TCRLA_Public/160607.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, June 7, 2016, Vol. 17, No. 111


                            Headlines



A R G E N T I N A

ARGENTINA: Macri Eyes $400 Billion Foreign Cash Stash


B R A Z I L

BRAZIL: Recession Deepens; On 5th Consecutive Quarter of Decline
BRAZIL: Analysts Forecast Faster Economic Recovery Under Temer
CENTRAIS ELETRICAS: Fitch Cuts LT Foreign Currency IDR to 'BB-'
CIMENTO TUPI: Fitch Affirms 'RD' Issuer Default Ratings
PETROLEO BRASILEIRO: CEO Pledges Debt Cutting, Independent Mgmt


C A Y M A N  I S L A N D S

AIDCO INTERNATIONAL: Placed Under Voluntary Wind-Up
ASCENDANT CAPITAL: Shareholder to Hear Wind-Up Report on June 30
BLACKSTONE T OFFSHORE: Shareholders' Final Meeting Set for June 16
BZ REALTY: Shareholders' Final Meeting Set for June 16
EAS CAYMAN: Shareholders' Final Meeting Set for June 23

LDK SOLAR: Creditors to Hold First Meeting on June 21 and 22
LEEDS MASTER: Shareholders Receive Wind-Up Report
MOUNT STEVENS: Shareholders' Final Meeting Set for June 17
RI CAYMAN: Shareholders' Final Meeting Set for June 16
SAB OVERSEAS: Shareholder to Hear Wind-Up Report on June 14

TFO FINANCIAL: Shareholders' Final Meeting Set for June 17


C O L O M B I A

* COLOMBIA: Economy Grows at Slowest Pace Since 2009 Crisis


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Roadmap Aims to Clear Trade Barriers


M E X I C O

GRUPO GICSA: S&P Rates $300MM Sr. Unsecured Notes 'BB'


P U E R T O    R I C O

CONDADO RESTAURANT: Taps Acosta & Ramirez as Financial Consultant
IGLESIA MISION CRISTIANA: Taps Tomas G. Diaz as Appraiser
KOMODIDAD DISTRIBUTORS: Hires Vilarino as Bankr. Counsel
LEGAL CREDIT: Hires Monge Robertin as Restructuring Advisor
MERANDA INC: Sec. 341 Creditors' Meeting Set for June 27

MERANDA INC: Status Conference Set for Aug. 2
MERANDA INC: Hires Pedrosa Luna as Bankruptcy Counsel
NORFE GROUP: Seeks to Hire KPM Realty Advisors as Realtor


                            - - - - -


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


ARGENTINA: Macri Eyes $400 Billion Foreign Cash Stash
-----------------------------------------------------
Benedict Mander at The Financial Times reports that for Mauricio
Macri, there may be a silver lining to the Panama Papers scandal
that has dogged Argentina's new president since he was accused of
ties with offshore shell companies earlier this year.

Mr. Macri is hoping that his plan for a massive tax amnesty will
be helped by increasingly tough conditions globally for tax
dodgers, as he attempts to restore normality to what is one of the
world's most financially volatile countries, according to The
Financial Times.

With as much as $400 billion estimated to be stashed in foreign
bank accounts owned by Argentine nationals -- almost equivalent to
the country's gross domestic product -- a mass repatriation of
funds could play a big role in stabilizing the struggling economy,
in particular reducing pressure on the government to resort to
issuing foreign debt, the report notes.

In legislation being debated in congress, Argentines can choose
between a penalty of between zero and 15 per cent, depending on
the amount and how soon their funds are repatriated, or invest in
Treasury bills, the report relays.  The government needs to raise
$3.4 billion to pay a one-off debt to pensioners, and another $5.4
billion annually for higher pensions in the future, the report
relays.

Politically, the move could shore up popular support as austerity
measures begin to bite, although it could also expand an already
bulging fiscal deficit, the report notes.

The government's decision to boost demand in Argentina's
stagnating economy by injecting fresh funds could -- if successful
-- put Mr. Macri in a strong position ahead of midterm legislative
elections in 2017, in which his coalition needs to perform well to
consolidate power, argued Nicolas Dujovne, an economist in Buenos
Aires, the report says.

Mr. Macri is struggling to balance the nation's books -- given a
fiscal deficit of almost 7 per cent of gross domestic product in
2015 -- without losing political support for his macroeconomic
stabilization plan, which so far includes currency liberalization
and sixfold rises in utility tariffs, the report relays.  Similar
problems have undermined most Argentine governments in living
memory, the report notes.

"What is worrying is that Mr. Macri is making spending commitments
with money that the government does not have," said Nicholas
Watson, an analyst at Teneo Intelligence in London, pointing out
that past tax amnesties have fallen short of expectations, the
report notes.

"The administration's weakness in congress, combined with rising
public concern over inflation and job losses, appears to have
persuaded Mr. Macri that now is the time to dabble in the sort of
populism that he once criticized his predecessor for," added Mr.
Watson.

Oscar Muino, a local political analyst, applauded Mr. Macri for
"regaining the initiative" after coming under fire for unpopular
increases in utility tariffs, the report notes.  This led to his
first big political defeat last month when the opposition in
congress succeeding in passing a law -- subsequently vetoed by Mr.
Macri -- that would have banned lay-offs for six months and
established a double severance payment, the report relays.

"Mr. Macri has learnt that he has to improve the lot of the less
fortunate," said Mr. Muino, who argues that until now the
government's reforms have tended to benefit corporate interests,
such as oil and mining companies, and the financial sector, the
report discloses.  "Mr. Macri is showing for the first time that
politics is in charge, rather than CEO-style management."

Most analysts expect the bill to be approved by congress. But Mr.
Dujovne warned that if the tax amnesty is as successful as he
expects it to be -- possibly attracting as much as $40 billion --
the capital inflows will put upward pressure on the exchange rate,
which is already strengthening at a time when most emerging market
currencies are depreciating, the report notes.

The previous government's amnesty only brought in $2.6 billion,
but regulatory changes in the OECD to be implemented in 2017 now
provide a strong incentive for participation, the report notes.

Mr. Dujovne also cited "an enormous question mark" over the
government's ability to reduce the fiscal deficit, as it included
a permanent increase in pension spending of more than 1 per cent
of GDP, the report notes.

"Evidently, Mr. Macri is more concerned about his fate in the 2017
midterm elections," said Ignacio Labaqui, an analyst at Medley
Global Advisers, a macro research service owned by the Financial
Times. He argued that the government needed to deliver results in
its battle to extinguish inflation and reactivate growth well
before the elections, the report relays.

With a third of the senate and half of the lower house up for
renewal, Mr.  Macri has an opportunity to convert his
congressional minority into a majority, making possible further
structural changes, the report says.

