TCRLA_Public/160712.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

            Tuesday, July 12, 2016, Vol. 17, No. 136


                            Headlines



A R G E N T I N A

ARGENTINA: Crude Subsidy Pressured as More African Imports Arrive


B R A Z I L

DIBENS LEASING: Moody's Withdraws Ba2 Local Currency Issuer Rating
ODEBRECHT ENGENHARIA: Moody's Confirms Ba2.br CFR; Outlook Neg.
OI SA: Investor Urges New Board After Record Bankruptcy Filing


C A Y M A N  I S L A N D S

ARGO LOCAL: Commences Liquidation Proceedings
ARLINGTON INVESTMENTS: Creditors' Proofs of Debt Due Aug. 4
ARTHROCARE CORPORATION: Creditors' Proofs of Debt Due July 26
AVENDIS GLOBAL: Creditors' Proofs of Debt Due Aug. 26
BORF HIGH: Creditors' Proofs of Debt Due July 26

CARENEXT INSURANCE: Commences Liquidation Proceedings
CEP II FREESCALE: Commences Liquidation Proceedings
HIGH RIVER: Placed Under Voluntary Wind-Up
I-MEDIA: Creditors' Proofs of Debt Due July 27
PEDDER STREET: Creditors' Proofs of Debt Due Aug. 4

SAKURA 4: Creditors' Proofs of Debt Due Aug. 4
TOTANA INC: Commences Liquidation Proceedings
VINCI ARGENTINA: Placed Under Voluntary Wind-Up
WHITE DRAGON: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN CENTRAL: Bank Says US$561.3MM From Bond a Done Deal
DOMINICAN REP: Leaders ask for Wage Adjustment for Public Servants


E L   S A L V A D O R

SEGUROS E INVERSIONES: Fitch Cuts IFS Ratings to 'BB-'


P E R U

CORPORACION AZUCARERA: Fitch Affirms 'BB' Issuer Default Ratings


P U E R T O    R I C O

AEROPOSTALE INC: Court Sets July 25 as General Claims Bar Date
KOMODIDAD DISTRIBUTORS: FirstBank Objects to Cash Use Extension
KOMODIDAD DISTRIBUTORS: FirstBank Seeks to Compel Doc Production
KOMODIDAD DISTRIBUTORS: Maintains Units Should Be Consolidated
OFFICE EXPRESS SUPPLY: Taps Jorge Sanchez as Legal Counsel


                            - - - - -


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


ARGENTINA: Crude Subsidy Pressured as More African Imports Arrive
-----------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Argentina is importing
crude for the third time this year, putting pressure on the
government to ease its fixed price for domestic oil.

Axion Energy along with Shell, Petrobras and Oil Combustibles
bought 1 million barrels of oil from West Africa for their
refineries in Argentina, according to Bloomberg News.

The same companies bought a cargo of Nigerian Bonga crude in May,
a decision that prompted Energy Minister Juan Jose Aranguren to
summon refiners and say it "doesn't make sense" for Argentina to
export light oil and import from West Africa, Bloomberg News
notes.

Argentina is home to the Vaca Muerta formation, the world's
second-largest reserve of shale oil, Bloomberg News relays.  The
government sets the price for domestically produced light crude at
$67.50 a barrel to maintain output amid declining global prices,
Bloomberg News notes.

By doing so, it has also created an incentive for refiners to
import cheaper oil, Bloomberg News says.  The latest imports may
prompt changes by Argentina's government, Oslo-based Rystad Energy
analyst Bielenis Villanueva Triana said in an e-mail, Bloomberg
News discloses.

"The fixed oil price in Argentina is likely to be removed once
Brent prices continue to increase," she said, notes the report.
"Not necessarily to disincentivize light oil imports, but also to
incentivize the international oil companies to develop Argentina
resources," she added.

Argentina's production of light oil has been increasing. Output at
the Loma Campana oilfield in Vaca Muerta increased 15 percent year
over year in May to 25,415 barrels a day, according to data from
the country's energy secretariat compiled by Bloomberg.

"The government is certainly under pressure to change its policy,"
Marcela Segade, a director of downstream for Latin America at IHS
Energy, said in a Bloomberg phone interview from Houston.

The government is unlikely to align the reference price with
international markets in the short term because the economy is
doing poorly, she said, Bloomberg News relays.  A cut in the price
now could prompt producers to cut drilling and jobs, triggering
protests from the strong oil workers' union, Bloomberg News notes.

Light crude imports aren't driven by demand as crude consumption
in the first quarter dropped compared with the previous quarter,
Ms. Triana said, Bloomberg News discloses.  Year to date,
Argentina light crude exports include cargoes of Cruz del Sur,
Hidra and Maria Ines.

"The imports are more a matter of profitability," she said.


                             *     *     *

On April 19, 2016, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service upgraded on April 15,
2016, Argentina's government bond rating to B3 from Caa1, with the
outlook changed to stable from positive.  The key drivers for the
upgrade are (i) Moody's expectation that Argentina will settle
holdout creditor claims which will result in a lifting of court
injunctions and clear the way for Argentina to access
international capital markets, as well as the likelihood that
Argentina will make payments to restructured bondholders increased
significantly following an April 13, US circuit court ruling in
favor of Argentina, and (ii) the economic policy improvements
since Mauricio Macri's administration took office last December.
The new government lifted capital controls and allowed the peso to
float more freely, reduced energy and transportation subsidies and
has begun to address longstanding macroeconomic imbalances.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.

On March 24, 2016, Fitch Ratings has upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.


