TCRLA_Public/160630.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

            Thursday, June 30, 2016, Vol. 17, No. 128


                            Headlines



B O L I V I A

BANCO BISA: Moody's Puts B1 Rating to Bs210MM Sub. Debt Issuance


B R A Z I L

BANCO DA AMAZONIA: Fitch Affirms 'BB' LT Issuer Default Ratings
BON JESUS: Files for Bankruptcy, Sells Minority Stake to Cut Debt
RIO OIL: Fitch Affirms 'BB-' Rating on $1.1BB Series 2014-3 Notes


C A Y M A N  I S L A N D S

ARGYLE FUNDS: Commences Liquidation Proceedings
BLUE SKY: Shareholders' Final Meeting Set for July 4
CALIBURN CAYMAN: Members' Final Meeting Set for July 21
CALIBURN OFFSHORE: Members' Final Meeting Set for July 21
FINISTERRE RECOVERY: Shareholders' Final Meeting Set for July 22

G & M WORLD: Shareholders' Final Meeting Set for Aug. 4
IVORY GLOBAL: Shareholders' Final Meeting Set for July 21
KOCEL GROUP: Shareholder to Hear Wind-Up Report on July 20
LYRA TRUST: Shareholders' Final Meeting Set for July 25
OV GROUP: Shareholders' Final Meeting Set for July 12

PCM PROVIDENT: Shareholders' Final Meeting Set for Aug. 4
SYW (CAYMAN): Shareholders' Final Meeting Set for July 13


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Tax-Free Fuels 'Abhorrent,' Official Says
DOMINICAN REP: Communication Ups 3.4% in 1Q, Central Bank Says


J A M A I C A

JAMAICA: Impact of Brexit Will Not be Significant, Jackson Says


P E R U

RUTAS DE LIMA: S&P Affirms 'BB-' Rating on Notes Due 2036 and 2039


P U E R T O    R I C O

ADELPHIA COMMS: 2nd Circ. Affirms Judgment vs. Recovery Trust
ADELPHIA COMMUNICATIONS: ACC Claims Holdings Closes Exchange Offer
ALLIED FINANCIAL: Has Go Signal to Sell Guayabal Property for $75K
CONDADO RESTAURANT: Wants Plan Filing Extended to Aug. 23
COUSINS INT'L: Aquinos' Claims Not Discharged in Ch. 11 Proceeding

HYPERBARICS AND WOUND CARE: Taps Justiniano's Firm as Counsel
SPORTS AUTHORITY: Exclusive Plan Filing Deadline Moved to Sept. 28
SPORTS AUTHORITY: Modell's, Sports Direct Didn't Bid on Stores


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: S&P Revises Outlook to Pos. & Affirms 'B-' CCR


V E N E Z U E L A

VENEZUELA: OAS Head Supports Call to Remove President


                            - - - - -


=============
B O L I V I A
=============


BANCO BISA: Moody's Puts B1 Rating to Bs210MM Sub. Debt Issuance
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B1 global scale and Aa3.bo national scale local currency
ratings to Banco BISA S.A. (BISA)'s expected subordinated debt
issuance of Bs. 210 million which will be due in up to 10 years.

These ratings were assigned to Banco BISA S.A.:

  Bs. 210 million subordinated debt issuance:
  Global Local Currency Subordinated Debt Rating: B1
  Bolivia National Scale Local Currency Subordinated Debt Rating:
   Aa3.bo

RATINGS RATIONALE

The B1 local currency subordinated debt rating is notched down
from BISA's ba3 baseline credit assessment to reflect the
subordination of the notes, following Moody's normal notching
practices.

Moody's ratings reflect BISA's sound and improving financial
performance, as well as the bank's strong capitalization, large
and well established market share, and sustained growth over the
past years.  While increasing competition, changes in regulations,
and persistent low interest rates have forced Bisa to increase its
exposure in the higher risk SME and consumer finance segments to
maintain its profit margins, the bank's conservative risk
management practices and loan diversification should help to limit
any deterioration in asset quality that may occur as a result.

What could move the rating up or down
The bank's negative outlook is in line with the negative outlook
on the Bolivian government's rating and reflects credit inter-
linkages between the two.  The bank's ratings would likely be
downgraded as well if the sovereign rating were lowered.  The
ratings would also face downward pressure if the operating
environment deteriorates and/or the bank suffers a substantial
deterioration in asset quality, profitability, or capitalization.
While there is no upward ratings pressure at this time given the
bank's negative outlook, the outlook would likely be stabilized if
and when the sovereign outlook stabilizes.

The principal methodology used in these ratings was Banks
published in January 2016.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.

While NSRs have no inherent absolute meaning in terms of default
risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.  For information on
the historical default rates associated with different global
scale rating categories over different investment horizons, please
see:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189530

Banco BISA S.A. is headquartered in La Paz, Bolivia, and it had
assets of Bs. 16.3 billion and equity of Bs. 1.67 billion as of
March 2016.


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


BANCO DA AMAZONIA: Fitch Affirms 'BB' LT Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed at 'BB' the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of Banco da Amazonia S.A.
(BdA), Banco do Brasil S.A. (BdB), Banco do Nordeste do Brasil
S.A. (BNB), Banco Nacional de Desenvolvimento Economico e Social
(BNDES) and Caixa Economica Federal (Caixa). Fitch also affirmed
all five banks' long-term National Ratings at 'AA+(bra)', Support
Ratings (SRs) at '3' and Support Rating Floors (SRFs) at 'BB'. The
Outlook of the long term IDRs and National Ratings remains
Negative.

At the same time, Fitch downgraded BdB's Viability Rating (VR) to
'bb-' from at 'bb' based on Fitch's assessment that recent credit
events in the corporate portfolio will impact asset quality and
profitability to a greater extent than previously expected, in
turn further exacerbating the bank's medium term challenges
regarding capital adequacy. The other four banks do not have VRs,
due to their policy roles and/or development bank status that
prevents having an opinion on their truly standalone credit
profiles. A full list of rating actions follows at the end of this
release.

