TCRLA_Public/160615.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 15, 2016, Vol. 17, No. 117


                            Headlines



A R G E N T I N A

BUENOS AIRES: S&P Assigns 'B-' Rating on $500MM Sr. Unsec. Notes


B R A Z I L

BRAZIL: Retail Sales Climb in April as Consumer Confidence Rises
PETROLEO BRASILEIRO: New CEO Has Good News for Ethanol Makers


C A Y M A N  I S L A N D S

BBGP AIRCRAFT: Placed Under Voluntary Wind-Up
CASTLE HILL: Creditors' Proofs of Debt Due July 6
CORSAIR FUND: Contributories' First Meeting Set for June 29
DEIRA ONE: Creditors' Proofs of Debt Due July 6
FOOK SING: Creditors' Proofs of Debt Due July 6

MARUZEN LTD: Creditors' Proofs of Debt Due July 6
MONEDA ABSOLUTE: Placed Under Voluntary Wind-Up
PARMALAT CAPITAL: Creditors' Proofs of Debt Due Aug. 6
SADUF SEVEN: Creditors' Proofs of Debt Due July 6
SADUF EIGHT: Creditors' Proofs of Debt Due July 6

SADUF NINE: Creditors' Proofs of Debt Due July 6
SADUF TEN: Creditors' Proofs of Debt Due July 6
WALTER FUND: Creditors' Proofs of Debt Due July 6


C H I L E

CORP GROUP: S&P Lowers ICR to 'B'; Outlook Negative


H O N D U R A S

HONDURAS: Economic Program With the IMF Remains on Track


P U E R T O    R I C O

PUERTO RICO: US Supreme Court Strikes Down Debt Restructuring Law
SPORTS AUTHORITY: TSA Seeks to Sell Store #444 to Raymours
SPORTS AUTHORITY: Taps Hilco to Sell Intellectual Property
SPORTS AUTHORITY: Taps Deloitte as Tax Services Provider
SPORTS AUTHORITY: ASICS Appeals Merchandise Sale Order

SYFOOD GROUP: Hires Hector Pedrosa-Luna as Counsel


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Stagnant as LNG Countries Boost Production


X X X X X X X X X

LATAM: ECLAC Welcomes Debt Relief Support


                            - - - - -


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


BUENOS AIRES: S&P Assigns 'B-' Rating on $500MM Sr. Unsec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating on the
province of Buenos Aires' (PBA; B-/Stable/--) senior unsecured
notes for $500 million due 2019 and senior unsecured notes for
$500 million due 2027.  The issuance of these notes follows the
province's March 2016 issuance for $1.25 billion.  PBA will use
proceeds from both issuances to fund social programs, and
infrastructure and other projects, improve the province's debt
maturity profile, and make debt service payments.  Additionally,
PBA will use a small portion of the proceeds for special municipal
funds, which were created under the province's 2016 budget.

S&P don't view the latest debt issuance as harmful to the
province's financial profile, and S&P expects PBA's moderate debt
burden will continue to support its credit profile.  Including the
new $1 billion notes, S&P estimates that the province's total debt
stock will reach ARP168 billion by the end of 2016 from
ARP122 million at the end of 2015.  However, S&P believes that the
impact of this issuance and other new borrowings on the province's
debt stock will be tempered at year-end by debt repayments and
inflation, which will nominally increase the province's operating
revenues.  Therefore, S&P expects PBA's debt to reach 44% of
operating revenues by the end of 2016.

The 'B-' foreign currency rating on the PBA is the same as its
'b-' stand-alone credit profile (SACP).  The SACP is not a rating
but a means of assessing the intrinsic creditworthiness of a local
and regional government (LRG) under the assumption that there's no
sovereign rating cap.  The SACP results from the combination of
S&P's assessment of an LRG's individual credit profile and the
institutional framework in which it operates.  PBA, like all LRGs
in Argentina, operates under a very volatile and unbalanced
institutional framework.  At the same time, PBA's very weak
budgetary performance and flexibility, and its weak economy,
financial management, and liquidity are rating constraints.  On
the other hand, the province's moderate contingent liabilities and
debt burden support its creditworthiness.

PBA shares critical fiscal links with the national government
through the latter's significant revenue distribution, direct
financing of infrastructure projects, and authorization for LRGs
to issue new debt.  In addition, the sovereign's cure of its 2014
default in May 2016 has improved Argentine LRGs' access to
international capital markets to issue new debt.  S&P believes
this event has boosted the province's ability to access external
liquidity and execute its ambitious capex plans.

The stable outlook on the PBA mirrors the one on the sovereign.
The outlook reflects renewed dialogue between LRGs and the federal
government about tackling fiscal and economic challenges in the
short to medium term.  Given that S&P don't believe that PBA could
meet the conditions to have a higher rating than the sovereign,
S&P would only consider raising its ratings on the province in the
next 12 months if S&P was to raise Argentina's foreign and local
currency ratings, along with the transfer and convertibility
assessment (T&C).  On the other hand, S&P could lower the ratings
on PBA during the same period if Argentina's T&C assessment
weakens; if S&P were to lower the sovereign local or foreign
currency ratings; or if S&P perceives that the province's
financial commitments are unsustainable in the long term or that
PBA face a near-term payment crisis.

