel industry, additional
measures could be required for a sustainable recovery in cash flow
generation.

Historically, Usiminas has been able to maintain an adequate
liquidity profile, but cash balance relative to short term
maturities has declined over time due to weaker cash flow
generation.  At the end of December 2015, consolidated cash
balance of BRL 2.0 billion barely covered short term debt
maturities of BRL 1.9 billion.  Moreover, a substantial part of
the company's cash balance is restricted at the subsidiaries and
may not be immediately accessible to meet the parent's financial
obligations.  To access MUSA's (Mineracao Usiminas S.A.) cash,
either through a return of capital or intercompany loan, Usiminas
(70% share) needs approval from the Sumitomo Corporation (30%
share).

The stable outlook incorporates our assumption that Usiminas will
continue to pursue liquidity alternatives while it gradually
recovers its ability to generate sustainable cash flows from
operations.

Additional negative rating actions can be considered if Usiminas
fails to proceed with the capital increase or enters into a debt
restructuring that results in higher than expected losses to
creditors.

Although unlikely in the short term, the ratings could be upgraded
if Usiminas is able to reduce liquidity pressures and is able to
meet its short-term financial obligations, while market
fundamentals for Brazilian steelmakers improve along with
Usiminas' cash flow generation.  Quantitatively, this would be the
case if Usiminas is able to reduce adjusted leverage to levels
below 6.0x (Adjusted Debt/EBITDA) and increase adjusted interest
coverage to above 1.5x (EBIT/Interest Expense).  The maintenance
of a comfortable liquidity profile would also be required for an
upgrade.

Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of 5.0 million tons of crude steel and consolidated net
revenues of BRL 10.2 billion (approximately USD 3.1 billion
converted by the average exchange rate) in 2015.  Usiminas also
owns iron ore mining properties, steel distribution and capital
goods subsidiaries in Brazil.


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


ENERGY RECOVERY: Creditors' Proofs of Debt Due April 13
-------------------------------------------------------
The creditors of Energy Recovery (Cayman) Ltd. are required to
file their proofs of debt by April 13, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

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


GLG EMERGING: Creditors' Proofs of Debt Due April 12
----------------------------------------------------
The creditors of GLG Emerging Currency And Fixed Income Fund are
required to file their proofs of debt by April 12, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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


GLG MMI: Creditors' Proofs of Debt Due April 12
-----------------------------------------------
The creditors of GLG MMI Diversified Fund are required to file
their proofs of debt by April 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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


GOLDEN FUNDING: Creditors' Proofs of Debt Due April 15
------------------------------------------------------
The creditors of Golden Funding Company are required to file their
proofs of debt by April 15, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

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


HANDU ESELL: Commences Liquidation Proceedings
----------------------------------------------
On March 2, 2016, the shareholders of Handu Esell Holdings Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 4, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: 345-949-9710


HAV3 (12): Creditors' Proofs of Debt Due April 15
-------------------------------------------------
The creditors of HAV3 (12) Limited are required to file their
proofs of debt by April 15, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 3, 2016.

The company's liquidator is:

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


JD CAPITAL: Creditors' Proofs of Debt Due April 12
--------------------------------------------------
The creditors of JD Capital Cayman Fund Limited are required to
file their proofs of debt by April 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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


KEI LIMITED: Creditors' Proofs of Debt Due April 12
---------------------------------------------------
The creditors of Kei Limited are required to file their proofs of
debt by April 12, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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


LEAP LEVERAGED: Creditors' Proofs of Debt Due April 12
------------------------------------------------------
The creditors of Leap Leveraged Feeder 1 Limited are required to
file their proofs of debt by April 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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 ARS I: Creditors' Proofs of Debt Due April 12
-------------------------------------------------
The creditors of Man ARS I CHF (Feeder) Ltd are required to file
their proofs of debt by April 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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 COLONIA: Creditors' Proofs of Debt Due April 12
---------------------------------------------------
The creditors of Man Colonia Agrippina EUR (Feeder) Limited are
required to file their proofs of debt by April 12, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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 TOP: Creditors' Proofs of Debt Due April 12
-----------------------------------------------
The creditors of Man Top Five II (Master) Limited are required to
file their proofs of debt by April 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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


MORAR CAYMAN: Creditors' Proofs of Debt Due April 12
----------------------------------------------------
The creditors of Morar Cayman Fund Limited are required to file
their proofs of debt by April 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2016.

The company's liquidator is:

          Keiran Hutchison
          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


SYCAMORE LANE: Creditors' Proofs of Debt Due April 14
-----------------------------------------------------
The creditors of Sycamore Lane Offshore Fund, Ltd. are required to
file their proofs of debt by April 14, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 1, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 640 2279
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


USIMINAS COMMERCIAL: Moody's Lowers Rating on Sr. Notes to Ca
-------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
notes ratings of Usiminas Commercial Ltd. (guaranteed by Usinas
Siderurgicas de Minas Gerais, "Usiminas") to Ca from Caa1 and the
ratings of the backed senior unsecured global MTN programs of
Usinas Siderurgicas de Minas Gerais S.A., Cosipa Commercial Ltd
and Usiminas Commercial Ltd to (P) Ca from (P) Caa1.  The outlook
for the ratings is stable.

At the same time, Moody's America Latina downgraded Usiminas'
corporate family rating to Ca from Caa1 (global scale) and to
Ca.br from Caa1.br (national scale), with a stable outlook.  This
concludes the review process initiated on Jan. 27, 2016.

Ratings downgraded:

Issuer: Usinas Siderurgicas de Minas Gerais S.A.
   -- USD 500 million backed senior unsecured Global MTN Program:
      to (P) Ca from (P) Caa1

Issuer: Cosipa Commercial Ltd.
   -- USD 500 million backed senior unsecured Global MTN Program:
      to (P) Ca from (P) Caa1

Issuer: Usiminas Commercial Ltd.
   -- USD 400 million senior unsecured notes due 2018, guaranteed
      by Usiminas: to Ca from Caa1
   -- USD 500 million backed Global MTN Program: to (P) Ca from
      (P) Caa1

The outlook for the ratings is stable.

                         RATINGS RATIONALE

The downgrade to Ca reflects primarily the standstill agreement
that has suspended principal payments of Usiminas' debt and
covenant compliance requirements for 120 days (starting on
March 18, 2016).  Usiminas intends to negotiate new terms with
creditors and extend maturities for all debt due in 2016, 2017 and
2018.  This agreement constitutes a missed payment default per
Moody's definition.  Moody's believes the company has an untenable
capital structure and any distressed restructuring likely to
entail significant losses to the bondholders.

