TCRLA_Public/160414.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 14, 2016, Vol. 17, No. 73


                            Headlines



A R G E N T I N A

ARGENTINA: Has Until Today to Pay $4.65BB to Main Hedge Funds
ARGENTINA: Prosecutor Seeks to Include Ex-Pres in Laundering Probe


B R A Z I L

COSAN LTD: S&P Revises Outlook to Negative & Affirms 'BB' CCR


C A Y M A N  I S L A N D S

CAYMADRID INT'L: Moody's Hikes Debenture Ratings to 'Ba3'
FLAMINGO HOLDINGS: Creditors' Proofs of Debt Due April 28
GANNA LTD: Creditors' Proofs of Debt Due April 29
GREEN BUSINESS: Creditors' Proofs of Debt Due April 19
MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due May 18

PEAK6 CAYMAN: Creditors' Proofs of Debt Due April 19
PEAK6 PERFORMANCE: Creditors' Proofs of Debt Due April 19
SALT ROCK: Creditors' Proofs of Debt Due April 28
TRAFALGAR VOLATILITY: Commences Liquidation Proceedings
ZIPCOM TRADING: Creditors' Proofs of Debt Due April 19


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haitian Senators Push to Lift Ban on Products


J A M A I C A

CENTRAL BANK: Reports Improvements for Deposit Taking Institutions


P U E R T O    R I C O

NORFE GROUP: Seeks Court Approval to Use Rental Income
NORFE GROUP: PRAPI Asks Court OK to Proceed With Foreclosure


T R I N I D A D  &  T O B A G O

ARCELORMITTAL: "We Honored Pension Payments," Firm Says


V E N E Z U E L A

VENEZUELA: Risks a Descent Into Chaos


                            - - - - -


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


ARGENTINA: Has Until Today to Pay $4.65BB to Main Hedge Funds
-------------------------------------------------------------
Reuters reports that Argentina has until today, April 14, to pay
$4.65 billion to the main hedge funds that fought for and won an
advantageous settlement after balking at steep payment reductions
offered in Argentina's 2005 and 2010 bond revamps, the report
says.

A U.S. court ordered Argentina to negotiate a settlement, which
should set the stage for the country to once again issue global
bonds, the report discloses.

Locked out of the capital markets since its 2002 default,
Argentina needs international financing to close its wide fiscal
deficits, improve infrastructure and start rebuilding investor
confidence, the report notes.

The report relays that the deal allows Argentina to issue up to
$12.5 billion in new bonds. Smaller funds have also joined the
suit over the years and the final tally for settling the dispute
is unknown.

Appeals being heard in U.S. federal courts could push back the
April 14 deadline for payment to the funds, but are not expected
to derail the process, the report notes.

Money left over from the bond issuance would give financial
breathing room to Mr. Macri as he carries out free-market reforms
and starts paying down deficits run up by previous Argentine
leader Cristina Fernandez, who left office in December after eight
years of free-spending populist rule, the report adds.

                             *     *     *

On Aug. 1, 2014, the Troubled Company Reporter-Latin America
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.

On Nov. 27, 2015, Moody's Investors Service has changed the
outlook on Argentina's Caa1 issuer rating to positive from stable.
The outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

Mr. Macri has been working to repair relations with the
international financial world, which has largely shunned Argentina
for more than a decade.

In line with this, Argentina had requested that the injunction be
lifted after it made an offer to pay $6.5 billion to settle
lawsuits from other holdout bondholders on Feb. 5.  The lower
house of Argentina's legislature has approved the holdout debt
deals, and the bill was being weighed by the Senate, which was
expected to vote by March 30.

However, there is another group of bondholders not included in the
$4.65 billion deal between Argentina and the four hedge funds who
have argued that they will get far worse terms if they agree to
Argentina's $6.5 billion proposal.  NML Capital appealed Judge
Griesa's ruling, and the matter was held up because the appeals
court stayed the ruling.

On March 30, after more than 12 hours of debate in the Senate,
Argentina's Congress passed a bill that will allow the government
to repay holders of debt that the South American country defaulted
on in 2001, including a group of litigating hedge funds that won
judgments in a New York court. The bill passed by a vote of 54-16.

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


ARGENTINA: Prosecutor Seeks to Include Ex-Pres in Laundering Probe
------------------------------------------------------------------
Santiago Perez and Alberto Messer at The Wall Street Journal
reports that an Argentine prosecutor has requested that former
President Cristina Kirchner be investigated as suspect in a wide-
ranging money-laundering probe allegedly involving a prominent
government contractor and associate of Mrs. Kirchner.

