TCRLA_Public/160608.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

            Wednesday, June 8, 2016, Vol. 17, No. 112


                            Headlines



B R A Z I L

BRAZIL: Real Leads Losses Among Major Peers Amid Political Woes
ELDORADO BRASIL: Unit's 2023 Notes Get Fitch's B+/RR4(EXP) Rating
LIBRA TERMINAL: Fitch Cuts LT Issuer-Default Rating to 'CCC'


C A Y M A N  I S L A N D S

ANNAPOLIS LIMITED: Shareholders' Final Meeting Set for June 14
BABYLON LIMITED: Shareholders' Final Meeting Set for June 14
BCD HOLDINGS: Shareholders' Final Meeting Set for June 16
BROOKFIELD INTERNATIONAL: Member to Hear Wind-Up Report on June 15
DREYFUS FUND: Creditors' Proofs of Debt Due June 19

EAST PARK: Shareholders' Final Meeting Set for June 29
FEINGOLD O'KEEFFE: Shareholder to Hear Wind-Up Report on June 15
FEINGOLD O'KEEFFE MASTER: Member to Hear Wind-Up Report on June 15
NETWORK CITY: Shareholders' Final Meeting Set for June 16
RAA LIMITED: Shareholders' Meeting Set for June 23

ROUND TABLE INTERMEDIATE: Shareholders' Meeting Set for July 15
ROUND TABLE MACRO: Shareholders' Final Meeting Set for July 15
ROUND TABLE MASTER: Shareholders' Meeting Set for July 15


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Some Free Zones Have Yet to Repay Debt
DOMINICAN REPUBLIC: Offers Wage Hike to Health Workers and Doctors
DOMINICAN REPUBLIC: Waste Exports Represent US$98MM, Director Says


M E X I C O

* MEXICO: Leading Bank Concerned About Country's "Volatility"


P U E R T O    R I C O

BM CREW: Court Grants Bank's Request for Copy of Plan
IVAN GONZALEZ CANCEL: July 22 Disclosure Statement Hearing
SPORTS AUTHORITY: Court Denies ASICS' Bid for Stay Pending Appeal


                            - - - - -



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


BRAZIL: Real Leads Losses Among Major Peers Amid Political Woes
---------------------------------------------------------------
Filipe Pacheco at Bloomberg News report that Brazil's real halted
a four-day rally as a report prosecutor-general Rodrigo Janot
sought the arrest of Acting President Michel Temer's allies added
to concern over the new government's ability to restore confidence
in Latin America's largest economy.

The real was the worst-performing major currency on Tuesday, June
7, dropping 0.5 percent to 3.506 per dollar as of 10:27 a.m. in
Sao Paulo, according to Bloomberg News.

Bloomberg News notes that traders have piled into Brazilian assets
this year on speculation that a change in government would help
revive an economy facing its worst recession in a century and
shore up the budget.  The currency tumbled last month on
speculation that the new administration would struggle to revive
growth amid a widening corruption investigation involving
companies and politicians, Bloomberg News relays.

"Those political concerns bring a lot of instability to Temer's
administration, since it involves some of the top names of the
party," said Joao Paulo de Gracia Correa, the head of foreign
currency at brokerage SLW in Curitiba, Brazil, Bloomberg News
notes.  "Political matters are back to the spotlight for investors
in Brazil, and it is pressuring the currency," he added.

Bloomberg News says Mr. Janot asked the Supreme Court to issue
arrest warrants for Senate President Renan Calheiros, former
Brazilian President Jose Sarney and Senator Romero Juca, O Globo
newspaper reported, citing a person close to senior judges. They
are all members of the same party as Temer, whose administration
started less than a month ago after the Senate voted to start the
impeachment trial of suspended President Dilma Rousseff.

Antonio Carlos de Almeida Castro, a lawyer for Juca and Sarney,
said he sees no reason to justify such a measure, and called
allegations senseless when contacted by Bloomberg.  A press
official for the prosecutor's office declined to comment, while
Calheiros couldn't immediately be reached for comment.

