TCRLA_Public/160706.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, July 6, 2016, Vol. 17, No. 132


                            Headlines



A R G E N T I N A

CHUBUT PROVINCE: Moody's Assigns B3 Rating to USD500MM Notes


B R A Z I L

BANCO DE DESENVOLVIMENTO: Moody's Cuts Rating to B1; Outlook Neg.
BRAZIL: Industry Output Posts Best Three-Month Streak Since 2012
DESENBAHIA: Moody's Lowers Issuer Rating to Ba3; Outlook Negative
FOMENTO PARANA: Moody's Affirms Ba3 Issuer Rating; Outlook Neg.
GOL LINHAS: S&P Lowers CCR to 'SD' & Removes from CreditWatch Neg.

MINAS GERAIS: Moody's Cuts Rating on 3rd Sr. Debt. Issuance to B1
OI SA: To Begin Talks With Creditors This Week, CEO Says
OLEO E GAS: Restarts Tubarao Martelo Oil Field


C A Y M A N  I S L A N D S

ARCH TECH: Shareholder to Receive Wind-Up Report on July 18
BLACKSTONE BH2: Shareholders' Final Meeting Set for July 14
CHINA FISHERY: Case Summary & 53 Largest Unsecured Creditors
CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino
FRESH MEADOWS: Shareholders' Final Meeting Set for July 27

GALENA FUND: Shareholder to Receive Wind-Up Report on Aug. 4
WILTSHIRE CREDIT: Shareholders' Final Meeting Set for July 18


D O M I N I C A N   R E P U B L I C

BANCO DE RESERVAS: Moody's Affirms B1 LT LC Deposit Rating
DOMINICAN REPUBLIC: Softens as Big Business Cranks the Pressure


M E X I C O

URBI DESARROLLOS: Sees Income of $103 Million in 12 Months


P U E R T O    R I C O

AEROPOSTALE INC: Seek to Dismiss Canadian Unit's Ch. 11 Case
AEROPOSTALE INC: Proposes to Pay $4.8MM Bonuses to Key Employees
GAMALIER GONZALEZ: Taps Heriberto Acevedo as Accountant
SPORTS AUTHORITY: Dick's $15M Bid Wins Auction for IP Assets


T R I N I D A D  &  T O B A G O

NATIONAL FLOUR MILLS: Tension With Jamaica Leading to Export Woes


X X X X X X X X X

* Unenforced & Arbitration Judgments Cost 14% of Cos. Over $50M


                            - - - - -


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A R G E N T I N A
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CHUBUT PROVINCE: Moody's Assigns B3 Rating to USD500MM Notes
------------------------------------------------------------
Moody's Investors Service has assigned a B3 (Global Scale) foreign
currency debt rating to the planned Secured Amortizing Notes to be
issued by the Province of Chubut for USD500 million due in 2026.

                         RATINGS RATIONALE

The planned issuance has been authorized by the Provincial Law II
N72 and by Governor's Decrees N541 and 924 of 2016.  The Notes
will constitute direct, general, unconditional and unsubordinated
obligations of the Province and will be secured by a percentage of
hydrocarbon royalties to be paid by Pan American Energy LLC
Argentine branch (B1, stable), to the Province.  The rating is in
line with the province's long term foreign currency issuer rating,
which carries a stable outlook.

The Province has the legal capacity to increase or reopen the
issue size up to USD650 million which will not have an impact in
the assigned rating.

The Notes will be denominated and payable in US dollars, will be
subject to the law of the State of New York and will provide a
grace period of 4 years before amortizing in twenty four quarterly
installments.  They will pay fixed interest rate on a quarterly
basis.

The Province of Chubut will use 50% of the net proceeds of the
issuance of the Notes to refinance existing debt and the remaining
50% to fund: 1) certain infrastructure works in municipalities of
the Province (1%); 2) certain infrastructure works in certain
rural areas of the Province (15%) and 3) other works to be agreed
upon with municipalities in the Province (34%).  After the
issuance of these Notes, Moody's anticipates that the ratio of
total debt to total revenues of the Province of Chubut will stay
above 60% approximately by the end of this year from the 41% at
the end of 2015 fiscal year.

The assigned B3 rating to the Bonds is based on preliminary
documentation received by Moody's as of the rating assignment
date.  Moody's does not expect changes to the documentation
reviewed over this period nor anticipates changes in the main
conditions that the Notes will carry.  Should issuance conditions
and/or final documentation of the Notes deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

                WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
sovereign and sub-sovereign entities, an upgrade or an outlook
change to positive of Argentina's sovereign bonds ratings could
lead to an upgrade or to an outlook change of the Province of
Chubut.  Conversely, a downgrade in Argentina's bond ratings or
outlook change to negative and/or deterioration in idiosyncratic
risk profiles arising in the Province of Chubut could exert
downward pressure on the ratings and could translate into a
downgrade.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.


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


BANCO DE DESENVOLVIMENTO: Moody's Cuts Rating to B1; Outlook Neg.
-----------------------------------------------------------------
Moody's America Latina Ltda has downgraded ratings assigned to
Banco de Desenvolvimento de Minas Gerais S.A. (BDMG), an entity
owned by the government of Minas Gerais.  Moody's downgraded the
long-term global local currency issuer rating to B1 from Ba3, and
the long and short-term Brazilian national scale issuer rating to
Baa3.br/BR-3 from A3.br/BR-2.  The short-term local currency
issuer rating of Not Prime remained unchanged.  The rating outlook
remains negative.

This action follows the downgrade of ratings for the state of
Minas Gerais to B1, from Ba3, on June 30, 2016.

The baseline credit assessment (BCA) of BDMG was also lowered to
b1, from ba3, reflecting the strong economic and financial
linkages between the regional development entity and its
government-shareholders.

This assessment and ratings assigned to Banco de Desenvolvimento
de Minas Gerais S.A. were downgraded:

  Baseline credit assessment to b1, from ba3
  Long-term global local currency issuer rating to B1, from Ba3;
   negative outlook
  Long-term Brazilian national scale issuer rating to Baa3.br,
   from A3.br
  Short-term Brazilian national scale issuer rating to BR-3, from
   BR-2

This rating assigned to Banco de Desenvolvimento de Minas Gerais
S.A. remained unchanged:

  Short-term global local currency issuer rating at Not Prime

                        RATING RATIONALE

The rating downgrade reflects the rapid deterioration of Minas
Gerais' fiscal position led by continuing revenue decline and
rigid cost structure that translates into weak credit metrics that
no longer compare favorably with rated peers.

In lowering the BCA of BDMG to b1, Moody's notes the strong
macroeconomic and institutional linkages between BDMG and its
state government-shareholder.  BDMG's strategy is highly aligned
with the state's development policy and to its local economy, both
of which exhibit important concentration in certain segments.  In
addition, BDMG has relatively high exposure to public sector
through loans to municipalities, that accounted for 13.7% of total
loans or 47.2% of equity in 1Q16.  The b1 BCA also reflects the
continued deterioration in the bank's financial performance over
the past quarters resulting from rising asset risk conditions and
reduced loan disbursements, factors that will continue to
challenge BDMG's profitability over the coming quarters.  In March
2016, provisions for loan losses accounted for a very high 85.7%
of pre provision income, reflecting the increasing deterioration
of credit quality.  In addition, the bank's restructured loans
increased roughly 14% in the quarter, representing 13.6% of total
loans as of March 2016.

In the last 12 months, BDMG continued to present higher than
industry portfolio growth, with loan book increasing 10.7% in
March 2016.  However, BDMG's lower net income in the first quarter
implies in lower internal capital generation.  Moody's observes a
gradual and steady decline on its capital position over the past
three years, with reported CET1 ratio staying at 14.75% in 1Q16.

