TCRLA_Public/160519.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, May 19, 2016, Vol. 17, No. 98


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Agrees to Schedule Changes After Dominica Complaints

B O L I V I A

ENATEX: Closure of Firm Leaves 800 Jobless


B R A Z I L

BRAZIL: Real Declines on Swap Sale and Bets for Higher U.S. Rates
PETROBRAS GLOBAL: S&P Assigns 'B+' Rating to Proposed Sr. Notes
PETROBRAS GLOBAL: Moody's Assigns B3 Rating to Proposed Notes
PETROLEO BRASILEIRO: Fitch Rates Proposed Notes Issuance 'BB(EXP)'
USJ ACUCAR: S&P Raises CCR to 'CCC-' & Puts on CreditWatch Pos.

* Energy Cos. Face Increasing Strains from Oil Slump, Moody's Says


C A Y M A N  I S L A N D S

ADAPTIVE ALPHA: Shareholders' Final Meeting Set for June 13
ADAPTIVE ALPHA MASTER: Shareholders' Final Meeting Set for June 13
AEI OVERSEAS: Shareholders' Final Meeting Set for June 9
BOSK LTD: Shareholders' Final Meeting Set for June 2
CENOTECH INC: Shareholders' Final Meeting Set for June 9

CENTENNIAL GLOBAL: Shareholders' Final Meeting Set for June 10
DCMF LIQUIDATING: Shareholders' Final Meeting Set for June 23
FREMONT VENTURES: Shareholder to Hear Wind-Up Report on June 9
LIFE FUND: Shareholders' Final Meeting Set for June 2
LOREN LIMITED: Sole Member to Hear Wind-Up Report on June 21

LUMINUS ORIGIN: Shareholders' Final Meeting Set for May 31
UPSIDE GROWTH: Shareholder to Hear Wind-Up Report on May 31
WIGHTLINK FINANCE: Shareholders' Final Meeting Set for May 30


C H I L E

COMPANIA SUD: S&P Lowers CCR to 'B' then Withdraws Rating


J A M A I C A

JAMAICA: Plans Underway to Implement Revised Pension Scheme


M E X I C O

ELEMENTIA, S.A.B.: Fitch Affirms 'BB+' Issuer Default Ratings
GRUPO POSADAS: Moody's Affirms B2 CFR & Changes Outlook to Pos.


P U E R T O    R I C O

LA CASA DE LAS PUERTAS: Seeks Approval to Hire Wong as Counsel
SPORTS AUTHORITY: Approved DIP Budget Filed


S U R I N A M E

SURINAME: Government Defends IMF Loan


                            - - - - -


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


LIAT: Agrees to Schedule Changes After Dominica Complaints
----------------------------------------------------------
Caribbean360.com reports that LIAT, operating as Leeward Islands
Air Transport, will adjust its flight schedule to improve its
service to Dominica -- one of the carrier's four main
shareholders -- following complaints from the prime minister of
the Eastern Caribbean island.

Minister of Tourism Senator Robert Tonge and Minister for Ports
Senator Miriam Blanchard met with LIAT's acting Chief Executive
Officer and Chief Financial Officer Julie Reifer-Jones and Chief
Commercial Officer Lloyd Carswell, just over a month after the
Prime Minister Roosevelt Skerrit complained about the shabby
treatment which he said LIAT was meting out to his country, and
the "awful, negative attitude towards Dominica by senior personnel
at LIAT," according to Caribbean360.com.

"The Ministry of Tourism has been speaking about the fact that we
are being adversely affected by the number of flights and the
level of LIAT's service. Many persons have to overnight in other
countries and cannot reach Dominica immediately. That will
increase the cost and time it takes to come to Dominica," Minister
Tonge said, the report notes.  "Many flights are late coming to
Dominica and that impacts passengers and tourists. We spoke to
them about improving their customer service, timeliness and
schedule," Minister Tonge added.

Minister Tonge disclosed that coming out of the talks, a new
flight schedule in and out of Dominica will take effect on June 1,
the report relays.

It is also expected that will be enhanced with an expanded LIAT
fleet, the report says.

The report notes that Minister Tonge said that the meeting allowed
government a chance to clearly state Dominica's position on the
airline's quality of service to the country, as well as to hear
directly from LIAT management, the current challenges facing the
airline.

"The meeting was very good because it allowed us to understand
LIAT's challenges; I think before you can put too much pressure on
someone, you first need to understand their challenges," he said,
the report relays.

The Tourism Minister also indicated that the Discover Dominica
Authority has put in place a committee to further advance the
issue of air access to Dominica, the report adds.

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, Caribbean360.com said that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer


=============
B O L I V I A
=============


ENATEX: Closure of Firm Leaves 800 Jobless
------------------------------------------
Fox News Latino reports that Enatex, the largest state-run textile
company in Bolivia, shut down its operations and laid off 800
employees, who subsequently protested in the streets to demand
that the Evo Morales government bring their jobs back.

The workers protested in La Paz after they were unable to enter
the factory, then learned that the management had been told about
the plant's closure by Productive Development Minister Veronica
Ramos, union leader Johnny Huanca said, according to Fox News
Latino.

"They told us the company is finished.  We're closing down because
the company is changing direction, and we're mad," the report
quoted Mr. Huanca as saying.

"We won't let them fire more than 800 workers," Mr. Huanca said,
promising new anti-government demonstrations in La Paz, the report
notes.

In a statement, Ramos said the company is in for a complete
overhaul, and instead of Enatex it will be known as Servicio
Nacional Textil, the report relays.

The minister said the new firm will provide textile manufacturers
with "the technology and the experience" developed in the
production process, the report says.

She also guaranteed that all workers will receive severance pay.

Months ago the factory started having problems paying wages and
Christmas bonuses and had to begin closing its stores, despite the
government's efforts to relaunch its products at lower prices, the
report notes.

The government created Enatex in 2012 out of the Ametex firm of
entrepreneur Marcos Iberkleid, who previously operated a factory
with almost 4,000 employees, the report relays.

In 2008, however, Iberkleid faced a serious crisis when Bolivia
lost the preferential customs conditions that the U.S. had
previously granted it, the report recalls.

The Morales government tried to build new markets for Bolivian
textiles in Brazil, Cuba, Venezuela and Argentina, but sales in
those countries were disappointing, the report adds


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


BRAZIL: Real Declines on Swap Sale and Bets for Higher U.S. Rates
-----------------------------------------------------------------
Paula Sambo at Bloomberg News reports that Brazil's real led
losses in Latin America as speculation U.S. interest rates will
rise sapped demand for riskier emerging-market assets and the
central bank intervened to weaken the currency.