Brazilian federal government owned banks remain more vulnerable to
continued operating environment weaknesses than private sector
banks, which typically have higher profitability, internal capital
generation and loss absorption capacity. Risk appetite at
government owned banks also tends to be higher, as reflected by
their faster growth rates in the past decade, higher loan
concentrations, lower excess loan loss reserves above the minimum
requirements and, in the case of retail banks, relatively larger
exposures to higher risk segments such as unsecured retail loans
and/or SMEs lending. Therefore, these banks' IDRs and national-
scale ratings remain heavily linked to the sovereign's capacity
and willingness to provide support, if needed.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATINGS,
SUPPORT RATING FLOORS

The affirmation of BdA, BdB, BNB, BNDES and Caixa's IDRs reflect
Fitch's view that the banks would receive support from the federal
government should the need arise. The IDRs of all five banks are
driven by sovereign support and are aligned with Brazil's
sovereign ratings. This reflects either majority (BdA, BdB and
BNB) or whole (BNDES and Caixa) federal government ownership, the
banks' key policy role in the implementation of government
economic policies, and, in the case of BdB and Caixa, their
systemic importance. The Outlook on these banks' Long-Term IDRs
remains Negative, mirroring the Outlook on the sovereign ratings.
Fitch believes these banks could be subject to political influence
given their state owned nature and strong links with the
government.

The affirmation of all five banks' SRs at '3' reflects the
moderate probability of sovereign support. Fitch believes that the
Brazilian government would have a high willingness to support
these banks in case of need, but its capacity to do so has fallen
in the past year, as reflected in the successive sovereign rating
downgrades in 2015 and 2016. The SRFs of all banks were affirmed
at 'BB' and are aligned with the sovereign rating.

The affirmation of BdB, BNDES and Caixa's senior debt ratings at
'BB' and Caixa's subordinate debt rating at 'B+' reflects the
affirmation of the banks' long-term foreign currency IDRs, which
are the anchor ratings for all the debt ratings.

The return on average assets (ROAA) of BdA, the regional
development bank of the northern states, fell to negative 0.25% at
March 2016 (1.74% on average between 2012 and 2015), as a result
of an increase in impairment charges for the shared risk
operations with the Constitutional Fund of the North (Fundo
Constitucional do Norte). The bank's capitalization remains
adequate, with a FCC ratio of 14.7% at March 2016 (14.5% in 2015).
Under a stress scenario, where the bank needs to make a sizable
contribution to its employees' pension fund, its capitalization
would come under pressure.

The ROAA of BNB, the regional development bank of the north-
eastern states, decreased to 0.75% at March 2016 (1.69% on average
between 2012 and 2015) at the back of higher loan impairment
charges. Meanwhile, the bank's FCC ratio fell sharply to 7% in
March 2016 (6.6% and 8.7%, in 2015 and 2014, respectively), mainly
due large dividend payouts, provisions related to its employees'
pension fund obligations and negative mark-to-market adjustments
in its securities portfolio. This ratio will improve when the bank
converts its legacy hybrid debt held by the National Treasury to
Basel-III compliant Core Equity Tier 1 (CET1) by the end of 2016.
Once converted, Fitch will consider it as part of equity, in line
with its approach for other federal government banks which have
such instruments. This would take the bank's FCC ratio to roughly
10%, at March 2016, on a pro forma basis.

BNDES, Brazil's largest development bank, has been realigning its
strategy with the government's fiscal tightening measures that
will limit the funding it receives from the National Treasury (NT)
going forward. According to a recent government plan, pending the
conclusion of a legal study, BNDES might have to pre-pay BRL 100
billion of its debt to the NT (21% of all its debt to NT and 12%
of total funding in 2015). This would be manageable for the bank,
but may result in a significant reduction in the bank's lending
and investment operations in the medium term. BNDES's ROAA fell to
0.68% in 2015 (1.1% on average between 2012 and 2014) and is
likely to remain under pressure due to higher loan and securities
impairment charges. The bank's FCC ratio remained adequate at 9.6%
in 2015 (10.4% in 2014) and should remain broadly stable given the
expected continued reduction in asset growth.

Caixa's asset quality, profitability and capitalization have
deteriorated through March 2016. Fitch expects this trend to
continue in the next 12-18 months, but under its base-case
scenario, the bank's regulatory capital ratios will be in
compliance with the minimum regulatory requirements in 2016 and
2017, barring a more severe stress scenario or tail risks. At
March 2016, the bank's ROAA declined to 0.28% (0.79% on average
between 2012 and 2015), mainly as a result of large loan
impairment charges. In the same period, FCC ratio remained
unchanged at 10%, but it is likely to decline gradually due to low
profitability.

KEY RATING DRIVERS - BdB's VIABILITY RATING

The downgrade of BdB's VR to 'bb-' from 'bb' reflects the
pressures building on the medium-term prospects for the bank's
operating profitability and capitalization, and the recent
negative events regarding asset quality. The latter, in turn,
reflects the bank's higher risk appetite as evidenced in higher
loan concentrations in corporate lending and lower excess loan
loss reserves above the minimum regulatory requirements, compared
to the larger buffers of its large private sector peers. The
bank's franchise, liquidity and funding structure remain solid,
and are among BdB's major strengths to maintain a VR in the 'bb'
range, though at the lower end of this category.

Fitch expects downside risks to profitability and capitalization
to continue in the next 12-18 months, as a result of high
impairment charges that will consume a meaningful share of pre-
impairment profits (63% and 83% at March 2016 and 2015,
respectively) and undermine internal capital generation. At March
2016, the bank's ROAA fell to 0.8% (1.1% on average between 2012
and 2015).

Fitch expects BdB's capitalization to tighten further in the
coming years in line with the gradual phase-in of the Basel III
framework and the increase in minimum requirements, and prospects
of low profitability. However, the bank's regulatory capital
should remain in compliance with regulatory requirements in 2016
and 2017, barring a more severe stress scenario or tail risks. At
March 2016, BdB's FCC ratio stood at 8.7% (7.8% in 2015). The
increase in the FCC ratio in 1Q16 was a result of a decline in
risk weighted assets (RWAs), but is unlikely to be sustained.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, SUPPORT RATINGS,
SUPPORT RATING FLOORS, DEBT RATINGS

Any changes in Brazil's sovereign ratings or in Fitch's evaluation
of the government's willingness to provide support BdA, BdB, BNB,
BNDES and Caixa, in case of need, would directly affect these
banks' IDRs, National Ratings, SRs, SRFs and debt ratings, all of
which are driven by expected sovereign support.

