TCRLA_Public/160504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, May 4, 2016, Vol. 17, No. 87


                            Headlines



A R G E N T I N A

ARGENTINA: Ire in Country Over Year's 4th Increase in Fuel Prices
NEUQUEN: Fitch Assigns 'B(exp)' Rating to Bond Issuance


B R A Z I L

BANCO MERCANTIL: S&P Affirms 'B-/C' Ratings; Outlook Negative
BM&FBOVESPA SA: S&P Lowers ICRs to 'BB/B'; Removes from Watch Neg.
BRAZIL: March Industry Output Rises the Most in Over Two Years
REDE D'OR SAO: S&P Revises Outlook to Neg. & Affirms 'BB' Rating


C A Y M A N  I S L A N D S

AXIOM TOTAL: Creditors' Proofs of Debt Due May 17
BEDAMA LIMITED: Creditors' Proofs of Debt Due June 7
BERCAY HOLDINGS: Creditors' Proofs of Debt Due June 7
CAYMAN FILM: Creditors' Proofs of Debt Due May 25
CAYMAN FILM UM: Creditors' Proofs of Debt Due May 25

JADI LIMITED: Creditors' Proofs of Debt Due June 7
LOPESANJO LIMITED: Creditors' Proofs of Debt Due June 7
MARIBO LIMITED: Creditors' Proofs of Debt Due June 7
MAST INDUSTRIES: Commences Liquidation Proceedings
SOUTHERN COMMERCE: Creditors' Proofs of Debt Due June 24

VIBELU LIMITED: Creditors' Proofs of Debt Due June 7


C H I L E

CHILE: Jobless Rate Rose to 6.3% in First Quarter From 5.9%


C O L O M B I A

COLOMBIA: Peso Climbs With Swaps After Surprising Rate Decision


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy Grows 6.1% in Q1, Paced by Mining


G U A T E M A L A

GUATEMALA: S&P Assigns 'BB' Rating to US$700MM Bond


J A M A I C A

DIGICEL GROUP: To Provide Credit Information on Customers


M E X I C O

BANCO MONEX: S&P Affirms 'BB+/B' Rating; Outlook Remains Stable
CE OAXACA: Fitch Affirms 'BBB-' Rating on USD148.5MM Notes


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 5
DF SERVICING: Files Supplement on Cuprill's Employment as Counsel
DORAL FINANCIAL: Debtor, Committee Co-Propose Exit Plan
PUERTO RICO: COFINA Senior Creditors Comment on Bond Default
PUERTO RICO: Defaults on Principal of $422-Mil. Debt Payment


                            - - - - -


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


ARGENTINA: Ire in Country Over Year's 4th Increase in Fuel Prices
-----------------------------------------------------------------
EFE News reports that fuel prices shot up another 10 percent May
2, in Argentina, their fourth hike so far this year, which has
caused ill feeling among citizens, who complain of growing
inflation while salaries remain frozen.

"We'll all have to get around on bikes," Mauro Gomez, a
deliveryman whose job is to drive around every day on his
motorcycle, said after filling up his tank, according to EFE News.
After the new price increase, filling his tank costs almost twice
as much as it did two years ago and as much as 40 percent more
than it did in January, the report notes.

"It's crazy," Mr. Gomez told EFE.

The Argentine government made the price increase on fuels
official, which raises the accumulated inflation of this product
to 28 percent so far this year, the report relays.

"There's a bigger increase every time," said Jose Adrian Larreta,
who acknowledged that on the streets of Buenos Aires, taxi-drivers
and those who use their cars for work have to pay for the gasoline
out of their own pockets, while wages, Mr. Larreta, said, remain
stagnant, the report relays.

Energy and Mines Minister Juan Jose Aranguren said that price
increases on fuels are due to the exchange-rate corrections
starting with last December's removal of the limit on purchases of
dollars, EFE News discloses.

"To fill the tank of a taxi, you now have to pay 1,000 pesos
($70). It's terrible," Jose Adrian said, and recalled the recent
increases in utility rates, the report notes.

At the beginning of April, the government announced up to 100
percent hikes on transit fares and of more than 300 percent on gas
and water, just two months after raising the electricity rate by
60 percent, the report relays.

Together with the rising price of gasoline, President Mauricio
Macri's administration also made official new taxes on tobacco
production, which, according to consumers consulted by EFE, raised
the price on a pack of 20 cigarettes from around ARS29 ($2) to
ARS43 pesos (almost $3), the report adds.

                            *     *     *

On April 19, 2016, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service upgraded on April 15,
2016, Argentina's government bond rating to B3 from Caa1, with the
outlook changed to stable from positive.  The key drivers for the
upgrade are (i) Moody's expectation that Argentina will settle
holdout creditor claims which will result in a lifting of court
injunctions and clear the way for Argentina to access
international capital markets, as well as the likelihood that
Argentina will make payments to restructured bondholders increased
significantly following an April 13, US circuit court ruling in
favor of Argentina, and (ii) the economic policy improvements
since Mauricio Macri's administration took office last December.
The new government lifted capital controls and allowed the peso to
float more freely, reduced energy and transportation subsidies and
has begun to address longstanding macroeconomic imbalances.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, 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 March 30, 2016, 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'.


NEUQUEN: Fitch Assigns 'B(exp)' Rating to Bond Issuance
-------------------------------------------------------
Fitch Ratings has assigned an expected foreign currency long-term
rating of 'B(exp)' to the Province of Neuquen's upcoming bond
issuance.  Fitch has also affirmed Neuquen's long-term foreign and
local currency Issuer Default Ratings (IDRs) at 'B' with a Stable
Rating Outlook.

The bond is rated at the same level as the Province, considering
the Country Ceiling, the analysis of Fitch of the hydrocarbon
market, the concessionaries' ratings, and the proposed bond's
structure.

The bond will be issued for up to USD526.2 million and will be
denominated in U.S. dollars.  It will accrue a fixed interest rate
according to market conditions and payable on a quarterly basis.
The maturity is expected to be 12 years, with a grace period of
four years.  The Province shall make a fiduciary assignment to the
Argentine Collateral Agent of 40% of the royalties and
extraordinary canons of gas production and for each 10% of the
Ticap and Ticafo bonds exchange, 3.7005% of their royalties and
extraordinary canons of oil production will be transferred as
collateral, payable to the Province by the Dedicated
Concessionaires.

According to Fitch calculations, the expected gas and oil
royalties and extraordinary canons affected for the bond's debt
payment would provide debt coverage of above 1.7x in a
conservative scenario.

The Law No. 2952 authorized the issuance of USD350 million, to use
the net proceeds of the notes after deducting commissions, fees
and expenses payable by the province to make amortization payments
of certain public indebtedness of the province maturing on or
after Jan. 1, 2015.  In accordance with the Law, Neuquen took a
loan with the Credit Suisse for USD115 million, having USD235
still available.  The law also authorizes an extension of the
notes to redeem current debt and get better terms and conditions.
The maximum amount expected to be redeemed is of USD291.2 million;
however, it will depend on market conditions.  The Indenture, and
the notes will be governed by the laws of the State of New York.

