TCRLA_Public/160726.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 26, 2016, Vol. 17, No. 146


                            Headlines



B A H A M A S

BAHAMAS: Central Bank Denies Plans to Devalue Local Currency


B R A Z I L

BRAZIL: Real Overcomes Intervention to Join Emerging-Market Rally
ODEBRECHT OLEO: S&P Affirms 'D' Corporate Credit Rating


C A Y M A N  I S L A N D S

ARABELLA EXPLORATION: Commences Liquidation Proceedings
GLOBAL FOCUSED: Creditors' Proofs of Debt Due Aug. 8
GOLDMAN SACHS EVENT: Commences Liquidation Proceedings
GOLDMAN SACHS STRUCTURED: Commences Liquidation Proceedings
KEMNAY VALTURA: Creditors' Proofs of Debt Due Aug. 19

LIBERTY HARBOR: Commences Liquidation Proceedings
PERGAMON OFFSHORE: Commences Liquidation Proceedings
UNITED OILS: Creditors' Proofs of Debt Due Aug. 8
WP X INVESTMENTS: Creditors' Proofs of Debt Due Aug. 8


C O S T A   R I C A

COSTARRICENSE DE ELECTRICIDAD: Fitch Affirms 'BB+' LC IDRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Aims to 'Fry' Electricity Pact's Prior Deal


J A M A I C A

UC RUSAL: Wants to Supply Russia's Metal Demands


P U E R T O    R I C O

AEROPOSTALE INC: To Challenge Sycamore's Status as Creditor
CANEJAS SE: Creditors to Get Full Payment Under Plan
VILLAS DEL MAR: Banco Popular Wants to Prohibit Cash Use


                            - - - - -


=============
B A H A M A S
=============


BAHAMAS: Central Bank Denies Plans to Devalue Local Currency
------------------------------------------------------------
Trinidad Express reports that the Central Bank of the Bahamas
(CBB) has denied reports of a possible devaluation of the local
currency insisting there 'are also no existing or emerging
pressures that would precipitate the forced abandonment of the
fixed exchange rate regime".

In a statement, the CBB said it wanted to assure the public that
"contrary to speculation" in the local media "there is no imminent
or medium-term threat of devaluation of the Bahaman dollar,"
according to Trinidad Express.

It said that "adequate support and mechanisms remain in place to
protect the value of the currency, despite conjectures about the
impact of economic growth, fiscal consolidation prospects or
governance institutions, the report notes.

"The Bahamian Dollar's value continues to be supported by the
foreign reserve holdings of the Central Bank and the tools at the
Bank's disposal to regulate the demand for foreign exchange.

"These include the monitoring of the system permitted under the
exchange control regime, as well as direct means to ensure that
domestic credit expansion does not fuel greater demand for foreign
exchange than the system can accommodate," the CBB said, the
report relays.

Among those warning of a possible devaluation of the dollar, which
is pegged at one to one with the US dollar is Robert Myers, the
former chairman of the Chamber of Commerce and now a member of the
Organization for Responsible Government, the report notes.

Mr. Myers told the local media that the country is "rudderless"
with debate more on "shiny object issues" rather than on the real
issues confronting the Caribbean Community (CARICOM) country, the
report relays.

Mr. Myers prediction that "devaluation is a question of when, it
is not a question of if," the report notes.

But in its statement, the Central Bank of the Bahamas said that a
predicate to any pressure on the currency is for the foreign
reserves to be threatened with depletion, the report says.

But it noted that as of July 21, the Central Bank's holdings of
international reserves are still in excess of one billion US
dollars "well above the international benchmark of 12 weeks of
total import cover, which reflects stronger reserves growth in the
first half of 2016 than in the corresponding period of 2015," the
report relays.

"Although the Bank expects the normal seasonal drawdown in
reserves over the rest of the year, balances are still expected to
settle at a year-end position that are stable to slightly
improved, when compared to December 2015," CBB added.

The CBB said the Bahamian public continues to have comfortable
access to foreign exchange to fund their external transactions,
the report notes.