The real fell 1.3 percent to 3.5351 per dollar at 9:41 a.m. on May
18 in Sao Paulo.  The cost of hedging Brazil's sovereign debt
against losses using five-year credit-default swaps rose 4.1 basis
points to 336.7 basis points, according to Bloomberg News.

The real snapped a two-day rally after the monetary authority
announced it would sell 20,000 reverse swaps, a move equivalent to
buying $1 billion in the futures market, Bloomberg News says.
Emerging-market currencies fell worldwide as investors priced in
an increased probability of higher U.S. interest rates when the
Federal Open Market Committee next meets in June, Bloomberg News
notes.  In Brazil, the planning and finance ministers are said to
disagree on the new fiscal target, according to Folha de S. Paulo,
Bloomberg News relays.

"The FOMC and the central bank intervention are driving the real
down," said Camila Abdelmalack, the chief economist at brokerage
CM Capital Markets in Sao Paulo, Bloomberg News notes.  "If the
economic team keeps disagreeing on fiscal measures, investors'
mood will likely sour too," Ms. Abdelmalack added.

The real has climbed the second-most among about 150 currencies
worldwide this year on bets that a new government would pull Latin
America's largest economy out of its worst recession in a century
and revive the nation's finances, Bloomberg News notes.  While the
rally was a sign of confidence by investors, it also added to
concern that the nation's exports could be hampered, Bloomberg
News relays.  That's propelled the central bank to limit the
currency's appreciation, by selling $41.8 billion in reverse swaps
since March 21, Bloomberg News notes.

Swap rates on the contract maturing in January 2017, a gauge of
expectations for interest-rate moves, rose 0.065 percentage point
to 13.715 percent, Bloomberg News adds.


PETROBRAS GLOBAL: S&P Assigns 'B+' Rating to Proposed Sr. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' debt rating to Petrobras
Global Finance B.V.'s (PGF) proposed senior unsecured notes due
2021 and 2026. PGF is a wholly-owned finance subsidiary of
Brazilian oil and gas company Petroleo Brasileiro S.A. - Petrobras
(B+/Negative/--).  Petrobras will unconditionally and irrevocably
guarantee the notes.  The state-owned oil company will use this
issuance to fund a cash tender offer of some bonds due 2017, 2018,
and 2019, with the recourses allocation strategy dependent on the
final issued amount.

S&P views the tender offer as opportunistic, with proposed prices
to repurchase the securities above the current market price, and
because we believe a failure to carry out the transaction won't
increase likelihood of conventional default during this year.

S&P's 'B+' corporate rating on Petrobras reflects S&P's view that
there is a very high likelihood that the Brazilian government
would provide timely and sufficient extraordinary support to the
company in the event of financial distress.  S&P will continue to
closely monitor the relationship between Petrobras and the
government, including the latter's incentives, capacity, and tools
to support the company.  Although S&P believes the government
support would be Petrobras' last resource, a more explicit
mechanism on the timeframe and way to execute it would support
S&P's current assessment.

As a result, according to S&P's government-related entity
criteria, absent any sovereign rating action while maintaining
S&P's current assessment about likelihood of extraordinary
government support, Petrobras' downgrade would occur if its stand-
alone credit profile (SACP) were to fall to 'ccc'.  Currently, S&P
assess the company's SACP at 'b-'.

The 'b-' SACP, in turn, reflects Petrobras' challenges to improve
its capital structure through assets sales, fuels prices parity,
cost-cutting measures, and production growth amid an exchange rate
volatility, depressed oil prices (although the company's revenues
are not fully linked to international oil prices), and shrinking
investments.  The contingent liabilities from the class action
filed against Petrobras in the U.S. and some potential tax
settlements could also weigh on its liquidity.

RATINGS LIST

Petroleo Brasileiro S.A. - Petrobras
Corporate credit rating
Global Scale                      B+/Negative/--
National Scale                    brBBB-/Negative/--

Rating Assigned

Petrobras Global Finance B.V.
  Sr. Uns. notes                   B+


PETROBRAS GLOBAL: Moody's Assigns B3 Rating to Proposed Notes
-------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Petrobras Global
Finance B.V.'s proposed global notes, which will be
unconditionally guaranteed by Petroleo Brasileiro S.A. (Petrobras,
B3 negative).  The B3 rating on the proposed notes is based on the
rating of Petrobras.  The proposed notes are senior unsecured and
pari passu with Petrobras Global Finance B.V. and Petrobras' other
senior foreign currency debt.  Proceeds from the proposed notes
issuance will be used for debt refinancing and other general
corporate purposes.

The outlook on the ratings is negative.

                          RATING RATIONALE

Petrobras' B3 rating is based on the company's caa2 baseline
credit assessment (BCA), which indicates Moody's view of its
standalone credit strength, and considers the company's steadily
eroding liquidity, negative free cash flow, high financial
leverage, local currency devaluation risk, and operating
challenges in a difficult industry and economic environment.
Consolidated free cash flow will remain negative for the
foreseeable future as its upstream business suffers from extremely
weak oil prices and downstream operations are being hurt by lower
demand, high competition and local currency volatility.  The
company also faces significant risks related to corruption
investigations and class action securities litigation.

Petrobras' B3 rating also considers Moody's joint-default analysis
for the company as a government-related issuer.  Petrobras'
ratings reflect Moody's assumption for a moderate likelihood of
timely extraordinary support from the government of Brazil.
Despite the government's stated willingness to stand behind
Petrobras, Moody's assumes that the government's current fiscal
situation could prevent it from supporting the company
sufficiently to avoid a default.  Petrobras' ratings incorporate
two notches of uplift between Petrobras' BCA and its senior
unsecured rating.  Moody's continues to assume moderate default
dependence between Petrobras and the government.

Petrobras' caa2 BCA and B3 ratings are supported by the company's
large-scale reserve base and dominance in the Brazilian oil
industry, and its importance to the Brazilian economy.
Furthermore, the ratings reflect the company's sizeable pre-salt
reserves, its technological offshore expertise and potential for
continued growth in production over the long-term.

Petrobras liquidity is weak.  The company's lack of access to
capital markets since mid-2015 increased the risk of it being able
to refinance about USD21 billion in maturing debt from April 2016
to December 2017, and made it dependent on its divestment
strategy, which calls for USD14.4 billion in asset sales in 2016.