Furthermore, the ratings continue to incorporate the continued
deterioration of market fundamentals for steelmakers in Brazil and
Usiminas' diminishing ability to generate cash flow from its
operations, which will keep credit metrics pressured for a
prolonged period of time and liquidity risks high absent major
debt restructuring.  Adjusted EBITDA margins at the end of 2015
were 4.9%, and leverage (measured by adjusted debt to EBITDA)
peaked at 18.9x, leading Usiminas to breach financial covenants
applicable to the majority of its total debt at the end of 2015.
The company was able to negotiate waivers with debt holders.

On the other hand, Moody's acknowledges that the recently
announced capital increase of BRL 1.0 billion will partially
relieve short term liquidity pressures amid very challenging
market conditions. Usiminas also announced a number of initiatives
to reduce costs and improve profitability, including a significant
downsizing of operations that will adjust the company's cost base
to current demand levels, and a material reduction in capital
expenditures.  Nevertheless, given the severity of the downturn of
Brazil's steel industry, additional measures could be required for
a sustainable recovery in cash flow generation.

Historically, Usiminas has been able to maintain an adequate
liquidity profile, but cash balance relative to short term
maturities has declined over time due to weaker cash flow
generation.  At the end of December 2015, consolidated cash
balance of BRL 2.0 billion barely covered short term debt
maturities of BRL 1.9 billion.  Moreover, a substantial part of
the company's cash balance is restricted at the subsidiaries and
may not be immediately accessible to meet the parent's financial
obligations.  To access MUSA's (Mineracao Usiminas S.A.) cash,
either through a return of capital or intercompany loan, Usiminas
(70% share) needs approval from the Sumitomo Corporation (30%
share).

The stable outlook incorporates our assumption that Usiminas will
continue to pursue liquidity alternatives while it gradually
recovers its ability to generate sustainable cash flows from
operations.

Additional negative rating actions can be considered if Usiminas
fails to proceed with the capital increase or enters into a debt
restructuring that results in higher than expected losses to
creditors.

Although unlikely in the short term, the ratings could be upgraded
if Usiminas is able to reduce liquidity pressures and is able to
meet its short-term financial obligations, while market
fundamentals for Brazilian steelmakers improve along with
Usiminas' cash flow generation.  Quantitatively, this would be the
case if Usiminas is able to reduce adjusted leverage to levels
below 6.0x (Adjusted Debt/EBITDA) and increase adjusted interest
coverage to above 1.5x (EBIT/Interest Expense).  The maintenance
of a comfortable liquidity profile would also be required for an
upgrade.

Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas is the largest integrated flat-
steel manufacturer in Latin America, with production of 5.0
million tons of crude steel and consolidated net revenues of BRL
10.2 billion (approximately USD 3.1 billion converted by the
average exchange rate) in 2015.  Usiminas also owns iron ore
mining properties, steel distribution and capital goods
subsidiaries in Brazil.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.


WIGHTLINK FINANCE: Creditors' Proofs of Debt Due April 14
---------------------------------------------------------
The creditors of Wightlink Finance Limited are required to file
their proofs of debt by April 14, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2016.

The company's liquidator is:

          Simon Conway
          c/o Andrew Nembhard
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237


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


DOMINICAN REPUBLIC: Blackouts are Back, and So Are the Excuses
--------------------------------------------------------------
Dominican Today reports that complaints over the latest spate of
blackouts in Greater Santo Domingo and the interior mount, while
the major power plant Itabo 2 (138 megawatts) went off line.

A nine-hour blackout left several Santo Domingo and National
District sectors in the dark, according to Dominican Today.

Among the longest blackouts also in sectors of Santo Domingo Este.

The electricity utility of the East (EdeEste) blames the blackouts
on maintenance and an outage from power lines damaged by a vehicle
in those sectors, the report notes.

Shop owners quoted by elnacional.com.do complain of loss of
business since they cannot make sales, while handymen say the lack
of power means no workday, the report relays.

Colmado owners also complain of losses as many products are ruined
when refrigeration fails, while the customers say they don't
believe EdeEte's excuses, the report adds.

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


DOMINICAN REPUBLIC: Traffic in the Capital Has 'Collapsed'
----------------------------------------------------------
Dominican Today reports that the traffic and transport system of
Dominican Republic's biggest metropolitan area has collapsed, an
unfortunate reality facing all sectors which are compelled to seek
solutions to the prevailing chaos, which can only deepen with the
passage of time.

Dominican Engineers, Architects and Surveyors Guild (CODIA)
president Francisco Mosquea made the ominous warning during his
speech to inaugurate the International Congress on Transport,
according to Dominican Today.

The report relays that Mr. Mosquea compares traveling through
streets and avenues at any time of the day or night with a
"gauntlet, because in his view affects the citizens' pockets and
their physical and emotional stability.

Mr. Mosquea said the situation has prompted the CODIA to organize
the conference in which government agencies and private
institutions participate directly to seek solutions for the
transport sector and hear suggestions and opinions that can avert
a further collapse in traffic, the report notes.

Mr. Mosquea said during three days of the conclave the transport
problems will be analyzed jointly with foreign experts whose
contributions and observations world to solve some of the problems
Greater Santo Domingo's traffic morass, the report adds.

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


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


DIGICEL GROUP: To Acquire TRES Networks in Curacao
--------------------------------------------------
RJR News reports that Digicel Group has signed an agreement to
acquire TRES Networks in Curacao for an undisclosed sum.  The
agreement is pending government approval.

TRES Networks is a fixed and international long distance
telecommunications operator and distributor of digital television
and entertainment services, according to RJR News.

It provides residential and business customers with state-of-the-
art high-speed internet as well as voice and digital services over
Curacao's only full fibre optic network, the report notes.


                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL

  -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
     Outlook;

  -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
     'B-/RR5';

  -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
     -/RR5'.

DL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- USD 250 million 7% senior notes due 2020 at 'B/RR4';

  -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';

  -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- Senior secured credit facility at 'B+/RR3'.


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


BANCO AZTECA: Moody's Reviews Ba1 Deposit Ratings for Downgrade
---------------------------------------------------------------
Moody's de Mexico placed on review for downgrade the global local
and foreign currency deposit ratings and counterparty risk
assessments assigned to 8 Mexican banks, as well as the senior
unsecured debt ratings of 5 of those banks, the standalone
baseline credit assessments (BCA) of 7 of them, and the
subordinated debt ratings of 3 of them.  At the same time, Moody's
placed on review the ratings of 7 bank financial affiliates.

In addition, Moody's changed to negative the outlook on the global
local and foreign currency issuer and debt ratings of Instituto
para la Proteccion al Ahorro Bancario (IPAB) and 3 government
development banks, and placed the BCAs of 2 of those development
banks on review for downgrade.

Lastly, Moody's placed on review for downgrade the long-term
Mexican National Scale deposit, issuer and senior and subordinated
debt ratings of 15 entities, as applicable.

