TCRLA_Public/160518.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 18, 2016, Vol. 17, No. 97


                            Headlines



A R G E N T I N A

ARGENTINA: Agrees to Pay $217MM in Energy Company Arbitration Deal
ARGENTINA: DBRS Ups Long-Term Foreign Currency Issuer Rating to B
PETROBRAS ARGENTINA: Pampa Energia to Acquire Stake for $892MM
TELECOM ARGENTINA: Posts ARS935MM Income for 1Q Ended March 2016
TOYOTA COMPANIA: Moody's Puts Ba3 Rating to ARS130M Debt Issuance

YPF SA: Teams Up With Pampa Energia on Argentina Tight Gas Project


B R A Z I L

CENTRAIS ELETRICAS: Fitch Says Recent Events May Pressure Ratings
CYRELA BRAZIL: S&P Revises Outlook to Neg. & Affirms 'BB' Rating
PDG COMPANHIA: Moody's Affirms Caa3 Rating on 1st Issuance of CRI


C A Y M A N  I S L A N D S

BLACKSTONE ALTERNATIVE: Shareholders' Final Meeting Set for June 2
CAIS BALESTRA: Shareholders' Final Meeting Set for June 2
CAIS HIGHBRIDGE: Shareholders' Final Meeting Set for June 2
CAIS JAT: Shareholders' Final Meeting Set for June 2
CAIS PAULSON: Shareholders' Final Meeting Set for June 2

CAIS PERELLA: Shareholders' Final Meeting Set for June 2
LIFE PREMIUM: Members' Final Meeting Set for May 23
NAN FUNG: Members' Final Meeting Set for May 31
PORTOLAN PILOT: Members' Final Meeting Set for May 31
ROSFUND, SPC: Members' Final Meeting Set for May 31

VIRGIN (BEL): Members' Final Meeting Set for June 15
WHITE OAK: Members' Final Meeting Set for June 23
ZHG SAVEOPPORTUNITY: Members' Final Meeting Set for June 23


J A M A I C A

NATIONAL COMMERCIAL: Completes Guardian Holdings Acquisition


M E X I C O

GRUPO KUO: S&P Revises Outlook to Stable & Affirms 'BB' CCR
GRUPO POSADAS: Fitch Rates Senior Notes Reopening 'B+/RR3'


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 19
LEGAL CREDIT: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X X

LATAM: 'Business as Usual' Approach Will See Debt Soar


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Agrees to Pay $217MM in Energy Company Arbitration Deal
------------------------------------------------------------------
fortune.com reports that Argentina has agreed to pay $217 million
to two energy companies in long-standing arbitration cases
stemming from its 2001/02 economic crisis, part of the center-
right government's efforts to lure back foreign investors.

The country will pay damages to Britain's BG Group, now owned by
Royal Dutch Shell, and U.S. firm El Paso Energy, now owned by
Kinder Morgan, the Argentine finance ministry said in a statement,
according to fortune.com.

"Both agreements put an end to the claims and level the way to re-
establishing direct investments, particularly from companies
coming from the associated countries (Britain and the United
States) and in the energy sector," the ministry said, the report
notes.

The World Bank's International Centre for the Settlement of
Investment Disputes (ICSID) had found in favor of both companies
in 2014, the report relays.

Last month, Argentina returned to global debt markets and paid off
'holdout' creditors, 14 years after a massive sovereign debt
default that triggered an exit of investors and a wave of
litigation, the report says.

New business-friendly President Mauricio Macri hopes closing that
painful chapter in the country's history will bring down borrowing
costs across Latin America's third-largest economy and attract the
investment needed to kick-start growth, the report discloses.

The government is keen to move towards energy self-sufficiency and
Macri has promised to increase investment in the oil sector,
particularly in renewable energy and the sprawling Vaca Muerta
shale formation in Patagonia, the report notes.

The payment will be via dollar-denominated bonds, the government
said, the report adds.


ARGENTINA: DBRS Ups Long-Term Foreign Currency Issuer Rating to B
-----------------------------------------------------------------
DBRS, Inc. has upgraded Argentina's long-term foreign currency
issuer rating from SD to B, and the short-term foreign currency
issuer rating from D to R-4. The long-term local currency issuer
rating has been upgraded from B (low) to B (high), and the short-
term local currency issuer rating has been upgraded from R-5 to R-
4. The trend on all ratings is stable. Following the long-awaited
settlement affecting most of Argentina's untendered bonds from the
2001 default, DBRS has also withdrawn its 'D' rating on the long-
term foreign currency securities (not restructured), covering
securities issued prior to 2002.

Argentina's resumption of payments on its foreign law exchange
bonds combined with the significant improvement in Argentina's
macroeconomic fundamentals since DBRS's last review provide the
rationale for the two notch upgrade of the local currency rating
and the restoration of the foreign currency rating from SD to B.
On May 5, Argentina successfully cleared the interest arrears on
its exchange bonds, which had gone into default following the June
2014 ruling of the U.S. Court of Appeals. The Macri
administration, elected in December 2015, made a speedy resolution
to the default of these bonds a high priority in recognition of
Argentina's need for non-inflationary sources of financing. The
resolution of the default itself serves as strong evidence of
Argentina's increased willingness to meet its debt obligations. In
addition, the Macri administration has made extensive changes to
Argentina's macroeconomic policy framework, easing convertibility
restrictions and moving to a more flexible exchange rate, while
tightening domestic policies to gradually reduce inflation and the
fiscal deficit. The administration has also moved to reduce taxes
and other barriers to trade and investment. Argentina's challenges
remain significant, as reflected in a 'B' rating, but net debt
remains manageable and the administration appears strongly
committed to disinflationary policies.