Petrobras' recent USD 1.4 billion asset sale announcement was
positive as it proved that the company has assets that it can
monetize even in a difficult period for the oil industry.  It also
provides evidence that the company's divestment strategy is moving
forward.  In addition, the company is working with the China Exim
Bank to get USD 1 billion financing facility and with the China
Development Bank to secure a USD 10 billion credit facility.
However, these developments do not completely eliminate
refinancing risk.

Upon this issuance of the proposed notes, the company's maturity
debt profile should improve; however, Petrobras still has about
USD 9 billion in debt maturing in 2016 and over USD 11 billion
maturing in 2017.  Given these large debt maturities and negative
free cash flow, Moody's believes that Petrobras will need
substantial asset sales proceeds by 2017 to meet its cash needs in
the absence of new financing.  Nearly half of maturing debt in
this period is owed to bondholders, with the balance being
financial institutions and other creditors.  The company has USD
231 billion in assets including wells, platforms, refining
facilities, pipelines, vessels, other transportation assets, power
plants, fertilizers and biodiesel plants.  Selling these mostly
Brazil-based assets could be difficult amid today's oil market
slump and Brazil's economic and political struggles.  As of
March 31, 2016, the company had roughly USD 25 billion in cash
holdings, which negatively compares to the company's USD21 billion
in maturing debt in the remaining of 2016 and 2017 plus USD 20
billion annual capex on average projected for the same period.

Petrobras' ratings have a negative outlook, reflecting Moody's
expectation that, in the next 12 to 18 months, the company's
liquidity and financial ratios may deteriorate further as a
consequence of delays in asset sales and weak cash flow
generation, driven by persistent low oil prices, reduced demand
for oil products in Brazil, increasing competition from imports of
oil products and local currency devaluation risk.

Negative actions on Petrobras' ratings could result from further
deterioration in its liquidity or financial profile.  Downgrades
could also be prompted if negative developments from the
corruption investigations or litigation against the company
appears to have the potential to significantly weaken the
company's liquidity or financial profile.  Petrobras' ratings
could be affected by changes in the government of Brazil's rating
or Moody's view of the likelihood of extraordinary support from
the government.

As indicated by the negative outlook, positive rating actions for
Petrobras are unlikely over the near term.  However, positive
action could be considered if the company raises sufficient sums
through asset sales or new debt arrangements to refinance its
upcoming debt maturities and significantly strengthen its
liquidity profile.  While asset sales would reduce future revenues
and cash flow, actions that strengthen the company's liquidity are
currently likely to have a greater credit impact than the related
longer term reduction in production and revenues.

The principal methodology used in this rating was Global
Integrated Oil & Gas Industry published in April 2014.  Other
methodologies used include the Government-Related Issuers
methodology published in October 2014.

Petrobras is an integrated energy company, with total assets of
USD 231 billion as of March 31, 2016.  Petrobras dominates
Brazil's oil and natural gas production, as well as downstream
refining and marketing.  The company also holds a significant
stake in petrochemicals and a position in sugar-based ethanol
production and distribution.  The Brazilian government directly
and indirectly owns about 46% of Petrobras' outstanding capital
stock and 60.5% of its voting shares.


PETROLEO BRASILEIRO: Fitch Rates Proposed Notes Issuance 'BB(EXP)'
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB(EXP)' rating to Petroleo
Brasileiro S.A.'s (Petrobras) proposed issuance of global notes.
The proposed senior unsecured global notes will mature in 2021 and
2026. The notes will be issued through its wholly owned
subsidiary, Petrobras Global Finance B.V. (PGF) and will be
unconditionally and irrevocably guaranteed by Petrobras. Proceeds
will be used to refinance existing debt and for general corporate
purposes.

Linkage to the Sovereign

Petrobras ratings continue to reflect its close linkage with the
sovereign rating of Brazil due to the government's control of the
company and its strategic importance to Brazil as its near-
monopoly supplier of liquid fuels. By law, the federal government
must hold at least a majority of Petrobras' voting stock. The
government currently owns 60.5% of Petrobras' voting rights,
directly and indirectly, and has an overall economic stake in the
company of 46%.

Government Support

Petrobras' credit linkage to the sovereign is evidenced by
supporting domestic fuel prices above international levels as well
as by the lending commitments offered by Banco do Brasil and Caixa
Economica Federal during first-half 2015 to bolster Petrobras'
liquidity. Absent implicit and explicit government support,
Petrobras' credit metrics are not consistent with the assigned
rating. As of March 31, 2016 the company reported total financial
debt of $US126.4 billion and Fitch defined gross leverage was
6.1x.

Cash Flow Remains Under Pressure

Petrobras' cash flow generation is expected to remain under
pressure from Brazilian real depreciation and the fall in oil
prices, despite the recent price increase and capex reduction. The
company is expected to generate enough cash flow from operations
(CFFO) to cover capex and to relay on its access to the debt
capital markets to service its upcoming maturities through
refinancing. Any future debt reduction will depend highly on
divestitures, which are uncertain and difficult to predict. The
company expects its divestment plan for 2015 and 2016 to amount to
$US15.1 billion, of which $US727 million where completed in 2015
and year to date approximately $US1.38 billion worth of
divestments have been approved or closed negotiations and are
pending board approval.

Credit Metrics to Remain Weak

Fitch expects Petrobras' leverage, as measured by total
debt/EBITDA, to remain above 5.0x over the medium term and for
leverage to decline only if the company's divestiture program is
successful. As of March 31, 2016 the company reported total
financial debt of approximately $US126.4 billion. As of year-end
2015 total proved reserves (1P) were approximately 10.5 billion
barrels of oil equivalent (boe) and proved developed (PD) reserves
were 5.1 billion boe, under SEC criteria. This translates into
debt/1P of $US12/boe and debt/PD reserves of $US24.5/boe.

Decreased Growth Potential

Petrobras' production growth potential has decreased as a result
of the corruption scandal surrounding the company and forced
reductions in capex from stagnant cash flow generation and low oil
prices. Fitch's rating case assumes Petrobras' gross production to
increase to approximately 3.1 million barrels of oil equivalent
per day (boed) over the next two to three years and then to remain
relatively flat over the ensuing two years.

RATING SENSITIVITIES

A negative rating action on Petrobras could result from a
downgrade of the sovereign and/or the perception of a lower
linkage between Petrobras and the government.

A positive rating action on Brazil, could lead to a positive
rating action on Petrobras.