"As economic activity fluctuates, such variation is highly
correlated with the foreign currency earnings from tourism and
other export activities.  These in turn, supply the foreign
exchange that finances import demand, and alongside the Central
Bank's credit policies, assure that import demand is regulated
within levels that are sustainable," CBB said, the report relays.

It said the capacity to further boost the reserves or to support
more robust import financing remains contingent on strengthening
medium-term growth prospects and, by extension, on the enabling
policies that can improve the base of private sector activities,
the report notes.

"In such a context, the Central Bank's ability to accommodate even
stronger spending on imports would also be enhanced.

"The Central Bank will continue to encourage more informed
dialogue on the foundations which support the value of the
Bahamian dollar, and on the policy considerations that would
prompt a review of whether an adjustment in the current fixed
exchange rate regime is warranted.

"In the present circumstances, the Bank remains well equipped to
defend the Bahamian dollar and any forced float or devaluation
would not benefit the economy. It is well within The Bahamas'
means of being avoided over the medium-term," the CBB added.



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


BRAZIL: Real Overcomes Intervention to Join Emerging-Market Rally
-----------------------------------------------------------------
Paula Sambo at Bloomberg News reports that Brazil's real rose as
increased confidence in the economy and favorable sentiment toward
emerging-market assets overshadowed the central bank's attempt to
limit gains.

The real joined a rally in developing-nation currencies after the
release of two surveys showed Brazilians predicting better times
ahead as the country pulls out of its worst recession in more than
a century, according to Bloomberg News.

"A combination of more optimism about the Brazilian economy and a
general improvement in sentiment toward emerging-market currencies
have supported the real," said Georgette Boele, an Amsterdam-based
strategist at ABN Amro Bank NV, Bloomberg News notes.

The real is the world's top performer this year amid speculation
that a new administration will be able to revive growth and shore
up the budget, Bloomberg News relays.  Sentiment about the economy
reached the highest level since 2014 as Brazilians predicted
inflation will slow, unemployment will fall and purchases power
will increase, according to a Datafolha poll published, Bloomberg
News says.

A separate tally by the central bank showed analysts boosting
their growth forecasts for next year, Bloomberg News notes.

The real strengthened 0.8 percent to 3.2537 per dollar on July 18.

An index of 20 emerging market currencies advanced 0.6 percent.
Swap rates on the contract maturing in January 2018, a gauge of
expectations for interest rates, dropped 0.02 percentage point to
12.67 percent, Bloomberg News says.

The currency gained even after the monetary authority sold all
10,000 reverse currency swaps offered on July 18, a move
equivalent to buying $500 million in the futures market, Bloomberg
News notes.  Since March, policy makers have sold almost $50
billion of the contracts, 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.


ODEBRECHT OLEO: S&P Affirms 'D' Corporate Credit Rating
-------------------------------------------------------
S&P Global Ratings affirmed its 'D' global scale corporate credit
ratings on Odebrecht Oleo e Gas S.A.  At the same time, S&P
affirmed its issue-level rating on Odebrecht Oil & Gas Finance
Limited at 'D'.  S&P is revising its recovery ratings on the
senior perpetual notes to '5' from '3', indicating recovery
prospects between 10% and 30%, which are below S&P's previous
expectations.

The rating affirmation reflects the company's default status.  OOG
missed an interest payment on its perpetual senior debt in April
2016, at which point S&P downgraded it to its current level.

The perpetual notes were issued by Odebrecht Oil & Gas Finance
Limited, and are fully guaranteed by OOG.  The latter is still
under a general debt restructuring process at the operating
subsidiary level, although S&P don't have any information about
its completion.  S&P will reevaluate the company's overall credit
quality once it's completed.

At the time of the default, S&P's recovery rating on the company's
senior unsecured debt was '3', indicating a meaningful recovery
between 50% and 70%, in the higher range of the band.  S&P now
revised the recovery rating to '5', indicating S&P's expectation
of lower recovery that should now range between 10% and 30%, in
the light of current industry conditions.