RATING SENSITIVITIES - VIABILITY RATING

BdB's VR would be negatively affected if its FCC ratio falls below
7% and/or its regulatory capital ratios approach the minimum
requirements earlier than Fitch's forecast. It could also be
downgraded if the operating profits to RWAs weakens to levels
consistently below 1%.

Fitch has taken the following rating actions:

BdA:
-- Long-term Foreign and Local Currency IDRs affirmed at 'BB',
    Outlook Negative;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B';
-- National long-term Rating affirmed at 'AA+(bra)', Outlook
    Negative;
-- National Short-term Rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '3';
-- Support Rating Floor affirmed at 'BB'.

BdB:
-- Long-term Foreign and Local Currency IDRs affirmed at 'BB',
    Outlook Negative;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B';
-- National long-term Rating affirmed at 'AA+(bra)', Outlook
    Negative;
-- National Short-term Rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '3';
-- Support Rating Floor affirmed at 'BB';
-- Senior unsecured notes due 2018, 2019, 2020 and 2022 ratings
    affirmed at 'BB';
-- Viability Rating downgraded to 'bb-' from 'bb'.

BNB:
-- Long-term Foreign and Local Currency IDRs affirmed at 'BB',
    Outlook Negative;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B';
-- National long-term Rating affirmed at 'AA+(bra)', Outlook
    Negative;
-- National Short-term Rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '3';
-- Support Rating Floor affirmed at 'BB'.

BNDES:
-- Long-term Foreign and Local Currency IDRs affirmed at 'BB',
    Outlook Negative;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B';
-- National long-term Rating affirmed at 'AA+(bra)', Outlook
    Negative;
-- National Short-term Rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '3';
-- Support Rating Floor affirmed at 'BB';
-- Senior unsecured notes due 2016, 2019 and 2023 affirmed at
    'BB'.

Caixa:
-- Long-term Foreign and Local Currency IDRs affirmed at 'BB',
    Outlook Negative;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B';
-- National long-term Rating affirmed at 'AA+(bra)', Outlook
    Negative;
-- National Short-term Rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '3';
-- Support Rating Floor affirmed at 'BB';
-- Senior unsecured notes due 2017, 2018, 2019 and 2022 affirmed
    at 'BB';
-- Subordinated notes due 2024 affirmed at 'B+'.


BON JESUS: Files for Bankruptcy, Sells Minority Stake to Cut Debt
-----------------------------------------------------------------
Tatiana Bautzer and Ana Mano at Reuters report that Grupo Bom
Jesus, a Brazilian grains producer that filed for bankruptcy
protection last month, is considering selling a minority stake to
an investor to help reduce BRL2.6 billion ($746 million) in debt,
according to a source with direct knowledge of the plans.

Any attempt to sell a stake would be tied to an ongoing debt
restructuring plan, the source said, adding that the investment
banking unit of one of Bom Jesus' 28 lenders will probably oversee
the process, according to Reuters.  The source requested anonymity
because the talks are private.

Rondonopolis, Mato Grosso-based Bom Jesus is operating under court
protection after failing to agree on an out-of-court restructuring
with creditors led by Banco Santander Brasil SA, a second source
said, the report relays.

A Rondonopolis judge approved the company's request for bankruptcy
protection on June 8.

Another way to raise cash would be selling some of the grain
processor's 240,000 hectares (593,100 acres) in land to potential
investors, the first source said, the report relays.

The government is considering revoking a 2010 law forbidding
foreign purchases of Brazilian land, the source said, the report
says.

Bom Jesus is the latest major grain producer to receive court
protection this year, as Brazil's harshest recession in eight
decades and rising borrowing costs magnified the woes of companies
that took on heavy debts to expand in recent years, the report
notes.

The company must present a formal restructuring proposal by Aug.
4, the first source said, the report relates.

Bom Jesus officials were not immediately available for comment.

Reuters relays that the company's projected earnings before
interest, taxes, depreciation and amortization, a gauge of
operating profit known as EBITDA, is BRL400 million, according to
the first source.

Bom Jesus wants to reduce debt to the equivalent of 2.5 times
EBITDA from about 6.5 times currently, the first source said, the
report notes.

Suppliers and bank creditors including Banco Votorantim SA, Bank
of China Ltd's Brazilian unit and Banco Pan SA sped up the
bankruptcy filing when they began blocking accounts and
foreclosing on collateral, the report notes.

The lenders declined to comment.

According to documents seen by Reuters, about $71 million owed to
creditors such as Credit Suisse Group AG, Grupo BTG Pactual SA and
Rabobank NA will have to be renegotiated out of court because they
are not subject to the bankruptcy protection procedures.

According to the sources, Bom Jesus hired Sao Paulo-based
restructuring shop Pantalica Partners as financial adviser on the
restructuring, the report adds.


RIO OIL: Fitch Affirms 'BB-' Rating on $1.1BB Series 2014-3 Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the series 2014 notes issued by Rio Oil
Finance Trust as follows:

-- US$2 billion series 2014-1 notes at 'BB-';
-- BRL 2.4 billion series 2014-2 special indebtedness at
    'Asf(bra)';
-- $US1.1 billion series 2014-3 notes at 'BB-'.

The Rating Outlook remains Negative. Fitch's ratings on the notes
address timely payment of interest and principal on a quarterly
basis.

The issuances are backed by royalty flows owed by oil
concessionaires, predominantly operated by Petroleo Brasileiro
S.A. (Petrobras), to the government of the State of Rio de Janeiro
(RJS). The State of Rio de Janeiro assigned 100% of these flows to
RioPrevidencia (RP), the state's pension fund, and RP sold these
rights to Rio Oil Finance Trust, the issuer.

The rating actions reflect the transaction's resilience through
the current stress period which, coupled with the upward trend in
oil prices over the past several months, have helped mitigate the
deteriorating credit quality of Petrobras, RJS and the Brazilian
sovereign. The Negative Outlook reflects the additional impact
lower oil prices could have on future production levels and the
potential political risk which could negatively impact the
transaction's performance.