The sovereign rating sensitivities include:

-- Failure to arrest the pace of increase in the government debt
    burden. Crystallization of material contingent liabilities
    would also be negative;
-- A deeper and more prolonged recession which further undermines
    government debt dynamics and stokes political and social
    instability;
-- Erosion of international reserves and deterioration in
    government debt composition.

The sovereign's Rating Outlook is Negative. Consequently, Fitch's
sensitivity analysis does not currently anticipate developments
with a high likelihood of leading to a positive rating change.
Future developments that could individually, or collectively,
result in a stabilization of the Outlook include:

-- An improvement in the political environment that is conducive
    to improved policy implementation and supports confidence,
    growth and reform prospects.
-- Fiscal consolidation that leads to greater confidence in the
    capacity of the government to achieve debt stabilization.
-- Improved investment and growth environment and a reduction in
    macroeconomic imbalances.

LIQUIDITY
Petrobras' liquidity position is currently supported by robust
cash and marketable securities, stable cash flow generation and
most recently by increasing lines of credit. As of March 31, 2016,
Petrobras reported $US22.5 billion of cash and marketable
securities. This liquidity is considered adequate when compared
with short-term debt of $US17.4 billion. The company's liquidity
is also supported by its funds from operations (FFO) of
approximately $US20 billion which is expected to be used to cover
capex of approximately $US18 billion to $US20 billion per year.

As of the LTM ended March 31, 2016, FFO totaled approximately
$US20 billion. Petrobras' FFO has benefitted from the declining
global hydrocarbon prices, unlike other oil and gas producers that
have suffered from the steep decrease in prices. This benefit is
not expected to be sustainable in the long term. Petrobras'
liquidity will also benefit from an expected line of credit of
$US10 billion with China Development Bank, for which the two
entities executed a term sheet on Feb. 26, 2016, but the final
terms are still pending.

FULL LIST OF RATING ACTIONS

Fitch currently rates Petrobras as follows:

Petroleo Brasileiro S.A. (Petrobras)
-- Long-Term Foreign-Currency IDR 'BB'; Outlook Negative;
-- Long-Term Local-Currency IDR 'BB'; Outlook Negative.

Petrobras International Finance Company (PIFCO)
-- International debt issuances 'BB'.

Petrobras Global Finance B.V. (PGF)
-- International debt issuances 'BB'.

Petrobras Argentina S.A.
-- International debt issuances 'BB'.


USJ ACUCAR: S&P Raises CCR to 'CCC-' & Puts on CreditWatch Pos.
---------------------------------------------------------------
S&P Global Ratings upgraded USJ Acucar e Alcool S/A (USJ) global
scale corporate credit rating to 'CCC-' from 'SD' and national
scale corporate credit rating to 'brCCC-' from 'SD'.  At the same
time, S&P raised its senior unsecured debt rating to 'CCC-' from
'D'.  S&P also placed the corporate credit rating on CreditWatch
with positive implications and the issue-level rating on
CreditWatch developing.

The upgrade follows the acceptance of the exchange offer of 89.42%
by the original bondholders on May 16, 2016, which had originally
triggered S&P's revision of the corporate credit rating to 'SD'
and the ratings on the tendered notes to 'D'.  The new notes,
amounting to 80% of the original value, will now be due in 2021,
and the company will have the ability to defer interest payments
for the next two years, paying higher interest rates of 12%,
instead of the original 9.875%.  S&P expects USJ to continue
servicing the remaining portion of the bondholders that did not
accept the exchange under the original terms and conditions,
accomplishing the coupon payment that was due on last May 9, 2016,
until the end of the 30-day cure period.

The CreditWatch listing with positive implications for the
corporate ratings reflects the likelihood that S&P could raise the
ratings on USJ within the next 90 days after a more detailed
assessment of its operational status, as well as its new capital
structure and liquidity position.  The CreditWatch developing on
the issue rating, on the other hand, reflects S&P's need to
further evaluate recovery prospects for the original unsecured
bond for the portion of bondholders of that didn't accept the
exchange offer.  As S&P understands it, the new 2021 secured bond
will rank senior to the remaining 2019 bond, and its recovery
prospects could be reduced, potentially impacting the issue-level
rating.  However, S&P needs to evaluate recovery prospects and the
revision of the corporate credit rating.  S&P could raise its
issue rating if the corporate rating is upgraded and S&P continues
to expect average recovery the unsecured notes.  On the other
hand, S&P could lower the issue-rating if recovery prospects
reduce materially.


* Energy Cos. Face Increasing Strains from Oil Slump, Moody's Says
------------------------------------------------------------------
Latin American governments that depend heavily on oil revenues are
facing increasing pressure from the slump in prices, says Moody's
Investors Service.  The potential for rising contingent
liabilities associated with national oil companies could put
downward pressure on sovereign credit fundamentals.

National oil companies (NOCs), such as Petroleos Mexicanos (PEMEX,
Baa3 negative) and Petroleo Brasileiro S.A. (Petrobras, B3
negative), are facing higher debt stress as a result of falling
oil revenues.  As cash flow remains depressed they will keep
cutting capital spending and selling assets.  Many of these
companies have significant social obligations, limiting their
flexibility to adapt to the decline in oil prices and increasing
the risk that they will need government support.

"While Moody's has always incorporated government support
assumptions in our NOC ratings, we are now reviewing the extent to
which actual support may be required, as well as considering the
potential credit implications this will have for the affected
sovereigns," said Samar Maziad, a Vice President and Senior
Analyst at Moody's.

The exposures of Latin American banks to the oil and gas sector
remains relatively limited as most oil companies fund themselves
primarily in the capital markets.  Moreover, the large majority of
bank exposures are to NOCs, and risks associated with these loans
are somewhat mitigated by the prospect of government support for
the NOCs, according to the report, "Prolonged Oil Price Slump is
Forcing Significant Financial Adjustments."

"However, in certain countries, these exposures are large relative
to banks' capital, and should one of these borrowers default, it
would cause widespread and severe problems for that country's
banking system," said Aaron Freedman, Associate Managing Director
at Moody's.

States and cities in the region are, for the most part, relatively
well-placed to deal with lower oil prices and few in Latin America
are heavily dependent on oil-related revenues.  Among the states
and municipalities that Moody's rates, exposure to oil prices is
greatest in Mexico and Brazil.  However, in Mexico, sub-national
governments have until now been insulated from the price drop
because of an offsetting increases in gasoline taxes.