The outlook on BDMG's B1 local currency issuer rating is negative,
in line with the outlook on the rating assigned to the state of
Minas Gerais.

WHAT COULD CHANGE THE RATING DOWN

In the event the ratings of the State of Minas Gerais are
downgraded further, BDMG's ratings and assessments will face
downward pressure as well.  The bank's ratings may also face
downward pressure if Brazil's very challenging operating
environment results in further deterioration of its financial
fundamentals, particularly profitability, asset quality, and
capitalization, even if the ratings of the shareholders remain
unchanged.

METHODOLOGY AND LAST RATING ACTION

The principal methodology used in these ratings was Government-
Related Issuers published in October 2014.

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.

The last rating action on Banco de Desenvolvimento de Minas Gerais
S.A. was on May 11, 2016, when Moody's America Latina downgraded
the entity's national scale issuer ratings to A3.br/BR-2, from
A2.br/BR-1, long and short term respectively.  This rating action
followed the recalibration of Brazilian national scale ratings in
face of the publication of Moody's updated methodology "Mapping
National Scale Ratings from Global Scale ratings".  All other
baseline credit assessment and short-term rating remained
unchanged.


BRAZIL: Industry Output Posts Best Three-Month Streak Since 2012
----------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's industrial
output stayed flat in May as business confidence recovers on hopes
the new administration of Acting President Michel Temer will pull
Latin America's largest economy out of recession.

The result was in line with the median forecast from 37 economists
surveyed by Bloomberg and followed a revised 0.2 percent increase
in the prior month.  Not since 2012 has Brazil's industry gone
three straight months without a contraction.  From a year earlier,
industrial production fell 7.8 percent, the national statistics
agency said, according to Bloomberg News.

Bloomberg News notes that industry pessimism has begun to
dissipate in Brazil despite some initial stumbles of Temer's
administration.  Business confidence has spiked from record lows
to its highest level since 2014.  Meantime slowing inflation has
the market betting the central bank will find space to lower
interest rates before year-end, Bloomberg News says.

Output of capital goods, a barometer of investment, rose 1.5
percent in May, its fifth straight month of gains. Production of
consumer durable goods climbed 5.6 percent after a 4.1 percent
decline in the previous month, 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.


DESENBAHIA: Moody's Lowers Issuer Rating to Ba3; Outlook Negative
-----------------------------------------------------------------
Moody's America Latina Ltda has downgraded the supported ratings
assigned to Desenbahia -- Agencia de Fomento do Estado da Bahia
S.A., an entity owned by the government of Bahia.  Moody's
downgraded the long-term global local currency issuer rating to
Ba3 from Ba2, and the long-term Brazilian national scale issuer
rating to A2.br from Aa3.br.  The baseline credit assessment (BCA)
of Desenbahia remains unchanged at ba3 as well as the short-term
ratings, both in global and national scale.  The rating outlook
remains negative.

This action follows the downgrade of ratings for the state of
Bahia to Ba3, from Ba2, on June 30, 2016.

These ratings assigned to Desenbahia -- Agencia de Fomento do
Estado da Bahia S.A. were downgraded:

  Long-term global local currency issuer rating to Ba3, from Ba2;
   negative outlook
  Long-term Brazilian national scale issuer rating to A2.br, from
   Aa3.br

This assessment and ratings assigned to Desenbahia -- Agencia de
Fomento do Estado da Bahia S.A. remained unchanged:

  Baseline credit assessment at ba3
  Short-term global local currency issuer rating at Not Prime,
   negative outlook
  Short-term Brazilian national scale issuer rating at BR-1

                         RATING RATIONALE

The rating action on Desenbahia was prompted by the downgrade of
the state of Bahia that reflects the recent marked deterioration
in the state's fiscal position, which resulted in weaker credit
metrics relative to Ba2-rated peers.

Desenbahia's BCA is appropriately positioned at ba3 and reflects
the strong macroeconomic and institutional linkages between the
entity and its state.  Desenbahia's strategy is highly aligned to
with the development policy of the state and vulnerable to its
local economy.  In addition, Desenbahia has relatively high
exposure to public sector through loans to municipalities, that
accounted for 16% of total loans or almost 20% of its
shareholders' equity in 2015.

The outlook on Desenbahia's Ba3 local currency issuer rating is
negative, in line with the outlook on the rating assigned to the
state of Bahia.

                WHAT COULD CHANGE THE RATING DOWN

Desenbahia's issuer ratings have a negative outlook aligned with
the outlook on the ratings assigned to its shareholders.  In the
event the ratings of the State of Bahia are downgraded further,
Desenbahia's ratings and assessments will face downward pressure
as well.  A consistent deterioration in entity's asset risk
position leading to losses would have negative effect on the ba3
standalone BCA.


FOMENTO PARANA: Moody's Affirms Ba3 Issuer Rating; Outlook Neg.
---------------------------------------------------------------
Moody's America Latina Ltda has affirmed Agencia de Fomento do
Parana S.A.'s Ba3 long-term global local currency issuer rating
and changed the outlook on the rating to negative, from stable.
The entity's short-term global local currency issuer rating of Not
Prime, Brazilian national scale issuer ratings of A1.br and BR-1,
long- and short-term, respectively, and its ba3 baseline credit
assessment (BCA) were not affected.

This rating action follows the outlook change to negative, from
stable, on the long-term issuer rating of the State of Parana.

This rating of Fomento Parana was affirmed and had its outlook
changed to negative:

   -- Long-term global local currency issuer rating of Ba3

                         RATINGS RATIONALE

The negative outlook on Fomento Parana's Ba3 global local currency
issuer rating is in line with the negative outlook on the Ba3
global local currency rating of its regional government-
shareholder, the State of Parana.  Fomento Parana's Ba3 issuer
rating no longer benefits from uplift related to affiliate support
because the rating of the State of Parana is at the same level as
the entity's standalone BCA of ba3.

Fomento Parana's ba3 BCA, in turn, reflects the entity's
unsupported credit risk profile, which is underpinned by a small
regional franchise providing medium to long-term financing to
municipalities in Parana, and a strategic profile fully aligned to
the state government's development plans.

Agancia de Fomento do Parana S.A. is headquartered in Curitiba,
Brazil and had assets of BRL1.62 billion ($410.9 million) and
equity of BRL1.44 billion ($364.2 million) as of Dec. 31, 2015.


GOL LINHAS: S&P Lowers CCR to 'SD' & Removes from CreditWatch Neg.
------------------------------------------------------------------
S&P Global Ratings said it lowered its corporate credit rating on
Gol Linhas Aereas Inteligentes S.A. to 'SD' (selective default)
from 'CC'.  At the same time, S&P Global Ratings lowered its
issue-level ratings on GOL's senior unsecured notes to 'D'
(default) from 'CC'.  The 'BB' rating on GOL's term loan is
affirmed, reflecting its guarantee by Delta Air Lines Inc.
(BB+/Stable/--).  S&P has also removed the ratings from
CreditWatch with negative implications, where they had been placed
May 4, 2016.

The recovery ratings on GOL's senior unsecured notes are unchanged
at '4', with an average recovery of 30%-50% (at the lower end of
the range), while the recovery ratings on the term loan are
unchanged at '5', with an expected recovery of 10%-30%, (at the
lower end of the range).