These rating actions follow Moody's decision to change the outlook
of Mexico's A3 government bond rating to negative from stable on
March 31, 2016.

In conjunction with that, Moody's has revised Mexico's Macro
Profile to Moderate +, from Strong -.  The reviews will consider
the impact of the revised Macro Profile on bank's financial
profiles, in addition to Moody's assessment of the likelihood that
banks will benefit from government support.

                        RATINGS RATIONALE

CHANGE IN MEXICO'S MACRO PROFILE

The change in the Macro Profile, which provides the context within
which Mexican banks' financial profiles are assessed, reflects
Mexico's weaker economic prospects and the increased risks this
represents for its banks.  A combination of the oil price shock
and the slower than expected growth have undermined Mexico's
economic outlook.  The gradual softening of the US growth outlook,
an economy to which Mexico is tied, has also had a dampening
effect on growth.  At the same time, the structural reforms
adopted in 2013-14, though broad, are still in the process of
being implemented and the ongoing implementation has not
translated into a boost for domestic economic sentiment.
Consequently, there is now a much lower likelihood that growth
will accelerate; Moody's now forecasts only moderate growth of
around 2.5% for 2016 and 2017.  Despite the less favorable
economic outlook, Moody's continues to view Mexico's credit
conditions as a risk for banks, as the loan book continues to grow
at more than twice the rate of nominal GDP, with expansion focused
on particularly risky sectors such as consumer and SMEs.

               REVIEW OF BASELINE CREDIT ASSESSMENTS

The review for downgrade of the BCAs of BBVA Bancomer, S.A., Banco
Santander (Mexico), S.A. (Santander Mexico), Banco Mercantil del
Norte (Banorte), HSBC Mexico, S.A., Scotiabank Inverlat, S.A.
(Scotiabank Mexico), Banco Azteca, S.A. and Banco Interacciones,
S.A. (Interacciones), will consider the banks' vulnerability to
Mexico's weaker economic prospects, which may translate into
rising asset risks and reduced business prospects.  Consequently,
these banks' current levels of capitalization and profitability
may no longer be sufficient to support their current BCAs.
Notwithstanding the bank's current very low level of nonperforming
loans, asset risks at Interacciones are fueled by sizeable
exposures to the ailing Pemex and its suppliers.  Of Mexico's
largest banks, only the BCA of Banco Nacional de Mexico, S.A.
(Banamex) is not currently under review for downgrade as it is
well positioned at the baa2 level due to its strong
capitalization.

             REVIEW OF DEPOSIT AND SENIOR DEBT RATINGS

In addition to the outcome of the reviews of the banks' intrinsic
financial strength, the reviews for downgrade of the global local
and foreign currency deposit and senior debt ratings of BBVA
Bancomer, Santander Mexico, Banorte, Scotiabank Mexico, and Banco
Azteca, as well as that of Banamex, will also consider the
willingness of the government to provide financial support to each
of these banks should they face severe financial stress, taking
into consideration the individual banks' deposit market shares,
reliance on wholesale funding, and ownership.  Although Moody's
continues to regard the Mexican government as generally having a
high willingness to support systemically-important financial
institutions given a history of actions taken to maintain banking
system stability and investor confidence, the rising pressures
facing the government's financial profile coupled with the
increasing likelihood that it will have to provide support to
Petroleos Mexicanos (Pemex, b3/Baa3 negative) given liquidity
pressures at the state-owned oil producer, may reduce both the
government's capacity and willingness to support the country's
banks at the same time.

REVIEW OF SUBORDINATED DEBT RATINGS, COUNTERPARTY RISK
ASSESSMENTS, BANK AFFILIATE RATINGS, AND NATIONAL SCALE RATINGS

Moody's also placed on review for downgrade banks' subordinated
debt ratings, junior subordinated debt ratings and counterparty
risk assessments (CR Assessment), in line with review for
downgrade initiated on those banks' BCAs.  The ratings of
subordinated and junior subordinated debt are notched off the
corresponding bank's adjusted BCA, which considers the bank's
standalone credit profile and incorporates the probability of
affiliate support.  As such, Moody's placed on review for
downgrade the subordinated debt ratings of BBVA Bancomer, Banorte
and HSBC Mexico, and the junior subordinated debt ratings of
Banorte and HSBC Mexico, as well as the CR Assessments of BBVA
Bancomer, Banamex, Santander Mexico, Banorte, HSBC Mexico,
Scotiabank Mexico, Banco Azteca and Interacciones.

The global local currency issuer ratings of Casa de Bolsa BBVA
Bancomer S.A. de C.V., Hipotecaria Nacional, S.A. de C.V., Casa de
Bolsa Santander, S.A. de C.V., Arrendadora y Factor Banorte, S.A.
de C.V., HSBC Casa de Bolsa, S.A. de C.V., and Scotia Inverlat
Casa de Bolsa, S.A. de C.V., were also placed under review for
downgrade because of the reviews on the adjusted BCAs of the banks
with which they are affiliated, and upon which they are highly
dependent.  These bank affiliates' ratings reflect Moody's
assessment of a very high probability of support from their
affiliated banks.

As applicable, the long-term Mexican National Scale deposit,
issuer, senior debt, and subordinated and junior subordinated
ratings were placed on review because the corresponding ratings
from which they are derived, namely global local currency deposit
and issuer ratings, and BCAs or adjusted BCAs were also placed on
review for downgrade.

            RATING ACTIONS ON GOVERNMENT RELATED ISSUERS

Lastly, Moody's changed the outlooks of Nacional Financiera,
S.N.C. (Nafin), Banco Nacional de Obras y Servicios Publicos,
S.N.C. (Banobras), Banco Nacional de Comercio Exterior, S.N.C.
(Bancomext), and IPAB to negative from stable, and also placed the
BCAs of Banobras and Bancomext on review for downgrade.

IPAB's rating and outlook directly reflect the government's A3
rating and negative outlook.  IPAB benefits from implicit backing
from the government that covers the deposit insurer's obligations.
The negative outlook on ratings of Nafin, Banobras and Bancomext
also reflects the negative outlook on Mexico's sovereign bond
rating.  The ratings of these government related issuers (GRI)
take into account the very high likelihood that the Mexican
government will provide extraordinary financial support in case of
financial stress.  Moody's assessment of government support takes
into account statutory support from the Mexican government that
commits the government to fulfil the banks' financial obligations.
This statutory support reflects these GRIs' status as arms of the
government with specific public policy roles to promote strategic
priorities for the government.

At the same time, Moody's placed on review for downgrade the
standalone BCAs of Banobras (ba1) and Bancomext (ba2) to consider
both their susceptibility to the country's weakening growth
prospects, as well as these GRIs' increasing exposure to Pemex.
Notwithstanding the very high probability that it will receive
government support if necessary, Moody's perceives a material
difference in the creditworthiness of Pemex and the government.