The events of default include: Failure to pay debt service for a
period of 15 days, debt service reserve account not fully funded
in accordance with the schedule, default of the provincial general
government debt, royalties' coverage below 1.25, among others.

                         KEY RATING DRIVERS

Neuquen has a medium-term maturity debt profile, with a constant
need of refinancing.  However, following the bond issue, the
province is expected to increase the average life of the debt.
The proceeds of the new bond, as well as the authorization of debt
exchange, would alleviate liquidity pressure.  The proportion of
debt denominated in foreign currency (USD) is expected to
increase; consequently the exposure to currency risk will be
higher.  This is nevertheless mitigated by Neuquen having part of
its own revenues (royalties) linked to the USD.

Neuquen recorded very volatile and on average, weak operating
margins in the period 2011-2015.  During 2015, the province
registered deterioration in its operating performance relative to
2014, being negative in 0.5%.  This is explained by a deceleration
of hydrocarbon royalties affected by international oil prices and
substantial growth in personnel costs (51.1%) given its importance
in the expenses' structure.  High inflation rate and devaluation
of domestic currency against the dollar has negatively impacted
fiscal performance as well as lead to a nominal increase in debt.

Fitch expects operating margins to turn to a positive trend from
2016 by increasing their hydrocarbon royalties in the next years,
due to an increase in gas prices, new market regulations and new
concessions.  Also, gross income tax revenue is expected to rise
in further years with the new tax law.  However, the consolidation
of future positive operating balances will depend on Neuquen's
expenditure control.

Neuquen is characterized by having a fiscal autonomy above average
which is a positive ratings factor.  It has a significant
percentage of own revenues in total operating revenue (66% in
2015).  This is explained by a higher share of provincial tax on
gross income and income of hydrocarbon royalty which are imposed
on oil and gas production.  However, the province is also limited
due to its great economic concentration, and also because the oil
and gas sectors are highly regulated by the national government in
Argentina.

                      RATING SENSITIVITIES

An upgrade of the country ceiling, accompanied by adequate and
more stable operating margins as well as good liquidity levels,
could lead to an improvement in Neuquen's ratings.  A downgrade of
Argentina's country ceiling would cause a change in the same
direction of the Province's ratings.  Also, if Neuquen is not able
to refinance its debt and maintain their liquidity pressure,
coupled to weak operating margins, could lead to a negative rating
action.

The final rating of Neuquen's new bond is contingent upon the
receipt of final documents conforming to information already
received.  A rating action would be triggered upon a change in the
Country ceiling as well as the development of the bond's
structure.


===========
B R A Z I L
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BANCO MERCANTIL: S&P Affirms 'B-/C' Ratings; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-/C' long- and
short-term global scale ratings on Banco Mercantil do Brasil S.A.
(BMB).  At the same time, S&P affirmed its 'brB' national-scale
rating on the bank.  The outlook is negative.

S&P bases its ratings on BMB on the bank's moderate business
position due to its small market share in system and concentrated
business lines, its weak capital and earnings (underpinned by
S&P's forecasted risk-adjusted capital (RAC) ratio of 3.5% for the
next two years), its weak risk position, below average funding and
adequate liquidity.

The negative outlook for the next 12 months reflects S&P's view
that the bank's financial profile could further weaken, bearing
down on the bank's capital and liquidity position amid slow
activity and challenging conditions in Brazil's economy.

It also reflects the negative trend on Brazil's BICRA economic
risk and S&P's belief that the bank could experience financial
deterioration from pressures on the Brazilian banking system as a
result of the impact of fiscal and monetary tightening in S&P's
economic assessment of Brazil.

S&P could lower the ratings if it sees that the bank reduces its
liquidity, and if S&P sees weakness in its capacity to meet its
financial commitments in the event of adverse business, financial,
or economic conditions.  Furthermore, S&P could take a negative
rating action if it believes the bank's shareholders will not
support the bank with capital injections (if needed) to keep its
Basel III ratio above 11%.

On the other hand, if the negative trend in Brazil's BICRA
economic risk is revised to stable, and the bank continues to
improve its performance through better profitability and better
asset quality metrics, S&P could revise the outlook to stable.


BM&FBOVESPA SA: S&P Lowers ICRs to 'BB/B'; Removes from Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
ratings on BM&FBOVESPA S.A - Bolsa de Valores, Mercadorias e
Futuros (BM&FBOVESPA) to 'BB/B' from 'BB+/A-3'.  S&P also lowered
its rating on the company's $612 million senior unsecured notes
due 2020 to 'BB' from 'BB+'.  At the same time, S&P removed the
ratings from CreditWatch with negative implications, where it
placed them on Feb. 18, 2016.  The outlook on the long-term
ratings is negative.

The rating action follows S&P's assessment of BM&FBOVESPA's
potential resilience to a hypothetical scenario wherein Brazil
defaults both in local and foreign currency.  In the past, S&P has
run a hypothetical stress-test whereby the sovereign defaulted
only in foreign currency (at the time there was a gap between the
local and the foreign currency sovereign ratings, while these two
ratings are now aligned).  Under this much harsher scenario, S&P
assess the central counterparty clearing house (CCP) would not
have enough resources to absorb potential clearing losses.  This
is because a sovereign default in local currency would impair the
quality of collateral posted by clearing members (i.e. a
substantial portion of margins are posted in sovereign bonds).  In
addition, the company has recently sold its dollar-denominated
investment in CME Group Inc. (AA-/Stable/A-1+), which had been a
relevant counter-cyclical asset helping the CCP to meet the
solvency stress-test in past periods.  The proceeds of the sale of
this investment will be used  to complete the company's planned
acquisition of CETIP S.A.-Mercados Organizados (not rated), if
approved by regulators and shareholders.  For these reasons, S&P
now caps the ratings of BM&BOVESPA at the level of the sovereign
ratings.

The negative outlook on BM&FBOVESPA reflects the negative outlook
on the sovereign.  S&P expects the ratings on the company to now
move in tandem with the ratings of the country.  S&P may lower
BM&FBOVESPA's SACP to the 'bbb' category after the closing of the
consolidation with CETIP.  S&P could also lower the SACP absent
any transaction, if it assess that economic developments in Brazil
are further negatively impacting the business and financial risk
profile of the entity.  However, S&P do not expect it to impact
the issuer credit ratings at this point.

An outlook revision to stable would follow a similar action on the
sovereign and depending on the final impact of the CETIP
transaction.


BRAZIL: March Industry Output Rises the Most in Over Two Years
--------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's industrial
output jumped in March the most in more than two years, partially
offsetting a decline in the previous month that was the worst
since 2013.