The report is available to Moody's subscribers at:

   https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1013655


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


ADAPTIVE ALPHA: Shareholders' Final Meeting Set for June 13
-----------------------------------------------------------
The shareholders of Adaptive Alpha Fund, Ltd. will hold their
final meeting on June 13, 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:

          Matthew Wright
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


ADAPTIVE ALPHA MASTER: Shareholders' Final Meeting Set for June 13
------------------------------------------------------------------
The shareholders of Adaptive Alpha Master Fund, Ltd. will hold
their final meeting on June 13, 2016, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


AEI OVERSEAS: Shareholders' Final Meeting Set for June 9
--------------------------------------------------------
The shareholders of AEI Overseas Services Ltd. will hold their
final meeting on June 9, 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:

          AEI Services LLC
          2929 Allen Parkway
          Suite 200
          Houston
          Texas 77019
          United States of America
          Telephone: +1 (713) 345 5029


BOSK LTD: Shareholders' Final Meeting Set for June 2
----------------------------------------------------
The shareholders of Bosk 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:

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


CENOTECH INC: Shareholders' Final Meeting Set for June 9
--------------------------------------------------------
The shareholders of Cenotech Inc. will hold their final meeting on
June 9, 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:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          Telephone: (345) 949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


CENTENNIAL GLOBAL: Shareholders' Final Meeting Set for June 10
--------------------------------------------------------------
The shareholders of Centennial Global Markets Investment Fund will
hold their final meeting on June 10, 2016, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          SCL Limited
          Smeets Law (Cayman)
          Reference: JAPF
          Suite 2206, Cassia Court,
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: +1 (345) 815 2800
          Facsimile: +1 (345) 947 4728


DCMF LIQUIDATING: Shareholders' Final Meeting Set for June 23
-------------------------------------------------------------
The shareholders of DCMF Liquidating Company 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:

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


FREMONT VENTURES: Shareholder to Hear Wind-Up Report on June 9
--------------------------------------------------------------
The shareholder of Fremont Ventures, Ltd. will hear on June 9,
2016, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          John S. Sullivan
          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


LIFE FUND: Shareholders' Final Meeting Set for June 2
-----------------------------------------------------
The shareholders of The Life 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:

          John Regan
          315 Park Avenue South, 18th Floor
          New York
          New York 10010
          United States of America
          Telephone: +1 (212) 993 7446


LOREN LIMITED: Sole Member to Hear Wind-Up Report on June 21
------------------------------------------------------------
The sole member of Loren Limited will hear on June 21, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands


LUMINUS ORIGIN: Shareholders' Final Meeting Set for May 31
----------------------------------------------------------
The shareholders of Luminus Origin EB I, Ltd. 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:

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


UPSIDE GROWTH: Shareholder to Hear Wind-Up Report on May 31
-----------------------------------------------------------
The shareholder of Upside Growth Fund, SPC will hear on May 31,
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:

          Upside Gestao De Recursos Ltda.
          c/o Ben Gillooly
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


WIGHTLINK FINANCE: Shareholders' Final Meeting Set for May 30
-------------------------------------------------------------
The shareholders of Wightlink Finance Limited will hold their
final meeting on May 30, 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:

          Simon Conway
          c/o Andrew Nembhard
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237


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


COMPANIA SUD: S&P Lowers CCR to 'B' then Withdraws Rating
---------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Compania
Sud Americana de Vapores (CSAV) to 'B' from 'B+'.  S&P
subsequently withdrew the rating at the company's request.  The
outlook was stable at the time of the withdrawal.

The downgrade reflected the company's expected weak financial
metrics amid very low cash generation for the next two years.
However, the rating still reflected S&P's view that CSAV is a
moderately strategic subsidiary of Quinenco S.A (not rated), which
S&P expects to continue providing some level of financial support,
given the importance of CSAV's stake in Hapag-Lloyd AG (B+/Watch
Neg/--).  This in turn resulted in a one-notch of support to
CSAV's final 'B' rating.

Ratings reflected the company's small scale of operations, which
continue to face challenging operating conditions as a result of
the region's weak economic activity and competition.  CSAV's car
carrier operations are likely to continue to operate at break-even
level due to the low demand for new vehicles in Chile and Peru.
Meanwhile, stagnant volumes for CSAV's dry and liquid bulk
business will continue to reflect the shipping industry's
overcapacity and the weak trade volumes in South America as some
of its economies continue to slowdown and commodities prices
remain low.  Also, CSAV has terminated its bulk reefer services
due to decreasing demand in recent years.

The combination of these factors will likely result in lower
revenues, but still at break-even level.  The company's volumes
and rates are expected to remain stable in the next 12 months
compared with weak 2015, while the bulk reefer services
contributed a moderate share to EBITDA.


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


JAMAICA: Plans Underway to Implement Revised Pension Scheme
-----------------------------------------------------------
RJR News reports that the Jamaica Government is now seeking to
implement the revised pension scheme for public sector workers by
April 1 next year.

The scheme was scheduled to come on stream this year but was
pushed back after some trade unions expressed concern that
Government-paid workers had not been adequately sensitized about
the scheme, according to RJR News.

The new pension benefit system is one of the structural benchmarks
set out under the Government's agreement with the International
Monetary Fund (IMF), the report notes.

The report relays that Finance and Public Service Minister, Audley
Shaw, says the proposed Pensions (Public Service) Bill, which was
tabled in the House of Representatives last November, is being
reviewed to determine if additional changes are needed.

The report notes that Mr. Shaw said the Bill will be taken to
Cabinet for deliberations following which it will be taken back to
Parliament.

The Bill proposes, among other things, that government workers
contribute five per cent of their salary towards their pension,
commencing on a date to be determined by Cabinet, the report
relays.

It also proposes that benefits be computed using an average of the
final five years of the beneficiary's salary instead of the final
pay as now pertains, the report notes.

Additionally, retirees would be given the option of receiving one
quarter of their entitlements with reduced pension benefits, the
report discloses.

The Finance Minister also says that he will be reviewing
regulations stipulating the percentage of pension funds that can
be invested in foreign currency assets, the report relays.

The figure is now at five per cent, and Chairman of the
Government's Economic Growth Council, Michael Lee-Chin, has
suggested that consideration be given to increasing the amount,
the report says.

Minister Shaw said he will be discussing the matter with the Bank
of Jamaica and the other relevant authorities, the report notes.

As the Government moves to implement a new public sector pension
system, the Finance Minister said it is also an opportune time for
a review of private sector pension schemes, the report adds.

