TCRLA_Public/160426.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

            Tuesday, April 26, 2016, Vol. 17, No. 81


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: Moody's Assigns B3 Rating on Proposed Offering
PROGRAMA PLURIANUAL: Moody's Upgrades Global Scale Rating to 'B3'


C A Y M A N  I S L A N D S

A & B FINANCE: Placed Under Voluntary Wind-Up
ARK MASTERS: Shareholders' Final Meeting Set for May 2
ARK MASTERS MANAGEMENT: Shareholders' Final Meeting Set for May 2
BLUECREST SPECIALTY: Creditors' Proofs of Debt Due May 10
EASTGATE INDUSTRE: Commences Liquidation Proceedings

LAFAYETTE SQUARE: Shareholder to Hear Wind-up Report on May 13
LOCOMOTIVE 1 LEASING: Placed Under Voluntary Wind-Up
MONOCT LTD: Shareholders' Final Meeting Set for May 3
PERSPECTIVE ASSET: Shareholders' Final Meeting Set for May 23
SMILE JAPAN: Creditors' Proofs of Debt Due May 11

SUNSEPT LTD: Shareholders' Final Meeting Set for May 3
T1 T2: Placed Under Voluntary Wind-Up
TUEDEC LTD: Shareholders' Final Meeting Set for May 3


J A M A I C A

CARIBBEAN AIRLINES: Projects Decline in Financial Losses


M E X I C O

ALTOS HORNOS: Recognized Creditors Accept General Payment Deal
CEMEX SAB: Posts $35 Million Profit in First Quarter


P E R U

PERU: Gold Exports Total $41 Billion in 2011-2015 Period


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until April 28
PUERTO RICO: CFIF Launches Radio Ad on Dufy's Fliplop on Chapter 9


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: At a Critical Point, CDB Says


                            - - - - -


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


BANCO HIPOTECARIO: Moody's Assigns B3 Rating on Proposed Offering
-----------------------------------------------------------------
Moody's Investors Service announced that the proposed offering up
to $200 million Class XXIX Tranche 2 debt issuance by Banco
Hipotecario S.A., as an add-on to Hipotecario's existing Class
XXIX senior unsecured foreign currency debt due in November 2020,
is rated B3.  The new debt is being issued under New York law and
carries a stable outlook.

                          RATINGS RATIONALE

The B3 rating is supported by Hipotecario's relatively strong
capitalization, which offset credit challenges including
relatively weak profitability and comparatively high dependence on
wholesale funding.  Hipotecario's capitalization is strong,
reflecting regulations preventing banks from paying large
dividends.  Asset quality is adequate, as reflected in a non-
performing loan ratio of 1.6%, despite above average loan growth
and a large exposure to consumer loans.  Compared to other
Argentine banks, however, Hipotecario relies relatively heavily on
wholesale funding, exposing it to refinancing risk.  Owing to
higher funding costs because of the bank's greater dependence on
time deposits, profitability is weaker than peers.  However,
revenues are well diversified, with fee income accounting for an
important component of the bank's earnings, which helps support
income stability.

What could move the rating up or down

The rating is effectively capped by the Argentine sovereign's B3
rating and stable outlook, and consequently has no upward pressure
at this time.  The bank could face downward rating pressure if its
asset quality or capitalization metrics deteriorate substantially.

Hipotecario is 58.4% owned by Argentina's national government (B3,
stable) through Banco de la Nacion Argentina (unrated) and ANSES
(unrated), and 30% owned by Inversiones y Representaciones S.A.
(unrated) (IRSA).  However, IRSA holds 46.6% of the voting shares
and appoints the majority of the board.


PROGRAMA PLURIANUAL: Moody's Upgrades Global Scale Rating to 'B3'
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo upgraded
the global scale and placed on review direction uncertain the
national scale ratings of several Argentine securitizations.  The
action follows Moody's April 15, 2016, upgrade of the Argentine
government's bond rating to B3 (stable outlook) from Caa1
(positive outlook); and Argentina's local currency country ceiling
to Ba3 from B1.  The improvement in Argentina's credit profile as
captured in the rating upgrade has direct implications for the
ratings of Argentine securitizations, given that it also expresses
a decrease of systemic risks for all local credits.