On June 20, 2016, the series controlling parties consented to a
second waiver and amendment agreement to: waive the declaration of
a technical event of default related to the transaction's failure
to meet certain required minimum forward-looking debt service
coverage ratios (DSCRs); effectuate the commencement of an early
amortization period during which 60% of excess cash flows will
prepay debt on a monthly basis; release approximately $45 million
from the trigger reserve account to prepay debt; modify the
annualized average DSCR threshold that could trigger a technical
event of default; and enhance the legal structure to allow for
swifter enforcement of collateral if necessary.

The transaction failed to meet performance-related conditions
stipulated by an initial waiver and amendment executed on Oct. 20,
2015. The initial waiver period concluded on March 22, 2016, at
which time a technical event of default triggering an early
amortization period could have ensued but transaction parties
opted to execute the second waiver and agreement.

KEY RATING DRIVERS
Executed Waiver and Agreement: Fitch views positively the most
recent waiver and amendment agreement, which underscores the
sponsor's willingness to engage with bondholders in support of the
transaction. Nonetheless, the transaction remains exposed to
political risk as RJS's fast-deteriorating liquidity position
limits the state's ability to meet its obligations and could
impact its incentive to support the transaction.

Oil Prices Impact Performance: The plunge in oil prices during
2015 and the first quarter of 2016 (1Q16) impacted oil royalty
flows such that Annualized Average DSCR (AADSCR) as of 2Q16 fell
to 1.8x. Although the recent rebound in oil prices over the past
five months benefits royalty flows and is expected to translate
into higher AADSCRs going forward, a sustained low oil price
environment will limit royalty flows used to pay debt service. The
transaction continues to benefit from a six-month P&I liquidity
reserve account, which could be used to insulate the transaction
from short-term declines in oil prices.

Future Expected Production Increases at Risk: The transaction
benefits from growth in royalty flows to meet future debt service
payments. Depressed oil prices have led Petrobras to reduce
production targets on multiple occasions. Sustained lower oil
prices could translate into additional capital expenditure cuts by
Petrobras, which could impact potential growth expectations in the
medium term.

RATING SENSITIVITIES
The ratings are capped by the credit quality of Petrobras, the
main obligor generating cash flows to support the transaction, and
by the sovereign rating and country ceiling assigned to Brazil.

The transaction is exposed to oil price and production volume
risks. Declines in prices or production levels significantly below
expectations may trigger downgrades.

Additionally, the ratings are sensitive to the rating of Banco do
Brasil as a direct counterparty to the transaction.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.


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


ARGYLE FUNDS: Commences Liquidation Proceedings
-----------------------------------------------
The Grand Court of Cayman Islands, on May 31, 2016, entered an
order to liquidate the business of Argyle Funds SPC.

The company commenced liquidation proceedings on


BLUE SKY: Shareholders' Final Meeting Set for July 4
----------------------------------------------------
The shareholders of Blue Sky Japan Inc. will hold their final
meeting on July 4, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Ridle
          Munstergasse 10 Zurich 8001
          Switzerland


CALIBURN CAYMAN: Members' Final Meeting Set for July 21
-------------------------------------------------------
The members of Caliburn Cayman Ltd. will hold their final meeting
on July 21, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CALIBURN OFFSHORE: Members' Final Meeting Set for July 21
---------------------------------------------------------
The members of Caliburn Offshore Ltd. will hold their final
meeting on July 21, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FINISTERRE RECOVERY: Shareholders' Final Meeting Set for July 22
----------------------------------------------------------------
The shareholders of Finisterre Recovery Fund 1 Limited will hold
their final meeting on July 22, 2016, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jonathan Nicholson
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands


G & M WORLD: Shareholders' Final Meeting Set for Aug. 4
-------------------------------------------------------
The shareholders of G & M World Invest and Associates Ltd. will
hold their final meeting on Aug. 4, 2016, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


IVORY GLOBAL: Shareholders' Final Meeting Set for July 21
---------------------------------------------------------
The shareholders of Ivory Global Energy Fund Ltd. will hold their
final meeting on July 21, 2016, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alric Lindsay
          Artillery Court Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands
          e-mail: alric@caymanfs.com


KOCEL GROUP: Shareholder to Hear Wind-Up Report on July 20
----------------------------------------------------------
The shareholder of Kocel Group (Cayman) Limited will hear on
July 20, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Wang Xinjian
          Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          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: Shareholders' Final Meeting Set for July 25
-------------------------------------------------------
The shareholders of Lyra Trust Protector Limited will hold their
final meeting on July 25, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OV GROUP: Shareholders' Final Meeting Set for July 12
-----------------------------------------------------
The shareholders of OV Group (Cayman) Limited will hold their
final meeting on July 12, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Tammy Fu
          Zolfo Cooper
          38 Market Street 2nd Floor
          Canella Court, Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006
          c/o Iain Gow
          Telephone: +1 (345) 814 4039


PCM PROVIDENT: Shareholders' Final Meeting Set for Aug. 4
---------------------------------------------------------
The shareholders of PCM Provident MBS Fund Ltd. will hold their
final meeting on Aug. 4, 2016, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SYW (CAYMAN): Shareholders' Final Meeting Set for July 13
---------------------------------------------------------
The shareholders of SYW (Cayman) Ltd. will hold their final
meeting on July 13, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          c/o 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: Tax-Free Fuels 'Abhorrent,' Official Says
-------------------------------------------------------------
Dominican Today reports that Industry and Commerce Minister Jose
del Castillo called tax-free fuels and all laws which encourage
subsidies "abhorrent," but defended the exceptions given to other
sectors.

The official called for a discussion, prior to the signing of a
fiscal pact, on the exemptions granted to the freight and
passenger transport unions and companies that benefit from low
taxes for fuels which exceed their needs, according to Dominican
Today.

Mr. del Castillo also cited other incentives such as for companies
established along the border, which he affirms haven't met the
expectations for which they were allocated, with only a few have
benefited. "In most cases they're unfair competition against other
companies established in the country."

The report notes that Mr. del Castillo nonetheless defended other
incentives, such as those for the free zones, which he says have
led the operations of 640 companies in the country, providing
160,000 direct jobs and 60 percent of the country's exports, worth
US$5.5 billion annually.