                             *     *     *

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


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


ELEMENTIA, S.A.B.: Fitch Affirms 'BB+' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Elementia, S.A.B. de C.V.'s (Elementia)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB+' as well as its Long-Term National Scale Rating at
'A+(mex)'. The Rating Outlook has been revised to Positive from
Stable. A complete list of rating actions follows at the end of
this press release.

The revision of the Outlook to Positive reflects Fitch's
expectations of further strengthening of Elementia's credit
profile given recent debt repayment and equity issuance. It also
reflects the potential for the company to increase the cash flow
generation of its cement business after it completes the expansion
to its Tula, Hidalgo plant. Successful ramp-up of cement sales
from the additional capacity, coupled with expanding positive free
cash flow (FCF) generation and a decline in net and total leverage
to around 2.0x and 2.5x throughout the economic cycle could lead
to an upgrade. Conversely, profitability and FCF generation below
Fitch's expectations or expectations of gross leverage above 3x
would likely result in the Outlook being revised to Stable.

KEY RATING DRIVERS

Continued Business Diversification

The company's business position is supported by its diversified
revenue base. For the LTM ended March 31, 2016, contributions by
business line to net sales and EBITDA, respectively were: metals
division (mainly copper products) 43% and 33%, building systems
41% and 34%, and cement 15% and 33%. Elementia's cash flow and
profitability are supported by its pricing strategy and by the
contribution of its cement division, its highest margin business.
In its metal segment, the company applies a cost-plus margin
formula, allowing it to pass-through metal price variations to end
customers.

The company's strategy will continue to focus on both organic and
inorganic growth. Elementia invested about MXN1.1 billion during
2015 to expand its Tula Hidalgo cement plant. This expansion is
expected to become operational during the second-half of 2017 and
should add 1.5 million tons per year to the company's existing 2
million tons of capacity. During 2016 Elementia also made a final
payment of $US45 million to gain full ownership of ELC Tenedora de
Cementos, S.A.P.I. de C.V., its previous joint venture with
Financiere Lafarge S.A.S. (Lafarge).

Strengthening Capital Structure

Elementia's leverage had been volatile during 2012 to 2014, partly
due to greenfield investments in the cement division, as well as
asset acquisitions and dispositions within its business portfolio.
The company issued shares in the equity markets for MXN3.9 billion
($US231 million) during 2015. Equity proceeds were used to pay
down MXN3 billion of local notes, and the remainder was used to
fund capex. EBITDA generated by the company's cement division grew
to MXN942 million during 2015 from MXN572 million a year earlier.
This division should generate close to MXN1.1 billion during 2016
and close to MXN1.2 billion during 2017.

Fitch projects total consolidated EBITDA should be above MXN3.1
billion in 2016 and close to MXN3.3 billion by 2017. This compares
to MXN3 billion during 2015 and MXN2.7 billion during 2014.
Stronger cash flow generation and last year's use of equity
proceeds to partially fund capex and pay down debt, should result
in more stable leverage metrics through the current investment
cycle. As of March 2016, Elementia's total debt was MXN8.8 billion
and its cash balance was MXN3 billion. Also as of the first-
quarter 2016, the company's net debt was 1.9x, within management's
long-term target of 2.0x and below the 2.7x registered a year ago.
Gross leverage as of March 31, 2016, was 2.9x. This compared
favorably with 3.8x a year ago.

Positive FCF by 2017

The company's FCF was modestly negative by MXN73 million during
2015, which compares to positive MXN749 million in 2014. Fitch
expects Elementia's FCF to be negative by MXN1.1 billion during
2016 as the company deploys the bulk of the capex for its Tula,
Hidalgo cement plant expansion. FCF is expected to turn positive
by 2017. Fitch's FCF estimate includes strong cash flow from
operations (CFFO) generation of approximately MXN2.1 billion
during 2016-2017. Despite sound cash flow generation, net leverage
is expected to remain around management's target of 2x as the
company deploys most of the excess cash flow to fund organic or
inorganic growth, or to a lesser extent pay dividends. For the LTM
ended March 31, 2016, Elementia's CFFO was MXN2 billion.

Environmental Regulations Could Limit Operations

The company uses chrysotile fibers (the sole form of asbestos
still in use) for part of its production of fiber-cement products,
which are sold locally where permitted in the North and South
American regions. Elementia has been investing in capacity
production to use different fibers, such as cellulose fiber and
polyvinyl alcohol (PVA), with the majority of its manufacturing
facilities already aligned to produce with different technologies.
The use of this fiber is in line with international standards and
local environmental regulations. Even though Elementia has not
been subject to legal claims regarding the use of chrysotile in
its products, future claims cannot be ruled out, resulting in
uncertain litigation risk.

KEY ASSUMPTIONS

-- Mid-to-high single-digit revenue growth for 2016-2018,
    reflecting primarily revenue growth in building systems and
    cement divisions.
-- Cement sales volumes approach full capacity during 2016 and
    accelerate during 2017-2018.
-- The exchange rate averages about 18 Mexican pesos per U.S.
    dollar during 2016 and the U.S. dollar appreciates modestly
    during 2017-2018.
-- EBITDA margins remain around 17%-18% from 2016-2018.
-- Aggregate FCF remains positive for 2016-2018.

RATING SENSITIVITIES

Positive rating actions could be driven by a strengthening of
Elementia's business and financial positions. Successful ramp-up
of cement sales from the additional capacity in Hidalgo, coupled
with expectations of expanding positive FCF generation and stable
operating results through industry and economic cycles resulting
in leverage levels of total debt/ EBITDA around 2.5x and net
debt/EBITDA below 2x would have positive implications for the
rating.

Negative factors that could affect the company's credit profile
include, among others, declining market shares along business
lines and loss of competitive position, reduced operating cash
flows and profitability; and reduced liquidity. Expectations of
total debt/EBITDA above 4x or net debt/EBITDA above 3.5x would
likely result in negative rating actions.

LIQUIDITY

Elementia's liquidity position is considered strong, supported by
robust CFFO, adequate cash balance and no significant debt
maturities until 2025. Elementia's cash balance as of March 31,
2016 was MXN3 billion which should adequately cover projected
negative FCF of about MXN850 million remaining during 2016. The
company's liquidity is further supported by about $US460 million
(approximately MXN8 billion) of undrawn committed credit lines
maturing in 2020.