State news agency Telam reported that federal prosecutor Guillermo
Marijuan made the request to the judge in charge of the
investigation focusing on Lazaro Baez, the owner of leading
construction firms and partner of hotel and property businesses
with Mrs. Kirchner and her late husband and predecessor as
president, according to The Wall Street Journal.

The prosecutor also requested that former Federal Planning
Minister Julio de Vido be investigated, the report notes.  The
probe is sealed, and no additional details about the prosecutor's
request to Judge Sebastian Casanello have been disclosed, the
report relays.  Such requests, if cleared by Judge Casanello,
could lead to formal charges, the report says.

Mrs. Kirchner couldn't be reached for comment and hasn't made
public statements on the case. Mrs. Kirchner left office in
December and moved to her private residence in the Patagonian
resort of Calafate, the report notes.  Officials of Mrs.
Kirchner's administration have said the allegations had political
motivations, the report discloses.

Members of Mrs. Kirchner's Victory Front party criticized the
prosecutor's request, the report relays.  "This move has no legal
basis, it was rushed and we don't have any details because the
investigation is sealed," Congressman Hector Recalde told
Argentine television.

Neither Mr. Baez nor his lawyers have made public statements in
recent days, the report discloses.  Mr. Baez has previously denied
wrongdoing and said the probe was part of a campaign to harm his
companies and discredit the Kirchner administration.  Mr. Baez
also said he had no investments in any country other than
Argentina, the report says.

Judge Casanello ordered the arrest of Mr. Baez on allegations that
he was a flight risk and a suspect in a conspiracy to launder $5.1
million using bags filled with cash, the report relays.  The
proceeds were allegedly sent to shell companies and then
transferred back to Argentina, prosecutors say, the report
discloses.

Judge Casanello ordered raids of Mr. Baez's properties and
businesses across the country after he declined to testify in
court, the report notes.

Argentine prosecutors allege that Mr. Baez, whose flagship
construction company was set up days before former President
Nestor Kirchner took office in 2003 and who made hundreds of
millions of dollars through public projects, transferred money
abroad through an intricate network of shell companies, the report
notes.

The laundering probe captured renewed attention following the leak
of thousands of documents of a Panama-based law firm that
allegedly assisted Mr. Baez with the setup of shell companies in
Nevada, according to prosecutors, the report notes.  The Mossack
Fonseca law firm has denied wrongdoing and said it had no ties to
Mr. Baez, the report relays.

In 2014, a U.S. magistrate judge in Nevada issued a ruling to help
investigators uncover details about the offshore companies that
Argentine prosecutors alleged were affiliated with Mr. Baez, the
report recalls.

The so-called Panama Papers scandal also reached President
Mauricio Macri due to his involvement in offshore companies linked
to his family. Mr. Macri's lawyers met with an Argentine civil
court to clear up doubts about his connections to the offshore
firms and his tax returns, the report relays.

Mrs. Kirchner is expected to testify before a judge in connection
to a different investigation over central bank derivatives, the
report notes.  Victory Front activists are planning to hold
rallies near the Buenos Aires courthouse to express their support
for the former president, the report relays.

Videos released by the local media in recent weeks, which are now
part of Judge Casanello's case, showed images of Mr. Baez's son,
Mart°n, counting cash along with other Baez family business
associates, the report notes.  Investigators said the videos of
the events, which took place in 2012, provided new evidence. Mr.
Baez's son couldn't be reached for comment.

                        *     *     *

On Aug. 1, 2014, the Troubled Company Reporter-Latin America
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.

On Nov. 27, 2015, Moody's Investors Service has changed the
outlook on Argentina's Caa1 issuer rating to positive from stable.
The outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

Mr. Macri has been working to repair relations with the
international financial world, which has largely shunned Argentina
for more than a decade.

In line with this, Argentina had requested that the injunction be
lifted after it made an offer to pay $6.5 billion to settle
lawsuits from other holdout bondholders on Feb. 5.  The lower
house of Argentina's legislature has approved the holdout debt
deals, and the bill was being weighed by the Senate, which was
expected to vote by March 30.

However, there is another group of bondholders not included in the
$4.65 billion deal between Argentina and the four hedge funds who
have argued that they will get far worse terms if they agree to
Argentina's $6.5 billion proposal.  NML Capital appealed Judge
Griesa's ruling, and the matter was held up because the appeals
court stayed the ruling.

On March 30, after more than 12 hours of debate in the Senate,
Argentina's Congress passed a bill that will allow the government
to repay holders of debt that the South American country defaulted
on in 2001, including a group of litigating hedge funds that won
judgments in a New York court. The bill passed by a vote of 54-16.