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


DOMINICAN REP: Communication Ups 3.4% in 1Q, Central Bank Says
--------------------------------------------------------------
Dominican Today reports that communications climbed 3.4% in value
added in the first quarter, the Central Bank said in its
preliminary report of the Dominican economy from January to March.

The Central Bank said from January-March, communications'
performance was influenced by increases in the average number of
fixed lines and the volume indicator of mobile lines, which grew
5.7% and 2.1% respectively, according to Dominican Today.

Moreover, the Web traffic indicator volume was 2.5% higher than
the first quarter of 2015, the report notes.

Meanwhile, the regulator Dominican Telecom Institute (Indotel)
said that the penetration of (fixed and mobile) telephone lines
jumped 101.2% in 2015, the report relays.

It said 88.1% of the voice lines in operation per 100 inhabitants
are mobile phones, 11.5% fixed and 1.5% IP (Internet), the report
discloses.

The regulator's 2011 to 2015 data reflect a low growth in the
total penetration of telephone lines, the report says.  "In 2011
the growth of telephone lines (fixed and mobile) totaled 103.0%,
of which 91.5% were mobile, 11.2% fixed and 0.3% IP, while in 2012
rose slightly (103.9%), 92.3% mobile, 11.2% and 0.5% fixed IP,"
the report adds.

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


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


JAMAICA: Impact of Brexit Will Not be Significant, Jackson Says
---------------------------------------------------------------
RJR News reports that Financial Analyst, John Jackson, is not
expecting Jamaica's export sector to suffer a major hit arising
from Britain's decision to exit the European Union (EU).

Concern has been raised that the decision to leave the EU will
among other things result in a decline in trading, according to
RJR News.

However, Mr. Jackson said while there will be some impact it will
not be significant, the report notes.

"If local producers of goods and services need to make some
adjustments on a temporary basis, we probably have some room in
some areas to make those adjustments.  But I believe the net
effect will be a fall in inflows into Jamaica from the UK although
not significant in the overall scheme of things because the UK  --
while a major trading partner it is not like the United States,"
the report quoted Mr. Jackson as saying.

Concerning the local tourism sector, Mr. Jackson said it might
become necessary to offer discounts to maintain tourist arrivals
from Britain, the report relays.

"With the pound going down against the US dollars it is going to
be more expensive for persons from the UK to visit and that market
is pretty sensitive to slight shifts in the rate of exchange. It
may mean that the Jamaican tourist trade will have to discount
their rates more to keep it attractive to visitors," Mr. Jackson
said, the report notes.

Meanwhile, Sterling and Asian emerging market currencies regained
some footing and crude oil bounced as investors scooped up beaten
down assets after Britain's shock vote to exit the European Union,
the report notes.  But in a sign that sentiment remained fragile,
trading volumes remained light and price action was choppy across
markets, the report adds.

                         *     *     *

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


=======
P E R U
=======


RUTAS DE LIMA: S&P Affirms 'BB-' Rating on Notes Due 2036 and 2039
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' rating on Rutas de Lima
S.A.C's (RdL's) senior secured notes due 2036 and 2039.  The
outlook is negative.  S&P also removed the rating from CreditWatch
negative, given that S&P recently removed its ratings on OEC from
CreditWatch because S&P don't envision downgrade of it in the next
three months.

The rating affirmation on RdL reflects S&P's expectations that
despite delays to start the construction of the Ramiro Priale (RP)
road, the compensating mechanisms established in the concession
contract--such as an extension in the construction period or
tariff increases--would be enough for RdL to face the cost
increases that could stem from the delay in the works.
Additionally, S&P believes that the new engineering, procurement,
and construction (EPC) contract--which divides the construction RP
into six segments and allows works to start on each of them as
soon as rights of way are granted--provides RdL a higher
probability of finishing the required works on time, before
January 2018.

Additionally, S&P still considers that the project has enough
credit enhancements to replace the constructor if needed.
Therefore, S&P provides one-notch uplift from the constructor's
credit quality.

RdL's concession consists of approximately 115 kilometers (km), of
which 93.5 km are the existing highways (Panamericana Norte [PN]
and Panamericana Sur [PS]) and the remainder to be constructed
(RP).  According to the concession contract, RdL needs to perform
mandatory improvement works on PN and PS, while constructing the
RP road.

According to the April 30, 2016, independent engineer's report,
total degrees of advance for the mandatory works for PN were
84.0%, PS (39.6%), and RP (2.3%).  Works on PS and RP are behind
the original construction schedule, mainly due to the municipality
of Lima's delay to expropriate lands and grant 100% of rights of
ways needed to perform the works.  Construction of the RP road was
expected to start in July 2015, once 100% of the rights of way
were granted.  However, construction on this road has yet to
start, and only detailed engineering was performed.

As a result, a new addendum to the EPC contract was signed, which
establishes new completion dates for the pending works:

   -- The EPC completion for PS was extended to September 2017
      from July 2016 (date certain is Sept. 30, 2017);

   -- The EPC completion for RP was extended to November 2017 from
      July 2017 (date certain is Jan. 7, 2018); and

   -- The EPC completion date for PN is still July 2016, given its
      current degree of advance (date certain is Sept. 30, 2017.

The EPC contract for RP's construction consists of six segments,
each of which is scheduled to start upon achieving 100% of rights
of way, and the starting dates vary between June 2016 and December
2016.  S&P views this factor as positive compared with the
previous agreement because works in each segment can now start as
soon as rights of ways are granted.  In the previous agreement,
works couldn't start until 100% of rights of ways were granted for
the full road.

According to the independent engineer, the new construction
schedule appears tight but reasonable.  If the construction is
delayed beyond the agreed date for which RdL isn't responsible
(for example, if the municipality of Lima doesn't grant rights of
way), the concession contract establishes that an extension in the
construction must be granted.  Although S&P expects the RP road to
be fully operational by January 2018, it views the mechanism
established in the concession contract as positive, given that the
delay in the rights of way is currently the main construction risk
for RdL.


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


ADELPHIA COMMS: 2nd Circ. Affirms Judgment vs. Recovery Trust
-------------------------------------------------------------
In the case captioned ADELPHIA RECOVERY TRUST, Plaintiff-
Appellant, ADELPHIA COMMUNICATIONS CORP., OFFICIAL COMMITTEE OF
UNSECURED CREDITORS OF ADELPHIA COMMUNICATIONS CORP., ADELPHIA
CABLEVISION, L.L.C., Plaintiffs, v. FPL GROUP, INC., WEST BOCA
SECURITY, INC., Defendants-Appellees, No. 15-1015-bk (2nd Cir.),
relating to IN RE: ADELPHIA COMMUNICATIONS CORP., Debtor, the
United States Court of Appeals for the Second Circuit affirmed the
judgment of the district court as to all of Adelphia Recovery
Trust's arguments holding that these arguments are without merit.

This dispute arises out of the Chapter 11 reorganization of
Adelphia Communications Corp., formerly one of the largest cable
companies in the United States, and 232 of its affiliates.
Plaintiff-Appellant Adelphia Recovery Trust, successor to
Adelphia's rights, seeks to recover as a fraudulent transfer some
$150 million paid by Adelphia to defendants-appellees FPL Group,
Inc. and West Boca Security, Inc. for the repurchase of Adelphia's
own stock.

A full-text copy of the Summary Order dated June 15, 2016 is
available at https://is.gd/ckCksl from Leagle.com.

DAVID M. FRIEDMAN, Esq. -- dfriedman@kasowitz.com, Michael C.
Harwood (on the brief), Esq. -- mharwood@kasowitz.com -- Kasowitz,
Benson, Torres & Friedman LLP, New York, New York, for
Plaintiff-Appellant.

GEORGE A. ZIMMERMAN, Esq. -- george.zimmerman@skadden.com,
Jonathan L. Frank (on the brief), Esq. --
jonathan.frank@skadden.com -- Skadden, Arps, Slate, Meagher & Flom
LLP, New York, New York, for Defendants-Appellees.

                  About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in
their restructuring effort.  PricewaterhouseCoopers served as the
Debtors' financial advisor.  Kasowitz, Benson, Torres & Friedman
LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented the
Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.


ADELPHIA COMMUNICATIONS: ACC Claims Holdings Closes Exchange Offer
------------------------------------------------------------------
ACC CLAIMS Holdings, LLC has closed its previously announced
offers to certain eligible holders to exchange:

     (i) class A limited liability company interests of ACC Claims
Holdings, LLC for up to all of the outstanding ACC Senior Notes
Claims (Class ACC 3) allowed under the Plan of Reorganization,
including any post-petition pre-effective date interest and
post-effective date interest to and including the extended
expiration date of the offers (the "Senior Claims"), against
Adelphia Communications Corporation, and

    (ii) class B limited liability company interests of ACC Claims
Holdings, LLC for up to all of the outstanding ACC Trade Claims
(Class ACC 4) allowed under the Plan of Reorganization, including
any post-petition pre-effective date interest and post-effective
date interest to and including the extended expiration date of the
offers (the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class
ACC 5) allowed under the Plan of Reorganization, including any
post-petition pre-effective date interest and post-effective date
interest to and including the extended expiration date of the
offers (the "ACC 5 Claims" and, together with the ACC 4 Claims,
the "Other Claims"; the Senior Claims and the Other Claims,
together, the "Claims"), against Adelphia Communications
Corporation.

The closing occurred on Tuesday, June 7, 2016.

At the closing, ACC Claims Holdings, LLC delivered 3,445,195,173
newly-issued Class A membership interests and 342,911,375
newly-issued Class B membership interests to all eligible holders
that had validly tendered their Claims pursuant to the exchange
offers.

The exchange offers were made pursuant to (i) the offers to
exchange, dated March 3, 2016, and supplemented and amended on
March 9, 2016, March 21, 2016, April 1, 2016, April 8, 2016,
April 15, 2016, and April 21, 2016, April 29, 2016, May 5, 2016,
May 13, 2016 and May 20, 2016, and (ii) the related letter of
transmittal, dated as of March 3, 2016 and supplemented and
amended
on March 21, 2016 and May 20, 2016.

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

                  About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in
their restructuring effort.  PricewaterhouseCoopers served as the
Debtors' financial advisor.  Kasowitz, Benson, Torres & Friedman
LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented the
Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.


ALLIED FINANCIAL: Has Go Signal to Sell Guayabal Property for $75K
------------------------------------------------------------------
Honorable Mildred Caban Flores of the U.S. Bankruptcy Court for
the District of Puerto Rico has granted the Motion filed by Allied
Financial, Inc., seeking authority to sell its property in Barrio
Guayabal free and clear of liens.

The Troubled Company Reporter earlier reported that the Debtor
sought authorization to sell its property, located at Barrio
Guayabal, Sector Lajitas Road P.R. -- 550 Juana Diaz, Puerto Rico,
consisting of approximately 36,121.514 square meters, and with a
value of $75,000.

                     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.


CONDADO RESTAURANT: Wants Plan Filing Extended to Aug. 23
---------------------------------------------------------
Condado Restaurant Group, Inc., and Restaurant Associates of
Puerto Rico, Inc., ask the U.S. Bankruptcy Court for the District
of Puerto Rico to extend the exclusive period for the Debtors to
submit a disclosure statement and plan of reorganization to Aug.
23, 2016, and the period for the Debtors to solicit acceptance of
the plan to Oct. 20, 2016.

Subsequent to the filing of their Petitions, the Debtors have
encountered multiple conflicts with the Department of the Treasury
of Puerto Rico, and most recently the Internal Revenue Service,
which have served multiple notices of audits and investigations
into personal liability, which have overwhelmed the Debtors and
their principal.  Due to the conflicts with the PR Treasury, the
Debtors' efforts to devise an effective reorganization plan and
compose a fully adequate disclosure statement have been delayed
and disrupted.

Despite the delay, the Debtors have made good and steady progress
towards reorganization, as evidenced by their monthly operating
reports.  The Debtors have also complied with making the necessary
payments to the U.S. Trustee.

The Debtors need additional time to negotiate with their key
creditors, including governmental creditors like the PR Treasury
and the IRS.