"The downgrade reflects our assessment that the exchange of part
of GOL's senior unsecured notes that matured in 2017, 2020, 2022,
and 2023, and its perpetual notes, are considered as a distressed
exchange, or tantamount to a default on the obligations," said S&P
Global Ratings credit analyst Marcus Fernandes.  The noteholders
that agreed with the exchange will receive materially less than
originally promised, because the exchange includes an average
haircut to the notes of about 50% of face value, part of it to be
paid in cash and part with new bonds maturing in 2018, 2021, and
2028.

The 'SD' corporate credit rating also reflects S&P's expectation
that GOL will continue servicing its other debts, including
secured debt and leases.  This rating action does not affect the
'BB' rating on GOL's $300 million term loan, which S&P expects to
continue to be serviced according to original terms and
conditions, as it is guaranteed by Delta Air Lines.

S&P expects to review the corporate and debt ratings on GOL over
the next business day, once S&P assess the impact of the
restructured unsecured debt characteristics on GOL's capital
structure, financial risk profile, and liquidity.


MINAS GERAIS: Moody's Cuts Rating on 3rd Sr. Debt. Issuance to B1
-----------------------------------------------------------------
Moody's America Latina has downgraded to B1 (sf) from the Ba3 (sf)
(global scale rating, local currency) and to Baa3.br (sf) from
A3.br (sf) (national scale rating) of the third issuance of senior
debentures backed by re-performing ICMS taxes issued by MGI- Minas
Gerais Participacoes (MGI).

The rating action follows Moody's decision to downgrade the rating
of the State of Minas Gerais to B1 from Ba3 (global scale, local
currency), negative outlook.

Issuer: MGI - Minas Gerais Participacoes S.A. third issuance of
debentures backed by re-performing ICMS taxes

   -- Senior Debenture, Downgraded to B1 (sf) from Ba3 (sf)
      (global scale, local currency) and to Baa3.br (sf) from
      A3.br (sf) (national scale).

The senior debentures are backed by the right to receive 60% of
collections resulting from monthly payments of renegotiated ICMS
taxes (Imposto sobre Operacoes Relativas Ö Circulacao de
Mercadorias e Prestacao Serviáos de Transporte Interestadual e
Intermunicipal e de Comunicacao) originally owed to the State of
Minas Gerais.

MGI is a public limited company almost wholly owned (99.8%) by the
State of Minas Gerais (B1, negative outlook).

                         RATINGS RATIONALE

The rating of the State of Minas Gerais were downgraded as a
result of the rapid and ongoing deterioration of the state's
fiscal position.  Continuing revenue decline and a rigid cost
structure has translated into weak credit metrics that no longer
compare favorably with rated peers.

Although MGI is the sole obligor under the debentures and
investors have no recourse to the State of Minas Gerais under the
transaction, MGI and the State of Minas Gerais are closely related
given the extent of the state's ownership of MGI and the portion
of the transaction's subordinated debt it holds.  Moody's views
this transaction linked to the State of Minas Gerais' rating.

The transaction has performed within expectations, with an average
debt service coverage ratio (DSCR) of 2.30x over the last 12-
months ending April 2016, above the minimum requirement of 1.8x.
The asset coverage ratio as of April 2016 was 299%, higher than
the 200% trigger level.

Moody's notes that a non-automatic event of default was triggered,
related to MGI failing to timely deliver audited financial
statements. A debt holder's meeting was called in May 2016,
however, the 33% of debt holders that attended and voted towards
the event of default, were insufficient quorum to trigger the
event.

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

Factors that would lead to a downgrade include a deterioration of
the collateral performance and a further downgrade of the rating
of the State of Minas Gerais.

                        RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Future Receivables Transactions," published in
June 2015.

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.


OI SA: To Begin Talks With Creditors This Week, CEO Says
--------------------------------------------------------
Alberto Alerigi Jr. reports that Oi SA plans to start meetings
with bondholders and banks this week as part of the country's
biggest-ever bankruptcy protection process, Chief Executive Marco
Schroeder said.

To restructure its BRL64.5 billion ($20 billion) of bonds, bank
debt and other liabilities, Oi SA will propose a mix of cuts in
the nominal debt value, extension of maturities and conversion of
debt to equity, he said in a phone interview, according to
Reuters.  Mr. Schroeder did not elaborate on the terms to be
proposed.

The phone carrier does not plan to sell Brazilian assets, but may
divest from African companies previously owned by Portugal Telecom
SGPS SA, before the two firms merged in 2013, the report notes.
Mr. Schroeder said some companies have shown interest in the
African assets.

A judge in Rio de Janeiro accepted Oi SA's request for bankruptcy
protection, citing its importance to the Brazilian economy in
light of its 70 million clients and 140,000 employees, says the
report.

Oi SA's preferred shares fell 6 percent in Sao Paulo trading,
bringing the total drop this year to 34 percent, the report
relays.

                                 About Oi SA

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.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.


OLEO E GAS: Restarts Tubarao Martelo Oil Field
----------------------------------------------
Jeb Blount at Reuters reports that Brazil's Oleo e Gas
Participacoes SA, which has been under bankruptcy protection for
nearly three years, said on July 4 it has restarted output from
its Tubarao Martelo offshore oil field near Rio de Janeiro after a
four-month outage.

The restart came after Oleo e Gas, formerly known as OGX Petroleo
e Gas Participacoes SA, received permission from Brazil's oil
regulator ANP, according to Reuters.

Output had been shut since March 6, when the field produced 6,222
barrels of oil, according to the Oleo e Gas website.  That is
barely a trickle of the up to 100,000 barrels per day of oil the
field's OSX3 floating production storage and offloading platform
was designed to produce, the report notes.

Oleo de Gas did not say how much oil Tubarao Martelo is now
producing, the report says.

Oleo e Gas was the oil and gas unit of Brazilian tycoon Eike
Batista's EBX industrial group. EBX collapsed in the face of
rising debt and project delays after OGX was unable to meet oil
output projections, the report discloses.

                       About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

As reported in the Troubled Company Reporter - Latin America on
Jan. 22, 2016, Hannah Sheehan at Law360.com reports that a British
High Court judge upbraided OGX Petroleo e Gas Participacoes S.A.,
now known as Oleo e Gas, for omitting evidence in an attempt to
escape a London arbitration proceeding brought by two foreign
firms.

Justice Richard Snowden expressed dismay that OGX Petroleo never
revealed that the dispute in arbitration over $78.73 million in
unpaid ship charter fees was not subject to the company's
reorganization plan, which the Fourth Corporate Court of Rio de
Janeiro approved after OGX filed for bankruptcy in Brazil,
according to Law360.com.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.


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


ARCH TECH: Shareholder to Receive Wind-Up Report on July 18
-----------------------------------------------------------
The shareholder of Arch Tech Education Limited will receive on
July 18, 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:

          Lui Ming Ho
          AIA Central, 32nd Floor
          1 Connaught Road Central
          Hong Kong
          Telephone: +852 3719 3353
          Facsimile: +852 2918 0881


BLACKSTONE BH2: Shareholders' Final Meeting Set for July 14
-----------------------------------------------------------
The shareholders of Blackstone BH2 Offshore Fund Ltd. will hold
their final meeting on July 14, 2016, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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



CHINA FISHERY: Case Summary & 53 Largest Unsecured Creditors
------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

   Debtor                                                 Case No.
   ------                                                 --------
   China Fishery Group Limited (Cayman)                   16-11895
   Rooms 3201-3210, Hong Kong Plaza
   188 Connaught Road West
   Hong Kong

   Pacific Andes International Holdings Limited (Bermuda) 16-11890

   N.S. Hong Investment (BVI) Limited                     16-11899
   South Pacific Shipping Agency Limited (BVI)            16-11924
   China Fisheries International Limited (Samoa)          16-11896
   CFGL (Singapore) Private Limited                   16-11915
   Chanery Investment Inc. (BVI)                   16-11921
   Champion Maritime Limited (BVI)                    16-11922
   Growing Management Limited (BVI)                   16-11919
   Target Shipping Limited (HK)                     16-11920
   Fortress Agents Limited (BVI)                   16-11916
   Ocean Expert International Limited (BVI)            16-11917
   Protein Trading Limited (Samoa)                    16-11923
   CFG Peru Investments Pte. Limited (Singapore)          16-11914
   Smart Group Limited (Cayman)                           16-11910
   Super Investment Limited (Cayman)                      16-11903

Nature of Business: Commercial Fishing

Chapter 11 Petition Date: June 30, 2016

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

Judge: Hon. James L. Garrity Jr.