The real is still the best performing major currency this year on
speculation the new administration would able to curtail a growing
budget deficit and help pull the country out of its worst
recession in a century, notes the report.  To do that, Temer needs
to find support in Brazil's fractured Congress for measures to
reduce spending and raise revenue. The increase in political
tension fans concern that he might not be able to gather political
support necessary to pass such measures, Bloomberg reports.
Swap rates on the contract maturing in January 2018, a gauge of
expectations for interest-rate moves, rose 0.09 percentage point
to 12.60 percent, reports Bloomberg.

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.


ELDORADO BRASIL: Unit's 2023 Notes Get Fitch's B+/RR4(EXP) Rating
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR4(EXP)' rating to the proposed
2023 notes to be issued by Eldorado Intl. Finance GmbH, and
guaranteed by Eldorado Brasil Celulose S.A. (Eldorado) and
Cellulose Eldorado Austria GmbH. Proceeds from these senior
unsecured notes, which are expected to total $US500 million, will
be used to extend the company's debt maturity profile.

The rating reflects Eldorado's stronger cash flow due to the
depreciation of the Brazilian real during 2015, which accelerated
the deleveraging of the company's balance sheet. The ratings
incorporate that Eldorado will likely enter into a new investment
cycle and leverage will temporarily increase during 2017 and 2018.
After 2019, a fast deleveraging is expected due to stronger cash
flow generation capacity from the second pulp mill. Eldorado has a
manageable liquidity, and Fitch expects an improvement in the
company's liquidity and lower refinancing risk. Eldorado's limited
financial flexibility from its forest base was also incorporated
in the analysis.

KEY RATING DRIVERS

Operational Cash Flow Improved

Eldorado's EBITDA generation benefited from the depreciation of
the Brazilian real against the U.S. dollar, and to lesser extent
higher pulp prices. In the latest 12 months (LTM) ended March
2016, Eldorado generated BRL1.7 billion of EBITDA, compared to
BRL592 million reported in 2014. Fitch expects EBITDA to be stable
at BRL1.7 billion in 2016, considering net pulp prices of
$US550/ton. The company's cash flow generation is still strongly
affected by high financial expenses due to high indebtedness with
cash flow from operations (CFO) at BRL845 million in the LTM ended
March 2016.

Investments of about BRL10 billion for the construction of its new
pulp mill will pressure free cash flow (FCF) generation, which is
expected to be negative until 2019. In the LTM ended March 2016,
FCF was positive at BRL319 million, after investments of BRL526
million. Expected funding for the expansion project should consist
of BRL7 billion of debt from the Brazilian Development Bank
(BNDES), Midwest Development Fund (FDCO), foreign export credit
agency and FGTS, and BRL3 billion of equity. Fitch's base case
projections considered that Eldorado will not proceed with the
expansion project without the equity contribution.

Leverage to Increase Due to New Pulp Project

Eldorado's leverage reduced faster than expected due to stronger
operational cash flow. In the LTM ended March 2016, net
debt/EBITDA was 4.9x, a reduction compared with 5.2x in 2015 and
12.6x in 2014, as per Fitch's methodology. As of March 31, 2016,
Eldorado reported total debt of BRL8.9 billion, with strong
participation of BNDES (44% of total debt). Fitch's base case
projections considered that Eldorado will build a second pulp
production line, with a production capacity of 2.3 million tons,
preventing the company from deleveraging in the medium term. With
investments of BRL10 billion, including an equity portion of BRL3
billion with the remainder comprised of new debt, Fitch expects
net leverage to peak at 7.7x in 2018. A quick deleveraging is
expected once the new mill becomes operational.