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


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


COSAN LTD: S&P Revises Outlook to Negative & Affirms 'BB' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cosan
Ltd. (CZZ) and Cosan S.A. Industria e Comercio to negative from
stable.  At the same time, S&P affirmed its 'BB' corporate credit
ratings on both entities.  S&P also affirmed the issue-level
rating on the unsecured notes that Cosan S.A. guarantees.  In
addition, a recovery rating of '3' on this debt, which reflects
S&P's expectations of meaningful recovery (50%-70%; the higher
band of the range) in the event of payment default.

To assess the possibility of a company having a higher rating than
the sovereign, S&P applies a stress test to the company's
liquidity under S&P's simulated macroeconomic scenario that would
accompany the sovereign default.  The test consisted of stressing
CZZ's and Cosan S.A.'s cash flow generation under the current
projected year that included a 10% decline in GDP, doubling of
inflation and interest rates, and a 50% depreciation of the
Brazilian real against the dollar, which would increase the
dollar-denominated that's not fully hedged.  S&P also assumed a
70% haircut on both companies' cash position held in Brazil
because we consider the financial institutions would also likely
be in distress.

As a result of this stressed scenario, CZZ's EBITDA would decline
by 34% in the stressed year.  In addition, its liquidity would
deteriorate and cash sources won't exceed uses.  This would mean
that CZZ would struggle to comply with its debt service on timely
basis.  In addition, although not part of S&P's stressed scenario,
it believes that the regulated status of CZZ's main business also
exposes it to potential government or regulatory interferences,
which could change the terms of the group's concession contracts.


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


CAYMADRID INT'L: Moody's Hikes Debenture Ratings to 'Ba3'
---------------------------------------------------------
Moody's Investors Service has upgraded Bankia, S.A.'s long-term
deposit ratings to Ba2 from Ba3 and its long-term senior debt
ratings to Ba3 from B1.  The rating agency has also upgraded: (1)
the bank's baseline credit assessment (BCA) and adjusted BCA to b1
from b2; and (2) the bank's Counterparty Risk Assessment (CR
Assessment) to Baa3(cr)/Prime-3(cr) from Ba1(cr)/Not-Prime(cr).
The outlook on the long-term deposit and senior debt ratings
remains stable.

The bank's short-term deposit and senior debt ratings were
unaffected by the rating action.

This rating action reflects the improvement of Bankia's credit
fundamentals, notably in terms of asset risk and capital.

RATINGS RATIONALE

   -- RATIONALE FOR UPGRADING THE BCA

The upgrade of Bankia's BCA to b1 from b2 reflects the bank's
improved credit fundamentals, notably in terms of asset risk and
capital.  Since 2014, Bankia has displayed a sustained improvement
in its asset risk metrics, with the non-performing loan (NPL)
ratio declining to 10.5% at end-December 2015, broadly in line
with the system's average of 10.1% and well below the 12.9%
reported a year earlier.  Moody's also notes that the bank has
been able to reduce its stock of NPLs by 22% year-on-year, around
55% of which is the result of asset disposals.

In upgrading Bankia's ratings, Moody's has also taken into account
the bank's improved capital buffers, with the regulatory common
equity tier 1 (CET1) ratio increasing to 13.9% at end-December
2015 from 12.3% a year earlier on a phased-in basis and, more
notably, its fully-loaded capital ratio that has increased to
12.3% from 10.6% during the same period.  This positive trend is
visible as well in Moody's tangible common equity (TCE) ratio,
which now stands at 8.5%, up from 7.1%, driven by an increase in
retained profits and continued balance sheet deleveraging and
asset de-risking.

Despite the mentioned improvements, Moody's notes that Bankia's b1
BCA also reflects: (1) A still high level of problematic
exposures, (measured as NPLs + foreclosed real estate assets +
performing refinanced loans), which accounted for 147% of the
bank's shareholder equity and loss reserves as of end-December
2015 and is above the estimated system's average of 103% (as of
June 2015, latest system data available); (2) a high amount of net
deferred tax assets (DTAs), representing 64% of its CET 1 capital
that weigh negatively in our capital assessment of the bank; and
(3) high dependence of its pre-provision income on less recurrent
debt securities earnings derived from the bank's large government
bond holdings (i.e. domestic sovereign debt accounted for 426% of
Bankia's CET1 at year-end 2015).

   -- RATIONALE FOR UPGRADING THE LONG-TERM DEPOSIT AND SENIOR
      DEBT RATINGS

The upgrade of Bankia's long-term deposit ratings to Ba2 from Ba3
and its senior debt ratings to Ba3 from B1 reflects: (1) The
upgrade of the bank's BCA and adjusted BCA to b1 from b2; (2) the
result from the rating agency's Advanced Loss-Given Failure (LGF)
analysis which results in an unchanged one notch of uplift for the
deposit ratings and no uplift for the senior debt ratings; and (3)
Moody's assessment of moderate probability of government support
for Bankia, which results in an unchanged further one notch of
uplift for both the deposit and the senior debt ratings.