Considerable progress in reducing the fiscal deficit and durably
lowering inflation may lead to further upgrades. Similarly,
further measures to improve the investment climate and strengthen
Argentine institutions could put upward pressure on the ratings.
Conversely, a deterioration in political support that prevents the
government from reducing imbalances could result in downgrades.
Political challenges could intensify in the event of a deeper than
expected downturn and material rise in unemployment.

Argentina benefits from a diverse economy, an educated population,
a highly productive agricultural sector, economic ties with other
emerging markets, and abundant natural resources. Real growth has
averaged 3.4% over the past twenty years, in spite of the deep,
multi-year recession between 1999 and 2002 and the more recent
period of stagflation. Argentina exhibits relatively high levels
of productivity compared to other emerging economies in the
region, with per capita output measured in PPP terms estimated at
over 22k (current international dollars). Preferential access to
the regional Mercosur market has also been an important strength,
though largely self-imposed restrictions have limited the benefits
from trade and Brazil's current economic situation lends little
support to an Argentine recovery. The change in administration
nonetheless puts Argentina in position to expand its ties within
the region and capitalize on its strengths.

A prolonged period of negative real interest rates has
significantly reduced indebtedness, both for the public and the
private sector. Several years of primary fiscal surpluses and high
levels of participation in the 2005 and 2010 debt exchanges also
contributed to the rapid decline in public debt. The central
government's deficit has widened in recent years, but financing
has come from other public entities, such as the social security
administration and the central bank, and net debt remains low.
Although limited financial intermediation in the economy acts as a
constraint on investment, the low degree of leverage has insulated
the Argentine economy from the potentially adverse impact of
global financial shocks.

In spite of these strengths, fiscal performance has deteriorated
significantly over the past half-decade. Utility tariffs have been
held stable amid high inflation and public sector employment has
increased significantly. Although part of the increase in social
spending has likely been helpful in reducing poverty and
increasing social mobility, populist spending proposals have
jeopardized the government's medium-term solvency and generated a
high rate of inflation given the lack of non-inflationary sources
of financing.

Although the new government and central bank president have
already demonstrated a strong commitment to tighter monetary and
fiscal policies, the devaluation of the peso and need to increase
administrative prices have caused inflation to accelerate. The
political cost of achieving durably lower inflation may be
significant, particularly if unemployment and labor unrest
increase. Continued high inflation is likely to put downward
pressure on the peso, with negative consequences for external debt
sustainability.

The government's ability to reduce its reliance on central bank
financing is in turn predicated on increasing its access to
private capital. The government has won an important victory in
resolving the holdout problem and enabling a return to
international capital markets nearly 15 years after Argentina's
default. Expected gross financing needs are nonetheless high for
the next several years, and authorities will need to deliver
sustained progress in reducing Argentina's fiscal deficit.

Notwithstanding positive signals from the incoming administration,
Argentina suffers from a weak investment climate. Unpredictable
tax and regulatory policies have generated significant distortions
within the economy. The President has traditionally exercised
substantial influence over important domestic institutions,
including the central bank and judiciary. The country has
generally stable political institutions, which have allowed for a
peaceful transition of power, but trust in government officials
and in the integrity of core institutions is low. Ongoing
investigations into alleged corruption on the part of current and
former officials may increase polarization and limit progress on
reforms.


PETROBRAS ARGENTINA: Pampa Energia to Acquire Stake for $892MM
--------------------------------------------------------------
EBR News reports that Brazilian state-run oil company Petroleo
Brasileiro (Petrobras) has signed an agreement to divest its
67.19% stake in its Argentina subsidiary to Pampa Energia for
$892m.

Under the deal, Petrobras will sell its interest in Petrobras
Argentina (PESA) held through Petrobras Participaciones (PPSL),
according to EBR News.

Petrobras Argentina has downstream operations, including refining,
petrochemicals and electricity generation, the report notes.

The divestment is part of the company's efforts to sell around $14
billion worth of assets in 2016 in a bid to reduce debt and
maintain cash amid plunging oil prices, the report relays.

As part of the deal, Petrobras will continue operations in the
exploration and production segment in Argentina by acquiring 33.6%
of the Rio Neuquen concession, which is estimated to have high
natural gas production potential in the Neuquen Basin, the report
says.

Petrobras will also acquire 100% stake of the Colpa Caranda asset,
natural gas producing fields in Bolivia, the report discloses.

Earlier, Petrobras announced its plan to sell its regional natural
gas pipeline subsidiary Nova Transportadora do Sudeste (NTS), the
report says.

As part of this effort, Petrobras' executive board is negotiating
with Canadian asset management firm Brookfield on an exclusive
basis for 60 days and may be extended for another 30 days, the
report notes.

Reuters cited three sources as saying that Brookf°eld has offered
$5.2 billion to purchase the Petrobras' gas pipeline division,
exceeding the proposals from the Spanish company Gas Natural
Fenosa, the French Engie and Mitsui, the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 9, 2016, S&P Global Ratings affirmed its 'B-' foreign currency
global scale corporate rating on Petrobras Argentina S.A. (PESA).
The outlook remains stable.


