TCRLA_Public/160524.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, May 24, 2016, Vol. 17, No. 101



ARGENTINA: Congress Passes 'Anti-Layoffs' Bill


ULTRAPETROL (BAHAMAS): Posts Revenue Update


BRAZIL: New Economic Team Downgrades Expectations for Budget
BRAZIL: PJT, Moelis, Houlihan Take Lead in Restructuring Big Firms
BRAZIL: Demand for Corporate Loans Sinks in April

C A Y M A N  I S L A N D S

MORAR CAYMAN: Members' Final Meeting Set for June 2
OLIMPIA PARTNERS: Member to Hear Wind-Up Report on June 1
OLIMPIA PARTNERS MASTER: Member to Hear Wind-Up Report on June 1
RCUBE INVESTMENT: Shareholders' Final Meeting Set for May 30
YELLOW STAR: Shareholder to Hear Wind-Up Report on June 13


ECOPETROL: Main Pipeline Targeted in New Attack

C O S T A   R I C A

BANCO INTERNACIONAL: Fitch Affirms 'BB+' LT Issuer Default Rating


GRENADA: Fiscal Performance Turned Balance Deficit to Surplus


JAMAICA MERCHANT: Fitch Affirms BB+ Rating on US$250MM Notes


BBVA BANCOMER: Fitch Affirms 'BB+' Rating on LT Jr. Sub. Notes

P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 26
AMBITEK INDUSTRIAL: Wants Plan Filing Period Extended by 26 Days
GENTE JOVEN: Hires Luis D. Flores Gonzalez as Bankruptcy Counsel

T R I N I D A D  &  T O B A G O

CL FINANCIAL: Clico Stakeholders Want Money and Control Change

                            - - - - -


ARGENTINA: Congress Passes 'Anti-Layoffs' Bill
Taos Turner at The Wall Street Journal reports that Argentina's
opposition-dominated Congress approved legislation that would
double the cost of laying off private and public employees over
the next six months, handing President Mauricio Macri his first
legislative setback since taking office.

Mr. Macri, who said the law would spook investors and destroy
jobs, is expected to veto it, according to WSJ.  The setback for
Mr. Macri comes as pollsters say Argentines are increasingly
worried about the prospect of losing their jobs, the report notes.

Passage of the jobs bill, dubbed the "anti-layoffs law," raises
questions about Mr. Macri's ability to pass key economic and
political initiatives in a Congress dominated by the opposition
Peronist political movement, the report relays.  Mr. Macri's
"Let's Change" coalition is a minority in both houses of Congress,
the report notes.

"What this shows is that in some ways the government has lost
control of the political agenda," said Nicolas Solari, an analyst
at pollster Poliarquia, the report discloses.  "Now it's the
opposition that is setting the agenda," Mr. Solari added.

More than 57% of Argentines supported the legislation while 52%
said they fear that a family member's job was at risk, according
to a recent survey by pollster Raul Aragon, the report relays.

The president moved to regain the political initiative, announcing
increases in the minimum wage that will raise it 33% by January,
the report notes.

The WSJ recalls that Mr. Macri took office in December after
narrowly defeating his Peronist opponent in last year's
presidential election.  Mr. Macri quickly reversed the
nationalistic and interventionist policies of his populist
predecessor, Cristina Kirchner, who nationalized companies and
heavily regulated the economy, the report relays.  Mr. Macri
eliminated taxes on most farm exports, ended currency controls and
replaced Argentina's central bank president, the report notes.

But Mr. Macri did much of that on his own, without need for
Congress, and his ability to govern smoothly during the remainder
of his term will depend on support from Peronist leaders-
particularly governors who heavily influence how Peronist
legislators vote, the WSJ says.

Until now, Mr. Macri has successfully wooed those governors,
winning their backing in exchange for promises to improve the
economy and invest billions in infrastructure projects across the
country, the report discloses.  In return, the governors backed a
plan by Mr. Macri to settle Argentina's long-standing conflict
with a group of bondholders in the U.S, the report notes.

But after settling that dispute in April, Mr. Macri slashed
subsidies on utility rates, leading to higher gas, electricity,
water and transportation prices for millions of people in and
around this capital city, the report relays.

Economists said the move was necessary to reduce Argentina's
budget deficit, but the price increases were unpopular and made it
harder for Peronist politicians to support Mr. Macri in public,
the report notes.

"Sales have fallen 20% since Mr. Macri became president and we're
afraid of getting laid off," said Liliana Bartes, 33 years old,
who works at a bakery, notes the report.  "I have two kids and if
I get laid off I'd end up in the street. I think it's a good idea
to pass the anti-layoffs law," she added.

"There is not a wave of layoffs in Argentina," Argentina's Labor
Minister Jorge Triaca said at a congressional hearing, adding that
private sector job creation has been stagnant for the past five
years, the report notes.  "This is the situation we're in. It's
worrisome because it's structural but it's not different today
than it was five years ago," Mr. Triaca added.

Argentina's Modernization Ministry, which is charged with updating
the state bureaucracy, hasn't renewed the contracts of almost
11,000 temporary state workers, the WSJ relays.  Those job cuts
augmented concerns about broader job losses in both the private
and public sectors, the report notes.

The report discloses that debate over the layoffs bill has raised
concerns among some investors about political stability in a
country where several non-Peronist presidents have been forced out
of office early because of virulent opposition from Peronist
politicians and allied unions.

But analysts say that isn't the case and that the administration
simply needs to adjust to working with an opposition-controlled
Congress and a Peronist movement that is trying to regroup after
its defeat in the election, the report notes.

"This is not a governability crisis, but rather an important sign
that the government faces a learning process and needs to learn
from it," said Mr. Solari, the pollster, the report says.

The push to pass the bill came largely from members of former
President Kirchner's opposition Victory Front Party, which has
loudly criticized what they claim is a massive wave of layoffs
caused by Mr. Macri's business-friendly economic policies, the
report notes.

"We are seeing a lot of layoffs.  It's hard to know how many there
are because a lot of companies are getting workers to sign
confidentiality agreements when they are let go, so government
data do not reflect what is really happening in the job market,"
said Victory Front Congressman Hector Recalde, the report

Mr. Recalde said price increases are hitting workers and the
companies that employ them, the report notes.

Some business chambers are backing that up, saying that a
combination of roughly 40% annual inflation, declining purchasing
power and an anemic economy is hurting sales and leading companies
to consider layoffs, the WSJ says.  Last month, retail sells fell
6.6% on the year, according to CAME, a confederation of medium-
size companies, the report discloses.