RATINGS LIST

Province of Buenos Aires
  Issuer credit rating                B-/Stable/--


Rating Assigned

Province of Buenos Aires
  $500M Sr. Unsec. Notes due 2019     B-
  $500M Sr. Unsec. Notes due 2027     B-


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


BRAZIL: Retail Sales Climb in April as Consumer Confidence Rises
----------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's retail sales
rose in line with analysts' expectation in April as consumer
confidence rebounded and economists forecast Latin America's
largest economy may emerge from recession quicker than initially
thought.

Sales rose 0.5 percent in April after a 0.9 percent drop the prior
month, the national statistics agency said, according to Bloomberg
News.  That was in line with the median estimate from 36
economists surveyed by Bloomberg.  Sales plunged 6.7 percent in
April versus the same month in 2015, Bloomberg News notes.

Consumer confidence is showing signs of potential rebound as
annual inflation slows and economists improve their forecasts for
economic growth, Bloomberg News relates.  Even so, sentiment
remains near historic lows with unemployment on the rise,
Bloomberg News says.  In the first quarter Latin America's largest
economy shrank for the fifth straight period, dragged down by
shrinking consumer spending in each, Bloomberg News notes.

Bloomberg News notes that sales of food, beverages and tobacco
products at hypermarkets and supermarkets rose 1 percent in April,
after a 1.4 percent decline the prior month.  Sales of apparel
rose 3.7 percent, Bloomberg News relates.

Consumer spending in the first quarter contracted by 1.7 percent,
the sector's fifth straight decline, dragging the overall economy
to fall 0.3 percent, Bloomberg News relays.  Still, that was less
than the median forecast from economists, who have since been
boosting their calls, Bloomberg News notes.

Brazil's economy contracted 3.8 percent in 2015 and economists
surveyed by the central bank see it shrinking by less this year
and resuming growth in 2017, says the report.  BNP Paribas revised
its 2016 GDP forecast to a contraction of 3 percent, versus a
prior forecast for a 4 percent decline, Bloomberg News discloses.
Itau Unibanco Holding SA also improved its forecast for 2016 GDP
to a 3.5 percent contraction, from 4 percent previously, Bloomberg
News relays.

Broad retail sales, which include cars, car parts, and
construction materials, fell 1.4 percent from March, and 9.1
percent versus April last year, according to the statistics
institute, Bloomberg News adds.

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


PETROLEO BRASILEIRO: New CEO Has Good News for Ethanol Makers
--------------------------------------------------------------
Fabiana Batista at Bloomberg News reports that the new chief
executive officer of Petroleo Brasileiro SA looks like he's going
to be making fans in the ethanol industry.

Pedro Parente, who was sworn in as the head of Brazil's state-
owned oil producer this month, has made clear that the era of
government-subsidized domestic gasoline is over, according to
Bloomberg News.  That's likely to raise prices and make it more
attractive for drivers to fill their tanks with ethanol, made from
sugar cane, Bloomberg News notes.  In Brazil, flex-fuel cars can
run on either and the two compete directly.

While rising gasoline costs will likely add more inflation
pressure, it's a boon for ethanol producers including Bunge Ltd.,
Cargill Inc. and China's Cofco Corp, Bloomberg News says.
Traditionally, drivers choose ethanol when it's below 70 percent
of the price of gasoline, because the biofuel yields about 30
percent less energy per liter, Bloomberg News discloses.  The
country's sugar millers have been collecting a bigger cane crop,
so there will be plenty of raw material available to produce extra
fuel, Bloomberg News says.

Mr. Parente, a 63-year-old engineer who was previously the head of
Bunge's Brazil unit and chairman of the sugar and ethanol group
Unica, said June 1 that fuel price decisions will now be made
according to Petrobras's best interests, rejecting any political
interference, Bloomberg News discloses.  The company reiterated
that stance in comments to Bloomberg News.  The move comes as the
CEO has vowed to clean up the company that was "victimized" by a
group of corrupt executives who were looking for personal
enrichment and power, he has said, Bloomberg News notes.

                             Vocal Critic

When he was still at Bunge, Mr. Parente was among those who
criticized government interference in fuel markets.  In a public
event held in Sao Paulo in September 2012, he told former finance
minister Guido Mantega that caps on fuel prices had been hurting
the ethanol industry and curbing investments, local newspapers
reported, Bloomberg News notes.

Bloomberg News relays that Mr. Parente's recent pledges make room
for a fuel-price hike in Brazil. State-run Petrobras imports
gasoline because it doesn't produce enough to meet demand in Latin
America's biggest economy.  It has been selling the fuel
domestically at a loss following a recent surge in international
prices, Bloomberg News says.  The price for the gasoline that
Petrobras sells is currently about 8 percent below import-cost
levels, William Hernandes, an analyst at consulting firm FG Agro,
said by phone, Bloomberg News notes.

"It's early to say, but it gives us more confidence that gasoline
prices may be raised if such losses persist," Luis Roberto
Pogetti, chairman of sugar and ethanol exporter Copersucar, said
by phone from Rio de Janeiro, where he attended Mr. Parente's
swearing-in ceremony, Bloomberg News relays.

                           Refining Losses

A gasoline hike in September 2015 and a recent board rejection to
a government proposal to cut fuel prices signaled that political
interference in Petrobras had already been fading over the past
months, Mr. Pogetti said, Bloomberg News notes.

Shares of White Plains, New York-based Bunge, which has more than
third of its long-term assets in Brazil, have jumped 26 percent
since the start of March.  That compares with a 13 percent gain
for the S&P 500 Materials Index.  Bunge is one of the companies
set to benefit from a tax increase on gasoline, Bloomberg
Intelligence analyst Tobias Nystedt said in a note.