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


ARABELLA EXPLORATION: Commences Liquidation Proceedings
-------------------------------------------------------
On July 7, 2016, the Grand Court of Cayman Islands entered an
order to liquidate the business of Arabella Exploration, Inc.

The company's liquidators are:

          Matthew Wright
          Christopher Kennedy
          RHSW Caribbean
          P.O. Box 897, Windward 1
          Regatta Office Park, West Bay Road
          Grand Cayman KY1-1103
          Cayman Islands


GLOBAL FOCUSED: Creditors' Proofs of Debt Due Aug. 8
----------------------------------------------------
The creditors of Global Focused Value International Fund Ltd. are
required to file their proofs of debt by Aug. 8, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 5, 2016.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Jo-Anne Maher
          c/o Erik Weir
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647


GOLDMAN SACHS EVENT: Commences Liquidation Proceedings
------------------------------------------------------
On July 7, 2016, the sole shareholder of Goldman Sachs Event Risk
Premium Opportunities Fund Offshore, Ltd. 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


GOLDMAN SACHS STRUCTURED: Commences Liquidation Proceedings
-----------------------------------------------------------
On June 30, 2016, the sole shareholder of Goldman Sachs Structured
Emerging Markets Equity Fund, Ltd. 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


KEMNAY VALTURA: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------------
The creditors of Kemnay Valtura Limited are required to file their
proofs of debt by Aug. 19, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 6, 2016.

The company's liquidator is:

         Mahesh Nagendram
         c/o Scotiabank & Trust (Cayman) Ltd.
         6 Cardinall ave
         P.O. Box 501 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 815 4333


LIBERTY HARBOR: Commences Liquidation Proceedings
-------------------------------------------------
On June 30, 2016, the sole shareholder of Liberty Harbor Convex
Strategies, Ltd. 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


PERGAMON OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------------
On July 6, 2016, the sole shareholder of Pergamon Offshore Fund,
Ltd. 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:

          Cathy Fleming
          590 Madison Avenue, 30th Floor
          New York, NY 10022


UNITED OILS: Creditors' Proofs of Debt Due Aug. 8
-------------------------------------------------
The creditors of United Oils Limited SEZC are required to file
their proofs of debt by Aug. 8, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2016.

The company's liquidator is:

          Michael Saville
          c/o John Henry
          10 Market Street #765, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 769 7213
          Facsimile: (345) 949 7120


WP X INVESTMENTS: Creditors' Proofs of Debt Due Aug. 8
------------------------------------------------------
The creditors of WP X Investments I Ltd. are required to file
their proofs of debt by Aug. 8, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 30, 2016.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o 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



===================
C O S T A   R I C A
===================


COSTARRICENSE DE ELECTRICIDAD: Fitch Affirms 'BB+' LC IDRs
----------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (Grupo ICE) foreign- and local-currency Issuer
Default Ratings (FC/LC IDRs) at 'BB+' and its National Scale
ratings at 'AAA(cri)' and 'AAA(slv)'. The Rating Outlook remains
Negative. A complete list of rating actions follows at the end of
this release.

Grupo ICE's ratings are supported by its linkage to the sovereign
rating of Costa Rica (FC and LC IDRs 'BB+'/Outlook Negative),
which stems from the company's government ownership and the
implicit and explicit expectation of government support. ICE's
Negative Rating Outlook reflects the sovereign's Negative Outlook.
The company has a strong linkage to the government given its
strategic importance due to the growing demand for electricity and
the government's plans to increase renewable generation and reduce
exposure to fluctuations in fossil fuel prices. The ratings also
reflect the company's diversified portfolio of assets, adequate
financial profile, aggressive capital expenditure program oriented
toward increasing renewable generation capacity and maintaining a
strong market share position in the telecommunications business.

KEY RATING DRIVERS

DIVERSIFIED ASSET PORTFOLIO

Grupo ICE is a vertically integrated monopoly in the electricity
industry and the incumbent player in telecommunications in Costa
Rica. ICE's mobile market share in terms of subscribers was
approximately 60% at the end of 2014. The ratings reflect the
company's low business risk resulting from its business
diversification and positive characteristics as a utility service
provider.

