TCRLA_Public/160531.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 31, 2016, Vol. 17, No. 106


                            Headlines



B R A Z I L

BRAZIL: Stocks Advance as Currency Drop Buoys Pulp Producers
U.S.J.-ACUCAR: Fitch Hikes Issuer Default Ratings to 'CCC'


C A Y M A N  I S L A N D S

CYGNET LTD: Creditors' Proofs of Debt Due June 15
DHS HOLDINGS: Creditors' Proofs of Debt Due June 19
FEINGOLD O'KEEFFE: Placed Under Voluntary Wind-Up
FEINGOLD O'KEEFFE MASTER: Placed Under Voluntary Wind-Up
LEHMAN VIP: Creditors' Proofs of Debt Due June 19

NETWORK CITY: Commences Liquidation Proceedings
PANTEL LTD: Creditors' Proofs of Debt Due June 15
RAA LIMITED: Creditors' Proofs of Debt Due June 23
SOGKI INC: Creditors' Proofs of Debt Due June 19
WFLTO KY: Commences Liquidation Proceedings


J A M A I C A

JAMAICA: BOJ Says Economy Grew During January to March Quarter


M E X I C O

CREDITO REAL: HR Ratings Ups Default Rating on Sr. Notes From BB+
HSBC MEXICO: Moody's Lowers Rating on Class A RMBS to Caa1
USINAS SIDERURGICAS: Tenaris Participates in Capital Increase


P E R U

CAMPOSOL HOLDING: Neg. Rating Action Could Follow Debt Exchange


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Accepts Claims Tendered Under Offers
LA CASA DEL MAESTRO: Hires Juan C. Vazquez Hernandez as Accountant
LA ESTRELLA: Wants Time to Confirm Plan Extended by 90 Days
MODERN OFFICE SYSTEMS: Seeks to Hire Michael Marcus as Accountant
NORFE GROUP: Hires Totti & Rodriguez as Special Counsel


V I R G I N   I S L A N D S

STATETRUST LIFE: A.M. Best Assigns B(Fair) Fin'l. Strength Rating


X X X X X X X X X

LATAM: Gov'ts Should Ease Financial Regulations to Spur Economy


                            - - - - -


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B R A Z I L
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BRAZIL: Stocks Advance as Currency Drop Buoys Pulp Producers
------------------------------------------------------------
Denyse Godoy at Bloomberg News reports that the Ibovespa trimmed
its second consecutive weekly decline as the weakening of the
Brazilian currency buoyed pulp producers, offsetting a slump by
state-controlled oil producer Petroleo Brasileiro SA.

Suzano Papel e Celulose SA and Fibria SA, which get most of its
revenue from exports, were among the best performers on the
benchmark equity index, notes the report.

Brazil's real depreciated, extending the worst performance among
major currencies last week, as political concerns dimmed
expectations that a new economic team named by acting President
Michel Temer will be able to quickly revive Latin America's
biggest economy, which is facing its worst recession in a century,
according to Bloomberg News.

"Exporters are benefiting from the real today, but caution is the
watchword on the market," Raphael Figueredo, an analyst at the
brokerage Clear Corretora, said from Sao Paulo, Bloomberg News
relays.

The Ibovespa added 0.3 percent to 49,624.12 at 11:57 a.m. on May
27 in Sao Paulo as 40 of its 59 stocks climbed, Bloomberg News
notes.  Suzano gained 2.2 percent, Fibria advanced 2.4 percent.
Petrobras, as Petroleo Brasileiro is known, fell 2.5 percent, says
the report.  Trading volume was 13 percent below the five-day
average as May 25 was a holiday in Brazil, 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.


U.S.J.-ACUCAR: Fitch Hikes Issuer Default Ratings to 'CCC'
-----------------------------------------------------------
Fitch Ratings has upgraded U.S.J.- Acucar e Alcool S.A's (USJ)
foreign and local currency Long-Term Issuer Default Ratings (IDRs)
to 'CCC' from 'RD' and its National Scale rating to 'CCC(bra)'
from 'RD(bra)'. At the same time, Fitch has assigned a 'CCC+/RR3'
rating to the new $US197 million secured notes due 2021, and
affirmed the rating on the remaining $US29 million senior
unsecured notes due 2019 at 'CCC' with revision to 'RR4' from
'RR2'.