FULL LIST OF RATING ACTIONS

Fitch has affirmed Elementia's ratings as follows:

-- Long-Term Issuer Default Rating (IDR) at 'BB+';
-- Long-Term Local Currency IDR at 'BB+';
-- Long-Term National Scale Rating at 'A+(mex)';
-- Senior unsecured $US425 million notes issuance at 'BB+'.


GRUPO POSADAS: Moody's Affirms B2 CFR & Changes Outlook to Pos.
---------------------------------------------------------------
Moody's Investors Service has changed Grupo Posadas, S.A.B. de
C.V.'s rating outlook to positive from stable.  At the same time,
Moody's affirmed the B2 corporate family rating of Posadas and the
B2 senior unsecured rating on its 2017 and 2022 notes.  The action
follows Posadas announcement that it has been able to close a USD
50 million add on to its global notes due in 2022 for a total
amount of USD 400 million.  The placement of the notes is in line
with the company's liability management plan.

Outlook Actions:

Issuer: Grupo Posadas, S.A.B. de C.V.

  Outlook, Changed to Positive from Stable

Affirmations:

Issuer: Grupo Posadas, S.A.B. de C.V.
  Corporate Family Rating, Affirmed B2
  Senior Unsecured Regular Bond/Debenture, Affirmed B2

                         RATINGS RATIONALE

"The change in the outlook was triggered by our view that Posadas
refinancing plan eliminates refinancing risk improving the
company's liquidity profile." says Sandra Beltr n, a lead analyst
at Moody's.

"In our view, the plan further enhances Posadas credit profile
that has been strengthening recently due to a better operating
performance, allowing the company to have a clear deleveraging
trend.", added Beltran.  Additionally, the timely refinance of the
2017 notes continues to evidence the management commitment to
maintain an adequate capital structure which we see as positive in
our assessment of the company's financial policy.

Posadas' B2 rating continues to reflect its high leverage, small
operating scale relative to global industry peers, and low
geographic diversification as it operates almost entirely in
Mexico.  The rating also considers our view that future growth
could be affected by a subdued global economic environment and
financial constraints to its investment program.  The company's
leading position, brand equity and nationwide coverage in Mexico
balance the rating.  Also supporting Posadas' B2 rating is its
segment diversification across different hotel classes, varying
business models and service business growth.

Posadas' liquidity is adequate.  Pro forma for its liability
management plan, the company will have a comfortable maturity
profile with its solely debt maturing in 2022.  The USD 50 million
proceeds from the add -- on to the senior notes due 2022 will be
used to redeem the remainder USD 38 million under its senior notes
due in 2017.  Since most of the proceeds will be used for
refinancing purposes, it will be largely neutral to Posadas'
leverage.

Additionally, the company's strong cash generation in 2015 will
allow it to fund internally cash needs in 2016.  As of the end of
March 2016, Posadas cash balance including short term investments
was around MXN 1.6 billion.  Cash in hand should be enough to
internally fund cash needs for the remainder of the year,
including capital investments of MXN 1 billion in line with its
growth strategy and USD 30 million (around MXN 500 million)
interest payments related with its global notes.  Although current
liquidity remains adequate, it could become pressured in the short
run, given the company's investment plans.  Since its expansionary
plan started in 2013, capex has remained high averaging MXN 800
million.  For 2016 and 2017, it will remain at around MXN 1
billion each year, as the expansion plan continues.  However,
Moody's expects that once the company completes its plan, by mid-
2017, capex will materially reduce supporting free cash flow
generation.  Current positive industry dynamics and strong cash
generation support our expectations that Posadas will continue to
be able to internally fund cash needs.

Posadas liquidity profile is further supported by a MXN 200
million fully available committed credit line maturing within one
year.  Limiting Moody's assessment of Posadas' liquidity is its
still high exposure to the depreciation of the local currency
given the currency mismatch between its cash generation and debt.
Currently, the bulk of Posadas' debt is denominated in US dollars
and only some 25% of its revenues are in US dollars.  Going
forward we expect the company to have prudent risk management
measures to reduce this exposure.

Posadas positive outlook reflects our expectations that operating
performance will continue to be strong, mainly supported by high
occupancy rates and incremental cash generation from hotels in
Posadas' pipeline.  This strong performance should allow Posadas
to continue to improve its credit metrics, such that in the next
12 to 18 months, its credit profile will be strong for the B2
rating. The positive outlook also considers that strong credit
metrics will be sustained longer term, given the positive industry
dynamics and management focus in financial policies.  This
includes our expectation that most of Posadas cash need will
continue to be funded with internal cash generation and that the
management will gradually reduce risk related with exposure to the
depreciation of the local currency.

Ratings could be downgraded if Posadas' liquidity deteriorates or
if Moody's adjusted debt/EBITDA remains above 5.0 times with no
clear de-lever trend over the next few quarters.

Likewise, positive ratings pressure would result from Posadas
maintaining adequate liquidity and improving adjusted Debt/EBITDA
below 4.5 times and EBIT/Interest above 2.0 times, both on a
sustainable basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Grupo Posadas, S.A.B. de C.V., is a leading hotel operator in
Mexico.  As of March 2016, the company owns, leases and manages
142 hotels with 23,324 rooms in well located urban and costal
destinations throughout Mexico and a single hotel in Texas.  It
operates key 5- and 4- star Fiesta Americana and Fiesta Inn
business-class formats, a 3-star format (One Hotels), the luxury
class Live Aqua, the Fiesta Americana Vacation Club timeshare
business and more recently a franchise business under the brand
Gamma.  For the last twelve months ended March 31, 2016, Posadas
reported revenues of MXN7,199 million excluding asset sales.



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


LA CASA DE LAS PUERTAS: Seeks Approval to Hire Wong as Counsel
-------------------------------------------------------------
La Casa De Las Puertas Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Nicolas
A. Wong Law Offices as its counsel.

Nicolas A. Wong Law Offices will charge for its services on an
hourly basis.  The engagement will be headed by Nicolas A. Wong,
Esq., a principal at the firm, whose billing rate is $225 per
hour.

Meanwhile, the firm's associates will receive $150 per hour while
paralegals will receive $85 per hour.

Mr. Wong disclosed in a court filing that his firm does not have
any interest materially adverse to the Debtor's estate and that it
is a disinterested person as defined in Section  101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Nicolas A. Wong
     PO Box 361193
     San Juan, PR 00936-1193
     Tel.: 787-370-0322
     Fax: 787-622-4849
     Email: lcdo.nwong@gmail.com

                  About La Casa De Las Puertas

La Casa De Las Puertas Inc. sought protection under Chapter 11 of
the Bankruptcy Code in the District of Puerto Rico (Old San Juan)
(Case No. 16-01444) on February 26, 2016.