Production rose 1.4 percent in March after a revised 2.7 percent
plunge in February, the national statistics agency said, according
to Bloomberg News.  That was below the median 1.5 percent gain
forecast by 39 economists surveyed by Bloomberg.  From a year
earlier, industrial production fell 11.4 percent, and it's been
more than two full years since Brazil recorded year-on-year
growth, Bloomberg News notes.

Bloomberg News says that the industrial sector of Latin America's
largest economy suffered as interest rates climbed to their
highest level in nearly a decade and a sprawling corruption
scandal culminated in an impeachment process against President
Dilma Rousseff.  With inflation finally starting to slow, the
market is betting lower interest rates are in store and that a new
administration would push through business-friendly measures,
Bloomberg News relays.  Still, industry confidence has yet to show
significant improvement from its record low, discloses the report.

Output of capital goods in March, a barometer of investment, rose
2.2 percent after a revised 0.5 percent increase the previous
month, the statistics institute said, Bloomberg News says.
Production of consumer goods climbed 3.2 percent, driven higher by
food products which rose 4.6 percent, offsetting declines in
January and February, Bloomberg News relays.

Brazil's economy shed more than 1.85 million formal jobs in the 12
months through March, the most ever for a yearlong period since
the series' inception. Sixty percent of that loss stemmed from the
mining, manufacturing and civil construction sectors, notes the
report.  As such, the gain for industry registered in March may be
short-lived, Bloomberg News relays.

Following an uptick in March, the Purchasing Managers' Index for
manufacturing in April plunged to its lowest level in more than
seven years, because "the escalation in the country's political
crisis in recent months has stoked a further deterioration in
business conditions," Capital Economics' chief emerging markets
economist Neil Shearing wrote in a note, Bloomberg News adds.

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.


REDE D'OR SAO: S&P Revises Outlook to Neg. & Affirms 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Rede D'Or Sao Luiz S.A. (Rede D'Or) to negative from
positive to parallel S&P's outlook on Brazil.  At the same time,
Standard & Poor's affirmed its 'BB' global-scale corporate rating
and its 'brAA-' national-scale corporate and debt ratings on Rede
D'Or.  S&P also affirmed the '4' recovery rating, reflecting its
expectation of average (the high end of the 30%-50% range)
recovery on the company's senior unsecured debt in the event of a
default.

The outlook revision reflects S&P's view that Rede D'Or wouldn't
be able to withstand a potential sovereign default without
defaulting on its obligations.  As a result, S&P has capped the
rating on the company at the level of the sovereign rating on
Brazil (BB/Negative/B).

S&P believes Rede D'Or will continue to benefit from Brazil's
aging population in the intermediate to long term.  During the
past year, Brazil's macroeconomic environment has deteriorated
significantly.  Nevertheless, Rede D'Or has been able to maintain
resilient operating and credit metrics on its leading market
position, good bargaining power with customers and suppliers, and
high-quality assets and services.  S&P believes the company is
poised for strong growth, as the mismatch between the demand for
and supply of operating beds has increased during the past years.
This underscores the significant deficiency in Brazil's health
care system, presents a meaningful opportunity for private
players, and supports Rede D'Or's high occupancy rate.

"We applied a stress test to assess the possibility of the company
having a higher rating than the sovereign.  In this hypothetical
scenario, we assume a GDP contraction of 10%, an inflation rate of
17.4%, a basic interest rate of 28.5%, and an average exchange
rate of 8.20 Brazilian real (R$)/US$1.00 in 2016.  In addition, we
assumed that health care plan operators (Rede D'Or's main payers)
would be in distress, which--coupled with lower demand and higher
provisions and costs--would meaningfully affect Rede D'Or's cash
flow generation.  This resulted in an EBITDA decrease of 17%
versus 2015 and a funds from operations (FFO) decrease of almost
80% versus 2015 because of the higher cost of debt.  We also
applied a haircut of 70% on cash and cash equivalents because in
this hypothetical scenario, all Brazilian banking institutions
would also be in distress.  Then, even assuming that the company
would reduce capex to minimum levels, we believe that its sources
of cash would not be sufficient to cover the uses of cash, which
led us to cap the rating at the same level as the sovereign
rating," S&P said.

Rede D'Or is the largest private hospital operator in Brazil.  S&P
expects the company to continue to benefit from stronger
bargaining power with suppliers and health care plan operators.
On the other hand, S&P believes the company's business risk
profile is limited by the revenue concentration in Brazil and in
few health care plan operators as well as its smaller scale
compared to international peers.

Rede D'Or has expanded significantly over the past several years
through acquisitions, greenfields (new hospitals), and brownfields
(existing hospitals) while maintaining occupancy rates above 80%
and improving profitability.  The company has been successful in
turning around acquired hospitals, improving their service
quality, occupancy rates, sales mix, and cost structure.

S&P expects Rede D'Or's margins to continue improving due to the
full integration of past acquisitions.  S&P continues to foresee
low free operating cash flow generation (FOCF), as the company
will maintain high levels of capital expenditures to support its
organic growth.  The capital injection concluded in April 2016
significantly improved the company's capital structure compared to
about two years ago, and S&P expects management to maintain this
more conservative approach toward leverage metrics going forward.
Despite the recent changes in the ownership structure, S&P do not
foresee any material change in company's strategic plan because
the Moll family remains the major controlling shareholder.

S&P's base-case scenario for Rede D'Or assumes:

   -- Gross revenue growth of 14% in 2016 and 16% in 2017,
      stemming chiefly from average price increases of 12% in 2016
      and 10% in 2017.  This is due to high hospital inflation as
      well as an increase of 41 new operating beds in 2016 and 282
      in 2017, mainly from two new hospitals: Copa Star and Sao
      Luiz Sao Caetano.

   -- Discounts and provisions for disallowances will remain
      stable at about 10.5% of revenues in the next few years
      despite the challenging macroeconomic environment.  This is
      because the company has been controlling the level of
      provisions through tight controls and negotiations with
      health care plan operators.

   -- The company will continue improving the profitability of
      acquired hospitals through better negotiations with
      customers and suppliers, scale gains, and better operating
      efficiency.  The company's margins will continue to benefit
      from the mismatch of hospital inflation (about 12%), which
      is generally reflected in the hospital's prices, and regular
      inflation (8.6%), which affects most of company's costs and
      expenses.

   -- Capex of about R$860 million in 2016 and R$910 million in
      2017, mostly for organic growth, as the company should focus
      more on brownfields and greenfields in the near term.

   -- Dividend payment and share buyback of R$187.5 million was
      already completed in 2016.

   -- The second installment of a capital injection of R$945
      million from The Carlyle Group concluded in April 2016.

   -- S&P also includes a new loan of R$300 million to be
      disbursed in April 2016.

Based on these assumptions, S&P arrives at these credit metrics
the next two years:

   -- An EBITDA margin close to 30%;
   -- Debt to EBITDA of 2.0x in 2016 and 1.7x in 2017;
   -- FFO to debt of 29% in 2016 and 36% in 2017; and
   -- FOCF to debt close to 0% in 2016 and 6% in 2017.

