TCRLA_Public/160510.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, May 10, 2016, Vol. 17, No. 91


                            Headlines



A R G E N T I N A

MENDOZA: S&P Assigns 'B-' Rating to $500MM Sr. Notes


B R A Z I L

BRAZIL: Real Plummets With Stocks as Impeachment Hits Roadblock
BRAZIL: Bankruptcy Filings Double This Year, Experian Says


C A Y M A N  I S L A N D S

ATLAS SENIOR: Members' Final Meeting Set for May 18
BRE/SAKURA: Shareholder to Hear Wind-Up Report June 3
CONTRARIAN CAPITAL: Shareholder to Hear Wind-Up Report on May 26
DOWNSTREAM LTD: Shareholders' Final Meeting Set for May 18
EASTGATE GEMS: Shareholders' Final Meeting Set for May 17

EASTGATE INDUSTRE: Shareholders' Final Meeting Set for May 17
EXPRESS ENERGY: Shareholder to Hear Wind-Up Report May 27
JP MORGAN DISTRESSED: Shareholder to Hear Wind-Up Report June 10
MAST INDUSTRIES: Shareholders' Final Meeting Set for May 19
PIC CAYMAN 1: Shareholders' Final Meeting Set for May 17

PICASSO PHARMA: Shareholders' Final Meeting Set for May 17
SOUTHERN COMMERCE: Members' Final Meeting Set for June 24
TRIANGULAR BHD: Shareholders' Final Meeting Set for May 19


C O S T A   R I C A

BANCO INTERNACIONAL: S&P Cuts ICR to BB- & Removes from Watch Neg.


P U E R T O   R I C O

DORAL FINANCIAL: Court Approves Fannie Mae Settlement
INTERNATIONAL MANUFACTURING: Judge Ralph R. Mabey Named Mediator
SPORTS AUTHORITY: Seeks Approval of Key Employee Retention Plan
TELEPRO CARIBE: Case Summary & 13 Unsecured Creditors


X X X X X X X X X

* Latin America's Wealthiest Nation Readies for Jobless Storm


                            - - - - -



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


MENDOZA: S&P Assigns 'B-' Rating to $500MM Sr. Notes
----------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating on the
Province of Mendoza's senior unsecured notes for up to
$500 million.  The amortizing notes will be denominated in U.S.
dollars.  The proceeds of the bond issuance will be used to make
debt service payments, which S&P expects to reach Argentine peso
(ARP) 4,960 million in 2016, and to fund the province's 2016
operating deficit.  S&P do not view this additional debt as
harmful to the province's financial profile and S&P expects that
its moderate debt burden will continue to support its credit
profile.

Adding the potential $500 million issuance to S&P's estimate for
the Province of Mendoza's 2016 year-end debt stock, along with
other issuances and amortizations, S&P calculates that the
province's total debt stock will reach ARP18,586 million by
December 2016.  Year-end debt in 2015 reached ARP14,486 million, a
57% nominal increase compared to 2014, driven by the depreciation
of the Argentine peso and new borrowings authorized at the end of
the year, under the framework of Law 8.816 approved in October.
As a result of the surge in borrowings, Mendoza's deficit after
borrowings, despite a deteriorating operating balance in 2015, was
of 2.4% of operating revenues.  S&P's base-case for 2016 assumes
Mendoza will have a higher deficit after borrowings, of 4% of
operating revenues, mirroring our projected ARP3,617 million debt
repayment by December 2016.

S&P's base-case for 2016 already incorporates borrowings
authorized by Law 8.816 and 8.838, in addition to the continued
depreciation of the exchange rate.  Such movements, however,
should be partially offset by increasing revenues due to double-
digit inflation in Argentina and debt repayment.  As a result,
S&P's base-case for Mendoza's debt will reach to 37% of operating
revenues by year-end 2016, compared to 40% at year-end 2015.
Between 2012 and 2015, Mendoza's debt was on average 38% of
operating revenues.

"The foreign currency rating on the Province of Mendoza is the
same as our 'B-' global scale long-term issuer credit rating and
the transfer and convertibility (T&C) assessment on Argentina.
The province of Mendoza, like most Argentine local and regional
governments (LRG), does not meet the criteria to be assigned a
rating above the sovereign, mostly because the province's
liquidity isn't sufficient to cover all of its debt obligations.
In addition, we assess the province's stand-alone credit profile
(SACP) as 'b-'.  The SACP is not a rating, but rather a means of
assessing the intrinsic creditworthiness of a LRG under the
assumption that there is no sovereign rating cap.  The province's
SACP results from the combination of our assessment of the
Province of Mendoza's individual credit profile and the
institutional framework under which it operates.  Mendoza, like
all LRGs in Argentina, operates under a very volatile and
unbalanced institutional framework.  At the same time, Mendoza's
individual credit profile is limited by its very weak budgetary
performance and flexibility, weak economy, weak financial
management, and weak liquidity with no cash reserves.  On the
other hand, the province's moderate debt burden and low contingent
liabilities support Mendoza's credit quality," S&P said.

The Province of Mendoza, like all Argentinean LRGs, shares a
critical link with the central government through its significant
revenue distribution, direct financing of infrastructure projects,
and authorization for the LRGs to issue new debt.  The recently
approved "Holdouts Law" by the Argentine Congress, which
authorized the national government to issue new debt to pay
holdout creditors following the removal of the injunction against
payments of its foreign currency debt, has also strengthened
Argentine LRGs' access to international capital markets to issue
new debt.  Given Mendoza's significant infrastructure needs, S&P
believes this could have a positive impact on the Province's
ability to increase investments over the next few years.

The stable outlook on the Province of Mendoza mirrors the stable
outlook on the sovereign local currency rating.  The outlook
reflects renewed dialogue between LRGs and the federal government
about tackling fiscal and economic challenges in the short to
medium term.  If S&P was to raise its T&C assessment and the local
currency rating on the sovereign over the next 12 months, S&P
could also upgrade Mendoza.  On the other hand, S&P could lower
the ratings on Mendoza if the T&C assessment weakens, if S&P was
to lower the sovereign local currency rating, or if S&P was to
assign a sovereign foreign currency rating below 'B-'.

RATINGS LIST

Mendoza (Province of)
Corporate credit rating      B-/Stable/--

New Rating

Mendoza (Province of)
Senior Unsecured            B-


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


BRAZIL: Real Plummets With Stocks as Impeachment Hits Roadblock
---------------------------------------------------------------
Filipe Pacheco at Bloomberg News reports that Brazilian assets
plunged after the effort to impeach President Dilma Rousseff
appeared to hit a roadblock, spurring concern that some of the
world's biggest stock and currency rallies would be undone if the
current administration remains in power.

The Ibovespa stock benchmark plummeted 3.1 percent to 50,104.78 at
11:16 a.m. on May 9, 2016, in New York as the real weakened 4.5
percent, the most since September 2011, to 3.6673 per dollar,
according to Bloomberg News.  The interim chief of Brazil's lower
house, Waldir Maranhao, accepted a request from the attorney
general to annul the procedure that pushed forward an impeachment
motion in the house and called for a new vote, Bloomberg News
relates.

The Ibovespa and real have posted the biggest rallies among major
markets this year on speculation that an impeachment would usher
in a new government better able to pull Latin America's biggest
economy out of its worst recession in a century, tame inflation
and shore up a fiscal deficit that cost the country its
investment-grade credit ratings, Bloomberg News says.  The Senate
had been scheduled to vote on whether to move forward with the
impeachment and compel Rousseff to resign for as much as 180 days
while she undergoes a trial, Bloomberg News notes.  The effort had
cleared the house in a vote last month.

"Changing the game plan now is crazy," said Reginaldo Galhardo, a
foreign exchange manager at Treviso Corretora de Cambio in Sao
Paulo, Bloomberg News relays.  "If this decision prevails,
everyone will have to sit down and build new scenarios. People
will have to reconsider everything.  It is hard to imagine how,"
Mr. Galhardo added.

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.


BRAZIL: Bankruptcy Filings Double This Year, Experian Says
----------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that businesses'
requests for bankruptcy protection in Brazil doubled in the first
four months of 2016 as the harshest recession in decades and
borrowing costs at nine-year highs crimped the ability of
factories and retailers to stay afloat, the local unit of credit
research company Experian Plc said.

Companies filed an all-time high of 571 requests for court
protection from creditors, compared with 289 filings a year
earlier. Last year, a record 1,287 companies sought bankruptcy
protection, according to Serasa Experian, which has collected data
on the indicator since 2006, according to Reuters.

Small companies filed 327 of the bankruptcy protection requests in
the period, the Serasa report showed, the report notes.

Gross domestic product contracted 3.8 percent last year as
businesses slashed investment plans and laid off more than 1.5
million workers, setting the stage for what could be Brazil's
deepest economic recession on record, the report relays.

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.


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


ATLAS SENIOR: Members' Final Meeting Set for May 18
---------------------------------------------------
The members of Atlas Senior Loan Fund VIII, Ltd. will hold their
final meeting on May 18, 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:

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


BRE/SAKURA: Shareholder to Hear Wind-Up Report June 3
-----------------------------------------------------
The shareholder of BRE/Sakura Cayco III will hear on June 3, 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
          c/o Susan Craig
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Telephone: (345) 943-3100


CONTRARIAN CAPITAL: Shareholder to Hear Wind-Up Report on May 26
----------------------------------------------------------------
The shareholder of Contrarian Capital Senior Secured Offshore Fund
Limited will hear on May 26, 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:

          Andrew Richard Victor Morrison
          c/o Tim Cone
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


DOWNSTREAM LTD: Shareholders' Final Meeting Set for May 18
----------------------------------------------------------
The shareholders of Downstream Ltd. will hold their final meeting
on May 18, 2016, at 10:00 a.m., to receive the liquidators' report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Tim Miller
          Telephone: + 770-932-1137
          Facsimile: + 770-932-1243


EASTGATE GEMS: Shareholders' Final Meeting Set for May 17
---------------------------------------------------------
The shareholders of Eastgate Gems SPV 5 will hold their final
meeting on May 17, 2016, at 11:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Pankaj Gupta
          Mohammed Abdullah A Alali
          c/o Sophie Kassam
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +971 4 363 7919


EASTGATE INDUSTRE: Shareholders' Final Meeting Set for May 17
-------------------------------------------------------------
The shareholders of Eastgate Industre SPV2 will hold their final
meeting on May 17, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Pankaj Gupta
          Mohammed Abdullah A Alali
          c/o Sophie Kassam
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +971 4 363 7919


EXPRESS ENERGY: Shareholder to Hear Wind-Up Report May 27
---------------------------------------------------------
The shareholder of Express Energy - CIG Holdings Ltd. will hear on
May 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JP MORGAN DISTRESSED: Shareholder to Hear Wind-Up Report June 10
----------------------------------------------------------------
The shareholder of J.P. Morgan Distressed Debt Opportunities
Master Fund Ltd. will hear on June 10, 2016, at 8:30 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
          c/o Kim Charaman
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Telephone: (345) 943-3100


MAST INDUSTRIES: Shareholders' Final Meeting Set for May 19
-----------------------------------------------------------
The shareholders of Mast Industries N.V. will hold their final
meeting on May 19, 2016, at 10:45 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

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


PIC CAYMAN 1: Shareholders' Final Meeting Set for May 17
--------------------------------------------------------
The shareholders of Pic Cayman 1 will hold their final meeting on
May 17, 2016, at 11:00 a.m., to receive the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Pankaj Gupta
          Mohammed Abdullah A Alali
          c/o Sophie Kassam
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +971 4 363 7919


PICASSO PHARMA: Shareholders' Final Meeting Set for May 17
----------------------------------------------------------
The shareholders of Picasso Pharma SPV will hold their final
meeting on May 17, 2016, at 11:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Pankaj Gupta
          Mohammed Abdullah A Alali
          c/o Sophie Kassam
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +971 4 363 7919