It would also help Mr.  Macri avoid the fate of so many other non-
Peronist governments before him, said Mr.  Labaqui: "Considering
that no single non-Peronist head of state has been able to
complete his term since the advent of Peronism in 1945, Mr.
Macri's concern over the midterm elections seems well-placed," 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'.


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


BRAZIL: Recession Deepens; On 5th Consecutive Quarter of Decline
----------------------------------------------------------------
Paul Kiernan and Rogerio Jelmayer at The Wall Street Journal
report that Brazil's worst recession in recent history continued
into 2016, data showed, as rising unemployment and deepening
political turmoil dragged the once-dynamic economy into its fifth
consecutive quarter of decline.

Gross domestic product shrank 0.3% in the first quarter of 2016
from the previous three months in seasonally adjusted terms, the
Brazilian Institute of Geography and Statistics, or IBGE, said,
according to WSJ.  That was better than expected, as the median
estimate in a Wall Street Journal survey of eight economists had
projected a contraction of 0.9%, the report notes.

Compared with the first quarter of 2015, GDP contracted 5.4%.

Latin America's largest economy is struggling mightily to find its
footing amid what most economists believe will be its deepest
downturn in more than a century, the report relays.

Output is expected to repeat last year's 3.8% contraction in 2016.
Goldman Sachs estimates that Brazil's GDP per capita will shrink
at least 9% in real terms between 2014 and 2016 -- more than
during the so-called "lost decade" of the 1980s, the report notes.

"Unfortunately I think the second quarter will be worse," said
Alex Agostini, chief economist at Brazilian credit-ratings firm
Austin Rating, the report relays.  He said workers who lost their
jobs at the end of last year are only beginning to see their
unemployment benefits run out, the report notes.

That means the dire economy is now being felt even more by regular
Brazilians, rather than just businesses, the report discloses.
The unemployment rate shot up to 11.2% between February and April,
compared with 9.5% in the previous three-month period, while
workers' average monthly earnings declined, the IBGE said, the
report relays.

As a result, consumer spending has become a drag on growth,
falling 1.7% in the first quarter from the previous three months,
the IBGE said, the report notes.

Helping to offset that decline was a better-than-expected trade
balance and a 1.1% bump in government spending, the report relays.

Neil Shearing, chief emerging-markets economist at Capital
Economics in New York, said the latter data may reflect a "last-
ditch attempt" by President Dilma Rousseff to rally public support
as impeachment proceedings against her gathered steam earlier this
year, the report notes.

Ms. Rousseff was forced to temporarily step down in May to face a
trial in the Senate, and her replacement, Vice President Michel
Temer, has signaled an intention to narrow Brazil's gaping budget
hole as quickly as possible, the report discloses.  Brazil's
public-sector deficit surpassed 10% of GDP in the 12 months
through April, its debt levels have risen sharply over the past
year and it sovereign credit rating has been cut to junk, the
report says.

"We will have sacrifices," Mr. Temer said in a speech. "But I am
convinced it is possible to reverse the situation, regaining
confidence and growth," he added.

Economists are hoping Mr. Temer's market-friendly cabinet will
allow for a rebound in consumer and business confidence in the
short term and a series of badly needed overhauls to Brazil's
pension and tax systems down the road, the report notes.

But it remains to be seen whether the interim president will
maintain the political support he needs to push unpopular
austerity measures through Brazil's fractious Congress, the report
relays.  Less than three weeks after he took office in Ms.
Rousseff's stead, two of Mr. Temer's 24 cabinet ministers have
stepped down for allegedly conspiring to obstruct a corruption
investigation that has implicated the upper echelons of his party,
the PMDB, the report notes.

And even if Mr. Temer's government does stop the bleeding in
Brazil's public finances, the measures needed to achieve this --
spending cuts, tax increases or both -- are more likely to dent
growth than stimulate it, analysts say, the report notes.

"With fiscal policy now set to tighten, this prop to the economy
will go," Mr. Shearing said of the unexpected rise in government
spending during the first quarter, the report relays.

Carlos Pedroso, chief economist at Banco de Tokyo-Mitsubishi UFJ
Brasil in Sao Paulo, said that if Mr. Temer succeeds in rekindling
Brazilians' confidence in economic policy, the impact of austerity
measures could be softened by improvements in consumer and
business spending, the report notes.

Fixed investment, in particular, has been a major drag on growth
as companies hunkered down amid Ms. Rousseff's management of the
economy, the report discloses.  It tumbled 2.7% in the first
quarter from the previous three months, its 10th consecutive
decline, according to June 1's data, notes the report.

Rogerio Soares, a gym owner in Sao Paulo who has had to reduce his
payroll and cut expenses since profits started falling in 2014,
said that Ms. Rousseff's ouster has inspired "a dose of optimism."
But he is still cautious, the report relays.

"I think there had to be a change to re-establish confidence, but
in practical terms it's very early," Mr. Soares said.  "In my case
for instance, I'm not going to start investing again and am going
to focus on preserving cash. I don't have the confidence yet," Mr.
Soares added.

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: Analysts Forecast Faster Economic Recovery Under Temer
--------------------------------------------------------------
Mario Sergio Lima at Bloomberg News report that Latin America's
largest economy will recover faster than previously expected as
Acting President Michel Temer proposes austerity measures needed
to win back investor confidence, according to analysts surveyed by
the central bank.

Economists in the weekly Focus survey forecast the Brazilian
economy will shrink 3.71 percent this year and expand 0.85 percent
in 2017, according to Bloomberg News.  Just a week ago, they
expected gross domestic product to contract 3.81 percent in 2016
-- roughly the same as in 2015 -- and to grow 0.55 percent next
year, the report notes.

The revisions represent a vote of confidence in the Temer
administration, which has been pushing through Congress measures
to eliminate some legally-mandated spending requirements and to
impose limits to government expenditures, the report relays.
Markets have welcome the efforts which they see as necessary to
win back investor confidence needed to boost an economy beaten by
a prolonged recession, the report discloses.

While the economy is seeing recovering faster, inflation is also
expected to be more stubborn, notes the report. Economists
estimate the benchmark IPCA consumer price index will rise 7.12
percent this year, compared to 7.06 percent a week ago, the report
relays.  Inflation has repeatedly outstripped analysts predictions
over the past few months, underscoring the challenge that lies
ahead for incoming central bank president Ilan Goldfajn, the
report notes.

Analysts maintained their year-end estimates for the benchmark
rate before this week's monetary policy decision that will be the
last under outgoing central bank chief Alexandre Tombini, the
report notes.  They see the Selic at 12.88 percent at the end of
2016 and 11.25 percent at the end of 2017, 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.