The negative outlook mirrors that on the Brazilian sovereign,
reflecting S&P's view that Rede D'Or would not have sufficient
cash sources to cover its needs under a potential sovereign
default.  As a result, S&P will lower the ratings on Rede D'Or if
it downgrades the Brazilian sovereign. Although unlikely in the
medium term, S&P could also lower the ratings if there is a
significant deterioration in the company's profitability and cash
flow generation due to lower-than-expected occupancy rates and
higher working capital needs resulting in debt to EBITDA
consistently close to 4x and FFO to debt close to 20%.

S&P could revise the outlook to stable if it do so with the
Brazilian sovereign rating.


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C A Y M A N  I S L A N D S
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AXIOM TOTAL: Creditors' Proofs of Debt Due May 17
-------------------------------------------------
The creditors of Axiom Total Energy Inc. are required to file
their proofs of debt by May 17, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2016.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5855


BEDAMA LIMITED: Creditors' Proofs of Debt Due June 7
----------------------------------------------------
The creditors of Bedama Limited are required to file their proofs
of debt by June 7, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 15, 2016.

The company's liquidator is:

          Lion International Management Limited]
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


BERCAY HOLDINGS: Creditors' Proofs of Debt Due June 7
-----------------------------------------------------
The creditors of Bercay Holdings Limited are required to file
their proofs of debt by June 7, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 15, 2016.

The company's liquidator is:

          Lion International Management Limited]
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


CAYMAN FILM: Creditors' Proofs of Debt Due May 25
-------------------------------------------------
The creditors of Cayman Film Holdings Limited are required to file
their proofs of debt by May 25, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 6, 2016.

The company's liquidator is:

          Mark Longbottom
          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


CAYMAN FILM UM: Creditors' Proofs of Debt Due May 25
----------------------------------------------------
The creditors of Cayman Film Holdings UM Limited are required to
file their proofs of debt by May 25, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 6, 2016.

The company's liquidator is:

          Mark Longbottom
          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


JADI LIMITED: Creditors' Proofs of Debt Due June 7
--------------------------------------------------
The creditors of Jadi Limited are required to file their proofs of
debt by June 7, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 15, 2016.

The company's liquidator is:

          Lion International Management Limited]
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


LOPESANJO LIMITED: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Lopesanjo Limited are required to file their
proofs of debt by June 7, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 15, 2016.

The company's liquidator is:

          Lion International Management Limited]
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


MARIBO LIMITED: Creditors' Proofs of Debt Due June 7
----------------------------------------------------
The creditors of Maribo Limited are required to file their proofs
of debt by June 7, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 15, 2016.

The company's liquidator is:

          Lion International Management Limited]
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


MAST INDUSTRIES: Commences Liquidation Proceedings
--------------------------------------------------
On April 7, 2016, the sole shareholder of Mast Industries N.V.
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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


SOUTHERN COMMERCE: Creditors' Proofs of Debt Due June 24
--------------------------------------------------------
The creditors of Southern Commerce Corp. Ltd. are required to file
their proofs of debt by June 24, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 13, 2016.

The company's liquidator is:

          Kent Limited
          c/o Michelle R. Bodden-Moxam
          St. George's International Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


VIBELU LIMITED: Creditors' Proofs of Debt Due June 7
----------------------------------------------------
The creditors of Vibelu Limited are required to file their proofs
of debt by June 7, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 15, 2016.

The company's liquidator is:

          Lion International Management Limited]
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


=========
C H I L E
=========


CHILE: Jobless Rate Rose to 6.3% in First Quarter From 5.9%
-----------------------------------------------------------
Laura Millan Lombrana at Bloomberg News reports that Chile's
jobless rate rose more than expected in the first quarter as two
years of sluggish growth finally caught up with the labor market,
signaling stronger headwinds for South America's wealthiest
economy.

Unemployment rose to 6.3 percent from 5.9 percent in the month-
earlier period and from 6.1 percent the year earlier, the
statistics agency reported, compared with the 6 percent median
estimate of 15 economists surveyed by Bloomberg.

Manufacturing increased 2.7 percent in March from the year
earlier, while retail sales gained 1.4 percent, Bloomberg News
relays.

After two years of analysts forecasting doom and gloom for Chile's
labor market and being repeatedly proved wrong, the economic
slowdown is beginning to take its toll, Bloomberg News notes.

A separate survey by Universidad de Chile found that unemployment
in the Santiago Metropolitan Region leaped to a six-year high of
9.4 percent in March, Bloomberg News notes.  The long-heralded
weakness in the jobs market now threatens to undermine consumer
spending in an economy already reeling from two years of declining
investment, Bloomberg News relays.

"Growing signs of deterioration of the labor market are a source
of concern, for they may remove an important lever of support to
private consumption," analysts at Goldman Sachs said in an e-
mailed note, Bloomberg News says.  "Job creation in March was
largely dominated by gains in self-employment, suggesting it may
be turning increasingly difficult to find a formal job," Bloomberg
News relays.

The jobless rate was hovering near the lowest levels in 17 years
at the end of last year, even as the economy expanded at the
slowest pace since the 2009 recession, Bloomberg News relays.

That strength in the labor market may now be ending, Bloomberg
News relays.

Women saw the biggest jump in the unemployment rate in the first
quarter, rising to 7.2 percent from 6.8 percent the month before,
Bloomberg News notes.

"In an economic slowdown, these are the first jobs that companies
cut," Nathan Pincheira, an economist at Banchile Inversiones, said
by phone from Santiago, Bloomberg News relays.  "It is very
possible that employment levels now worsen over the next months,"
Mr. Pincheira added.

The report notes that the strong labor market had helped push up
wages and increase consumer spending in each of the past eight
quarters on an annual basis, according to figures from the central
bank. Investment, by contrast, had fallen in six of those eight,
Bloomberg News relays.

As the labor market begins to weaken, nominal wage growth slowed
to 5.4 percent in February, the second-slowest pace in more than
two years, Bloomberg News notes.

Finance Minister Rodrigo Valdes asked economists to avoid alarmist
forecasts, Bloomberg News notes.  "Numbers show an increase in
unemployment, but I think it is within the current parameters
given the outlook for growth," Mr. Valdes said, Bloomberg News
adds.


===============
C O L O M B I A
===============


COLOMBIA: Peso Climbs With Swaps After Surprising Rate Decision
---------------------------------------------------------------
Christine Jenkins at Bloomberg News reports that Colombian swap
rates climbed and the peso strengthened after the central bank
raised its policy rate by the most since October, surprising
analysts that expected a smaller increase.