At the same time, certain national scale ratings (NSRs) are being
placed under review direction uncertain pending a potential
revision of the Argentina's NSR map.  Following the recent upgrade
of Argentina's sovereign rating and the increase of its local
currency country ceiling to Ba3 from B1, the current mapping of
global scale ratings to national scale ratings may no longer
adequately serve one of its intended purposes, which is to provide
greater credit differentiation among issuers in Argentina than is
possible on the global rating scale.  As a result, the lowest
global scale rating that maps to Aaa.ar is likely to rise to Ba3
in line with the new country ceiling, and the new map is likely to
associate lower NSRs with a given global scale rating than does
the current map.  Assuming the map is revised in line with current
expectations, Moody's would anticipate that the large majority of
NSRs being placed under review will be confirmed at their current
levels when the reviews conclude, though a small number may be
raised or lowered.

                        RATINGS RATIONALE

Consumer Loan, Lease Loan and Vehicle Loan Securitizations
Moody's upgraded the B1 (sf) rating of several consumer loan,
lease loan and vehicle loan securitizations to Ba3 (sf) as their
credit profiles were formerly constrained by Argentina's previous
local currency country ceiling at B1.

The local currency country ceiling for bonds summarizes the
general country-level risks (excluding foreign-currency transfer
risk) that should be taken into account in assigning local
currency ratings to locally domiciled obligors or locally
originated structured transactions.  They indicate the rating
level that will generally be assigned to the financially strongest
obligations in the country.  The country ceiling for local
currency bonds and notes is expressed on the long-term global
scale.

Fideicomiso Financiero Programa Plurianual de Construccion de
Viviendas -- Provincia de Buenos Aires

Moody's upgraded the global scale rating to B3 (sf) from Caa1 (sf)
and placed on review uncertain the Baa3.ar (sf) national scale
rating following Moody's upgrade of the Province of Buenos Aires's
ratings to B3 (global scale) from Caa1.  Moody's considers the
transaction to be highly linked to the credit risk of the Province
of Buenos Aires.  The transaction is backed by the resources of
the Housing Agency of the Province of Buenos Aires (IPVBA) and by
federal coparticipation taxes, as an additional guarantee.

Fideicomiso Financiero Supervielle Renta Inmobiliaria I
Moody's upgraded the global scale rating of the VRD to Ba3 (sf)
from B1 (sf).  The upgrade follows the upgrade of Argentina's
local currency country ceiling to Ba3 from B1 as the credit
profile of this security was constrained by Argentina's previous
local currency country ceiling at B1.  As of April 22, the
transaction has been performing according to expectations.
Additionally, the structure has gone through substantial
deleveraging, as evidenced by a lower adjusted LTV (now 53%).
Finally, the transaction's credit profile also benefits from Banco
Supervielle's recent upgrade of Banks Deposits in Domestic
Currency to B3 from Caa1 on the GSR.

Factors that would lead to an upgrade or downgrade of the rating:
Further changes to Argentina's country ceilings may have an impact
on the ratings of securitizations backed by consumer, lease and
vehicle loans.

A rating change in the sub-sovereign or entities that provide a
guaranty or external credit enhancement to the securitizations
would lead to a rating change of the securitizations.


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


A & B FINANCE: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary meeting held on March 31, 2016, the sole
shareholder of A & B Finance 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:

          Fides Limited
          c/o Dwight Dube
          The Grand Pavilion
          Commercial Centre, 2nd Floor
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands
          Telephone (345) 949 7232


ARK MASTERS: Shareholders' Final Meeting Set for May 2
------------------------------------------------------
The shareholders of Ark Masters Fund will hold their final meeting
on May 2, 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:

          Mr. Keiran Hutchison
          c/o Tom Bussanich
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 8977
          Facsimile: (345) 814 8529


ARK MASTERS MANAGEMENT: Shareholders' Final Meeting Set for May 2
-----------------------------------------------------------------
The shareholders of ARK Masters Management Limited will hold their
final meeting on May 2, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Tom Bussanich
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 8977
          Facsimile: (345) 814 8529


BLUECREST SPECIALTY: Creditors' Proofs of Debt Due May 10
---------------------------------------------------------
The creditors of Bluecrest Specialty Asset Finance Fund Limited
are required to file their proofs of debt by May 10, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 21, 2016.