The company had an installed capacity of 2,336 megawatts (MW) as
of December 2015, including the generation plants of its
subsidiary, Compania Nacional de Fuerza y Luz (CNFL). ICE is the
exclusive owner of the national transmission grid. The National
Electric System (SEN) is composed of Grupo ICE, two municipal
companies, and four rural electrification cooperatives. There are
also private generators that sell energy to Grupo ICE. The SEN
installed capacity is 3,068MW as of December 2015.

Fitch expects ICE's electricity business to increase its
contribution given the current and future expansion projects, as
well as relatively stable results in the telecommunications
segment. The electricity segment represented approximately 56.3%
of total revenues as of 2015 (2014: 57.5%) and the
telecommunications division contributed with 43.6% (2014: 42.3%),
supplemental services represented 0.1% (2014: 0.2%). During 2015,
EBITDA amounted to CRC329,866 million.

WEAKER STANDALONE CREDIT QUALITY

ICE's standalone credit quality is in line with a 'BB-' Long-Term
Rating, should the company not be owned by the state. This
standalone rating assumes that ICE's current favorable funding
conditions will not remain the same absent from ownership support
from the government. Additionally, local funding for its
subsidiary, Compania Nacional de Fuerza de Luz (CNFL), could be
limited absent from government support or Grupo ICE support. CNFL
relies on funds from state-owned banks due to its weak financial
profile.

LEVERAGE DRIVEN BY CAPEX AND TARRIF ADJUSTMENTS

Grupo ICE's ratings reflect the company's leverage, adequate
interest coverage and exposure to foreign exchange risk. In the
last few years, the company's leverage has weakened as result of
the ongoing large capital expenditure program, which has been
financed mainly with debt. Debt related to electricity projects
represents approximately 90% of the total debt, and the remaining
funds are allocated to projects in the telecommunications sector.
The lesser tariff adjustments during 2015 coupled with
extraordinary expenses have impacted EBITDA by year-end 2015.
Adjusted leverage (total adjusted debt /EBITDAR) for the last 12
months, ending March 31, 2016 was 6.3 times (x) (2015: 6.5x, 2014:
5.5x).

Consolidated gross debt as of March 2016 was CRC2,063,728 million
(2014: CRC1,987,070 million)and total debt adjusted for operating
leases was CRC2,560,816 million for the same period. As of March
2016, the company benefits from a manageable debt schedule, as
approximately 46.2% of it matures after five years, 39.1% between
two and five years, and 14.7% in less than two years.
Approximately 85% of total debt is denominated in U.S. dollars,
which exposes the company to fluctuations in the exchange rate.
The Costa Rican government guarantees some loans from
international development banks, which represent approximately 12%
of total indebtedness.

Fitch expects the company will be able to gradually reduce its
leverage as new generation projects come online, absent of any new
large generation projects and through tariff recognition of the
debt service of the generation plants that will start operations
in the next few years. One example is PH Reventazon, which began
operations in March 2016 and is under testing proofs before the
asset will be transferred to ICE.

The 305 MW Reventazon asset (US$1.4 billion cost) and the
associated debt (US$904 million) is expected to be incorporated in
ICE's financial statement between end of this year and the first
quarter of 2017. Fitch's forecast considers the effect in the end
of 2016.

AGGRESSIVE CAPITAL EXPENDITURE PLAN

Grupo ICE's capex investment plan is considered aggressive and
could weaken the company's financial profile without lacking of
increased cash flow generation and adequate tariff adjustments.
Nevertheless, annual capex requirements are expected to decrease
in relation to the past years as Reventazon, the largest
hydroelectric project, was already completed.

The company's capex plan considers investments by approximately
US$2.3 billion during 2016-2020 over the next five years to
increase renewable electricity generation capacity and maintain
its leadership position in telecommunications, if all the planned
projects are executed. Grupo ICE expects to finance its
investments with a combination of internal cash flow, debt, Build
Operate and Transfer (BOT) transactions, and special purpose
vehicles.

Fitch forecasts that capex investment for the years 2017-2019
could average 25% of total revenues. In 2015, capital expenditures
of CRC228,351 million represented 17.9% of revenues for the year
(2014: 15.9%). During the years 2010 through 2013, this ratio was
44.2% per year on average.

Fitch expects the company to be able to reduce leverage as capex
requirements decrease in the medium term (2016-2018), absent large
new generation projects, and tariff recognition of the debt
service of the generation plants that will start operations in the
next few years. Currently, there are two geothermal generation
projects by 55MW each, under developments. These projects are:
Pailas 2 (with an approximately cost of US$335 million project)
and Borinquen (at design and planning stage).

Going forward, leverage could increase consistently to over 6x if
the company finances its capex investment plan heavily with debt
and the revenues associated with these investments are delayed
beyond the expected ramp-up timeframe or do not receive the tariff
adjustments expediently.

HIGH EXPOSURE TO REGULATORY AND POLITICAL INTERFERENCE

Grupo ICE is exposed to regulatory interference risk given the
lack of clear and transparent electricity tariff schedules. The
company annually proposes to the regulator electricity tariffs for
end-users; in previous years, the regulatory and political
interference affected the tariff adjustment process.

Despite the regulatory risk, Grupo ICE has managed to maintain a
relative stable cash flow generation. Also, the company is exposed
to political interference given that the government appoints and
removes ICE's directors and executives, sets and approves the
company's tariffs, and regulates its budget.

KEY ASSUMPTIONS

-- The strong linkage between the sovereign of Costa Rica and ICE
    continues;

-- Grupo ICE remains important to the government as a strategic
    asset for the country;

-- Fuel variable-cost tariff revision and ordinary tariff
    adjustments are in place;

-- The Reventazon asset and the associated debt will be
    incorporated in ICE's 2016 financial statements.

-- The 2017 tariff review considers the debt service for
    Reventazon hydroelectric project;

-- Grupo ICE will continue to support its subsidiaries in terms
    of its financial obligations, and as advisor on operational or
    technical issues, when is needed or required.

RATING SENSITIVITIES

-- Grupo ICE's ratings could be negatively affected by any
    combination of the following: sovereign downgrades; weakening
    of legal, operational and/or strategic ties with the
    government; or regulatory intervention that negatively affects
    the company's financial performance;

-- Grupo ICE's ratings could be positively affected by an upgrade
    of Costa Rica's sovereign rating.

Fitch has affirmed the following ratings:

Instituto Costarricense de Electricidad y Subsidiarias' (Grupo
ICE)

-- Long-term FC IDR at 'BB+'; Outlook Negative;
-- Long-term LC IDR at 'BB+'; Outlook Negative;
-- Senior unsecured debt at 'BB+';
-- Long-term national scale (Costa Rica) at 'AAA(cri)'; Outlook
    Stable;
-- Short-term debt at 'F1+(cri)';
-- Senior unsecured domestic long-term debt (Costa Rica) at
    'AAA(cri)'.
-- Long-term national scale (El Salvador) at 'AAA(slv)'; Outlook
    Stable;
-- Senior unsecured domestic long-term debt (El Salvador) at
    'AAA(slv)'.



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


DOMINICAN REPUBLIC: Aims to 'Fry' Electricity Pact's Prior Deal
---------------------------------------------------------------
Dominican Today reports that the social sectors involved in the
talks leading to the Electricity Pact said the government of the
Dominican Republic aims to "fry" the pending agreement, by
circumventing points already agreed during the dialogue.

Alternative Social Forum spokesman Fernando Pena warned that the
government prepared a document to be submitted for approval, but
wasn't the result of the discussions held with the various
sectors, according to Dominican Today.

Mr. Pena accuses presidency chief of staff Gustavo Montalvo of
"pushing to approve the pact before August 16."

Mr. Pena said the Economic and Social Council's (CES) Technical
Committee had already announced that everything was ready for the
pact and that Mr. Montavo asked them to meet July 28 and 29 and on
August 2, 3 and 4 to complete it, the report relays.

In a press conference at the Santo Domingo State University
(UASD), Pena said that a meeting would also take place for that
purpose, the report notes.

"There's an entire maneuver that threatens a true Pact," Mr. Pena
said, stating concern over the fundamental aspects for citizens
that he affirms aren't being taken into account, the report
relays.

"We're simply demanding that it be discussed and done as agreed to
reach a transparent agreement . . . they want to fry the electric
pact and replace what has been discussed with 10 points which the
government calls priority," said Mr. Pena, who reiterated the need
for a "true pact," the report notes

Among the social organizations in the talks for the electricity
pact also figure the national farmers collective Articulation
Campesina, Centro Bono, Dominican Consumer Rights Foundation,
Dominican Economists Guild and the National District Homemakers
Committees Association, the report adds.

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.



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


UC RUSAL: Wants to Supply Russia's Metal Demands
------------------------------------------------
RJR News reports that global aluminum producer UC Rusal, which is
in the process of selling part of its Jamaican operations, said it
wants to supply all of Russia's demand for the metal in the long
run.

UC Rusal expects aluminum consumption will grow from 1.4 million
tons annually to 2.5 million tons by 2024, according to RJR News.

However, the company says investments worth nearly US$800 million
will be required at the initial stage by 2021, the report notes.

A Rusal spokesman said the funds are needed for infrastructure and
production capacities of the company's consumers, the report
relays.

UC Rusal recently announced plans to sell Alpart to the Chinese
state industrial group JISCO for US$299 million, the report adds.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 14, 2016, RJR News relayed that UC Rusal has asked lenders
to refinance some of its US$8.4 billion debt pile.  The Russian
aluminum group disclosed the move in its full-year financial
statements, according to RJR News.  This comes less than two years
after its most recent debt restructuring, the report notes.

TCRLA reported on June 24, 2015, that RJR News said Jamaica Mining
Minister Phillip Paulwell, who returned to Jamaica from his trip
to Russia, has declared that all is well with the arrangements
that have been made for full restoration of operations at the
Alumina Partners of Jamaica (Alpart) bauxite/alumina plant at Nain
in St. Elizabeth.

After being closed for six years, work resumed at the plant
earlier this year, but only in respect of mining of the ore for
shipment to Russia, in the first instance, according to RJR News.
The phased resumption plan should see the resumption of alumina
refining towards the end of 2016, the report said.

TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal
has re-ignited its war of words with the London Metal Exchange,
saying it has allowed financial speculators to distort prices.
Vladislav Soloviev, Chief Executive Officer of the heavily
indebted Russian group, said the price of aluminum traded on the
LME has been depressed by as much as 30 per cent by the actions of
money-market players, according to RJR News.

UC Rusal has been involved in a bitter legal wrangle with the LME
over plans to reform the exchange's warehousing system and
introduce rules to tackle long queues that built up in the
aftermath of the global financial crisis, the report said.



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


AEROPOSTALE INC: To Challenge Sycamore's Status as Creditor
-----------------------------------------------------------
Jessica Dinapoli, writing for Reuters, reported that U.S. teen
retailer Aeropostale Inc (AROPQ.PK) plans to challenge in court
private equity firm Sycamore Partners' claims as a creditor in its
bankruptcy, according to a transcript from a court hearing that
was seen by Reuters.

According to the report, the fight between Aeropostale and
Sycamore stands out from other bankruptcy cases of U.S. teen
retailers, because very few of them triggered litigation.  It
could also complicate any effort by Sycamore to take over the
retailer, the report noted.

The lawsuit would follow an investigation by Aeropostale over the
past several weeks into whether Sycamore drove the company into
bankruptcy, in part by making the terms of its debt investment in
the company in 2014 deliberately onerous, the report related.

Sycamore affiliates loaned Aeropostale $150 million in 2014, and,
as part of the deal, required that the chain make merchandise
purchases from one of Sycamore's companies, MGF Sourcing, the
report said.  Aeropostale has said that MGF imposed new,
burdensome terms on the retailer that precipitated its bankruptcy,
the report further related.

In bankruptcy court in New York, attorneys for Aeropostale said
that they would pursue claims that could dramatically reduce
Sycamore's recovery on its $150 million debt investment, the
report said.  It also intends to challenge Sycamore's ability to
use the money it is owed as credit in bidding for the company in a
bankruptcy auction scheduled for August, the report added.

                       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.

The U.S. trustee for Region 2 on May 11 appointed seven creditors
of Aeropostale Inc. to serve on the official committee of
unsecured creditors.  The Committee hired Pachulski Stang Ziehl &
Jones LLP as counsel.


CANEJAS SE: Creditors to Get Full Payment Under Plan
----------------------------------------------------
Canejas S.E. proposes to pay all its creditors in full, according
to a Chapter 11 plan of reorganization it filed with the U.S.
Bankruptcy Court for the District of Puerto Rico.

The restructuring plan filed on July 19 provides for a 100%
payment to all creditors of Canejas, including its general
unsecured creditors in Class 5 which, together, assert $79,590 in
claims.

The proposed plan will be funded through Canejas' assets,
surrendering to Banco Popular de Puerto Rico the "Edificio Mars"
located in Guaynabo, Puerto Rico, which guarantees its debt to the
bank.

A copy of the plan outline is available for free at:

                    https://is.gd/wWzBOZ

                       About Canejas S.E.

Canejas, S.E., a single asset real estate, filed a Chapter 11
bankruptcy petition (Bankr. D. P.R. Case No. 16-02644) on April 4,
2016.  The petition was signed by Diego Chevere as managing
partner.  The Debtor listed total assets of $11.1 million and
total debts of $8.55 million.  C. Conde & Assoc. represents the
Debtor as counsel.  Judge Mildred Caban Flores is assigned to the
case.


VILLAS DEL MAR: Banco Popular Wants to Prohibit Cash Use
--------------------------------------------------------
Banco Popular De Puerto Rico asks the U.S. Bankruptcy Court for
the District of Puerto Rico to prohibit Villas Del Mar Hau, Inc.,
from using Banco Popular's cash collateral.

The Debtor entered into various loan agreements with Banco
Popular, which are secured by, among other things, real estate
collateral which operates as a resort called Parador Villas del
Mar Hau.  The Debtor granted Banco Popular a lien over, among
other things, all of its pre-petition and post-petition rents and
revenue generated by the Real Estate Collateral.

As of the Petition Date, Banco Popular is the holder of a valid,
perfected, secured claim in the amount of $1,409,903.30.

Banco Popular tells the Court that it has engaged in good faith
efforts with the Debtor to attempt to reach an agreement pursuant
to which Banco Popular may provide its consent for the use of its
cash collateral and pave the way towards the potential
confirmation of a consensual plan.  It further tells the Court
that the Debtor has failed to provide Banco Popular with the
information that it had requested as part of these discussions and
that the parties have not been able to reach an agreement.

Banco Popular says that it informed the Debtor's counsel that it
does not consent to the Debtor's continued use of cash collateral.
Banco Popular further says that the Debtor has not requested an
order authorizing the use of any cash collateral and that the
Debtor has not requested or obtained Banco Popular's consent to
use any of the cash collateral.

A full-text copy of Banco Popular De Puerto Rico's Motion, dated
July 20, 2016, is available at https://is.gd/RnGkYt

Banco Popular De Puerto Rico is represented by:

          Luis C. Marini, Esq.
          Carolina Velaz-Rivero, Esq.
          O'NEILL & BORGES LLC
          250 Munoz Rivera Avenue, Suite 800
          San Juan, PR 00918-1813
          Telephone: (787) 764-8181
          Email: luis.marini@oneillborges.com
                 carolina.velaz@oneillborges.com

             About Villas Del Mar Hau, Inc.

Villas Del Mar Hau, Inc. filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No.: 15-10146) on December 22,
2015. The petition was Myrna Hau Rodriguez, president/owner.  The
Debtor is represented by Victor Gratacos Diaz, Esq., at Gratacos
Law Firm.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.  The Debtor disclosed total assets of $3.80 million and
estimated total debts of $4.46 million at the time of the filing.


                            ***********


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.

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                            ***********


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

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

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

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