Three-month rate swaps climbed 0.07 percentage point to 6.76
percent at 9:10 a.m. on May 2 in Bogota, according to Bloomberg
News.  Nine-month swaps rose 0.13 percentage point to 7.08
percent. Both rates were on course for the highest close in at
least five years, Bloomberg News relays.  The peso strengthened
0.4 percent to a six-month high of 2,838 per U.S. dollar, the
biggest gain in Latin America, Bloomberg News discloses.

Colombia's central bank raised its benchmark interest rate on
April 29 by 50 basis points, or 0.5 percentage point, more than
analysts forecast as inflation surged to its highest level since
2001 following the most severe drought in decades, Bloomberg News
relays.  The decision, which was not unanimous, was forecast by 10
of 39 analysts surveyed by Bloomberg, with the other 29 predicting
a quarter-point increase.

"Following the acceleration of the hiking pace, the key question
is what will come next," Mario Castro, a strategist at Nomura
Holdings Inc., wrote in a report, Bloomberg News notes.  "We
believe that risks for inflation and inflation expectations remain
skewed to the upside and that the speed of inflation's convergence
with the target band will be slower than consensus expects due to
mounting effects from the accumulated pass-through," Mr. Castro
added.

The bank removed language in recent statements when they said they
would continue to raise rates and cut its forecast for 2016
economic growth to 2.5 percent from 2.7 percent, Bloomberg News
discloses.  The economy expanded 2.5 percent in the first three
months of the year from a year earlier, according to the bank's
estimates, Bloomberg News says.

Nomura expects the policy rate to reach 7.5 percent in the next
few months and then remain on hold the rest of the year. Citigroup
Inc. said the statement and press conference comments didn't point
to strongly to further tightening and expects no more rate
increases, Bloomberg News notes.

Central bank chief Jose Dario Uribe said in a radio interview that
a large part of the pass through from the weaker peso has probably
already happened, and that the currency's recent strength will
help curb inflation, Bloomberg News notes.  The decision to raise
interest rates is not just intended to control inflation, but also
to help the economy adjust gradually to new conditions of lower
income due to oil, Bloomberg News adds.


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


DOMINICAN REPUBLIC: Economy Grows 6.1% in Q1, Paced by Mining
-------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said the country's economy grew 6.1% in the first quarter, and
that 173,402 jobs were added since April, 2015.

"The unemployment rate fell from 6.0% to 5.7% with negative
inflation of 0.58%, in January to March, with a stable exchange
rate, and the main dynamic generators of foreign exchange and
foreign investment strengthened, and with a solvent financial
system," the Central Bank said, according to Dominican Today.

It said preliminary results of GDP in real terms show a "notable
growth of 6.1% from January to March 2016, following growth of
7.0% posted at the end of 2015, reflecting the country continues
to grow above its potential," it said, noting that the figures
"reflect a leadership in Latin America and the Caribbean," the
report relays.

The Central Bank reports growth paced by mining (33.8%), health
(0.6%), construction (8.8%), hotels, bars and restaurants (6.4%),
education (6.3%) and energy (6.2), among other areas, the report
notes.  "The high annual growth exhibited in the mining activity
in the first quarter is explained by the resumption of mining
operations of gold and silver ores, which were virtually paralyzed
during the same quarter last year," 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'.


=================
G U A T E M A L A
=================


GUATEMALA: S&P Assigns 'BB' Rating to US$700MM Bond
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating on the
Republic of Guatemala's senior unsecured issuance of a US$700
million bond.  Guatemala will use proceeds to refinance existing
debt and the remainder to finance social and capital expenditures.
The long-term foreign currency sovereign credit rating on
Guatemala remains 'BB' with a stable outlook.

S&P's ratings on Guatemala reflect its moderate fiscal and
external deficits, low debt levels to GDP, and stable monetary
policy.  The ratings also take into account sluggish economic
growth, characterized by high poverty, and weak government
institutions.

The stable outlook on Guatemala reflects S&P's expectation of
continuity in fiscal and monetary policies under the new
administration (maintaining moderate fiscal and external
imbalances), as well as low inflation.  S&P also believes that the
fiscal flexibility to address key economic and social concerns
remains limited.

RATINGS LIST

Republic of Guatemala
Sovereign Credit Rating
  Foreign Currency             BB/Stable/B

New Rating

Republic of Guatemala
Senior Unsecured
  US$700 million bond          BB


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

DIGICEL GROUP: To Provide Credit Information on Customers
---------------------------------------------------------
RJR News reports that Digicel Jamaica is to become a credit
information provider, in keeping with the Credit Reporting Act.

Digicel has issued a notice stating that, effective May 7, it will
provide credit information on its customers, according to RJR
News.

Under the Credit Reporting Act, only entities licensed under the
legislation can offer credit bureau services, and credit
information can only be sourced and used from specified providers,
the report notes.

                              *     *     *

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

DGL

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

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

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

DL

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

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

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

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

DIFL

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

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


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


BANCO MONEX: S&P Affirms 'BB+/B' Rating; Outlook Remains Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'mxA+/mxA-1' national scale ratings on Banco Monex S.A.
S&P also affirmed its 'mxA+/mxA-1' ratings on Monex Casa de Bolsa,
S.A.  The outlook on both scales remains stable.  At the same
time, S&P is affirming its 'mxA+' national scale rating on the
bank's senior unsecured notes (BMONEX 15).

S&P's ratings on Banco Monex reflect S&P's strong assessment of
capital and earnings considering S&P's projected RAC ratio of
about 10.1% for the next two years; its moderate business position
with a small market share compared with the Mexican banking
industry; a moderate risk position reflecting its aggressive loan
growth and concentrated portfolio with only adequate asset quality
metrics; and its adequate liquidity and below average funding due
to a less diversified funding profile than the financial system.
The stand-alone credit profile (SACP) remains 'bb+'.

The stable outlook reflects S&P's expectation that the bank will
maintain its RAC ratio of about 10.1% for the next two years as it
continues growing its credit business.  The outlook also
incorporates S&P's expectation that the bank will maintain
adequate asset quality indicators, similar to the average of the
last two fiscal years.

S&P could lower the ratings if the bank is unable to maintain an
RAC ratio above 10%, as a result of loan portfolio growth above
S&P's expectations that is not compensated for with internal
capital generation, or if asset quality deteriorates and requires
higher loan loss provisions that pressure bottom-line results.

S&P could upgrade Banco Monex if S&P revises its risk position to
adequate, supported by sustained client diversification--where the
top-20 exposures represent less than 40% of its total portfolio
and is equivalent to around 1x its total adjusted capital,
provided  all other asset quality indicators remain unchanged.


CE OAXACA: Fitch Affirms 'BBB-' Rating on USD148.5MM Notes
----------------------------------------------------------
Fitch Ratings has affirmed the 'BBB-' rating on CE Oaxaca Dos, S.
de R.L. de C.V.'s (Oaxaca II) USD148.5 million (USD140.5 million
outstanding) senior secured notes due 2031.  The Rating Outlook
has been revised to Positive from Stable.