The company's liquidator is:

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


EASTGATE INDUSTRE: Commences Liquidation Proceedings
----------------------------------------------------
On March 30, 2016, the shareholders of Eastgate Industre SPV2
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 liquidators are:

          Pankaj Gupta
          Mohammed Abdullah A Alali
          c/o Sophie Kassam
          Walkers (Dubai) LLP
          The Exchange Building, Fifth Floor
          DIFC
          P.O. Box 506513 Dubai
          United Arab Emirates
          Telephone: +971 4 363 7919


LAFAYETTE SQUARE: Shareholder to Hear Wind-up Report on May 13
--------------------------------------------------------------
The shareholder of Lafayette Square CDO Ltd. will hear on May 13,
2016, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LOCOMOTIVE 1 LEASING: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary meeting held on March 31, 2016, the sole
shareholder of Locomotive 1 Leasing 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:

          Fides Limited
          c/o Dwight Dube
          The Grand Pavilion
          Commercial Centre, 2nd Floor
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands
          Telephone (345) 949 7232


MONOCT LTD: Shareholders' Final Meeting Set for May 3
-----------------------------------------------------
The shareholders of Monoct Ltd. will hold their final meeting on
May 3, 2016, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PERSPECTIVE ASSET: Shareholders' Final Meeting Set for May 23
-------------------------------------------------------------
The shareholders of Perspective Asset Management Limited will hold
their final meeting on May 23, 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:

          Summit Management Limited
          c/o David Egglishaw
          Suite # 4-210, Governors Square
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 945 7676


SMILE JAPAN: Creditors' Proofs of Debt Due May 11
-------------------------------------------------
The creditors of Smile Japan Company are required to file their
proofs of debt by May 11, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 2016.

The company's liquidator is:

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


SUNSEPT LTD: Shareholders' Final Meeting Set for May 3
------------------------------------------------------
The shareholders of Sunsept Ltd. will hold their final meeting on
May 3, 2016, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


T1 T2: Placed Under Voluntary Wind-Up
-------------------------------------
At an extraordinary meeting held on March 31, 2016, the sole
shareholder of T1 T2 Finance 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:

          Fides Limited
          c/o Dwight Dube
          The Grand Pavilion
          Commercial Centre, 2nd Floor
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands
          Telephone (345) 949 7232


TUEDEC LTD: Shareholders' Final Meeting Set for May 3
-----------------------------------------------------
The shareholders of Tuedec Ltd. will hold their final meeting on
May 3, 2016, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


CARIBBEAN AIRLINES: Projects Decline in Financial Losses
--------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is projecting a
decline in financial losses.

According to airline officials, the figure will be much less in
2015 than in 2014, the report notes.

Tyrone Tang, Acting Chief Executive Officer, said the 2015 results
will be released once the audit is completed and approved by the
shareholders at the Annual General Meeting, according to RJR News.

A date has not yet been announced.

However, Tang expects Caribbean Airlines to perform better in 2016
which he describes as a transformation year, the report notes.

The process has started with the upgrade of the airline's
reservation and ticketing system as well as its Passenger Revenue
Accounting system, the report relays.

The new system gives Caribbean Airlines the ability to better
manage the control, reporting, use and accounting of tickets,
miscellaneous charge orders as well as refunds, the report adds.

                     About Caribbean Airlines

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

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

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

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



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


ALTOS HORNOS: Recognized Creditors Accept General Payment Deal
--------------------------------------------------------------
Altos Hornos de Mexico S.A.B. de C.V., the leading integrated
steel producer in Mexico, announced that the Company's general
payment agreement was accepted by Recognized Creditors at the
Company's creditors meeting in Monclova, Coahuila. The meeting was
convened by the First Civil Court of First Instance in the
Judicial District of Monclova (the "SP Court").

At the meeting, independent Recognized Creditors holding more than
50% of the aggregate principal amount of recognized claims and
more than one-third of independent Recognized Creditors voted in
favor of the Plan.

Following receipt of the requisite creditor consent, the Plan was
submitted to the SP Court for approval. The Company expects that
the SP Court will issue a ruling on May 16, 2016.