KEY RATING DRIVERS

The upgrade of USJ's IDRs to 'CCC' follows the conclusion on May
17, 2016 of the debt exchange offer for the $US275 million senior
unsecured bonds due 2019 with approximately 90% of the noteholders
participating in the exchange. According to the terms of the new
notes, the company will have the option to defer coupon payments
in 2016 and 2017 and pay accrued interest at maturity, which has
been extended to 2021 from 2019.

The upgrade also reflects Fitch's expectation for the company to
achieve neutral-to-positive free cash flow (FCF) in the next two
years given the positive pricing environment for sugar and
ethanol, and the deferral of coupon payments in 2016 and 2017.
Nevertheless, 'CCC' rating still reflects Fitch's concern on the
company's ability to meet its financial obligations given the
still challenging refinancing prospects for Brazilian Sugar and
Ethanol (S&E) companies.

Fitch expects the deferral of coupon payments for the exchanged
notes, which amounted to $US197 million, to save USJ approximately
$US25 million in annual interest payments. If USJ defers coupon
payments in 2016 and 2017, the coupon rate will increase to 12%
for these two years and return to the original 9.875% in the
following years. The RR3 Recovery Rating of the new notes reflect
good recovery prospects as it is secured by USJ's Araras mill,
land properties and sugar cane.

On a pro forma basis Fitch expects USJ's cash position to amount
to BRL70 million and short-term debt to reach BRL 280 million as
of FY2016, with FCF still in negative territory and net leverage
at 5.5x. While Fitch does not expect material improvements in the
cash-to-short-term debt coverage, the company is forecast to
generate neutral to positive FCF and improve its net leverage
within the 4.5 - 5.0x range in FY2017.

KEY ASSUMPTIONS

-- Crushed sugar cane volumes of 3.2 million tons in 2015/2016
    and gradual increases of 5% thereafter;
-- Mix relatively unchanged at 66% sugar and 34% ethanol for the
    projected period;
-- Average sugar prices at around BRL1,400/ton in 2016/2017 and
    beyond;
-- Domestic ethanol prices keep their historical correlation with
    international sugar prices;
-- No dividends coming from SJC Bioenergia (SJC) in 2016/2017.

RATING SENSITIVITIES

The company's ratings could be downgraded if liquidity
deteriorates further and/or the expected positive FCF for FY2017
does not materialize. Ratings will be downgraded to 'D' and D(bra)
if the company formally files for bankruptcy protection.

The rating on the $US29 million senior unsecured notes due 2019
could be downgraded should the company's secured debt proportion
increase in coming months, resulting in deterioration in recovery
prospects. The notes' current RR4 Recovery Rating reflects average
recovery prospects given default.

An upgrade to higher categories is unlikely over the short-term
given USJ's persistently high refinancing risks.

FULL LIST OF RATING ACTIONS

U.S.J. - Acucar e Alcool S.A:

-- Foreign and local currency Long-Term IDRs upgraded to 'CCC'
    from 'RD';
-- Long-Term National Scale rating upgraded to 'CCC(bra)' from
    'RD(bra)';
-- $US197 million senior secured notes, due 2021, assigned rating
    of 'CCC+/RR3';
-- $US29 million senior unsecured notes due 2019 affirmed at
    'CCC', revised to 'RR4' from 'RR2'.


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


CYGNET LTD: Creditors' Proofs of Debt Due June 15
-------------------------------------------------
The creditors of Cygnet Ltd. are required to file their proofs of
debt by June 15, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 25, 2016.

The company's liquidator is:

          Susan Lo Yee Har
          Hopewell Centre, Level 54
          183 Queen's Road East
          Hong Kong
          c/o Desmond Chisholm
          Telephone: (345) 814 5469
          Facsimile: (345 949 8080


DHS HOLDINGS: Creditors' Proofs of Debt Due June 19
---------------------------------------------------
The creditors of DHS Holdings Co Ltd. are required to file their
proofs of debt by June 19, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 27, 2016.