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 notes.  Fuels is one of the most
important items for inflation in Brazil, accounting for 5.4
percent of the IPCA index.

"Raising fuel prices means injecting inflation in the vein," the
report quoted Adriano Pires, head of energy consulting firm CBIE,
as saying.

Current gasoline prices are already 11 percent higher than a year
ago after Petrobras raised its sale prices. More hikes are likely
to come as the company needs to make up for losses mounted over
the past five years, Mr. Pires said, Bloomberg News relays.
"Mr. Parente's challenge will be to maintain domestic gasoline
prices at least 10 percent higher than imports costs in the next
few years, or Petrobras will remain stuck in its crisis."

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
==========================


BBGP AIRCRAFT: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary meeting held on May 13, 2016, the sole
shareholder of BBGP Aircraft Holdings Ltd. resolved to voluntarily
wind up the company's operations.

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

The company's liquidator is:

          Dwight Dube Michael Wheaton
          Telephone: (345) 949 7232
          P.O. Box 10338 2nd Floor
          The Grand Pavilion Commercial Centre
          Grand Cayman
          Cayman Islands KY1-1003


CASTLE HILL: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Castle Hill III CLO, Limited are required to file
their proofs of debt by July 6, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 19, 2016.

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


CORSAIR FUND: Contributories' First Meeting Set for June 29
-----------------------------------------------------------
The contributories of The Corsair Fund SPC will hold their first
meeting on June 29, 2016, at 10:00 a.m.

The company commenced wind-up proceedings on May 3, 2016.

The company's liquidators are:

          Matthew Wright
          Christopher Kennedy
          RHSW (Cayman) Limited
          P.O. Box 897, Windward I
          Regatta Office Park
          West Bay Road, Grand Cayman KYI-1103
          Cayman Islands


DEIRA ONE: Creditors' Proofs of Debt Due July 6
-----------------------------------------------
The creditors of Deira One Limited are required to file their
proofs of debt by July 6, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 19, 2016.

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


FOOK SING: Creditors' Proofs of Debt Due July 6
-----------------------------------------------
The creditors of Fook Sing De Paor Ltd. are required to file their
proofs of debt by July 6, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 16, 2016.

The company's liquidators are:

          Helier Pirouet
          David Le Roux
          Citron 2004 Limited
          23-25 Broad Street St Helier
          Jersey JE4 8ND
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400


MARUZEN LTD: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Maruzen Ltd. are required to file their proofs of
debt by July 6, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 19, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


MONEDA ABSOLUTE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On May 16, 2016, the sole shareholder of Moneda Absolute Return
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Moneda USA, Inc.
          c/o Ogier 89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


PARMALAT CAPITAL: Creditors' Proofs of Debt Due Aug. 6
------------------------------------------------------
The creditors of Parmalat Capital Finance Limited are required to
file their proofs of debt by Aug. 6, 2016, to be included in the
company's dividend distribution.

The company intends to declare final dividend.

The company's liquidator is:

          Gordon Macrae
          Zolfo Cooper Suite 776
          10 Market Street, Camana Bay
          Grand Cayman, KY1-9006
          Cayman Islands
          Telephone: (345) 946 0081


SADUF SEVEN: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Saduf Seven Limited are required to file their
proofs of debt by July 6, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 18, 2016.

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


SADUF EIGHT: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Saduf Eight Limited are required to file their
proofs of debt by July 6, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 18, 2016.

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


SADUF NINE: Creditors' Proofs of Debt Due July 6
------------------------------------------------
The creditors of Saduf Nine Limited are required to file their
proofs of debt by July 6, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 18, 2016.

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


SADUF TEN: Creditors' Proofs of Debt Due July 6
-----------------------------------------------
The creditors of Saduf Ten Limited are required to file their
proofs of debt by July 6, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 18, 2016.

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


WALTER FUND: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of The Walter Fund are required to file their proofs
of debt by July 6, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 18, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


=========
C H I L E
=========


CORP GROUP: S&P Lowers ICR to 'B'; Outlook Negative
---------------------------------------------------
S&P Global Ratings lowered its issuer credit and issue-level
ratings on Corp Group Banking S.A. (CG Banking) to 'B' from 'B+'.
S&P also removed the ratings from CreditWatch negative.  The
outlook on the issuer credit rating is negative.

The rating action follows S&P's analysis on the impact that CG
Banking's parent's debt will have on the former's credit quality
after S&P started applying the NCEI criteria.  The analysis also
incorporated Itau CorpBanca's credit quality after the merger and
the rollout of new business plan.  CG Banking upstreams cash to
Interhold to service the latter's debt payments.

Considering debt at CG Banking and Interhold, S&P expects the
former's financial metrics to be near the 'B-' threshold,
according to the NCEI criteria.  In this sense, S&P expects CG
Banking's interest coverage to average about 1.6x amid Itau
CorpBanca's likely lower revenue and dividend payments in 2017,
which should improving starting in 2018.  Also, S&P expects
Interhold to reduce its debt starting in 2017 through the
cancelation of one of the credit lines from Itau Unibanco, which
is part of the shareholders agreement related to the merger.
S&P's analysis of CG Banking takes a consolidated approach, given
that dividends it receives from Itau Corpbanca are the main
recurrent source of payment of its and Interhold's debt.