Debtors' Counsel: Howard B. Kleinberg, Esq.
                  Edward J. LoBello, Esq.
                  Jil Mazer-Marino, Esq.
                  MEYER, SUOZZI, ENGLISH & KLEIN, P.C.
                  990 Stewart Avenue, Suite 300
                  Garden City, NY 11530
                  Tel: (516) 741-6565 Ext. 5718
                  Fax: (516) 741-6706
                  E-mail: hkleinberg@MSEK.com
                          elobello@msek.com
                          jmazermarino@msek.com

Debtors'
Financial
Consultant:       RSR CONSULTING, LLC AND
                  GOLDIN ASSOCIATES, LLC

Estimated Assets: $500 million to $1 billion

Estimated Liabilities: $10 million to $50 million

The petition was signed by Ng Puay Yee, chief executive officer.

List of Debtors' 53 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
Rabobank Intl, HK                                      $96,503,494
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

DBS Bank (HK) Ltd                                      $96,503,494
16th Fl, The Center
99 Queens Road
Central Hong Kong

HSBC                                                   $96,503,494
L16, HSBC Main Bldng
1 Queen's Road
Central, Hong Kong

Standard Chartered Bnk (HK) Ltd                        $96,503,494
15/F, Stndrd Charter Bnk Bldng
4-4A Des Voeux Road
Central Hong Kong

China CITIC Bnk Intl Ltd                               $32,167,831
80th Fl, Intl Commerce Cntr
1 Austin West
Kowloon Hong Kong

TMF Trustee Ltd                                       $296,000,000
Corporate Trust
5th Fl, 6 St. Andrew St
London, EC4A 3AE
United Kingdom

Rabobank NFS Finance                                  $102,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

Maybank                                                $95,000,000
18/F CITIC Tower
1 Tim Mei Avenue
Central Hong Kong

Rabobank                                               $94,375,235
Pickenpack Facility Agmnt
32/F, Three Pacific Place
1 Queens Road East
Hong Kong

Tapei Fubon Com Bk Co Ltd                              $72,000,000
12F 169, Sec 4, Ren Ai Rd
Taipei, 106886
Taiwan

CITIC                                                  $70,900,000
61-65 Des Voeux Road
Central Hong Kong

DBS                                                    $58,000,000
16th Floor, The Center
99 Queens Road
Central Hong Kong

Maybank                                                $40,000,000
18/F CITIC Tower
1 Tim Mei Avenue
Central Hong Kong

Bank of America, N.A.                                  $30,000,000
52/F. Cheung Kong Center
2 Queen's Road Central
Central Hong Kong

Bank of America                                        $30,000,000
52/F, Cheung Kong Center
2 Queens Rd Central
Central Hong Kong

Rabobank                                               $22,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

Brndbrg Mrt Invst Hldng                                $15,558,581
L8, Medine Mews
La Chaussee
Port Louis, Mauritius

Andes Int'l Qingdao Ship                               $13,651,769
N67 Yin Chuan Xi Rd, BID
Qingdao Amintn Ind Pk 4F1
Qingdao City 266000
Shandong Province, China

Rabobank                                               $12,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

Fubon                                                  $11,000,000
Fubon Bank
38 Des Voeux Road
Central Hong Kong

Standard Charter Bank                                   $8,000,000
Standard Charter Bank Building
5/F 4-4A Des Voeux Rd
Central Hong Kong

DLA PIPER HONG KONG                                     $1,789,232
17th Flr, Edinburgh Twr
The Landmark
15 Queen's Road Central
Hong Kong

Grant Thornton Recovery                                   $907,427
Level 12, 28 Hennessy Rd
Wanchai Hong Kong

Brndbrg Nam Invt Co                                       $783,559
Erf 2347 10th St E
Industrial Area
PO Box 658 Walvisbay
Republic of Namibia

Deloitte Touche Tohmatsu                                  $682,261
35/F One Pacific Place
88 Queensway
Hong Kong

Baraka Seari Ltd                                          $657,200
Rm 1401-2
Easey Comercial Bldng
253-261 Hennessy Rd
Wanchai, Hong Kong

Meridian Invst Group Pte                                  $442,001
138 Cecil Street
#12-01 A Cecil Court
Singapore 069538
Singapore

Taishin                                                  $400,000
No. 118, Sec 4, Ren-ai Rd
Da-an District
Taipei City 106
Taiwan

Deloitte & Touche Fin Adv                                $384,615
32/F Once Pacific Place
88 Queensway
Hong Kong

RSM Corp Advisory HK Ltd                                 $384,615
29th Lee Garden Two
28 Yun Ping Road
Causeway Bay
Hong Kong

Guangtai Trading Ltd                                     $345,552
Trust Company Complex
Ajeltake Rd, Majuro
Rep of the Marshall Is
MH96960

Sang II Trading Co Ltd.                                  $342,854
Rm 504, 125 Wonyang-Ro
Seo-Gu, Busan 602-030
South Korea

Atl Pacific Fishing Ltd                                  $341,149
Erf 2347 10th Street East
Industrial Area
PO Box 658 Walvisbay
Republic of Namibia

PricewaterhouseCoopersLtd                                $256,410
22/F Prince's Building
Central Hong Kong

Deloitte Touche Tohmatsu                                 $251,282
35/F One Pacific Place
88 Queensway Hong Kong

Qingdao Jncai Plgic Fish                                 $231,150
No. 1 Chang An Rd
4th F1, Shibei District
Qingdao City 266000
Shandong Prov China

Rngchng Lngyn Ship Agcy                                  $209,624
Xixiakou County
ChengShan Town
RongCheng City
Shandong, China

Baker & McKenzie                                         $200,275
14/F, Hutchison House
10 Harcourt Road

Central Hong Kong

Andes Intl Qingdao Shp 4F                                $173,231
N67 Yin Chuan Xi Rd Bk D
Qingdao Amination Ind Pk
ShinanDstQingdaoCty 266000
Shandong Province, China

Andes Intl Qingdao Shp 4F                                $173,231
N67 Yin Chuan Xi Rd Bk D
Qingdao Amination Ind Pk
ShinanDstQingdaoCty 266000
Shandong Province, China

Sifang Dist Haiynbo Ship                                 $158,265
Accessories Supply Center
No.7 Wen Zhou Rd
Qingdao Shandong, China

QINGDAO SHNGBNGKN TRD                                    $148,924
Trde Cntr Chengyang Vil
Chengyang Street
Chengyang District
Qingdao Shandong China

Andes Int'l Shpng Agcy                                   $118,175
N67 Yin Chuan Xi Rd, BID
Qingdao Amntn Ind Pk 4F1
Qingdao City 266000
Shandong Province, China

Qingdao Drfng Gng Co Ltd                                 $116,914
No.31 Yongping Rd
Qingdao, China