Given Pemex's current grim operating and financial situation and
weak liquidity position, Moody's believes that there will be
mounting pressure from the government on these GRIs to extend even
more credit to the oil company.  Arguably, the government is
already using these banks to support Pemex on its behalf, at a
time when the banks are already under significant pressure to
significantly raise private-sector lending to boost the economy.
Given the very high probability of government support, however,
Banobras' and Bancomext's issuer ratings would not be affected
even if their BCAs were downgraded.

In contrast, Nafin's standalone BCA of ba1 was not affected by the
action because even though it is also being called to support
Pemex, its exposure is mainly to banks and other types of
financial institutions, which could help the bank more efficiently
shield its balance sheet against deterioration.

            WHAT COULD CHANGE THE RATINGS -- UP OR DOWN

The ratings of the affected privately-owned banks, excluding
Banamex, will face downward pressure if Moody's concludes that
their financial profiles face greater risk of deterioration due to
Mexico's less favorable operating environment, and that the
probability of government support for these banks is not
sufficient to offset any increase in their standalone risk
profiles.  The ratings of Banamex, Scotiabank MÇxico and Banco
Azteca could also face downward pressure if Moody's determines
that the government's willingness to support these banks has
diminished.  The deposit ratings of BBVA Bancomer, Banamex,
Santander Mexico, Banorte, and Scotiabank MÇxico, as well as the
issuer ratings of IPAB and the government development banks, could
also be lowered if Mexico's government bond ratings are
downgraded.

LIST OF ALL AFFECTED RATINGS

These ratings were placed on review for downgrade:

BBVA Bancomer, S.A.
  Long-term global local currency deposit rating of A3
  Long-term foreign currency deposit rating of A3
  Long-term Mexican National Scale deposit rating of Aaa.mx
  Long-term global local currency senior unsecured debt rating of
   A3 (BCM0001 06, BACOMER 07U, BACOMER 10, BACOMER 10U, BACOMER
   15)
  Long-term global local currency senior unsecured MTN debt
   program rating of (P)A3
  Long-term Mexican National Scale senior unsecured debt rating of
   Aaa.mx (BCM0001 06, BACOMER 07U, BACOMER 10, BACOMER 10U,
   BACOMER 15)
  Long-term Mexican National Scale senior unsecured MTN debt
   program rating of Aaa.mx
  Long-term global local currency subordinated MTN debt program
   rating of (P)Baa2
  Long-term Mexican National Scale subordinated MTN debt program
   rating of Aa1.mx
  Baseline credit assessment of baa1
  Adjusted baseline credit assessment of baa1
  Long-term counterparty risk assessment of A2(cr)
  Short-term counterparty risk assessment of Prime-1(cr)
  Overall rating outlook: Review for downgrade

Casa de Bolsa BBVA Bancomer, S.A. de C.V.
  Long-term global local currency issuer rating of Baa1
  Long-term Mexican National Scale issuer rating of Aaa.mx
  Overall rating outlook: Review for downgrade

Hipotecaria Nacional, S.A. de C.V.
  Long-term global local currency issuer rating of Baa1
  Long-term Mexican National Scale issuer rating of Aaa.mx
  Overall rating outlook: Review for downgrade

Banco Nacional de Mexico, S.A.
  Long-term global local currency deposit rating of A3
  Long-term foreign currency deposit rating of A3
  Long-term Mexican National Scale deposit rating of Aaa.mx
  Long-term global local currency senior unsecured debt rating of
   A3 (BANAMEX 10, BANAMEX 10-2)
  Long-term global local currency senior unsecured MTN debt
   program rating of at (P)A3
  Long-term Mexican National Scale senior unsecured debt rating of
   Aaa.mx (BANAMEX 10, BANAMEX 10-2)
  Long-term Mexican National Scale senior unsecured MTN debt
   program rating of Aaa.mx
  Long-term counterparty risk assessment of A2(cr)
  Short-term counterparty risk assessment of Prime-1(cr)
  Overall rating outlook: Review for downgrade

Banco Santander (MÇxico), S.A.
  Long-term global local currency deposit rating of A3
  Long-term foreign currency deposit rating of A3
  Long-term Mexican National Scale deposit rating of Aaa.mx
  Long-term global local currency senior unsecured debt rating of
   A3 (BSANT 11-3, BSANT 11-4, BSANT 15, BSANT 16)
  Long-term Mexican National Scale senior unsecured debt rating of
   Aaa.mx (BSANT 11-3, BSANT 11-4, BSANT 15, BSANT 16)
  Baseline credit assessment of baa1
  Adjusted baseline credit assessment of baa1
  Long-term counterparty risk assessment of A2(cr)
  Short-term counterparty risk assessment of Prime-1(cr)
  Overall rating outlook: Review for downgrade

Santander Vivienda, S.A. de C.V., SOFOM, E.R.
  Long-term global local currency senior unsecured debt rating of
   A3 (HICOAM 07)
  Long-term Mexican National Scale senior unsecured debt rating of
   Aaa.mx (HICOAM 07)
  Overall rating outlook: Review for downgrade

Casa de Bolsa Santander, S.A. de C.V.
  Long-term global local currency issuer rating of Baa1
  Long-term Mexican National Scale issuer rating of Aaa.mx
  Overall rating outlook: Review for downgrade

Banco Mercantil del Norte, S.A.
  Long-term global local currency deposit rating of A3
  Long-term foreign currency deposit rating of A3
  Long-term Mexican National Scale deposit rating of Aaa.mx
  Long-term global local currency subordinated debt rating of Baa2
   (BANORTE 08, BANORTE 08-2, BANORTE 09, BANORTE 12)
  Long-term global local currency subordinated MTN debt program
   rating of (P)Baa2
  Long-term Mexican National Scale subordinated debt rating of
   Aa1.mx (BANORTE 08, BANORTE 08-2, BANORTE 09, BANORTE 12)
  Long-term Mexican National Scale subordinated MTN debt program
   rating of Aa1.mx
  Long-term global local currency junior subordinated debt rating
   of Baa3 (hyb) (BANORTE 08U)
  Long-term global local currency junior subordinated MTN debt
   program rating of (P)Baa3
  Long-term Mexican National Scale junior subordinated debt rating
   of Aa2.mx (hyb) (BANORTE 08U)
  Long-term Mexican National Scale junior subordinated MTN debt
   program rating of Aa2.mx
  Baseline credit assessment of baa1
  Adjusted baseline credit assessment of baa1
  Long-term counterparty risk assessment of A2(cr)
  Short-term counterparty risk assessment of Prime-1(cr)
  Overall rating outlook: Review for downgrade