The outlook is negative and reflects a potential downgrade of CG
Banking if its consolidated interest coverage metrics decline to
below 1.5x and/or if its liquidity deteriorates.  Such a scenario
could occur from lower-than-projected dividend flow from Itau
CorpBanca and/or CG Banking's and/or Interhold's higher interest
and debt burden.  A downgrade is also possible if the bank's
stand-alone credit quality deteriorates, but S&P don't foresee
such a scenario.

S&P could revise the outlook on CG Banking to stable if its
average consolidated interest coverage metrics consistently
improve to above 1.5x and if its liquidity strengthens.


===============
H O N D U R A S
===============


HONDURAS: Economic Program With the IMF Remains on Track
--------------------------------------------------------
An International Monetary Fund (IMF) mission, led by Roberto
Garcia-Saltos, visited Tegucigalpa during May 31-June 13 to
conduct the 2016 Article IV consultation and the third review of
Honduras' Fund-supported program.

At the conclusion of the visit, Mr. Garcia-Saltos issued the
following statement in Tegucigalpa:

"Honduras' economic program with the IMF remains on track, with
strong ownership and implementation by the government. Since
December 2014, the government's economic reform policies are
laying a path for inclusive growth, greater coverage of the social
safety net, and a better foundation for fiscal sustainability --
including additional resources to improve citizens' security.
These achievements will anchor the strategy to obtain higher
growth and better social conditions and job creation over the
medium-term.

"The mission and the authorities reached staff level
understandings for the program for the remainder of 2016 and 2017.
The agreement contains quantitative targets, including a minimum
floor on social spending, and appropriate policies to boost
growth-enhancing spending by the government. The government met
most performance criteria for end-December 2015. Two structural
benchmarks are proposed for rescheduling for end-2016. Further
institutional reforms to control and reduce tax exemptions will
help to improve the allocation of scarce tax resources and reduce
income inequality. These understandings are subject to approval by
the IMF's Management and Executive Board, which is expected to
consider the third program review later in the year.

"In 2015, economic performance was better than expected. Real
output grew at 3.6 percent supported by a boost in investment and
the recovery in private consumption -- which responded positively
to a reduction in gasoline prices and strong remittances inflows.
An improved macroeconomic policy mix and lower international oil
prices have helped to reduce headline inflation, and narrow the
external current account deficit. Headline inflation decelerated
to 2.4 percent from 5.8 percent in the previous year, well below
the inflation target of 4.5 percent. Meanwhile, the external
current account deficit narrowed to 6.3 percent of GDP in 2015,
higher than the 6.0 percent of GDP foreseen in the program, but
lower than the 7.4 percent of GDP achieved in 2014. Net
international reserves increased by US$307 million, supported by
private capital inflows in excess of program projections.

"The 2016 economic growth outlook is favorable, amid steady credit
growth and an expected increase in net international reserves.
Real output growth is projected to grow by 3.6 percent in 2016,
supported by agriculture, construction (including scaled-up public
sector infrastructure investment) and a more supportive monetary
policy stance. After the significant fiscal adjustment in 2015,
and in line with the recently approved fiscal responsibility law,
the non-financial public sector (NFPS) deficit is expected to
widen from 1 to 1.5 percent of GDP to accommodate planned
investment in infrastructure. Inflation is projected to remain in
line with the inflation objectives, despite the expected rise in
energy prices.   Meanwhile, consistent with expanding real sector
activity and greater private sector confidence, credit to the
private sector will grow in line with a sustainable pace of
financial deepening.

"The economic reform agenda is moving forward. Last April,
Congress approved the Fiscal Responsibility Law which would help
to protect the hard-won fiscal gains. This is a step forward to
institutionalize the much needed fiscal discipline and thus help
to enhance the credibility of public policies. The challenge now
is to develop the supporting regulations, including better control
of tax exemptions and continue enhancing the transparency of
budgetary practices across the central government and all public
enterprises. On monetary policy, the authorities are committed to
modernize the monetary policy framework by adopting an inflation
targeting framework in the near-future and continue with exchange
rate flexibilization. This is expected to provide the necessary
cushion to help manage external shocks. To bolster financial
stability and continue to reduce dollarization, the authorities
are implementing measures to reduce currency mismatches by un-
hedged borrowers while monitoring financial risks, including on
the buildup of household debt.

"The staff team met with President Hernandez, Minister Coordinator
of the Presidency, Jorge Ramon Hernandez-Alcerro, Minister
Secretary of the Council of Ministers Ebal Diaz, Head of the
Economic Cabinet and Minister of Finance Wilfredo Cerrato, Central
Bank Governor Manuel Bautista, President of the National
Commission of Banking and Insurance Ethel Deras, Minister of
Infrastructure and Public Services Roberto Ordo§ez, Presidential
Commissioner on Tax Administration Angela Madrid, Vice Minister of
Public Credit and Investment Rocio T†bora, Executive Director of
the Interamerican Development Bank Marlon Tabora and other senior
government officials, members of congress, and private sector
representatives.

"The mission would like to thank the authorities and private
sector representatives for a cordial and productive dialogue, as
well as for their excellent cooperation and hospitality."

As reported in the Troubled Company Reporter-Latin America on
May 27, 2016, Moody's Investors Service has upgraded Honduras'
government bond ratings to B2 from B3.  Concurrently, it has
upgraded the foreign currency and local currency issuer and senior
unsecured ratings to B2 from B3.  The outlook on the ratings
remains positive.