Dependence on Third Party Wood Still High

Eldorado exhibits state of art technology and high productivity at
its mill, with an annual production capacity of 1.7 million tons
of hardwood pulp. Eldorado's cash cost is in line with its peers
in Brazil, although the company has high dependence of wood from
third parties and longer average distance from the forest to the
mill. Eldorado also has some financial flexibility from its forest
base, with the accounting value of the biological assets of its
forest plantations of BRL1.8 billion as of March 31, 2016. The
nearly ideal conditions for growing trees in Brazil make these
plantations extremely efficient by global standards and give the
company a sustainable advantage in terms of cost of fiber.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
-- Net pulp prices between $US550 and $US575 per ton during 2016-
    2019;
-- Pulp sales volume of 1.65 million tons in 2016 and 1.7 million
    tons in 2017;
-- Startup of the new pulp mill in 2019, with an additional pulp
    sales volume of 1.4 million tons in 2019, reaching full
    capacity in 2020;
-- Investments of BRL1.3 billion in 2016, BRL5.4 billion in 2017
    and BRL4 billion in 2018;
-- Equity increase of BRL3 billion during 2016-2018.

RATING SENSITIVITIES
Future developments that may individually or collectively lead to
a negative rating action include:
-- Expectation that leverage will not quickly reduce after the
    startup of the new pulp mill;
-- Liquidity falling to levels that considerably weaken short-
    term debt coverage.

Future developments that may individually or collectively lead to
a positive rating action include:
-- Rating upgrades are not expected until the company concludes
    its new investment cycle;
-- Faster than expected deleveraging if Eldorado decides not to
    proceed with the investments for the construction of the
    second pulp production line, resulting in higher than expected
    free cash flow generation.

LIQUIDITY
Liquidity is manageable. As of March 31, 2016, cash and marketable
securities was BRL727 million and short-term debt was BRL2.7
billion, including about BRL1.2 billion of pre-export financing.
Eldorado has BRL833 million of debt maturing from April to
December 2017 and BRL1.2 billion in 2018. The reduction in the
company's cash reserves, compared to a cash position of BRL1.4
billion at the end of 2015, was due a loss from derivatives
transactions of BRL746 million during the first quarter of 2016.
In 2015, Eldorado reported gains from derivatives transactions of
BRL1.7 billion. In Fitch's opinion, Eldorado's hedging strategy is
aggressive and speculative. Fitch expects the company to refinance
part of debt maturities and new intercompany loans are not
expected, but will depend on Eldorado's access to the market to
extend debt amortization profile.

FULL LIST OF RATING ACTIONS

Fitch assigns the following rating:

Eldorado Intl. Finance GmbH
-- Proposed senior unsecured notes, up to $US500 million, and up
    to seven years 'B+/RR4(EXP)'.

Transaction will be issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado Brasil Celulose S.A. and Cellulose Eldorado
Austria GmbH.


Fitch currently rates Eldorado Brasil Celulose S.A. as follows:

-- Long-Term Foreign Currency IDR 'B+';
-- Long-Term Local Currency IDR 'B+';
-- Long-Term National Scale 'BBB+(bra)'.

The Rating Outlook for the corporate ratings is Stable.


LIBRA TERMINAL: Fitch Cuts LT Issuer-Default Rating to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Libra Terminal Rio S.A.'s (Libra Rio)
Long-Term Issuer-Default Rating (IDR) to 'CCC' from 'BB' and
National Long-Term Rating to 'CCC(bra) from 'AA-(bra)'. Fitch has
also downgraded the ratings of Libra Rio's unsecured debentures to
'CCC(bra)' from 'AA-(bra)'. A full list of the rating actions
follows at the end of this release.

The multi-notch downgrade of Libra Rio's ratings reflects the
swift deterioration of the group's consolidated credit profile and
the severe deterioration of its operating cash flow generation,
hampering its ability to service impending consolidated financial
obligations. Libra Terminais S.A., Libra Terminal Santos S.A
(Libra Santos), companies within the group, and Libra Rio have
breached debt covenants, which has resulted in BRL1.0 billion of
its total consolidated debt of BRL1.6 billion to be reclassified
as short-term. There are cross default clauses between the
debentures and the other Libra Rio's debt.