Rngchng Hetai Shngm Co                                   $115,366
Rongcheng Bay Street Office
Xuangzhen Village
Shandong, China

Mourant Ozannes Sery Ltd                                 $110,947
13/F Entertainment Bldng
30 Queen's Road
Central Hong Kong

City N Dst, Shanghai Elec                                $101,884
Huatong Elec Dstr Dept
No.232
Weihai Road, Qingdao
Shandong, China

Alatir Ltd.                                          $104,286,159
No 80 Raffles Pl, #26-02
UOB Plaza One
Singapore 048625

Epiq Systems Limited                                      $95,668
1102-1104 Central Plaza

18 Harbour Road
Wanchai Hong Kong

Shell Marine Prod Sing                                     $83,454
Metropolis Tower 1
9N Buona Vsta Dr, 07-01
Singapore 138588

Shangong Haoyuntong                                        $81,545
Nets Technology Co., Ltd
No.318 Muyun Rd
Shidao, Rongcheng
Shandong, China

Sang Il Trading Co Ltd                                     $77,827
Rm 504, 125, Wonyang-Ro
Seo-Gu, Busan 602-030
South Korea

Perun Ltd.                                            Unliquidated
No 80 Raffles P1, #26-01
UOB Plaza One


CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino
---------------------------------------------------------
China Fishery Group Limited, the Singapore-listed unit of Hong
Kong's Pacific Andes International Holdings Ltd., filed a
voluntary petition under Chapter 11 of the Bankruptcy Code in the
U.S. Bankruptcy Court for the Southern District of New York on
June 30, 2016.

China Fishery, which sought bankruptcy protection with 15
affiliates, seeks to implement a restructuring of their businesses
and utilize the automatic stay to prevent creditors from forcing a
fire sale, which would preclude structurally subordinated
creditors and shareholders from realizing value.

The Debtors intend to operate their businesses in the ordinary
course during these Chapter 11 cases.

According to documents filed with the Court, "[T]he value of the
CF Group is in jeopardy as a result of the aggressive and improper
acts by certain lenders and natural events (El Nino) that together
have triggered a liquidity crisis.  A small group of lenders have
grown impatient with (or are outright hostile to) a sale process
that the Debtors commenced pre-petition and are threatening to
enforce their rights against their respective Debtor obligors."

Ng Puay Yee, managing director of Pacific Andes, said that while
the Pacific Andes Group's initial goal was to maintain their
businesses while finding sufficient cash to pay off their
obligations, by September of 2015 it had become evident that they
might need to take drastic steps to preserve as much of the
Pacific Anded Group as possible.  Accordingly, it was contemplated
that some or all of the CF Group would be sold.  At that time, an
estimated market value of $1.6 to $1.7 billion had been placed on
the CF Group by Deloitte & Touche Financial Advisory Services,
Hong Kong.  Had a sale been consummated in this range, the Initial
Proposed Divestment would have allowed all creditors of Pacific
Andes to be paid in full.

                        Appointment of JPLs

On Nov. 25, 2015, all negotiations were derailed by the ex parte
commencement by The Hongkong and Shanghai Banking Corporation
Limited of an action in the Hong Kong Court seeking the winding up
of China Fishery Group Limited and China Fisheries International
Limited and the appointment of joint provisional liquidators.

Three joint provisional liquidators were appointed on an ex parte
basis over CFGL and CFIL, two of the Debtors.  On Jan. 5, 2016,
their appointment was quashed by the very court that appointed
them
due to a failure by the petitioning party to have presented any
credible evidence supporting the appointment of the JPLs.
Moreover, the Court found that the evidence that HSBC had
submitted was stale and did not merit the appointment in any way.

"The appointment of the JPLs severely impacted negotiations with
potential buyers and investors.  The uncertainty caused by the
appointment of the JPLs, and the suspension of operations,
unsettled buyers and investors.  Moreover, a forced deadline of
July 15, 2016, by which a sale must be completed has led many
potential buyers to take a "wait and see" attitude in hopes that
there might be a fire sale," Mr. Yee maintained.

               Restructuring Process for CFG Peru

In light of the immense and long standing financial difficulties
and ongoing threats that were faced by or made against CFG Peru
and the CF Group, especially with respect to its Peruvian
business, the CF Group concluded that it was necessary to protect
the Peruvian business of the CF Group.

On June 30, 2016, ordinary insolvency proceedings were commenced
in respect of each of CFG Investment, Copeinca and Sustainable
Fishing Resources by way of an involuntary petition since the
Peruvian Filing Entities were unable to satisfy the technical
requirements of being able to submit audited financial statements
for the fiscal year period ending April 30, 2016.  Shortly after
the commencement of the Peruvian Restructuring Proceedings, given
the integral nature of the Peruvian Filing Entities to the
Peruvian Andes Group and the CF Group, each of the Peruvian Filing
Entities filed a petition under Chapter 15 of the Bankruptcy Code
seeking recognition of the Peruvian Restructuring Proceedings by
the Bankruptcy Court.

                       About China Fishery

China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group known
as the Pacific Andes Group, which is the 12th largest seafood
company in the world and one of the world's foremost vertically
integrated seafood companies.  The Pacific Andes Group provides
seafood products to leading global wholesalers, processors and
food service companies and has operations across the seafood value
chain.

As part of its business, the Pacific Andes Group engages in
harvesting, sourcing, ocean logistics and transportation, food
safety testing, processing, marketing and distribution of frozen
fish products, as well as fishmeal and fish oil.  The Pacific
Andes Group's businesses span the globe with major operations in
the People's Republic of China, the United States and Peru,
including processing businesses in China, Germany, France, the
United States and Peru.

The Debtors are comprised primarily of investment holding
companies and non-operating companies that previously were in the
business of trading frozen seafood products or providing freight
services.  The Debtors also include: Protein Trading, a fishmeal
trading company; SPSA, which provides shipping agency services;
CFGLPL, a property investment company; and CFIL.

CFG Investment S.A.C. Corporacion Pesquera Inca S.A.C. and
Sustainable Fishing Resources, S.A.C. are affiliates of the
Debtors, part of the CF Group, the subject of insolvency
proceedings in Peru and the subject of Chapter 15 filings before
the Bankruptcy Court.  Pacific Andes Resources Development Limited
is also contemplated to be the subject of insolvency proceedings
in Singapore and a Chapter 15 proceedings before the Bankruptcy
Court.

As of March 28, 2015, the Pacific Andes Group, on a consolidated
and unaudited basis, held approximately $4,669 million in assets
and $2,515 million in liabilities.  As of the Petition Date, the
Debtors have approximately $4.27 million of cash on hand,
including $1,687,007 on account of Meyer, Zuozzi, English, &
Klein, P.C. in New York (in the form of a retainer for the
rateable account of all Debtors), $1,720,000 on account with
Goldin Associates, LLC in New York and $650,000 on account with
RSR Consulting, LLC.

The CF Group employs more than 2,800 people, of which 2,400
employees are based in Peru.

The Debtors are represented by Howard B. Kleinberg; Edward J.
LoBello and Thomas R. Slome of Meyer, Suozzi, English & Klein as
counsel.  RSR Consulting LLC and Goldin Associates, LLC are the
Debtors' financial consultant.

The Debtors have requested joint administration of their Chapter
11 cases under Case No. 16-11895.