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


PUERTO RICO: US Supreme Court Strikes Down Debt Restructuring Law
-----------------------------------------------------------------
RJR News reports that the U.S. Supreme Court struck down a Puerto
Rico law that would have let its public utilities restructure
their debt over the objection of creditors, leaving it to Congress
to help the island resolve its fiscal crisis.  Siding with
bondholders challenging the law, the court ruled 5-2 that the
measure was barred under federal bankruptcy law.

Adam Liptak and Mary Williams Walsh of the New York Times said
Justice Clarence Thomas, writing for the majority in the 5-to-2
decision, said the law was at odds with the federal bankruptcy
code, which bars states and lower units of government from
enacting their own versions of bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it, although it is unclear why, the report
recalls.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities," notes the NY Times. Chief
Justice John G. Roberts Jr. and Justices Anthony M. Kennedy,
Stephen G. Breyer and Elena Kagan joined him.

The NY Times said Justice Thomas wrote that the decision was
compelled by a straightforward reading of the federal law.

In dissent, Justice Sonia Sotomayor, joined by Justice Ruth Bader
Ginsburg, said the majority's approach was too mechanical and
failed to take into account the purpose of the bankruptcy law and
the impact of its decision. The Recovery Act, she wrote, "is the
only existing legal option for Puerto Rico to restructure debts
that could cripple its citizens," the report relates.

"The Commonwealth of Puerto Rico and its municipalities are in the
middle of a fiscal crisis," she wrote, the NY Times continues.
"The combined debt of Puerto Rico's three main public utilities
exceeds $20 billion. These utilities provide power, water, sewer
and transportation to residents of the island."

"With rising interest rates and limited access to capital markets,
their debts are proving unserviceable. Soon, Puerto Rico and the
utilities contend, they will be unable to pay for things like fuel
to generate electricity, which will lead to rolling blackouts,"
Justice Sotomayor added. "Other vital public services will be
imperiled, including the utilities' ability to provide safe
drinking water, maintain roads and operate public transportation."

The majority's approach ignores those realities, she wrote,
"rejects contextual analysis in favor of a syllogism" and leaves
Puerto Rico "powerless and with no legal process to help" its
citizens, notes the NY Times.

Pedro Pierluisi, Puerto Rico's nonvoting member of Congress, said:
"The practical significance of the court's holding is crystal
clear. Only Congress can provide the Puerto Rico government with
the authority to restructure its debts," according to the report.
He said action by Congress "is essential if the territory is going
to overcome its severe -- and worsening -- economic, fiscal and
demographic crisis."

The case has been vexing for all parties because when Congress
amended the bankruptcy code to exclude Puerto Rico, in 1984, it
left no written record explaining why, notes the NY Times. Yet the
rule barred the island from the only way under United States law
that a debtor can legally reduce debt over the objections of
creditors.

Obama administration officials have expressed hope that the Senate
will take up the measure quickly and enact it before July 1, when
Puerto Rico is supposed to make debt payments totaling nearly $2
billion. It is expected to default, which would normally prompt
creditors to sue. As now drafted, the bill would stay such
lawsuits, put Puerto Rico under federal oversight and give it
other legal powers similar to those found in bankruptcy, says the
report.

In the majority opinion, notes the NY Times, Justice Thomas noted
that Puerto Rico had also been seeking help from Congress. "After
the parties briefed and argued these cases," he wrote, "members of
Congress introduced a bill in the House of Representatives to
establish an oversight board to assist Puerto Rico and its
instrumentalities," adding that "the bill does not amend the
federal bankruptcy code."

Justice Sotomayor responded that "the government and people of
Puerto Rico should not have to wait for possible congressional
action to avert the consequences of unreliable electricity,
transportation and safe water -- consequences that members of the
executive and legislature have described as a looming
'humanitarian crisis.'," notes the report.

Justice Samuel A. Alito Jr. recused himself from the cases, Puerto
Rico v. Franklin California Tax-Free Trust, No. 15-233, and
Acosta-Febo v. Franklin California Tax-Free Trust, No. 15-255. As
is the court's custom, he did not explain why.

The Recovery Act, as the local law was known, would have directly
affected more than $20 billion in utility debt and given the
commonwealth more leverage in handling the rest of the $70 billion
it owes, RJR News notes.

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


SPORTS AUTHORITY: TSA Seeks to Sell Store #444 to Raymours
----------------------------------------------------------
Sports Authority Holdings, Inc., and its affiliated debtors seek
authority from the U.S. Bankruptcy Court for TSA Stores, Inc., to
sell the real property located at 2375 E. Lincoln Highway, Borough
of Langhorne, County of Bucks, Commonwealth of Pennsylvania
("Store #444") to Raymours Furniture Company, Inc., for
$5,000,000.

The material terms and conditions of the Purchase Agreement are as
follows:

   a. The Purchaser agrees to buy and the Seller agrees to sell
the following: (a) Real Estate. Any and all of Seller's right,
title and interest in and to the property commonly known as Store
#444, 2375 E. Lincoln Highway, Borough of Langhorne, County of
Bucks, Commonwealth of Pennsylvania, (b) Buildings, Improvements,
and Fixtures. Any and all of Seller's right, title, and interest
in and to the buildings located on the Land and any other
improvements and fixtures on the Land, and (c) Personal Property.
Any and all of Seller's right, title, and interest in and to the
tangible personal property and equipment remaining on the Real
Property as of the date of Closing.

   b. Purchase Price: $5,000,000.

   c. Escrow Money Deposit: The Purchaser has to deposit with
Commonwealth Land Title Insurance Company the sum of $500,000 in
good and immediately available funds, either by certified bank or
cashier's check or by federal wire transfer. The Escrow Agent will
hold the Deposit in an interest-bearing escrow account in
accordance with the terms and conditions of the Purchase Agreement
and the escrow agreement.

   d. Auction: If Seller receives at least one timely Qualified
Overbid for the Property, then Seller will conduct an auction of
the Property on June 24, 2016. All Overbids must be submitted on
or before June 22.

Counsel to the Debtors and Debtors in Possession:

       Michael R. Nestor, Esq.
       Kenneth J. Enos, Esq.
       Andrew L. Magaziner, Esq.
       YOUNG CONAWAY STARGATT & TAYLOR, LLP
       Rodney Square
       1000 North King Street
       Wilmington, Delaware 19801
       Telephone: (302) 571-6600
       Facsimile: (302) 571-1253
       Email: mnestor@ycst.com
              kenos@ycst.com
              amagaziner@ycst.com

       -- and --

       Robert A. Klyman, Esq.
       Matthew J. Williams, Esq.
       Jeremy L. Graves, Esq.
       Sabina Jacobs, Esq.
       GIBSON, DUNN & CRUTCHER LLP
       333 South Grand Avenue
       Los Angeles, CA 90071-1512
       Telephone: (213) 229-7000
       Facsimile: (213) 229-7520
       Email: rklyman@gibsondunn.com
              mjwilliams@gibsondunn.com
              jgraves@gibsondunn.com
              sjacobs@gibsondunn.com

                  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.


SPORTS AUTHORITY: Taps Hilco to Sell Intellectual Property
----------------------------------------------------------
Sports Authority Holdings Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
hire Hilco IP Services LLC.

The Debtors tapped the firm to market intellectual property they
own.  Specifically, Hilco will provide these services:

     (a) collect and secure all of the available information and
         other data concerning the intellectual property;

     (b) prepare marketing materials designed to inform potential
         purchasers of the availability of the intellectual
         property for sale, assignment, license, or other
         disposition;

     (c) develop and execute a sales and marketing program
         designed to elicit proposals to acquire the intellectual
         property from qualified acquirers with a view toward
         completing one or more sales, assignments, licenses or
         other dispositions of the property; and

     (d) assist the Debtors in connection with the transfer of the
         intellectual property to the buyer or buyers and execute
         all marketing and sale activities related to the
         intellectual property.

The Debtors and Hilco have agreed to this compensation structure:

     (a) Hilco will be paid a one-time engagement fee of $50,000.
         The fee will be applied as a credit against any
         commission.

     (b) Hilco will be paid a commission based on a percentage of
         aggregate gross proceeds generated from the sale,
         assignment, license or other disposition of the
         intellectual property:

           (i) 2% of the amount of aggregate gross proceeds up to
               $10,000,000; plus

          (ii) 3% of the amount by which the aggregate gross
               proceeds exceed $10,000,000.

     (c) The $50,000 fee is payable upon approval of the
         engagement letter by the court.  Subject to the court's
         approval of the engagement letter, any commissions due
         Hilco will be paid in full immediately upon the
         successful consummation of any transaction involving the
         sale, assignment, license, or other disposition of the
         intellectual property from the gross proceeds of such
         transaction notwithstanding any liens, claims or other
         encumbrances on the property or the gross proceeds
         thereof.

Hilco will also be entitled to reimbursement for work-related
expenses and indemnification.  The firm, however, won't be
entitled to any indemnification payments unless they are approved
by the court.

David Peress, executive vice-president of Hilco, disclosed in a
court filing that the firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     David Peress
     Hilco Streambank
     980 Washington St., Suite 330
     Dedham, MA 02026
     E-mail: dperess@hilcoglobal.com
     Tel: 781-471-1239

                     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.


SPORTS AUTHORITY: Taps Deloitte as Tax Services Provider
--------------------------------------------------------
Sports Authority Holdings Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
hire Deloitte Tax LLP as tax services provider.

The Debtors tapped the firm to:

     (a) advise the Debtors in their efforts to compute or
         estimate tax basis in the stock, assets and liabilities
         in each of the Debtors' subsidiaries or other entity
         interests;

     (b) advise the Debtors in their evaluation and modeling of
         the tax effects of liquidating, disposing of assets,
         merging or converting entities as part of the
         restructuring;

     (c) advise the Debtors on cancellation of debt income for tax

         purposes under Internal Revenue Code section 108;

     (d) advise the Debtors on post-bankruptcy tax attributes
         available under the applicable tax regulations and the
         reduction of such attributes based on the Debtors'

         operating projections;

     (e) advise the Debtors as they consult with their counsel and

         financial advisors on the cash tax effects of
         restructuring and bankruptcy and the post-restructuring
         tax profile;

     (f) advise the Debtors regarding the restructuring and
         bankruptcy emergence process from a tax perspective;

     (g) advise the Debtors on potential effect of the alternative

         minimum tax in various post-emergence scenarios;

     (h) advise the Debtors on the application of IRC Section 382
         to historic Section 382 ownership changes or ownership
         shifts;

     (i) advise the Debtors on the effects of tax rules under IRC
         sections 382(l)(5) and (l)(6) pertaining to the post-
         bankruptcy net operating loss carryovers and limitations
         on their utilization;

     (j) advise the Debtors on net built-in gain or net built-in
         loss position at the time of "ownership change;"

     (k) assist the Debtors with U.S. federal income tax
         observations in connection with any NOL protective orders

         recommended or drafted by legal counsel or the Debtors'
         financial advisors;

     (l) advise the Debtors in their evaluation and modeling of
         the effects of liquidation, merging, or converting
         entities as part of the restructuring;

     (m) advise the Debtors as to the treatment of post-petition
         interest for state and federal income tax purposes;

     (n) advise the Debtors as to the state and federal income tax

         treatment of pre-petition and post-petition
         reorganization costs;

     (o) advise the Debtors on state income tax treatment and
         planning for restructuring or bankruptcy provisions in
         various jurisdictions;

     (p) advise the Debtors on responding to tax notices and
         audits from various taxing authorities;

     (q) assist the Debtors in identifying potential tax refunds
         and advise them on procedures for tax refunds from tax
         authorities;

     (r) advise the Debtors on income tax return reporting of
         bankruptcy issues and related matters;

     (s) advise the Debtors on state and local transfer tax
         matters;

     (t) assist in documenting the tax analysis, development of
         the Debtors' opinions, recommendations, observations, and

         correspondence for any proposed restructuring alternative

         tax issue; and

     (u) advise the Debtors regarding other state or federal
         income tax questions that may arise.

The Debtors and Deloitte have agreed that the firm will bill at
these hourly rates:

                     Applicable Hourly   Applicable Hourly
   Personnel         Rates for           Rates for Nat'l. Tax &

   Classification    Non-Specialists     Restructuring Specialists
   --------------    ---------------     -------------------------
   Partner/Principal/      $795                    $870
     Director
   Senior Manager          $705                    $743
   Manager                 $608                    $638
   Senior                  $503                    $503
   Staff                   $398                    $398

Deloitte will also be entitled to reimbursement for work-related
expenses and indemnification.

Kenneth Gerstel, a partner at Deloitte, disclosed in a court
filing that the firm is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Kenneth Gerstel
     Deloitte Tax LLP
     Suite 3600
     555 Seventeeth Street
     Denver, CO 80202-3942
     Tel: + 1 303 292 5400
     Fax: + 1 303 312 4000

                     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.


SPORTS AUTHORITY: ASICS Appeals Merchandise Sale Order
------------------------------------------------------
ASICS America Corporation took an appeal to the U.S. District
Court for the District of Delaware from the Bankruptcy Court's
order approving the sale of all acquired assets and authorized the
assumption, assignment and transfer of debtors Sports Authority
Holdings, Inc., et al.'s interests in executory contracts and
unexpired leases.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware had previously denied ASICS' Motion asking
for a stay pending appeal of the Court's Sale Order.

Judge Walrath had approved the Agency Agreement between the
Debtors and a joint venture consisting of Hilco Merchant
Resources, LLC, Gordon Brothers Retail Partners, LLC and Tiger
Capital Group, LLC ("Agent"), wherein the Agent agreed to act as
the Debtor's exclusive agent to conduct sales of certain of the
Debtors' assets that are subject to the Agency Agreement,
including Merchandise and Owned Furniture, Fixtures and Equipment.

Judge Walrath held that the Agency Agreement, including the form
and total consideration to be realized by the Debtors pursuant to
the Agency Agreement, (i) is the highest and best offer received
by the Debtors for the Assets, (ii) is fair and reasonable, and
(iii) is in the best interests of the Debtors, their estates,
their creditors and all other parties in interest.  She further
held that there is no legal or equitable reason to delay entry
into the Agency Agreement, and the transactions contemplated
therein, including, without limitation, the Sale.

A full-text copy of the Order, dated May 24, 2016, is available at
https://is.gd/E4v7Ae

ASICS America Corporation is represented by:

          Adrienne K. Walker, Esq.
          Eric R. Blythe, Esq.
          MINTZ, LEVIN, COHN, FERRIS,
          GLOVSKY AND POPEO, P.C.
          One Financial Center
          Boston, MA 02111
          Telephone: (617)542-6000
          Facsimile: (617)542-2241
          E-mail: awalker@mintz.com
                  eblythe@mintz.com

               - and -

          Jeffrey A. Davis, Esq.
          MINTZ, LEVIN, COHN, FERRIS,
          GLOVSKY AND POPEO, P.C.
          3580 Carmel Mountain Road, Suite 300
          San Diego, CA 92130
          Telephone: (858)314-1500
          Facsimile: (858)314-1501
          E-mail: jdavis@mintz.com

               - and -

          Christopher S. Loizides, Esq.
          LOIZIDES, P.A.
          1225 King Street, Suite 800
          Wilmington, DE 19801
          Telephone: (302)654-0248
          E-mail: loizides@loizides.com

                      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.  Lawyers at
Pachulski Stang Ziehl & Jones LLP represent the Official Committee
of Unsecured Creditors.


SYFOOD GROUP: Hires Hector Pedrosa-Luna as Counsel
--------------------------------------------------
Syfood Group, Inc. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ The Law Offices of
Hector Eduardo Pedrosa Luna as counsel.

The Debtor requires the firm to:

   (a) prepare bankruptcy schedules, pleadings, applications and
       conduct examinations incidental to any related proceedings
       or to the administration of this case;

   (b) develop the relationship of the status of the Debtor to the

       claims of creditors in this 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 this 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.

The firm will be paid at an hourly rate of $150.

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

The Debtor provided the firm a $5,000 retainer.

Hector Eduardo Pedrosa-Luna, principal of the firm, 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.

The firm can be reached at:

       Hector Eduardo Pedrosa-Luna, Esq.
       The Law Offices of Hector Eduardo Pedrosa Luna
       P.O. Box 9023963
       San Juan, PR 00902-3963
       Tel: (787) 920-7983
       Fax: (787) 754-1109
       E-mail: hectorpedrosa@gmail.com

                    About Syfood Group

Syfood Group, Inc., based in San Juan, Puerto Rico, filed a
Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 3:16-bk-
04497) on June 5, 2016.  The Debtor is represented by Hector
Eduardo Pedrosa-Luna of The Law Offices of Hector Eduardo Pedrosa
Luna. Judge Mildred Caban Flores presides over the case.


================================
T R I N I D A D  &  T O B A G O
================================


* TRINIDAD & TOBAGO: Stagnant as LNG Countries Boost Production
---------------------------------------------------------------
Trinidad Express reports that all of the world's top liquified
natural gas (LNG) exporters increased the volume of LNG traded in
2015 versus 2014 except Trinidad and Tobago, the BP Statistical
Review of World Energy 2016 released showed.  Trinidad and Tobago
barely held on to its position as the world's sixth largest LNG
exporter, as changes at the top saw Australia push out Malaysia to
become the world's second largest LNG exporter, and had Algeria's
volume not fallen too, Trinidad and Tobago would have dropped to
the seventh position, according to Trinidad Express.

The world's top five LNG exporters all increased their trade.
Starting with the largest, Qatar increased LNG traded from 103.4
billion cubic metres (bcm) in 2014 to 106.4 bcm in 2015, the
report notes.  Trinidad and Tobago decreased from 19.3 bcm in 2014
to 17 bcm in 2015, the report relays.

As for total proved reserves of natural gas, revealing what the $1
million Government-concealed Ryder Scott report would have said
anyway, Trinidad and Tobago's proved natural gas reserves fell
from 12.2 trillion cubic feet (tcf) at the end of 2014 to 11.5 tcf
at the end of 2015, the report says.

Since 2005, gas reserves have gone down 40 per cent from 0.5
trillion cubic metres (tcm) at the end of 2005 to 0.3 tcm at the
end of 2015, which means reserves regressed to 1995 levels, the
report discloses.  At the current production rate, Trinidad and
Tobago has enough gas for 8.2 years (Reserve/Replacement Ratio),
BP's London-based economists wrote, the report adds.

As reported in the Troubled Company Reporter-Latin America on May
12, 2016, Trinidad Express said that Trinidad and Tobago's
unemployment rate has increased again.   Data from the Central
Statistical Office (CSO) showed that the rate climbed from 3.4 per
cent in the third quarter of 2015 to 3.5 per cent in the fourth
quarter of 2015, according to Trinidad Express.

TCRLA reported on Sept. 10, 2015 that Daily Express said the
Central Bank's latest Economic Bulletin dated July 2015, revealed
the economy of Trinidad and Tobago contracted by -1.2 per cent in
the first quarter of 2015.  The bulletin also revealed that not
only did economic activity slow in the first quarter of 2015, but
the energy sector contracted -3.3 per cent while non-energy shrunk
to 0.2 per cent over the same period.


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


LATAM: ECLAC Welcomes Debt Relief Support
-----------------------------------------
Trinidad and Tobago Newsday reports that the Economic Commission
for Latin America and the Caribbean (ECLAC) has welcomed the
support it recently received from the Association of Caribbean
States (ACS) for its proposed debt relief fund.

ECLAC has proposed a Caribbean resilience for the countries that
benefit from debt reduction which, among other measures, proposes
the creation of a resilience fund as part of a strategy based on a
swap proposal for climate change adaptation, according to Trinidad
and Tobago Newsday.

In a statement, ECLAC noted that during the VII summit of the ACS,
which concluded on June 4 in Cuba, the association's 25 member
countries approved, by consensus, the 44 points of the Havana
Declaration, the report notes.

"In point 13 of the document, the summit agreed that it 'fully
supports the consideration of ECLAC Debt Initiative, which takes
into consideration the highly indebted nature of many Caribbean
nations and recommends an approach that recognizes the principles
of the Financing for Development, the Sustainable Development
Goals and proposes, among other initiatives to be considered, a
Caribbean Resilience Fund for the countries benefited by debt
relief." ECLAC stated, the report relays.

The commission explained that the indebtedness of Caribbean
countries is a "dilemma linked to external impacts, aggravated by
the inherent structural weakness and vulnerabilities faced by the
Small Island Developing States (SIDS) of the Caribbean, which have
limited capacity to respond," the report notes.  ECLAC added that
many Caribbean countries are categorized as middle income, which
restricts their access to financing under favorable conditions,
the report discloses.

As indicated in the document "Horizons 2030: Equality at the
Centre of Sustainable Development", presented during ECLAC's 36th
session held in Mexico this past May, the commission sustains that
Latin America and the Caribbean has a historic opportunity to
change its development pattern and reduce the economic, social and
environmental inequalities that affect its inhabitants, the report
says.

"To achieve this, progressive structural change is needed with a
big environmental push that promotes development based on equality
and sustainability.   The debt relief initiative for Caribbean
countries proposes that resources from the Green Climate Fund
(GCF) be used to reduce the Caribbean public debt held by
multilateral and bilateral lenders, and to once again issue debt
to private creditors at a significant discount."




                            ***********


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


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

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

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

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

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

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


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