The Debtors tell the Court that allowing them more time to
negotiate with key creditors and more time to discuss their
proposed plan of reorganization with interested parties will
enable them to present a plan that can be evaluated on a more
expeditious basis.

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

The Debtor's bankruptcy counsel can be reached at:

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


COUSINS INT'L: Aquinos' Claims Not Discharged in Ch. 11 Proceeding
------------------------------------------------------------------
Judge Mildred Caban Flores of the United States Bankruptcy Court
for the District of Puerto Rico granted the motion for summary
judgment filed by the defendants in the adversary case captioned
ENCANTO RESTAURANTS, INC.; COUSINS INTERNARIONAL FOOD CORP.; CIF
BARCELONETA CORP., Plaintiffs, v. LUIS S. AQUINO VIDAL; OLGA M.
VIDAL; HECTOR A. CORTES BABILONIA; and GUILLERMO D. RODRIGUEZ
SERRANO, Defendants, Adv. No. 14-00030 (Bankr. D.P.R.).

The court concludes that as known creditors, the Aquinos did not
receive notice of the Debtor's bankruptcy filing or of the sale
motion. As such, they could not have violated the automatic stay.
Encanto argues again that adequate notice was provided to the
Aquinos through Debtor-counsel's informative motion filed in the
Local Proceeding, stating how she learnt through the news media
that her client filed for bankruptcy. The local court refused to
consider this statement as sufficient and required Debtor to
transmit proof of its bankruptcy filing in order to provide
adequate notice to the court and the parties. Debtor ignored the
local court's order.

The Aquinos' claims are not discharged in this bankruptcy
proceeding. The Aquinos' lack of adequate notice is a "defect
which precludes discharge of a claim."

The bankruptcy case is IN RE: COUSINS INTERNATIONAL FOOD CORP.,
Chapter 11, Debtor, Case No. 12-08567-MCF (Bankr. D.P.R.).

A full-text copy of the Opinion and Order dated June 14, 2016 is
available at https://is.gd/oAYsUt from Leagle.com.

ENCANTO RESTAURANTS, INC., Plaintiff, is represented by HERMANN D.
BAUER ALVAREZ, Esq. -- hermann.bauer@oneillborges.com -- O'NEILL &
BORGES, NAYUAN ZOUAIRABANI TRINIDAD, O'NEILL & BORGES.

CIF BARCELONETA CORP, Plaintiff, is represented by NICOLAS A.
WONG, Esq. -- nicholas.wong@cliffordchance.com -- WONG LAW
OFFICES.

Luis S. Aquino Vidal, Defendant, is represented by JACQUELINE
HERNANDEZ SANTIAGO, Esq.


HYPERBARICS AND WOUND CARE: Taps Justiniano's Firm as Counsel
-------------------------------------------------------------
Hyperbarics and Wound Care Centers of Puerto Rico Corp. seeks
approval from the U.S. Bankruptcy Court for the District of Puerto
Rico to hire Justiniano's Law Office as its legal counsel.

The Debtor tapped the firm to provide these services in connection
with its Chapter 11 case:

     (a) examine documents and information needed to prepare the
         Debtor's schedules and financial affairs;

     (b) prepare Chapter 11 plan and disclosure statement;

     (c) prepare legal papers;

     (d) identify and prosecute claims and causes of action on
         behalf of the Debtor;

     (e) examine proofs of claim filed in the Debtor's case;

     (f) advise the Debtor and prepare documents in connection
         with the operation of its business; and

     (g) advise the Debtor and prepare documents in connection
         with the liquidation of its assets.

Gloria Justiniano Irizarry, Esq., the attorney primarily
responsible for representing the Debtor, will be paid $200 per
hour for her services.  The firm's associates and paralegals will
be paid $125 per hour and $50 per hour, respectively.

Ms. Irizarry disclosed in a court filing that her firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Gloria Justiniano Irizarry
     Justiniano's Law Office
     Ensanche Martinez
     8 Ramirez Silva
     Mayaguez, PR 00680-4714
     Tel: (787) 222-9272
     Fax: (787) 805-7350
     Email: justinianolaw@gmail.com

                        About Hyperbarics

Hyperbarics and Wound Care Centers of Puerto Rico Corp. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 16-04810) on June 16, 2016.


SPORTS AUTHORITY: Exclusive Plan Filing Deadline Moved to Sept. 28
------------------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware has extended, at the behest of Sports
Authority Holdings, Inc., et al., the periods within which only
the Debtors may file a Chapter 11 plan and solicit acceptances
thereof by 90 days, through and including Sept. 28, 2016, and Nov.
28, 2016, respectively.

As reported by the Troubled Company Reporter on June 9, 2016, the
Debtors sought the extensions, saying that since the Petition
Date, they have focused their efforts and  resources on, among
other things, stabilizing their businesses, ensuring a smooth
transition into Chapter 11, complying with the myriad reporting
requirements imposed on a Chapter 11 debtor, and working to obtain
approval of various sales of their assets, including an agency
agreement.  The Chapter 11 cases have been  contentious and
burdened by extensive litigation since the Petition Date as the
Debtors attempted to, among other things, protect the estates'
interest in consigned goods and secure postpetition financing over
strenuous objection.

                     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: Modell's, Sports Direct Didn't Bid on Stores
-------------------------------------------------------------
Peg Brickley and Lillian Rizzo, writing for The Wall Street
Journal, reported that the deadline for bids on Sports Authority
has passed without an offer from rival Modell's Sporting Goods and
British retailer Sports Direct International, people familiar with
the matter said.

According to the report, there will be an auction for the leases
and other remaining assets of the failed retailer, but there's
little to no hope of a deal that could save a significant piece of
the Sports Authority chain, which filed for bankruptcy protection
in March.

At one point, Modell's and Sports Direct were in talks about a bid
that could have saved 100 to 200 Sports Authority stores and the
jobs of thousands of employees, the report related, citing these
people.  That proposal shrunk over the past week, the people said,
and when bids were due on June 23, there was no bid from Modell's
and Sports Direct, the report further related.

So while either of the big sporting goods sellers could still make
a bid on Sports Authority's intellectual property, including its
online selling apparatus, the string of stores that stretched
across the U.S. will not survive the bankruptcy, the report added.