   -- RATIONALE FOR UPGRADING THE CR ASSESSMENT

As part of the rating action, Moody's has also upgraded to
Baa3(cr)/Prime-3(cr) from Ba1(cr)/Not-Prime(cr) the CR Assessment
of Bankia, four notches above the adjusted BCA of b1.  The CR
Assessment is driven by the banks' adjusted BCA, moderate
likelihood of systemic support and by the cushion against default
provided to the senior obligations represented by the CR
Assessment by subordinated instruments amounting to 15% of
tangible banking assets.

   -- RATIONALE FOR THE STABLE OUTLOOK

The outlook on Bankia's deposit and senior debt ratings is stable,
reflecting Moody's expectations that Spain's improved economic
conditions will help to preserve current trends in the bank's
credit fundamentals.

WHAT COULD CHANGE THE RATING - UP

The bank's ratings could be upgraded as a consequence of: (1)
Further significant improvement of asset risk indicators, namely a
material reduction of the stock of problematic assets; (2)
stronger TCE levels; (3) a sustained recovery of recurrent
profitability levels; and (4) further improvements in the bank's
liquidity profile with less reliance on ECB and repo funding.

Bankia's deposit and senior debt ratings could also change due to
movements in the loss-given failure faced by these securities.
Along these lines, ongoing balance sheet deleveraging could result
into a lower loss given failure and hence potentially higher
ratings uplift for rated debt and deposits.

WHAT COULD CHANGE THE RATING - DOWN

Downward pressure on the bank's BCA could develop as a result of:
(1) The reversal in current asset risk trends with an increase in
the stock of NPLs and/or other problematic exposures; and (2) a
weakening of Bankia's internal capital-generation and risk-
absorption capacity as a result of subdued profitability levels.

As the bank's debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.

Bankia's deposit and senior debt ratings could also change due to
movements in the loss-given failure faced by these securities.

The principal methodology used in these ratings was Banks
published in January 2016.

Upgrades:

Issuer: Bankia, S.A.

  LT Bank Deposits (Foreign Currency and Local Currency), Upgraded
   to Ba2 Stable from Ba3 Stable
  Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 Stable
   from B1 Stable
  Senior Unsecured MTN, Upgraded to (P)Ba3 from (P)B1
  Adjusted Baseline Credit Assessment, Upgraded to b1 from b2
  Baseline Credit Assessment, Upgraded to b1 from b2
  Counterparty Risk Assessment, Upgraded to P-3(cr) from NP(cr)
  Counterparty Risk Assessment, Upgraded to Baa3(cr) from Ba1(cr)

Issuer: Bancaja Emisiones, S.A. Unipersonal

  BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
  Stable from B1 Stable

Issuer: Caymadrid International Ltd.

  BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
   Stable from B1 Stable
  Backed Senior Unsecured MTN, Upgraded to (P)Ba3 from (P)B1

Outlook Actions:

Issuer: Bankia, S.A.

  Outlook, Remains Stable

Issuer: Bancaja Emisiones, S.A. Unipersonal

  Outlook, Remains Stable

Issuer: Caymadrid International Ltd.

  Outlook, Remains Stable


FLAMINGO HOLDINGS: Creditors' Proofs of Debt Due April 28
---------------------------------------------------------
The creditors of Flamingo Holdings Limited are required to file
their proofs of debt by April 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2016.

The company's liquidator is:

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


GANNA LTD: Creditors' Proofs of Debt Due April 29
-------------------------------------------------
The creditors of Ganna Ltd. are required to file their proofs of
debt by April 29, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 17, 2016.

The company's liquidator is:

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


GREEN BUSINESS: Creditors' Proofs of Debt Due April 19
------------------------------------------------------
The creditors of Green Business Trading Ltd. are required to file
their proofs of debt by April 19, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 7, 2016.

The company's liquidator is:

          Ezio Jose Ribeiro De Salles
          c/o Peter de Vere
          Campbells
          Willow House, Floor 4, Cricket Square
          George Town
          Grand Cayman KY1-1103
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due May 18
------------------------------------------------------
The creditors of Mountain Capital CLO V, Ltd. are required to file
their proofs of debt by May 18, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2016.