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


DIBENS LEASING: Moody's Withdraws Ba2 Local Currency Issuer Rating
------------------------------------------------------------------
Moody's America Latina has withdrawn all global and national scale
ratings assigned to Dibens Leasing S.A. Arrendamento Mercantil,
including the local currency issuer rating of Ba2 and the
Brazilian national scale issuer rating of Aa1.br.  The local
currency debt ratings assigned to senior unsecured and
subordinated MTN program of (P)Ba2 and (P)Ba3, respectively, were
also withdrawn as well as the Brazilian national scale senior
unsecured rating of Aa1.br and national scale subordinated debt
rating of A1.br.  The negative outlook was withdrawn as well.

These ratings assigned to Dibens Leasing S.A. have been withdrawn:

  Long Term Local Currency Issuer Rating of Ba2, negative outlook
  Local Currency Senior Unsecured Debt Rating assigned to MTN
   Program of (P)Ba2
  Local Currency Subordinated Debt Rating assigned to MTN Program
   of (P)Ba3
  Local Currency Subordinated Debt Rating assigned to outstanding
   notes of Ba3
  Brazilian National Scale Issuer Rating of Aa1.br
  Brazilian National Scale Senior Unsecured Debt Rating assigned
   to MTN Program of Aa1.br
  Brazilian National Scale Subordinated Debt Rating assigned to
   MTN Program of A1.br
  Brazilian National Scale Subordinated Debt Rating assigned to
   outstanding notes of A1.br

                         RATINGS RATIONALE

Moody's has withdrawn all of Dibens Leasing's ratings for its own
business reasons.

The principal methodology used in rating Dibens Leasing S.A. --
Arrendamento Mercantil 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

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

The last rating action on Dibens Leasing S.A. was on May 11, 2016,
when Moody's America Latina upgraded the entity's Brazilian
national scale issuer rating to Aa1.br, as well as its Brazilian
national scale senior unsecured and subordinated debt ratings to
Aa1.br and A1.br, respectively.  Other global scale ratings
remained unchanged with negative outlook.

Dibens Leasing S.A. is based in Sao Paulo, Brazil, and is part of
Itau Unibanco group.  As of March 2016, Itau Unibanco Holding
S.A., its ultimate parent, reported consolidated assets of BRL
1,283 billion ($362.04 billion) and shareholders' equity of
BRL106.6 billion ($30.1 billion).


ODEBRECHT ENGENHARIA: Moody's Confirms Ba2.br CFR; Outlook Neg.
---------------------------------------------------------------
Moody's America Latina confirmed at Ba2.br the corporate family
rating assigned on its Brazilian National scale to Odebrecht
Engenharia e Construcao S.A. (OEC).  At the same time, Moody's
Investors Service confirmed at B2 the corporate family rating
assigned on its global scale to Odebrecht Engenharia e Construcao
S.A. (OEC).  The ratings outlook is negative.  These rating
actions conclude the review process initiated on May 3, 2016.

The rating confirmation reflects the reduced risk of debt
acceleration after the publication of delayed audited financial
statements as of fiscal year end 2015.

Rating confirmed:

Issuer: Odebrecht Engenharia e Construcao S.A. (OEC), Brazil
   -- Corporate Family Rating: Ba2.br (National Scale Rating)

RATINGS RATIONALE

OEC's ratings reflect its current strong debt protection metrics
and still adequate liquidity cushion.  The ratings also
incorporate the company's backlog that provides some revenue
visibility for the next 2 to 3 years and limited exposure to
Brazil's government.  The ratings are constrained by the evolving
corruption investigations in the country, with potential monetary
fines and other business sanctions to OEC, as well as the
challenging fundamentals for E&C companies throughout Latin
America.  The ratings confirmation reflects the reduced risk of
debt acceleration after the publication of delayed audited
financial statements as of fiscal year end 2015.

The negative outlook reflects the challenges ahead of OEC's
management to maintain a solid credit profile for the company amid
the evolving corruption investigations in the country, with
potential monetary fines and other business sanctions affecting
the company's liquidity position and operating sustainability.

Uncertainties over contingencies that may arise from Lava Jato
investigations are the primary credit concern to OEC's credit.
While the investigations are ongoing, the company is experiencing
reputational challenges and weaker investor sentiment, as public
and private capital markets, developing banks and multilateral
financing agencies increase their scrutiny on the companies'
committed funding and new contracts.

Moody's believes that eventual penalties and fines may not
significantly affect OEC's liquidity profile in the short term,
since any fines that Brazilian prosecutors or regulators could
impose for unlawful activity, as well as investigations and
shareholder litigation, will likely take years to resolve.  But
limitations to do business in Brazil could spread negative
consequences to its operating contracts abroad.  Conversely,
monetary fines arising from a leniency agreement or settlement to
resolve ongoing legal proceedings could take a toll on OEC's
current liquidity, prospective cash flow generation and credit
metrics, but it would help resolve most of its near-term
uncertainties to support business continuity.

In 2015, OEC already experienced a 17% backlog reduction as
compared to fiscal year end 2014.  Going forward, we anticipate
continued pressure on backlog replacement rates due to the
challenging industry fundamentals for engineering and construction
companies in Brazil and Latin America.  For other countries in
Latin America, Moody's expects only moderate increase in
infrastructure spending over the next couple years, since the
region's economic growth is also constrained by lower commodity
prices trends in the metals and mining and oil and gas industries.

Even though Brazil has a huge need to relieve its infrastructure
bottlenecks in transportation and logistics, and to address poor
sanitation and expensive energy availability, Moody's expects few
infrastructure projects going up for auction through 2016, with
more frequent project delays and some cancelations due to the
country's ongoing fiscal adjustment, weak growth rate and
political instability.