"The decline in purchasing power was felt more than ever," CAME
said earlier this month, citing "numerous layoffs" in both the
private and public sectors, the report notes.  "Businesses could
not do anything about this at a time when people stopped window
shopping," CAME added.

In an interview earlier this year, Mr. Macri said he was obsessed
about creating jobs, the WSJ notes.  Administration officials have
acknowledged laying off thousands of federal workers-who Mr. Macri
and most of his ministers have said were paid political activists
instead of qualified civil servants-but Mr. Macri has said there
is no jobs crisis, the report relays.

Over the past year, Argentina had a net gain of 60,000 jobs, he
said recently, the report says.  Still, he said such a small
increase in jobs for a country of more than 40 million people "is
nothing," but promised that the economy will rebound later this
year, the report discloses.

"We're going through a tough transition," Mr. Macri said after
announcing the minimum wage increase, "but people have faith and
are expecting a lot of us," the report adds.

                            *     *     *

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

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

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

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


ULTRAPETROL (BAHAMAS): Posts Revenue Update
Ultrapetrol (Bahamas) Limited announced the earnings results for
Fiscal Year 2016 and Q1. The results came in during After-hours on
May 12, 2016. Earnings per share were $-0.13.

Ultrapetrol (Bahamas) Limited (ULTR) made into the market gainers
list on Thursday, May 19, trading session with the shares
advancing 17.30% or 0.045 points.  Due to strong positive
momentum, the stock ended at $0.3051, which is also near the day's
high of $0.3799. The stock began the session at $0.3426 and the
volume stood at 19,07,395 shares. The 52-week high of the shares
is $1.37 and the 52 week low is $0.05. The company has a current
market capitalization of $42,936 M and it has 1,40,72,90,00,000
shares in outstanding.

As reported in the Troubled Company Reporter-Latin America on Jan.
20, 2016, Standard & Poor's Ratings Services said it lowered its
corporate credit rating on South American shipping company
Ultrapetrol (Bahamas) Ltd. to 'D' from 'CC'.  At the same time,
Standard & Poor's lowered its issue-level rating on the company's
senior secured notes to 'D' from 'CC'.  Standard & Poor's removed
the ratings from CreditWatch, where they were placed Dec. 15,


BRAZIL: New Economic Team Downgrades Expectations for Budget
Carla Simoes and Mario Sergio Lima at Bloomberg News report that
Brazil's new economic team projects the largest budget deficit
before interest payments on record this year, underscoring the
challenge Acting President Michel Temer will face in turning
around Latin America's biggest economy.

Temer's administration will submit a bill that would allow it to
report a primary budget gap of BRL170.5 billion ($48.4 billion) in
2016, Finance Minister Henrique Meirelles said, according to
Bloomberg News.

The estimate is realistic and transparent, and doesn't include
possible spending cuts and revenue increases that require
congressional approval, he said, Bloomberg News notes.  It's for
the central government only, meaning it doesn't take into
consideration state or city budgets, Bloomberg News relays.

The previous administration, led by Dilma Rousseff, originally
expected to post a primary surplus for the central government of
BRL24 billion in 2016, though it asked Congress in March to reduce
the target to a surplus of BRL2.8 billion, Bloomberg News says.

President Rousseff said at the time the primary budget result
could go as low as a deficit of BRL97 billion if revenue fell
short of forecast, Bloomberg News notes.

Unlike the previous government, the Temer administration doesn't
expect to revise its fiscal target numerous times throughout the
year, said Budget Minister Romero Juca, Bloomberg News notes.  It
will instead try to continuously improve the bottom line.

"This government's stance will be different," he told reporters,
Bloomberg News notes.  "The budget target isn't a soap opera that
you release in episodes. It's done in one fell swoop," he added.

Investors use Brazil's primary budget result to gauge the
country's fiscal health and its ability to service debt, Bloomberg
News notes.  The country last year lost its investment-grade
status after the three major rating companies expressed growing
concern over government finances, Bloomberg News relays.  If
lawmakers don't approve the administration's request, it would
have to cut spending further or risk missing its target and
violating fiscal laws, Bloomberg News notes.  Mr. Meirelles said
he expects Congress to approve the new target by May 25, Bloomberg
News discloses.

The announcement in effect says that Brazil's public accounts are
in worse shape than many had expected, Bloomberg News notes.  The
administration is betting that transparency will help revive
investor confidence in the government, and that a clear picture of
the country's financial woes will motivate lawmakers to back
spending cuts, Bloomberg News relays.

The administration is still developing strategies to shore up
fiscal accounts, including policies designed to curtail pension
payouts and raise revenue through the sale of state assets,
Bloomberg News notes.  It hasn't yet decided whether to increase
taxes, or revive an unpopular levy on financial transactions,
known in Brazil as the CPMF tax, Bloomberg News relays.  Mr.
Meirelles said the government will announce new measures soon.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.

BRAZIL: PJT, Moelis, Houlihan Take Lead in Restructuring Big Firms
Cristiane Lucchesi at Bloomberg News reports that three U.S.
investing banking boutiques are dominating the business of
advising bondholders and companies through the biggest wave of
debt restructuring in Brazil's history.

PJT Partners, Moelis and Houlihan Lokey are helping to renegotiate
about $21 billion of the $27 billion in international debt that's
gone bad in Brazil during the nation's worst recession in a
century, according to Bloomberg News.

"U.S. firms have the competitive advantage of knowing
international investors and U.S. bankruptcy procedures better than
local players, and at the same time have no conflicts of interest
because they don't provide any type of credit or underwriting to
Brazilian firms," said Nick Leone, a partner in the restructuring
and special-situations group at PJT, Bloomberg News notes.

Bloomberg News relays that bankruptcy filings reached a record in
Brazil this year as a credit squeeze left many firms without
access to financing.  The weaker currency is making it harder for
companies to pay back dollar-denominated debt, which more than
doubled since 2007 to about $120 billion, according to Bloomberg
News.  At the same time, profit and revenue at many of the biggest
corporations tumbled after a two-year economic downturn and
political crisis, Bloomberg News relays.