FRESH MEADOWS: Shareholders' Final Meeting Set for July 27
----------------------------------------------------------
The shareholders of Fresh Meadows Investments Ltd. will hold their
final meeting on July 27, 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:

          Mario Joao Malagrino
          Telephone: +5577 99606 - 6577
          e-mail: corinthians51@hotmail.com
          c/o Harneys Services (Cayman) Limited
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1 1002
          Cayman Islands


GALENA FUND: Shareholder to Receive Wind-Up Report on Aug. 4
------------------------------------------------------------
The shareholder of Galena Fund L.P. will hear on Aug. 4, 2016, at
10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Graham Robinson
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands


WILTSHIRE CREDIT: Shareholders' Final Meeting Set for July 18
-------------------------------------------------------------
The shareholders of Wiltshire Credit Opportunities Fund Limited
will hold their final meeting on July 18, 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:

          Andrew Morrison
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          c/o Sandipan Bhowmik
          Telephone: +1 (345) 743 6830
          e-mail: sandipan.bhowmik@fticonsulting.com


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


BANCO DE RESERVAS: Moody's Affirms B1 LT LC Deposit Rating
----------------------------------------------------------
Moody's Investors Service affirmed the long-term local and foreign
currency deposit ratings of B1 and B2 of Banco de Reservas de la
Republica Dominicana (Banreservas) and changed the outlook to
positive from stable.

The rating action follows Moody's outlook change on the Dominican
Republic (DR)'s B1 government bond rating to positive from stable.
For details on this rating action please refer to Moody's press
release "Moody's changes outlook on Dominican Republic sovereign
rating to positive from stable, affirms B1 rating", dated June 29,
2016.

Banreservas' b3 baseline credit assessment (BCA) and adjusted BCA
are unaffected by this action, as are its short term local and
foreign currency deposit ratings of Not Prime, as well as the
B1(cr) and Not Prime(cr) long and short term counterparty risk
assessments.  The bank's B2 foreign currency subordinated debt
rating also remained unaffected.

These ratings were affirmed, with the outlook changed to positive
from stable:

Banco de Reservas de la Republica Dominicana:
  Long term local currency deposit rating of B1
  Long term foreign currency deposit rating of B2

                         RATINGS RATIONALE

Moody's outlook change on Banreservas' long-term deposit ratings
to positive from stable is in line with the action taken on the
outlook for the Dominican Republic's B1 government bond rating on
June 29.  The positive outlook on the sovereign rating reflects
Moody's expectation that the country's debt burden will continue
to fall over the next two years supported by a reduced fiscal
deficit.  The sovereign action also captures the DR's robust
growth outlook, which compares favorably to rating peers, and
which leads to a rise in the country's income levels.

The bank's B1 local currency deposit rating benefits from two
notches of uplift from the b3 BCA, incorporating Moody's
assumption of full support from the government.  This assumption
is based on the government's 100% ownership of the bank, the close
financial and business links between the bank and the government,
as well as the importance of Banreservas' deposit and lending
franchise as the country's largest bank.

The banks' B2 foreign currency deposit rating is constrained by
the Dominican Republic's sovereign ceiling for foreign currency
deposits.  Should the DR's government bond rating be upgraded and
its foreign currency deposit ceiling -- which is one notch below
the sovereign bond rating -- be lifted, Banreservas' foreign
currency deposit rating would also face upward pressure.

Banreservas' b3 BCA reflects the bank's modest capital, high
single-borrower concentrations and net interest margins that are
below the system's average.  While capitalization has been
enhanced by the passage of a law in December 2014 that made the
bank to nearly double its reported paid-in capital as of March
2016 from year-end 2014 levels, it has remained weak due to
continued rapid loan growth, which can also stress the currently
strong asset quality.  These credit challenges are in part offset
by the bank's access to captive sources of funding, particularly
from the national government and government-related entities, as
well as its healthy liquidity buffers.

The BCA also considers the DR's Weak macro profile, which
incorporates the country's weak institutions, reflected by its low
scores on the World Bank governance indicators and mixed track
record of macroeconomic stability.  These challenges are only
partly mitigated by the country's economic dynamism.

"Notwithstanding relatively moderate government exposures at about
a quarter of total assets, as measured by the sum of holdings of
government securities and government direct lending, there is
still the risk that Banreservas may further help finance the
government's fiscal deficits, in part related to the ailing state-
owned electric transmission and distribution system," said Moody's
Analyst Georges Hatcherian.

Banreservas' B2 foreign currency subordinated debt rating is one
notch below the bank's B1 local currency deposit rating,
benefiting from an assumption of high government support.

          WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN

Should the DR's government bond rating be upgraded, Banreservas'
long-term deposit ratings would also face upward pressure.  The
BCA could be lifted if evidence exists that the observed
improvements in asset quality and good profitability over the past
two years are sustainable over time, while the government
exposures remain steady.

Downward pressures on the bank's ratings are limited at this
juncture given the positive outlook on the sovereign.  However,
the outlook on the banks' ratings could stabilize if the sovereign
outlook stabilizes.  Downward pressure on the BCA could result
from deterioration in asset quality, liquidity and profitability,
or in the case of hefty transfer of resources to the government,
significantly beyond those mandated by law.

The last rating action on Banreservas was on June 3, 2015, when
Moody's lowered the bank's adjusted BCA to b3 from b1, and
affirmed its deposit and debt ratings.

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

Headquartered in Santo Domingo, the Dominican Republic,
Banreservas reported total consolidated assets of DOP401 billion
(about $8.8 billion) and total shareholders' equity of DOP26.8
billion (around $587 million) as of March 2016.


DOMINICAN REPUBLIC: Softens as Big Business Cranks the Pressure
---------------------------------------------------------------
Dominican Today reports that after National Business Council
president Rafael Blanco called for reforms and said the country's
political system had collapsed, several business and industrial
associations expressed their support.

Government spokesman Roberto Rodriguez Marchena affirmed that the
administration headed by President Danilo Medina agrees with
Blanco's position that the electoral law needs a reform, in
addition to pending legislation on political parties, Fiscal
Responsibility, Fiscal Pact and on electoral institutions and
government spending, according to Dominican Today.

"We totally agree with the proposal the CONEP has made; perhaps
what was wanted was to see a confrontation and chatter with the
Government on Mr. Blanco's statements, when there's none. What Mr.
Blanco has proposed is what we have been stating and what the law
stipulates. That is, that Dominican society has been proposing
that and the government totally agrees with that," the report
quoted Mr. Rodriguez as saying.

The spat however, surged when ruling PLD party general secretary
and National District senator Reinaldo Pared mocked Blanco's
observation, hinting that "perhaps the CONEP president's candidate
didn't win the elections," the report notes.

Mr. Rodriguez said the Fiscal Responsibility Law is mandated by
the National Development Strategy, so the law's development is
part of the Fiscal Pact or the Comprehensive Tax Reform.  "We're
in complete agreement: Danilo has been asking the same for a long
while.

"So we totally agree.  I also refer to the Electoral Reform bill
and approval of a law on political parties. I can say with great
satisfaction that one of the politicians who most responsibly and
the earliest, remember in the nineties, Danilo Medina proposed the
need for Parties Law to allow simultaneous primaries with controls
on the issue of economic resources; I remember it perfectly then,"
he added.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.


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


URBI DESARROLLOS: Sees Income of $103 Million in 12 Months
----------------------------------------------------------
Gabriel Stargardter at Reuters reports that Urbi Desarrollos
Urbanos SAB said it expects to generate income worth roughly
MXN1.9 billion ($103.08 million) in the 12 months following its
latest cash injection, and MXN29 billion ($1.57 billion) over the
next five years.

In May, Urbi, which was forced to restructure its outsize debt
load after sales of its cheap, single-unit homes slumped, said it
got a capital injection of MXN886.8 million that will allow it to
resume operations, according to Reuters.