The company's liquidator is:

          Darren Riley
          c/o Summit Management Limited
          Suite # 4-210
          Governors Square
          23 Lime Tree Bay Avenue
          P.O. Box 32311 Grand Cayman, KY1-1209
          Cayman Islands


PEAK6 CAYMAN: Creditors' Proofs of Debt Due April 19
----------------------------------------------------
The creditors of Peak6 Cayman Management Ltd are required to file
their proofs of debt by April 19, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2016.

The company's liquidator is:

          Fund Solution Services Limited
          Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town, Grand Cayman
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854
          e-mail: trudyann.scott@fundsolutionservices.com


PEAK6 PERFORMANCE: Creditors' Proofs of Debt Due April 19
---------------------------------------------------------
The creditors of Peak6 Performance Fund Ltd are required to file
their proofs of debt by April 19, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2016.

The company's liquidator is:

          Fund Solution Services Limited
          Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town, Grand Cayman
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854


SALT ROCK: Creditors' Proofs of Debt Due April 28
-------------------------------------------------
The creditors of Salt Rock Levered Fund Limited are required to
file their proofs of debt by April 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 15, 2016.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100
          e-mail: lee.robinson@altanawealth.com


TRAFALGAR VOLATILITY: Commences Liquidation Proceedings
-------------------------------------------------------
On March 17, 2016, the sole shareholder of Trafalgar Volatility
Fund 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:

          Lee Robinson
          Altana Wealth
          8 Pollen Street
          London
          W1S 1NG
          Telephone: +44 (0) 207 079 1095


ZIPCOM TRADING: Creditors' Proofs of Debt Due April 19
------------------------------------------------------
The creditors of Zipcom Trading Ltd. are required to file their
proofs of debt by April 19, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 7, 2016.

The company's liquidator is:

          Ezio Jose Ribeiro De Salles
          c/o Peter de Vere
          Campbells
          Willow House, Floor 4, Cricket Square
          George Town
          Grand Cayman KY1-1103
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


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


DOMINICAN REPUBLIC: Haitian Senators Push to Lift Ban on Products
-----------------------------------------------------------------
Dominican Today reports that a group of Haitian senators seeks to
lift the ban on the entry by land of 23 Dominican products in
effect since October, a measure which has hurt that country's most
impoverished population.

Senate Economic Committee member Jean Baptiste Bien-Aime said the
Haitian Senate has called the ministers of Commerce, Finance and
the Customs Director, to review the measure, according to
Dominican Today.

Mr. Bien-Aime said said half of Haiti's senators support the
lifting of the ban, the report notes.

The lawmaker said 95% of Haiti's population is poor compared with
the 5% that are very rich, whom in his view are importers who seek
to enrich themselves even more with the restriction on Dominican
products, such as foods and construction materials, the report
relays.

As an example, Mr. Bien-Aime said a sack of cement which had cost
350 gourdes is now 500, the report notes.  "Who pays the
consequence of the ban is the final consumer, the Haitian people,
and the people elected me to defend their interests and it is true
that I must defend Haitian products but these products are being
imported and are not manufactured in Haiti," the report quoted Mr.
Bien-Aime as saying.

Mr. Bien-Aime said the government has benefited a group of people
he didn't name with a monopoly by enacting the restriction, since
in his view, they obtained money for the political campaign of
ruling party presidential candidate, Jovenel Moise, a collaborator
of former president Michel Martelly, the report relays.

"We need balanced trade between the Dominican Republic and Haiti.
Dominican products should enter our country.  And the government
needs to negotiate so that these products can freely enter.  We
are in a time when there are no trade barriers do the free
competition needed should be promoted," he said, 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
=============


CENTRAL BANK: Reports Improvements for Deposit Taking Institutions
------------------------------------------------------------------
RJR News report that the Bank of Jamaica just released 2015
financial stability report shows improvements in profitability
measures for deposit taking institutions.  This was driven by
larger net interest income, according to RJR News.

Liquidity measures decreased for the year but remained above
statutory requirements, the report notes.

Along with larger profits, the Central Bank said deposit taking
institutions showed improvements in balance sheet indicators of
capital to assets, deposits to loans and progressively declining
non-performing loans over the year, the report adds.

                               *     *     *

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


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


NORFE GROUP: Seeks Court Approval to Use Rental Income
------------------------------------------------------
Norfe Group Corp. seeks the Bankruptcy Court's authority allowing
the Debtor to use rental income pursuant to Section 363(c)(1), and
for a finding that the Debtor is in compliance with the Demand.

The Debtor alleges that it has one lease agreement -- with Comite
De Amigos de Juan Oscar Morales -- relative to the Property at the
time of the filing of the Petition. The Debtor also adds that the
Debtor has not assigned this New Lease on the Property to any
entity and neither of the Original Lessees currently maintains a
lease agreement at the Property, including PR Asset Portfolio
2013-1 International Sub I, LLC (PRAPI). Therefore, PRAPI's
security interest is limited to the extent of the Mortgage over
the Property and does not encompass any of the rental income from
the Property.