OEC's USD28.1 billion portfolio of contracted projects provides
reasonable revenue visibility for the next two to three years.
Historically, the company has been able to maintain relatively
stable profitability, with EBITA margins within 9% - 10% range on
a sustainable basis, even under weaker market conditions in Brazil
and abroad, which reflects its effective revenue diversification.
The company also benefits from low leverage, which has remained in
the 2.0x - 3.0x range, as measured by total adjusted gross debt
(adjusted for off-balance sheet guarantees) to EBITDA, and a
longer debt maturity profile with no refinancing pressure over the
next three years.  But the prospective ability for the company to
support those credit metrics is less certain.  Moody's base case
projections consider continued pressure on the company's backlog,
high working capital needs and moderate leverage increase through
at least mid-2017.

As of Dec. 31, 2015, OEC reported a cash position of USD2.5
billion, covering 71% of its total adjusted debt considering the
off-balance bonds guaranteed and serviced by OEC.

A rating upgrade is unlikely at this point, however, rating
stabilization may occur in the event of a constructive resolution
of the corruption investigation, along with Moody's assessment of
progress towards frequent and timely delivery of audited financial
statements.  Rating stabilization would also require OEC to
improve or, at least, maintain a sound liquidity profile enough to
support the business throughout the anticipated challenging
business environment in 2016 and 2017.

OEC's ratings could be downgraded if Moody's perceives a higher
risk arising from the developments of the legal proceedings, such
as larger than expected monetary fines, business sanctions or
contract cancelations leading to backlog deterioration that would
prospectively result in a higher leverage and lower liquidity to
meet its debt service requirements.

The principal methodology used in this rating was Construction
Industry published in November 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.

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

Odebrecht Engenharia e Construcao S.A. (OEC), is the largest
engineering and construction company in Latin America, with
BRL57.5 billion (USD17.1 billion) in net revenues during the last
twelve months ended 31 December 2015.  The company's project
backlog of BRL110 billion (USD28 billion) is diversified into 162
contracts comprising large-scale construction projects in the
transportation segment, energy and sewage infrastructures,
buildings and industrial facilities, of which 21% is located in
Brazil, 58% in other Latin American countries and 20% in Africa.


OI SA: Investor Urges New Board After Record Bankruptcy Filing
--------------------------------------------------------------
Brad Haynes at Reuters reports that a minority investor in Oi SA,
Brazil's largest fixed-line phone carrier, has called for the
replacement of most of its board after the company filed for the
country's biggest-ever bankruptcy protection.

Nelson Tanure, a Brazilian investor with a contentious track
record, and partners have been buying up shares through a fund
controlled by Bridge Administradora de Recursos Ltda, according to
four sources familiar with the matter, Reuters notes.

In a late filing, Oi SA said Bridge, acting on behalf of a fund
holding 6.6 percent of Oi's capital, had given eight days to call
a shareholder meeting to replace board members, according to
Reuters.  The company said it was reviewing the request.

The shareholder activism underscores deep divisions on Oi's board
that derailed recent negotiations with creditors, the report
notes.  Battle lines on the board remain from an ill-fated 2013
merger with Portugal Telecom, pitched as a lifeline for Brazil's
struggling national champion, which soured when poor cash
management by the Portuguese partner came to light, the report
relays.

Bridge and Mr. Tanure representatives declined to comment.  A
source close to Mr. Tanure said he was the main investor and chief
representative of the fund, adding that he went to Ontario and New
York recently in a bid to organize an investor group, Reuters
notes.

Oi SA said in its filing that the activist investor aims to
replace five board members appointed by Pharol SGPS, formerly
Portugal Telecom, and a former chief financial officer, the report
relays.

Those Pharol board members balked at former Chief Executive Bayard
Gontijo's negotiations last month aimed at a debt-for-equity swap
that would have diluted existing shareholders, sources said at the
time, the report notes.  The impasse triggered Gontijo's
resignation, followed by the filing for bankruptcy protection, the
report relays.

Pharol warned that "opportunistic investors" may try to gain
advantages against companies going through financial troubles.
"Measures that generate instability may cause losses and should be
avoided by all Oi shareholders," said a company statement, the
report says.

Pharol is currently the largest shareholder in Oi SA, with 27
percent of voting shares, a steep barrier for any rival investor
group looking to change the board at a shareholder assembly, the
report notes.

Mr. Tanure last made news in Brazil's telecommunications industry
with a lawsuit against the controlling shareholder of Oi's rival,
TIM Participacoes SA, in 2012, the report recalls.

Through another investment vehicle, Mr. Tanure accused Telecom
Italia SpA (TLIT.MI) of abusing its control of TIM by appointing a
chief executive the company knew was a target of an Italian
investigation into irregular SIM card activations, the report
relays.

Mr. Tanure, who made a fortune buying troubled shipyards and a
small bank in the 1990s, entered the telecom sector through long-
distance operator Intelig Telecom, which was acquired by TIM in
2009, the report adds.

                          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.


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



ARGO LOCAL: Commences Liquidation Proceedings
---------------------------------------------
On June 20, 2016, the sole shareholder of Argo Local Markets Fund
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Kyriakos Rialas
          c/o Lainston International Management (Cayman), Ltd.
          Sussex House, Elgin Avenue
          P.O. Box 31298, Grand Cayman KY1-1206
          Cayman Islands
          Telephone: +35722668900


ARLINGTON INVESTMENTS: Creditors' Proofs of Debt Due Aug. 4
-----------------------------------------------------------
The creditors of Arlington Investments Ltd are required to file
their proofs of debt by Aug. 4, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 20, 2016.

The company's liquidator is:

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


ARTHROCARE CORPORATION: Creditors' Proofs of Debt Due July 26
-------------------------------------------------------------
The creditors of Arthrocare Corporation Cayman Islands are
required to file their proofs of debt by July 26, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 21, 2016.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


AVENDIS GLOBAL: Creditors' Proofs of Debt Due Aug. 26
-----------------------------------------------------
The creditors of Avendis Global Fund Ltd are required to file
their proofs of debt by Aug. 26, 2016, to be included in the
company's final dividend distribution.