Arrendadora y Factor Banorte, S.A. de C.V.
  Long-term global local currency issuer rating of Baa1
  Long-term Mexican National Scale issuer rating of Aaa.mx
  Long-term global local currency senior unsecured MTN debt
   program rating of (P)Baa1
  Long-term Mexican National Scale senior unsecured MTN debt
   program rating of at Aaa.mx
  Overall rating outlook: Review for downgrade

HSBC Mexico, S.A.
  Long-term global local currency deposit rating of A2
  Short-term global local currency deposit rating of Prime-1
  Long-term foreign currency deposit rating of A3
  Long-term Mexican National Scale deposit rating of Aaa.mx
  Long-term global local currency senior unsecured debt rating of
   A2 (HSBC 13, HSBC 13-2)
  Long-term global local currency senior unsecured MTN debt
   program rating of (P)A2
  Short-term global local currency senior unsecured MTN debt
   program rating of (P)Prime-1
  Long-term Mexican National Scale senior unsecured debt rating of
   Aaa.mx (HSBC 13, HSBC 13-2)
  Long-term Mexican National Scale senior unsecured MTN debt
   program rating of Aaa.mx
  Long-term global local currency subordinated debt rating of A3
   (HSBC 08, HSBC 08-2, HSBC 09D)
  Long-term global local currency subordinated MTN debt program
   rating of (P)A3
  Long-term Mexican National Scale subordinated debt rating of
   Aaa.mx (HSBC 08, HSBC 08-2, HSBC 09D)
  Long-term Mexican National Scale subordinated MTN debt program
   rating of Aaa.mx
  Long-term global local currency junior subordinated MTN debt
   program rating of (P)Baa1
  Long-term Mexican National Scale junior subordinated MTN debt
   program rating of Aaa.mx
  Baseline credit assessment of baa3
  Adjusted baseline credit assessment of a2
  Long-term counterparty risk assessment of A1(cr)
  Overall rating outlook: Review for downgrade

HSBC Casa de Bolsa, S.A. de C.V.
  Long-term global local currency issuer rating: of A2
  Short-term global local currency issuer rating of Prime-1
  Long-term Mexican National Scale issuer rating of Aaa.mx
  Overall rating outlook: Review for downgrade

Scotiabank Inverlat, S.A.
  Long-term global local currency deposit rating of A3
  Long-term foreign currency deposit rating of A3
  Long-term Mexican National Scale deposit rating of Aaa.mx
  Baseline credit assessment of baa2
  Adjusted baseline credit assessment of baa1
  Long-term counterparty risk assessment of A3(cr)
  Overall rating outlook: Review for downgrade

Scotia Inverlat Casa de Bolsa, S.A. de C.V.
  Long-term global local currency issuer rating of Baa1
  Long-term Mexican National Scale issuer rating of Aaa.mx
  Overall rating outlook: Review for downgrade

Banco Azteca, S.A.
  Long-term global local currency deposit rating of Ba1
  Long-term foreign currency deposit rating of Ba1
  Long-term Mexican National Scale deposit rating of Aa3.mx
  Short-term Mexican National Scale deposit rating of MX-2
  Baseline credit assessment of ba3
  Adjusted baseline credit assessment of ba3
  Long-term counterparty risk assessment of Baa3(cr)
  Short-term counterparty risk assessment of Prime-3(cr)
  Overall rating outlook: Review for downgrade

Banco Interacciones, S.A.
  Long-term global local currency deposit rating of Ba1
  Long-term foreign currency deposit rating of Ba1
  Long-term Mexican National Scale deposit rating of A1.mx
  Long-term global local currency senior unsecured debt rating of
   Ba1 (BINTER 15, BINTER 15-2, BINTER 16)
  Long-term Mexican National Scale senior unsecured debt rating of
   A1.mx (BINTER 15, BINTER 15-2, BINTER 16)
  Baseline credit assessment of ba2
  Adjusted baseline credit assessment of ba2
  Long-term counterparty risk assessment of Baa3(cr)
  Short-term counterparty risk assessment of Prime-3(cr)
  Overall rating outlook: Review for downgrade

These assessments were placed on review for downgrade:

Banco Nacional de Obras y Servicios Publicos, S.N.C.
  Baseline credit assessment of ba1
  Adjusted baseline credit assessment of ba1

Banco Nacional de Comercio Exterior, S.N.C.
  Baseline credit assessment of ba2
  Adjusted baseline credit assessment of ba2

These ratings were affirmed and their outlooks were changed to
negative from stable

Banco Nacional de Obras y Servicios Publicos, S.N.C.
  Long-term global local currency issuer rating of A3
  Long-term foreign currency issuer rating of A3
  Long-term global local currency senior unsecured debt rating of
   A3 (BANOB 11U, BANOB 11-2, BANOB 11-3, BANOB 12, BANOB 13,
   BANOB 13-2, BANOB 13-3, BANOB 14, BANOB 14-2)
  Long-term global local currency backed senior unsecured debt
   rating of A3
  Overall rating outlook: Negative (m)

Banco Nacional de Comercio Exterior, S.N.C.
  Long-term global local currency issuer rating of A3
  Long-term foreign currency issuer rating of A3
  Long-term global local currency senior unsecured debt rating of
   A3 (BACMEXT 12-2, BACMEXT 12-3, BACMEXT 13, BACMEXT 14)
  Overall rating outlook: Negative (m)

Nacional Financiera, S.N.C.
  Long-term global local currency issuer rating of A3
  Long-term foreign currency issuer rating of A3
  Overall rating outlook: Negative

Instituto para la Proteccion al Ahorro Bancario, Organismo
Descentralizado de la Administracion Publica Federal
  Long-term global local currency issuer rating of A3
  Long-term foreign currency issuer rating of A3
  Overall rating outlook: Negative

The principal methodology used in rating BBVA Bancomer, S.A.,
Banco Nacional de Mexico, S.A., Banco Santander (Mexico), S.A.,
Banco Mercantil del Norte, S.A., HSBC Mexico, S.A., Scotiabank
Inverlat S.A., Banco Azteca, S.A., and Banco Interacciones, S.A.
was Banks published in January 2016.  The principal methodology
used in rating Casa de Bolsa BBVA Bancomer S.A. de C.V., Casa de
Bolsa Santander, S.A. de C.V., HSBC Casa de Bolsa, S.A. de C.V.,
and Scotia Inverlat Casa de Bolsa, S.A. de C.V. was Global
Securities Industry Methodology published in May 2013. The
principal methodology used in rating Santander Vivienda, S.A. de
C.V., SOFOM, E.R., Hipotecaria Nacional S.A. de C.V., and
Arrendadora y Factor Banorte, S.A. de C.V. was Finance Companies
published in October 2015.  The principal methodology used in
rating Banco Nacional de Comercio Exterior, S.N.C., Nacional
Financiera, S.N.C., Instit.para la Protec.al Ahorro Bancario, and
Banco Nacional de Obras y Servicios Publicos was Government-
Related Issuers published in October 2014.