Moelis opened its office in Sao Paulo in March 2014 and has about
15 employees in the country, said Otavio Guazzelli, the New York-
based firm's co- head of investment banking for Brazil, who
previously led that business for Citi and local firm BR Advisory
Partners.  Jorio Salgado-Gama, who co-heads the business with Mr.
Guazzelli, is the former leader of BR Partners' merger-and-
acquisition advisory business and also worked at Citi, Bloomberg
News relays.

Moelis is advising on the biggest restructuring in Brazil,
representing bondholders of Oi, the nation's most indebted phone
company, with about BRL49.4 billion ($14.2 billion) of debt as of
March, Bloomberg News notes.  It's also helping companies in local
negotiations, including Log-In Logistica Intermodal, the logistics
company that's refinanced BRL481 million in bank loans, Bloomberg
News relays.

        Brazil Filings Hit a Record High of 162 in April

"We are continuing to expand our office in Brazil as our strategic
and financial-advisory business is very active right now," Mr.
Guazzelli said, adding that a "a relevant local presence is a key
competitive advantage because it helps us to better understand
clients' priorities," Bloomberg News notes.  He declined to
comment on specific cases.

PJT, a New York-based investment bank that doesn't have an office
in Brazil, is advising Oi on how best to restructure its debt, the
company said in a statement March 10, Bloomberg News discloses.
The bank is also advising Gol Linhas Aereas Inteligentes, which
has debt of $2.6 billion, and Odebrecht Oil & Gas, with $3 billion
in international bonds, according to the companies, Bloomberg News

C.J. Brown and Nick Leone, who joined PJT as partners from
Blackstone, lead the Brazil restructuring business. While at
Blackstone, they advised former billionaire Eike Batista's oil and
gas company, OGX, in its record-breaking 2013 bankruptcy case,
which included $3.6 billion in international bonds, Bloomberg News

PJT in hired Morgan Stanley's Latin America chairman, Christopher
Harland, as a partner for the M&A advisory team. Harland.

Derek Pitts, a managing director at Houlihan Lokey, is advising
bondholders at Gol, Odebrecht Oil & Gas and Grupo Schahin.  The
Los Angeles-based investment bank has no offices in Brazil, but
maintains partnerships with local restructuring boutiques. Mr.
Pitts said Houlihan Lokey might increase its investments in
Brazil, without specifying how, Bloomberg News relays.

PJT and Houlihan Lokey also declined to comment on specific

U.S. investment-banking boutiques face competition from local
advisory firms such as G5, in which Evercore has a 47 percent
stake, Bloomberg News notes.  It was hired last year by building
companies Engevix Engenharia and OAS.

Rothschild has been also playing a role in the business of
renegotiating debt for Brazilian companies, helping firms such as
PDG Realty, once the largest Brazilian homebuilder by revenue,
restructure its BRL5.8 billion of debt, Bloomberg News relays.

Brazil's corporate credit crisis is poised to endure as long as
the economy contracts and interest rates remain high. Companies
seeking legal protection from their creditors surged to 571 this
year through April, an increase of 97.58 percent over the same
period of 2015, according to data provider Serasa Experian,
Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.

BRAZIL: Demand for Corporate Loans Sinks in April
Guillermo Parra-Bernal at Reuters reports that demand for loans
among Brazilian companies slumped in April, credit research
company Serasa Experian said, a sign that the highest borrowing
costs in nine years and the harshest recession in eight decades
hampered their ability to take on fresh credit.

The number of requests for new loans dropped 11.6 percent in April
from the prior month, and fell 4.2 percent from the same month a
year earlier, Serasa said in a statement, according to Reuters.
In the first four months, demand for consumer credit dropped 8.1

The data underscores how borrowing in Brazil is reeling from the
country's downturn, slumping commodities prices and fallout from a
corruption scandal at state firms, the report notes.

The report discloses that with bankruptcy filings doubling this
year and the economy poised to contract by about 4 percent for a
second year in a row, banks are also cutting credit access for
small and large corporate borrowers, or refinancing loans only for
existing clients.

Moody's Investors Service said this month that the number of
Brazilian companies facing high funding risks rose to 33 percent
last year, from 28 percent in 2014, the report relays.  More debt
is maturing than companies can generate cash to make payments,
while banks are refinancing fewer loans, the report showed, the
report says.

Banks had about BRL130 billion ($367 billion) in refinanced and
restructured loans on their books last year, according to central
bank data, Reuters relays.

The combination of restricted credit supply and weak demand could
lead banking industry profits to post their largest annual decline
this year since at least 2000, according to Goldman Sachs Group
Inc. analysts, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.

C A Y M A N  I S L A N D S

MORAR CAYMAN: Members' Final Meeting Set for June 2
The members of Morar 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

OLIMPIA PARTNERS: Member to Hear Wind-Up Report on June 1
The member of Olimpia Partners Funds SPC, Ltd will hear on June 1,
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:

          Eduardo Menge
          Av. Nacoes Unidas, 8501 - 31st floor
          Sao Paulo, SP
          05425-070 Brazil
          Telephone: + 55 11 4872 2639

OLIMPIA PARTNERS MASTER: Member to Hear Wind-Up Report on June 1
The member of Olimpia Partners Master Funds SPC, Ltd. will hear on
June 1, 2016, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eduardo Menge
          Av. Nacoes Unidas, 8501 - 31st floor
          Sao Paulo, SP
          05425-070 Brazil
          Telephone: + 55 11 4872 2639

RCUBE INVESTMENT: Shareholders' Final Meeting Set for May 30
The shareholders of Rcube Investment Management 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:

          RCUBE Asset Management SAS
          Cyril Castelli
          255 Rue Saint - Honore
          2nd Floor, 75001
          Telephone: +33 1 42 60 28 01

YELLOW STAR: Shareholder to Hear Wind-Up Report on June 13
The shareholder of Yellow Star PTC Limited will hear on June 13,
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:

          Estera Trust (Cayman) Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


ECOPETROL: Main Pipeline Targeted in New Attack
EFE News report that Colombian state oil company Ecopetrol
denounced a new attack on the Cano Limon-Covenas pipeline in a
rural area of the northeastern province of Arauca, which borders

The attack on the country's largest pipeline occurred near the
hamlet of El Consuelo, Ecopetrol said in a statement, according to
EFE News.

It caused crude to spill into a small river, prompting Ecopetrol
to take steps to address the emergency, the report notes.

Authorities are trying to determine who carried out the attack in
that region, where National Liberation Army, or ELN, guerrillas
have a large presence, the report relays.

The report discloses that Ecopetrol says 14 attacks have been
carried out this year on the Cano Limon-Covenas pipeline in the
provinces of Arauca and Norte de Santander, causing crude to spill
into the Bojaba, Arauca and Catatumbo rivers and several streams.

The company also said these attacks endangered people's lives and
posed a threat to the environment and flora and fauna in the areas
where they occur, the report notes.

The 770-kilometer-long (478-mile-long) Cano Limon-Covenas pipeline
transports crude from oil wells in Arauca to the Caribbean port of
Covenas, the report adds.

Ecopetrol, which accounts for more than 60 percent of Colombia's
oil production, also has exploration and production operations in
Brazil, Peru and the U.S. Gulf of Mexico, the report adds.

C O S T A   R I C A

BANCO INTERNACIONAL: Fitch Affirms 'BB+' LT Issuer Default Rating
Fitch Ratings has affirmed Banco Internacional de Costa Rica's
(BICSA) Long-Term Issuer Default Rating (IDR) at 'BB+' and its
Viability Rating (VR) at 'bb' following a peer review of Panama's
midsized banks. Fitch also affirmed BICSA's National Ratings in
Panama. The Rating Outlook for the bank's IDR and Long-Term
National Rating remains Negative. A full list of rating actions
follows at the end of this press release.

The IDRs, National and senior debt ratings assigned to BICSA
reflect the support that, in Fitch's opinion, the entity will
receive from its main shareholder, Banco de Costa Rica (BCR;
'BB+'/Outlook Negative), if needed. The bank's IDR and long-term
National rating have a Negative Outlook, which is in line with
BCR's IDR. The affirmation of the bank's Support Rating reflects
Fitch's view that the probability of support remains unchanged.
Fitch believes support would be forthcoming to manage the parent's
reputational risk, if required.

BICSA's VR reflects its adequate profitability, good capital
ratios and low delinquency. The rating also considers the bank's
highly concentrated funding, and tight liquidity that result in a
lower financial flexibility compared to its peers.

BICSA is characterized by low delinquency levels under
international standards, with non-performing loan (NPL) ratios
below 1% over the last four years. In 2015, this metric
deteriorated somewhat, to 1.1%, as a result of the deterioration
of a small number of debtors. The bank's delinquency metrics
compare below local peers but this is expected given the Costa
Rican exposure.

The bank's financial performance is consistent with its corporate
focus, although it did decline in 2015. As of December 2015,
BICSA's return on assets was 0.9%, which is lower than its 2014
level, due to both the downward trend observed in its net interest
margin (NIM) and greater provisioning expenses in 2015. Also, the
bank's performance was hit by loan prepayments. The bank's already
low NIM has been declining over the past few years as a result of
fierce competition.

BICSA's funding is highly concentrated, even when compared with
other local corporate banks, which, due to the nature of their
corporate focus, tend to exhibit higher concentration in their
funding than universal banks. Most of the bank's funding stems
from client deposits, primarily term deposits, with 50% of these
being concentrated among the bank's 20 largest depositors.

Liquidity is still at reasonable levels, with cash and equivalents
and investments representing 16.6% of total financial liabilities
showing a decline from previous years. Short-term refinancing risk
is relevant, requiring an active asset-liability management to
ensure the renewal of its funding sources. The combination of
possible dried up funding sources and lower liquidity in 2016
poses a material challenge for the bank's financial profile.

Fitch considers BICSA's capitalization to be good, with a Fitch
Core Capital (FCC) of 12.4% as of December 2015. Contributing to
the bank's good capitalization are its asset growth, which is in
line with its internal generation of capital, and its zero
dividend payout policy. As loan growth recovers in 2016 and 2017,
capitalization could decline to around 11%, which would still be
considered adequate.


The bank's IDRs, national and senior debt ratings are sensitive to
a change, in Fitch's view, as to BCR's capacity or willingness to
support BICSA. The Negative Outlook on BICSA's IDR reflects the
likelihood that a downgrade of BCR's IDRs would result in a
similar action on BICSA's IDR and national ratings.

Reductions in the bank's VR could come from a material increase of
the refinancing risk reflected in reductions of funding sources
combined with a weak liquidity cushion. Also, a deterioration of
the loan portfolio above 2% could put pressure on the VR.

Fitch affirmed BICSA's ratings as follows:

International ratings
-- Long-Term IDR at 'BB+'; Outlook Negative;
-- Short-Term IDR at 'B';
-- Viability Rating at 'bb';
-- Support Rating at '3'.

National ratings
-- Long-term National rating at 'AA-(pan)'; Outlook Negative;
-- Short-term National rating at 'F1+(pan)';
-- Long-term senior unsecured bonds at 'AA-(pan)';
-- Commercial paper at 'F1+(pan)'.


GRENADA: Fiscal Performance Turned Balance Deficit to Surplus
On May 18, 2016 the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation1 with Grenada and
the fourth review of Grenada's performance under a program
supported by a three-year arrangement under the Extended Credit
Facility (ECF).  The completion of the review enables the
disbursement of the equivalent of SDR 2 million (about US$2.8
million), bringing total resources made available to Grenada under
the ECF arrangement to the equivalent of SDR 10.04 million (about
US$14.1 million).

The Grenadian authorities continue to deliver a strong track
record of program implementation and results.  All performance
criteria for end-December 2015 were met and most structural
benchmarks for the fourth review were met on time or with minor
delays, with timely corrective actions taken for two unmet

Growth prospects and fiscal sustainability are improving as the
authorities' home grown adjustment program enters its third year.

Real GDP is estimated to have expanded by 4.6 percent in 2015,
with strong growth in agriculture and tourism, as well as a
rebound in construction. Growth is projected to moderate to 3
percent in 2016. The fiscal performance turned Grenada's primary
balance from deficit to surplus for the first time in a decade and
together with debt restructuring agreements reached with both
external and domestic creditors, Grenada is making progress on
fiscal and debt sustainability. The debt-to-GDP ratio declined
from 107 percent in 2013 to 94 percent in 2015 and is projected to
continue its downward path going forward.

The 2016 budget aims to complete the programmed fiscal adjustment
in support of meeting medium term debt targets, while focusing on
structural reforms to promote economic growth and lower

Since the onset of the program, there has been progress with
structural fiscal reforms, including strengthened tax
administration, improved public finance management, an overhaul of
the tax incentives regime, and a new rules-based fiscal policy
framework, which now need to be made fully effective. The
authorities are working to reform management of the public sector
wage bill to ensure sustainable personnel expenditure. In
addition, reforms to improve the investment and business climate
and modernize the labor market are also proposed to unlock growth
potential and lower unemployment.

Following the Executive Board's discussion on Grenada, Mr.
Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair,

"Grenada's performance under its Fund-supported home-grown program
remains satisfactory. The government is on track to complete the
programmed fiscal adjustment and its structural reform agenda. The
initial dividends from the program are emerging, as economic
activity has picked up and the external position strengthened. The
government's economic strategy going forward should focus on
promoting broad-based growth and lowering unemployment while
maintaining fiscal discipline in the context of its strengthened
fiscal policy framework.

"Grenada has made significant progress toward restoring debt
sustainability, supported by budget discipline and steps toward a
comprehensive debt restructuring. As wage and spending pressures
are rising, the program is at an important juncture and continued
policy resolve is essential to secure lasting success and to
safeguard the credibility of the new rules-based policy framework.

"The Grenadian authorities have pushed through important
legislative reforms aimed at locking in fiscal discipline over the
long term. Grenada has made significant progress improving public
finance management, strengthening the fiscal policy framework, and
overhauling the tax incentive regime. The next step is to
implement the new legislations, with high priority on reforms to
strengthen management of the public wage bill, tax administration,
and public debt management.

"To improve Grenada's competitiveness and growth potential,
priorities should focus on removing impediments to private sector
activity and strengthening labor market skills and mobility. To
protect the most vulnerable, the government has safeguarded total
social spending, but needs to follow through on its stated goals
of improving the targeting and effectiveness of this spending.

"Financial stability has improved, but continued efforts to
strengthen the banking system are critical to enabling it to
contribute more effectively to private sector growth. A proactive
approach should be taken to address remaining vulnerabilities in
the banking sector."

                       Executive Board Assessment

Executive Directors welcomed the strong economic recovery and the
significant improvements in fiscal and external balances and debt
reduction. Directors commended the authorities for steadfast
implementation of their home-grown program, notably the successful
fiscal consolidation. They stressed, however, that remaining
challenges call for continued policy resolve in order to achieve
the objectives of restoring debt sustainability, boosting medium-
term growth prospects, and strengthening financial stability.
Directors noted that downside risks to the outlook persist, and
called for prioritizing structural reforms to promote growth and
job creation. In particular, they encouraged the authorities to
implement reforms to remove impediments to private sector
activity, and improve labor market skills, matching and mobility.
They supported a proactive approach to focus training on skills
needed by the market, and at the same time improve productivity
and reduce structural unemployment.

Directors commended the authorities for the fiscal adjustment
achieved thus far. In particular, they welcomed the primary
surplus achieved in 2015 through important progress on tax policy
and administration reforms and expenditure rationalization.
Directors encouraged the authorities to safeguard this progress
with strict budget execution and adherence to the new rules-based
fiscal framework, while maintaining growth.

Directors commended the authorities' steadfast implementation of
their ambitious legislative reform agenda. They welcomed the
impressive progress to overhaul the fiscal framework, reform the
tax incentive regime, strengthen tax administration, and improve
the monitoring and accountability of parastatal entities. Going
forward, priority should be given to implementation of these
reforms. Directors stressed that additional efforts are needed to
strengthen public debt management and management of the public
sector wage bill, as well to improve tax administration.

Directors welcomed the progress made to implement the country's
new growth and poverty reduction strategy. They underscored that
close integration with the budget is needed to maximize the impact
on competitiveness and growth. Directors urged the authorities to
take steps to improve the targeting of the social safety net, as
anticipated under the program, to protect the most vulnerable
during fiscal adjustment and to ensure a lasting success of the
program. Implementation of the Support for Education, Employment
and Development (SEED) was encouraged.

Directors welcomed the authorities' continued efforts to
strengthen financial stability. They encouraged measures to
address remaining vulnerabilities in the financial system while
minimizing fiscal costs. Directors shared the view that a stronger
banking system would contribute more effectively to private sector
investment and growth. They called for continued efforts to
strengthen regulation and supervision of the nonbank financial
sector, as well as to enhance the AML/CFT framework.

Directors acknowledged the progress made to restore debt
sustainability under the ECF-supported program and underscored the
need to complete the comprehensive debt restructuring. They
stressed the importance of maintaining fiscal discipline over the
medium term with the aim of meeting long-term debt reduction


JAMAICA MERCHANT: Fitch Affirms BB+ Rating on US$250MM Notes
Fitch Ratings has affirmed the ratings assigned to the future flow
transactions sponsored by National Commercial Bank Jamaica Ltd.
(NCBJ).  The Rating Outlook is Stable.

The series 2015-1 notes issued by Jamaica Merchant Voucher
Receivables Limited are backed by future flows due from Visa
International Service Association (Visa) and MasterCard
International Incorporated (MasterCard) related to international
merchant vouchers acquired by NCBJ in Jamaica.

The series 2013-1 notes issued by Jamaica Diversified Payment
Rights Co. are backed by existing and future USD-denominated
diversified payment rights (DPRs) originated by NCBJ.  DPRs are
defined as electronic or other messages utilized by financial
institutions to instruct NCBJ to make a payment to a beneficiary.

On March 28, 2016, pursuant to the Jamaica Diversified Payment
Rights Company Series 2013-1 Indenture Supplement, the controlling
party exercised its option to defer the repayment of principal by
12 months, extending the first expected quarterly amortization
payment to September 2017 and the expected final payment date to
March 2021.  This is the third and final deferral of principal
permitted under the transaction documents.  In its initial rating
analysis, Fitch considered the potential deferral of principal
payments by 12 months up to three times over the life of the

Fitch's ratings address timely payment of interest and principal
on a quarterly basis.

                          KEY RATING DRIVERS

Originator Credit Quality: Fitch currently rates NCBJ's Local
Currency (LC) Issuer Default Rating (IDR) 'B'/Outlook Stable.
Fitch also assigns NCBJ a going concern assessment (GCA) score of
'GC1', reflecting the bank's systemic importance as a top-tier
financial institution representing more than 30% of system assets.

Strength of Merchant Voucher Program: NCBJ's market-leading and
embedded credit card franchise supports a dominant market share
(62% of POS acquiring volume in 2015) and a growing level of
international Visa and MasterCard merchant vouchers.  The
quarterly debt service coverage ratio (DSCR), which considers
quarterly program flows and the maximum quarterly debt service for
the life of the transaction, has averaged 8.3x since closing.