                             About AHMSA

Altos Hornos de Mexico S.A.B. de C.V., an integrated steel
producer, has two steel plants located in Monclova, Coahuila, and
operates its own iron and metallurgical coal mines.  Its current
nominal production capacity is more than 5 million tons of liquid
steel per year, which is then transformed into diverse finished
products.  Additionally, AHMSA operates thermal coal mines in
Mexico.  It employs over 19,000 workers in steel plants, mines and
services.


CEMEX SAB: Posts $35 Million Profit in First Quarter
----------------------------------------------------
EFE News reports that Mexico's CEMEX S.A.B. de C.V said it earned
$35 million in the first quarter of 2016, the first time it has
reported a profit in seven years in a comparable period.

The company had a loss of $149 million in the first quarter of
2015, according to EFE News.

The report notes that revenues totaled $3.19 billion in the first
quarter, down 3 percent from the same period last year, when sales
came in at $3.31 billion.

The figure, however, represents a 3 percent increase when adjusted
for comparable existing operations and exchange rate fluctuations,
CEMEX said, the report relays.

Total debt stood at $15.99 billion as of March 31, down from the
$16.7 billion debt on the books at the end of the first quarter of
2015, the report notes.

CEMEX struggled after acquiring Australia's Rinker for $15.3
billion in 2007, a year before the U.S. housing market crashed and
Europe's economy took a nosedive, the report says.

CEMEX, which was founded in 1906 in the northern Mexican city of
Monterrey, has operations in more than 50 countries.

As reported in the Troubled Company Reporter-Latin America on
March 11, 2016 Standard & Poor's Ratings Services assigned its
'B+' issue-level rating and recovery rating of '3H' to CEMEX
S.A.B. de C.V's (global scale: B+/Positive/--; national scale:
mxBBB/Positive/mxA-2) $500 million dollar-denominated senior
secured notes due 2026.  The recovery rating of '3H' indicates
that bondholders can expect a meaningful (50% to 70%; the higher
band of the range) recovery in the event of a payment default.


=======
P E R U
=======


PERU: Gold Exports Total $41 Billion in 2011-2015 Period
--------------------------------------------------------
EFE News reports that Peru's gold exports totaled $41 billion
between 2011 and 2015, accounting for 36 percent of the Andean
nation's mining exports during that period, the National Mining,
Petroleum and Energy Society, or SNMPE, said.

The South American country's gold exports reached $6.59 billion
last year, accounting for 19 percent of total exports, which hit
$34.15 billion, according to EFE News.

Gold exports totaled $10.1 billion in 2011 amid a global boom in
the metals industry, dropping to $9.59 billion the following year,
the report notes.

In 2013, Peru's gold exports came in at $8.53 billion, and they
registered a decline to $6.72 billion amid the slump in commodity
prices in 2014, the report relays.

The top markets for Peru's gold exports are Switzerland, Canada,
the United States, India and Britain, the report discloses.

The current state of the global gold mining industry will be
analyzed at the 12th International Gold and Silver Symposium, a
biennial event that will bring together experts in the field from
May 17-18 in Lima, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 11, 2016 Standard & Poor's Ratings Services assigned its
'B+' issue-level rating and recovery rating of '3H' to CEMEX
S.A.B. de C.V's (global scale: B+/Positive/--; national scale:
mxBBB/Positive/mxA-2) $500 million dollar-denominated senior
secured notes due 2026.  The recovery rating of '3H' indicates
that bondholders can expect a meaningful (50% to 70%; the higher
band of the range) recovery in the event of a payment default.