According to the Debtor, the rental income is generated from the
Debtor's regular course of business that constitutes property of
the Debtor's estate, and its use is authorized pursuant to Section
363(c)(1) as the Debtor will use the Rental Income to maintain,
safeguard and provide necessary services to the Property for the
benefit of Debtor and all of its creditors.

Section 363(c)(1), which provides that "when adequate protection
is required for an interest of an entity in the property, such
adequate protection may be provided by granting to such entity an
additional or replacement lien to the extent that such use results
in a decrease in the value of such entity's interest in such
property, or by the granting of such other relief, other than
entitling such entity to compensation allowable under Section
503(b)(1) as an administrative expense, as will result in the
realization by such entity of the indubitable equivalent of its
interest in the property."

The Debtor tells the Court that PRAPI's interest in the Property
is adequately protected since its value will not be affected.  In
addition, the Debtor asserts that it will continue to pay the
insurance and property taxes thereon, and to adequately maintain
the same.  Consequently, there will be no diminution in value of
the Property, the Debtor claims.

Norfe Group Corp. is represented by:

         Mohammad Saleh Yassin, Esq.
         Charles A. Cuprill- Hernandez, Esq.
         CHARLES A. CUPRILL, P.S.C., LAW OFFICES
         356 Fortaleza Street - Second Floor
         San Juan, PR  00901
         Telephone: 787-977-0515
         Facsimile: 787-977-0518
         E-mail: m.yassin@cuprill.com
                 ccuprill@cuprill.com

                         About Norfe Group

Norfe Group Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-00285) in Old San Juan, Puerto Rico, on Jan.
20, 2016.  The petition was signed by David Efron, president.

The firm scheduled $17,269,436 in total assets and $31,441,591 in
total liabilities.

The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, as counsel.  CPA Luis R. Carrasquillo &
Co., P.S.C., serves as financial consultant.


NORFE GROUP: PRAPI Asks Court OK to Proceed With Foreclosure
------------------------------------------------------
PR Asset Portfolio 2013-1 International Sub I, LLC ("PRAPI"),
requests the U.S. Bankruptcy Court to enter an order modifying the
automatic stay as against the debtor Norfe Group Corp. and
permitting PRAPI to exercise all remedies under non-bankruptcy law
to enforce its liens, mortgagees, security interests, inasmuch as
the Debtor has failed to provide adequate protection, there is no
equity in the Collateral, and that an effective reorganization of
the Debtor is not reasonably possible in this case.

PRAPI says the instant proceeding is essentially a two-party
dispute between Debtor and PRAPI which started after PRAPI's
acquisition of the Loans from Banco Popular de Puerto Rico, where
PRAPI entered into a Settlement with the Debtor, agreeing to a
certain payment structure.  PRAPI is forced to file foreclosure
cases before the State Court due to the Debtor's continued and
ongoing defaults albeit PRAPI's efforts to find reasonable
commercial solutions to the matter.  On the other hand, PRAPI
claims that the Debtor has filed this bankruptcy proceeding as
another means to delay the foreclosure process solely to prejudice
and detriment PRAPI.

PRAPI claims that it is a holder of a valid, perfected, secured
claim in the amount of $13,497,850, and according to the Debtor's
own admissions in their Schedules, the Real Estate Collateral does
not contain any equity as its value ascends to only $6,000,000,
which is $7,497,850 less than PRAPI's outstanding indebtedness at
the time of the filing of the instant bankruptcy proceeding.
Consequently, the Debtor has failed to provide adequate protection
to PRAPI's secured interest, in addition to the diminishing value
of PRAPI's Collateral due to the Debtor's unauthorized use of the
Cash Collateral.

PRAPI says that the Collateral is not necessary for Debtor's
effective reorganization, as the Debtor's reorganization is
improbable because the Debtor has admitted that it generates no
significant income from PRAPI's collateral, and that it has
engaged a broker to sell the same.

The Debtor argues that the PRAPI is adequately protected because
the extent of PRAPI's security interest in the Property is limited
to $3,600,000, plus approximately $585,000 for past due interest,
or for a total of approximately $4,185,000.  While PRAPI's
remaining alleged owed amount of $9,312,850 constitutes a general
unsecured claim which is not entitled to any adequate protection
under Section 362.  Considering the extent of PRAPI's security
interest, Debtor's retains an equity position in the Property in
the amount of $1,815,000.