The company's liquidator is:

          Malcolm Cohen
          BDO LLP 55 Baker Street London W1U 7EU
          United Kingdom FAO
          c/o Jamie Brown
          Telephone: 44 (0) 20 7893 3248


BORF HIGH: Creditors' Proofs of Debt Due July 26
------------------------------------------------
The creditors of Borf High Value, Inc. are required to file their
proofs of debt by July 26, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 17, 2016.

The company's liquidator is:

          Mourant Ozannes James Bennett
          Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CARENEXT INSURANCE: Commences Liquidation Proceedings
-----------------------------------------------------
On June 17, 2016, the shareholders of Carenext Insurance (SPC),
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


CEP II FREESCALE: Commences Liquidation Proceedings
---------------------------------------------------
On June 16, 2016, the sole shareholder of CEP II Freescale
Holdings resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


HIGH RIVER: Placed Under Voluntary Wind-Up
------------------------------------------
On June 21, 2016, the shareholders of High River Gold Mines
(Russia) Ltd. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands


I-MEDIA: Creditors' Proofs of Debt Due July 27
----------------------------------------------
The creditors of I-Media are required to file their proofs of debt
by July 27, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 15, 2016.

The company's liquidator is:

          Chen Jianzhang
          No. 5 Floor 4 Unit 3, Building 12
          No 164 Jinqin Road Jinniu District
          Chengdu City Sichuan Province RC
          Telephone: 18601370047
          Facsimile: 010-6582-0230-1001


PEDDER STREET: Creditors' Proofs of Debt Due Aug. 4
---------------------------------------------------
The creditors of Pedder Street Asia Strategic Fund Limited are
required to file their proofs of debt by Aug. 4, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 24, 2016.

The company's liquidator is:

          Mr. Hong Gu Kim
          Mido Apt. 205-~902 Daechi-dong
          Gangnam-gu Seoul
          Korea 135-281


SAKURA 4: Creditors' Proofs of Debt Due Aug. 4
----------------------------------------------
The creditors of Sakura 4 Investor are required to file their
proofs of debt by Aug. 4, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 21, 2016.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Susan Craig
          Telephone: (345) 943-3100


TOTANA INC: Commences Liquidation Proceedings
---------------------------------------------
On June 20, 2016, the sole shareholder of Totana Inc., BWI
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          UBS Trustees (Cayman) Ltd.
          Valerie Mullen
          P.O. Box 2325 5th Floor
          Cayman Corporate Centre 27 Hospital Road
          George Town Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +345 814 7052
          Facsimile: +345 949 9219


VINCI ARGENTINA: Placed Under Voluntary Wind-Up
-----------------------------------------------
On June 17, 2016, the sole shareholder of Vinci Argentina
Opportunity Fund resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Vinci Gestora De Recursos Ltda.
          c/o Tim Cone
          c/o Ogier 89 Nexus Way
          Camana Bay Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


WHITE DRAGON: Commences Liquidation Proceedings
-----------------------------------------------
On June 21, 2016, the sole shareholder of White Dragon Global
Macro Fund resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Menelaos Sazos
          7 Leocharous Kypros Court Flat 302,
          3028 Limassol
          Cyprus


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


DOMINICAN CENTRAL: Bank Says US$561.3MM From Bond a Done Deal
-------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
announced having received a US Federal Reserve Swift notice, of a
US$561.3 million deposit to the Dominican Treasury account,
resulting from the placement of the sovereign bond issued June 29.

"This amount exceeded the nominal amount of the issue by US$61.3
million, considering that the placement was made mainly premium,
which means that it was awarded at a price above their face
value," the Central Bank said in a statement obtained by Dominican
Today.

"It should be stressed that this placement received demand above
the amount offered and placed at less than the previous placement
rate, which represents a very important achievement that reflects
the solid fundamentals of the Dominican economy and the
international markets' investor confidence on Dominican Republic
bonds," the bank said, Dominican Today notes.

It said with the deposit of US$561.3 million the Dominican
Treasury's international reserves top US$5.8 billion gross and
US$5.8 million net as of July 7, 2016, the report relays.

                        Dollar Exchange

The Central Bank also stressed the injection of over US$150
million in the foreign exchange market from Friday July 1st to
Thursday the 7th, through the national financial system, "with the
Central Bank's own dollars in its international reserves," the
report notes.

"The resources received from the Sovereign Bonds are available to
honor the Dominican Government's commitments dollars, both
internal and external payments, which together with the
interventions that this Central have been doing Bank, continues to
improve the supply of currency in the Dominican economy,"
according to the Central Bank, notes the report.

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.


DOMINICAN REP: Leaders ask for Wage Adjustment for Public Servants
------------------------------------------------------------------
Dominican Today reports that the National Federation of Public
Servants (FNASP) visited El Nuevo Diario to ask the Government to
include a wage adjustment for public servants in the 2017 national
budget.

The FNASP officers recalled that the last time public servants
received a wage hike was 11 years ago and pointed out that
Congress created a bill for salaries of public administration,
which has been shelved for more than two years, "so we demand its
enactment," they said, according to Dominican Today.

They said that in 11 years the real value of public servants'
wages has suffered a significant loss of more than 50% of its
actual value, due to the amount of reforms and the increasing
prices of the basic food basket, notes Dominican Today.

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.

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.



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


SEGUROS E INVERSIONES: Fitch Cuts IFS Ratings to 'BB-'
------------------------------------------------------
Fitch Ratings has downgraded the Insurer Financial Strength
ratings of Seguros e Inversiones S.A. y Filial, (SISA) and Sisa
Vida S.A., Seguros de Personas (Sisa Vida) (together, SISA) to
'BB-' from 'BB'.