CENTRAIS ELETRICAS: Fitch Cuts LT Foreign Currency IDR to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) of several Brazilian corporates following
the May 5th downgrade of the Sovereign foreign currency rating to
'BB' from 'BB+' and the Country Ceiling to 'BB+' from 'BBB-'. The
Rating Outlook on the sovereign is Negative as it is on the
corporates that have been downgraded.

At the same time, Fitch has affirmed the ratings of several
issuers at 'BB+' and higher based on factors that mitigate
sovereign transfer and convertibility risk. These factors include
hard-currency export revenues, overseas production facilities,
foreign parent or strategic partner, unrestricted cash held
abroad, or committed credit facilities.

Brazil's downgrade reflects the deeper-than-anticipated economic
contraction, failure of the government to stabilize the outlook
for public finances, and the sustained legislative gridlock and
elevated political uncertainty that are sapping domestic
confidence and undermining governability as well as policy
effectiveness. Maintenance of the Negative Outlook reflects
continued uncertainty as to the progress that can be made to
improve the outlook for growth, public finances and the government
debt trajectory.

RATING SENSITIVITIES
The foreign currency ratings of the following companies could be
negatively impacted by a negative rating action on the sovereign
rating of Brazil and/or a downgrade of its country ceiling. The
Outlook for Brazil's foreign currency rating is currently
Negative.

Sovereign rating sensitivities include:

-- Failure to take policy action to arrest the pace of increase
    in the government debt burden. Crystallization of contingent
    liabilities would be negative.
-- Policy drift and an inability to implement measures that
    improve the outlook for growth and public finances.
-- Erosion of international reserves and deterioration in
    government debt composition.

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

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

Fitch has taken the following rating actions:

Ache Laboratorios Farmaceuticos S.A.
-- Long-Term Foreign-Currency IDR downgraded to 'BB+' from 'BBB-
    '; Outlook Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB'; Outlook
    Stable.

BR Malls Participacoes S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    revised to Negative from Positive;
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Positive.

Braskem S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
    Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Stable;
-- Notes due 2017 affirmed at 'BBB-'.

Braskem Finance Limited
-- Unsecured senior notes due 2018, 2020, 2021, 2022 & 2024
    affirmed at 'BBB-';
-- Perpetual bonds affirmed at 'BBB-'.

Braskem America Finance Company
-- Notes due 2041 affirmed at 'BBB-'.

BRF S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Outlook
    Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB'; Outlook
    Stable;
-- Notes due 2018, 2022, 2023, 2024 affirmed at 'BBB'.

BFF International Ltd.
--Notes due 2020 guaranteed by BRF S.A. affirmed at 'BBB'.

Centrais Eletricas Brasileiras S.A.
-- Long-Term Foreign-Currency IDR downgraded to 'BB-' from 'BB';
    Outlook Negative;
-- Long-Term Local-Currency IDR downgraded to 'BB-' from 'BB';
    Outlook Negative;
-- $US1 billion senior unsecured notes due 2019 downgraded to
    'BB-' from 'BB';
-- $US1.75 billion senior unsecured notes due 2021 downgraded to
    'BB-' from 'BB'.

Cielo S.A.
-- Long-Term Foreign-Currency IDR downgraded to 'BB+' from 'BBB-
    '; Outlook Negative
-- Long-Term Local-Currency IDR downgraded to 'BBB-' from 'BBB';
    Outlook Negative.

Cielo USA Inc.
-- Notes due in 2022 downgraded to 'BB+' from 'BBB-'.

Companhia Brasileira de Aluminio S.A. (CBA)
-- Guaranteed notes due 2019, 2021, and 2024 affirmed at
    'BBB-'.

Companhia de Gas de Sao Paulo - COMGAS
-- Long-Term Foreign-Currency IDR downgraded to 'BB+' from 'BBB-
    '; Outlook Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Stable.

Cosan Luxembourg S.A.
-- Notes due in 2018, 2023 affirmed at 'BB+'.

Cosan Overseas Limited
-- Perpetual Notes affirmed at 'BB+'.

Cosan S.A. Industria e Comercio
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    revised to Negative from Stable;
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Stable.

Embraer S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
    Stable
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Stable
-- Senior unsecured debt affirmed at 'BBB-'.

Embraer Overseas Limited
-- Senior unsecured debt affirmed at 'BBB-'.

Embraer Netherlands Finance BV
-- Senior unsecured debt affirmed at 'BBB-'.

Energisa Paraiba - Distribuidora de Energia S/A (Energisa Paraiba)
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    revised to Negative from Stable.
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Stable.

Energisa Sergipe - Distribuidora de Energia S/A (Energisa Sergipe)
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    revised to Negative from Stable.
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Stable.

Energisa Minas Gerais - Distribuidora de Energia S/A (Energisa
Minas Gerais)
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    revised to Negative from Stable.
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Stable.

Fibria Celulose S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
    Stable
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Stable.

Fibria Overseas Finance Ltd.
-- Notes due 2024 affirmed at 'BBB-'.

Furnas Centrais Eletricas S.A.
-- Long-Term Foreign-Currency IDR downgraded to 'BB-' from 'BB';
    Outlook Negative;
-- Long-Term Local-Currency IDR downgraded to 'BB-'from 'BB';
    Outlook Negative.

Gerdau S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
    Stable;
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Stable;
-- Port Auth of the City of St Paul (MN) Solid Waste Disposal
    Revs (Gerdau) 2012-7 affirmed at 'BBB-'.

Gerdau Holdings Inc.
-- Notes due 2020 and 2024 affirmed at 'BBB-'.

Gerdau Trade Inc.
-- Notes due 2021 and 2023 affirmed at 'BBB-'.

GTL Trade Finance Inc.
-- Notes due 2017, 2024 and 2044 affirmed at 'BBB-'.

Hypermarcas S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    Revised to Negative from Positive;
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Positive;

ISA Capital do Brasil S.A. (ISA Capital)
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Stable;
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    revised to Negative from Stable;
-- Senior secured notes outstanding $US31.6 million affirmed at
    'BBB-'.

Itaipu Binacional (Itaipu)
-- Long-Term Foreign-Currency IDR downgraded to 'BB' from 'BB+';
    Outlook Negative;
-- Long-Term Local-Currency IDR downgraded to 'BB' from 'BB+';
    Outlook Negative.

JBS S.A.:
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    Stable
-- Long-Term Local-currency IDR affirmed at 'BB+'; Outlook Stable
-- Notes due 2016 affirmed at 'BB+'.

JBS USA Lux S.A.:
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    Stable;
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Stable;
-- Term loan B facility due in 2018 affirmed at 'BBB-';
-- Notes due 2020, 2021 affirmed at 'BB+'.