Consequently, the Debtor contends that PRAPI's arguments as to
lack of adequate protection of its security interest in the
Property are inapposite to this case, and PRAPI's inclusion of the
Alleged Unsecured Amount as part of its security interest in the
Property is misguided, impermissible, and contrary to the
provisions of the Bankruptcy Code.  The Equity Cushion represents
sufficient adequate protection of PRAPI's security interest in the
Property, rendering injudicious its request for a lifting of the
automatic stay.

Norfe Group Corp. is represented by:

         Mohammad Saleh Yassin, Esq.
         Charles A. Cuprill- Hernandez, Esq.
         CHARLES A. CUPRILL, P.S.C., LAW OFFICES
         356 Fortaleza Street - Second Floor
         San Juan, PR  00901
         Telephone: 787-977-0515
         Facsimile: 787-977-0518
         E-mail: m.yassin@cuprill.com
                 ccuprill@cuprill.com

PR Asset Portfolio 2013-1 International Sub I, LLC is represented
by:

         Hermann D. Bauer, Esq.
         Nayuan Zouairabani, Esq.
         O'NEILL & BORGES LLC
         American International Plaza
         250 Mu§oz Rivera Avenue, Suite 800
         San Juan, Puerto Rico 00918-1813
         Telephone: (787) 764-8181
         Facsimile: (787) 753-8944
         E-mail: hermann.bauer@oneillborges.com
                 nayuan.zouairabani@oneillborges.com

                         About Norfe Group

Norfe Group Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-00285) in Old San Juan, Puerto Rico, on Jan.
20, 2016.  The petition was signed by David Efron, president.

The firm scheduled $17,269,436 in total assets and $31,441,591 in
total liabilities.

The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, as counsel.  CPA Luis R. Carrasquillo &
Co., P.S.C., serves as financial consultant.


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


ARCELORMITTAL: "We Honored Pension Payments," Firm Says
-------------------------------------------------------
Trinidad and Tobago Newsday reports that financially strapped
multi-national steel giant, ArcelorMittal, said it has complied
with the recommendations made by the Actuary and paid
contributions up to September 30, 2015, at six percent and for the
period October 2015 to March 2016 paid contributions at 23.7
percent.

The company divulged this in a statement which it said was issued
to clarify a newspaper report (not Newsday) regarding the state of
its pension fund, according to Trinidad and Tobago Newsday.  The
Company said that the last actuarial valuation placed the fund in
surplus in the amount of TT$53.6 million, the report notes.

In an emailed statement, the company noted that it was "very
concerned with some of the misleading and nonfactual statements
made in the public domain" saying the company recognized that this
could only lead to "unnecessary anxiety for the employees affected
by the liquidation process," the report relays.  According to the
Company's statement on the newspaper report, Trinidad and Tobago
Newsday discloses, "One such inaccuracy was highlighted in the
print media on Sunday 3 April, 2016 regarding ArcelorMittal Point
Lisas' pension fund.

The company wishes to clarify that the last actuarial valuation of
the plan was done as at December 2012," adding, "at the time of
the actuarial valuation the pension plan was in surplus in the
amount of $53.6 million.

"In the said actuarial valuation, the actuary confirmed that the
Company could continue to contribute at the amount of six percent
of employees' wages until September 2015 and effective October
2015, increase its contribution at 23.7 percent."

The Company said, "Both the Trustee and the Actuary are informed
of the current status of the Company and the termination of all
employees having had both telephonic conversations and a meeting
with the Company as early as on March 14, 2016," the report notes.

ArcelorMittal stated that it continued to work with the Trustee in
order to provide them with the relevant information that they have
requested in order to undertake their responsibilities as trustee,
the report adds.

As reported in the Troubled Company Reporter-Europe on Feb. 15,
2016, Standard & Poor's Ratings Services affirmed its 'BB/B' long-
term and short-term corporate credit ratings on global integrated
steel producer ArcelorMittal.  The outlook is negative.


=================
V E N E Z U E L A
=================


VENEZUELA: Risks a Descent Into Chaos
-------------------------------------
Andres Schipani at The Financial Times reports that at the main
morgue of central Caracas, the stench forces everyone to cover
their nostrils.  "Now things are worse than ever," says Yuli
Sanchez, the report notes.

"They kill people and no one is punished while families have to
keep their pain to themselves," the report quoted Mr. Sanchez as
saying.

Ms. Sanchez's 14-year-old nephew, Oliver, was shot five times by
malandros, or thugs, while riding on the back of a friend's
motorcycle, the report relays.  His uncle, Luis Mejia, remarked
that in a fortnight three members of their family had been shot,
including two youths who were shot by police, the report notes.

An economic, social and political crisis facing Nicolas Maduro,
Venezuela's unpopular president, is being aggravated by a rise in
violence which is prompting fears that this oil-rich country risks
becoming a failed state, the report says.

