TCRLA_Public/160407.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, April 7, 2016, Vol. 17, No. 68


                            Headlines



B O L I V I A

BOLIVIA: To Get US$90MM IDB Loan to Improve Water, Irrigation


B R A Z I L

BRAZIL: Bankruptcy Filings More Than Double as Recession Deepens
RUMO LOGISTICA: Fitch Says Capital Hike Cuts Pressure on Ratings


C A Y M A N  I S L A N D S

BERMA LIMITED: Members' Final Meeting Set for April 18
BK-SAMUI: Members' Final Meeting Set for April 14
CORDIA HOLDINGS: Commences Liquidation Proceedings
DEMETER HEDGING: Members' Final Meeting Set for April 18
DEMETER HEDGING LTD: Members' Final Meeting Set for April 16

DOWNSTREAM LTD: Commences Liquidation Proceedings
ECHO INVESTMENT: Creditors' Proofs of Debt Due May 14
EUSTACE CAYMAN: Commences Liquidation Proceedings
HAMBURG FINANCE: Creditors' Proofs of Debt Due April 13
MOONCREST LTD: Members' Final Meeting Set for April 18

REDBREAST AEROSPACE: Placed Under Voluntary Wind-Up
ROSFUND SPC: Creditors' Proofs of Debt Due April 13
SEEED INC: Creditors' Proofs of Debt Due April 13
TARA INVESTMENTS: Placed Under Voluntary Wind-Up
THA LIMITED: Members' Final Meeting Set for April 14

TURTLE BAY: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: To Review Business Sector's Substantial Tax Breaks


M E X I C O

MEXICO: Foreign Reserves Rise by $811 Million


P U E R T O    R I C O

ALONSO & CARUS: Settlement With Banco Popular Approved
ALONSO & CARUS: Wins Approval of Consensual Plan
CANEJAS S.E.: Case Summary & 14 Unsecured Creditors
PACIFIC SUNWEAR: Said to Be Preparing to File for Bankruptcy
SPORTS AUTHORITY: Brown Rudnick Representing Term Loan Lenders

SPORTS AUTHORITY: April 22 Auction of Assets


                            - - - - -


=============
B O L I V I A
=============


BOLIVIA: To Get US$90MM IDB Loan to Improve Water, Irrigation
-------------------------------------------------------------
Bolivia will reform its public policies to improve the coverage
and management of irrigation, potable water and sanitation
services with a $90 million loan from the Inter-American
Development Bank (IDB).

The loan will help the Bolivian government to improve planning,
strengthen institutional development, apply financial policies and
develop monitoring and evaluation instruments in the areas of
potable water, sanitation and irrigation.

The reforms achieved through these reforms will help to expand
potable water services to 83 percent of homes, while sanitation
services would be expanded to 56 percent of the population.

"The program will improve investment planning, which will allow an
emphasis on some of the poorer sectors of society," said Omar
Garzonio, head of the IDB's project team. "These include peri-
urban, rural and small-town populations, with the goal of reducing
the gap in coverage compared to major urban centers."

The program also will support irrigation in Bolivia. While one-
third of the working population of the country is involved in
agriculture, less than 10 percent of the area under cultivation
has irrigation, a relatively low level for Latin America. "The
country is pushing hard to expand the area with irrigation, and
this project will help it to reach that goal," said Garzonio.

The credit, which will be executed by the Ministry for the
Environment and Water, will help to expand irrigated lands by
about 60,000 hectares. The financing -- the second and last part
of programmatic loans for the sector, also will allow substantial
improvements in the operational and financial efficiency of water
and sanitation services.

The IDB loan has two parts: One for $76.5 million from ordinary
capital, for 30 years, with a six-year grace period and an
interest rate based on LIBOR; and a $13.5 million installment from
the Special Operations Fund, for 40 years, with a 40-year grace
period and an interest rate of .25 percent.


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


BRAZIL: Bankruptcy Filings More Than Double as Recession Deepens
----------------------------------------------------------------
Pilar Olivares at Reuters reports that bankruptcy protection
requests in Brazil more than doubled in the first quarter from the
year-earlier period, as businesses suffered from the highest
borrowing costs in a decade and a steep recession dragged down
revenue, credit Research Company Serasa Experian said.