KEY RATING DRIVERS

Cash Generation Drastically Affected

Fitch expects 2016 will continue to be a difficult year for
business in Brazil, following the weak financial performance in
2015. As a result, it will be challenging for Libra Rio to
significantly improve its consolidated credit profile, based
solely on its standalone operating fundamentals. This situation
may lead to a restructuring of its debt. Fitch's revised base case
indicates a continued and material weakening of consolidated
EBITDA in 2016, to a range between BRL80 million to BRL90 million,
which compares to BRL 183.8 million in 2015 and BRL 344.5 million
in 2014 and an average of BRL327 million between 2011 and 2015.

Low Leverage is Past

Consolidated adjusted net debt to EBITDAR ratio increased to 6.3x
in 2015 and should continue to climb to above 10x in 2016. This
high leverage ratio is expected to only marginally decline to near
7x to 8x in 2017, mainly due to the expected improvement of Libra
Rio's operating cash generation, which should benefit from the
return of maritime loads that was lost during this year. The
improvement is expected to follow completion of the dredging of
the Rio de Janeiro port, targeted to finish by year-end 2016.
Another positive is the expected gradual improvement of Brazil's
businesses environment. Between 2011 and 2014, the group's highest
adjusted net debt/EBITDAR ratio was 3.3x against an average 2.4x
during the period.

Covenants Breached Accelerates Refinancing Risks

As of December 2015, Libra's consolidated cash position was BRL399
million. This amount does not cover the portion of debt on which
the group breached financial covenants; leaving it with limited
options should its creditors decide to accelerate. Total debt was
basically comprised of BRL 1.2 billion in banking facilities,
BRL290 million in debentures and BRL148 million in a financing
line with Banco Nacional de Desenvolvimento Economico e Social
(BNDES). It also includes BRL326 million in port obligation,
according to Fitch's methodology.

Fragile Businesses Profile Due to the Deep Economic Crisis

Libra's business profile, based on the seasoned port operations in
Rio de Janeiro and Santos, were previously characterized by high
profitability and relatively predictable demand. The company
benefited from a long track record of strong and relatively stable
operating cash generation, strong CFFO generation and low
leverage. The challenges imposed by one of the deepest economic
recessions Brazil has ever seen uncovered fragilities to the
group's operating model not observed previously.

Libra group's businesses have been severely affected by the strong
economic recession in Brazil. The increased competition at the
Port of Santos combined with substantial load loss in 2015 by
Libra Rio have materially impacted the port activity and EBITDA
generation of to the group. Alongside, other market pressures,
these events have led to a deep decline in Libra Rio's credit
profile These factors continue to weaken the group's operation and
significantly pressure its revenues and operating margins. The
currency devaluation has also substantially affected the
transhipment and storage of importated products, which have
significantly higher margins than those for exportation services.

Increased Future Cash Flow Pressure

From 2017 onwards, the group has a significant compulsory
investment program totalling BRL800 million until 2027, which
should lead to continued negative FCF. These investments are
mainly linked to the renewal of the Port of Santos terminal
concessions that were awarded in September 2015. Approximately
BRL150 million of these investments is scheduled to 2017, with
increases in the following years. Among others, the group needs to
invest BRL450 million in the Port of Santos terminals up to 2019,
relative, mainly related to capacity increase. The financing for
these investments must rely on a combination of long-term debt,
operating cash flow generation and reimbursements from the
concession bodies. During 2015, FCF was negative BRL53 million,
after the distribution of BRL115 million of dividends. During four
years, out of the last five years, FCF before dividend
distribution was positive.

Seasoned Assets

Libra Rio is a seasoned operator in the Port of Rio de Janeiro. It
holds a solid concession contract, which began in 1998 and was
renewed in 2011 and is set to expire in 2048. This terminal is the
third largest operator in the Port of Rio de Janeiro, with 25% of
market share. The activities of the group at the Port of Santos
started in 1995 and its concession contract was renewed until
2035. In 2015, around 66% and 87% of group Libra's consolidated
net revenues and EBITDA, respectively, were generated by the port
activity, while the second largest business (logistics) is also
closely related to the port business.

Libra Santos and Codesp (regulator) have agreed to begin an
arbitration proceeding in relation to pending payments and
concession obligations. Given the lack of transparency surrounding
the decision process and arbitration term, as well as the amounts
and deadlines for payment to be set, Fitch disregarded this
variable in its base scenario. Any decision announced will be
considered an event which can affect the ratings by different
degrees.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Libra Rio
include:

-- Decline in Libra Santos and Libra Rio volumes of 50% and 30%,
    respectively, in 2016;
-- Consolidated EBITDA margin contractions to 12 in 2016;
-- BRL50 million investment, on a consolidated basis, in 2016;
    and BRL400 million from 2017 to 2019.

RATING SENSITIVITIES

Additional downgrades should take place if the company is not
successful on rebalancing its short-term debt.

Positive rating actions are unlikely due to the current situation
of weak cash flow generation and refinancing risks.


LIQUIDITY

Libra Holding's consolidated cash position at year-end 2015 was
BRL399 million, an unsatisfactory level considering the company's
current challenges. Historically, its debt service coverage
ratios, measured by cash/short-term debt and cash plus CFFO/short-
term debt had remained strong, at 2.1x and 3.2x, from 2011 to
2014. At year-end 2015 such indicators were severely affected by
the reclassification of around BRL1.4 billion of debt to short-
term, which generated a tight coverage of 0.3x and 0.4x.

FULL LIST OF RATING ACTIONS

Fitch downgrades the following:

Libra Terminal Rio S.A.

-- Long-Term Foreign and Local Currency IDRs to 'CCC' from 'BB';
-- Long-Term National Rating to 'CCC(bra)' from 'AA-(bra)';
-- Long-Term National Rating for the BRL270 million senior
    debenture issuance due in 2019 to 'CCC(bra)' from 'AA-(bra)'.


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


ANNAPOLIS LIMITED: Shareholders' Final Meeting Set for June 14
--------------------------------------------------------------
The shareholders of Annapolis Limited will hold their final
meeting on June 14, 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:

          Mark Longbottom
          Camele Burke Duff & Phelps (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


BABYLON LIMITED: Shareholders' Final Meeting Set for June 14
------------------------------------------------------------
The shareholders of Babylon Limited will hold their final meeting
on June 14, 2016, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


BCD HOLDINGS: Shareholders' Final Meeting Set for June 16
---------------------------------------------------------
The shareholders of BCD 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:

          Andrea Pekala
          The Carlyle Group 1001 Pennsylvania Avenue
          NW Washington DC 20004-2505
          United States of America
          Telephone: +1 202 729 5626
          e-mail: Andrea.Pekala@carlyle.com


BROOKFIELD INTERNATIONAL: Member to Hear Wind-Up Report on June 15
------------------------------------------------------------------
The member of Brookfield International Funds, Ltd. will hear on
June 15, 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:

          Brookfield Investment Management (Canada) Inc.
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


DREYFUS FUND: Creditors' Proofs of Debt Due June 19
---------------------------------------------------
The creditors of The Dreyfus Fund International Limited are
required to file their proofs of debt by June 19, 2016, to be
included in the company's dividend distribution.

The company's liquidator is:

          Mark E. Munnings
          c/o Deloitte & Touche
          Dehands House
          Centreville, 2nd Terrace West
          P.O. Box N-7120
          Nassau, N.P. The Bahamas
          Telephone: (242) 302-4800
          Facsimile: (242) 322-3102


EAST PARK: Shareholders' Final Meeting Set for June 29
------------------------------------------------------
The shareholders of East Park Global Opportunities Fund will hold
their final meeting on June 29, 2016, at 7:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gonzalo Jalles
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


FEINGOLD O'KEEFFE: Shareholder to Hear Wind-Up Report on June 15
----------------------------------------------------------------
The shareholder of Feingold O'Keeffe Capital I Offshore, Ltd. will
hear on June 15, 2016, at 3:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Newstar Capital LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


FEINGOLD O'KEEFFE MASTER: Member to Hear Wind-Up Report on June 15
------------------------------------------------------------------
The member of Feingold O'Keeffe Master Fund, Ltd. will hear on
June 15, 2016, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Newstar Capital LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


NETWORK CITY: Shareholders' Final Meeting Set for June 16
---------------------------------------------------------
The shareholders of Network City Limited 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100
          e-mail: CaymanLiquidation@walkersglobal.com


RAA LIMITED: Shareholders' Meeting Set for June 23
--------------------------------------------------
The shareholders of RAA Limited will hold their final meeting on
June 23, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Zedra Holdings (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


ROUND TABLE INTERMEDIATE: Shareholders' Meeting Set for July 15
---------------------------------------------------------------
The shareholders of Round Table Global Macro Intermediate Fund,
Ltd. will hold their final meeting on July 15, 2016, at 11:00
a.m., to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


ROUND TABLE MACRO: Shareholders' Final Meeting Set for July 15
--------------------------------------------------------------
The shareholders of Round Table Global Macro Fund, Ltd. will hold
their final meeting on July 15, 2016, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


ROUND TABLE MASTER: Shareholders' Meeting Set for July 15
---------------------------------------------------------
The shareholders of Round Table Global Macro Master Fund, Ltd.
will hold their final meeting on July 15, 2016, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


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


DOMINICAN REPUBLIC: Some Free Zones Have Yet to Repay Debt
----------------------------------------------------------
Dominican Today reports that some of the Dominican State's loans
given in 2007 to several free zone companies have yet to be repaid
in full, despite the nearly 10 years since the bailout.

Dominican Free Zones Association (Adozona) President Jose Tomas
Contreras said that the Finance Ministry has issued a statement
noting that the free zone companies have paid around 60% of debts
granted by the State via Law 174-07 dated July 17, 2007, according
to Dominican Today.

The report notes that Mr. Contreras said the Finance Ministry
itself disbursed the loans, and "actively continues the efforts to
collect the outstanding securities with companies that for various
reasons have had difficulty repaying their commitments."

"The total debt paid off today is 18.5 million dollars,
representing about 60 percent of the total amount of loans granted
in 2007, following the serious crisis affecting the export sector
and which put at risk thousands of jobs in several communities in
the country," said Mr. Adozona, quoted by acento.com.do, the
report notes.

Among the free zone companies that have paid their loans are
D'Clase Manufacturing, D'Clase Shoes, Grupo M Industries, American
Apparel Associate, West Point Manufacturing, Dominican Pottery,
Notions Dominicana, Margarita International, Global Technology
Group, Polanco Fashion International, Ana Manufacturing, Union
Textiles International and QEL Dominican, the report adds.

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'.


DOMINICAN REPUBLIC: Offers Wage Hike to Health Workers and Doctors
------------------------------------------------------------------
Dominican Today reports that the Government proposed a salary
increase as high as 68% for nurses, assistants, technicians and
other medical personnel and 39% for physicians.

Also proposed in the talks among the authorities and the health
sector were the unified wages, including fixed incentives for all
workers and comply with the provision to establish one single
workday, according to Dominican Today.

The government representatives say the measure will benefit all
health workers, because they'd no longer have work up to 16 hours,
but eight instead, without reducing income and just in one
workplace, the report notes.

                             Pensions

On pensions, the government agreed to a special concession to the
unions to pension or retire, by decree, more than 6,000 employees
in the sector, who will get the same amount as their final salary
and incentives, including all employee pending pension, employees
with health ailments and every employee over 65 and with 20 years
of service, the report relays.

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'.


DOMINICAN REPUBLIC: Waste Exports Represent US$98MM, Director Says
------------------------------------------------------------------
Dominican Today reports that export and Investment Center (CEI-RD)
executive director Jean Alain Rodriguez said that national waste
exports represented US$98 million last year, of which US$65
million were related to metals.

During the conference "Waste Exports in the Dominican Republic,"
as part of the Environment Week, which ended at UNAPEC University,
Rodriguez said higher volumes of the waste exported correspond to
cardboard, plastics and metal, according to Dominican Today.

The conference is part of UNAPEC initiatives through its Solid
Waste Management program, which begun a year ago to raise
awareness of the need for environmental preservation care, the
report notes.

For nine years UNAPEC has celebrated the Environment Week, whose
purpose is to focus on promoting environmental awareness within
the curricular strategy, the report adds.

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
===========


* MEXICO: Leading Bank Concerned About Country's "Volatility"
-------------------------------------------------------------
EFE News reports that the head of BBVA Bancomer, Mexico's leading
private financial institution, expressed its concern about the
market's volatility following the country's "perfect storm" last
January, when the peso was depreciated and the price of crude
plummeted.

Volatility "is of the greatest concern with regard to the bank's
2016 performance.  What will volatility do to the markets in the
coming months when there are so many things that can cause it?"
Eduardo Osuna, director general of this affiliate of Spain's BBVA,
said, according to EFE News.


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


BM CREW: Court Grants Bank's Request for Copy of Plan
-----------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico granted Banco Popular de Puerto Rico's
motion requesting to be served with a copy of BM Crew, Inc.'s
disclosure statement and plan.

BM Crew, Inc. (Bankr. D.P.R. Case No. 16-00526) filed a Chapter 11
Petition on January 28, 2016.  The Debtor is represented by
Jacqueline Hernandez Santiago, Esq., at Hernandez Law Offices.


IVAN GONZALEZ CANCEL: July 22 Disclosure Statement Hearing
----------------------------------------------------------
A hearing is scheduled for July 22, 2016, at 9:30 a.m., at the
U.S. Bankruptcy Court for the District of Puerto Rico, to consider
and rule upon the adequacy of the disclosure statement explaining
Ivan Gonzalez Cancel's plan.

The bankruptcy case is IN RE: IVAN F. GONZALEZ CANCEL, Case No.
15-05511 EAG (Bankr. D.P.R.).


SPORTS AUTHORITY: Court Denies ASICS' Bid for Stay Pending Appeal
-----------------------------------------------------------------
Judge Sue L. Robinson of the United States District Court for the
District of Delaware denied ASICS America Corporation's emergency
motion for stay pending appeal of an order in the adversary case
captioned ASICS AMERICA CORPORATION Appellant, v. SPORTS AUTHORITY
HOLDINGS, INC., et al., Appellees, Civ. No. 16-386-SLR (Bankr. D.
Del.).

Judge Robinson ruled that the "harm to Sports Authority is
irreparable.  Memorial Day weekend is a major shopping holiday and
a stay would be greatly disruptive to Sports Authority's
operations at a critical time.  Significantly, a stay would
materially alter the agreement signed by the Liquidating Agent who
anticipated ASICS-brand goods would be included as part of a
Memorial Day sale.  Creating such a drastic change at such a late
time would create an unanticipated burden for Sports Authority
employees and possibly affect the sale of other products.  The
balance of harms weighs in favor of Sports Authority.  The public
interest is largely neutral."

A full-text copy of the Memorandum dated May 27, 2016 is available
at https://is.gd/R6mlmO from Leagle.com.

The bankruptcy case is IN RE SPORTS AUTHORITY HOLDINGS, INC, Bank.
No. 12-13262 (BLS)(Bankr. D. Del.).

ASICS America Corporation, Appellant, is represented by
Christopher D. Loizides, Esq. -- loizides@loizides.com -- Loizides
& Associates.

Sports Authority Holdings, Inc. et al., Appellee, is represented
by Kenneth John Enos, Esq. -- kenos@ycst.com -- Young, Conaway,
Stargatt & Taylor LLP, Michael Sean Neiburg, Esq. --
mneiburg@ycst.com -- Young, Conaway, Stargatt & Taylor LLP &
Michael R. Nestor, Esq. -- mnestor@ycst.com -- Young, Conaway,
Stargatt & Taylor LLP.

Wilmington Savings Fund Society, FSB, as Term Loan Agent,
Appellee, is represented by Daniel Bryan Butz, Esq. --
dbutz@mnat.com -- Morris, Nichols, Arsht & Tunnell LLP.

                     About Sports Authority

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

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


                            ***********


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 * * *