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.

BBVA Bancomer is headquartered in Mexico City, Mexico and reported
MXN1,698 billion in assets (source: Comision Nacional Bancaria y
de Valores), as of December 2015.

Banamex is headquartered in Mexico City, Mexico and reported
MXN1,149 billion in assets (source: Comision Nacional Bancaria y
de Valores), as of December 2015.

Santander Mexico is headquartered in Mexico City, Mexico and
reported MXN1,164 billion in assets (source: Comision Nacional
Bancaria y de Valores), as of December 2015.

Banorte is headquartered in Mexico City, Mexico and reported
MXN893 billion in assets (source: Comision Nacional Bancaria y de
Valores), as of December 2015.

HSBC Mexico is headquartered in Mexico City, Mexico and reported
MXN560 billion in assets (source: Comision Nacional Bancaria y de
Valores), as of December 2015.

Scotiabank Mexico is headquartered in Mexico City, Mexico and
reported MXN342 billion in assets (source: Comision Nacional
Bancaria y de Valores), as of December 2015.

Interacciones is headquartered in Mexico City, Mexico and reported
MXN182 billion in assets (source: Comision Nacional Bancaria y de
Valores), as of December 2015.

Banco Azteca is headquartered in Mexico City, Mexico and reported
MXN120 billion in assets (source: Comision Nacional Bancaria y de
Valores), as of December 2015.

Nafin is headquartered in Mexico City, Mexico and reported MXN385
billion in assets (source: Comision Nacional Bancaria y de
Valores, CNBV), as of December 2015.

Banobras is headquartered in Mexico City, Mexico and reported
MXN642 billion in assets (source: Comision Nacional Bancaria y de
Valores, CNBV), as of December 2015.

Bancomext is headquartered in Mexico City, Mexico and reported
MXN321 billion in assets (source: Comision Nacional Bancaria y de
Valores, CNBV), as of December 2015.

IPAB is headquartered in Mexico City, Mexico and reported MXN949
million in assets (source: IPAB), as of December 2015.

The period of time covered in the financial information used to
determine the ratings is between Jan. 1, 2011, and Dec. 31, 2015.

The sources and items of information used to determine the ratings
include 2014 and 2015 interim financial statements (source:
Moody's and Issuers' financial statements); year-end 2014 and 2015
audited financial statements (source: Moody's and Issuers' annual
audited financial statements); information on market position
(source: Comision Nacional Bancaria y de Valores); regulatory
capital information (source: Banco de Mexico).


SEGUROS AZTECA: Moody's Affirms Ba1/Aa3.mx Rating; Outlook Stable
-----------------------------------------------------------------
Moody's de Mexico affirmed the global local currency (GLC) and
national scale (NS) insurance financial strength (IFS) ratings of
16 insurance companies in Mexico.  The outlook of 14 insurers
remains stable, whereas the outlook of two insurers was changed to
stable from positive.  In the same rating action, Moody's
maintained the review for downgrade of MBIA Mexico's rating.
Please see a complete list of companies and ratings/outlooks
below.

This portfolio-wide rating action on the Mexican insurers follows
Moody's Investors Service's outlook change to negative on Mexico's
local-currency and foreign-currency A3 sovereign bond ratings on
March 31, 2016.

                         RATINGS RATIONALE

Moody's said that the stable outlook on 16 Mexican insurers
reflects that, even though most insurers' investment exposure to
the sovereign is significant, their financial strength ratings are
well positioned.  Moreover, a potential downgrade of the Mexican
sovereign bond rating is not likely to put downward pressure on
the insurers' credit profile.  Moody's notes that Mexican
insurers' broadly benefit from very modest reliance on debt
funding and financing and their liquidity positions are relatively
strong, given good premium revenue streams and the relative lack
of credit-sensitivity of insurance premiums broadly.  The insurers
also benefit from their profitability and from the internal
capital generation that derives from insurance underwriting, as
well as investment activities.  These considerations broadly
support rating stability of the sector.

These 14 insurers' GLC and NS IFS ratings were affirmed.

Their outlooks remain stable:
   -- Afianzadora Aserta: Baa2/Aa2.mx
   -- Afianzadora Insurgentes: Baa2/Aa2.mx
   -- Afianzadora Punto Aserta: Baa2/Aa2.mx
   -- Aseguradora Patrimonial Danos.: Ba1/A1.mx
   -- Aserta Seguros Vida: Ba1/A1.mx
   -- Chubb de Mexico Compania de Seguros: Baa1/Aa1.mx
   -- Coface Seguro de Credito Mexico: Baa1/Aa1.mx
   -- Dentegra Seguros Dentales: Baa3/Aa3.mx
   -- Plan Seguro: Baa3/Aa3.mx
   -- Primero Fianzas: Baa1/Aa1.mx
   -- Prudential Seguros Mexico: Baa2/Aa2.mx
   -- Royal and Sun Alliance Seguros: Baa3/Aa3.mx
   -- Seguros Azteca Danos: Ba1/Aa3.mx
   -- Seguros Azteca: Ba1/Aa3.mx

These insurers' IFS ratings have been affirmed, with outlooks
revised to stable, from positive:

   -- ACE Fianzas Monterrey: Baa1/Aaa.mx
   -- Chubb de Mexico Compania Afianzadora: Baa1/Aaa.mx

The rationale for the shift to a stable outlook for ACE Fianzas
Monterrey and Chubb de MÇxico Compa§°a Afianzadora reflects that
the positive trend observed in their credit profiles relative to
other Baa1 credits is more than offset by the recent negative
outlook on the Mexican sovereign, given the companies' direct
investment exposure to sovereign and local assets, as well as
their particular sensitivity to the economic cycle and other
macroeconomic/financial trends in the country.

MBIA Mexico:

MBIA Mexico's ratings are under review for downgrade given that
MBIA Mexico's ratings are based primarily on the explicit and
implicit support provided by MBIA Insurance Corporation (MBIA
Corp., B3 IFS, review for downgrade). As such, MBIA Mexico's
ratings are expected to remain closely linked to its parent.

Among the factors that could lead to a rating downgrade for the 16
above mentioned insurers are: 1) a multi-notch downgrade of the
Mexican sovereign bond rating; 2) deterioration of the country's
operating environment; and 3) impairment in companies' asset
quality, profitability or capital adequacy.  Conversely, factors
that could lead to an upgrade include improved capital adequacy
and profitability metrics for insurers, as well as an improvement
in Mexico's operating environment and/or sovereign bond's rating.