Companies filed 409 requests for court protection from creditors
last quarter, the highest number since the country enacted a
bankruptcy law in 2005, Serasa said in a report, according to
Reuters.  In the first quarter of last year, 191 companies sought
bankruptcy protection, Serasa said, Reuters notes.

"Brazil's deepening recession and an increase in operational and
financial costs have led to successive records in the number of
bankruptcy protection filings," Serasa said in the report, Reuters
relays.

Small-sized companies filed more than half of the first quarter's
requests, the report discloses.

Brazil's economy has been going through the second year of what is
expected to be its worst recession in more than a century, the
report notes.  The central bank expects the economy to shrink 3.5
percent this year following a contraction of 3.8 percent in 2015,
the report adds.

Brazil's benchmark interest rate, at 14.25 percent, is also among
the highest of the world's major economies, says Reuters.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, 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.


RUMO LOGISTICA: Fitch Says Capital Hike Cuts Pressure on Ratings
----------------------------------------------------------------
The initiatives announced by Rumo Logistica Operadora Multimodal
S.A. (Rumo) on March 28, 2015 regarding the rebalancing of capital
structure and liquidity are, in the opinion of Fitch Ratings,
positive for the ratings of Rumo and America Latina Logistica S.A.
(ALL). These initiatives consist of the issuance of BRL2.9 billion
in new debt to refinance Rumo's short- and medium-term debt and
the proposal of a new share offering for a minimum of BRL2
billion. The company also announced the likely financial support
to be received from Banco Nacional de Desenvolvimento Economico e
Social (BILLIONDES, the Brazilian Development Bank) in the
financing of its capex program.

The announcement does not affect Rumo's and ALL's ratings as they
already incorporate the companies' satisfactory financial
flexibility and ability to refinance their short-term debt with
new medium- and long-term debt. However, if combined with
satisfactory business performance, the favorable terms of debt,
the extensions and expected material liquidity enhancements are
all considered credit positives that should lead to rating
stabilization in the future.

"Fitch understands that the conclusion of these initiatives will
reduce the company's refinancing risks considerably. Along with
the high consolidated leverage, refinancing risk is one of our
main concerns. The ratings already incorporate the expectation
that the company will improve its cash-to-short-term debt coverage
ratio during the whole capex period, and that BILLIONDES will
finance a large part of these investments with terms that suit the
company's future cash flow."

As of Dec. 31, 2015, Rumo's liquidity position was tight. The
company reported, on a pro forma basis, BRL581 million of cash and
marketable securities, and BRL12.9 billion of consolidated debt,
to yield cash-to-short-term debt coverage of only 0.3x. The new
issuance of BRL2.9 billion should consist of debentures with a
total tenor of eight years including a grace period of 3.5 years.
The company will use the proceeds to repay debt due in 2016, 2017
and 2018.

"While materially strengthening the company's consolidated
liquidity, the restricted share offering is not expected to
significantly change Rumo's leverage metrics, which are still high
for the rating category. As of Dec. 31, 2015, the net adjusted
debt/EBITDAR ratio was 6.4x and we do not expect this to
significantly change in 2016. On a pro forma basis, which
incorporates the debenture issuance, Rumo's net leverage would be
around 5.2x at year-end 2016."

Following conclusion of the ongoing measures, the company will
still face the major challenge to capture increasing load volumes
and raise its business operations profitability. Rumo needs to
continue reinforcing its business base and operating cash flow
generation in order to push gradual and sustainable deleveraging.
In Fitch's view, the issuance of long-term financing to fund the
company's aggressive investment plan is a key factor that will
contribute to the growth of its operating base, lead to scale
gains and, consequently, the expansion of its operating cash flow
generation capacity, based on healthy financial flexibility. More
prominent leverage reduction is expected to start in 2017, when
the cash flow from large part of Rumo's medium-term investment
program is expected to kick in.