Urbi said it expects to sell about 4,600 houses, and generate
roughly MXN300 million from land sales, over a 12-month period,
the report notes.

Over the course of five years, Urbi said it expects to have sold
about 57,000 homes, worth roughly MXN29 billion, the report
relays.

The company, once Mexico's No. 3 homebuilder, has had its shares
suspended since July 2013. It completed its restructuring under
bankruptcy protection in February.


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


AEROPOSTALE INC: Seek to Dismiss Canadian Unit's Ch. 11 Case
------------------------------------------------------------
Aeropostale Inc. and its affiliates ask the U.S. Bankruptcy Court
to dismiss the Chapter 11 case of Aeropostale Canada in order to
communicate to parties in interest that the Canadian Court has the
sole and exclusive jurisdiction and power over the conduct of
Aeropostale Canada's estate and the hearing and determination of
matters arising in the Canadian Proceeding.

The Debtors assert that continuation of Aeropostale Canada's
Chapter 11 Case risks impairing its ability to fully implement its
current objective, which is to close the Canadian Stores and
wind-down its business in a manner that will maximize recovery for
all of its stakeholders.  Given that the Debtors initially
anticipated conducting the Recognition Proceeding, and not the BIA
Proceeding in Canada, the dual proceedings are causing additional
expenses to Aeropostale Canada's estate by requiring compliance
with two statutory insolvency regimes, and confusion for creditors
and other parties in interest, who are unsure what jurisdiction
they should seek relief or assert claims in, the Debtors tell the
U.S. Court.

The Debtors also relate that Canadian law applies to many of
Aeropostale Canada's contracts and potential disputes.  Given that
substantially all of Aeropostale Canada's assets, operations,
employees, and creditors are located in Canada and that
Aeropostale Canada is neither a borrower nor guarantor under the
Debtors' postpetition financing arrangements, the Debtors submit
that the administration of Aeropostale Canada's estate should
continue solely under the Canadian Proceeding.

The Court will convene on July 13, 2016, to hear and consider the
Debtors motion and any objections must be submitted by July 5.

Attorneys for Debtors and Debtors in Possession:

       Ray C. Schrock, P.C.
       Jacqueline Marcus, Esq.
       Garrett A. Fail, Esq.
       WEIL, GOTSHAL & MANGES LLP
       767 Fifth Avenue
       New York, New York 10153
       Telephone: (212) 310-8000
       Facsimile: (212) 310-8007
       Email: ray.schrock@weil.com
              jacqueline.marcus@weil.com
              garrett.fail@weil.com

               About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. from
Aeropostale stores and website.  The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment.  Aeropostale maintains control over
its proprietary brands by designing, sourcing, marketing and
selling all of its own merchandise.  As of May 1, 2016 the Company
operated 739 Aeropostale(R) stores in 50 states and Puerto Rico,
41 Aeropostale stores in Canada and 25 P.S. from Aeropostale(R)
stores in 12 states.  In addition, pursuant to various licensing
agreements, the Company's licensees currently operate 322
Aeropostale(R) and P.S. from Aeropostale(R) locations in the
Middle East, Asia, Europe, and Latin America.  Since November
2012, Aeropostale, Inc. has operated GoJane.com, an online women's
fashion footwear and apparel retailer.

Aeropostale, Inc. and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc. as restructuring advisor; Stifel, Nicolaus &
Company, Inc. and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


AEROPOSTALE INC: Proposes to Pay $4.8MM Bonuses to Key Employees
----------------------------------------------------------------
Aropostale, Inc., and its subsidiaries ask the U.S. Bankruptcy
Court to approve their key employee incentive plan and key
employee retention plan.

According to the Debtors, the metrics developed for the KEIP are
linked to value creation and have a significant performance or "at
risk" component, which offers two mutually-exclusive paths for
awarding variable payouts to the KEIP Participants depending on
whether the Debtors consummate a standalone reorganization or a
sale transaction.

Significant terms of the KEIP are:

    A. KEIP Participants: Limited to the following 10 employees
who all possess a strong line of sight to successfully execute
either a reorganization or a sale: (a) Chief Financial Officer,
(b) Chief Operating Officer, (c) General Counsel and Secretary,
(d) SVP of Design, (e) SVP of Human Resources, (f) SVP of Global
Licensing, (g) SVP of Logistics, Construction, and Real Estate,
(h) SVP of Store Operations, (i) SVP of Production and Technical
Design, and (j) SVP of Merchandise Planning and Allocations

    B. Standalone Plan Metrics: Standalone Plan Metrics: 60% of
payment under the KEIP is achieved upon consummation of a plan of
reorganization. The remaining 40% of payment under the KEIP is
tied to EBITDA performance based on the Debtors' 2016 budget. A
target payout is earned if EBITDA performance at 100% of the
Debtors' 2016 budget is achieved, and a threshold payout is earned
if EBITDA performance at 90-99.9% of the Debtors' 2016 budget is
achieved. EBITDA performance will be measured during the period of
January 31, 2016 to the emergence date.

    C. Sale Transaction Metrics: If a going concern sale
transaction occurs at a valuation to be later agreed upon by the
Debtors and the Official Committee of Unsecured Creditors, a
maximum payout is earned and the standalone metrics will not
apply.  If a sale transaction results in a going concern sale of
substantial assets, a target payout is earned and the standalone
metrics will not apply.

    D. Separation Provisions: The KEIP includes a claw-back
provision if any of the KEIP Participants voluntarily leave or are
terminated for cause within 60 days of earning the payouts under
the KEIP. KEIP Participants terminated without cause prior to the
emergence date will receive their KEIP Payment on a pro rata basis
based on the percentage of the amount of time from the date of the
chapter 11 filing to the date payouts under the KEIP are earned.

    E. Maximum Amount of KEIP: The aggregate maximum amount of the
KEIP is $3,406,900, with individual proposed maximum payouts
ranging from 75% to 112.4% of base compensation.

The Debtors seek to implement the KERP to motivate certain
non-senior management personnel to remain employed with the
Debtors during the chapter 11 process and to ensure that they do
not suffer significant and costly key employee turnover. The
Debtors selected the 41 KERP Participants -- who have developed
valuable institutional knowledge regarding the Debtors' ongoing
business operations -- based on their status as critical, hard-to-
replace, non-senior management employees.

Significant terms of the KERP are:

    A. Performance Metric: KERP Participants will receive and keep
100% payout under the KERP if they remain employed with the
Debtors through October 25, 2016. Individual payouts under the
KERP range from 6.6% to 23.5% of base salary.

    B. Separation Provisions: The KERP includes a claw-back
provision to the extent KERP Participants voluntarily leave or are
terminated for cause during the period between September 10, 2016
and October 25, 2016. If a KERP Participant is terminated without
cause, the KERP Participant will receive payouts under the KERP in
full.

    C. Maximum Amount of KEIP: The total maximum amount of the
KERP is $1,445,000, including $150,000 for a discretionary pool
set up for additional participants.

    D. The Discretionary Pool: The discretionary pool provides the
Debtors with resources for future allocations to non-senior
management deemed to be critical to the reorganization process
that were not included with the original KERP Participants. The
Debtors' Chief Executive Officer will determine which, if any,
critical non-senior management employees will participate in the
discretionary pool.

The Court will hear on the Debtors' motion on July 13, 2016.