In the case of MBIA Mexico, Moody's said that its ratings could be
downgraded if developments related to the Zohar transactions
diminish MBIA Corp.'s capital adequacy position and result in the
further stress on the company's liquidity profile.  Given the
company's ratings are under review for downgrade, an upgrade is
unlikely.  However, MBIA Mexico's ratings could be upgraded if
MBIA Corp's liquidity position improved materially or the outcome
of the Zohar I bankruptcy proceedings point to a more favorable
outcome for MBIA Corp.

The sources and items of information used to determine the ratings
include September 2015 financial statements (source: Comisi¢n
Nacional de Seguros y Fianzas (CNSF)) and year-end 2014 audited
financial statements (sources: audited financial statements
provided by the companies).

The period of time covered in the financial information used to
determine the ratings is between Dec. 31, 2011, and Sept. 30,
2015.

The principal methodology used in rating ACE Fianzas Monterrey,
S.A., Afianzadora Aserta, S.A. de C.V., Afianzadora Insurgentes,
S.A. de C.V., Afianzadora Punto Aserta, S. A., Aseguradora
Patrimonial Danos, S.A., Chubb de Mexico, Compania Afianzadora,
S.A. de C.V., Chubb de Mexico Compania de Seguros, S.A. de C.V.,
Dentegra Seguros Dentales, S. A., Plan Seguro, S.A. de C.V., Co.
de Seguros, Primero Fianzas S.A. de C.V., Seguros Azteca Danos,
S.A. de C.V., Royal & Sun Alliance Seguros (Mexico), S.A. de C.V.
was Global Property and Casualty Insurers published in December
2015.  The principal methodology used in rating Aserta Seguros
Vida, S.A. de C.V., Prudential Seguros Mexico, S.A., and Seguros
Azteca, S.A de C.V. was Global Life Insurers published in December
2015.  The principal methodology used in rating Coface Seguro de
Credito Mexico, S.A. de C.V. was Global Trade Credit Insurers
published in December 2015.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.


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


ADELPHIA COMMUNICATIONS: Amends Exchange Offers Under Ch.11 Plan
----------------------------------------------------------------
ACC Claims Holdings, LLC announced the amendment of offers to
Eligible Holders to exchange (i) class A limited liability company
interests of ACC Claims Holdings, LLC for up to all of the
outstanding ACC Senior Notes Claims (Class ACC 3) allowed under
the Plan of Reorganization, including any post-petition pre-
effective date interest and post-effective date interest to and
including the expiration date of the offers (the "Senior Claims"),
against Adelphia Communications Corporation, and (ii) class B
limited liability company interests of ACC Claims Holdings, LLC
for up to all of the outstanding ACC Trade Claims (Class ACC 4)
allowed under the Plan of Reorganization, including any post-
petition pre-effective date interest and post-effective date
interest to and including the expiration date of the offers (the
"ACC 4 Claims"), and ACC Other Unsecured Claims (Class ACC 5)
allowed under the Plan of Reorganization, including any post-
petition pre-effective date interest and post-effective date
interest to and including the expiration date of the offers (the
"ACC 5 Claims" and, together with the ACC 4 Claims, the "Other
Claims"; the Senior Claims and the Other Claims, together, the
"Claims"), against Adelphia Communications Corporation.  The
exchange offers are being made pursuant to the offers to exchange
and the related letter of transmittal, each dated as of March 3,
2016 and supplemented and amended on the date hereof.  The
exchange offers will expire at 5:00 p.m., New York City time, on
March 31, 2016, unless extended (the "Expiration Date").  This
Expiration Date is not being changed under the terms of the
supplement and amendment. Eligible Holders of Senior Claims that
are validly tendered and not withdrawn on or prior to the
Expiration Date and accepted for exchange will receive
consideration in the form of class A limited liability company
interests in ACC Claims Holdings, LLC, as described in the offers
to exchange.  Eligible Holders of Other Claims that are validly
tendered and not withdrawn on or prior to the Expiration Date and
accepted for exchange will receive consideration in the form of
class B limited liability company interests in ACC Claims
Holdings, LLC, as described in the offers to exchange.

The exchange offers will only be made, and the offers to exchange
and the related letter of transmittal will only be distributed to,
holders who complete, execute and return an eligibility form
confirming that they are qualified purchasers ("Qualified
Purchasers") as defined in Section 2(a)(51)(A) of the Investment
Company Act of 1940, as amended (except to the extent waived by
the managing member of ACC Claims Holdings, LLC), excluding
Benefit Plan Investors (except as provided for and subject to the
terms of the exchange offers, as amended), each of which is (x) a
qualified institutional buyer within the meaning of Rule 144A
under the Securities Act of 1933, as amended (the "Securities
Act"), (y) an institutional investor that qualifies as an
"accredited investor" pursuant to Rule 501(a)(1), (2), (3) or (7)
under the Securities Act or (z) not a U.S. person in an offshore
transaction, in each case as defined in Regulation S under the
Securities Act (such persons, "Eligible Holders").  "Benefit Plan
Investor" means a benefit plan investor, as defined in Section
3(42) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), and includes (a) an employee benefit plan (as
defined in Section 3(3) of Title I of ERISA) that is subject to
the fiduciary responsibility provisions of Title I of ERISA, (b) a
plan that is subject to Section 4975 of the Internal Revenue Code
of 1986, as amended (the "Code"), or (c) any entity whose
underlying assets include, or are deemed for purposes of ERISA or
the Code to include, "plan assets" by reason of any such employee
benefit plan's or plan's investment in the entity.  Holders who
desire to obtain and complete an eligibility form should either
visit the website for this purpose at www.dfking.com/adelphia or
call D.F. King & Co., Inc., the information agent and exchange
agent for the exchange offers, at (800) 761-6523 (toll-free) or
(212) 269-5550 (collect for banks and brokers only).

The managing member of ACC Claims Holdings, LLC may, in its sole
discretion, waive the restriction on tenders by Benefit Plan
Investors.  However, the managing member is not required to accept
a tender in whole or in part from an investor that is a Benefit
Plan Investor, and reserves the right to reject in its complete
discretion any tender by a Benefit Plan Investor.

This press release is neither an offer to purchase or exchange nor
a solicitation of an offer to sell or exchange securities.  The
exchange offers are being made pursuant to the terms and
conditions contained in the offers to exchange and the related
letter of transmittal, copies of which may be obtained from D. F.
King & Co., Inc., the information agent and exchange agent for the
exchange offers, by telephone at (800) 761-6523 (toll-free) or at
(212) 269-5550 (collect for banks and brokers only) or in writing
at D. F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York,
New York 10005, Attention: Krystal Scrudato. Persons with
questions regarding the exchange offers should contact Deutsche
Bank Securities Inc., the dealer manager for the exchange offers,
by telephone at (855) 287-1922 (toll-free) or 212-250-7527
(collect).  The exchange offers are not being made to holders in
any jurisdiction in which the making of such offers would be
unlawful under applicable state securities, or "blue sky" laws, or
applicable securities laws of any other jurisdiction.