JBS USA Finance, Inc:
-- Notes due 2020, 2021 affirmed at 'BB+'.

JBS Investments GmbH
-- Notes due 2020, 2023, 2024 affirmed at 'BB+'.

Klabin S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
    Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Stable

Klabin Finance S.A.
-- Notes due 2024 affirmed at 'BBB-'.

Localiza Rent a Car S.A. (Localiza)
-- Long-Term Foreign-Currency IDR downgraded to 'BB+' from 'BBB-
    '; Outlook Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB'; Outlook
Stable.

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

Petrobras International Finance Company (PIFCO)
-- International debt issuances downgraded to 'BB' from 'BB+'.

Petrobras Global Finance B.V. (PGF)
-- International debt issuances downgraded to 'BB' from 'BB+'.

Petrobras Argentina S.A.
-- International debt issuances downgraded to 'BB' from 'BB+'.

Raizen Energia S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Outlook
    Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB'; Outlook
    Stable.

Raizen Combustiveis S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Outlook
    Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB'; Outlook
    Stable.

Raizen Energy Finance Limited (Raizen Energy Finance)
-- Notes due in 2017 affirmed at 'BBB'.

Rede DOr Sao Luiz S.A.
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    revised to Negative from Stable;
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Stable.

Sadia Overseas Ltd.
-- Senior unsecured notes due 2017 guaranteed by BRF S.A.
    affirmed at 'BBB'.

Tractebel Energia S.A. (Tractebel)
-- Long-Term Foreign-Currency IDR downgraded to 'BB+' from 'BBB-
    ', Outlook Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB'; Outlook
    Revised to Negative from Stable.

Transmissora Alianca de Energia Eletrica S.A.
-- Long-Term Foreign-Currency IDR downgraded to 'BB+' from 'BBB-
    ', Outlook Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB'; Outlook
    revised to Negative from Stable.

Vale S.A.
--Long-Term Foreign-Currency IDR affirmed at 'BBB', Outlook
Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB+', Outlook
    Negative;
-- Senior unsecured debt issuance affirmed at 'BBB'.

Vale Overseas Limited:
-- Notes guaranteed by Vale affirmed at 'BBB'.

Vale Canada Limited:
-- Notes guaranteed by Vale affirmed at 'BBB'.

Votorantim Cimentos S.A. (VCSA)
-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
Negative;
-- Notes due 2021, 2022, and 2041 affirmed at 'BBB-'.

Votorantim S.A. (Votorantim)
-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
    Negative;
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Negative.

Voto-Votorantim Overseas Trading Operations IV Limited
-- Notes due 2020 affirmed at 'BBB-'.


CIMENTO TUPI: Fitch Affirms 'RD' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed Cimento Tupi S.A.'s (Tupi) Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'RD' (Restricted
Default) and its national scale rating at 'RD(bra)'. Fitch also
affirmed the company's outstanding notes at 'C' and revised the
notes' Recovery Rating to 'RR5' from 'RR4' on weaker recovery
prospects.

KEY RATING DRIVERS

Fitch affirmed Tupi's ratings pending the outcome of negotiations
between the company and its creditor groups regarding a
comprehensive debt restructuring plan. Tupi has missed three
interest payments on its 2018 unsecured bonds and has defaulted on
payments of principal and interest related to loans with
Agricultural Bank of China LTD ($US25 million) and Banco de
Desenvolvimento de Minas Gerais - BDMG (BRL120 million). Total
outstanding debt is around BRL1 billion, which can be accelerated
at the creditors' discretion as most of the company's debt
obligations exhibit cross-default clauses.

The 'RD' rating reflects Fitch's opinion that Tupi has experienced
an uncured payment default on part of its financial debt
obligations but it has not entered into bankruptcy filings,
administration, receivership, liquidation or other formal winding-
up procedure, and it has not otherwise ceased operating.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:
-- Low double digit volume decline in 2016 with modest recovery
    in 2017;
-- High single digit revenue decline in 2016;
-- Negative Operating Cash Flow;
-- Capital Expenditures of BRL15 million;
-- No asset sales.

RATING SENSITIVITIES
Negative Rating Action:
Fitch could revise Tupi's ratings to 'D' from 'RD' if the company
enters into bankruptcy filings, administration, liquidation or any
other formal winding-up procedure.

Positive Rating Action:
Successful financial restructuring of Tupi's debt and other
financial obligations will lead to the 'RD' rating being revised
to reflect the appropriate ratings for the issuer's new capital
structure.

FULL LIST OF RATING ACTIONS

Fitch has affirmed Tupi's ratings as follows:

-- Long-Term Foreign Currency IDR at 'RD';
-- Long-Term Local Currency IDR at 'RD';
-- Long-Term National Scale Rating at 'RD(bra)'.
-- Senior unsecured notes at 'C'; Recovery Rating to 'RR5' from
    'RR4'.


PETROLEO BRASILEIRO: CEO Pledges Debt Cutting, Independent Mgmt
---------------------------------------------------------------
Sabrina Valle and Peter Millard at Bloomberg News report that
Pedro Parente is on a mission to restore financial health and
public trust to Petroleo Brasileiro SA.  To do that, the new chief
executive officer of Brazil's beleaguered state-run oil giant
wants independence from the government to set fuel prices and more
leeway for international partners to come in, according to
Bloomberg News.

A veteran business leader, Mr. Parente said his immediate task as
the new chief executive officer of the world's most indebted crude
producer is slashing leverage without turning to the government
for a bailout, Bloomberg News notes.  Then the company will be
able to focus on accelerating deep-water projects through greater
cooperation with its partners, he said, Bloomberg News relays.

"The search for a proper balance between debt and cash flow will
continue to be an obsession for the company's management," Mr.
Parente said in Rio de Janeiro, where the company is based,
Bloomberg News discloses.

Petrobras needs more flexibility to chose which fields in the so-
called pre-salt region it wants to invest in, said Parente, who
urged Congress to alter legislation that forces the company to
operate all oil fields in the region with a minimum 30 percent
stake, Bloomberg News relays.  The deep-water area can't be
completely explored unless it is opened up to outside operators,
he said.

"Petrobras has a history in successful partnerships," the report
quoted Mr. Parente as saying. "They will be very valuable to reach
our goals."

Bloomberg News notes that scaling back Brazil's nationalist oil
legislation passed during a commodities boom is expected to make
offshore assets more attractive to international companies that
prefer to control day-to-day operations.  Mr. Parente said he will
continue to pursue asset sales to reduce debt, Bloomberg News
relays.

                          $2.1 Billion

Petroleo Brasileiro SA, as it is formally known, has already sold
about $2.1 billion in assets since last year as part of a plan to
reduce debt and concentrate its waning resources on megaprojects
in deep waters off the coast of southern Brazil, Bloomberg News
notes.  The majority of the money so far has come from unloading
its operations in Argentina and Chile.

