TCRLA_Public/160520.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

             Friday, May 20, 2016, Vol. 17, No. 99


                            Headlines



A R G E N T I N A

ARGENTINA: Imposes Bond Limits After Wall Street Banks' Buy Calls
GPAT COMPANIA: Moody's Rates ARS1500M Sr. Debt Program Takedown B1


B R A Z I L

PETROLEO BRASILEIRO: Raises $6.75 Billion in 1st Bond Sale
RB CAPITAL: Moody's Rates 138th, 139th, 140th Series of CRI (P)Ba2


C A Y M A N  I S L A N D S

BENEFIT STREET: Members' Final Meeting Set for June 2
CITRINE CAYMAN: Members' Final Meeting Set for June 2
CQS EELS: Members' Final Meeting Set for June 2
EMERGING MARKETS: Members' Final Meeting Set for June 2
FRM COMMODITY: Members' Final Meeting Set for June 2

FRM MANAGED: Members' Final Meeting Set for June 2
GLOBAL AG: Members' Final Meeting Set for June 2
JD CAPITAL: Members' Final Meeting Set for June 2
KEI LIMITED: Members' Final Meeting Set for June 2
LEAP LEVERAGED: Members' Final Meeting Set for June 2

MAN ARS I: Members' Final Meeting Set for June 2
MAN COLONIA: Members' Final Meeting Set for June 2
MAN TOP: Members' Final Meeting Set for June 2


M E X I C O

* MEXICO: Foreign Reserves Fall by $11 Million


P U E R T O    R I C O

SPANISH BROADCASTING: Incurs $11.3-Mil. Net Loss in 1st Quarter
SPORTS AUTHORITY: Name Said to Go Unsold at Bankruptcy Auction
SPORTS AUTHORITY: Liquidators Trio Wins Bankruptcy Auction
PUERTO RICO: State of Emergency Declared for Highway Authority


                            - - - - -



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


ARGENTINA: Imposes Bond Limits After Wall Street Banks' Buy Calls
-----------------------------------------------------------------
Carolina Millan at Bloomberg News reports that Argentina is
limiting foreigners' access to local notes on concern a surge in
inflows will destabilize the country's currency market after the
bonds were recommended by Citigroup Inc., JPMorgan Chase & Co. and
Bank of America Corp.

Some of the short-term bonds the central bank sells every week,
known as Lebacs, will only be available for investors with local
custody accounts and will only trade in the local market,
according to a regulation, according to Bloomberg News.  That same
day, the monetary authority cut interest rates for the third time
in a month at its weekly auction, reducing their appeal for
investors seeking to profit from rates that reached as high at 38
percent earlier this year, Bloomberg News notes.

Argentine officials are seeking to limit investments that they see
as likely to be short term on concern that it will fuel excessive
gains in the peso and that if sentiment changes a sudden outflow
could cause a rout in the local currency, Bloomberg News relays.

While President Mauricio Macri said luring foreign capital was a
top priority when he took office in December, policy makers are
being selective about the type of investments they want, Bloomberg
News discloses.  The central bank securities, Argentina's main
tool for setting interest rates, began trading in international
markets including Euroclear last year when the government ended
most capital controls, Bloomberg News notes.

"Authorities seem to be concerned over the peso's appreciation,"
Daniel Kerner, the head of the Latin America at consultancy
Eurasia Group, said in a note, Bloomberg News relays.

Bloomberg News discloses that Argentina's central bank sells notes
with maturities ranging from 35 days to 252 days at a weekly
auction.  Argentina will announce which maturities will be
designated as domestic issues every Monday, according to a central
bank spokesman, Bloomberg News notes.  In a sale, 35-day, 63-day,
98-day and 119-day tranches could only be purchased by investors
with local accounts, while 147-day, 203-day and 252-day tranches
were open to all investors, Bloomberg News relays.

"We wouldn't be surprised if they closed this window altogether at
some point, because there's a degree of discomfort when it comes
to the Lebac trade," said Edwin Gutierrez, the head of emerging-
market sovereign debt at Aberdeen Asset Management in London, who
oversees an $11 billion portfolio and has invested in the longer-
term Lebacs, Bloomberg News notes.  "While initially the
government welcomed the foreign money into Lebacs, they are
definitely no fans of what they perceive as hot money," he added.

At the auction, the bank reduced yields on notes due in 35 days by
75 basis points to 36.75 percent and yields for notes due in 252
days were trimmed by 50 basis points to 30.25 percent, Bloomberg
News notes.   The bank placed 85.7 billion pesos ($6.1 billion) of
securities out of a total of 90.2 billion pesos of bids, Bloomberg
News relays.

Since assuming power in December, Macri has taken steps to reduce
state intervention in the economy, moves that are likely to put a
damper on growth in the short term. Macri has said that the
economy will pick up in the second half of the year while
inflation will begin to slow. He has denied that the government is
putting pressure on the central bank to reduce rates prematurely,
Bloomberg News adds.

                   *     *     *

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

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.

On March 24, 2016, Fitch Ratings has upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.


GPAT COMPANIA: Moody's Rates ARS1500M Sr. Debt Program Takedown B1
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B1 global scale rating (GSR) and a Aa3.ar national
scale rating (NSR) to GPAT Compania Financiera (GPAT)'s takedown
under its senior debt program of ARS 1500 million. The outlook on
all ratings is negative.

The following ratings were assigned to GPAT Compania Financiera
S.A.'s ARS 300 million senior unsecured debt issuance:

B1 Global Local Currency Debt Rating

Aa3.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

The GSR considers the still challenging operating environment in
Argentina, balanced by the very high probability that GPAT will
receive support from its foreign-owned parent, Ba3 rated Banco
Patagonia, in the event of stress. While GPAT's GSR compares
poorly with global peers, however, its NSR reflects the company's
strong creditworthiness relative to most rated Argentine financial
institutions.

Argentina's operating environment has improved since the new
administration took office in December 2015 and softened or
eliminated various burdensome government controls on the financial
system which should help support earnings. Nevertheless, the
country continues to face significant economic challenges,
including high inflation and weak economic activity. These credit
challenges outweigh fundamental credit strengths including GPAT's
key role as the financial agent for General Motors Argentina and
its strong commercial and strategic importance to the corporation,
as well as its good asset quality, profitability and capital
metrics. GPAT's ratings also consider risks associated with the
company's monoline business model and its funding structure, which
is heavily reliant on senior debt issuances.

The negative outlook reflects the negative outlook of GPAT's
ultimate principal shareholder, Banco do Brasil S.A. (rated Ba2
with negative outlook). The Aa3.ar NSR is the lowest NSR
corresponding to a B1 GSR on the Argentine national scale, and
considers the negative outlook.

The ratings could face downward pressure if GPAT's parent, Banco
do Brasil, is downgraded, or in an event of deterioration in
GPAT's asset quality, capitalization and/or funding access.

GPAT is 99% owned by Banco Patagonia (local currency deposit
rating Ba3 negative, BCA b3), which in turn is owned by Banco do
Brasil. The one-notch differential between the Ba3 local currency
deposit rating for Banco Patagonia and the B1 debt rating for GPAT
reflects the structural subordination of GPAT's bondholders to all
liability holders of Banco Patagonia.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$2,728 million of total assets and
Ar$844 million of shareholders' equity as of March 2016.


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


PETROLEO BRASILEIRO: Raises $6.75 Billion in 1st Bond Sale
----------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. said it raised
$6.75 billion in an international bond issue that was its first in
nearly a year and which comes amid a massive corruption scandal
and after a record net loss in 2015.

Petrobras said in a regulatory filing that it issued $5 billion in
debt maturing in five years and an additional tranche of $1.75
billion in 10-year bonds, according to EFE News.

The report notes that Petrobras will have to pay yields of 8.62
percent on the debt maturing in 2021 and of 9 percent on the 2026
notes, although those interest rates were lower than expected due
to strong demand.

Proceeds from the sale will be used to buy back up to $6 billion
in outstanding bonds with higher yields and thereby refinance the
company's debt load, the report relays.  The company had earlier
said the buyback program would amount to roughly $3 billion, the
report notes.

The order book of $20 billion represented "much higher demand than
expected," new Finance Minister Henrique Meirelles said, adding
that the result obviated the need for a capitalization program,
the report discloses.

The report says that Petrobras had already raised $11 billion in
financing this year for its investment program, but that money
came from loans from Chinese development banks.

The company posted a record net loss of BRL34.8 billion (around
$10 billion) in 2015, the report notes.

In January, it slashed its 2015-2019 capital expenditure plan to
$98.4 billion, a reduction of $32 billion, as part of an effort to
lower its record debt burden, generate more cash flow and tackle a
crisis triggered by the oil-price plunge, the report relays.

The latest debt issue also comes as the company is coping with the
fallout of a massive bribes-for-inflated contracts scandal that
has ensnared former Petrobras officials and executives of leading
construction companies and forced the company to write off some
BRL6.2 billion (around $1.74 billion) in graft-related losses from
the period between 2004 and 2014, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb.
26, 2016, Moody's Investors Service downgraded all ratings for
Petroleo Brasileiro S.A. - PETROBRAS ("Petrobras")'s and ratings
based on Petrobras' guarantee, including the company's senior
unsecured debt and Corporate Family Rating to B3 from Ba3. The
company's baseline credit assessment (BCA) was lowered to caa2
from b3. At the same time, Moody's downgraded Petrobras Argentina
S.A. ("PESA")'s ratings, including its senior unsecured medium
term note program and Corporate Family Rating to B3 from B2, in
line with the senior unsecured rating of Petrobras.


RB CAPITAL: Moody's Rates 138th, 139th, 140th Series of CRI (P)Ba2
------------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P) Ba2
(Global Scale, Local Currency) and (P) Aa2.br (National Scale) to
the 138th, 139th and 140th Series of real estate certificates
("certificados de recebiveis imobiliarios" or CRI) issued by RB
Capital Companhia de Securitizacao (RB Capital, the Issuer or the
Securitizadora) and backed by three series of debentures issued by
BR Malls Participacoes S.A. (BR Malls).

Issuer / Securitizadora: RB Capital Companhia de Securitizacao

138th, 139th and 140th Series of CRI rated (P) Ba2 / (P) Aa2.br

RATINGS RATIONALE

The (P) Aa2.br (National Scale) and (P) Ba2 (Global Scale, Local
Currency) ratings assigned to the CRI are primarily based on the
willingness and ability of BR Malls (as debtor) to honor the
payments defined in transaction documents, reflecting the
Ba2/Aa2.br ratings of the underlying debenture backing the
transaction. Any change in the ratings of the debenture could lead
to a change in the credit quality, and thus, the ratings, of the
CRI.

Each series of CRI to be issued by RB Capital will be backed by a
real estate credit note ("cedula de credito imobiliario" or CCI),
which in turn represents a series of debentures issued by BR
Malls. The underlying debentures are rated Ba2 on the global scale
and Aa2.br on the national scale. BR Malls will also cover the
transaction expenses.

The provisional ratings on the CRI are based on a number of
factors, among them the following:

- The willingness and ability of BR Malls (as debtor) to make
payments on each series of the underlying debentures, rated
Ba2/Aa2.br. BR Malls is therefore ultimately responsible for
making timely principal and interest payments on the debentures
backing the CRI.

-- Pass through structure; mitigated interest risk: The payment
    schedule of each series of CRI replicates the scheduled cash
    flow of the underlying debentures, with a two-day lag, which
    allows adequate timing to make payments on the CRI. The CRI
    will make payments that match the payments to be made by the
    underlying debentures. The floating rate of CDI (interbank
    deposit rate) to be paid under each series of CRI will be
    determined using the same CDI period under each series of the
    debenture. In addition, to mitigate the risk of the additional
    2 day of interest in the CRI during first interest rate
    period, the debenture will incorporate two extra days of
    interest accrual, mitigating any potential interest rate
    mismatch.

-- BR Malls will pay the CRI expenses: BR Malls will be
    responsible, under the transaction documents, for all the CRI
    expenses.

-- Segregated assets: The CRI benefit from a fiduciary regime
    ("regime fiduciario") whereby the assets backing each series
    of CRI are segregated. These segregated assets are destined
    exclusively for payments on the CRI as well as certain fees
    and expenses, and will be segregated from all of the other
    assets on the issuer's balance sheet. However, the transaction
    is subject to residual legal risk because RB Capital's real
    estate credits can be affected by the securitization company's
    tax, labor and pension creditors. (For more information, see
    the "Fiduciary Regime and Segregation of Assets" section in
    the Pre-sale Report.)

-- As an additional collateral, each series of CRI will benefit
    from (i) a pledge ("alienacao fiduciaria") of an ideal
    fraction of a shopping mall (Shopping Villa Lobos) located in
    Sao Paulo, (ii) a pledge ("cessao fiduciaria") of a portion of
    the future receivables related to the commercial exploration
    and management of Shopping Villa Lobos, and (iii) a pledge
    ("cessao fiduciaria") of a portion of the future receivables
    related to the equity rights, including dividends, interest on
    capital e other distributions from Christaltur Empreendimentos
    e Participacoes S.A. In assigning the ratings, Moody's has not
    given credit to the pledged real estate in benefit of the
    issuer, or the pledged receivables.

-- Legal opinion: Moody's expects to receive a copy of a legal
    opinion in advance to closing of the transaction and the
    assignment of the definitive ratings. Moody's will verify if
    the legal opinion's content addresses the true sale of the
    debentures, as described in assignment agreement and that the
    transaction documents are lawful, enforceable, valid and
    effective, conditioned upon the registry in the appropriate
    public notary offices.

BR Malls Participacoes S.A. is based in Rio de Janeiro and is the
largest owner and manager of shopping centers in Brazil. The
company owns interests in a portfolio of 45 malls, totaling 1.64
million square meters of gross leasable area, located across 15
states. BR Malls will use the proceeds from issuance exclusively
to refund expenses or new expenditures related to two shopping
malls.

The ratings of the debentures that backs the 138th, 139th and
140th Series of CRI reflect BR Mall's dominant position as the
largest owner and manager of shopping centers in Brazil with a low
leveraged balance sheet and a substantial unencumbered asset pool.
The company's high-quality and resilient portfolio has
consistently generated strong EBITDA margins and has maintained
occupancy levels above 95% for multiple, consecutive years. In
addition, management continues to efficiently operate the
portfolio and keep its late payments, occupancy costs and tenant
turnover low. BR Malls has a manageable debt maturity schedule and
a good liquidity position with R$667 million of available cash and
cash equivalents, plus R$318 million of proceeds generated from
asset sales.

The company's credit challenges include the higher exposure to the
slow recovery and anemic growth prospects of the Brazilian
economy. Moreover, because of higher interest rates, BR Malls has
higher risks related to its floating rate debt, which places
downward pressure on the fixed charge coverage. Additionally,
there is lease rollover risk for a portion of the portfolio in the
next 12-24 months. Lastly, Moody's notes the continued decline of
BR Malls' same store sales growth, which decreased to 3.9% during
the first nine months of 2015 from 6.5% for the same period of the
previous year. In light of the challenging environment, the
company grew same store rents by 7%, albeit slightly lower than
the prior year.

RB Capital Companhia de Securitizacao was incorporated in 1998 as
a securitization company (companhia securitizadora de creditos
imobiliarios) authorized to issue real estate certificates (CRI)
as per Brazilian law nß 9,514/97.

To date, RB Capital has issued circa 130 transactions, totaling
approximately BRL 19.3 billion, with an outstanding amount of CRI
of BRL15.7 billion. RB Capital financial auditor is Grant Thornton
Auditores Independentes

Factors that would lead to an upgrade or downgrade of the ratings:

Any changes in the rating of the underlying debentures will lead
to a change in the ratings on the CRI.


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


BENEFIT STREET: Members' Final Meeting Set for June 2
-----------------------------------------------------
The members of Benefit Street Strategic Fund Limited 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:

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


CITRINE CAYMAN: Members' Final Meeting Set for June 2
-----------------------------------------------------
The members of Citrine Cayman Fund Limited 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:

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


CQS EELS: Members' Final Meeting Set for June 2
-----------------------------------------------
The members of CQS Eels Cayman Fund Limited 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:

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


EMERGING MARKETS: Members' Final Meeting Set for June 2
-------------------------------------------------------
The members of Emerging Markets Mac Limited 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:

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


FRM COMMODITY: Members' Final Meeting Set for June 2
----------------------------------------------------
The members of FRM Commodity Strategies EUR (Feeder) 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:

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


FRM MANAGED: Members' Final Meeting Set for June 2
--------------------------------------------------
The members of FRM Managed Futures Strategies (Master) 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:

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


GLOBAL AG: Members' Final Meeting Set for June 2
------------------------------------------------
The members of Global AG Cayman Fund Limited 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:

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


JD CAPITAL: Members' Final Meeting Set for June 2
-------------------------------------------------
The members of JD Capital Cayman Fund Limited 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:

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


KEI LIMITED: Members' Final Meeting Set for June 2
--------------------------------------------------
The members of Kei Limited 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:

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


LEAP LEVERAGED: Members' Final Meeting Set for June 2
-----------------------------------------------------
The members of Leap Leveraged Feeder 1 Limited 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:

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


MAN ARS I: Members' Final Meeting Set for June 2
------------------------------------------------
The members of Man ARS I CHF (Feeder) 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:

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


MAN COLONIA: Members' Final Meeting Set for June 2
--------------------------------------------------
The members of Man Colonia Agrippina EUR (Feeder) Limited 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:

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


MAN TOP: Members' Final Meeting Set for June 2
----------------------------------------------
The members of Man Top Five II (Master) Limited 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:

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


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


* MEXICO: Foreign Reserves Fall by $11 Million
----------------------------------------------
EFE News reports that Mexico's foreign reserves fell by $11
million to $177.66 billion, the Bank of Mexico said.

Gold and foreign currency reserves increased in the week ending
April 15 due to the purchase of $15 million from the central bank
by the federal government, the Bank of Mexico said in a statement,
according to EFE News.

The value of the assets on the central bank's balance sheet,
meanwhile, rose by $4 million, the report notes.

Foreign reserves have risen by $929 million since the end of 2015,
the Bank of Mexico said, the report relays.

The M1 money supply, which includes currency, coins and demand
deposits, rose by MXN5 billion (about $287 million) to MXN1.2
trillion pesos (nearly $69 billion), the central bank said.

The money supply has contracted by MXN41.88 billion (about $2.4
billion) since Jan. 1, the report adds.


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


SPANISH BROADCASTING: Incurs $11.3-Mil. Net Loss in 1st Quarter
---------------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $11.3 million on $31.6 million of net revenue for the
three months ended March 31, 2016, compared to a net loss of $8.61
million on $32.1 million of net revenue for the same period in
2015.

As of March 31, 2016, Spanish Broadcasting had $452 million in
total assets, $561 million in total liabilities, and a total
stockholders' deficit of $109 million.

"During the first quarter, we continued to execute against our
strategic plan including expanding our multi-platform audience and
reach while also further strengthening our mobile capabilities,"
commented Raul Alarcon, Chairman and CEO.  "Our radio stations are
well positioned across the nation's top-ten media markets and we
continue to benefit from our industry leading content offerings.
Looking ahead, we remain focused on leveraging our strong audience
shares and expanded digital capabilities to connect advertisers
with the rapidly expanding Latino population across all media
platforms."

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/zfOlXc

                   About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. -- http://www.spanishbroadcasting.com/-- owns and
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


SPORTS AUTHORITY: Name Said to Go Unsold at Bankruptcy Auction
--------------------------------------------------------------
Steven Church, writing for Bloomberg News, reported that Sports
Authority Inc.'s name, and the right to keep it on the home
stadium of the Super Bowl champion Denver Broncos, went unsold at
a bankruptcy auction, according to three people familiar with the
bidding results.

Instead, three liquidators bought the rights to run
going-out-of-business sales at the insolvent chain's stores, which
will raise enough money to pay two top lenders, the report said,
citing two of the people, who asked for anonymity because the
auction results aren't public yet.  It's unlikely the company will
raise enough money to repay the approximately $646 million it owes
lower-ranking creditors, the report related.

According to the report, the company's name and all of its other
intellectual property may be taken over by lenders who won't be
cashed out by the inventory liquidation.  Those lenders, owed $277
million, include Blackstone Group's GSO Capital Partners,
Wellington Management and Columbia Management Investment Advisers,
the report noted, citing court records filed in March.  Those
lenders claim to have collateral rights over the intellectual
property that would allow them to take control of the company
name, including naming rights to Sports Authority Field in Denver,
near the company's home office, the report further related.

                  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.

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.  Lawyers at Pachulski
Stang Ziehl & Jones LLP represent the Official Committee of
Unsecured Creditors.


SPORTS AUTHORITY: Liquidators Trio Wins Bankruptcy Auction
----------------------------------------------------------
Bloomberg Brief reported that Sports Authority's hopes of avoiding
liquidation faded after Modell's Inc. backed away from a potential
deal that would have kept some of the debtor's stores operating.

Lillian Rizzo, writing for The Wall Street Journal, reported that
a consortium of liquidators that includes Tiger Capital Group,
Hilco Global and Gordon Brothers prevailed in an auction for
Sports Authority Holdings Inc.'s assets, according to people
familiar with the matter.

The Journal, citing two people familiar with the auction, related
that the winning bidders topped a rival offer from a second group
of liquidators that included Yellen Partners, SB Capital Group and
360 Merchant Solutions.  Great American Group, originally a part
of this group of liquidators, dropped out of the consortium before
the bidding began, the report said, citing the two people.

The winning group agreed to pay 101% of the cost of the retailer's
inventory, plus a $1.8 million augment guarantee, a person close
to the situation said, the report related.

Other offers ahead of the auction came from competitors Modell's
Inc. and Dick's Sporting Goods Inc., each for small batches of
stores, the people said, the report further related.  An auction
for the retailer's store leases will be held at a later date that
has yet to be set, the people said, the report added.

                  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.

The U.S. trustee for Region 3 appointed seven creditors of Sports
Authority Holdings Inc. to serve on the official committee of
unsecured creditors.  Lawyers at Pachulski Stang Ziehl & Jones LLP
represent the Official Committee of Unsecured Creditors.


PUERTO RICO: State of Emergency Declared for Highway Authority
--------------------------------------------------------------
EFE News reports that Puerto Rico's government has declared a
state of emergency at the U.S. commonwealth's debt-ridden ACT
highway authority, a move that suspends that agency's obligation
to transfer its revenues to bondholders.

Gov. Alejandro Garcia Padilla announced the decision in a
statement, saying he was using powers granted to him under the
Puerto Rico Emergency Moratorium and Financial Rehabilitation Act,
which he signed into law in April, according to EFE News.

Mr. Padilla justified the move, which does not impose a moratorium
on bond payments by the authority, as necessary for the ACT to pay
its suppliers and ensure maintenance of the island's road network,
the report notes.

The state-of-emergency declaration suspends the agency's
obligation to transfer highway tolls and other revenues to its
creditors and imposes a stay on lawsuits for non-payment of debt,
the report relays.

The report says that the governor said in a statement that the
ACT's debt load dates back to the period from between 2009 and
2012, when the authority filled a budget hole and covered its
capital investment needs through credit lines with the Government
Development Bank for Puerto Rico without identifying payment
sources for the debt.

The authority's total debt currently amounts to around $2.2
billion, the report notes.

The ACT, he said, needs around $25 million a month to cover its
operational costs and provide essential road services to the
island's population, the report relays.

It also needs nearly $150 million to pay what it owes to its
suppliers, he added, the report notes.

The report relates that the Puerto Rico Emergency Moratorium and
Financial Rehabilitation Act authorizes the government to halt all
payment on the island's debt, including General Obligation, or GO,
bonds, repayment of which is backed by Puerto Rico's constitution
and is to take priority over any other public expenditures.

Puerto Rico has been in recession for a decade and is racked by a
severe fiscal crisis that led it to default on most of a $422
million debt payment earlier this month. An additional $2 billion
comes due in early July, the report notes.

Garcia Padilla's administration has said it will be forced to
default on more bond payments unless the U.S. Congress gives it
the legal tools to restructure its roughly $70 billion debt load,
the report adds.

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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