The rating action follows the closing of the acquisition of SISA
and Sisa Vida by Grupo Terra (Terra) from Citigroup, after
approval from the Superintendent of the Financial System, in El
Salvador.

KEY RATING FACTORS

SISA's ratings are driven by its stand-alone profile as well as
the partial support from its new shareholder. Fitch's opinion of
Terra's credit profile is based on geographical and business line
diversification and robust cash flow generation. In addition,
Fitch takes into consideration the financial capacity of Terra's
main subsidiary, Petroholdings, privately rated by Fitch.

The ratings consider SISA's strong market position and leadership
in the Salvadoran insurance sector, adequate technical
profitability, appropriate levels of capitalization and ample
liquidity ratios.

SISA comprises the largest insurance group in El Salvador. At
December 2015, on a consolidated basis SISA remained as the
largest Salvadoran insurance group, with a 21% market share. In
2016, SISA will no longer receive regional captive business from
Citigroup subsidiaries; however, in Fitch's view it will not
affect the leadership position of the insurance group in El
Salvador.

The potential for support from Terra considers the strategic
importance of the two insurers in El Salvador, based on the
integration with the sibling bank, Banco Cuscatlan. While there
are potential synergies the insurance companies may share with the
current operations of Terra, Fitch notes that this will take some
time to develop. Fitch assigns a one-notch benefit to the IFS
ratings for ownership.

Terra is a diversified investment conglomerate based in Honduras
that has investments in five strategic areas: power generation,
supply and distribution of petroleum products, airport
infrastructure, real estate development, and banking and
insurance. Terra participates in several key industry sectors of
Central American economies as well as in some South American
countries. While Terra has a long track record of investing this
will be its first venture into the financial and insurance sector.

RATING SENSITIVITIES

Key rating triggers that may lead a downgrade include a sustained
technical performance slowdown, higher leverage ratios and
weakening market position, along with deterioration in Fitch's
risk perception of Terra.

SISA is already rated one notch above the El Salvador sovereign
rating of 'B+'; thus there is no upside potential at the moment.

Fitch has downgraded the following ratings:

Seguros e Inversiones S.A. y Filial :

-- National scale IFS rating to 'AA(slv)' from 'AAA(slv)';
    removed from Rating Watch Negative
-- International scale IFS rating to 'BB-' from 'BB'; removed
    from Rating Watch Negative
-- Assigned a Stable Outlook.

Sisa Vida S.A., Seguros de Personas :

-- National scale IFS rating to 'AA(slv)' from 'AAA(slv)';
    removed from Rating Watch Negative
-- International scale IFS rating to 'BB-' from 'BB'; removed
    from Rating Watch Negative
-- Assigned a Stable Outlook.


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


CORPORACION AZUCARERA: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency (FC) and
Local Currency (LC) Issuer Default Ratings (IDRs) of Corporacion
Azucarera del Peru S.A. (Coazucar) at 'BB'. Fitch has also
affirmed Coazucar's senior unsecured notes at 'BB'. The Rating
Outlook has been revised to Stable from Negative.

KEY RATING DRIVERS

Stable Outlook:

Coazucar's Stable Outlook reflects the company's improving results
and lower leverage due to increased sugar sales and improved
prices. New production coming from the first phase of the Agrolmos
green-field project is expected to start in the fourth quarter of
this year and will further improve the company's competitive
position and pricing power in the Peruvian market.

Strong Equity Holder:

Fitch factors into the ratings and Stable Outlook the financial
support from Coazucar's shareholders, the Rodriguez family.
Coazucar's shareholders injected USD25 million in cash as related
debt to be converted into equity in the second quarter of 2016
(2Q16) to preserve liquidity while the Agrolmos green-field
project is being completed. During September 2014, they injected
USD30 million into the company and converted USD26.2 million of
related debts into equity. The shareholders also contributed USD24
million worth of assets for the Agrolmos project, which includes a
USD9 million production plant. Other investments of the Rodriguez
family include Gloria, the leading dairy company in Peru, and
Yura, the leading cement producer in southern Peru.

Declining Leverage:

Fitch expects Coazucar's gross leverage (total debt/EBITDA) to be
below 4.0x by year-end (YE) 2016. Leverage was reduced to 4.5x in
2015 from 5.4x in 2014 due to higher cash flow generation.
Coazucar's total debt of PEN1.532 billion as of March 2016 is
mainly related to its outstanding unsecured notes due in August
2022. Coazucar launched a tender offer in November 2015 and bought
back 25% (USD82.1 million) of its international bonds to reduce FX
risk. More than 75% of Coazucar's debt is dollar-denominated
without any hedge against local currency depreciation. Coazucar's
revenues are tied to dollar-denominated international prices of
sugar while its operating costs are mainly in local currency which
offsets some of its FX risk.

Improving Results:

Coazucar's EBITDA was PEN352 million during the last 12 months
(LTM) ended March 31, 2016, which positively compared to PEN325
million in 2015 and PEN268 million in 2014. The price gap between
Coazucar's brown and white sugar premium prices in Peru versus
international prices has shown a positive trend since the 4Q14 due
to lower sugar production from its local competitors. The company
started to import sugar in late 2015 and increased production of
refined sugar in its new refinery located in Casa Grande in Peru.
Coazucar's imports will be replaced by new production coming from
the Agrolmos project.