The company's liquidator is:

          Christopher Smith
          Krys Global VL Services Limited
          Governors Square Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


FEINGOLD O'KEEFFE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 23, 2015, the sole shareholder of Feingold O'Keeffe
Capital I Offshore, Ltd. resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Newstar Capital LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


FEINGOLD O'KEEFFE MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Dec. 23, 2015, the sole shareholder of Feingold O'Keeffe Master
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Newstar Capital LLC
          c/o Justin Savage
          Ogier
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


LEHMAN VIP: Creditors' Proofs of Debt Due June 19
-------------------------------------------------
The creditors of Lehman VIP Investment LDC are required to file
their proofs of debt by June 19, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 27, 2016.

The company's liquidator is:

          Christopher Smith
          Krys Global VL Services Limited
          Governors Square Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


NETWORK CITY: Commences Liquidation Proceedings
-----------------------------------------------
On May 9, 2016, the sole shareholder of Network City Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


PANTEL LTD: Creditors' Proofs of Debt Due June 15
-------------------------------------------------
The creditors of Pantel Ltd. are required to file their proofs of
debt by June 15, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 25, 2016.

The company's liquidator is:

          Susan Lo Yee Har
          Hopewell Centre, Level 54 183
          Queen's Road East
          Hong Kong
          c/o Desmond Chisholm
          Telephone: (345) 814 5469
          Facsimile: (345 949 8080


RAA LIMITED: Creditors' Proofs of Debt Due June 23
--------------------------------------------------
The creditors of RAA Limited are required to file their proofs of
debt by June 23, 2016, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 27, 2016.

The company's liquidator is:

          Zedra Holdings (Cayman) Limited
          c/o  Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


SOGKI INC: Creditors' Proofs of Debt Due June 19
------------------------------------------------
The creditors of Sogki Inc. are required to file their proofs of
debt by June 19, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 27, 2016.

The company's liquidator is:

          Christopher Smith Krys Global
          VL Services Limited
          KRyS Global
          Governors Square Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


WFLTO KY: Commences Liquidation Proceedings
-------------------------------------------
On May 6, 2016, the members of WFLTO KY I L.P. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Arun Abraham or Gary Butler
          IMS Liquidations Ltd.
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635


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


JAMAICA: BOJ Says Economy Grew During January to March Quarter
--------------------------------------------------------------
RJR News reports that the Bank of Jamaica said the local economy
grew during the January to March quarter.

Growth is estimated to have ranged between zero to one percent,
according to RJR News.

According to the Central Bank's quarterly monetary policy report,
this resulted from growth in all industries, except Agriculture,
Forestry and Fishing, Mining and Quarrying as well as producers of
Government Services, the report notes.

It says the estimate reflects a slowdown relative to the outturn
of 0.7 per cent in the October to December quarter last year, the
report relays.

The Central Bank said growth in economic activity during the first
three months of this year was reflective of expansions in non-
tradeable industries as there were declines in tradeable
industries, the report discloses.

During the January to March quarter, non-tradable industries were
estimated to have grown at a relatively faster pace when compared
to the December 2015 quarter, the report notes.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb.
15, 2016, Fitch Ratings has upgraded Jamaica's Long-term foreign
and local currency IDRs to 'B' from 'B-' and revised the Rating
Outlooks to Stable from Positive.  In addition, Fitch upgraded
Jamaica's senior unsecured Foreign- and Local-Currency bonds to
'B' from 'B-'.  The Country Ceiling has been affirmed at 'B' and
the Short- Term Foreign-Currency IDR affirmed at 'B'.


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M E X I C O
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CREDITO REAL: HR Ratings Ups Default Rating on Sr. Notes From BB+
-----------------------------------------------------------------
Credito Real, S.A.B. de C.V., SOFOM, E.R. informs that HR Ratings
disclosed its credit rating review.  HR Ratings increased the
default rating to an investment grade from BB+ to BBB- of the
425MM USD Senior Notes due 2019.  The rating agency also increased
the default rating from A+ to AA- of the local long term notes
with ticker symbol Creal 14, Creal 15 and Creal 16. Additionally
HR Ratings increased the default rating from HR2 to HR1 of the
Notes Revolving Program (Cebures).  Finally HR Ratings changed the
Special Review of Credito Real to a Stable Outlook.

According to the HR Ratings release, the increase of one notch in
all the issuances of Credito Real reflects the recurring and cash
flow generation, the income diversification of products and
regions, mainly due to auto loans, SME's and Instacredit.  The
ratings are limited by the impairment of the efficiency ratio and
the performance of the foreign businesses lines.

Credito Real is a leading financial institution in Mexico,
focusing on consumer lending with a diversified business platform
in five main lines of business: payroll credits, durable goods
loans, small business loans, group loans and used car loans.
Credito Real offers its products mainly to the low and middle
segments of the population that have historically been underserved
by other financial institutions.


HSBC MEXICO: Moody's Lowers Rating on Class A RMBS to Caa1
----------------------------------------------------------
Moody's de Mexico has downgraded two residential mortgage-backed
securitizations (RMBS) guaranteed by MBIA Mexico.  This rating
action follows the recent downgrade of the ratings of the
financial guarantor, MBIA Mexico.

The rating action is:

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

   -- MXMACFW 07-5U Class A, downgrade to Caa1 (sf) (Global Scale,
      Local Currency) and Caa1.mx (sf) (Mexican National Scale)
      from B3 (sf) (Global Scale, Local Currency) and B2.mx (sf)
      (Mexican National Scale) and previously placed under review
      for possible downgrade.  The certificates' underlying
      ratings (reflecting the certificates' intrinsic credit
      quality absent the financial guarantee that MBIA Mexico
      provides) are C (sf) and C.mx (sf).

   -- BRHCCB 07-2U Class A-2, downgrade to Caa1 (sf) (Global
      Scale, Local Currency) and Caa1.mx (sf) (Mexican National
      Scale) from B3 (sf) (Global Scale, Local Currency) and
      B2.mx (sf) (Mexican National Scale) and previously placed
      under review for possible downgrade.  The certificates'
      underlying ratings (reflecting the certificates' intrinsic
      credit quality absent the financial guarantee that MBIA
      Mexico provides) are Ca (sf) and Ca.mx (sf).

                         RATINGS RATIONALE

This action is driven solely by Moody's announcement on 26 May
2016 that it has downgraded the Insurance Financial Strength (IFS)
ratings of MBIA Mexico.

MXMACFW 07-5U and BRHCCB 07-2U benefit from a financial guaranty
insurance policy issued by MBIA Mexico, that covers timely
interest payment and ultimate principal payment by the
certificates final maturity date of the certificates.

The certificates' current ratings are consistent with Moody's
modified approach to rating structured finance securities wrapped
by financial guarantors at the higher of (1) the guarantor's IFS
rating and (2) the underlying ratings, which reflect the intrinsic
credit quality of the certificates in the absence of the
guarantee.  In the case of MXMACFW 07-5U Class A and BRHCCB 07-2U
Class A-2, because MBIA Mexico's IFS ratings are higher than the
certificates' underlying ratings, the certificates' ratings are in
line with MBIA Mexico's current ratings.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Any change in MBIA Mexico's IFS rating would result in a change in
the ratings of the affected certificates.

                          RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS using the MILAN Framework" published in
January 2015.

This action is driven solely by the rating action on MBIA and is
not a result of any change in key assumptions, expected losses,
cash flows and stress scenarios on the underlying assets.

Moody's considered the servicers' practices and views them as
adequate.


USINAS SIDERURGICAS: Tenaris Participates in Capital Increase
-------------------------------------------------------------
Tenaris S.A. announced, by the expiration of the initial
subscription round of the proposed issuance of 200 million
ordinary shares of Usinas Siderurgicas de Minas Gerais - Usiminas
at an amount of BRL 5.0 per share, that each of the entities
within the Ternium/Tenaris Group, or T/T Group, (including
TenarisConfab) has exercised its preemptive rights in connection
with the share issuance and has also indicated its willingness to
subscribe ordinary shares not subscribed by Usiminas' current
shareholders up to a maximum number to be specified in due course.

Accordingly, the T/T Group has subscribed to 38.7 million ordinary
shares for a total amount of BRL 193.5 million, of which
TenarisConfab has subscribed to 5.1 million for a total amount of
BRL 25.3 million (approximately USD 7.2 million).

The term for indicating the maximum number of ordinary shares to
be subscribed to under the second round is expected to expire on
June 14, 2016.

As reported in the Troubled Company Reporter-Latin America on
April 6, 2016, Moody's America Latina has downgraded Usinas
Siderurgicas de Minas Gerais S.A. corporate family ratings to Ca
from Caa1 (global scale) and to Ca.br from Caa1.br (national
scale).  The outlook for the ratings is stable.


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P E R U
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CAMPOSOL HOLDING: Neg. Rating Action Could Follow Debt Exchange
---------------------------------------------------------------
According to Fitch Ratings, a negative rating action could occur
if Camposol does not fully complete its refinancing solution with
committed bank lines or shareholder funds to cover the remaining
amount of notes outstanding which do not participate in the debt-
exchange. The negative rating action will reflect limited
refinancing options for the remaining notes due in February 2017
and liquidity would remain constrained.

Camposol has announced it received tenders from 73.77% of holders
of its existing notes as of May 20, 2016, representing
$US147,542,000, of the aggregate $US200,000,000 principal amount
of notes outstanding. It is, however, below the minimum tender
condition of 95% announced in the initial debt-exchange proposal.
The company has announced its intention to settle the exchange
offer at the current participation level. Fitch believes that
repayment of the remaining 26.33% ($US52,458,000 principal amount
of existing notes) should be covered by a shareholder injection or
committed lines of credit at the time of the debt-exchange
transaction closing to reduce refinancing risk of the remaining
notes and to avoid a downgrade.

The main proposal of the debt-exchange is to extend the maturity
of Camposol's existing notes due in February 2017. The new notes
would mature in 2021. Post-transaction, if refinancing risk
persists for the remaining notes while liquidity shrinks, a
negative rating action could follow.

Fitch believes sources of liquidity - additional cash from the
company's own cashflow generation - such as new credit loans
and/or equity injections should be committed to repay the
remaining bonds. In addition to a higher interest rate for the new
notes compared to the existing notes (10.5% vs 9.875%), the
company has offered to pay a participation fee equal to 1.00% of
the principal amount of existing notes tendered in an effort to
increase the holders' participation in the exchange offer. Post-
transaction, the cash position of the company would be reduced by
$US10 million. The company is looking for extensions of its
existing lines of credit. After settlement of the exchange offer
(expected on May 26, 2016), the company intends to contact holders
of existing notes who have not participated in the exchange offer
in order to obtain additional exchanges for new notes.

Fitch currently rates Camposol Holding Ltd. and Camposol S.A. as
follows:

Camposol Holding Ltd.
-- Long-Term foreign currency Issuer Default Rating (IDR) 'B-';
-- Long-Term local currency IDR 'B-'.

Camposol S.A.
-- Long-Term foreign currency IDR 'B-';
-- Long-Term local currency IDR 'B-';
-- Senior unsecured notes 'B-/RR4';
-- Senior secured notes 'B-/RR4exp'.

The Rating Outlook is Negative.


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P U E R T O    R I C O
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ADELPHIA COMMUNICATIONS: Accepts Claims Tendered Under Offers
-------------------------------------------------------------
ACC Claims Holdings, LLC on May 27, 2016, announced the acceptance
of Claims validly tendered and not validly withdrawn Claims
pursuant to its previously announced offers to certain eligible
holders to exchange (i) class A limited liability company
interests of ACC Claims Holdings, LLC for up to all of the
outstanding ACC Senior Notes Claims (Class ACC 3) allowed under
the Plan of Reorganization, including any post-petition pre-
effective date interest and post-effective date interest to and
including the extended expiration date of the offers (the "Senior
Claims"), against Adelphia Communications Corporation, and (ii)
class B limited liability company interests of ACC Claims
Holdings, LLC for up to all of the outstanding ACC Trade Claims
(Class ACC 4) allowed under the Plan of Reorganization, including
any post-petition pre-effective date interest and post-effective
date interest to and including the extended expiration date of the
offers (the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class
ACC 5) allowed under the Plan of Reorganization, including any
post-petition pre-effective date interest and post-effective date
interest to and including the extended expiration date of the
offers (the "ACC 5 Claims" and, together with the ACC 4 Claims,
the "Other Claims"; the Senior Claims and the Other Claims,
together, the "Claims"), against Adelphia Communications
Corporation.  The exchange offers expired at 5:00 p.m., New York
City time, on Thursday, May 26, 2016 (the "Expiration Date").  The
payment date for the exchange offers will be promptly following
the Expiration Date and is expected to be on or about June 2,
2016.

The managing member of ACC Claims Holdings, LLC announces that the
holders of approximately 89% of the Senior Claims and the Other
Claims have validly tendered their claims pursuant to the exchange
offers.  The managing member of ACC Claims Holdings, LLC has
waived the minimum tender condition of 90% of the Claims held by
eligible holders.  At the Expiration Date, eligible holders of
$4,480,394,458.00 original principal amount of ACC Senior Notes
(as defined in the Plan of Reorganization) outstanding, eligible
holders of $297,348,619.16 of ACC 4 Claims outstanding and
eligible holders of $45,562,809.75 of ACC 5 Claims outstanding had
validly tendered their Claims pursuant to the exchange offers, and
all such tenders of Claims have been accepted.

The exchange offers were 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, and April 21, 2016, April 29, 2016, May 5, 2016,
May 13, 2016 and May 20, 2016, and (ii) the related letter of
transmittal, dated as of March 3, 2016 and supplemented and
amended on March 21, 2016 and May 20, 2016.

ACC Claims Holdings, LLC is a Delaware limited liability company
formed on November 18, 2015.  ACC Claims Holdings, LLC exists
solely for the purpose of liquidating the claims and distributing
the proceeds thereof to the holders of its limited liability
company interests.  ACC Claims Holdings, LLC does not conduct a
trade or business or engage in any transactions other than
transactions merely incidental to (i) liquidation of claims,
whether by sale, transfer or other disposition by ACC Claims
Holdings, LLC or the claims held thereby, or be merger,
consolidation or other reorganization of ACC Claims Holdings, LLC,
or otherwise, and (ii) its dissolution.

                  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.


LA CASA DEL MAESTRO: Hires Juan C. Vazquez Hernandez as Accountant
------------------------------------------------------------------
La Casa Del Maestro y El Estudiante, Inc., seeks permission from
the U.S. Bankruptcy Court for the District of Puerto Rico to
employ Juan C. Vazquez Hernandez, CPA, as accountant.

Mr. Hernandez will provide general accounting, taxes and overall
financial consulting services in connection with the bankruptcy
case.  He will provide these services:

      a. reconciliation of financial information to assist the
         Debtor in preparation of monthly operating reports;

      b. assist in the reconciliation and clarification of proof
         of claims filed and amounts due to creditors;

      c. assist the Debtor and its counsel in the preparation of
         the supporting documents for the Chapter 11
         reorganization plan.

Mr. Hernandez will be paid $200 monthly.

Mr. Hernandez assures the Court that he is disinterested person as
defined in 11 U.S.C. Section 101(14).

Mr. Hernandez can be reached at:

         Juan C. Vazquez Hernandez, CPA
         HC-67 Box 13158
         Bayamon, PR 00956
         Tel: (787) 294-0633
         Fax: (787) 294-0635
         E-mail: cpajuancvazquez@gmail.com

The Debtor's counsel can be reached at:

         Mercado & Conaway Law Office
         Wigberto Mercado, Esq.
         Carmen L. Conaway Mediavilla, Esq.
         P.O. Box 9020281
         San Juan, PR 00902-0281
         Tel: (787) 269-8844
         E-mail: lcdowmercado@yahoo.com

La Casa Del Maestro Y El Estudiante, Inc., filed for Chapter 11
bankruptcy protection (Bankr. D.P.R. Case No. 16-01241) on Feb.
22, 2016.  Wigberto Mercado Barbosa, Esq., at Mercado & Conaway
Law Office serves as the Debtor's bankruptcy counsel.


LA ESTRELLA: Wants Time to Confirm Plan Extended by 90 Days
-----------------------------------------------------------
La Estrella Fast Food, Inc., asks the U.S. Bankruptcy Court for
the District of Puerto Rico to extend by 90 days the time to
obtain confirmation of its plan of reorganization.

The Debtor's exclusivity period ends on May 30, 2016, but the
Debtor has not been able to confirm a plan because of the
contested issues pending between biggest creditor in this case and
the Debtor.

On Aug. 14, 2015, the Debtor filed its proposed plan of
reorganization.  The Debtor filed its Amended Plan of
Reorganization on Aug. 31, 2015.  The Court entered an order to
scheduled the confirmation hearing for Oct. 7, 2015, at 9:00 a.m.

The Debtor sought relief under Chapter 11 because of the possible
cancellation of lease contract and imminent eviction by Caribbean
Restaurant, Inc, due to the assertion that debtor was in arrears
with his lease contract.  The truth of the matter is that he
contested the validity of an electrical substation in the amount
of $60,000 not contemplated in the original remodeling contract in
the amount of $308,000.

On Oct. 2, 2015, creditor Caribbean Restaurants, LLC, filed an
objection to the confirmation of Debtor's Amended Plan.  On Jan.
14, 2016, creditor Caribbean Restaurants, LLC, also filed a motion
to lift the automatic stay if the pre-petition arrears were not
cured within 30 days.

Caribbean Restaurant asserts that debtor is in arrears with the
lease agreement.  The Debtor has provided the evidence of being
current because of an excess payment over the last two years of
CAM charges.

According to the Debtor, creditor Caribbean Restaurant failed to
disclose their true intentions from the beginning of the case.  As
one can see from the history of the case, a lot of time was wasted
because creditor had made representations that they are willing to
negotiate the prepetition arrears and that they wanted La Estrella
to continue operating Business as usual.

The Debtor assures the Court that the Plan is confirmable, because
it has the necessary base to pay all creditors, now that the
debtor will pay the prepetition arrears outside the plan more
money will be available for the Plan.  The Debtor is seeking a
modification with Banco de Desarrollo to increase its cash flow
and has already met with them.

La Estrella Fast Food, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 15-02687) on April 10, 2015.

The Debtor is represented by:

      Mar Soledad Lozada Figueroa
      LOZADA LAW & ASSOCIATES
      P.O. Box 9023888
      San Juan, P.R. 00902-3888
      Tel: (787) 200-0673
      Cel: (787) 533-1400
      E-mail: msl@lozadalaw.com


MODERN OFFICE SYSTEMS: Seeks to Hire Michael Marcus as Accountant
-----------------------------------------------------------------
Modern Office Systems Inc. and Luis Vargas Rodriguez, the
company's president, seek approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire an accountant for the
estate.

The Debtors proposed to hire Michael Marcus as accountant to
provide these services:

     (a) to close out the Debtors' books as of the date of the
         filing of the cases and to open new books;

     (b) to establish a new bookkeeping system to replace the
         system used by the Debtors;

     (c) to prepare the periodic statements of the debtors-in-
         possession's operations;

     (d) to prepare and file the Debtors' state and federal tax
         return;

     (e) to prepare General Ledger and Disbursements Register;

     (f) to reconcile the account;

     (g) to prepare Interim Financial Statements for each semester

         and Certified Financial Statements for each state tax
         return to be submitted every year on or before April
         14th;

     (h) to provide tax and management counseling;

     (i) to represent the Debtors in taxes investigations;

     (j) to prepare weekly payroll;

     (k) to prepare bank reconciliations;

     (l) to distribute income and expenses of the corporation
         accordingly;

     (m) to prepare monthly operating reports to be submitted on
         or before the 20th of each month.

Mr. Marcus will charge $500 monthly for his services.

In a court filing, Mr. Marcus disclosed that he does not have an
interest materially adverse to the interest of the Debtors'
estates.

Mr. Marcus maintains an office at:

     Michael J. Marcus
     P.O. Box 6494
     Cabo Rojo, Puerto Rico 00732
     Tel: 787-265-0970
     Fax: 787-834-6635
     E-mail: cpamichaelm@gmail.com

The Debtors can be reached through:

     Modesto Bigas Mendez
     Modesto Bigas Law Office
     P.O. Box 7462
     Ponce, Puerto Rico 00732-7462
     Tel:787-844-1444
     Fax: 787-842-4090
     E-mail: modestobigas@yahoo.com

                   About Modern Office Systems

Modern Office Systems Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 15-09655) on December
4, 2015.

On April 29, 2016, the court granted the substantive consolidation
of Modern Office Systems' case with the Chapter 11 case (Case No.
16-00812) of Luis Vargas Rodriguez, president of the company.


NORFE GROUP: Hires Totti & Rodriguez as Special Counsel
-------------------------------------------------------
Norfe Group Corp. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Totti & Rodriguez Diaz,
P.S.C. as its special counsel.

Totti & Rodriguez will continue to represent the Debtor in a case
filed by Consejo de Titulares del Condominio 221 Plaza.  The
firm's hourly rates are:

     Partners     $200
     Associates   $175
     Paralegals    $80

Etienne Totti del Valle, Esq., a partner at Totti & Rodriguez,
disclosed in a court filing that the firm is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Etienne Totti del Valle
     Totti & Rodriguez Diaz, P.S.C.
     Union Plaza Building, Suite 1200,
     416 Ponce de Leon Avenue
     Hato Rey, Puerto Rico 00918
     Phone: (787) 753-7910
     Fax: (787) 764-9480
     Email: trd@trdlaw.com

                        About Norfe Group

Norfe Group Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-00285) in Old San Juan, Puerto Rico, on Jan.
20, 2016.  The petition was signed by David Efron, president.

The firm scheduled $17,269,436 in total assets and $31,441,591 in
total liabilities.

The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, as counsel.  CPA Luis R. Carrasquillo &
Co., P.S.C., serves as financial consultant.


===========================
V I R G I N   I S L A N D S
===========================


STATETRUST LIFE: A.M. Best Assigns B(Fair) Fin'l. Strength Rating
-----------------------------------------------------------------
A. M. Best has assigned a financial strength rating of B (Fair)
and an issuer credit rating of bb to StateTrust Life and
Annuities, Limited (STL) (Tortolla, British Virgin Islands). The
outlook assigned to each rating is stable.

The rating assignments for STL reflect the company's relatively
modest level of absolute capital, the above-average investment
risk within its general account portfolio, its inconsistent
profitability trend and the risks to its business profile from
unanticipated changes to international tax law and investment
treaties. The ratings also reflect the fact that the company's
enterprise risk management and corporate governance practices are
still in their developmental stages. Additionally, the majority of
the company's business production is sourced from clients residing
in Latin American countries that pose a unique set of risks,
including higher political, capital markets and regulatory risk
related to economies that are unpredictable. Finally, STL's
ongoing expansion into local operations in other Latin American
countries will require additional capital. However, A.M. Best
acknowledges the company's previous successful share offerings.

These negative rating factors are partially offset by STL's niche
business profile as a provider of life insurance products,
retirement and education plans to clients mainly located
throughout Latin America, where medium to high net worth
individuals desire products denominated in U.S. dollar, Euro and
other currencies. STL offers complementary financial solutions to
the existing services (such as banking and investments) offered by
the StateTrust group of companies to clients located in the United
States and throughout Latin American countries. A.M. Best notes
that STL's product risk is heavily mitigated by the fact that most
of the investment risk is borne by its customers through the use
of variable life and annuity product designs that offer no
secondary guarantees, and that the vast majority of mortality risk
is reinsured by a highly rated reinsurer. The ratings also
recognize STL's adequate level of risk-adjusted capitalization,
which is further supported by its long-standing partnership with a
creditworthy reinsurer.

Positive rating movement for STL would be possible should the
company realize a material improvement in risk-adjusted
capitalization, as measured by Best's Capital Adequacy Ratio
(BCAR), while also implementing further improvements to its
enterprise risk management framework. A negative rating action
could result from a significant decline in risk-adjusted
capitalization, as measured by BCAR. A negative rating action
could also result from further net losses resulting in a decline
in absolute capital.


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


LATAM: Gov'ts Should Ease Financial Regulations to Spur Economy
---------------------------------------------------------------
Paul Smith, president of the CFA Institute, said in a wide-ranging
interview with EFE on investment and the capital markets in Latin
America that governments should ease regulations to boost the
regional economy.

"Latin America's financial regulators should reduce controls if
they want to bolster the region's economy," Mr. Smith said,
according to EFE News.

                            ***********


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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