The petition was signed by Luis A. Tarrido Rosario, president.
The case is assigned to Judge Enrique S. Lamoutte Inclan.

The Debtor disclosed total assets of $865,000 and total debts of
$1.65 million.


SPORTS AUTHORITY: Approved DIP Budget Filed
-------------------------------------------
Sports Authority Holdings, Inc. and its affiliated debtors filed
their approved final DIP budget with the U.S. Bankruptcy Court for
the District of Delaware.  During the Final DIP Hearing held on
May 3, 2016, the Debtors represented that they would file a final
form of the approved DIP Budget.  The Approved DIP Budget provides
for bankruptcy-related disbursements and disbursements for
operations, financing, and professional fees.

The Approved DIP budget provides for these cash disbursements:

          For the week ending April 23, 2016: $40,066
          For the week ending April 30, 2016: $86,726
          For the week ending May 7, 2016: $33,538
          For the week ending May 21, 2016: $25,942
          For the week ending May 28, 2016: $29,120

The Official Committee of Unsecured Creditors submitted their
reservation of rights with respect to the Approved DIP Budget.

"The revised budget was not delivered to the Committee and other
counsel until May 4th, the day after the hearing, and immediately
upon receiving and reviewing that budget, the Committee discovered
the disconnect, i.e., that line items for the Committee's counsel
and financial advisor BDO for June and July was not in accord with
the monthly numbers for March, April and May, and further that
Committee's proposed investment banker's transaction fee was left
out of the budget altogether.  The Committee immediately notified
the other parties of the issue, but have not been able to resolve
their differences as to these issues, and the Debtors advised that
they were proceeding nonetheless to file the short form
budget" covering only the months of March, April and May. That
budget was filed, but is backed up by an unfiled long form
budget" that runs through June and July as well.  There is no
dispute as to the operative numbers included in the short form DIP
budget for March, April and May; the only dispute is regarding the
numbers in the unfiled long-form DIP budget for June and July...
Inasmuch as the short form budget is accurate, and it is highly
likely that what is included in the long form budget for June and
July is academic inasmuch as the DIP loan will terminate and
likely be paid off at the end of May, the Committee has determined
to file this reservation of rights rather than seek immediate
relief with respect to the entirety of the long form DIP budget
now," the Official Committee avers.

The Sports Authority Holdings 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

The Official Committee of Unsecured Creditors of Sports Authority
Holdings, Inc., et al., is represented by:

          Robert J. Feinstein, Esq.
          Jeffrey N. Pomerantz, Esq.
          Bradford J. Sandler, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          919 North Market Street, 17th Floor
          Wilmington, DE 19801
          Telephone: (302)652-4100
          Facsimile: (302)652-4400
          E-mail: rfeinstein@pszjlaw.com
                  jpomerantz@pszjlaw.com
                  bsandler@pszjlaw.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.


===============
S U R I N A M E
===============


SURINAME: Government Defends IMF Loan
-------------------------------------
The Daily Observer reports that the Suriname government says it
will continue with the policies outlined by the International
Monetary Fund (IMF) after thousands of people took to the streets
protesting the government's economic policy and calling on it to
resign.

In a statement, the Desi Bouterse government said "we will
continue on the IMF path we are on" and insisted that the standby
arrangement it has with the Washington-based financial institution
is crucial to dealing with the economic crisis the country is
facing, according to The Daily Observer.

Thousands of workers and opposition legislators took to the
streets to protest the latest hike in electricity rates, the
report notes.

The announcement of the increase followed advice from the IMF to
the Bouterse administration to cut back on its subsidy to the
sector, the report relays.

The government has provided US$160 million in subsidy annually to
the national power company and the announcement said that the new
electricity rates went into effect from May 1, the report says.

Last month, the IMF announced that it had reached a staff-level
agreement with Suriname on the key elements of an economic program
that could be supported by a two-year US$478 million stand-by
arrangement (SBA), the report discloses.

The IMF has said that the sustained drop in the prices of gold and
oil has caused substantial external and fiscal deficits, and
international reserves have declined significantly, the report
relays.   These negative external developments, combined with the
closure of Suralco's alumina refinery in late 2015, have pushed
the economy into a recession, the report notes.

But in a three-page statement, the government defended the policy
stating that an economic stability program is beyond any
discussion and even urgent, given the "precarious situation with
vastly diminished income," the report discloses.

The statement hinted that government has curtailed a host of
expenditures in its 2016 budget and placed several acquisitions
and capital investments on hold, but still found it important that
certain fixed costs were guaranteed, among which salaries and
certain social premiums and benefits, the report relays.

"No Government that is facing these difficult economic
circumstances will be able to maintain certain subsidies," the
statement said, explaining that general subsidies were being
replaced by targeted subsidies, the report notes.

It said that the general subsidy on energy will be pulled and
tariffs were being "improved sustainably for them to be cost
sufficient and to prevent waste, the report relays.  By
introducing higher energy rates users will be charged conform the
costs, which should make them use energy more efficient."

Government said that the support from the IMF will bring several
financial and technical benefits, the report notes.

"It will enable us to execute a more agile budget amendment. The
2016 budget deficit will be approximately 61/2 percent of the
gross national product; this affords a lot more room for social
and infrastructural expenditures than the budget that was approved
by the National Assembly in February this year," the report quoted
the government as saying.  It also said that the amended budget
will bring tax benefits.

Government also said that it expected the loans to be afforded
against a "very low" interest rate of just over one per cent, the
report relays.

"The foreign exchange component of the loans will enable Suriname
to prevent a serious drop in imports; it will support the
stability of the exchange rate and help rebuild international
reserves and expand trust," the government said, the report relays

"There is practically no alternative fort his home-grown program
that has the support from the IMF and the international community.
Any other solution would cause a stronger crimp of the economy, a
continued plummet of the purchasing power and a host of other
pressures on the community," the government added.

As reported in the Troubled Company Reporter-Latin America on
April 27, 2016, Standard & Poor's Ratings Services lowered its
long-term sovereign credit rating on the Republic of Suriname to
'B+' from 'BB-'.  At the same time, Standard & Poor's lowered its
transfer and convertibility assessment on the republic to 'BB-'
from 'BB'.  Standard & Poor's also affirmed its 'B' short-term
rating on Suriname.  The outlook is negative


                            ***********


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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