TELECOM ARGENTINA: Posts ARS935MM Income for 1Q Ended March 2016
---------------------------------------------------------------
Telecom Argentina disclosed a net income of ARS935 million for the
first quarter ended March 31, 2016, or -10.2% when compared to
1Q15. Net income attributable to Telecom Argentina amounted to
ARS925 million (-10.0% vs. 1Q15).

During 1Q16, Consolidated Revenues increased by 40.4% to ARS12,455
million (+ARS3,583 million vs. 1Q15), mainly fueled by the Fixed
Data, Broadband businesses and Mobile Services.  Moreover,
Operating Income reached ARS1,997 million (+ARS317 million or
+18.9% vs. 1Q15).

A full text copy of the company's financial report is available
free at:

                      https://is.gd/GlUWMv

As reported in the Troubled Company Reporter-Latin America on
April 25, 2016, Moody's hiked Telecom Argentina S.A.'s Corporate
Family Rating to B3 from Caa1 in the global scale.


TOYOTA COMPANIA: Moody's Puts Ba3 Rating to ARS130M Debt Issuance
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
assigned a Ba3 global local currency senior debt rating and a
Aaa.ar national scale debt rating to Toyota Compania Financiera de
Argentina S.A.(TCFA)'s expected issuance up to ARS130 million. The
issuance, which will be due in 24 months, is under Toyota's ARS800
million senior unsecured medium term note program.  The ratings
have stable outlook.

These ratings were assigned to Toyota Compa§ia Financiera de
Argentina:

  ARS130 million Senior Unsecured Debt Issuance:
  Ba3 Global Local Currency Senior Unsecured Debt Rating
  Aaa.ar Argentina National Scale Local Currency Senior Unsecured
   Debt Rating

                        RATINGS RATIONALE

The Ba3 global local currency senior debt rating is constrained by
Argentina's local currency country ceiling for debt of Ba3, and
reflects the very high probability that Toyota's ultimate parent,
Toyota Motor Corporation (Japan) (Aa3 stable), will support the
issuer, whose standalone credit quality is reflected by its b3
BCA.  Moody's assessment of a very high probability of parental
support considers TCFA's key role as the financial agent for
Toyota Corporation in Argentina and its strong commercial and
strategic importance to the corporation.  Thanks to parental
support, the company remains one of the strongest credits in
Argentina despite significant credit challenges that constrain
TCFA's BCA and its debt ratings relative to global peers.  While
non-performing loans remain low given the company's focus on
middle and high-income individuals, we foresee a potential
increase in the market's delinquency levels in the coming
quarters.  However, the company's loans are well collateralized
due to generally conservative underwriting standards as well as
the impact of the high rate of inflation, as a consequence of
which cars hold their value in nominal terms.  The ratings also
include the risk associated with a liability structure mainly
reliant on market funds, as is the case of other automobile
finance companies.  These challenges outweigh credit strengths
that include strong capitalization levels in addition to low
delinquency levels and strong collateralization.

WHAT COULD CHANGE THE RATING UP/DOWN

The entity's rating could face upward pressure if Argentina's bond
rating is upgraded or if Argentina's macro profile rises due to an
improvement in the country's economic or institutional strength or
a reduction in its susceptibility to event risk.  On the other
hand, the rating could go down if the probability of affiliate
support declines, or if the operating environment deteriorates
affecting the entities' business prospects.

The principal methodology used in this rating was Banks published
in January 2016.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.  While NSRs have
no inherent absolute meaning in terms of default risk or expected
loss, a historical probability of default consistent with a given
NSR can be inferred from the GSR to which it maps back at that
particular point in time.

Toyota Compania Financiera de Argentina S.A. is headquartered in
Buenos Aires, Argentina, with assets of ARS2.36 billion and equity
of ARS238 million as of March 2016.


YPF SA: Teams Up With Pampa Energia on Argentina Tight Gas Project
------------------------------------------------------------------
platts.com reports that Argentina's YPF SA will buy stakes in two
blocks with "high potential" for unconventional natural gas
production, entering into a partnership that plans to drill 30
wells over the next three years, the company said.

State-run energy company YPF SA said it would acquire the stakes
for $140 million from Pampa Energia, the country's biggest
electric utility, which finalized a US$892 million acquisition of
most of the assets of Brazil's state-run Petrobras in Argentina,
according to platts.com.

According to the terms of the deal, YPF would get a 33.33% stake
in the Rio Neuquen block in the southwestern provinces of Neuquen
and Rio Negro, and an 80% stake in Aguada de la Arena in Neuquen.
Both blocks are in the Neuquen Basin, the biggest source of
conventional gas production in Argentina -- and home to the giant
Vaca Muerta shale play, the report notes.

YPF SA said it would become the operator of the blocks, which it
said have strong potential for finds in shale and tight plays,
according to in a filing with the Buenos Aires Stock Exchange, the
report relays.

YPF SA estimates that the acquisition will gain it 3 million cu
m/d of gas production -- and access to "great potential for the
development of gas in the Mulichinco, Lajas, Punta Rosada and Vaca
Muerta formations," according to the statement, the report notes.

Separately, Pampa said it would retain a 33.4% stake in Rio
Neuquen and 20% in Aguada de la Arena, while Petrobras would join
the consortium to develop Rio Neuquen with a 33.6% stake in that
block. Petrobras agreed to pay $72 million for that stake, Pampa
said, the report relays.