Fitch expects Coazucar's EBITDA margin of 21.7% as of LTM March
2016 to improve to more than 23% as a result of new production
coming from Agrolmos and diversification into the production of
high-margin white refined sugar.
Strong Business Position in Peru:

Coazucar is the largest sugar producer in Peru with a 50% market
share. It has a low-cost structure and still high operating
margins that stem from its proximity to owned sugarcane fields,
lower dependence on third-party producers, and some of the world's
highest sugar cane yields per hectare as a result of its favorable
geographic location that allows for a continuous growing period.
Coazucar has become a relevant importer of sugar. The company's
strategy is to cover the local demand as total sugar production in
Peru decreased 9.6% in 2015 compared to 2014. Coazucar total
imports in 1Q16 were 54 thousand tons of raw sugar (47% of total
sugar imports in the country) to be refined and sold locally.

Product and Geographically Concentrated:

The ratings incorporate risks associated with product
concentration in sugar, which represented 86% of Coazucar's
revenues in 2015. The remaining 14% is explained by alcohol and
other by-products. The company can now easily shift production
from raw to refined white sugar. By nature, the sugar industry is
volatile and exposed to fluctuations in commodity prices and
external factors such as the El Nino phenomenon. Coazucar is
geographically concentrated in Peru with about 70% of its revenues
generated in the country; it also has operations in Ecuador and
Argentina. EBITDA from Peruvian operations accounted for 92% of
the total EBITDA in 2015, an increase from 82% in 2014.

Agrolmos' New Production:

The company has planted 8,059 hectares of sugar can developed a
plant with a crushing capacity of 5,600 MT/day in the first phase
of the Agrolmos project. Fitch expects the Agrolmos project to
start operations in 4Q16 and produce around 130-140 thousand tons
of sugar per year at the first phase (around 15% of 2015
Coazucar's total production). Total investment for the project has
amounted to approximately USD180 million as of Dec. 31, 2015, so
the remaining investment for the first phase (USD120 million) is
expected to be disbursed within the next two years. Since 2011,
Coazucar has been developing the Agrolmos Project in Lambayeque
(north of Peru). In January 2016, Coazucar bought 3,000 additional
hectares which will be added to a second phase of the project.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Coazucar
include:
-- Crushed volumes around 8 million tons in 2016 increasing to
    9.4 million in 2017 due to Agrolmos' production.
-- Agrolmos project starts production in 4Q16 adding annual
    production of 130,000-140,000 tons of sugar;
-- Average sugar prices at USD16 cents/pound from 2016-2017 on;
-- Capex for expansion gradually reduced following the completion
    of the Agrolmos project;
-- Dividends for non-controlling shareholders at the subsidiary
    level: USD10 million-USD15 million per year;
-- EBITDA margin improving to 23%;
-- Potential equity injections to preserve liquidity while
    completing the Agrolmos project.

RATING SENSITIVITIES
A negative rating action could occur if the group's liquidity
position deteriorates due to increased capital investment or lower
margin without any tangible support from its shareholder. A
downgrade could occur if Fitch believes Coazucar's net leverage
will exceed 4.0x after 2017.

A positive rating action could occur if Coazucar reduces net
leverage below 3.0x on a sustainable basis and improves cash flow
through the investment cycle. Tangible support from the
shareholder that improves liquidity and lowers leverage also could
lead to positive rating actions.

LIQUIDITY

The company reduced its cash position to PEN40.5 million in March
2016 from PEN90.3 million in December 2015 and PEN261 million in
December 2014 mainly due to capex for the Agrolmos project. Short-
term debt was PEN130.3 million as of March 2016, used for working
capital needs to finance imports. Coazucar obtained a two-year
bridge loan facility for PEN284 million from local banks during
the last quarter of 2015, and then implemented a tender offer and
consent solicitation to buy-back 25% of its international senior
unsecured notes. Coazucar obtained consent from investors to
recover the portion of the baskets that was utilized when the
bridge loan was disbursed as long as the maturity date of the new
debt is beyond the maturity of its outstanding notes in August
2022. Coazucar is about to announce the refinancing of the bridge
loan in the Peruvian capital market. Coazucar strengthened its
liquidity position with a shareholder's cash injection of USD25
million (PEN80 million) in 2Q16.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the ratings for Corporacion Azucarera del Peru
S.A. as follows:

-- Long-Term Foreign and Local Currency IDRs at 'BB';
-- Senior unsecured debt at 'BB'.

The Rating Outlook is revised to Stable from Negative.


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


AEROPOSTALE INC: Court Sets July 25 as General Claims Bar Date
--------------------------------------------------------------
The Hon. Sean H. Lane, of the U.S. Bankruptcy Court for the
Southern District of New York granted the request of Aeropostale,
Inc., and its debtor-affiliates to establish deadlines by which
proofs of claim based on prepetition debts or liabilities against
any of the Debtors must be filed.

The Court set:

(a) July 25, 2016 at 5:00 p.m. as the General Bar Date; and

(b) October 31, 2016 at 5:00 p.m. as the Governmental Bar Date.
    Judge Lane also approved the Debtors' proposed Proof of Claim
    Form, Bar Date Notice and Publication Notice, and notice and \
    publication procedures.

                     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.


KOMODIDAD DISTRIBUTORS: FirstBank Objects to Cash Use Extension
---------------------------------------------------------------
FirstBank Puerto Rico asks the U.S. Bankruptcy Court to deny the
request of Komodidad Distributors Inc. and its affiliated debtors
for extension of the interim cash collateral period beyond July 8,
2016. In the alternative, FirstBank asks the Court to condition
any further interim use of cash collateral upon the additional
adequate protection terms.

FirstBank objects to any extension of the Interim Cash Collateral
Period absent each of the additional Adequate Protection terms,
inter alia, as follows:

A. Extension of Cash Collateral Order. All terms of the Cash
Collateral Order including, without limitation, the Adequate
Protection granted to FirstBank thereunder, and all reservations
of rights thereunder, shall remain in full force and effect.

B. Correction of Reporting Violations and Deficiencies. (a)
immediate delivery of all required disclosure, (b) immediate
delivery of a report generated directly from the Debtors' Great
Plains Accounting System for each Debtor bank account, detailing
for each account all receipts and disbursements from the Petition
Date through and including July 5, 2016, (c) the Debtors shall
modify and deliver to FirstBank their First Cash Flow Report to
reflect a separate cash flow report for each Debtor, cash receipts
by individual Debtor, and beginning and ending cash balances by
individual Debtor, (d) the cash flow budget approved under the
Extension Order, and all Cash Flow Reports shall include, in
addition to existing requirements of the Cash Collateral Order, a
separate cash flow report for each Debtor, cash receipts by
individual Debtor, and beginning and ending cash balances by
individual Debtor, and (e) during the Interim Cash Collateral
Period, the Debtors shall provide to FirstBank a report generated
directly from the Debtors' Great Plains Accounting System, for
each of the Debtors' bank accounts, detailing all receipts and
disbursements for the prior week, and the Cash Flow Report.

C. Santander Accounts. As a condition to entry of an Extension
Order, the Debtors shall close the Santander Accounts and provide
FirstBank with evidence of such closures.

D. Closing of Certain Prepetition Accounts at FirstBank. The
Debtors shall provide written confirmation to FirstBank that no
outstanding checks or other transactions are pending with respect
to any of the Debtors' prepetition accounts at FirstBank.

E. Clarification Regarding Marginal/Escrow Accounts at
FirstBank. The Extension Order shall expressly provide that
FirstBank shall continue to maintain all funds presently in the
Marginal Account (i.e., Komodidad Acct. No. 2805001133) and the
Escrow Account (i.e., GA Investors Acct. No. 0105029870) during
the Interim Cash Collateral Period. To the extent the Debtors have
not previously done so, the Debtors shall take all necessary
measures to cause all electronic deposits (POS and ACH) to be made
directly (i.e., the Debtors' DIP accounts at FirstBank).

F. Withdrawal of Substantive Consolidation Motion. As a
condition to extension of the Interim Cash Collateral Period, the
Debtors shall withdraw the Substantive Consolidation Motion,
without prejudice.

In response, the Debtors complain that FirstBank makes all kinds
of allegations and twists and manipulates the facts in a desperate
attempt to create leverage, and argues on an inexistent
administrative insolvency, and requests onerous terms for adequate
protection -- making arguments against the valuation of the
collateral as well as the adequate protection which they have
themselves consented to in the previous orders -- trying to focus
the attention of the Court in inexistent transfers between
affiliated Debtors which did not file for bankruptcy, but in which
the Debtors have had no issues in sharing the information with the
FirstBank because the terms are straightforward and there is
nothing to hide.

Attorneys for Komodidad Distributors Inc. and its affiliated
debtors:

          Javier Vilari§o, Esq.
          VILARINO & ASSOCIATES LLC
          PO BOX 9022515
          San Juan, PR 00902-2515
          Telephone: 787-565-9894
          Email: jvilarino@vilarinolaw.com

Attorneys for FirstBank Puerto Rico:

          Zachary H. Smith, Esq.
          MOORE & VAN ALLEN, PLLC
          100 North Tryon Street
          Suite 4700, Charlotte
          North Carolina, 28202
          Telephone: (704) 331-1046
          Email: zacharysmith@mvalaw.com

          -- and --

          Antonio A. Arias, Esq.
          Lina M. Soler-Rosario, Esq.
          MCCONNELL VALDES, LLC
          P.O. Box 364225
          San Juan, Puerto Rico 00936-4225
          Telephone: (787) 250-5604
          Email: aaa@mcvpr.com
          lms@mcvpr.com

                  About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016. The
petition was signed by Jorge Galliano, president. The Hon. Enrique
S. Lamoutte Inclan presides over the case. The Debtor estimated
assets of $50 million to $100 million and estimated debts of $10
million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


KOMODIDAD DISTRIBUTORS: FirstBank Seeks to Compel Doc Production
-----------------------------------------------------------------
FirstBank Puerto Rico, as administrative agent under a credit
agreement by and among Komodidad Distributors Inc. and its
affiliated co-borrowers, asks the U.S. Bankruptcy Court to compel
the Debtors to produce certain documents to FirstBank.

FirstBank also asks the Court to impose monetary sanctions upon
the Debtors in an amount to be determined by the Court, including
costs, due to the Debtors' willful violations of the Cash
Collateral Order.

According to FirstBank, pursuant to the Cash Collateral Order, the
Debtors agreed -- and are ordered and directed by the Court -- to
disclose certain information to FirstBank by specified deadlines.
Although the Debtors have produced some information to FirstBank's
appraiser, the Debtors have not produced the following
information, which should be readily available and easily
produced:

A. Galeria del Sur Shopping Center, Ponce: Detailed income and
expenses report evidencing the income received and expenses during
past 3 years. The report should detail all sources of income
(rent, penalties, additional income, etc.) and recoverable versus
non-recoverable fixed and variable expenses.

B. Gatsby Plaza, Caguas: Detailed income and expenses report
evidencing the income received and expenses during past 3 years.
The report should detail all sources of income (rent, penalties,
additional income, etc.) and recoverable versus non-recoverable
fixed and variable expenses.

C. Gatsby Plaza, Puerto Nuevo, San Juan: Detailed income and
expenses report evidencing the income received and expenses during
past 3 years. The report should detail all sources of income
(rent, penalties, additional income, etc.) and recoverable versus
non-recoverable fixed and variable expenses.
FirstBank tells the Court that while it has accommodated the
Debtors' scheduling requests with respect to the grant of access
to the Debtors' real properties, FirstBank has not consented to
any extension of the June 22, 2016 deadline for production of the
documents and the Debtors' failure to produce the foregoing
information violates the Cash Collateral Order to the prejudice of
FirstBank.

In response, the Debtors argue that FirstBank has the required
information, which has been consistently forwarded by the Debtors'
Financial Advisor and full compliance has been achieved, and thus,
the alleged default is inexistent for in fact, the terms of the
interim order are changing, upon consent of the parties, to
accommodate compliance and keep the flow of information running.
However, the Debtors point out, FirstBank filed the motion without
even informing the Debtors of any defaults in its attempt to
mislead the Court through allegations that information is not
flowing and it "is indicative of an obvious effort to restrict
disclosure of actual and real time financial performance..."
Attorneys for Komodidad Distributors Inc. and its affiliated
debtors:


Attorneys for Komodidad Distributors Inc. and its affiliated
debtors:

          Javier Vilari§o, Esq.
          VILARINO & ASSOCIATES LLC
          PO BOX 9022515
          San Juan, PR 00902-2515
          Telephone: 787-565-9894
          Email: jvilarino@vilarinolaw.com

Attorneys for FirstBank Puerto Rico:

          Zachary H. Smith, Esq.
          MOORE & VAN ALLEN, PLLC
          100 North Tryon Street
          Suite 4700, Charlotte
          North Carolina, 28202
          Telephone: (704) 331-1046
          Email: zacharysmith@mvalaw.com

          -- and --

          Antonio A. Arias, Esq.
          Lina M. Soler-Rosario, Esq.
          MCCONNELL VALDES, LLC
          P.O. Box 364225
          San Juan, Puerto Rico 00936-4225
          Telephone: (787) 250-5604
          Email: aaa@mcvpr.com
          lms@mcvpr.com

                  About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016. The
petition was signed by Jorge Galliano, president. The Hon. Enrique
S. Lamoutte Inclan presides over the case. The Debtor estimated
assets of $50 million to $100 million and estimated debts of $10
million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


KOMODIDAD DISTRIBUTORS: Maintains Units Should Be Consolidated
--------------------------------------------------------------
Komodidad Distributors Inc. and its affiliates, in reply to
FirstBank Puerto Rico's objection to their request for substantive
consolidation, maintain that the bank should be estopped from
asserting now that the Debtors' asset be separated based on the
uncontested fact that all of FirstBank's loan collateral documents
obligated the Debtors to join and create a single entity as a
conglomerate.

According to the Debtors, FirstBank has required that all the
credit facilities be managed into a single entity, merging all the
proposed consolidated Debtors: G.A. Investors, S.E., Komodidad
Distributors, Inc., G.A. Property Development Corp., Gamaxport
Inc. and G.A. Design & Sourcing Corp. into one single entity and
collectively considering the Borrowers "as if they were a single
borrower."

The Debtors also assert that all other unsecured creditors in this
case, are and were under the business impression that all their
dealings are with Gatsby, which is in fact the Trade Name of the
Debtors and no other party in interest has objected to Debtors'
motion to consolidate; primarily because consolidation of
businesses is logical and makes complete sense.
Furthermore, the Debtors point out that the submitted and approved
budgets entered in this proceeding deals with the Group as a
single entity albeit matching each item to the respective entity
for accountability, which follows therefore that FirstBank
continues to rely on the Group as a single unit and has extended
credit over all assets, inventory and machinery and equipment --
the assets of the Gatsby Group are, in effect, commingled,
consolidated, combined and inseparable.

Attorneys for Komodidad Distributors Inc. and its affiliated
debtors:

          Javier Vilari§o, Esq.
          VILARINO & ASSOCIATES LLC
          PO BOX 9022515
          San Juan, PR 00902-2515
          Telephone: 787-565-9894
          Email: jvilarino@vilarinolaw.com

Attorneys for FirstBank Puerto Rico:

          Zachary H. Smith, Esq.
          MOORE & VAN ALLEN, PLLC
          100 North Tryon Street
          Suite 4700, Charlotte
          North Carolina, 28202
          Telephone: (704) 331-1046
          Email: zacharysmith@mvalaw.com

          -- and --

          Antonio A. Arias, Esq.
          Lina M. Soler-Rosario, Esq.
          MCCONNELL VALDES, LLC
          P.O. Box 364225
          San Juan, Puerto Rico 00936-4225
          Telephone: (787) 250-5604
          Email: aaa@mcvpr.com
          lms@mcvpr.com

                  About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016. The
petition was signed by Jorge Galliano, president. The Hon. Enrique
S. Lamoutte Inclan presides over the case. The Debtor estimated
assets of $50 million to $100 million and estimated debts of $10
million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


OFFICE EXPRESS SUPPLY: Taps Jorge Sanchez as Legal Counsel
----------------------------------------------------------
Office Express Supply seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire a legal counsel.
The Debtor proposes to hire Jorge Rafael Collazo Sanchez, Esq., to
provide these services in connection with its Chapter 11 case:

(a) advise the Debtor with respect to its duties and powers;
(b) advise the Debtor regarding whether a reorganization is
    feasible and, if not, help Debtor in the orderly
    liquidation of its assets;
(c) assist the Debtor in negotiating with creditors for the
    the orderly liquidation of its assets or formulation of a
    plan of reorganization;
(d) prepare legal papers and appear before the bankruptcy
    court or any court;
(f) perform other necessary legal services, including
    notarial services;

Mr. Sanchez will be paid $225 per hour for his services, plus
reimbursement of work-related expenses.

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

Mr. Sanchez's contact information is:

         Jorge Rafael Collazo Sanchez
         P.O. Box 1494
         Coamo, PR 00769
         Phone: (787) 825-7161
         Fax: (787) 825-7122
         Email: coa@prtc.net

                      About Office Express Supply

Office Express Supply sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 16-05304) on July 1,
2016.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *