TCRLA_Public/160802.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, August 2, 2016, Vol. 17, No. 151


                            Headlines



A R G E N T I N A

ARGENTINA: Fitch Says Corp Upgrades to Outpace Cuts Since 2007


B R A Z I L

ENERGISA SA: S&P Affirms 'BB' Rating, Outlook Remains Negative
GOL LINHAS: Fitch Hikes Long-Term Issuer Default Ratings to 'CC'
OI SA: Judge May Soon Force Vote on Board Change, Lawyer Says


C A Y M A N  I S L A N D S

ATTALUS ACTIVE: Shareholders' Final Meeting Set for Aug. 16
BOW STREET: Shareholder to Hear Wind-Up Report on Aug. 9
GLOBAL FOCUSED: Members' Final Meeting Set for Aug. 12
GOLDMAN SACHS EVENT: Members' Final Meeting Set for Aug. 11
GOLDMAN SACHS GLOBAL: Members' Final Meeting Set for Aug. 11

GOLDMAN SACHS PROPRIETARY: Members' Final Meeting Set for Aug. 11
GOLDMAN SACHS STRUCTURED: Members' Final Meeting Set for Aug. 11
HARRISON CORP: Shareholders' Final Meeting Set for Aug. 11
INVEST AD: Shareholders' Final Meeting Set for Aug. 31
KEMNAY VALTURA: Members' Final Meeting Set for Aug. 19

LIBERTY HARBOR: Members' Final Meeting Set for Aug. 11
PERGAMON MASTER: Shareholders' Final Meeting Set for Aug. 9
PERGAMON OFFSHORE: Members' Final Meeting Set for Aug. 9
WP X INVESTMENTS: Members' Final Meeting Set for Aug. 12


J A M A I C A

JAMAICA: OKs US$4MM Repayment to Venezuela Under PetroCaribe Deal


M E X I C O

CEMEX SAB: Reports Second Quarter 2016 Results


P U E R T O    R I C O

AEROPOSTALE INC: Court to Take Up Exit Plan on August 23
ECRA GROUP: Hires Luis D. Flores Gonzalez as Legal Counsel
HYPERBARICS AND WOUND: Hires Heriberto Acevedo as Auditor
LINCOLN RESTAURANTS: Hires Arvelo & Vazquez as Counsel
PUERTO RICO: Towns to Share Services, Cut Costs Amid Crisis


V E N E Z U E L A

VENEZUELA: May be on The Brink of Total Collapse, NY Post Opines


                            - - - - -


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


ARGENTINA: Fitch Says Corp Upgrades to Outpace Cuts Since 2007
--------------------------------------------------------------
For the first time since 2007, Argentine annual corporate upgrades
are projected to outpace downgrades, according to a new Fitch
Ratings report.

Argentina's Country Ceiling was upgraded to 'B' from 'CCC' in
March 2016. Nine companies were subsequently upgraded, since the
majority of their ratings are constrained by the country ceiling
rating. The Fitch-rated Argentine portfolio was comprised by 11
companies as of June 30, 2016.

Approximately 73% of Fitch's Argentine corporate portfolio has
been assigned a Stable Outlook, while 18% have a Negative Outlook;
the remainder have no Rating Outlook assigned because Fitch does
not assign Outlooks to issuers rated 'CCC' or below.

Argentine corporates have weak liquidity. The country's low cash
levels compared with regional counterparts reflect the previous
administration's restrictive policies and the general lack of
investment opportunities. Short-term debt balances are also high
in proportion to total debt.

"The Fitch-rated Argentine portfolio issued US$3.2 billion in
bonds as of June 30, 2016. Fitch expects issuances to continue, as
corporates are looking to replace expensive, local debt with
cheaper, longer-term U.S. dollar-denominated debt," said Cristina
Madero, Associate Director.

The proportion of U.S. dollar-denominated debt is increasing as
companies are refinancing local debt with international issuances.
For some oil and gas companies, almost 100% of debt is denominated
in U.S. dollars.



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


ENERGISA SA: S&P Affirms 'BB' Rating, Outlook Remains Negative
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
national scale ratings on Energisa S.A. and its subsidiaries,
Energisa Paraiba-Distribuidora de Energia S.A. and Energisa
Sergipe-Distribuidora de Energia S.A.  The outlook remains
negative.

Ratings on Brazil (BB/Negative/B, brAA-/Negative/--) continue to
cap ratings on Energisa and its subsidiaries.  In S&P's view, the
Brazilian electric sector is highly regulated, especially the
distribution and transmission segments because the regulator
(ANEEL) determines the rates for each company of the sector.  S&P
believes Energisa, as other regulated utilities in Brazil, could
be subject to government intervention in a scenario of sovereign
default.

"The stronger SACP, in turn, reflects our view that Energisa
should post comfortable credit metrics over the next few years, as
a result of the improved operating performance at the electricity
distribution assets that the group acquired from Rede Energia.  In
addition, Energisa strengthened its capital structure, after some
initiatives that included a broad agreement with the Brazilian
Development Bank (BNDES)--which consisted of a R$250 million
capital injection from Energis's controlling shareholder last
year, the issuance of R$1 billion debentures, and a syndicated
bank loan (R$660 million already disbursed)--and the recently
announced R$1.5 billion public equity offering, R$1.4 billion of
which is already completed and net proceeds to be received in
early August.  These measures, in our view, help enhance the
group's liquidity position, especially amid tight credit
conditions in Brazil," S&P said.

Energisa's business risk profile benefits from the group's
distribution assets that operate as natural monopolies under a
favorable regulatory framework.  Energisa is one of the largest
utilities in Brazil, distributing electricity to about 6.4 million
consumers in 788 municipalities.  The group is focusing on
integrating and improving the efficiency of the distributors it
acquired from Rede Energia.  S&P believes that the group has a
favorable track record in such endeavor because its two core
subsidiaries have posted significant operating improvements over
the past few years, resulting in stronger quality metrics.

Despite Brazil' economic slump, S&P expects Energisa's recent
initiatives to keep client delinquency and electricity losses
under control, after they increased over the past few quarters.
Based on S&P's expectation of a decline in electricity consumption
in Energisa's concession area in 2016, its energy purchases should
exceed demand by more than the 5% regulatory limit over the next
few years.  As distributors are not entitled to pass-through
surpluses above this threshold in their rates, they must sell
excess energy in the spot market.  However, spot market prices are
currently below the average ones under Energisa's energy purchase
agreements.  But S&P doesn't expect this scenario to impair
Energisa's ratings.  The association of domestic distributors has
held several discussions with ANEEL, which have already resulted
in some mitigating measures.  In addition, they could reduce
Energisa's excess energy, depending on their final outcome.

"We assess Energisa and its subsidiaries on a consolidated basis,
because the group adopts an integrated financial management
approach, in our view, and the holding company, Energisa, actively
manages its subsidiaries, including Energisa Paraiba and Energisa
Sergipe.  We expect Energisa to continue converting its regulatory
assets into cash in 2016, which fell to R$425 million in December
2015 and to R$257 million in the first quarter of 2016, after
reaching a peak of R$509 million in the third quarter of 2015.
This would allow it to reduce significantly its working capital
needs," S&P said.


GOL LINHAS: Fitch Hikes Long-Term Issuer Default Ratings to 'CC'
----------------------------------------------------------------
Fitch Ratings has upgraded Gol Linhas Aereas Inteligentes S.A.'s
(GOL) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'CC' from 'RD' and its National Scale rating to
'CC(bra)' from 'RD(bra)'. Fitch has also upgraded GOL's fully
owned subsidiaries' secured notes from CC/RR3 to CCC-/RR3 and
affirmed GOL's fully owned subsidiaries' unsecured bond ratings at
C/RR5.

The rating actions reflect Fitch's reassessment of GOL's IDRs and
issuance debt ratings incorporating the company's credit quality
following its recently executed debt exchange offer. The ratings
reflect the company's continued high leverage and weak cash flow
relative to debt obligations.

GOL's financial and operational strategy included the execution of
the following actions: the debt exchange offer with a 21%
acceptance, the refinancing of its debt with Brazilian banks
reducing principal payments during 2016 - 2017 and obtaining
waivers until Dec. 31 2016, reducing the scale of its operations
by returning approximately 15% of its total number of aircraft and
reducing its total consolidated capacity with a target of 6% to 8%
decrease during 2016. Also, the company has negotiated an
agreement to postpone aircraft delivery with the aim to materially
reduce total capital expenditures (capex) during 2016.

Although recent developments provide some relief to the company
regarding financial flexibility, Fitch sees only the potential for
a limited recovery in the company's operational performance during
the next 12 months given Brazil's weak economic environment. GOL's
liquidity deterioration - driven mainly by continued weak
operational performance - continues to be a key concern.

The 'RR3' Recovery Rating (RR) for the new secured notes reflects
above-average recovery prospects in an event of default. These
notes are secured by collateral that has been valued at US$222.7
million, representing a principal coverage ratio of over 3 to 1.
Fitch recovery analysis for the secured new notes resulted in
higher values but has been capped at 'RR3' considering that some
jurisdiction's issues could affect the recovery prospects. The
'RR5' for the senior unsecured notes reflects below average
recovery prospects in an event of default.

KEY RATING DRIVERS

Demand Decline Continues

Brazil's total domestic traffic is anticipated to decline by 8% to
12% during 2016 as demand fundamentals and corporate activity
remain weak. In this environment, GOL's total number of
transported passengers decreased by 22% and 16% during the second
quarter and the first half of 2016 (1H 2016), respectively, when
compared to the same periods last year.