Once the deal is approved, the three companies plan to invest $450
million to drill 30 wells on Rio Neuquen with a goal of doubling
production there to 5 million cu m/d in three years, a Pampa
spokesman said, the report discloses.

"Everybody is saying that there is huge potential for tight gas in
Rio Neuquen," the spokesman said on the condition of not being
named, the report notes.  "That will be the focus of the
investment," the spokesman added.

Argentina's new right-of-center government of President Mauricio
Macri has been seeking to promote gas drilling to arrest a
widening deficit, now at about 30% of consumption after a 16%
decline in production to 120 million cu m/d from a record 143
million cu m/d in 2004, the report relays.

Macri's administration has raised gas prices at the wellhead to an
average of $5.20/MMBtu from less than $3.00/MMBtu previously,
while also offering incentives of up to $7.50/MMBtu for new
developments in unconventional plays, the report notes.

As reported in the Troubled Company Reporter - Latin America on
March 28, 2016, Fitch upgraded YPF S.A.'s foreign currency long-
term issuer default ratings to 'B'.


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


CENTRAIS ELETRICAS: Fitch Says Recent Events May Pressure Ratings
-----------------------------------------------------------------
The Agencia Nacional de Energia Eletrica's (ANEEL) decision
against Centrais Eletricas Brasileiras S.A. (Eletrobras; 'BB-'/
Outlook Negative) referring to the reimbursement of approximately
BRL 7 billion to the Global Reversion Reserve (RGR) Fund, in
addition to the company's failure to file its Form 20-F as
required by the U.S. Securities and Exchange Commission (SEC), may
put pressure on Eletrobras' ratings, according to Fitch Ratings.

On May 10, 2016, ANEEL determined that Eletrobras had failed to
return to the RGR Fund the approximately BRL2 billion of loan
amortization and financial charges incurred during the period of
1998 to 2011. The regulatory agency also determined that this
amount should be adjusted based on the rate of a fund administered
by Banco do Brasil S.A., which would be approximately BRL7
billion, and must be paid in 90 days. Eletrobras has stated that
it will appeal to the courts seeking annulment of ANEEL's
administrative decision.

Fitch foresees increasing liquidity risk for Eletrobras in the
short term if the RGR reimbursement materializes, as its cash
position and cash generation are tight to support such a cash
outflow. As of March 2016, Eletrobras' consolidated cash and
equivalents amounted to BRL7.2 billion, while latest 12 months
EBITDA was negative at BRL 10.9 billion. Total consolidated debt,
according to Fitch methodology, was BRL42.8 billion.

Eletrobras' failure to file its Form 20-F for 2014 and 2015 may
affect the company's ability to fund new debt. The prescribed
filing dates were originally April 30, 2015 and 2016,
respectively. The delay may result in the delisting of the
company's ADRs (American Deposit Receipts) listed on the New York
Stock Exchange (NYSE) and is the result of the investigation of
alleged bribes involving Eletronuclear - an Eletrobras'
subsidiary.

Eletrobras' ratings continue to reflect some linkage with the
Federal Republic of Brazil's Sovereign rating ('BB'/Outlook
Negative). The company is important to the country because of its
relevant market share in electricity generation, transmission and
distribution, with strong presence in the auctions promoted by the
government to reinforce the electric sector in the country. On a
standalone basis, Eletrobras' IDRs would be lower due to its still
weak consolidated operational cash generation, high capital
expenditures program and deteriorated credit metrics.]


CYRELA BRAZIL: S&P Revises Outlook to Neg. & Affirms 'BB' Rating
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Cyrela Brazil Realty
S.A. Empreendimentos e Participacoes to negative from stable to
parallel S&P's outlook on Brazil.  At the same time, S&P affirmed
its 'BB' global-scale corporate rating and S&P's 'brAA-' national-
scale corporate and debt ratings on Cyrela.  S&P also affirmed the
'3' recovery rating, reflecting its expectation of substantial
(the high end of the 70%-90% range) recovery on the company's
senior unsecured debt in the event of a default.

The outlook revision reflects S&P's view that Cyrela wouldn't be
able to withstand a potential sovereign default without defaulting
on its obligations.  As a result, S&P has capped the ratings on
the company at the level of the sovereign rating on Brazil (global
scale: BB/Negative/B; Brazil national scale: brAA-/Negative/--).
As the homebuilding industry is highly correlated and sensitive to
macroeconomic conditions, and because homebuilders are dependent
on the banking sector that provides financing both to construction
and to homebuyers, we believe that under a sovereign distress, the
homebuilders' operations would face significant bottlenecks.

S&P applied a stress test to assess the possibility of the company
having a higher rating than the sovereign.  In this hypothetical
scenario, S&P assumes a GDP contraction of 10%, an inflation rate
of 17.4%, a basic interest rate of 28.5%, and an unemployment rate
of 15% in 2016.  In this scenario and with local banks also in
distress, S&P would expect a significant drop in demand and much
higher sales cancelations, meaningfully affecting Cyrela's cash
flow generation.  This would result in an EBITDA decrease of 90%
versus 2015 and negative funds from operations (FFO) because of
the higher cost of debt.  S&P also applied a haircut of 70% to the
company's cash holdings of domestic marketable securities.  Then,
even assuming that the company would cut capex and dividend
payments, S&P believes that its sources of cash would not be
sufficient to cover its cash needs, which led S&P to cap the
rating at the same level as the sovereign rating.