Composition of DPR Flows: While the quarterly DSCR (which
considers quarterly flows through DDBs [excluding 65% of flows
from certain entities] and the maximum quarterly debt service for
the life of the transaction) averaged 38.1x in 2015, a large
portion of DPRs consists of government-related flows and/or
capital flows, which Fitch considers more volatile than export-
related payments and family remittances.

Level of Future Flow Debt: Future flow debt represents
approximately 10.0% of total consolidated liabilities and 84.3% of
long-term funding.  This level of future flow debt is a limiting
factor to the transaction ratings.

Partially-Mitigated Sovereign Risk: The transaction structures
mitigate certain sovereign risks by keeping cash flows offshore
until collection of periodic debt service, allowing the future
flow transaction to be rated over the sovereign country ceiling.
                       RATING SENSITIVITIES

The ratings are linked to the credit quality of NCBJ and the
ability of the securitized business lines to continue operating,
as reflected by the GCA score.  Although the future flow ratings
are sensitive to changes in the bank's LC IDR, a one-notch
movement in the LC IDR may not lead to a similar rating action on
the transaction ratings.  In addition, severe reductions in
coverage levels or an increase in the level of future flow debt as
a percentage of the bank's liabilities could result in rating

Fitch has affirmed these ratings:

Jamaica Merchant Voucher Receivables Limited
   -- USD$250 million series 2015-1 notes at 'BB+'; Outlook

Jamaica Diversified Payment Rights Company
   -- USD$125 million series 2013-1 notes at 'BB'; Outlook Stable.


BBVA BANCOMER: Fitch Affirms 'BB+' Rating on LT Jr. Sub. Notes
Fitch Ratings has affirmed the ratings for BBVA Bancomer including
its Viability rating (VR) at 'a-' and its Long- and Short-term
foreign- and local-currency Issuer Default Ratings (IDRs) at 'A-
/F1'. Fitch has revised the bank's Rating Outlook to Stable from

Fitch has also affirmed the long- and short-term national scale
ratings of BBVA Bancomer and the following affiliates at

-- Casa de Bolsa BBVA Bancomer, S.A de C.V.,Grupo Financiero BBVA
    Bancomer (CBBB)
-- Facileasing, S.A. de C.V. (Facileasing)

A full list of rating actions follows at the end of this press

The revision of the bank's Outlook to Stable reflects that despite
BBVA Bancomer's relatively adequate loss absorption capacity in
terms of capital and reserves for impaired loans, the trend of
these metrics has not been as strong as Fitch expected, and
therefore it is difficult to envision that the bank's VR could be
two notches above the sovereign rating. A loan to deposit ratio
slightly worse than Fitch's expectations and relatively weaker
than those shown by its closest peers is also a driver of the
Outlook revision.

The bank's VR and Long-term IDRs are one notch above Mexico's
sovereign rating.


BBVA Bancomer's IDRs and National Ratings are driven by its
standalone profile as reflected by its VR. The bank's VR and IDRs
do not factor in any extraordinary support from its parent,
despite being considered by Fitch as a core subsidiary of its
holding company, Spain's Banco Bilbao Vizcaya Argentaria (BBVA,
rated 'A-'/Stable Outlook).

The affirmation of BBVA Bancomer's VR is driven by the consistency
of its overall sound profitability metrics, as a result of its
strong recurring and diversified revenue and growing lending
activities. Its operating profitability, measured as Operating
Profit to risk-weighted assets (RWAs) stood close to 3% in recent
years (2012 - 2015 average: 2.8%) and increased further as of
March 2016 (3.8%). The bank's operating efficiency ratio (cost-to-
income) is also strong and consistently below 45%; these levels
compare favorably with other systemically important banks in
Mexico and Latin America.

The ratings also factor in BBVA Bancomer's leading and diversified
franchise with a stable local market share above 20% of total
assets, customer deposits and loan portfolio, widely beyond its
closest competitor. The bank's ample customer deposit base is also
one of the pillars of its franchise as it has a large portion of
demand deposits (78% at 1Q16) that have proven stable and aided in
maintaining low funding costs.

In Fitch's opinion, one of the main constrains of BBVA Bancomer's
is its capital position. Even though the entity is able to
generate good recurring earnings, its internal capital generation
is constrained by the relatively high dividend pay-out ratio,
which was on average 73% between 2011 and 2014. Fitch does not
expect a significant change in this ratio. BBVA Bancomer's Fitch
core capital (FCC) ratio stood at 10.9% in the first quarter of
2016 (1Q16) and at 11.24% as of December 2015.

BBVA Bancomer's asset quality metrics are stable; its non-
performing loan (NPL) ratio has remained below 3% since 2014, with
further improvement at YE15 and 1Q16. Fitch considers these are
adequate levels, considering the high proportion of retail lending
and the relatively low reliance on charge-offs. A more stringent
asset quality measure is considered also by Fitch, the adjusted
impairment ratio that sums up impaired loans plus the last 12-
month charge-offs. Compared to the largest seven banks of the
banking system (G7), BBVA Bancomer's adjusted ratios compare
favorably. Rather than being a constraint for its ratings, the
agency views the improved asset quality metrics as strength for
BBVA Bancomer.


Fitch affirmed BBVA Bancomer's Support Rating at '2' reflecting
the view that there is high probability of support to BBVA
Bancomer from BBVA if needed given the core role of the Mexican
subsidiary for its parent.

The bank's global junior subordinated debt is rated four notches
below the anchor rating, BBVA Bancomer's VR, while the foreign
subordinated debt is rated three notches below its VR. The ratings
are driven by Fitch's approach of factoring in the loss severity
in view of the respective degrees of subordination (-1 for the
plain subordinated notes and -2 for the junior subordinated
notes), plus the effect of non-performance risk (-2 notches for
both types of securities).

Fitch rates the local debt issued by BBVA Bancomer and
Facileasing, at their respective corporate rating level, as the
debt is senior unsecured.

The ratings of CBBB reflect the legal obligation of GFBB to
support its subsidiaries, as well as Fitch's view that this entity
remains core for the group's strategy and overall business
profile. The credit profile of GFBB is associated with that of its
main subsidiary, BBVA Bancomer.

The ratings of Facileasing factor in that in Fitch's view this
entity is core affiliate for GFBB, although its ultimate parent is
Spain's BBVA. Fitch considers Facileasing is an integral part of
its local franchise, which explains that its ratings are aligned
to GFBB's operating subsidiaries and reflect the propensity of
support from GFBB if needed.


The bank's ratings have limited upside potential over the
foreseeable future, given that these are already one notch above
the sovereign ratings. Upside potential will only come from an
improved operating environment and a significantly enhanced
financial profile in terms of capitalization and funding. The
ratings could be downgraded upon a sustained deterioration of the
bank's stable profitability, asset quality, and capitalization
metrics, as a FCC ratio deteriorating to levels consistently below
10%. However, Fitch believes this is unlikely at present given the
bank's stable and resilient recurring earnings. In addition, a
downgrade of the sovereign's rating could also affect BBVA
Bancomer's ratings in the same direction.

The national-scale ratings could only be affected in the event of
a multi-notch downgrade of BBVA Bancomer's VR, which is also an
unlikely scenario at present.

BBVA Bancomer's Support Rating could be affected if Fitch changes
its view of BBVA's ability or willingness to support the Mexican
bank, which is an unlikely scenario.

The bank's subordinated debt ratings will likely mirror any change
in its VR, as these issue ratings are expected to maintain the
same relativity to BBVA Bancomer's intrinsic profile. Senior debt
ratings would mirror any changes in the bank's IDRs or national-
scale ratings.

A downgrade of CBBB will be driven by any potential changes in
BBVA Bancomer's ratings or in the legal framework that could alter
the propensity of GFBB to support them (an unlikely scenario at
present) and/or by a change in each entity's strategic importance
to the group.

A potential downgrade of Facileasing's ratings will be driven by a
change on Fitch's view about the strategic importance of this
entity to the group.

Fitch affirms the following ratings:

BBVA Bancomer, S.A.
-- Long-term foreign and local currency IDRs at 'A-'; Outlook
    Revised to Stable from Positive;
-- Short-term foreign and local currency IDRs at 'F1';
-- Viability rating at 'a-';
-- Support rating at '2';
-- National-scale long-term rating at 'AAA(mex)'; Outlook Stable;
-- National-scale short-term rating at 'F1+(mex)';
-- Long-term 'plain vanilla' subordinated notes at 'BBB-';
-- Long-term junior subordinated notes at 'BB+';
-- Long-term senior unsecured global notes at 'A-';
-- Long-term Tier 2 subordinated capital notes at 'BBB-';
-- National-scale long-term rating for local senior unsecured
    debt issues at 'AAA(mex)';
-- National-scale long-term rating for local issues of market
    linked securities at 'AAAemr(mex)'.

Casa de Bolsa BBVA Bancomer, S.A. de C.V.
-- National-scale long-term rating at 'AAA(mex)'; Outlook Stable;
-- National-scale short-term rating at 'F1+(mex)'.

Facileasing, S.A. de C.V.
-- National-scale long-term rating at 'AAA(mex)'; Outlook Stable;
-- National-scale short-term rating affirmed at 'F1+(mex)';
-- National-scale long-term rating for local senior unsecured
    debt issues at 'AAA(mex)';
-- National-scale short-term rating for local senior unsecured
    debt issues at 'F1+(mex)'.

P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 26
ACC Claims Holdings, LLC on May 20 announced the amendment and
extension of offers to Eligible Holders (as defined below) to
exchange (i) class A limited liability company interests of ACC
Claims Holdings, LLC for up to all of the outstanding ACC Senior
Notes Claims (Class ACC 3) allowed under the Plan of
Reorganization, including any post-petition pre-effective date
interest and post-effective date interest to and including the
extended expiration date of the offers (the "Senior Claims"),
against Adelphia Communications Corporation, and (ii) class B
limited liability company interests of ACC Claims Holdings, LLC
for up to all of the outstanding ACC Trade Claims (Class ACC 4)
allowed under the Plan of Reorganization, including any post-
petition pre-effective date interest and post-effective date
interest to and including the extended expiration date of the
offers (the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class
ACC 5) allowed under the Plan of Reorganization, including any
post-petition pre-effective date interest and post-effective date
interest to and including the extended expiration date of the
offers (the "ACC 5 Claims" and, together with the ACC 4 Claims,
the "Other Claims"; the Senior Claims and the Other Claims,
together, the "Claims"), against Adelphia Communications
Corporation until 5:00 p.m., New York City time, on Thursday, May
26, 2016.  The exchange offers were previously scheduled to expire
at 5:00 p.m., New York City time, on Thursday, May 19, 2016.  As
of 5:00 p.m., New York City time, on Thursday, May 19, 2016,
Eligible Holders of $3,996,064,458.00 original principal amount of
ACC Senior Notes (as defined in the Plan of Reorganization)
outstanding, Eligible Holders of $273,289,582.05 of ACC 4 Claims
outstanding and Eligible Holders of $44,646,944.11 of
ACC 5 Claims outstanding had validly tendered their Claims
pursuant to the exchange offers.

Prior to the date of the amendment, the ACC Claims Holdings, LLC's
Operating Agreement provided that the terms and provisions of such
Operating Agreement may be modified or amended from time to time
only by a written instrument executed by the managing member;
provided that Operating Agreement may not be materially amended
(other than certain specified amendments) without the written
consent of (i) the managing member and (ii) the members holding a
majority of the Class A Interests and Class B Interests (treating
such classes as a single class of Interests acting together).  ACC
Claims Holdings, LLC has decided to amend and restate its
Operating Agreement such that the Operating Agreement may not be
materially amended without the written consent of the members
holding at least 80% of the then outstanding Class A Interests and
Class B Interests (treating such classes as a single class of
Interests acting together).

ACC Claims Holdings, LLC recognizes that the Claims will continue
to accrue post-effective date interest between the original
expiration date and the extended expiration date.  Therefore, the
consideration offered to Eligible Holders will be increased by a
corresponding amount.

Except as set forth herein, the terms and conditions of the
exchange offers remain unchanged.  ACC Claims Holdings, LLC
reserves the right to further extend the exchange offers prior to
the termination of the extended expiration date.  ACC Claims
Holdings, LLC does not contemplate any such additional extensions
of the exchange offers at this time.

The exchange offers are being made pursuant to (i) the offers to
exchange, dated March 3, 2016, and supplemented and amended on
March 9, 2016, March 21, 2016, April 1, 2016, April 8, 2016,
April 15, 2016, April 21, 2016, April 29, 2016, May 5, 2016, May
13, 2016, and on the date hereof and (ii) the related letter of
transmittal, dated as of March 3, 2016 and supplemented and
amended on March 21, 2016 and on the date hereof.

The exchange offers will only be made, and the offers to exchange
and the related letter of transmittal will only be distributed to,
holders who complete, execute and return an eligibility form
confirming that they are qualified purchasers ("Qualified
Purchasers") as defined in Section 2(a)(51)(A) of the Investment
Company Act of 1940, as amended (except to the extent waived by
the managing member of ACC Claims Holdings, LLC), excluding
Benefit Plan Investors (as defined below) (except as provided for
and subject to the terms of the exchange offers, as amended), each
of which is (x) a qualified institutional buyer within the meaning
of Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), (y) an institutional investor that qualifies as
an "accredited investor" pursuant to Rule 501(a)(1), (2), (3) or
(7) under the Securities Act or (z) not a U.S. person in an
offshore transaction, in each case as defined in Regulation S
under the Securities Act (such persons, "Eligible Holders").
"Benefit Plan Investor" means a benefit plan investor, as defined
in Section 3(42) of the Employee Retirement Income Security Act of
1974, as amended ("ERISA"), and includes (a) an employee benefit
plan (as defined in Section 3(3) of Title I of ERISA) that is
subject to the fiduciary responsibility provisions of Title I of
ERISA, (b) a plan that is subject to Section 4975 of the Internal
Revenue Code of 1986, as amended (the "Code"), or (c) any entity
whose underlying assets include, or are deemed for purposes of
ERISA or the Code to include, "plan assets" by reason of any such
employee benefit plan's or plan's investment in the entity.
Holders who desire to obtain and complete an eligibility form
should either visit the website for this purpose at or call D.F.
King & Co., Inc., the information agent and exchange agent for the
exchange offers, at (800) 761-6523 FREE (toll-free) or (212) 269-
5550 (collect for banks and brokers only).

The managing member of ACC Claims Holdings, LLC may, in its sole
discretion, waive the restriction on tenders by Benefit Plan
Investors.  However, the managing member is not required to accept
a tender in whole or in part from an investor that is a Benefit
Plan Investor, and reserves the right to reject in its complete
discretion any tender by a Benefit Plan Investor.

                  About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.

AMBITEK INDUSTRIAL: Wants Plan Filing Period Extended by 26 Days
Ambitek Industrial Contractors Inc., et al., request the U.S.
Bankruptcy Court for the District of Puerto Rico for an extension
of 26 additional days to file the Disclosure Statement and Plan of
Reorganization, and to extend the exclusivity period.  The Debtors
also request that the deadline to obtain the votes for the Plan be
extended for a term of 60 days after the order approving the
Disclosure Statement.

The Debtors' request is based upon these facts:

      a. the size and the complexity of the case due to the fact
         that four cases have been consolidated and duplicated
         proof of claims have been filed merit the extension
         hereby requested;

      b. the Debtors are meeting their obligations as debtors-in-
         possession.  Monthly Operating Reports have been filed
         and quarterly fees have been paid;

      c. any extension of time will not harm the creditors but
         will increase the possibilities of a successful

      d. the Debtors make this request in good faith and without
         any intent to cause undue delay to the proceedings.

The Debtors are represented by:

         Mary Ann Gandia-Fabian, Esq.
         P.O. Box 270251
         San Juan, Puerto Rico 00928
         Tel: (787) 390-7111
         Fax: (787) 729-2203

Ambitek Industrial Contractors Inc filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-09532) on Nov. 30, 2015.
Mary Ann Gandia-Fabian, Esq., at Gandia-Fabian Law Office serves
as the Debtor's bankruptcy counsel.

On Oct. 21, 2015, Cyma Cleaning Contractors, Inc., Innova
Industrial Contractor, Inc., and Handy Man Services, Inc., were
consolidated under the case 15-06582.  On Dec. 23, 2015, Ambitek
Industrial Contractors, Inc., was consolidated with Cyma Cleaning
Contractors, Inc., Innova Industrial Contractor, Inc., and Hany
Man Services, Inc., under the case 15-06582.

GENTE JOVEN: Hires Luis D. Flores Gonzalez as Bankruptcy Counsel
Gente Joven Guayama, Inc., asks for authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ the Law
Offices of Luis D. Flores Gonzalez, attorney at law, as bankruptcy

The Debtor said it needs the firm in connection with the filing of
the Schedules, the Statement of Financial Affairs filed under
Chapter 11, the payment plan that will be proposed, the
examination of the claims filed, the Disclosure Statement and
other related matters.

Mr. Gonzalez will be paid at these hourly rates:

      Luis D. Flores Gonzalez, Esq.    $200
      Certified Legal Assistants        $60
      Paraprofessionals                 $40

Mr. Gonzalez tells the Court that he has received a retainer in
the case in the amount of $3,000, which sum upon information and
belief, was generated by the Debtor.

Mr. Gonzalez assures the Court that neither he nor any member or
associate of the firm holds any relationship or connection with
the Debtor, creditor or any other party in interest nor their
attorneys and accountants, the U.S. Trustee or any person employed
in the office of the U.S. Trustee in the present nor any related
matter.  Mr. Gonzalez tells the Court that he is a disinterested
party as required by 11 U.S.C. Sec. 327(a).

Mr. Gonzalez can be reached at:

      Luis D. Flores Gonzalez, Esq.
      Luis D. Flores Gonzalez 121505
      Georgetti No. 80 Suite 202
      Rio Piedras, Puerto Rico 00925
      Tel: (787) 758-3606

Gente Joven Guayama, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-02942) on April 14, 2016.
Luis D. Flores Gonzalez, Esq., at Luis D. Flores Gonzalez Law
Office serves as the Debtor's bankruptcy counsel.

T R I N I D A D  &  T O B A G O

CL FINANCIAL: Clico Stakeholders Want Money and Control Change
Trinidad Express reports that a new, mixed group of Clico-
aggrieved, calling itself the Clico Stakeholders Alliance (CSA),
is calling on Government to pay Clico policyholders owed money
with their "contractual obligations" now due (such as annuities).

At a press conference at Cascadia Hotel in Port of Spain, the CSA
also said Government must relinquish control of the insurance
company under the Central Bank Act, according to Trinidad Express.

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.  Colonial Life Insurance
Company Ltd. (CLICO) is a member of the CL Financial Group.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reports that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd., related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, reported that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


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.
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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
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

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