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


ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until April 28
----------------------------------------------------------------
ACC Claims Holdings, LLC on April 22 announced the extension of
offers to Eligible Holders to exchange (i) class A limited
liability company interests of ACC Claims Holdings, LLC for up to
all of the outstanding ACC Senior Notes Claims (Class ACC 3)
allowed under the Plan of Reorganization, including any
post-petition pre-effective date interest and post-effective date
interest to and including the extended expiration date of the
offers (the "Senior Claims"), against Adelphia Communications
Corporation, and (ii) class B limited liability company interests
of ACC Claims Holdings, LLC for up to all of the outstanding ACC
Trade Claims (Class ACC 4) allowed under the Plan of
Reorganization, including any post-petition pre-effective date
interest and post-effective date interest to and including the
extended expiration date of the offers (the "ACC 4 Claims"), and
ACC Other Unsecured Claims (Class ACC 5) allowed under the Plan of
Reorganization, including any post-petition pre-effective date
interest and post-effective date interest to and including the
extended expiration date of the offers (the "ACC 5 Claims" and,
together with the ACC 4 Claims, the "Other Claims"; the Senior
Claims and the Other Claims, together, the "Claims"), against
Adelphia Communications Corporation until 5:00 p.m., New York City
time, on Thursday, April 28, 2016.  The exchange offers were
previously scheduled to expire at 5:00 p.m., New York City time,
on Thursday, April 21, 2016.  As of 5:00 p.m., New York City time,
on Thursday, April 21, 2016, Eligible Holders of $3,512,953,416
original principal amount of Senior Claims outstanding, Eligible
Holders of $249,534,265.15 of ACC 4 Claims outstanding and
Eligible Holders of $44,646,944.11 of ACC 5 Claims outstanding had
validly tendered their Claims pursuant to the exchange offers.

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

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

The exchange offers are being made pursuant to (i) the offers to
exchange, dated March 3, 2016, and supplemented and amended on
March 9, 2016, March 21, 2016, April 1, 2016, April 8, 2016, April
15, 2016 and on the date hereof and (ii) the related letter of
transmittal, dated as of March 3, 2016 and supplemented and
amended on March 21, 2016.

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

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

                 About Adelphia Communications

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

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

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

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

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

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


PUERTO RICO: CFIF Launches Radio Ad on Dufy's Fliplop on Chapter 9
------------------------------------------------------------------
The Center for Individual Freedom (CFIF) was on April 22 launching
a new radio ad in Wisconsin exposing Representative Sean Duffy's
flip-flop on a Super Chapter 9 bankruptcy-style bailout for Puerto
Rico.

In February, Representative Duffy spoke of the dangers of a Super
Chapter 9 bailout, noting that it would raise borrowing costs for
states and stating that "all of us will pay the price for the cost
of borrowing" if Congress enacts Super Chapter 9.  Now,
Representative Duffy is sponsoring the "Super Chapter 9" PROMESA
bill (HR 4900), despite his clear understanding of the dangers it
poses and precedent it sets.

"We merely seek to educate Representative Duffy's constituents on
his evolving position regarding legislation that includes Super
Chapter 9 bailout provisions for Puerto Rico," said Timothy Lee,
CFIF's Senior Vice President of Legal and Public Affairs.  "A
Super Chapter 9 bankruptcy-style bailout will negatively impact
the savings of Puerto Rico bondholders across the state, and all
of Wisconsin could be forced to shoulder the increased costs of
borrowing."

This ad is CFIF's latest in its ongoing campaign to educate
Americans on the effects of a Super Chapter 9 bailout for Puerto
Rico.  The PROMESA Super Chapter 9 bill imperils the rule of law
and undermines the rights of Puerto Rico's bondholders.  It will
diminish retirement savings and drive up borrowing costs across
America.

As reported in the Troubled Company Reporter-Latin America on Dec.
28, 2015, Moody's Investors Service has downgraded $1.09 billion
of Puerto Rico appropriation bonds issued by the Public Finance
Corporation (PFC) to C from Ca, while maintaining other ratings
assigned to the US territory's debt.



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


TRINIDAD & TOBAGO: At a Critical Point, CDB Says
------------------------------------------------
Trinidad Express reports that economic director of the Caribbean
Development Bank (CDB) Justin Ram has said the bank will be
lending financial assistance to Trinidad and Tobago as the country
faces challenging economic times.

Mr. Ram was in Port of Spain earlier to meet with the Government
and other officials to discuss how the bank could lend assistance
over the next five years, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on
March 2, 2016, citing Trinidad Express, Prime Minister Dr. Keith
Rowley said that Trinidad and Tobago is "certainly not bankrupt"
but we do have "cash flow" problems.


                            ***********


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

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

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


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any comillionercial use, resale
or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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