Bloomberg News notes that Mr. Parente is entering the job as oil
prices have recovered from 12-year lows and acting President
Michel Temer looks to restore investor confidence with a group of
cabinet officials that Goldman Sachs Group Inc. dubbed a "dream
team."

Bloomberg News relays that Mr. Parente was a member of Petrobras's
board for almost four years starting in 1999, and its chairman for
nine months, while he was part of former president Fernando
Henrique Cardoso's cabinet.  He was also the head of agribusiness
giant Bunge Ltd.'s Brazil unit from 2010 to 2014, Bloomberg News
says.  He was chairman of BM&FBovespa SA, the operator of Latin
America's biggest securities exchange, until he joined Petrobras
last week.

                    Independent Management

Brazil's government, which controls Petrobras's board with a
majority of voting shares, will no longer be directly involved in
setting fuel prices, Mr. Parente said, Bloomberg News notes.
While the new company CEO said he demanded authority to set fuel
prices as a condition for the job, Energy Minister Fernando Coelho
told reporters at the same event that it would be a topic of
discussion among cabinet ministers, without elaborating, Bloomberg
News relates.

Petrobras's refining division reported tens of billions of dollars
in losses during the commodities boom because it sold imported
gasoline and diesel at a loss as part of a wider government push
to curb inflation, Bloomberg News discloses.

Petrobras will continue to clean up the company that was
"victimized" by a group of corrupt executives who were looking for
personal enrichment and power, Mr. Parente said, Bloomberg News
notes.  A group of suppliers was bribing top company executives
and politicians for years to win contracts at the company under a
scheme uncovered by the so-called Carwash probe, Bloomberg News
relays.  Mr. Parente vowed to restore pride in a company that
pioneered oil exploration in ultra-deep waters, Bloomberg News
adds.

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



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


AIDCO INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on May 11, 2016, the
shareholders of Aidco International Limited 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


ASCENDANT CAPITAL: Shareholder to Hear Wind-Up Report on June 30
----------------------------------------------------------------
The shareholder of Ascendant Capital Management Ltd. will hear on
June 30, 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:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100


BLACKSTONE T OFFSHORE: Shareholders' Final Meeting Set for June 16
------------------------------------------------------------------
The shareholders of Blackstone T Offshore Fund Ltd. will hold
their final meeting on June 16, 2016, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BZ REALTY: Shareholders' Final Meeting Set for June 16
------------------------------------------------------
The shareholders of BZ Realty Holdings Ltd will hold their final
meeting on June 16, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MOF Management LLC
          535 Madison Avenue, 26th Floor
          New York, New York 10022
          United States of America
          Telephone: +1 (212) 554 1769
          e-mail: compliance@monarchlp.com


EAS CAYMAN: Shareholders' Final Meeting Set for June 23
-------------------------------------------------------
The shareholders of EAS Cayman Islands IM Ltd. will hold their
final meeting on June 23, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116
          Landmark Square, 2nd Floor
          64 Earth Close, Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


LDK SOLAR: Creditors to Hold First Meeting on June 21 and 22
------------------------------------------------------------
The creditors of LDK Solar Co., Ltd will hold their first meeting
through telephone conference on June 22, 2016, at 9:30 a.m., (Hong
Kong Time/China Standard Time); June 21, 2016, at 8:30 p.m.
(Cayman Islands Time); and 9:30 p.m. (Eastern Daylight Time).
Dial in details are: Hong Kong (+852 3018 9115); China (+86 21
2039 7082); and Cayman Islands/USA (1-719-867-1571).  The passcode
will be provided upon request.  Any creditor intending to
participate in the meeting must complete a proof of debt form and
a proxy form (if applicable) and return the completed form, by e-
mail to: richard.gardner@fticonsulting.com by June 21, 2016, at
12:00 noon (Hong Kong Time).

During the meeting, the creditors will be provided an update on
the conduct of the liquidation and asked to elect a liquidation
committee.

The company's liquidator is:

          John Batchelor
          Richard Gardner
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central Central
          Hong Kong
          Telephone: +852 3768 4500
          e-mail: richard.gardner@fticonsulting.com


LEEDS MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Leeds Master Fund Ltd. received on May 24,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

The company's liquidator is:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258
          e-mail: leedsfunds@deloitte.com


MOUNT STEVENS: Shareholders' Final Meeting Set for June 17
----------------------------------------------------------
The shareholders of Mount Stevens Investments Limited will hold
their final meeting on June 17, 2016, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


RI CAYMAN: Shareholders' Final Meeting Set for June 16
------------------------------------------------------
The shareholders of RI Cayman will hold their final meeting on
June 16, 2016, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ryan King Stafford
          8755 W. Higgins Road Suite 500
          Chicago Illinois 60631
          United States of America
          Telephone: +1 (773) 628 0880
          e-mail: rstafford@littelfuse.com


SAB OVERSEAS: Shareholder to Hear Wind-Up Report on June 14
-----------------------------------------------------------
The shareholder of SAB Overseas Fund, Ltd. will hear on June 14,
2016, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


TFO FINANCIAL: Shareholders' Final Meeting Set for June 17
----------------------------------------------------------
The shareholders of TFO Financial Institutions Restructuring Fund
SPC will hold their final meeting on June 17, 2016, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes TFO Manager Limited
          Stephanie Adolphus
          Mourant Ozannes 94 Solaris Avenue
          Camana Bay
          P.O. Box 1348  Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814 9167
          Facsimile: (345) 949 4647


===============
C O L O M B I A
===============


* COLOMBIA: Economy Grows at Slowest Pace Since 2009 Crisis
-----------------------------------------------------------
Oscar Medina at Bloomberg News reports that Colombia's economy
grew at the slowest pace since 2009 in the first three months of
the year as consumer confidence slumped and prices fell for the
nation's oil, coal and coffee. The weaker-than-expected result
caused bond yields to drop as traders pared bets on further
interest rate increases.

Gross domestic product expanded 2.5 percent from the year earlier,
compared with a revised 3.4 percent in the previous three months,
the national statistics agency said Friday in Bogota, according to
Bloomberg News.  The figure was below the 2.8 percent median
forecast of 31 analysts surveyed by Bloomberg.  From the previous
quarter, GDP grew 0.2 percent.

Nine interest rate increases since September have damped demand as
the central bank attempts to curb the fastest inflation in 15
years without causing growth to crash, Bloomberg News notes.  Over
the past week, three members of the bank's committee have signaled
that the phase of monetary policy tightening may now be nearing
its end, Bloomberg News relays.   The economy will grow 2.5
percent this year, the bank forecast in April, Bloomberg News
notes.

"The GDP report surprised some," said Daniel Escobar, head analyst
at Global Securities brokerage in Bogota, Bloomberg News notes.
"Traders are betting we might not see anymore rate hikes from the
central bank," he added.

Colombia's local peso bonds due in 2018 extended a rally after the
report, with yields dropping 0.08 percentage point to 7.04
percent, Bloomberg notes.  At their May board meeting, policy
makers limited the interest rate increase to a quarter point, as
evidence grows that the economy is cooling faster than expected,
Bloomberg relays.

Mr. Escobar expects the central bank to raise the policy rate a
quarter point to 7.5 percent this month and keep it at that level
for the remainder of the year, Bloomberg notes.

                           Regional Woes

"Domestic demand is weakening in line with forecasts," said Daniel
Velandia, the head analyst at Credicorp Capital's Colombia unit.
"With these data and if inflation isn't very high, we could see a
pause in monetary policy this month," Bloomberg says.

The slowdown was led by oil and mining, which contracted 4.6
percent, while agriculture expanded 0.7 percent, despite the boost
farmers have got from the weaker peso.  The fastest growing
sectors were industry, which expanded 5.3 percent, and
construction, which gained 5.2 percent, Bloomberg relays.

Still, among Latin America's major economies, Colombia's economy
is performing well.  While Peru's economy grew 4.4 percent in the
first quarter from a year earlier, Mexico expanded 2.6 percent,
Chile grew 2 percent and Brazil contracted 5.4 percent, Bloomberg
notes.

Consumer-price inflation accelerated to 15-year high of 8.2
percent last month, according to analysts surveyed by Bloomberg,
as a weaker peso pushed up import costs and the most severe
drought in decades increased food prices, Bloomberg notes.  The
central bank targets inflation of 3 percent, plus or minus one
percentage point. The statistics agency will publish its May
inflation report.

The price of crude, Colombia's biggest export, has fallen by more
than half over the past two years, causing investment to fall and
forcing the government to rein in spending to hit its fiscal
targets, Bloomberg adds.


===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Roadmap Aims to Clear Trade Barriers
--------------------------------------------------------
Dominican Today reports that a group of consultants from the
public and private sectors announced a roadmap to eliminate non-
tariff barriers to trade between the Dominican Republic and Haiti.

The plan is based on the report "Binational Study: technical
barrier to trade," which also identified the non-tariff barriers,
technical barriers to trade, released by the Industry and Commerce
Ministry's Foreign Trade Dept. (Dicoex), according to Dominican
Today.

                            Main Obstacles

Consultants representative Vladimir Pimentel presented the study
which concludes that the main barriers between the two markets is
the lack of a regulated service to haul freight overland;
institutional issues; the ban on export of certain products to
Haiti by land; informal trade, among others, the report notes.

The study stressed that the existing trade between the two
countries, "which can be described as high and rising," reaching a
deficit figure of US$1.03 billion, the report relays.

"In other words, like Haiti's trade with the rest of the world,
the relationship is very asymmetric," the report quoted Mr.
Pimentel as saying.

It also notes that the Haitian business leaders' overview of
conditions to penetrate the Dominican market are complex," the
report relays.

"This situation, the study says, generates tensions between
commercial agents in both countries," he said, adding that the
research aims to contribute to normalize and surmount hurdles to
trade between the Hispaniola countries, says the report.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.


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


GRUPO GICSA: S&P Rates $300MM Sr. Unsecured Notes 'BB'
------------------------------------------------------
S&P Global Ratings assigned its 'BB' corporate credit rating and
issue-level rating to Grupo GICSA, S.A.B. de C.V. and to its
proposed $300 million senior unsecured notes.  At the same time,
S&P affirmed its national scale 'mxA' corporate credit rating and
issue-level rating on the company.  S&P's recovery rating remains
'3' (50%-70%, in the higher band of the range), under a scenario
of payment default.  The outlook is stable.

The ratings on Grupo GICSA reflect a business risk profile that is
constrained by a portfolio of 618 thousand square meters of gross
leasable area (GLA), in 13 properties located in Mexico, focused
in the commercial and office space segments.  Although most of
Grupo GICSA's properties have a prime location, mainly in Mexico
City, some assets in the portfolio are still in their ramp-up
period.  The company's portfolio of assets has an average age of
seven years, which is relatively low when compared to its peer
group.  Historically, the company has been exposed to development
risks, although it has a 26-year track record in the development
of 67 properties that represent 2.7 million square meters of GLA.

The stable outlook reflects S&P's view that Grupo GICSA's
competitive position will improve gradually within the commercial
and office space segments in Mexico, as it gradually deploys its
capital investment plan, while it maintains its key credit metrics
in line with its intermediate financial risk profile.  It also
incorporates S&P's expectation that the company's debt to EBITDA
ratio will not exceed 7.0x, and will gradually decline to the 5.0x
as a result of incremental EBITDA generation that will stem from
higher occupancy rates and the opening of new assets, starting in
2017.  S&P also expects Grupo GICSA's EBITDA interest coverage
ratio to remain above 2.0x and its debt to capital ratio below
40%.

Deteriorating economic conditions in the markets where Grupo GICSA
operates that weaken the company's ability to maintain operating
metrics, such as currently high occupancy rates or renewal rates,
a slow execution of the company's project pipeline that limits
top-line growth, or diminishing predictability in EBITDA, could
lead to a negative rating action.  Also, weaker than expected
credit metrics within the next 12 months, including a debt to
EBITDA or debt to equity above 7.5x and 50%, respectively, could
result in a downgrade.

S&P could upgrade Grupo GICSA if S&P sees an improvement in its
competitive position that leads S&P to reassess and revise its
business risk profile to fair.  In particular, the company would
need to expand its current portfolio of assets and show greater
geographic and tenant diversity that would limit revenue
concentration to below 10%, measured specifically by single market
and assets.  In S&P's view, this could be driven by its medium-
term growth plan.  A positive rating action would also require
that its debt to EBITDA and debt to capital remain consistently
below 4.5x and 35%, respectively, on a consistent basis.


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


CONDADO RESTAURANT: Taps Acosta & Ramirez as Financial Consultant
-----------------------------------------------------------------
Condado Restaurant Group, Inc., and Restaurant Associates of
Puerto Rico, Inc., ask for authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Juan Acosta-
Reboyras, CPA, Esq., at the Acosta & Ramirez Law Office, LLC, as
financial consultant, nunc pro tunc to the Petition Date.

Mr. Acosta-Reboyras will assist the Debtors in their management in
the financial restructuring of their affairs by providing advice
in strategic planning and the preparation of the Debtors' monthly
operating reports, disclosure statement, and plan of
reorganization, and participating in the Debtors' negotiations
with financial institutions, lessors, and the Debtors' creditors.
Mr. Acosta-Reboyras' duties will principally consist of strategic
counseling and advice, financial/business assistance, preparation
and review of documentation as requested for and during the
Debtor's Chapter 11 proceedings, specifically as it is related to
and has an effect upon the Debtors' successful reorganization, as
well as recommendations and financial/business assessments
regarding issues specifically related to the Debtors and other
assistance in accounting, taxes, negotiations, financing and
operational matters.

Mr. Acosta-Reboyras will be paid at these hourly rates:

      Staff                $85
      Associates          $180
      Senior Partner      $285

Mr. Acosta-Reboyras assures the Court that the Firm is a
disinterested person as defined in 11 U.S.C. Section 101(14).

Mr. Acosta-Reboyras can be reached at:

      Juan Acosta-Reboyras, CPA
      Acosta & RamĀ°rez Law Office, LLC
      No. 151 Tetuan Street, San Jose Corner
      Old San Juan, PR 00901
      Tel: (787) 977-1687
      Fax: (787) 977-1680
      E-mail: jar@acostaramirez.com

Headquartered in San Juan, Puerto Rico, Condado Restaurant Group,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 16-01329) on Feb. 24, 2016, estimating its assets and
liabilities at between $1 million and $10 million.  The petition
was signed by Dayn Smith, president.

The Debtor's bankruptcy counsel can be reached at:

                  Javier A Vega Villalba, Esq.
                  Stuart A. Weinstein-Bacal, Esq.
                  WEINSTEIN BACAL & MILLER, PSC
                  Gonzalez Padin Bldg Penthouse
                  154 Rafael Cordero
                  San Juan, PR 00901
                  E-mail: jvv@wbmvlaw.com
                          swb@wbmvlaw.com


IGLESIA MISION CRISTIANA: Taps Tomas G. Diaz as Appraiser
---------------------------------------------------------
Iglesia Mision Cristiana Fuente de Agua Viva, Inc., and Concilio
Mision Cristiana Fuente de Agua Viva, Inc., seek permission from
the U.S. Bankruptcy Court for the District of Puerto Rico to
employ Tomas G. Diaz at Joseph J Blake and Associates, Inc., as
appraiser.

Mr. Diaz will assume the appraisal services for:

      a. the commercial property at 12250 S John Young Parkway,
         Orlando, Florida; and

      b. the property used as a religious facility and excess
         vacant land.

The proposed arrangement of compensation consists of $3,500 to be
paid by the Debtor from their available funds upon the approval of
the application for compensation from the Court.

To the best of the Debtors' knowledge, neither (a) Tomas G. Diaz,
Joseph J Blake and Associates, Inc., nor any of his members or
employees have any connection with the Debtors, creditors, any
other party in interest, their attorneys and accountants, the U.S.
Trustee or any person employed by the U.S. Trustee, or (b)
represents or holds any interest adverse to Debtors or the estate
in the matters upon which Tomas G. Diaz is to be engaged, and (c)
Tomas G. Diaz is a "disinterested" person within the meaning of
Section 101 (14) of the Bankruptcy Code, 11 U.S.C. Section 101
(14).

The Appraiser can be reached at:

      Tomas G. Diaz
      Joseph J Blake and Associates, Inc.
      4000 Ponce de Leon Boulevard, Suite 410
      Miami, FL 33146
      Tel: (305) 448-1663, x-108
           (305) 448-1468
      Fax: (305) 448-7077
      E-mail: tdiaz@josephjblake.com

Iglesia Mision Cristiana Fuente de Agua Viva, Inc. (Bankr. D. P.R.
Case No. 12-07856) and Concilio Mision Cristiana Fuente de Agua
Viva, Inc. (Bankr. D. P.R. Case No. 12-07857) each filed for
Chapter 11 bankruptcy protection on Oct. 2, 2012.

The Counsel for the Debtors can be reached at:

      Victor Gratacos, Esq.
      GRATACOS LAW FIRM, P.S.C.
      P.O. BOX 7571
      Caguas, P.R. 00726
      Tel: (787) 746-4772
      Fax: (787) 746-3633
      E-mail: bankruptcy@gratacoslaw.com


KOMODIDAD DISTRIBUTORS: Hires Vilarino as Bankr. Counsel
--------------------------------------------------------
Komodidad Distributors, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Vilarino & Associates and Javier Vilarino as counsel to the
Debtor.

Komodidad Distributors requires Vilarino to:

   a. advise the debtor with respect to its duties, powers and
      responsibilities in this case under the laws of the United
      States and Puerto Rico in which the debtor in possession
      conducts its operations, do business, or is involved in
      litigation;

   b. advise the debtor in connection with a determination
      whether a reorganization is feasible and, if not, helping
      debtor in the orderly liquidation of its assets;

   c. assist the debtor with respect to negotiation with
      creditors for the purpose of arranging the orderly
      liquidation of assets and/or for proposing a viable plan of
      reorganization;

   d. prepare, on behalf of the debtor, the necessary complaints,
      answers, orders, reports, memoranda of law and/or any other
      legal paper of documents;

   e. appear before the bankruptcy court, or any court in which
      debtors assert a claim interest or defense directly or
      indirectly related to this bankruptcy case;

   f. perform such other legal services for debtors as may be
      required in these proceedings or in connection with the
      operation of/and involvement with debtor's business,
      including but not limited to notarial services;

   g. employ other professional services, if necessary.

Vilarino will be paid at these hourly rates:

     Javier Vilarino                 $235
     Associates                      $170
     Law Clerks                      $110
     Paralegals                      $85

Vilarino was paid a retainer in the amount of $5,000.

Vilarino will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Javier Vilarino, capital member of Vilarino & Associates, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Vilarino can be reached at:

     Javier Vilarino, Esq.
     VILARINO & ASSOCIATES
     San Juan, PR 00902-2515
     Tel. 787-565-9894
     E-mail: jvilarino@vilarinolaw.com

                   About Komodidad Distributors

Komodidad Distributors, Inc. filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016. The
petition was signed by Jorge Galliano, president. The Hon. Enrique
S. Lamoutte Inclan presides over the case.

The Debtor estimated assets of $50 million to $100 million and
estimated debts of $10 million to $50 million.


LEGAL CREDIT: Hires Monge Robertin as Restructuring Advisor
-----------------------------------------------------------
Legal Credit Solutions, Inc, seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Jose M.
Monge Robertin, CPA, CIRA, CGMA and Monge Robertin & Asociados,
Inc., as the Debtor's insolvency and restructuring advisor, in the
exercise of its power and duties, on all financial matters
pertaining to the reorganization in its Chapter 11 proceedings.

The Firm will, among other things:

      a. evaluate financial condition of the Debtor to assist in
         the development of the reorganization plan;

      b. review Schedules and Statement of Financial Affairs as
         may be necessary for amendments and for the development
         of the plan;

      c. prepare cash flow projection as may be necessary for the
         initial debtor interview, use of cash collateral and to
         demonstrate feasibility of the proposed plan of
         reorganization;

      d. prepare the summary of claims and plan payments to
         control scheduled amounts, claims filed, objections,
         allowable amounts, payments during the pendency of the
         case, and deferred payments under the plan;

      e. reconcile claims and claims register and classify claims
         in accordance with the Bankruptcy Code;

      f. assist the Debtor to develop the plan of reorganization
         including changes in the capital structure and financing
         to boost revenue volume, reduce operating costs, dispose
         of unnecessary assets and recover receivables;

      g. prepare liquidation analysis with notes;

      h. review tax and other proof of claims to recommend and
         support claim objections;

      i. assist the Debtor in preparation of montly operation
         reports required by the guidelines of the Office of the
         U.S. Trustee;

      j. assist the Debtor to determine U.S. Trustee fees for
         payment in accordance with current fee tables;

      k. review existing accounting systems and procedures to
         provide recommendations for improvement; and

      l. prepare feasibility report for confirmation of the plan.

The Firm will be paid at these hourly rates:

         Jose M. Monge Robertin, CPA, CIRA, CGMA            $275
         Jose J. Negron Colon, CPA, CIRA, CGMA              $200
         Maria Pena, MST, CIRA - Reorganization Associate   $175
         Edgar Rivera Aponte, BS - Systems Associate        $150
         Juanita Claudio, MBA - Tax Associate               $125
         Suport Staff                                      $65-$75

         Assitant Accountants                                $35

A deposit of $5,000 will be provided from sources of the estate,
shareholder or other parties.

Jose M. Monge Robertin, CPA, CIRA, CGMA, a principal at the Firm,
assures the Court that the Firm doesn't hold any professional
relation with the Debtor, attorneys for the Debtor, parties owing
property to, or creditors of the estate, prior accountants, the
U.S. Trustee or any person employed in the U.S. Trustee's Office
or any other party-in-interest in the present nor in any related
matter, nor does the Firm hold or represent adverse interest to
the estate.

The Firm can be reached at:

      Jose M. Monge-Robertin, Esq.
      Managing Shareholder
      Monge Robertin & Asociados
      Caguas, Puerto Rico
      Tel: (787) 745-0707
      E-mail: cpamonge@cirapr.com

Headquartered in Guaynabo, Puerto Rico, Legal Credit Solutions,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 16-03685) on May 6, 2016, estimating its assets at up to
$50,000 and its liabilities at between $1 million and $10 million.

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

Judge Brian K. Tester presides over the case.

Paul James Hammer, Esq., at Estrella, LLC, serves as the Debtor's
bankruptcy counsel.


MERANDA INC: Sec. 341 Creditors' Meeting Set for June 27
--------------------------------------------------------
A meeting of creditors under Sec. 341(a) of the Bankruptcy Code
will be held on June 27, 2016, at 2:00 p.m. at 341 MEETING ROOM,
OCHOA BUILDING, 500 TANCA STREET, FIRST FLOOR, SAN JUAN.

The last day to oppose discharge or dischargeability is Aug. 26.

Proofs of Claim are due by Sept. 26.  Government Proofs of Claim
are due by Nov. 28.

Meranda, Inc., filed a Chapter 11 petition (Bankr. D. P.R. Case
No.3:16-bk-04239) on May 27, 2016.


MERANDA INC: Status Conference Set for Aug. 2
---------------------------------------------
A status conference is set for Aug. 2, 2016, at 10:00 a.m., in the
Chapter 11 case of Meranda, Inc.  The conference will be held at
JOSE V TOLEDO FED BLDG & US COURTHOUSE, 300 RECINTO SUR, 2ND FLOOR
COURTROOM 2.

Meranda, Inc., filed a Chapter 11 petition (Bankr. D. P.R. Case
No.3:16-bk-04239) on May 27, 2016.


MERANDA INC: Hires Pedrosa Luna as Bankruptcy Counsel
-----------------------------------------------------
Meranda, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ the Law Offices of Hector
Eduardo Pedrosa Luna as counsel to the Debtor.

Meranda, Inc. requires Luna to:

   a. prepare bankruptcy schedules, pleadings, applications and
      conducting examinations incidental to any related
      proceedings or to the administration of the bankruptcy
      case;

   b. develop the relationship of the status of the Debtor to the
      claims of creditors in the bankruptcy case;

   c. advise the Debtor of its rights, duties, and obligations as
      Debtor operating under Chapter 11 of the Bankruptcy Code;

   d. take any and all other necessary action incident to the
      proper preservation and administration of the Chapter 11
      case; and

   e. advise and assist the Debtor in the formation and
      preservation of a plan pursuant to Chapter 11 of the
      Bankruptcy Code, the disclosure statement, and any and all
      matters related thereto.

Luna will be paid at these hourly rates:

     Hector Eduardo Pedrosa Luna     $150

Luna will be paid a retainer in the amount of $3,000.

Luna will also be reimbursed for reasonable out-of-pocket expenses
incurred.

Hector Eduardo Pedrosa Luna, Esq., assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

Luna can be reached at:

     Hector Eduardo Pedrosa Luna, Esq.
     1519 Ponce de Leon Avenue, Suite 1115
     San Juan, PR 00908
     Tel: (787) 920-7983
     Fax: (787) 754-1109
     E-mail: hectorpedrosa@gmail.com

                       About Meranda, Inc.

Meranda, Inc., filed a Chapter 11 petition (Bankr. D. P.R. Case
No.3:16-bk-04239) on May 27, 2016.


NORFE GROUP: Seeks to Hire KPM Realty Advisors as Realtor
---------------------------------------------------------
Norfe Group Corp. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire KPM Realty Advisors, Inc.

The Debtor tapped the firm to sell its property located along Road
PR-3, KM 2.6, Sabana Llana Ward, San Juan, Puerto Rico.

The firm will receive a fee, which is 5% of the purchase price of
the property, or 6% of the purchase price in the event a
prospective buyer represented by another broker acquires the
property.

Fernando Toro, president of KPM, disclosed in a court filing that
the firm is a "disinterested person" as defined in section 101(14)
of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Fernando L. Toro
     KPM Realty Advisors, Inc.
     d/b/a Cushman & Wakefield/
     Property Concepts Commercial
     PO Box 36083
     San Juan, PR 00936-0831
     Tel: (787) 977-7373
     Email: ftoro@propertyconceptscommercial.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.


                            ***********


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.


                   * * * End of Transmission * * *