                     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.


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


TRINIDAD CEMENT: S&P Revises Outlook to Pos. & Affirms 'B-' CCR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Trinidad Cement Limited
Group (TCL) to positive from stable.  At the same time, S&P
affirmed its 'B-' corporate credit and issue-level ratings on TCL.

The outlook revision reflects TCL's better-than-expected operating
performance since the completion of its financial restructuring
and debt refinancing in August 2015.  The latter improved the
company's credit metrics and overall liquidity, and S&P's
expectation that this trend will continue in the next two years.
For the 12 months ended March 2016, TCL bolstered its
profitability with EBITDA margin rising to 29% from 21% in the
same period a year ago.  This was mainly thanks to energy costs
savings (including fuel and electricity) and the implementation of
various operating efficiency programs at all of its production
plants.  These factors have offset the relatively sluggish
economic and competitive conditions in the Caribbean market.
Moreover, TCL is taking advantage of its technical and managerial
service agreement that it signed with Cemex S.A.B. de C.V. as part
of its financial restructuring, which S&P expects will continue
boosting the company's performance in the next two years.

TCL has also generated solid cash flow due to its improved
operations, controlled working-capital management and capex, and a
gradual debt reduction in line with the amortization schedule of
its term loan.  As a result, the company's debt to EBITDA improved
to 1.9x from 4.2x and FOCF to debt to 24.4% from 8.5% for the same
period last year.

The positive outlook reflects S&P's view that TCL will continue to
focus on stabilizing its operations, while controlling working-
capital management and capex.  This, coupled with S&P's
expectations of a low single-digit revenue growth and a gradual
debt reduction in line with its amortization schedule, should
continue to strengthen its credit metrics and liquidity in the
next 12 months.  Specifically, S&P expects TCL to maintain debt to
EBITDA below 2.0x and FOCF to debt to improve towards 35% by the
end of 2016.

An upgrade is likely in the next 12 months if TCL maintains its
current operating and financial performance trend with debt to
EBITDA below 2.0x and generates cash flow with FOCF to debt above
25% on a consistent basis.  In S&P's view, this is likely to
happen given that the company is committed to maintain its
efficient cost structure and to achieve further operating
improvements, which will translate into a consistent low single-
digit EBITDA growth in the upcoming years.  In addition, S&P would
need to see greater stability in its top management for S&P to
consider an upgrade.

S&P could revise the outlook to stable if the company's operating
and financial improvements are not sustainable in the next 12-18
months.  This could be triggered by lower-than-expected EBITDA
margin amid a sharp decline in cement volume due to higher-than-
expected competitive environment and/or a deterioration in
macroeconomic fundamentals in the Caribbean region, or if the
company adopts a more aggressive financial strategy, including
additional debt and/or higher than anticipated dividend
distribution.  Such scenario would lead to debt to EBITDA above
2.0x and FOCF to debt below 25%.


=================
V E N E Z U E L A
=================

VENEZUELA: OAS Head Supports Call to Remove President
-----------------------------------------------------
Caribbean360.com reports that General Secretary of the
Organization of American States (OAS) Luis Almagro has called on
the hemispheric body to support a recall referendum to remove
Venezuela's President Nicolas Maduro from office.

But that Caribbean nation's Foreign Minister Delcy Rodriguez has
accused fellow OAS members of trying to stage a coup to overthrow
a legitimate government, according to Caribbean360.com.

In a report to representatives from the 34-member bloc, Mr.
Almagro painted a picture of suffering, chaos and crises in all
areas of life in Venezuela, Caribbean360.com notes.  Mr. Almagro
also highlighted the shortages of food and other basic goods which
have led to riots, and the opposition demands for a recall
referendum to get rid of Maduro, the report relays.

"What should be one of the wealthiest countries in the region is
facing unprecedented levels of poverty, a critical humanitarian
crisis and one of the highest violent crime rates in the world . .
. . This crisis is reaching a breaking point," Mr. Almagro said,
adding that the blame for it all rests squarely on the shoulders
of those in power, the report says.

Mr. Almagro urged the Permanent Council to agree that Venezuela
has violated the principles in the organization's Inter-American
Democratic Charter, the report relays.

"The Permanent Council should take the necessary steps to address
the unprecedented and unnecessary humanitarian crisis in
Venezuela.  The Permanent Council should take a stand on the
political prisoners and the persistent reports of torture.  The
Permanent Council should support the will of the Venezuela public
in their call for a recall referendum.  The Permanent Council must
act," the report quoted Mr. Almagro as saying.

The OAS head made several recommendations, including that: the
recall referendum be held before the end of 2016, in compliance
with the deadline after the collecting of signatures of 90 days,
would still provide time so it could be held this year; all
political prisoners be released immediately; the executive and
legislative branches of the Venezuelan government put aside their
differences and immediately start working together to respond to
the humanitarian crisis; all branches of government work together
to bring stability and security back to the country; a new Supreme
Court of Justice be appointed through a transparent process
jointly agreed upon by the Executive and the Legislative branches
of government; and an independent body to combat corruption,
composed of international experts, be created and empowered to
address the financial situation in Venezuela, the report notes.

But the Venezuelan Foreign Minister harshly criticized Ms. Almagro
and those who had come down on her country, and argued they were
meddling in affairs they have no right in, the report discloses.

"This is a coup that is being carried out in this organization to
overcome the legitimate government of Nicolas Maduro," Ms.
Rodriguez said, the report notes.  "How far will we go? What
precedents will we set?"

She further charged that Almagro was manipulating the OAS to
attack Venezuela -- "a clear infringement of the rules of this
organization," the report notes.  "You are using this organization
to twist the arms of the countries that are not subjective, but
Venezuela will not subject itself to the instructions of any
foreign government," Ms. Rodriguez declared.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2016, Moody's Investors Service has affirmed Venezuela's
Caa3 issuer and government bond ratings and changed the outlook to
negative from stable.  The government's senior secured and senior
unsecured government bond ratings were affirmed at Caa3, as were
the senior unsecured shelf and MTN program ratings at (P)Caa3.


                            ***********


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 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.


                   * * * End of Transmission * * *