Fitch rates Rumo and ALL with Foreign and Local Currency Issuer
Default Ratings (IDRs) of 'BB-' and Long-Term National Rating of
'A(bra)', both with a Negative Outlook. The other ALL subsidiaries
are rated Long-Term National Rating 'A(bra)', Negative Outlook.
Fitch also rates the unsecured debenture issuances of all these
companies with a Long-Term National Rating of 'A(bra)'.


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


BERMA LIMITED: Members' Final Meeting Set for April 18
------------------------------------------------------
The members of Berma Limited will hold their final meeting on
April 18, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BK-SAMUI: Members' Final Meeting Set for April 14
---------------------------------------------------
The members of BK-Samui Limited will hold their final meeting on
April 14, 2016, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          Royal Bank House, 3rd Floor
          24 Shedden Road, George Town
          P.O. Box 10632 Grand Cayman KY1-1006
          Cayman Islands
          e-mail: ellen.christian@bnpparibas.ky


CORDIA HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On March 4, 2016, the sole shareholder of Cordia Holdings Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Ian Goddard
          Telephone: (345) 926 0860
          P.O. Box 2734 Grand Cayman KY1-1111
          Cayman Islands


DEMETER HEDGING: Members' Final Meeting Set for April 18
--------------------------------------------------------
The members of Demeter Hedging (Americas) Ltd. will hold their
final meeting on April 18, 2016, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DEMETER HEDGING LTD: Members' Final Meeting Set for April 16
------------------------------------------------------------
The members of Demeter Hedging Ltd. will hold their final meeting
on April 16, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DOWNSTREAM LTD: Commences Liquidation Proceedings
-------------------------------------------------
On March 4, 2016, the sole shareholder of Downstream Ltd. resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

           Tim Miller
           Apt. 619, 4025 McGinnis Ferry Road
           Suwanee, Georgia 30024
           United States


ECHO INVESTMENT: Creditors' Proofs of Debt Due May 14
-----------------------------------------------------
The creditors of Echo Investment Holdings Limited are required to
file their proofs of debt by May 14, 2016, to be included in the
company's final dividend distribution.

The company's liquidator is:

          Margot Macinnis
          Harbour Place, Ground Floor
          103 South Church Street
          Camana Bay Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 743 8800
          Fscsimile: +1 (345) 743 8801


EUSTACE CAYMAN: Commences Liquidation Proceedings
-------------------------------------------------
On March 1, 2016, the shareholders of Eustace Cayman resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Michel Byungju Kim
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (646) 573 - 6818
          e-mail: mbkim2005@hotmail.com


HAMBURG FINANCE: Creditors' Proofs of Debt Due April 13
-------------------------------------------------------
The creditors of Hamburg Finance Company A.G. 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 Feb. 22, 2016.

The company's liquidator is:

          Gladys Patino
          Pineapple Grove #5
          Lyford Cay
          P.O. BOX SP 64284
          Nassau, Bahamas
          Telephone: (305) 372-0404
          Facsimile: (305) 372-2399


MOONCREST LTD: Members' Final Meeting Set for April 18
------------------------------------------------------
The members of Mooncrest Ltd will hold their final meeting on
April 18, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


REDBREAST AEROSPACE: Placed Under Voluntary Wind-Up
---------------------------------------------------
On March 4, 2016, the shareholders of Redbreast Aerospace Limited
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


ROSFUND SPC: Creditors' Proofs of Debt Due April 13
---------------------------------------------------
The creditors of Rosfund SPC 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 3, 2016.

The company's liquidator is:

          Jess Shakespeare
          c/o Camele Burke
          Duff & Phelps (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


SEEED INC: Creditors' Proofs of Debt Due April 13
-------------------------------------------------
The creditors of Seeed Inc. 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 Feb. 20, 2016.

The company's liquidator is:

          Hao Pan
          136 Ningxia Street
          Qingyang District
          Chengdu City
          Sichuan Province
          PRC
          Telephone: +86 15889668658
          Facsimile: 0086 755 26978025


TARA INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on Feb. 29, 2016, the
shareholder of Tara Investments Ltd resolved to voluntarily wind
up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


THA LIMITED: Members' Final Meeting Set for April 14
----------------------------------------------------
The members of Tha Limited will hold their final meeting on
April 14, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Zedra Holdings (Cayman) Limited
          c/o Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


TURTLE BAY: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on March 3, 2016, the
members of Turtle Bay - Lig Holdings Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223


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


DOMINICAN REP: To Review Business Sector's Substantial Tax Breaks
-----------------------------------------------------------------
Dominican Today reports that President Danilo Medina said that in
the next term in office a fiscal pact is one of the government
priorities, including a "comprehensive" review of the
"substantial" tax breaks for business sectors.