ACC Claims Holdings, LLC is a Delaware limited liability company
formed on November 18, 2015.  ACC Claims Holdings, LLC exists
solely for the purpose of liquidating the claims and distributing
the proceeds thereof to the holders of its limited liability
company interests.  ACC Claims Holdings, LLC does not conduct a
trade or business or engage in any transactions other than
transactions merely incidental to (i) liquidation of claims,
whether by sale, transfer or other disposition by ACC Claims
Holdings, LLC or the claims held thereby, or be merger,
consolidation or other reorganization of ACC Claims Holdings, LLC,
or otherwise, and (ii) its dissolution.

                   About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.


ADELPHIA COMMUNICATIONS: Extends Exchange Offers Under Ch.11 Plan
-----------------------------------------------------------------
ACC Claims Holdings, LLC announced the extension of offers to
Eligible Holders to exchange (i) class A limited liability company
interests of ACC Claims Holdings, LLC for up to all of the
outstanding ACC Senior Notes Claims (Class ACC 3) allowed under
the Plan of Reorganization, including any post-petition pre-
effective date interest and post-effective date interest to and
including the extended expiration date of the offers (the "Senior
Claims"), against Adelphia Communications Corporation, and (ii)
class B limited liability company interests of ACC Claims
Holdings, LLC for up to all of the outstanding ACC Trade Claims
(Class ACC 4) allowed under the Plan of Reorganization, including
any post-petition pre-effective date interest and post-effective
date interest to and including the extended expiration date of the
offers (the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class
ACC 5) allowed under the Plan of Reorganization, including any
post-petition pre-effective date interest and post-effective date
interest to and including the extended expiration date of the
offers (the "ACC 5 Claims" and, together with the ACC 4 Claims,
the "Other Claims"; the Senior Claims and the Other Claims,
together, the "Claims"), against Adelphia Communications
Corporation until 5:00 p.m., New York City time, on Thursday,
April 7, 2016.  The exchange offers were previously scheduled to
expire at 5:00 p.m., New York City time, on Thursday, March 31,
2016.  As of 5:00 p.m., New York City time, on Thursday, March 31,
2016, Eligible Holders of $2,915,671,408 original principal amount
of Senior Claims outstanding, Eligible Holders of $176,999,113.13
of ACC 4 Claims outstanding and Eligible Holders of $0 of ACC 5
Claims outstanding had validly tendered their Claims pursuant to
the exchange offers.

ACC Claims Holdings, LLC recognizes that the Claims will continue
to accrue post-effective date interest between the original
expiration date and the extended expiration date.  Therefore, the
consideration offered to Eligible Holders will be increased by a
corresponding amount.

Except as set forth herein, the terms and conditions of the
exchange offers remain unchanged.  ACC Claims Holdings, LLC
reserves the right to further extend the exchange offers prior to
the termination of the extended expiration date.  ACC Claims
Holdings, LLC does not contemplate any such additional extensions
of the exchange offers at this time.

The exchange offers are being made pursuant to (i) the offers to
exchange, dated March 3, 2016, and supplemented and amended on
March 9, 2016, March 21, 2016 and on the date hereof and (ii) the
related letter of transmittal, dated as of March 3, 2016 and
supplemented and amended on March 21, 2016.

The exchange offers will only be made, and the offers to exchange
and the related letter of transmittal will only be distributed to,
holders who complete, execute and return an eligibility form
confirming that they are qualified purchasers ("Qualified
Purchasers") as defined in Section 2(a)(51)(A) of the Investment
Company Act of 1940, as amended (except to the extent waived by
the managing member of ACC Claims Holdings, LLC), excluding
Benefit Plan Investors (as defined below) (except as provided for
and subject to the terms of the exchange offers, as amended), each
of which is (x) a qualified institutional buyer within the meaning
of Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), (y) an institutional investor that qualifies as
an "accredited investor" pursuant to Rule 501(a)(1), (2), (3) or
(7) under the Securities Act or (z) not a U.S. person in an
offshore transaction, in each case as defined in Regulation S
under the Securities Act (such persons, "Eligible Holders").
"Benefit Plan Investor" means a benefit plan investor, as defined
in Section 3(42) of the Employee Retirement Income Security Act of
1974, as amended ("ERISA"), and includes (a) an employee benefit
plan (as defined in Section 3(3) of Title I of ERISA) that is
subject to the fiduciary responsibility provisions of Title I of
ERISA, (b) a plan that is subject to Section 4975 of the Internal
Revenue Code of 1986, as amended (the "Code"), or (c) any entity
whose underlying assets include, or are deemed for purposes of
ERISA or the Code to include, "plan assets" by reason of any such
employee benefit plan's or plan's investment in the entity.
Holders who desire to obtain and complete an eligibility form
should either visit the website for this purpose at
www.dfking.com/adelphia or call D.F. King & Co., Inc., the
information agent and exchange agent for the exchange offers, at
(800) 761-6523 (toll-free) or (212) 269-5550 (collect for banks
and brokers only).

The managing member of ACC Claims Holdings, LLC may, in its sole
discretion, waive the restriction on tenders by Benefit Plan
Investors.  However, the managing member is not required to accept
a tender in whole or in part from an investor that is a Benefit
Plan Investor, and reserves the right to reject in its complete
discretion any tender by a Benefit Plan Investor.

                     About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.


INVERSIONES ARAXI: Case Summary & 11 Unsecured Creditors
--------------------------------------------------------
Debtor: Inversiones Araxi Group Corp
           dba Motel The Rose
        Box 565
        Salinas, PR 00751

Case No.: 16-02428

Chapter 11 Petition Date: March 31, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Judge: Hon. Edward A Godoy

Debtor's Counsel: Gerardo L. Santiago Puig, Esq.
                  GSP LAW, P.S.C.
                  Doral Bank Plaza Suite 801
                  33 Resolucion St
                  San Juan, PR 00920
                  Tel: 787-777-8000
                  Fax: 787-767-7107
                  E-mail: gsantiagopuig@gmail.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Luis J. Perez Delgado, president.

A list of the Debtor's 11 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-02428.pdf


SPANISH BROADCASTING: Delays Filing of 2015 Annual Report
---------------------------------------------------------
Spanish Broadcasting System, Inc. filed with the U.S. Securities
and Exchange Commission a Notification of Late Filing on Form 12b-
25 with respect to its annual report on Form 10-K for the year
ended Dec. 31, 2015.

The Company said it was unable to file its Form 10-K prior to the
filing deadline without unreasonable effort or expense due to
unanticipated delays in resolving the accounting treatment of
certain deferred tax assets.  The Company expects to file the Form
10-K no later than the fifteenth calendar day following the
prescribed due date, as permitted by Rule 12b-25.

                    About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94 million.


                            ***********


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 * * *