The negative outlook mirrors the Brazil sovereign rating outlook,
reflecting the fact that S&P would downgrade its rating on Cyrela
if S&P was to downgrade Brazil.  In addition, S&P could downgrade
the ratings if the company presents weaker credit metrics such as
funds from operations (FFO) to debt below 20%, FFO to cash
interest below 2x and debt to capital above 40% during the next 12
months due to weaker-than-expected business conditions that could
result in lower sales speed as well as higher sales discounts and
cancelations.

S&P could revise the outlook to stable from negative if the same
rating action is taken on the Brazilian sovereign rating.


PDG COMPANHIA: Moody's Affirms Caa3 Rating on 1st Issuance of CRI
-----------------------------------------------------------------
Moody's America Latina Ltda. has affirmed the Caa3 (global scale,
local currency) and Caa3.br (national scale) ratings of the 15th
series of the 1st issuance of real estate certificates (CRI or
certificates) issued by PDG Companhia Securitizadora, following
the affirmation of the underlying CCB (cedula de credito bancario
or bank credit notes) ratings at Caa3/Caa3.br.

The real estate certificates are backed by a CCB issued by PDG
Realty S.A. Empreendimentos e Participacoes (PDG).

This rating action follows Moody's affirmation of PDG's ratings on
May 12, 2016.

Issuer: PDG Companhia Securitizadora

  15th Series / 1st Issuance of Certificates: Affirmed global
   scale rating at Caa3; Affirmed national scale rating at Caa3.br

                        RATINGS RATIONALE

Moody's views the certificates as full pass-through securities of
the underlying CCB.  Given that the ratings of the 15th series of
certificates are primarily based on PDG's ability to make payments
under the CCB, any changes in ratings of the underlying CCB will
cause a change in the ratings of the CRIs.

The ratings affirmation follows PDG announcement the company
signed a non-bidding memorandum of understanding with four
Brazilian banks for an out-of-court debt restructure of
approximately BRL3.7 billion, a process that was initiated in
August 2015.  The debt restructure comprise approximately BRL1.2
billion in project loans (i.e. SFH debt) and about BRL2.5 billion
in corporate debt, collectively representing 60% of PDG's total
gross debt outstanding as of FYE2015.  Banks have granted the
company a 60-day standstill of interest and principal payments
while they complete the restructure of all debt agreements.
Moody's views this agreement as a distressed exchange.

PDG's Caa3/Caa3.br Corporate Family Ratings (CFR) reflect its weak
operating performance, untenable capital structure and evolving
liquidity profile with significant near-term debt maturities.  The
ratings also reflect Moody's current view of PDG's consolidated
probability of default and expected loss for its debt holders,
considering its current capital structure that includes
approximately 87% of secured debt and 13% of unsecured debt.  The
Caa3/Caa3.br ratings of the underlying CCB reflect an expected
loss of more than 20% for PDG's senior secured creditors in an
event of default.

Factors that would lead to an upgrade or downgrade of the ratings:
Any changes to the CCB ratings will lead to a change in the
ratings assigned to the certificates.


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


BLACKSTONE ALTERNATIVE: Shareholders' Final Meeting Set for June 2
------------------------------------------------------------------
The shareholders of Blackstone Alternative Multi-Manager Sub Fund
II Ltd. will hold their final meeting on June 2, 2016, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CAIS BALESTRA: Shareholders' Final Meeting Set for June 2
---------------------------------------------------------
The shareholders of Cais Balestra Global Ltd. will hold their
final meeting on June 2, 2016, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Capital Integration Systems LLC
          598 Madison Avenue, 11th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 202 2972


CAIS HIGHBRIDGE: Shareholders' Final Meeting Set for June 2
-----------------------------------------------------------
The shareholders of Cais Highbridge Capital Institutional Fund
Ltd. will hold their final meeting on June 2, 2016, at 10:40 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Capital Integration Systems LLC
          598 Madison Avenue, 11th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 202 2972


CAIS JAT: Shareholders' Final Meeting Set for June 2
----------------------------------------------------
The shareholders of Cais Jat Capital Offshore Fund Ltd. will hold
their final meeting on June 2, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Capital Integration Systems LLC
          598 Madison Avenue, 11th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 202 2972


CAIS PAULSON: Shareholders' Final Meeting Set for June 2
--------------------------------------------------------
The shareholders of Cais Paulson International Ltd. will hold
their final meeting on June 2, 2016, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Capital Integration Systems LLC
          598 Madison Avenue, 11th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 202 2972


CAIS PERELLA: Shareholders' Final Meeting Set for June 2
--------------------------------------------------------
The shareholders of Cais Perella Weinberg Partners Xerion Offshore
Fund Ltd. will hold their final meeting on June 2, 2016, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Capital Integration Systems LLC
          598 Madison Avenue, 11th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 202 2972
          e-mail: legal@caisgroup.com


LIFE PREMIUM: Members' Final Meeting Set for May 23
---------------------------------------------------
The members of Life Premium Fund, SPC will hold their final
meeting on May 23, 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 liquidator is:

          Andrew Morrison
          FTI Consulting (Cayman) Limited
          Telephone: +1 (345) 743 6830
          Facsimile: +1 (345) 749 6830