Attorneys for Debtors and Debtors in Possession:

       Ray C. Schrock, P.C.
       Jacqueline Marcus, Esq.
       Garrett A. Fail, Esq.
       WEIL, GOTSHAL & MANGES LLP
       767 Fifth Avenue
       New York, New York 10153
       Telephone: (212) 310-8000
       Facsimile: (212) 310-8007
       Email: ray.schrock@weil.com
              jacqueline.marcus@weil.com
              garrett.fail@weil.com

                     About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. from
Aeropostale stores and website.  The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment.  Aeropostale maintains control over
its proprietary brands by designing, sourcing, marketing and
selling all of its own merchandise.  As of May 1, 2016 the Company
operated 739 Aeropostale(R) stores in 50 states and Puerto Rico,
41 Aeropostale stores in Canada and 25 P.S. from Aeropostale(R)
stores in 12 states.  In addition, pursuant to various licensing
agreements, the Company's licensees currently operate 322
Aeropostale(R) and P.S. from Aeropostale(R) locations in the
Middle East, Asia, Europe, and Latin America.  Since November
2012, Aeropostale, Inc. has operated GoJane.com, an online women's
fashion footwear and apparel retailer.

Aeropostale, Inc. and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc. as restructuring advisor; Stifel, Nicolaus &
Company, Inc. and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


GAMALIER GONZALEZ: Taps Heriberto Acevedo as Accountant
-------------------------------------------------------
Gamalier Gonzalez Trucking Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire an
accountant.

The Debtor proposes to hire Heriberto Reguero Acevedo to provide
these services in connection with its Chapter 11 case:

     (a) supervise the Debtor's accounting affairs and operations;

     (b) prepare and review the Debtor's monthly operating reports

         and other accounting reports necessary for the
         administration of its estate;

     (c) prepare and review income tax and property tax return;
         and

     (d) prepare the projection and all other analysis required
         for the proposal and confirmation of a Chapter 11 plan.

Mr. Acevedo will be paid $150 per hour while his support staff
will be paid $25 per hour.

In a court filing, Mr. Acevedo disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Acevedo's contact information is:

     Heriberto Reguero Acevedo
     150 Borinquen Ave Base Ramey
     Aguadilla P.R. 00603
     Phone: 787-890-3980
     Email: heribereg@aol.com

The Debtor can be reached through its counsel:

     Jaime Rodriguez-Perez, Esq.
     Jaime Rodriguez Law Office, PSC
     Urb. Rexville, Calle 38 BB 21
     Bayamon, PR 00957
     Tel: (787)797-4174
     Fax: (787)730-5454
     Email: bayamonlawoffice@yahoo.com

                    About Gamalier Gonzalez

Gamalier Gonzalez Trucking Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-04601) on June
8, 2016.


SPORTS AUTHORITY: Dick's $15M Bid Wins Auction for IP Assets
------------------------------------------------------------
Jessica Dinapoli, writing for Reuters, reported that Dick's
Sporting Goods Inc., the largest U.S. sporting goods retailer,
said it was the successful bidder in the auction for the
intellectual property of bankrupt competitor Sports Authority with
a bid of $15 million.

According to the report, Dick's and Sports Authority still have to
finalize paper work on the deal, and a U.S. bankruptcy court judge
has to approve it, the company said in a regulatory filing. The
bankruptcy court's hearing to consider approval of the deal is
scheduled for July 15, the report said.

The intellectual property of Sports Authority includes its
e-commerce website, SportsAuthority.com, a loyalty program with
28.5 million members, and a list consisting of 114 million
customer files, the report related, citing an advertisement for
the intellectual property auction.

Sports Direct International Plc submitted a bid of $13 million for
the intellectual property, the report further related, citing a
source.  The British firm would be a back-up bidder if Dick's is
unable to close the deal, though that is not expected, the report
added, further citing the source.

Dick's said it also plans to take over the leases for 31 Sports
Authority stores for an additional $8 million, the report said.

                  About Sports Authority Holdings

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


NATIONAL FLOUR MILLS: Tension With Jamaica Leading to Export Woes
-----------------------------------------------------------------
Trinidadian producer National Flour Mills (NFM) says it has been
finding it difficult to get some of its products into Jamaica
because of  ongoing tension between both countries.

According to the Trinidad Express newspaper, NFM chief executive
officer Kelvin Mahabir made the disclosure to shareholders at the
company's annual general meeting in Port of Spain, the report
notes.

Mr. Mahabir said there were instances where products have been
refused in Jamaica simply because they were produced in Trinidad.
Mahabir's comments come ahead of Trinidad and Tobago Prime
Minister Dr. Keith Rowley's visit to Jamaica between July 17 and
21 during which he is expected to discuss the row over the alleged
ill treatment of Jamaicans in Trinidad, the report relays.

Some Jamaicans have claimed discrimination and abuse by
immigration officials and have called for a boycott of products
from Trinidad and Tobago, the report adds.


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


* Unenforced & Arbitration Judgments Cost 14% of Cos. Over $50M
---------------------------------------------------------------
Burford Capital, a global finance firm focused on law, on June 29,
2016, announced research showing the troubling scale of damages
and awards left unpaid by judgment evaders.

A new Burford study shows that 86 percent of private practice
lawyers have clients who in the last five years have not been paid
the full value of a successful litigation or arbitration judgment
or award. Almost one in five lawyers (19 percent) said their
clients' unenforced judgments were worth between $10 and $50
million (GBP7 to GBP35 million); 14 percent said that their
client's unenforced judgments were worth more than $50 million.

"If one were to add up the lost value to companies around the
world when they cannot enforce judgments, the collective sum would
be billions," said Christopher Bogart, CEO of Burford Capital.

The study, conducted by Burford in conjunction with the Lawyer
Research Service, points to a significant global problem. After
securing justice in court, often at a cost of millions in legal
fees and years of effort, companies can be left hanging when
judgment debtors -- individuals, corporations or foreign
governments -- simply fail to pay what they owe.  Collecting is
even more problematic when these judgment debtors take steps to
bury assets in offshore structures.

The majority of corporate executives surveyed (58 percent)
confirmed that their companies have not been paid the full value
of litigation and arbitration judgments in the past five years.
The majority of lawyers (62 percent) said the prime reason
judgments or awards could not be satisfied was because debtors'
assets were hidden offshore.  They identified the regions most
likely to erect barriers to securing judgment awards as Russia and
the former Soviet states (37 percent), followed by the Caribbean
(20 percent) and Asia (16 percent).

Corporations may, however, leverage professional judgment
enforcement and asset tracing partners to recover judgment awards.
Mr. Bogart continued: "Given the scale of the problem, businesses
are increasingly turning to enforcement partners -- and the
savviest companies are also utilizing litigation finance to turn
those unenforced judgment debts into capital for the business,
without adding cost or risk to corporate balance sheets."

According to the survey, more than half of private practice
lawyers (52 percent) said clients have worked with judgment
enforcement and asset tracing professionals to recover judgment
awards the past five years.  However, only 11 percent have clients
who have sought and secured financing to fund these enforcement
services, moving these costs off their balance sheets --
signalling both an opportunity for businesses and a need for law
firms to educate clients.

The study is based on a survey of over 200 private practice
lawyers, in-house counsel and corporate C-level executives in the
UK, US, Europe and Asia.

A copy of the report is available at:

    http://bankrupt.com/misc/Burford_WhitePaper_NY_Final.pdf

                    About Burford Capital

Burford -- http://www.burfordcapital.com/-- is a global finance
firm focused on law.  Burford's businesses include litigation
finance, insurance and risk transfer, law firm lending, corporate
intelligence and judgment enforcement, and a wide range of
investment activities.  Burford's equity and debt securities are
publicly traded on the London Stock Exchange.  The firm works with
lawyers and clients around the world from its principal offices in
New York and London.


                            ***********


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
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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 * * *