"What can we do?" Mr. Mejia asks.  "Give up."  The morgue employee
in charge of handling the corpses notes that a decade ago he
received seven or eight bodies every weekend, the report notes.

These days, he says, that number has risen to between 40 and 50:
"This is now wilder than the wild west," Mr. Mejia added.

Critics say that the Venezuelan government is increasingly unable
to provide citizens with water, electricity, health or a
functioning economy which can supply basic food staples or
indispensable medicines, let alone personal safety, the report
relays.

Last month alone, Venezuelans learned of the summary execution of
at least 17 gold miners supposedly by a mining Mafia, the killing
of two police officers allegedly by a group of students who drove
a bus into a barricade, and a hostage drama inside a prison at the
hands of a grenade-wielding criminal gang, the report notes.
Three policemen were killed when an armed gang busted a member out
of a lock-up in the capital, the report says.

At least 10 were killed in a Caracas shanty town after a
confrontation between local thugs armed with assault rifles, while
a local mayor was gunned down outside his home in Trujillo state
last month, the report discloses.  There are widespread reports of
lynchings.

All this is creating a broad unease that Mr. Maduro is unable to
maintain order, says the report. Venezuela has the world's fastest
inflation and its dire recession is worsening, the report notes.
Mr. Maduro declared every Friday a holiday for the next two months
to save electricity as a prolonged drought has exacerbated chronic
power shortages, the report notes.  There is a lack of basic
goods. Analysts warn that the economic crisis risks turning in to
a humanitarian one, the report relays.

"Failed state is a nebulous concept often used too lightly. That's
not the case with today's Venezuela," says Moises Naim a
Venezuelan distinguished fellow at the Carnegie Endowment for
International Peace, the report notes.  "The evidence of state
failure is very concrete in the country that sits on top of the
world's largest oil reserves," Mr. Naim added.

Venezuela is already one of the world's deadliest countries.  The
Venezuelan Observatory of Violence, a local think-tank, says the
murder rate rose last year to 92 killings per 100,000 residents,
the report discloses.  The attorney-general cites a lower figure
of 58 homicides per 100,000.

In 1998, a year before former leader Hugo Chavez took office, the
rate was 19 per 100,000, says the think-tank's director Roberto
Briceno Leon, adding that after 17 years of socialist
"revolution", it is the poor who make up most of the victims, the
report discloses.

"I think it is evident that the Venezuelan state cannot act as a
state in many areas of the country, so it could be considered
failed," says Mr. Briceno, adding that the state now "lacks a
monopoly on violence," the report notes.

But the state is indeed to blame for some of that violence,
according to a report by advocacy groups Human Rights Watch and
the Venezuelan Human Rights Education-Action Program presented to
the Inter-American Commission on Human Rights, the report says.

"Venezuelans are facing one of the highest murder rates in the
hemisphere and urgently need effective protection from violent
crime," said Jose Miguel Vivanco HRW's Americas director, the
report relays.  "But in multiple raids throughout the country, the
security forces themselves have allegedly committed serious
abuses," Mr. Vivanco added.

Their findings show that police and military raids in low-income
and immigrant communities in Venezuela have led to widespread
allegations of abuse, including extrajudicial killings, mass
arbitrary detentions, maltreatment of detainees, forced evictions,
the destruction of homes, and arbitrary deportations, the report
notes.

The government usually blames violence within its borders on
Colombian rightwing paramilitaries engaged in a war against its
revolution, the report relays.  But as David Smilde and Hugo Perez
Hernaiz of the Washington Office on Latin America, a think-tank,
recently wrote: "Attributing violence in Venezuela to paramilitary
activity has been a common rhetorical move used by the government
over the past year, effectively making a citizen security problem
into a national security problem," the report notes.

For many Venezuelans it no longer matters who is to blame.  "It is
a state policy of letting anarchy sink in," says a former
policeman outside the gates of a compound in Caracas, the report
relays.

That former police station now houses the Frente 5 de Marzo, one
of the political groups that consider themselves the keepers of
socialism's sacred flame, the report notes.  The gates bear the
colors of the Venezuelan flag and are marked with bullet holes,
the report relays.  The man believes there is something akin to a
civil war going on, the report adds.

"Venezuela is pure chaos now. It seems to me there is no way
back," he added.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2016, Moody's Investors Service has affirmed Venezuela's
Caa3 issuer and government bond ratings and changed the outlook to
negative from stable.  The government's senior secured and senior
unsecured government bond ratings were affirmed at Caa3, as were
the senior unsecured shelf and MTN program ratings at (P)Caa3.


                            ***********


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 * * *