SOUTHERN COMMERCE: Members' Final Meeting Set for June 24
---------------------------------------------------------
The members of Southern Commerce Corp. Ltd. will hold their final
meeting on June 24, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kent Limited
          Michelle R. Bodden-Moxam
          St. George's International Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


TRIANGULAR BHD: Shareholders' Final Meeting Set for May 19
----------------------------------------------------------
The shareholders of Triangular BHD Fund Ltd. will hold their final
meeting on May 19, 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:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


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C O S T A   R I C A
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BANCO INTERNACIONAL: S&P Cuts ICR to BB- & Removes from Watch Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its long-term global scale issuer
credit rating on Banco Internacional de Costa Rica (BICSA) to
'BB-' from 'BB' and affirmed its 'B' short-term issuer credit
rating.  At the same time, S&P removed the ratings from
CreditWatch with negative implications, where S&P placed them on
Feb. 26, 2016.  The outlook on the long-term rating is negative.
The stand-alone credit profile remains 'bb'.

The rating action follows S&P's assessment of BICSA's potential
resilience to a hypothetical default of Costa Rica (foreign
currency: BB-/Negative/B).  For an entity to be rated above the
relevant sovereign foreign currency rating, the entity should be
able to pass a hypothetical sovereign foreign currency default
stress test.  S&P applied the stress test to the foreign currency
rating on the sovereign to which the entity has the largest
material exposure (BICSA had around 45% of its loan exposure in
Costa Rica as of Dec. 31, 2015) and whose foreign currency rating
is lower than the potential credit rating on the entity.

The negative outlook over the next two years reflects that on
Costa Rica.  The sovereign rating will continue to constrain S&P's
ratings on BICSA, so the ratings will move in tandem with those on
the sovereign.  If S&P's foreign currency rating on Costa Rica is
lowered further, then S&P's issuer credit rating on BICSA would
also be lowered.

Conversely, if the outlook on the sovereign is revised to stable,
S&P will take a similar action on BICSA.


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


DORAL FINANCIAL: Court Approves Fannie Mae Settlement
----------------------------------------------------
Doral Financial Corporation and the Official Committee of
Unsecured Creditors sought for and obtained from Judge Shelley C.
Chapman of the U.S. Bankruptcy Court for the Southern District of
New York approval of their settlement with Fannie Mae.

The Debtor and Fannie Mae are parties to a Mortgage Selling and
Servicing Contract ("MSSC") which, among other things, approved
the Debtor to sell mortgage loans to Fannie Mae.  Since the
execution of the MSSC, the Debtor has sold mortgage loans to
Fannie Mae pursuant to certain individual master agreements ("MP
Contract").  Under certain conditions, the Debtor is obligated to
repurchase or cover certain losses of Fannie Mae relating to some
of the mortgage loans sold by the Debtor to Fannie Mae.

The Debtor entered into a Pledge Agreement pursuant to which the
Debtor pledged $44 million of cash and negotiable debt securities
as collateral to secure its obligations arising under certain MP
Contracts. In connection with the execution of the Pledge
Agreement, the Debtor established an account ("Account")with The
Bank of New York ("BNY"), deposited the Collateral in the Account,
and entered into a Collateral Account Control Agreement,("Escrow
Agreement") among the Debtor, Fannie Mae, and BNY, pursuant to
which BNY continues to hold the Collateral.

The Collateral has matured into cash since its deposit and the
Account currently holds $44 million in cash.  A separate account
at BNY ("DDA") holds $1,000,906 in cash, which is comprised of
interest payments received on account of the Collateral prior to
its maturity.

Fannie Mae filed a proof of claim in the Debtor's bankruptcy case,
asserting secured and unsecured claims against the Debtor's estate
in an aggregate amount of $22,989,840.  In addition to an
unsecured claim of $9,840 due under a software agreement, Fannie
Mae asserts a secured claim of $22,980,000 for "recourse
obligations on more than 8800 recourse loans that require the
Debtor to purchase and/or pay losses incurred on the recourse
loans" that are secured by the Collateral.

The Debtor and the Official Committee contended that the
Settlement Agreement is the result of a months-long, good faith,
and arms'-length discussion among the parties, and provides for
over $6 million of additional consideration for the estate.  They
further contended that it provides for the release of $13,950,000
from the Account to Fannie Mae with the remaining $30,050,000 in
the Account to be released to the Debtor, and that the Debtor will
also receive the funds in the DDA.

The Debtor and the Official Committee told the Court that the
Settlement Agreement contemplates the full termination of the
Debtor's and Fannie Mae's entire contractual relationship, the
withdrawal of Fannie Mae's Proof of Claim, and the exchange of
full mutual releases among the Debtor, the Committee, and Fannie
Mae, including the release of termination, rejection, or related
damages, if any, that would otherwise arise from the termination
of the Party Contracts.

Doral Financial Corporation and its affiliated debtors are
represented by:

          Mark I. Bane, Esq.
          ROPES & GRAY LLP
          1211 Avenue of the Americas
          New York, NY 10036-8704
          Telephone: (212)596-9000
          Facsimile: (212)596-9090
          E-mail: mark.bane@ropesgray.com

               - and -

          James A. Wright III, Esq.
          ROPES & GRAY LLP
          Prudential Tower
          800 Boylston Street
          Boston, MA 02199-3600
          Telephone: (617)951-7000
          Facsimile: (617)951-7050
          E-mail: james.wright@ropesgray.com

The Official Committee of Unsecured Creditors is represented by:

          Brian D. Pfeiffer, Esq.
          Taejin Kim, Esq.
          SCHULTE ROTH & ZABEL LLP
          919 Third Avenue
          New York, NY 10022
          Telephone: (212)756-2000
          Facsimile: (212)593-5955
          E-mail: brian.pfeiffer@srz.com
                  tae.kim@srz.com

                About Doral Financial Corporation

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, 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 P23,149,434 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.


INTERNATIONAL MANUFACTURING: Judge Ralph R. Mabey Named Mediator
----------------------------------------------------------------
Judge Robert S. Bardwil of the U.S. Bankruptcy Court for the
Eastern District of California, Sacramento Division, authorized
the appointment of Honorable Ralph R. Mabey, a member in the
Kirton McConkie law firm, as mediator.

Chapter 11 Trustee Beverly N. McFarland had sought Judge Mabey's
appointment as mediator, to mediate a settlement of the bankruptcy
estate's fraudulent transfer adversary action pending against
Bridge Bank, N.A.

Judge Bardwil authorized the Chapter 11 Trustee to pay the
bankruptcy estate's portion of both Judge Mabey's fees at his
reduced rate of $965 per hour and his expenses.

Beverly N. McFarland, Chapter 11 Trustee, is represented by:

          Thomas A. Willoughby, Esq.
          Jennifer E. Niemann, Esq.
          FELDERSTEIN FITZGERALD WILLOUGHBY &
          PASCUZZI LLP
          400 Capitol Mall, Suite 1750
          Sacramento, CA 95814
          Telephone: (916)329-7400
          Facsimile: (916)329-7435
          E-mail: twilloughby@ffwplaw.com

              About International Manufacturing Group

Deepal Wannakuwatte, the mastermind of a $150 million Ponzi
scheme, put himself and his company, International Manufacturing
Group Inc., into Chapter 11 after he pleaded guilty to one count
of wire fraud and agreed to a 20-year prison sentence.  The
bankruptcy filing was part of his plea bargain with federal
prosecutors.  Mr. Wannakuwatte is the former owner of the
Sacramento Capitols tennis team.

International Manufacturing sought Chapter 11 bankruptcy
protection (Bankr. E.D. Cal. Case No. 14-25820) in Sacramento, on
May 30, 2014.  The case is assigned to Judge Robert S. Bardwiln

The Debtor tapped Marc A. Caraska, in Sacramento, as counsel.