NAN FUNG: Members' Final Meeting Set for May 31
-----------------------------------------------
The members of Nan Fung Feeder Fund I will hold their final
meeting on May 31, 2016, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PORTOLAN PILOT: Members' Final Meeting Set for May 31
-----------------------------------------------------
The members of Portolan Pilot Master Fund, Ltd. will hold their
final meeting on May 31, 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:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ROSFUND, SPC: Members' Final Meeting Set for May 31
---------------------------------------------------
The members of Rosfund, SPC will hold their final meeting on
May 31, 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:

          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


VIRGIN (BEL): Members' Final Meeting Set for June 15
----------------------------------------------------
The members of Virgin (Bel) Limited will hold their final meeting
on June 15, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bronwyn King
          Harney Westwood & Riegels
          3601 Two Exchange Square
          8 Connaught Place, Central
          Hong Kong


WHITE OAK: Members' Final Meeting Set for June 23
-------------------------------------------------
The members of White Oak Opportunity Fund, Ltd. will hold their
final meeting on June 23, 2016, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


ZHG SAVEOPPORTUNITY: Members' Final Meeting Set for June 23
-----------------------------------------------------------
The members of ZHG Saveopportunity Fund Limited will hold their
final meeting on June 23, 2016, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


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


NATIONAL COMMERCIAL: Completes Guardian Holdings Acquisition
------------------------------------------------------------
RJR News reports that the National Commercial Bank (NCB) has
completed the acquisition of the remaining shareholding in
Guardian Holdings from the Lok Jack Family, the Ahamad Family, IFC
and one of IFC's affiliate entities.

The shares amounted to 29.99 per cent, according to RJR News.

The beneficial owner of the Guardian Holding shares is NCB's
nominee and affiliate, NCB Financial Group, the report notes.

The acquisition was completed in Trinidad and Tobago.

NCB Group Managing Director Patrick Hylton says the purpose of the
acquisition is to drive continued growth and shareholder value,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2015, Standard & Poor's Ratings Services revised its SACP
on National Commercial Bank Jamaica Ltd. (NCBJ) to 'b' from 'b+'
following the BICRA revision. S&P also affirmed its 'B' long- and
'B' short-term issuer credit ratings on the bank.  The outlook
remains stable.


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


GRUPO KUO: S&P Revises Outlook to Stable & Affirms 'BB' CCR
-----------------------------------------------------------
S&P Global Ratings said that it had revised its outlook to stable
from negative on Mexico-based consumer goods, chemicals, and auto
parts producer Grupo KUO, S.A.B. de C.V. on improved operating
performance.  At the same time, S&P affirmed its 'BB' global scale
and 'mxA' national scale corporate credit ratings.

S&P also affirmed the 'BB' global scale and 'mxA' national scale
issue-level rating on the company's senior unsecured notes.  The
'3' recovery rating on the senior unsecured debt remains
unchanged, indicating S&P's expectation for meaningful (upper half
of the 50% to 70% range) recovery in the event of payment default.

The outlook revision reflects S&P's view that the company has
improved its operating performance for the 12 months ended
March 31, 2016 mainly driven by: increased sales volume in the
transmissions strategic business unit (SBU) due to higher demand
for components, high performance transmissions, and dual clutch
products, and a better product mix, coupled with lower raw
material prices; continued organic growth, demand, and product mix
in the aftermarket SBU; the expansion of its pork meat SBU,
increasing its sales volume and installed capacity with continued
operating efficiencies in spite of lower average prices.  In
addition to these factors, its polystyrene SBU showed volume
growth and the company's EBITDA margins improved through a better
product mix and operating efficiencies, in spite of depressed
styrene prices.  Furthermore, the strength of the U.S. dollar has
favorably impacted KUO's results, given that its transmissions and
chemical SBUs are dollarized.  Consequently, the key credit
metrics performance has improved commensurate with S&P's previous
expectations and KUO's significant financial risk profile.

For the following next two years, S&P believes that the company's
operating performance will improve mainly underpinned by the
positive prospects for the automotive industry, together with new
contracts and a consolidation of its components and transmissions
projects in the transmissions SBU.  S&P expects aftermarket SBU
growth as a result of organic growth and an increase in both its
customer and product portfolio. It plans to undertake investments
aimed at expanding the pork meat SBU's installed capacity and to
expand its store network.  S&P expects to see a gradual recovery
of prices in the polystyrene SBU and an expansion of its installed
capacity.  S&P also considers that the company will continue to
carry out cost savings initiatives across all business segments to
increase profitability.

S&P's assessment of KUO's business risk profile as fair reflects
S&P's expectation that the company will maintain strong market
shares due to its leadership and operating capabilities in all of
its business segments.  KUO's strategic focus on investing in
profitable and value-added businesses, expected diversification of
its portfolio through joint ventures (JVs) that match its core
businesses (consumer goods, chemicals and auto parts), and the
resilient nature of its food business underpin S&P's assessment.
However, its business position is counterbalanced by its limited
geographic concentration (about 80% of its sales are generated in
the North America Free Trade Agreement region), the cyclicality in
the auto parts and chemicals businesses, exposure to raw material
price volatility, its single-digit operating margins, and a
certain amount of exposure to foreign exchange fluctuations (about
70% of debt and some raw materials are denominated in dollars).

S&P continues to assess the financial risk profile as significant.
For the 12 months ended March 31, 2016, KUO's consolidated debt to
EBITDA was 3.1x, funds from operations (FFO) to debt was 19.5%,
free operating cash flow (FOCF) to debt was -6.0%, and FFO cash
interest coverage was 12.8x, compared with 4.5x, 15.0%, -20.7%,
and 3.8x, respectively, during the same period of 2015.  S&P notes
that the metrics are adjusted to include the dividends received
from its JVs (Herdez Del Fuerte and synthetic rubber).  S&P
expects that the company will continue posting negative FOCF to
debt in 2016 and 2017 as a result of significant capex that would
be mainly devoted to expansion projects, particularly in the pork
meat and transmissions SBUs.

S&P assumes 100% of the company's cash in our adjusted debt
because S&P believes all of it would be accessible for debt
repayment, if necessary.

The outlook on Grupo KUO is stable and reflects S&P's expectation
that during the next two years, the company will post total debt
to EBITDA, FFO to debt, and FFO to interest expenses at about
3.0x, between 22% and 23.5%, and about 4.5x, in line with its
financial risk profile.

S&P could lower the ratings if KUO's operating performance
declines, weakening its financial performance.  This could stem
from softer economic conditions, or further weakness in raw
materials prices, driving the company's total consolidated debt to
EBITDA to exceed 4.0x or FFO interest coverage below 4.0x.

A ratings upside is somewhat constrained by the company's business
risk profile, in particular its geographic concentration and the
cyclicality of its automotive and chemicals business segments.
However, S&P might consider an upgrade if the company
significantly improves its financial risk profile, posting debt to
EBITDA below 2.0x or FFO interest coverage above 6.0x.


GRUPO POSADAS: Fitch Rates Senior Notes Reopening 'B+/RR3'
----------------------------------------------------------
Fitch Ratings rates Grupo Posadas, S.A.B. de C.V.'s (Posadas)
reopening of senior notes due in 2022 for up to $US50 million
'B+/RR3'. Proceeds from the proposed reopening will be used to
refinance the company's $US38 million of outstanding notes due in
2017. The additional $US12 million will be used for general
corporate purposes. After the payment of the notes due in 2017,
the total debt will be comprised of $US400 million senior notes
due in 2022.

The 'RR3' Recovery Rating assigned to the issuance indicates good
recovery prospects given default. 'RR3' rated securities have
characteristics consistent with security historically recovering
51%-70% of current principal and related interest.

Posadas' ratings are supported by the company's solid business
position as a leading hotel chain in Mexico, strong brand equity
and operating performance, as well as its multiple hotel formats.
Conversely, the ratings are tempered by high leverage, as well as
industry cyclicality. Posadas' presence in all major urban and
coastal locations in Mexico, consistent product offering and brand
image have resulted in occupancy levels that are above the
industry average in Mexico. The use of multiple hotel formats
allows the company to target domestic and international business
travelers of different income levels as well as tourists,
diversifying its revenue base.

KEY RATING DRIVERS

Solid Business Position
Posadas ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by high leverage, as well as
industry cyclicality. Posadas' presence in all major urban and
coastal locations in Mexico, consistent product offering and
quality brand image have resulted in occupancy levels that are
above the industry average in Mexico.

Strengthening Operations
Posadas operating performance continue to improve since the last
two years. RevPAR has increased, particularly in owned and leased
hotels; driven by higher ADR and to a lesser extent higher
occupancy. System wide occupancy has remained stable, above 65%,
although coastal locations have outperformed urban ones, both for
managed, as well as owned and leased properties. Furthermore,
vacation club sales have improved, as increased occupancy in
coastal locations has increased cross-selling opportunities.

Capex Funded with Cash Flow
Fitch expects higher capex levels reaching up to MXN1,000 million
for the next few years mainly related to Club Vacacional projects
in Los Cabos and Acapulco as well as the remodeling of rooms.
These investments are expected to be funded with internally
generated cash flow, which will result in no additional debt for
the company. Going forward, Fitch believes Posadas' strategy will
be centered mainly on managing hotels, as opposed to owning the
properties. New openings should continue for all brands, mainly
Fiesta Inn, Fiesta Americana and One, which are mostly under
managed and leased formats.

Correlation to Economic Cycles
The ratings incorporate the industry's high correlation to
economic cycles, which negatively affects operating trends in
downturns and increases volatility of operating results. The use
of multiple hotel formats allows the company to target domestic
and international business travelers of different income levels,
in addition to tourists, thus diversifying its revenue base.
Geographic diversification is limited as Posadas' operations are
primarily located in Mexico

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Posadas
include:

-- Adjusted debt to EBITDAR around 4.5x in the medium term;
-- Consolidated EBITDA above MXN1 billion;
-- Broadly stable KPIs in the short to medium term;
-- Capex funded with internally generated cash flow.

RATING SENSITIVITIES
Negative Trigger: Negative factors for credit quality could
include any weakening of operating trends or decreases in RevPAR
that could lead to lower EBITDA and cash flow levels, as well as
cash outflows or incurring debt that results in adjusted
debt/EBITDAR consistently higher than 5.0x.

Positive Trigger: Positive factors of the company's
creditworthiness include stable EBITDA generation, consolidating
gains in operating indicators and a proven track record of
stronger and stable credit metrics, such as adjusted debt/EBITDAR
consistently below 4.5x.

LIQUIDITY
Liquidity is sound. Assuming the repayment of the $US38 million
senior notes, the only maturity will be the senior notes due in
2022. Cash balances as of March 31, 2016 were $US92 million. The
additional $US12 million will be used for general corporate
purposes. As of March 31, 2016 Posadas has no committed credit
facilities.

Fitch rates Grupo Posadas, S.A.B. de C.V as follows:

-- Outstanding $US38 million senior notes due in 2017 'B+/RR3'
-- $US400 million senior notes due 2022 'B+/RR3'
-- Local and Foreign currency IDRs 'B'; Outlook Stable;
-- National scale rating 'BB+(mex)'; Outlook Stable;


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


ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 19
-------------------------------------------------------------
ACC Claims Holdings, LLC on May 13 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 19, 2016.  The exchange offers were
previously scheduled to expire at 5:00 p.m., New York City time,
on Thursday, May 12, 2016.  As of 5:00 p.m., New York City time,
on Thursday, May 12, 2016, Eligible Holders of $3,991,358,416.00
original principal amount of ACC Senior Notes (as defined in the
Plan of Reorganization) outstanding, Eligible Holders of
$273,289,582.05 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, April 29, 2016, May 5, 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 (as defined below) (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.


LEGAL CREDIT: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Legal Credit Solutions, Inc.
        2000 Carr 8177
        Suite 26, PBB 106
        Guaynabo, PR 00966

Case No.: 16-03685

Chapter 11 Petition Date: May 6, 2016

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

Judge: Hon. Brian K. Tester

Debtor's Counsel: Paul James Hammer, Esq.
                  ESTRELLA, LLC
                  PO BOX 9023596
                  San Juan, PR 00902
                  Tel: 787-977-5050
                  Fax: 787-977-5090
                  E-mail: phammer@estrellallc.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mrs. Yahairie Tapia, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-03685.pdf


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


LATAM: 'Business as Usual' Approach Will See Debt Soar
------------------------------------------------------
Trinidad Express reports that a report by the London-based
Commonwealth Secretariat is warning Caribbean countries if they
continue on their current development path, by 2050 they will face
unmanageable debt, poor growth, and greater socio-economic
problems.

The report, which was launched at the Fourth Global Biennial
Conference on Small States in Seychelles, looks at the current
policies and trends in six Caribbean countries, namely Bahamas,
Barbados, Jamaica, St Lucia, Grenada, Trinidad and Tobago and
Guyana, according to Trinidad Express.

Commonwealth ReportTitled, "Achieving a Resilient Future for Small
States: Caribbean 2050," the report makes a 34-year projection
across different sectors and shows five out of the six countries
would have a debt-to-gross domestic product (GDP) above 100 per
cent -- dangerous levels if growth continues to lag, Trinidad
Express notes.

Trinidad Express says that projections also suggest interest
expenditure on debt is likely to sap public finances, reducing
funds for development and giving rise to greater socio-economic
problems.

The report warns that the Caribbean faces mounting challenges and
unless there are seismic shifts in policy-making, the outlook is
stark, Trinidad Express relays.

"Sluggish growth, spiralling debt, high youth unemployment, rising
crime rates, piecemeal investment and low productivity all pose
serious threats to the region's future.  Climate change also casts
a long shadow; small island developing states are most vulnerable
to extreme weather, rising sea levels and diminishing natural
resources but lack the funds to plan ahead and minimize risks,"
the report said, Trinidad Express notes.

The report challenges the status quo and sets out policy
interventions in targeted areas aimed at tackling persistent
barriers to the region's growth, Trinidad Express relays.

"This publication offers strategies that seek balance for the
Caribbean in the survivability of today and the sustainability of
tomorrow," said Commonwealth Deputy Secretary-General Deodat
Maharaj, Trinidad Express notes.

"We have taken on board current and future threats facing the
region, such as lack of competitiveness, human and financial
resource constraints, crippling debt and limited access to
development finance and put forward practical steps that set out a
new trajectory to help realize the full and rich potential of the
region," Mr. Maharaj added.

The report provides recommendations on productivity, export
growth, increasing youth employment and fiscal reform, Trinidad
Express notes.

The study shows a two per cent a year increase in productivity
would have the greatest impact on development and growth among the
Caribbean countries profiled, Trinidad Express relays.

Trinidad Express discloses that it also indicates that if a
regional focus on productivity is combined with policies aimed at
stimulating export growth, it is likely growth and debt targets
set by governments will be met.

The Commonwealth report notes that the islands of the Caribbean
have made good progress relative to their short-lived
independence, but a number of crises brought about by societal
change, natural disasters and economic shocks have created major
setbacks, Trinidad Express notes.

For example, the region has struggled to make progress on
development goals because of the protracted economic downturn.
The report attributes the overall decline in economic development
to 'a lack of systemic transformation' and calls for policy-driven
innovation in partnership with the private sector.  It also makes
a strong case for deeper regional integration, Trinidad Express
relays.

"At a time when policy-makers are loathe to look beyond the short
term, this book takes a long view of the policy challenges facing
the Caribbean and reminds us of what could happen if we do nothing
today.  In doing so, it also initiates a much-needed dialogue on
what might be an alternative scenario, and the social and economic
policies that could take us there," said Wendell Samuel, an
official from the International Monetary Fund (IMF) attending the
conference, Trinidad Express notes.

One of the recommendations to free up revenue and boost growth,
the report suggests, is for Caribbean governments to actively
pursue sustainable energy systems by investing in new technology
and improving efficiency, Trinidad Express adds.


                            ***********


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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