The rating reflects the project's robust cash flow generation
supported by its location in an area that has proven high wind
resources and by a strong fixed-price contract with an investment-
grade counterparty.  Rating case credit metrics of 1.36x are in
line with applicable criteria for the rating category and with
rated peers, while observed metrics have exceeded Fitch's base
case scenario.  Oaxaca II has similar coverage level and Key
Rating Factor assessments as those of Peruvian wind project
Energia Eolica, also rated 'BBB-'with a Stable Outlook.

The Positive Outlook incorporates the fact that operations and
maintenance (O&M) costs have been considerably lower than those
assumed in Fitch's base case for the last two years, leading to
stronger than expected credit metrics.  Should this continue to be
the case, it will be possible to assume the project's long-term
operational cash flow and debt coverage ratios will be
significantly stronger than those of Fitch's original base case,
thus commensurate with a higher rating.

                       KEY RATING DRIVERS

Operation Risk: Midrange

Moderate Operation Risk: The rating reflects the risks inherent to
the operation of a relatively recently opened facility over the
long term.  In its favor, it benefits from proven turbine
technology, and initial technical support from the manufacturer.
Given that the project's O&M are provided by related company AE
Mex Global, S. de R.L. DE C.V. (AEMex), Fitch considers there to
be heightened incentives for the sponsor to ensure the facility's
operational continuity.

Revenue Risk - Volume: Midrange

Low-Variability Wind Resource: The non-diversified, single-site
nature of the project is partially mitigated by its location in a
region that benefits from an attractive wind resource and where
energy generation probability scenarios were based on almost 10
years of long-term reference data on-site or nearby.  In its
financial analysis, Fitch takes into account the potential for
lower wind-speed conditions that could negatively affect output.

Revenue Risk - Price: Midrange

Fully Contracted Revenues: 100% of energy generated is contracted
under a 20-year fixed-price Power Purchase Agreement (PPA) with an
investment-grade off-taker.  There are no penalties if production
is lower than expected, which effectively mitigates revenue risk.
Mexico's Federal Electricity Commission (CFE) is the government-
controlled power utility in Mexico (foreign currency long-term
Issuer Default Rating [IDR] 'BBB+'/Stable Outlook).  The
assessment of this attribute was changed to Midrange given that
project rating is potentially constrained by the credit quality of
CFE, if assessed as such.

Debt Structure: Midrange

Back-Ended Amortization: The amortization schedule establishes
that more than 40% of the debt will be paid in the final five
years of the tenor, which could potentially worsen a trend of
rising costs or underperformance at the end of the project's life.
Structural features such as distribution tests as well as the
project's resilience to significant O&M cost increases contribute
to mitigate such risk.

Metrics: The debt service coverage ratio (DSCR) is projected to
remain consistent, with minimal deviations from the average over
life of the debt.  Under Fitch rating case conditions, which
contemplate higher O&M costs combined with reduced energy
production, DSCR is expected to average 1.36x, with a minimum of
1.33x.  Coverage levels are in line with Fitch's applicable
criteria and other similarly rated transactions by Fitch.  If low
cost figures continue in the long term, DSCR will be around 1.6x
under rating case conditions.

Peers: Oaxaca II's credit metrics are closely comparable with
Peruvian project Energia Eolica, also rated at 'BBB-', but with a
Stable Outlook.  Rating case DSCRs average 1.34x for Energia
Eolica and 1.36x for Oaxaca II.  Key rating factor assessments for
the two projects are the same, all at midrange levels.

                       RATING SENSITIVITIES

   -- Positive: Wind resource close to the P50 forecast coupled
      with O&M costs and expenses at sustainable levels generally
      in line with historical figures.

   -- Negative: Consistent performance below the P50 level.

   -- Negative: Expenses persistently higher than expected,
      especially if, all other variables kept stable, costs
      consistently surpass budget by double-digit deviations.

   -- Negative: Downgrade of CFE's current rating to below 'BBB-'.

                         SUMMARY OF CREDIT

Cash flow has been and is expected to remain solid.  Revenues are
solely derived from the electricity rendered under the PPA with
exclusive off-taker CFE, at a fixed pre-defined price of USD72.9
per megawatt hour (MWh) in 2016, which increases annually up to
USD112.1/MWh in 2031 and is partially readjusted by the U.S.
Producer Price Index.

Operational and financial performance for 2015 was higher than
Fitch's base case expectations, mainly due to good climatic
conditions and efficient operation.  Wind capacity factor slightly
over the forecast (48.24% versus 47.46%) resulted in production
and revenues that surpassed Fitch's base projection, while turbine
average availability above expectations (99.48% versus 96.00%) and
costs significantly lower than the budget contributed to higher
than expected cash available for debt service.

In 2015, total expenses were USD5.4 million, compared to the
USD9.3 million budgeted, and cash available for debt service
reached USD27.3 million, resulting in a 2.16x coverage, higher
than the 1.60x estimated under Fitch's base case.

According to management, the main difference between actual and
expected costs is a result of a very conservative initial budgeted
O&M expense and the fact that corrective maintenance has been
required less than initially expected; no maintenance activity has
been delayed to yield such an outcome.

O&M expense budget was designed in two parts: a fixed portion that
is indexed to the CPI, and a variable amount that is determined by
events such as corrective maintenance activities and
contingencies.  The second has costed much less than originally
projected, accounting for USD0.4 million in 2015, against the
USD4.1 million budgeted.  This trend has been observed for the
last two years and, according to management, is expected to
continue in the future, unless extraordinary circumstances arise.

In 2014 and 2015, O&M costs were 58% and 55% lower than expected,
respectively.  If costs continue in line with the historical
figures in the long term, project cash flows will be in much
better shape to withstand periods of adverse climatic conditions
that may negatively impact production, by compensating for the
lost revenue, to some extent.

The current balance in reserve funds is USD6 million for the debt
service reserve account and USD4.5 million for the O&M account, in
line with the established target balances.

Fitch's base case considered IE's P50 10-year capacity factor, 96%
turbine availability, 0% increase to O&M budget, and 3% net
generation reduction to all years, in order to reflect the
potential for additional forecast error in the wind study and the
impact of occasional reliability issues.  Under this scenario,
debt is fully paid, and DSCR is 1.44x minimum and 1.59x on
average.  The loan life coverage ratio (LLCR) is 1.65x.

Fitch's rating case adds additional stresses to the base case by
including IE's P90 one-year capacity factor, 96% turbine
availability with a 1% decrease every two years following year 15,
7.5% increase to O&M budget for years one to 15 and 12.5% for
years 16 to 20, and 3% net generation reduction to all years.  The
results were a DSCR of 1.33x minimum and 1.36x average. LLCR is
1.43x.

If O&M costs remain at proportions similar to those observed in
2014 and 2015, DSCR will be around 1.8x and 1.6x in the base and
rating cases, respectively.

Oaxaca II is a Mexican special purpose vehicle (SPV) created by
Acciona Energia Mexico, S. de R.L. de C.V. (AEM) to own and
operate a 102-megawatt (MW) wind farm located in the Isthmus of
Tehuantepec in Oaxaca, in southern Mexico.  It is an indirect
subsidiary of Acciona, S.A. (Acciona), one of the largest Spanish
private groups whose core businesses are infrastructure, water and
renewables.

The facility reached commercial operation on Feb. 6, 2012 with a
demonstrated capacity of 103.9 MW.  It comprises 68 1.5-MW
turbines manufactured by related company Acciona Windpower, S.A.
(AWP), which has installed over 2,500 similar units reaching 3,750
MW with a global average fleet availability of over 98%.


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


ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 5
------------------------------------------------------------
ACC Claims Holdings, LLC on April 29 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, May 5, 2016.  The exchange offers were
previously scheduled to expire at 5:00 p.m., New York City time,
on Thursday, April 28, 2016.  As of 5:00 p.m., New York City time,
on Thursday, April 28, 2016, Eligible Holders of $3,513,088,416
original principal amount of ACC Senior Notes (as defined in the
Plan of Reorganization) outstanding, Eligible Holders of
$250,426,319.09 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, April 21, 2016, and on the date hereof and (ii)
the related letter of transmittal, dated as of March 3, 2016 and
supplemented and amended on March 21, 2016.

The exchange offers will only be made, and the offers to exchange
and the related letter of transmittal will only be distributed to,
holders who complete, execute and return an eligibility form
confirming that they are qualified purchasers ("Qualified
Purchasers") as defined in Section 2(a)(51)(A) of the Investment
Company Act of 1940, as amended (except to the extent waived by
the managing member of ACC Claims Holdings, LLC), excluding
Benefit Plan Investors (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.


DF SERVICING: Files Supplement on Cuprill's Employment as Counsel
-----------------------------------------------------------------
DF Servicing, LLC et al. filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a supplement regarding the Debtors'
application to employ Charles A. Cuprill, P.S.C., Law Offices as
their counsel.

The Debtors previously sought and obtained Court approval to
employ the firm as their counsel.

In 1996, in accordance with Congress' mandate in 28 U.S.C. Sec.
586 (a)(3)(A), the United States Trustee Program established
Guidelines for Reviewing Applications for Compensation and
Reimbursement of Expenses filed under 11 U.S.C. Sec. 330.  The
USTP has drafted additional guidelines for reviewing applications
for compensation and reimbursement of expenses filed by attorneys
in larger Chapter 11 cases with $50 million or more in assets and
$50 million or more in liabilities, aggregated for jointly
administered cases.

The Additional Guidelines include certain requirements for
applications for the employment of counsel for Debtors.
Consequently, Debtor supplements the Applications as indicated in
the following paragraphs.

Cuprill did not represent the Debtors during the 12 months pre
petitions other than in preparation for the Chapter 11 filings for
which no pre-petition compensation was received, except the
retainer in the captioned cases,  which services will be billed in
the applications for compensation to be filed by Cuprill as part
of its regular billing rates.

The Debtors have approved Cuprill's prospective budget and
staffing plan for a 6 month period as of the filing of their
Chapter 11 petitions.

Mark Mashburn, the Debtors' president, under penalty of perjury as
provided in 28 U.S.C. section 1746, states as follows:

   (a) In engaging Cuprill and in conversations with its
       principal, Charles A. Cuprill, myself as Debtors'
       president, and Saul Scherl as Debtors' vice-president,
       discussed Cuprill's billing rates with Mr. Cuprill and
       ascertained that they would be the same regularly billed by

       the firm in its bankruptcy practice, as well as those
       billed by Cuprill for non-bankruptcy engagements. We also
       ascertained that those rates are the rates regularly
       approved by the Court in Cuprill's bankruptcy practice and
       below those of stateside firms utilized by Debtors pre-
       petition. We selected Cuprill based on our knowledge of the

       firm's work in other bankruptcy cases and its effectiveness

       in processing difficult Chapter 11 cases to expeditious
       conclusions.

   (b) Cuprill's familiarity with the local bankruptcy forum, and
       its geographic location we didn't see the need to interview

       anyone else.

   (c) The budget discussed with Mr. Cuprill is the most efficient

       tool to supervise Cuprill's fees and expenses and manage
       costs. Moreover, almost daily we are in contact with Mr.
       Cuprill as to the work in progress and he has provided to
       us information to the effect that said work and any
       additional one, baring exceptional circumstances, should
       not exceed the budgeted amount for Cuprill's fees of
       $225,000, for all four cases, in reference to which a
       combined $100,000 retainer was advanced to Cuprill. These
       procedures don't differ from those regularly employed by
       Debtors to supervise outside counsel in non-bankruptcy
       cases.

   (d) It must be emphasized that Cuprill was retained on account
       of Mr. Cuprill, who for all practical purposes has
       performed as a sole practitioner in the captioned cases.
       The participation of his associate Mohammad Yassin, Esq.
       has been very limited, as will be revealed by the
       applications for compensation to be filed by Cuprill.

Cuprill can be reached at:

       Charles A. Cuprill-Hernandez, Esq.
       CHARLES A. CUPRILL, P.S.C., LAW OFFICES
       356 Fortaleza Street - Second Floor
       San Juan, PR  00901
       Tel: (787) 977-0515
       Fax: (787) 977-0518
       E-mail: ccuprill@cuprill.com

                        About DF Servicing

Engaged in the business of purchase and sale of construction
projects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC,
and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.
D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015. The
petitions were signed by Mark Mashburn, the president.

Charles A Cuprill, PSC Law Office, serves as counsel to the
Debtors, CPA Luis R. Carrasquillo & Co, P.S.C. as financial
consultant, AFS CPA Group, LLC, serves as auditor, and Salichs Pou
& Associates, PSC, as special counsel.

On Feb. 3, 2016, the Court ordered the administrative
consolidation
of the Chapter 11 cases of DF Servicing, LLC, Case No.
15-10253(ESL); DF Investments, LLC, Case No. 15-10254(ESL); DF
Holdings, LLC, Case No. 15-10255(ESL); and DF Tier I, LLC, Case
No. 15-10256(ESL).


DORAL FINANCIAL: Debtor, Committee Co-Propose Exit Plan
-------------------------------------------------------
BankruptcyData.com reported that Doral Financial and its official
committee of unsecured creditors filed with the U.S. Bankruptcy
Court a Chapter 11 Plan of Reorganization and a related Disclosure
Statement. According to the Disclosure Statement, "If the Plan is
confirmed by the Bankruptcy Court, (a) each Holder of a Class 1
Claim will receive, in full satisfaction and discharge of its
claim, either the full amount of its Allowed Class 1 Claim, in
Cash, or the collateral securing its Allowed Secured Claim and (b)
each Holder of an Allowed Class 2 Claim will receive its Pro Rata
Share of the Initial Class 2 Cash Pool and Creditors' Trust
Interests. Holders of Class 3, Class 4, and Class 5 Claims and
Equity Interests will not receive any distributions and their
respective Claims and Equity Interests will be extinguished." The
Disclosure Statement further notes, "If the Plan is not confirmed,
it is unclear whether the transactions contemplated thereby could
be implemented and what Holders of Claims would ultimately receive
in respect of their Claims. If an alternative plan of
reorganization could not be agreed to, it is possible that the
Company would have to liquidate its assets in bankruptcy, either
through a liquidating chapter 11 plan on a different timetable or
through a conversion to chapter 7, in which case Holders of Claims
could receive less than they would have received pursuant to the
Plan. . ..  Most notably, a liquidation could result in a loss of
the Tax Attributes, increased expenses, and delays in
distributions."

                     About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.   DFC estimated $50
million to $100 million in assets and $100 million to $500 million
in debt as of the bankruptcy filing.

On Nov. 25, 2015, Doral Properties filed a voluntary petition
(Case No. 15-13160).  Doral Properties Inc. disclosed total assets
of $23,149,434 and total liabilities of $37,335,000.

On Dec. 4, 2015, the Court directed the joint administration of
the Debtors' chapter 11 cases under Case No. 15-10573, for
procedural purposes.  Both cases are assigned to Judge Shelley C.
Chapman.

The Debtors are represented by Ropes & Gray LLP as counsel.
Garden City Group, LLC serves as the Debtors' claims agent.  Carol
Flaton at Zolfo Cooper Management serves as chief restructuring
officer.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
appointed five creditors of the company to serve on the official
committee of unsecured creditors.  The Committee is represented by
Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at Schulte Roth &
Zabel LLP.  The panel tapped Fiddler, Gonzalez, Rodriguez, P.S.C.
as special Puerto Rico counsel; McConnell Valdes LLC as special
Puerto Rico tax counsel; Capstone Advisory Group, LLC, together
with its wholly-owned subsidiary Capstone Valuation Services, LLC,
as financial advisor; and Prime Clerk LLC as its information
agent.


PUERTO RICO: COFINA Senior Creditors Comment on Bond Default
------------------------------------------------------------
The senior creditors of the Puerto Rico Sales Tax Financing
Corporation ("COFINA") issued the following statement on May 2
regarding Puerto Rico Governor Alejandro Garcia Padilla's
executive order to suspend debt payments owed by the Government
Development Bank (GDB):

"Without the legal framework and restructuring tools required to
address this debt crisis, Puerto Rico's leaders will continue
making decisions out of desperation.  Governor Padilla's executive
order to default on nearly $370 million in bond payments should
underscore for Congress that the cost of political inaction is
rising and reinvigorate members' efforts to pass the Puerto Rico
Oversight, Management, and Economic Stability Act (PROMESA).
Although the suspension of payments by the GDB does not impact
COFINA's creditors, our group wants to reiterate its support for
pragmatic legislation that helps overhaul the Commonwealth's
obligations, reignite on-island growth and shield U.S. taxpayers
from funding a bailout," said former Senator Judd Gregg (R-NH), an
advisor to the COFINA Senior Bondholders Ad Hoc Group.

Sen. Gregg adds: "Input from solutions-oriented creditor groups
and conservative policy experts is helping the House Natural
Resources Committee improve its initial version of PROMESA.  We
ask all external stakeholders to join us in helping the Committee
finalize a bill that treats bondholders equitably and fairly based
on their legal rights.  Now is the time for responsible action"
otherwise U.S. taxpayers as well as the Puerto Rican people will
be at risk."

                    About Senator Judd Gregg

Gregg served as a United States Senator from 1993 to 2011.  He was
Chairman and Ranking Member of the Senate Budget Committee and
also Chairman and ranking member of the Health, Education, Labor
and Pension Committee.  He was a senior member of the Senate
Banking Committee and chaired the Appropriation's subcommittees on
Foreign Operations; Homeland Security; and Commerce, State and
Justice.   He also served on President Obama's National Commission
on Fiscal Responsibility and Reform (Simpson-Bowles) and worked to
produce a comprehensive plan to reduce the national debt.  Prior
to his tenure in the Senate, Gregg served as Governor of New
Hampshire and as a U.S. Representative.  As Governor, Gregg
steered New Hampshire through one of its most difficult economic
times leaving it with a balanced budget and a strong
infrastructure, which included reorganizing the State's major
utilities and banking system.

          About the COFINA Senior Bondholders Ad Hoc Group

The Group is a coalition of creditors made up of retirees and
individual investors in Puerto Rico and throughout the United
States, as well as asset managers GoldenTree Asset Management LP,
Merced Capital LP, Tilden Park Capital Management, Whitebox
Advisors LLC, and others.

The COFINA Senior Bondholders Ad Hoc Group has come out in support
of many of the components of the PROMESA legislation released by
the House Natural Resources Committee.  The framework ensures that
creditors are treated fairly and equitably based on their legal
standing and provides a strong foundation for federal legislation
to address the Commonwealth's economic crisis.  The group believes
efforts to reach consensual debtor-creditor agreements should be
encouraged, but will ultimately require PROMESA to implement and
bind holdouts.

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.


PUERTO RICO: Defaults on Principal of $422-Mil. Debt Payment
------------------------------------------------------------
EFE News reports that Puerto Rico will not pay more than $400
million in Government Development Bank, or BGF, debt that came due
over the weekend, marking the first massive debt default in the
Caribbean island's history, Gov. Alejandro Garcia Padilla said.

"This has been a very difficult and painful decision, which I
frankly would have preferred not to make," but "the humanitarian
crisis worsens each day," Garcia Padilla said in an address,
according to EFE News.

Mary Williams Walsh, writing for The New York Times' DealBook,
said that the default puts the spotlight back on Washington to
enact a rescue package for the island, and congressional aides
said a revised bill would be introduced next week.

According to the report, on May 2, Treasury Secretary Jacob J. Lew
renewed his call on Congress to act swiftly, warning in a letter
to House Speaker Paul Ryan that without a legal framework for a
debt restructuring, Puerto Rico is in danger of getting caught in
"a series of cascading defaults" that could lead to a taxpayer
bailout.

"This is not just a matter of financial liabilities and
litigation," Mr. Lew said in the letter, which was circulated to
other lawmakers and released publicly, the report related.  Late
last year, Mr. Ryan instructed the relevant House committees to
find a "reasonable solution" for Puerto Rico, the report further
related.

Mr. Lew, in the May 2 letter and in an interview in April with the
Spanish-language television station Univision, cited signs of
mounting woes, including the closing of hospital facilities on the
island and the struggle to contain the spread of the Zika virus
with scant financial resources available, the report said.  "The
human costs for the 3.5 million Americans in Puerto Rico are real.
And they are escalating daily," Mr. Lew wrote, the report added.

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.



                            ***********


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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