In June 2014, Beverly N. McFarland was appointed as Chapter 11
trustee for the Debtor.  She has tapped Felderstein Fitzgerald
Willoughby & Pascuzzi LLP as her bankruptcy counsel; Diamond
McCarthy LLP as her special litigation counsel; Gabrielson &
Company as accountant; and Karen Rushing as bookkeeper outside the
ordinary course of business.

The U.S. Trustee for Region 7 appointed a three-member unsecured
creditors panel comprising of Byron Younger, Janine Jones, and
Steve Whitesides.


SPORTS AUTHORITY: Seeks Approval of Key Employee Retention Plan
---------------------------------------------------------------
The Sports Authority, Inc., and its affiliated debtors ask the
U.S. Bankruptcy Court for the District of Delaware to approve
their Key Employee Retention Program ("KERP").

The Debtors contend that The Sports Authority Key Employee
Retention Program is designed to provide retention payments to
certain key, non-insider employees of the Debtors in order to
increase the likelihood that the proceeds received by the Debtors
through the sale or liquidation of their assets are maximized, as
well as preserved, during the Debtors' Chapter 11 cases.

The KERP contains, among others, these relevant terms:

     (a) Participation: At this time, the Debtors have limited
participation in the KERP to certain critical non-insider
employees.  However, the Debtors reserve the right, in their
reasonable business judgment, to select additional non-insider
KERP Participants upon notice to the U.S. Trustee, the Debtors'
prepetition and post-petition secured lenders, and the Committee.
The KERP Participants represent a cross-section of various
functions of the Debtors, including accounting, finance, human
resources, information technology, legal, operations and
sourcing/planning.

     (b) Cost: The aggregate cost of the KERP will be no greater
than $1,250,000.

     (c) Retention Bonus: The Retention Bonus paid to each KERP
Participant will be a lump sum amount, with those KERP
Participants who are the most critical and irreplaceable eligible
for the largest Retention Bonuses.

     (d) Retention Bonus Schedule: Each KERP Participant's
Retention Bonus will be paid upon the latest to occur of (i) 75
days following the Court's approval of a sale of substantially all
of the Debtors' assets, and/or, a liquidation process, or (ii) if
applicable, confirmation of a chapter 11 plan.

     (e) Termination Provisions: Any KERP Participant that
voluntarily resigns, or is terminated for cause, prior to payment
of a Retention Bonus, will forfeit his or her Retention Bonus. The
Debtors reserve the right, in their reasonable business judgment,
to make forfeited payments available to other employees or
reallocate forfeited payments among the other eligible KERP
Participants, upon notice to the U.S. Trustee, the Debtors'
prepetition and post-petition secured lenders, and the Committee.

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

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

               - and -

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

                 About Sports Authority Holdings

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

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

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


TELEPRO CARIBE: Case Summary & 13 Unsecured Creditors
-----------------------------------------------------
Debtor: Telepro Caribe, Inc.
        PO Box 270397
        San Juan, PR 00928-3397

Case No.: 16-03648

Chapter 11 Petition Date: May 5, 2016

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

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Nelson Robles Diaz, Esq.
                  NELSON ROBLES DIAZ LAW OFFICES, P.S.C.
                  P.O. Box 192302
                  San Juan, PR 00919-2302
                  Tel: (787) 721-7929
                  Fax: (787) 282-9100
                  E-mail: nroblesdiaz@gmail.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose R. Mora Nazario, CEO.

A list of the Debtor's 13 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-03648.pdf


=================
X X X X X X X X X
=================


* Latin America's Wealthiest Nation Readies for Jobless Storm
-------------------------------------------------------------
Laura Millan Lombrana at Bloomberg News reports that Elson
Carrasco has called every one of his friends and colleagues in the
construction industry over the past month as he looks for work.

After 30 years on building sites, that is a lot of people -- yet
not one has been able to help, according to Bloomberg News.

"Things are bad," Mr. Carrasco said as he collected his first ever
unemployment payment in central Santiago on April 3, says the
report.  "Companies don't have jobs.  They are working on existing
projects, but there aren't any new ones coming in," Mr. Carrasco
added.

Bloomberg News notes that the jobless rate in the Santiago
Metropolitan Region leaped 2.6 percentage points to a six-year
high of 9.4 percent in March from three months earlier, according
to a survey by the Universidad de Chile.  As the labor market
turns down, real wages are growing at the slowest pace since 2009,
Bloomberg News relays.

The jump in unemployment is bad news for a government that
ratcheted up spending last year, hired more workers and increased
infrastructure investment 12 percent to ease the impact of slower
growth, Bloomberg News says.  With the Finance Ministry already
cutting back its spending plans for this year as the budget
deficit widens, the last thing President Michelle Bachelet wants
to see is consumer spending going the same way as investment --
downwards, Bloomberg News discloses.

Further pressure on economic growth seems inevitable though as
unemployment rises, Bloomberg News notes.  Mr. Carrasco has
already stopped taking his wife and two daughters out to dinner on
Fridays and is preparing to cut back further, Bloomberg News
relays.

"The biggest expense is the mortgage, so we are adjusting our
budget in other things like groceries," he added, notes the
report.

                           'Feedback Loop'

Consumer spending had helped the economy maintain growth of about
2 percent for the past two years, even as a decade-long commodity
boom came to an abrupt end and investment fell, Bloomberg News
notes.  That growth pillar may already be weakening, with retail
sales growing at the slowest pace in a year in March, Bloomberg
News relates.

"These things create the risk of a feedback loop," the report
quoted Tiago Severo, an analyst at Goldman Sachs Group Inc. in New
York, as saying.  "The labor market had been weakening for months,
but we weren't seeing that weakness translated into a higher
headline unemployment figure.  This is happening now."

Bloomberg News relays that the national statistic agency's
calculation of national unemployment rose more than analysts
expected to 6.3 percent in the first quarter from 5.9 percent in
the month-earlier period, and up from 6.1 percent a year before.
The median estimate of 15 economists surveyed by Bloomberg was 6
percent.

As unemployment rises, the government stands ready to step in,
Finance Minister Rodrigo Valdes said.

"We have a system to activate emergency programs for jobs
depending on the unemployment level," Mr. Valdez said, Bloomberg
News relays.  "Unemployment reflects lower growth, so we need to
work on the main issue, which is growth," he added.

                            Construction Standstill

The construction industry is likely to be particularly hard hit
this year, Bloomberg News notes.  In 2015, the industry boomed as
builders rushed to start projects before a new tax came into
effect at the beginning of this year, Bloomberg News relays.  As
apartment blocks shot up across the country, employment in the
industry leaped by 44,380 last year, or 6.7 percent, Bloomberg
News discloses.

That boom has now ended, with the survey by Universidad de Chile
estimating the jobless rate in the Santiago Metropolitan Region
among construction workers at 9.9 percent in March, higher than
any other industry, Bloomberg News notes.

Outside the unemployment office, Carrasco explains that he used to
make about $1,800 a month as a site manager, although his contract
only shows monthly payments of $380, the minimum wage, Bloomberg
News relates.   The rest was paid in cash, Bloomberg News says.

"Companies practically force you to accept these conditions, and
now my unemployment benefit is really low," he added, the report
relays.

                         Going Downmarket

The situation is not yet dire.  Like Carrasco, many unemployed
people interviewed by Bloomberg as they lined up to collect their
benefit payments expected to find work, but not with the pay or
conditions they wanted.

The statistics agency reported that self-employed jobs, linked to
unqualified or informal work, grew 7.3 percent in the first
quarter from a year ago. Salaried jobs were only up 0.1 percent,
Bloomberg News notes.

Alina Correa, who lost her job earlier this year as a secretary at
a company that imports cloths because of a downturn in business,
is beginning to lower her expectations, Bloomberg News relays.
"There is work, yes, but it is not well-paid at all," she added.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *