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

            Friday, June 24, 2016, Vol. 17, No. 124


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO TCAP: Moody's Rates ARS9MM Certs at Ca(sf)


B R A Z I L

BRAZIL: Real Joins Emerging-Market Gains as Risk Appetite Grows
OI S.A.: Files in U.S. to Seek Recognition of Brazilian Proceeding
OI S.A.: Chapter 15 Case Summary
RIO DE JANEIRO: Gets $849 Million Pre-Olympics Bailout


C A Y M A N  I S L A N D S

AMPELOS FUND: Members' Final Meeting Set for July 7
BLUE SKY: Commences Liquidation Proceedings
CALIBURN CAYMAN: Creditors' Proofs of Debt Due July 20
CALIBURN OFFSHORE: Creditors' Proofs of Debt Due July 20
FINISTERRE RECOVERY: Commences Liquidation Proceedings

G & M WORLD: Creditors' Proofs of Debt Due July 20
GOLDENSHARES ABSOLUTE: Member Receives Wind-up Report
INFINITY AQUARIUS: Commences Liquidation Proceedings
KOCEL GROUP: Creditors' Proofs of Debt Due July 20
LYRA TRUST: Creditors' Proofs of Debt Due July 20

PCM PROVIDENT: Creditors' Proofs of Debt Due July 20
STRAKE INVESTMENTS: Shareholders' Final Meeting Set for July 11
SYW (CAYMAN): Creditors' Proofs of Debt Due July 13


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Trade With Taiwan Topped US$135M in 2015


E L  S A L V A D O R

EL SALVADOR: Continues to Suffer From Lower Growth, IMF Says


J A M A I C A

* SCOTIA INVESTMENTS: Three Senior Managers Depart Firm


P U E R T O    R I C O

ALLIED FINANCIAL: Taps Javier A. Feliciano as Special Counsel


                            - - - - -



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


FIDEICOMISO FINANCIERO TCAP: Moody's Rates ARS9MM Certs at Ca(sf)
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (Moody's)
has rated Fideicomiso Financiero TCap Factoring I. This
transaction will be issued by TMF Trust Company (Argentina) S.A.
("TMF", NR)- acting solely in its capacity as issuer and trustee.

As of June 22, the securities for this transaction have not been
placed in the market yet. The transaction is pending for approval
from the Comision Nacional de Valores. If any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

The full rating action is as follows:

-- ARS 41,000,000 in Floating Rate Debt Securities (VDF) of
    "Fideicomiso Financiero TCap Factoring I", rated Aaa.ar (sf)
    (Argentine National Scale) and Ba3 (sf) (Global Scale)

-- ARS 9,000,000 in Certificates (CP) of "Fideicomiso Financiero
    TCap Factoring I", rated Ca.ar (sf) (Argentine National Scale)
    and Ca (sf) (Global Scale)

RATINGS RATIONALE:

The rated securities will be payable from the assets of the trust,
which will be a revolving pool of eligible deferred-payment checks
("checks") denominated in Argentine pesos. The seller of the
checks will be Trend Capital S.A. ("Trend Capital", NR). Trend
Capital is a factoring company located in Buenos Aires, Argentina.
Trend capital was founded in 2013 by former executives of Banco
Patagonia and other financial institutions.

Deferred-payment checks can be deposited after a predetermined
date. These instruments are widely used in the Argentine economy
and are transferrable by endorsement or through a transfer
agreement. Checks represent a credit obligation.

Trend Capital provides financing to SMEs, through the purchase of
checks and, to a minor extent, invoices. Checks are typically
originated in commercial relationship between Trend Capital's
clients and the ultimate obligors. The latter write checks to pay
for goods and services from Trend Capital's clients, who can sell
them to Trend Capital at a discount rate.

Trend Capital will assign on a periodic basis to the trust checks
that comply with the eligibility criteria established in the
transactions documents. The trust will have double recourse to the
ultimate obligor and to Trend's clients. The SPV could also buy
checks written by Trend's clients directly.

The ratings take into account, among other factors: (i) the credit
enhancement, in the form of subordination, of 18% for the VDF;
(ii) the eligibility criteria that set forth concentration rules,
and ensure a minimum diversity of obligors and clients; (iii) the
short term nature of the underlying assets, (iv) the availability
of various delinquency and servicer default triggers to further
protect the transaction from potential deterioration in the credit
quality of the assets and the servicer; (iv) the relatively simple
servicing procedures for deferred payment checks and (v) the
trustee's extensive track record and expertise with revolving and
factoring transactions.

REVOLVING PERIOD AND TRIGGERS:

The eligibility criteria include several concentration limits. The
trust documents establish three categories of obligors, with
specific limits for each category.

-- Category 1 will be comprised by the following companies:
    Telecom Personal, YPF and Radio y Televisi┬ón Arg. Soc. del
    Estado. For these obligors, the maximum concentration at any
    point in time will be 10% of the portfolio nominal amount.

-- Category 2 will be comprised by the following companies:
    Jumbo, Wal Mart, Pernord Ricard, Danone Argentina, Cencosud,
    Volkswagen, Aguas Danone and Kimberley Clark. For these
    obligors, taking into account the economic group, the maximum
    concentration at any point in time will be 15% of the
    portfolio nominal amount. Furthermore, the maximum
    concentration for the overall category will be set at 50%.

-- Category 3 will be comprised by all other obligors.
    Concentration per obligor will be limited to 3% of the pool
    amount. For this category, there will also be a sector
    concentration limit of up to 10%, which limits the correlation
    between obligors.

The transaction will enter early amortization if the delinquency
rate as a percentage of original pool balance exceeds 10%. Another
factor that would trigger early amortization of the notes would be
the failure of the seller to sell more eligible assets to the
trust, including bankruptcy or insolvency of Trend Capital.

The maximum term of the underlying checks will be limited to 120
days from assignment date, which will limit exposure to losses in
an early amortization event. Furthermore, Trend Capital's overall
portfolio typically exhibits an average duration of less than two
months, which in practice will also further reduce exposure to
losses, if the securitized portfolio composition is similar to the
seller's portfolio.

If no early amortization trigger is breached during the revolving
period, the transaction will benefit from partial monthly
amortizations of the VDF (targeted as 1/12 of the VDF principal
per month), which will effectively increase the subordination
levels over time.

TRANSACTION STRUCTURE:

The VDF will bear a floating interest rate (BADLAR plus a margin
to be determined at issuance). The VDF's interest rate will never
be higher than 40% or lower than 28%.

As long as early amortization triggers are not breached, each
month the trustee will reserve funds to ensure the payment of
interest under the VDF, plus a targeted monthly principal
amortization equal to 1/12 of the notes original balance.
Collections in excess of the monthly target will be used to
purchase new assets from the seller on a weekly basis.
Importantly, if principal payments are not met on a given month,
this will not constitute an event of default under the notes.

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

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, as well as a deterioration in the
credit profile of the seller.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

LOSS AND CASH FLOW ANALYSIS:

Moody's modelled the portfolio credit risk using CDOROM. The
CDOROM correlation framework reflects the short term nature of the
receivables, obligor and client concentrations as well as
industrial concentration characteristics of the projected
portfolio taking into account the concentration limits and
historical experience.

The credit profile of the obligors and clients under Category 3 is
unknown to Moody's. Therefore, Moody's assumed a low credit rating
for all the obligors in the Category 3 (Caa3, Global Scale). For
the rest of the obligors (Categories 1 and 2), Moody's used either
(i) its current ratings or (ii) credit estimates. The result of
the CDOROM analysis, which incorporates all the projected pool
characteristics (worst case scenario concentrations and pool
durations, assumed obligor credit profile), is a probabilistic
distribution of defaults in the securitized pool. This
distribution can be then used in conjunction with a cash flow
model to determine the ratings of the securities, as explained in
the following paragraphs.

In its cash flow analysis, Moody's assumed an immediate early
amortization event. This approach gauges the ability of the
transaction to withstand losses during the first months, before
any partial amortization is made and credit enhancement is built
up. This approach also incorporates the potential for interest
rate mismatches if the portfolio term of the underlying assets in
the portfolio is longer than 30 days.

For this scenario, Moody's assumed an average portfolio duration
of 75 days and an interest rate mismatch of 6%, as well as a
stochastic recovery rate with a mean of 25% and a standard
deviation of 10%.

To determine the rating assigned to the notes, Moody's has used an
expected loss methodology that reflects the probability of default
times the severity of the loss expected for each security. In
order to allocate losses to each Class in accordance with their
priority of payment and relative size, Moody's has used a cash-
flow model (ABSCORE) that reproduces many deal-specific
characteristics. Weighting each loss scenario's severity result
with its probability of occurrence, the model has calculated the
expected loss level for each security as well as the expected
average life. Moody's model then compares the quantitative values
to the Moody's Idealized Expected Loss table for each tranche.

The model results showed 1.7% expected loss for the VDF and 68.1%
for the Certificates.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity. Moody's ratings address only the credit risks associated
with the transaction. Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

STRESS SCENARIOS:

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested different scenarios
assuming: (i) an interest rate mismatch of 6% (base case) and 12%
(worst possible), and (ii) a recovery rate of 25% (base case) and
0% (worst possible).

At the time the rating was assigned, the model output indicated
that the VDF would have achieved a B2 (sf) global rating model
output if the recovery rate was assumed to be 0% and the assumed
interest rate mismatch would have been 6%. Under the same
assumptions, the rating of the Certificates would have been
unchanged.


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


BRAZIL: Real Joins Emerging-Market Gains as Risk Appetite Grows
---------------------------------------------------------------
Paula Sambo at Bloomberg News reports that Brazil's real advanced
along with emerging-market currencies worldwide as commodity
prices rallied amid improved appetite for riskier assets.

The currency rose 0.4 percent to 3.3642 as of 11:18 a.m. on June
23 in Sao Paulo, after reaching its highest level this year
earlier June 16, according to Bloomberg News.  The real has surged
18 percent in 2016, the most among the world's major peers, notes
the report.  A gauge of emerging-market currencies advanced as two
polls conducted before June 23 showed a lead for the campaign to
keep Britain in the European Union, Bloomberg News says.

Investors have been glued to the U.K.'s debate on EU membership in
recent weeks as governments and central banks around the world
warned that a vote for a so-called Brexit could hurt global
economic growth and destabilize financial markets, Bloomberg News
discloses.  That debate has added to Brazil's own struggles as a
new administration takes measures to pull Latin America's largest
economy out of its worst recession in a century, Bloomberg News
notes.

"Amid this solid risk appetite and the risk rally, carry traders
are not missing the opportunity to drive some cash into Brazil,"
said Ipek Ozkardeskaya, an analyst at London Capital Group,
Bloomberg News relays.

The report discloses that Brazilian police detained a former
minister who served in suspended President Dilma Rousseff's
administration as part of a probe into alleged bribes involving
technology contractors and Planning Ministry workers.  Paulo
Bernardo, who was the planning minister under former President
Luis Inacio Lula da Silva and communications minister under
Rousseff, was arrested, according to his lawyer, Bloomberg News
notes.

Brazilian swap rates on the contract maturing in January 2018, a
gauge of expectations for interest-rate moves, were unchanged at
12.69 percent, 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.


OI S.A.: Files in U.S. to Seek Recognition of Brazilian Proceeding
------------------------------------------------------------------
In support of the reorganization proceeding already underway in
Brazil, OI S.A., Telemar Norte Leste S.A., Oi Brasil Holdings
Cooperatief U.A., and Oi Movel S.A filed Chapter 15 petitions in
the U.S. Bankruptcy Court for the Southern District of New York
seeking recognition in the United States of the Brazilian
Proceeding.  Despite its financial condition, the Oi Group is
poised to successfully emerge from restructuring and to continue
to provide its customers with the highest level of telecom
services.

Ojas N. Shah, as petitioner, commenced the Chapter 15 cases to
ensure a centralized and efficient restructuring of the Company's
capital structure and to protect any and all of the Debtors' U.S.
assets.  The Petitioner also seeks relief to protect the Debtors
against the risk of U.S. lawsuits from creditors that may
interfere with restructuring negotiations.  Although none of the
Debtors have a domicile or any place of business in the United
States, they have borrowed U.S. dollar-denominated funds under
instruments governed by New York law.

On June 20, 2016, OI S.A., et al. filed a joint voluntary petition
in the Seventh Business Court of Rio de Janeiro.  The petition
lists BRL87.5 billion in total assets and BRL65 billion in total
debt.  The filing came after debt restructuring talks with
creditors failed.  The Brazilian Court's acceptance of the
Proceeding is presently pending.

According to the Petitioner, the Oi Group's recent financial
difficulties began in the wake of a perfect storm of financial
stress at the regulatory, corporate, and national level.

"Brazil's recent economic crisis has chilled foreign investment in
Brazil, raised interest rates and generally crippled the Brazilian
capital markets.  Financial strain tightened under competitive
pressures in the shifting telecom sector as marketplace demand for
mobile services rapidly rose while the demand for fixed-line
services -- the primary operational focus of Oi and Telemar --
declined just as quickly," said John K. Cunningham, Esq., at White
& Case LLP, one of the Petitioners' attorneys.

Burdened with the combined effects of the declining Brazilian
economy and increasingly uneconomic regulatory standards in a
rapidly evolving sector, and mindful of the threat of additional
adverse creditor action in multiple foreign forums, the Oi Group
had no choice but to commence the Brazilian Proceeding.

In early 2016 and in an effort to strengthen its market position,
the Company entered into discussions with competitor TIM
Participacoes S.A., for a possible merger, but these efforts
proved fruitless when negotiations terminated on Feb. 25, 2016.

                    The Dutch Litigation

According to the Petitioner, ongoing events in the Dutch
Litigation contributed significantly to the Oi Group's filing in
Brazil.  In March of 2016, U.S.-run hedge fund Capricorn Capital
Ltd. -- an affiliate of hedge fund Aurelius Capital Management --
brought actions involving Oi, Coop, Portugal Telecom International
Finance B.V, and their present and former directors in the
Netherlands.

On May 2, 2016, the Dutch court denied Capricorn's motion for a
freezing order, thereby allowing Coop to continue in its function
as a special purpose financing vehicle of the Oi Group as needed
for Company operations.  The court agreed with Coop in holding
that individual creditors (holding no debt of Coop) have no right
to question the transfer of funds by a financial company to its
operating affiliates (after all, this is the role of a special
purpose financial vehicle).

On May 19, 2016, Capricorn appealed the Dutch court's judgment in
an effort to block Coop from transfer of further funds to the
Company.  The appeal hearing was held on June 15, 2016 and the
judgment in respect to the appeal is expected on July 19, 2016.

A copy of the declaration in support of the Chapter 15 petition
is available for free at:

       http://bankrupt.com/misc/3_OISA_Declaration.pdf

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

The Company is represented by John K. Cunningham of White & Case.

In its most recent Annual Report, Oi SA reported total assets of
R$59,552,794,000 (currency in Brazilian Real).


OI S.A.: Chapter 15 Case Summary
--------------------------------
Chapter 15 Petitioner: Ojas N. Shah

Chapter 15 Debtors:

   Debtors                                      Case No.
   -------                                      --------
   Oi S.A.                                      16-11791
   Rua Do Lavradio, No. 71, 2nd Floor
   Rio de Janeiro, RJ 2 02 30070
   Brazil

   Oi Movel S.A.                                16-11792

   Telemar Norte Leste S.A.                     16-11793

   Oi Brasil Holdings Cooperatief U.A.          16-11794

Type of Business: Telecommunications

Chapter 15 Petition Date: June 21, 2016

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Sean H. Lane

Chapter 15 Petitioner's Counsel: John K. Cunningham, Esq.
                                 Mark P. Franke, Esq.
                                 WHITE & CASE LLP
                                 1155 Avenue of the Americas
                                 New York, New York 10036-2787
                                 Tel: (212) 819-8200
                                 E-mail:
                                      johncunningham@whitecase.com
                                         mark.franke@whitecase.com

                                      - and -

                                 Jason N. Zakia, Esq.
                                 Richard S. Kebrdle, Esq.
                                 Laura L. Femino, Esq.
                                 WHITE & CASE LLP
                                 Southeast Financial Center
                                 200 South Biscayne Blvd.,
                                 Suite 4900
                                 Miami, Florida 33131
                                 Tel: (305) 371-2700
                                 E-mail: jzakia@whitecase.com
                                         rkebrdle@whitecase.com

laura.femino@whitecase.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


RIO DE JANEIRO: Gets $849 Million Pre-Olympics Bailout
------------------------------------------------------
cfo.com reports that the Brazilian government is providing the
financially embattled state of Rio de Janeiro with an $849 million
bailout just weeks before the Olympic Games begin.

Rio's governor had declared a "public calamity" as a result of its
deteriorating finances, which have been hit by a decline in oil
royalties and the costs of hosting the games, according to
cfo.com.  Brazil as a whole has been struggling with its longest
recession since the 1930s and political turmoil that forced
President Dilma Rousseff to step down, the report notes.

In a decree published on June 21, the federal government said Rio
would use the bailout funds for public security during the
Olympics and Paralympics, the report relays.  The Wall Street
Journal, citing a government spokesman, reported that the bailout
should also free up funds within Rio's state budget to, among
other things, finish an expansion to the subway system in the
state capital, the report discloses.

Brazil's acting president, Michel Temer, is keen to avoid a
national embarrassment during the Games, the report notes.  To
avoid a backlash from other states, Brazil's Treasury will
essentially forgive about BRL50 billion ($14.8 billion) in debt
owed by state governments.

"A fiasco in the Olympic Games would hurt an international image
already shaken by questions of the legitimacy of the Temer
administration," Joao Augusto de Castro Neves, a Brazil analyst at
Washington-based consultancy Eurasia Group, told the WSJ, the
report relays.

But Rio de Janeiro newspaper O Globo called the transfer a
"donation" from federal taxpayers for the Olympics.

"When a government lives off of events, a crisis never begins with
the shutdown of some big public work or a project related to the
show," O Globo columnist Elio Gaspari wrote, the report notes.
"The bill always hits basic services at the ground floor," he
added.

Rio's financial crisis has already forced the state to cut
spending on crucial services such as education, health care and
policing in recent months, the report relays.  "The states need to
fix their fiscal situation and redress some of the profligacy of
recent years," the report quoted Alberto Ramos, an economist at
Goldman Sachs, as saying, warning that "Otherwise bailouts will
become recurrent events."


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

AMPELOS FUND: Members' Final Meeting Set for July 7
---------------------------------------------------
The members of Ampelos Fund Ltd. will hold their final meeting on
July 7, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Pieter-Jan Van Der Pols
          c/o Maples and Calder Attorneys-at-law
          P.O. Box 309 Grand Cayman KY1-1104, Ugland House
          Cayman Islands


BLUE SKY: Commences Liquidation Proceedings
-------------------------------------------
On June 2, 2016, the sole shareholder of Blue Sky Japan Inc
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          David Ridley
          Jasmine Amaria Walkers
          6 Gracechurch Street
          London EC3V 0AT
          Telephone: +44 2072204970


CALIBURN CAYMAN: Creditors' Proofs of Debt Due July 20
------------------------------------------------------
The creditors of Caliburn Cayman Ltd. are required to file their
proofs of debt by July 20, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 26, 2016.

The company's liquidator is:

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


CALIBURN OFFSHORE: Creditors' Proofs of Debt Due July 20
--------------------------------------------------------
The creditors of Caliburn Offshore Ltd. are required to file their
proofs of debt by July 20, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 26, 2016.

The company's liquidator is:

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


FINISTERRE RECOVERY: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on May 25, 2016, the sole
shareholder of Finisterre Recovery Fund 1 Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Jonathan Nicholson
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 516-0210


G & M WORLD: Creditors' Proofs of Debt Due July 20
--------------------------------------------------
The creditors of G & M World Invest and Associates Ltd. are
required to file their proofs of debt by July 20, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 17, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Island


GOLDENSHARES ABSOLUTE: Member Receives Wind-up Report
-----------------------------------------------------
The member of Goldenshares Absolute Return Fund Limited received
on June 20, 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:

          Yi-Kuo Ho
          11th Floor., No.7, Ln. 83
          Yong'an St., Xindian Dist.
          New Taipei City 231
          Taiwan
          Telephone: +886 2 25856262
          Facsimile: +886 2 25856262


INFINITY AQUARIUS: Commences Liquidation Proceedings
----------------------------------------------------
On June 10, 2016, the shareholders of Infinity Aquarius Fund
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Jern Lih Fang
          c/o Infinity Partners Pte. Ltd.
          133 New Bridge Road
          Chinatown Point #08-03
          Singapore 059413


KOCEL GROUP: Creditors' Proofs of Debt Due July 20
--------------------------------------------------
The creditors of Kocel Group (Cayman) Limited are required to file
their proofs of debt by July 20, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 31, 2016.

The company's liquidator is:

          Wang Xinjian
          c/o Michelle R. Bodden-Moxam
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


LYRA TRUST: Creditors' Proofs of Debt Due July 20
-------------------------------------------------
The creditors of Lyra Trust Protector Limited are required to file
their proofs of debt by July 20, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 27, 2016.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Regatta Office Park Grand Cayman KY1-1103
          P.O. Box 897 Windward 1
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


PCM PROVIDENT: Creditors' Proofs of Debt Due July 20
----------------------------------------------------
The creditors of PCM Provident MBS Fund Ltd. are required to file
their proofs of debt by July 20, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 26, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


STRAKE INVESTMENTS: Shareholders' Final Meeting Set for July 11
---------------------------------------------------------------
The shareholders of Strake Investments Ltd. will hold their final
meeting on July 11, 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:

          Maricorp Services Ltd.
          Steven J. Barrie
          Telephone: (345) 949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


SYW (CAYMAN): Creditors' Proofs of Debt Due July 13
---------------------------------------------------
The creditors of SYW (Cayman) Ltd. are required to file their
proofs of debt by July 13, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 1, 2016.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


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


DOMINICAN REPUBLIC: Trade With Taiwan Topped US$135M in 2015
------------------------------------------------------------
Dominican Today reports that Industry and Commerce Minister Jose
del Castillo said trade between Dominican Republic and Taiwan in
2015 was US$135.9 million and said the country is one of Taipei's
10 most important partners in Latin America and the first in the
Caribbean.

Mr. del Castillo said Taiwan companies in the various industrial
parks have created more than 3,000 jobs for Dominicans with
investments of more than US$20 million, according to Dominican
Today.

"These companies together plan to increase jobs through some
15,000 positions, with new investments that would exceed US$30
million, denoting the confidence of these companies in Dominican
Republic's macroeconomic stability and investment climate, which
among other features present an attractive legal framework that
provides legal security for their investments," the official said,
the report notes.

The report relays that Mr. del Castillo added that export figures
show that Taiwan is an important market for Dominican products, as
the International Trade Centre (ITC) calculates based on United
Nations COMTRADE statistics, of US$29.75 billion in 2015.

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'.


====================
E L  S A L V A D O R
====================


EL SALVADOR: Continues to Suffer From Lower Growth, IMF Says
------------------------------------------------------------
On June 20, 2016, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation1 with El
Salvador.

El Salvador continues to suffer from significantly lower growth
than neighboring countries amid low investment, high outward
migration, weak competitiveness, and political gridlock. GDP
growth has averaged 2 percent over 2000-2014, well below the
Central American regional average of 4.5 percent.

Low oil prices helped growth and the current account improve in
2015 alongside low headline inflation. GDP grew 2.5 percent in
2015, up from 1.5 percent in 2014, supported by steady growth in
the US, robust exports to the rest of Central America, and a
stimulus from lower oil prices. Investment also increased
significantly. Headline inflation was slightly negative (-0.7
percent). The current account deficit fell 1.5 percentage points
to 3.5 percent of GDP.

The fiscal deficit fell by 0.1 percentage point to 3.4 percent of
GDP in 2015. Fiscal expenditure remained broadly constant as a
percent of GDP, with conservative increases in wages and lower
energy subsidies. Capital expenditure remained subdued. Revenues
were helped by the banking transactions tax (BTT) but were lower
than expected. New taxes on telecommunications services and large
enterprise profits were introduced in late-2015 to finance a
needed increase in law enforcement and security spending. However,
fiscal risks are rising. Reflecting a parliamentary impasse over
approval to access external financing, domestic financing has
risen sharply in 2015 and early 2016, pushing up yields on
government short term domestic securities and raising the prospect
of disorderly adjustment if the impasse continues.

The financial sector is stable but is exposed to the rising
sovereign risks. Banking sector capital adequacy ratio remains
substantially above the minimum statutory level of 12 percent.
Provisioning is adequate, and asset quality continues to improve
while liquidity appears ample. However, bank profitability is
relatively low. Deposits and credit to the private sector grew by
around 6 and 5 percent, respectively, in 2015 as corporate credit
picked up and household credit slowed. Financial sector credit to
the public sector, on the other hand, increased by nearly 15
percent and now accounts for about 35 percent of private financial
system assets.

GDP growth is expected to be 2.3 percent in 2016 and 2.4 in 2017,
falling over the medium-term toward a potential growth rate of 2
percent. There is some near-term upside risk if several
significant investment projects get underway (notably a large gas
project). However, US growth is projected to decline over the
medium term. Moreover, oil prices are expected to trend upwards
over the medium term, tempering the recent boost to demand and
causing the current account deficit to rise to 5.5 percent of GDP
by 2021. The fiscal deficit is expected to widen to 5.5 percent of
GDP over the medium term absent measures, reflecting pressures
from wages, interest payments, security-related expenses, and
public investment. Alongside, public debt is expected to exceed 70
percent of GDP by 2021.

                   Executive Board Assessment

Executive Directors noted that while favorable external conditions
and low oil prices have contributed to some improvement in the
economic situation, El Salvador continues to suffer from low
growth due to a host of complex issues, including low investment,
high crime and emigration, and weak competitiveness. Directors
underscored that ensuring fiscal and debt sustainability and
raising potential growth will require strong policies and far-
reaching structural reforms supported by broad political
consensus.

Directors generally emphasized that frontloaded fiscal
consolidation is needed to reverse the upward trajectory of public
debt, entrench fiscal sustainability, and create space to fund the
lender of last resort (LOLR) facility and fully implement the
authorities' crime prevention strategy. They highlighted that both
revenue and expenditure measures will be important to deliver the
required adjustment while safeguarding social spending safety
nets. Introducing less-distortionary taxes will be helpful in this
regard. Directors took note of the authorities' initiatives to
reform the pension system and called for further steps to adjust
the system to include changes essential to ensure its long-run
fiscal and social sustainability. A sound medium-term fiscal
framework will be essential going forward.

Directors noted that the authorities have made good progress in
financial sector reforms and encouraged them to implement the
remaining reforms, including those aimed at addressing liquidity
risks. They also highlighted the importance of increasing annual
budget allocations for the LOLR facility and making further
progress in risk-based supervision along with comprehensive
legislative reform to strengthen the bank resolution and crisis
management framework.
Directors emphasized that structural reforms will be key to
increasing investment and fostering inclusive growth. They
encouraged the authorities to enhance the flexibility of wages and
prices, including by containing minimum wage increases, ease
barriers to entry and competition, and curb anti-competitive
practices in key sectors and improving the effectiveness of the
Competition Agency. Efforts should also continue towards improving
the business climate, developing human and physical capital, and
reducing crime and corruption.


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


* SCOTIA INVESTMENTS: Three Senior Managers Depart Firm
-------------------------------------------------------
RJR News reports that three senior manager at Scotia Investments
Jamaica are leaving the company.

In an advisory to the Jamaica Stock Exchange, Scotia Investments
said the managers will leave effective June 30, according to RJR
News.

They are Assistant Vice President -- Business Analytics and
Product Development Ike Johnson; Vice President -- Business
Analytics and Product Development Jason Morris and Yvonne Pandohie
who was Vice President and Chief Financial Officer, the report
notes.

Scotia Investments said the three will pursue other interests.

The company says Michelle Wright will assume the post of Assistant
Vice President and Chief Financial Officer, the report says.


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


ALLIED FINANCIAL: Taps Javier A. Feliciano as Special Counsel
-------------------------------------------------------------
Allied Financial Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Javier A. Feliciano
Guzman, PSC as its special counsel.

The Debtor tapped the firm to provide notarial services in
connection with the judicial sale of Carlos Calero Recio and The
Reef Harbor Inc. properties.

The Debtor will pay the firm $1,935 in connection with the
preparation and execution of documents pertaining to the deed of
judicial sale of The Reef Harbor property, and $1,660 for the
Recio property.  Payments will be made at the time of the closing,
according to court filings.

Javier Feliciano Guzman disclosed in a court filing that his firm
is a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Javier Feliciano Guzman, Esq.
     Javier A. Feliciano Guzman, PSC
     322 De Diego Avenue, Suite 302
     San Juan, PR 00920-2223
     Tel: 787-625-2550
     Fax: 787-625-2555
     Email: jfg@jfg-law.com

                     About Allied Financial

Allied Financial, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-00180) on Jan. 15, 2016.  The petition
was signed by Rafael Portela, president of the Board of Directors.
The Debtor disclosed total assets of $10.3 million and total debts
of $9.14 million.  C. Conde & Assoc. represents the Debtor as
counsel.  Judge Mildred Caban Flores has been assigned the case.


                            ***********


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 * * *