President Medina said the current tax system needs changing and
redirect those tax exemptions to economic activities which are
more productive, avoiding unfair competition to strengthen the
country's competitiveness, according to Dominican Today.

Speaking in the American Chamber of Commerce's (AMCHAMDR) monthly
luncheon, President Medina stressed that the tax breaks represent
as much as 7% of GDP, the report notes.  "The Fiscal Pact will be
a priority in a second term; however, I want to alert you that we
will not wait until the pact is signed to take measures to ensure
the sustainability of public finances," the report relays.

President Medina said more than in any other Latin American
nation, 94 of the country's productive sectors get tax exemptions,
compared with 66 in Nicaragua, and only two in Chile, the report
discloses.

The presidential candidate of the ruling party (PLD) in the May 15
elections also said the Fiscal Pact should identify which sectors
that now get special treatment are willing to pay taxes, the
report says.  "This will let the state gradually remove the
tariffs from areas of great importance for development, which have
a high tax burden even above the regional average, such as
telecommunications," President Medina 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
===========


MEXICO: Foreign Reserves Rise by $811 Million
---------------------------------------------
EFE News reports that Mexico's foreign reserves rose by $811
million to $177.47 billion last week, the Bank of Mexico said.

Gold and foreign currency reserves increased in the week ending
April 1 due to sales of dollars by state-owned oil giant Pemex to
the central bank and a rise in the value of assets on the balance
sheet, the Bank of Mexico said in a statement, according to EFE
News.

Foreign reserves have risen by $741 million since the end of 2015,
the Bank of Mexico said, the report notes.

The M1 money supply, which includes currency, coins and demand
deposits, fell by MXN27.45 billion (about $1.54 billion) to nearly
MXN1.21 trillion (some $68.29 billion) last week, the central bank
said, the report relays.

The money supply has contracted by MXN30.13 billion (nearly $1.7
billion) since Jan. 1, the report adds.


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


ALONSO & CARUS: Settlement With Banco Popular Approved
------------------------------------------------------
Alonso & Carus Iron Works, Inc., and secured creditor Banco
Popular de Puerto Rico won approval from the Bankruptcy Court of a
stipulation regarding the treatment of BPPR's claim under the
Debtor's plan of reorganization.  In order to quickly and
expeditiously resolve the outstanding issues among them, the
Debtor and BPPR have reached an agreement providing that BPPR will
have a fixed allowed reconciled secured claim of $10,228,162.  The
Secured Claim will be paid with equal monthly payments of $67,007,
including principal and interests, at 5.25% per annum.  The
Secured Claim will be paid by the Debtor in monthly payments of
$67,007 with a final balloon payment for the outstanding amount
then due for the Claim on or before Feb. 1, 2021.

Attorneys for Banco Popular de Puerto Rico:

         O'NEILL & BORGES, LLC
         Luis C. Marini-Biaggi, Esq.
         Nayuan Zouairabani, Esq.
         American International Plaza
         250 Munoz Rivera Ave., Ste. 800
         San Juan, PR 00918-1813
         Tel: (787) 764-8181
         Fax: (787) 753-8944
         E-mail: luis.marini@oneillborges.com
                 nayuan.zouairabani@oneillborges.com

Attorneys for the Debtor:

         CHARLES A CUPRILL, PSC LAW OFFICE
         Charles A. Cuprill, Esq.
         356 Calle Fortaleza
         Second Floor San Juan, Puerto Rico 00901
         Tel: (787) 977-0515
         Fax: (787) 977-0518
         E-mail: ccuprill@cuprill.com

                        About Alonso & Carus

Alonso & Carus Iron Works, Inc., is the largest integrated
structural steel and tank builder in Puerto Rico.  The Company
provides a full range of design, engineering, construction and
erection services through an innovative, responsive and customer
focused organization.  The Company has participated in the
construction of hundreds of demanding and challenging projects,
including many landmarks in Puerto Rico and the Caribbean that
showcase the superior capabilities of steel.

Alonso & Carus Iron Works sought Chapter 11 protection (Bankr.
D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March
27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debt.


ALONSO & CARUS: Wins Approval of Consensual Plan
------------------------------------------------
Alonso & Carus Iron Works, Inc., in March received confirmation of
its proposed reorganization plan.  The Debtor reached an agreement
with the Official Committee of Unsecured Creditors on the terms of
a proposed reorganization plan that's mutually acceptable.  No
objections to confirmation of the Plan were filed.  The Plan
proposes to pay unsecured creditors in full, without interest, in
72 months and let current management and owners retain control of
the company.

The Plan provides:

   * Holders of allowed general unsecured claims greater than or
equal to $2,000, with claims estimated to total $3.21 million,
will receive promissory notes providing for payment in full of
their claims without interest in the form of equal installments
over 72 months from the Effective Date.  Effective on Dec. 15,
2015, and on the 15th day of each month thereafter until March 15,
2016, the Debtor will deposit into an escrow account with Debtor's
counsel, the sum of $30,900, which shall be used exclusively to
fund a distribution to Holders of allowed general unsecured
claims.  Aside from Department of the Treasury of Puerto Rico's
proof of claim number 44, which is pending review by Debtor, and
any Claims filed after the Bar Dates, Debtor shall not object to
any other General Unsecured Claim and all such other Claims shall
be allowed as filed or as otherwise listed in Debtor's Schedule F.

   * Holders of general unsecured claims that are less than $2,000
estimated to aggregate $45,600 will be paid in full on the
Effective Date.

A copy of the First Amended Disclosure Statement is available for
free at:

    http://bankrupt.com/misc/Alonso_Carus_196_1st_Am_DS.pdf

                        About Alonso & Carus

Alonso & Carus Iron Works, Inc., is the largest integrated
structural steel and tank builder in Puerto Rico.  The Company
provides a full range of design, engineering, construction and
erection services through an innovative, responsive and customer
focused organization.  The Company has participated in the
construction of hundreds of demanding and challenging projects,
including many landmarks in Puerto Rico and the Caribbean that
showcase the superior capabilities of steel.

Alonso & Carus Iron Works sought Chapter 11 protection (Bankr.
D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March
27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debt.

The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.

The Official Committee of Unsecured Creditors in the Chapter 11
case retained Javier Vilarino, Esq., at Vilarino & Associates LLC,
serves as Puerto Rico counsel; and Jeffrey D. Prol, Esq., at
Lowenstein Sandler LLP, as general bankruptcy counsel; and
Glassratner Advisory & Capital Group, LLC, as financial advisors.


CANEJAS S.E.: Case Summary & 14 Unsecured Creditors
---------------------------------------------------
Debtor: Canejas, S.E.
        Metro Office Park
        Calle 1, #7, Suite 204
        Guaynabo, PR 00968

Case No.: 16-02644

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Carmen D Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  E-mail: notices@condelaw.com

Total Assets: $11.1 million

Total Debts: $8.55 million

The petition was signed by Diego Chevere, socio gestor.

List of Debtor's 14 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Acodese                              Rent Deposit        $4,642

CRIM                                Property Tax        $37,821

Electromatic                       Parking Access          $262
                                       System

ITL International, Inc.             Advance Rent        $42,646

Luis Bonilla Cepeda                   Lawsuit                $0

Manual Garcia Valles                  Lawsuit                $0

MOP Owners Assoc.                    Mop Dues            $2,602

Nosce Te Ipsum                   Shared Services         $5,962

OneSource Facility Serv              Janitorial         $12,494
                                       Services

PRASA                               Water Bill           $2,725

PREPA                             Electricity Bill      $31,075

Sorenson Communications, Inc.       Rent Deposit         $5,256

Specialist Pest Control             Pest Control           $115

Thyssenkrupp Elevator                  Elevator          $5,607
                                     Maintenance


PACIFIC SUNWEAR: Said to Be Preparing to File for Bankruptcy
------------------------------------------------------------
Pacific Sunwear of California, Inc., is preparing to file for
bankruptcy, Bloomberg News' Lauren Coleman-Lochner and Jodi Xu
Klein have reported, citing people with knowledge of the matter.

One source said the Chapter 11 filing could come as soon as next
week, according to Bloomberg.  That source asked not to be
identified because the process isn't public.  Bloomberg also said
the situation remains fluid, and the timing could change,
according to those sources.

Bloomberg noted that PacSun did not immediately respond to a
request for comment.

The report added that an affiliate of Golden Gate Capital has
provided PacSun with a $60 million senior secured term loan,
giving it sway in a potential bankruptcy.

As reported by the Troubled Company Reporter on March 8, 2016,
Lilian Rizzo, writing for Dow Jones' Daily Bankruptcy Review, said
PacSun has hired financial advisers ahead of maturing debt load as
the company continues to struggle amid a downturn in the teen
retail industry.

PacSun's fiscal year 2015 ended on January 30, 2016.  It has yet
to file its Annual Report on Form 10-K for the period.

In its most recent quarterly report for the fiscal quarter ended
Oct. 31, 2015, PacSun said its liquidity has been adversely
impacted by negative operating results and the Company cannot
ensure it will have sufficient liquidity going forward if certain
negative trends continue, or if it is not able to refinance the
Term Loan in light of the upcoming maturity of the Wells Fargo
credit facility as well as a term loan.

As of Oct. 31, 2015, the Company had cash and cash equivalents of
$11 million and borrowings of $35 million under its $100 million
revolving credit facility with Wells Fargo Bank, N.A., which is
scheduled to mature on Dec. 7, 2016.

During the fourth quarter of fiscal 2015, the Company expects to
borrow up to an additional $35 million under the Wells Credit
Facility primarily to fund inventory purchases for the peak
holiday selling season.

The Company said in the Quarterly Report that it anticipates that
a substantial portion of these borrowings will be repaid prior to
the end of the fourth quarter.

The Company also has a $60 million term loan with an affiliate of
Golden Gate Capital, which is scheduled to mature on December 7,
2016.  Upon maturity of the Term Loan, $27 million of
payable-in-kind ("PIK") interest also will become due and payable.


"In light of the upcoming maturity of the Term Loan and the Wells
Credit Facility, the Company is considering various alternatives
regarding the Term Loan, including discussions with Golden Gate.
As part of such evaluation, the Company is considering the sales
and leasebacks of its corporate headquarters in Anaheim,
California and the distribution center in Olathe, Kansas, as a
source of potential additional liquidity. There can be no
assurance that any contemplated alternatives can be achieved," the
Company said.

At October 31, 2015, PacSun had total assets of $298,853,000;
against total current liabilities of $153,807,000; total long-term
liabilities of $151,249,000 and total shareholders' deficit of
$6,203,000.

                           About PacSun

Based in Anaheim, California, Pacific Sunwear of California, Inc.
is a specialty retailer rooted in the action sports, fashion and
music influences of the California lifestyle. It operates a
nationwide, primarily mall-based chain of retail stores under the
names "Pacific Sunwear" and "PacSun." In addition, the Company
operates an e-commerce website at www.pacsun.com which sells
PacSun merchandise online, provides content and community for its
target customers and provides information about the Company.  As
of October 31, 2015, the Company leased and operated 611 stores in
each of the 50 states and Puerto Rico.


SPORTS AUTHORITY: Brown Rudnick Representing Term Loan Lenders
--------------------------------------------------------------
To comply with the requirements imposed by Rule 2019 of the
Federal Rules of Bankruptcy Procedure, Brown Rudnick LLP disclosed
that it serves as lead counsel and Morris, Nichols, Arsht &
Tunnell LLP disclosed that it serves as local counsel to the Ad
Hoc Committee of Prepetition Term Loan Lenders, which consists of
lenders that have made loans under that certain Amended and
Restated Credit Agreement, dated as of November 16, 2010.

Brown Rudnick relates that the lenders hired the firm in October
2015 in connection with potential restructuring discussions
involving the Debtors.  Subsequently, in December 2015, Wilmington
Savings Fund Society, FSB, in its capacity as successor
Administrative Agent under the Prepetition Term Loan Credit
Agreement, engaged Brown Rudnick to represent the Successor Agent
in connection with potential restructuring discussions involving
the Debtors.  On or about February 26, 2016, the Ad Hoc Committee
and the Successor Agent engaged Morris Nichols as their Delaware
co-counsel in connection with the Debtors' anticipated filing for
relief under Chapter 11.  The Brown Rudnick lawyers are:

               Robert J. Stark, Esq.
               Bennett S. Silverberg, Esq.
               BROWN RUDNICK LLP
               Seven Times Square
               New York, NY 10036
               Tel: (212) 209-4800

The lenders and the amounts they are owed are:

  Name & Address                                     Loan Amount
  --------------                                     -----------
  Columbia Management Investment Advisers, LLC
  100 N. Sepulveda Blvd., Suite 650
  El Segundo, California 90245                    $59,952,813.89

  CVC Credit Partners, LLC
  712 Fifth Avenue, 42nd Floor
  New York, New York 10019                        $18,744,697.70

  FMR LLC
  245 Summer Street
  Boston, Massachusetts 02210                     $20,235,844.14

  Fort Warren Capital Management, LP
  175 Federal Street, Suite 900
  Boston, Massachusetts 02110                     $16,859,681.36

  GoldenTree Asset Management, LP
  300 Park Ave.
  New York, NY 10022                              $28,526,468.67

  GSO / Blackstone Debt Funds Management LLC
  345 Park Ave, 29th Floor
  New York, NY 10154                              $20,485,720.01

  GSO Capital Partners LP
  345 Park Ave, 31st Floor
  New York, NY 10154                              $36,778,966.85

  Wellington Management Company LLP
  280 Congress Street
  Boston, MA 02210                                $27,325,392.24

                 About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.  Lawyers at
Pachulski Stang Ziehl & Jones LLP represent the Official Committee
of Unsecured Creditors.


SPORTS AUTHORITY: April 22 Auction of Assets
--------------------------------------------
Sports Authority Holdings, Inc., et al., informed the U.S.
Bankruptcy Court that the correct proposed date for the auction of
substantially all of their assets is April 22, 2016, instead of
April 24, 2016, as inadvertently listed in the Sale Procedures
Motion, and that the proposed Sale Timeline is accurate in all
respects as provided in the Motion.

The Debtors, in consultation with their advisors, determined that
it is in the best interest of their estates to immediately prepare
for closure up to 200 stores and two of their their distribution
centers.

The Sale Guidelines provide, among other things, that: (a) all
sales of Store Assets would be deemed free and clear of all
encumbrances; (b) ,erchandise could be sold with the benefit of
various marketing techniques and price mark-downs to promote
efficient liquidation; and (c) certain Store Assets that cannot be
promptly liquidated may be abandoned if and when the Debtors
determine, in their business judgment, that retaining, storing, or
removing those assets would result in unnecessary expense with
little or no benefit to the estates.

Sports Authority Holdings, Inc. and its affiliated debtors are
represented by:

     Michael R. Nestor, Esq.
     Kenneth J. Enos, Esq.
     Andrew L. Magaziner, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Rodney Square
     1000 North King Street
     Wilmington, Delaware 19801
     Telephone: (302) 571-6600
     Facsimile: (302) 571-1253
     Email: mnestor@ycst.com
            kenos@ycst.com
            amagaziner@ycst.com

     -- and --

     Robert A. Klyman, Esq.
     Matthew J. Williams, Esq.
     Jeremy L. Graves, Esq.
     Sabina Jacobs, Esq.
     GIBSON, DUNN & CRUTCHER LLP
     333 South Grand Avenue
     Los Angeles, CA 90071-1512
     Telephone: (213) 229-7000
     Facsimile: (213) 229-7520
     Email: rklyman@gibsondunn.com
            mjwilliams@gibsondunn.com
            jgraves@gibsondunn.com
            sjacobs@gibsondunn.com

               About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

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

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


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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Troubled Company Reporter-Latin America is a daily newsletter
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