Fitch's base case considers that GOL's total transported
passengers will decline by approximately 15% during 2016. The
strengthening of the Brazilian real against the U.S. dollar, which
occurred in recent months, is a positive for the company's
operations, as GOL generates approximately 90% of its revenues in
Brazilian reals, while around 60% of its total costs and 80% of
its total debt are denominated in U.S. dollars.

Capacity Adjustments and Fleet Size Reduction Incorporated

During 1H 2016, GOL managed to reduce its total capacity, measured
as available seat kilometers (ASK), by approximately 7.5%, closing
this period with 23 billion of ASK. The company's capacity
reductions in the domestic and international segments were 6.3%
and 15.6%, respectively. For 2016, Fitch expects the company to
reduce its total capacity - in the domestic and international
segments combined - by 6% to 8%.

GOL has also reduced its flight route network to focus on
profitability. In conjunction with these measures, the company is
reducing the number of operational aircraft. The company expects
to return at least 20 aircraft during 2016 - 15 aircraft already
returned by the end of June 2016 - closing the year with a total
fleet of 124 aircraft, 84 of those under operational leases and
the remaining balance under financial leases.

Negative 2016 EBIT Margin, High Leverage

Fitch expects GOL to reach negative EBIT margin, around -2%, in
2016. Fitch's 2016 base case for GOL considers a 15% decline in
total transported passengers, an increase in yields in the 7% to
10% range helped by the reduction in capacity, and total non-fuel
cask around BRL 14.2 cents. Fitch views the trend in yield as one
of the key factors for the company's 2016 operational performance.

GOL's adjusted gross leverage, measured as total adjusted
debt/EBITDAR, was 11x at March 31, 2016, compared with 6.7x in
2014. The company's total adjusted debt was BRL16.9 billion at
March 31, 2016. This debt includes BRL7.9 billion in on-balance-
sheet debt and BRL9.0 billion in off-balance-sheet obligations
related to operating leases with combined rental payments of
around BRL1.2 billion during LTM March 2016. Fitch expects the
company's adjusted gross leverage to be in the range of 10x to 12x
during 2016.

Liquidity under Pressure

GOL's liquidity is viewed as weak. GOL would need to improve its
operational performance, minimize capex levels and continue
refinancing its debt to avoid a material decline in its liquidity
position during the next few quarters. GOL's readily available
cash, measured as total cash plus marketable securities, was
BRL1.4 billion as of March 31, 2016. The company has debt
principal payments due of approximately BRL439 million and BRL696
million during the second half of 2016 and 2017, respectively.

During LTM March 2016 the company's FCF generation was negative
BRL1.7 billion, resulting in a FCF margin (LTM FCF/LTM revenues)
of negative 16.7%. The company's cash flow from operations for
2016 is forecasted to be negative at around BRL621 million,
reflecting the company's limited capacity to cover cash interest
expenses and cash taxes, estimated at levels around BRL738 million
and BRL246 million, respectively. Without a recovery in the
company's operational performance, Fitch believes GOL's 2016 -
2017 FCF generation will remain negative and will continue to
pressure its liquidity position.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for GOL's ratings
include:

-- 2016 consolidated RPK declines of around 12.5%;
-- 2016 consolidated ASK declines around 6% to 8%;
-- 2016 EBIT margin negative of around 2%;
-- 2016 FCF margin negative of around 10%;
-- Minimum levels of net capital expenditure levels below BRL100
    million in 2016;
-- 2016 Coverage ratio, EBITDAR/Gross Interest Expense + Rents),
    around 0.7x;
-- Gross adjusted financial leverage (total adjusted
    debt/EBITDAR) at levels around 11x by the end of 2016.

RATING SENSITIVITIES

Negative Rating Action: Future actions that may individually or
collectively cause Fitch to take a negative rating action include:

-- Weaker than expected operational performance in 2016;
-- 2016 FCF margin persistently below negative 13%;
-- Readily available cash, measured as total cash plus marketable
    securities, consistently declining;

Positive Rating Action: Fitch could consider a positive rating
action if GOL generates operational and FCF margins consistently
above than those levels incorporated in the ratings, resulting in
lower financial adjusted gross leverage while keeping current
liquidity profile.

FULL LIST OF RATING ACTIONS

Fitch has taken the following ratings:

Gol Linhas Aereas Inteligentes S.A. (GOL):

-- Long-Term Foreign and Local-Currency Issuer Default Ratings (
    IDRs) upgraded to 'CC' from 'RD';

-- Long-Term National Rating upgraded to 'CC(bra)' from
    'RD(bra)';

-- US$200 million perpetual bonds affirmed at 'C/RR5'.

VRG Linhas Aereas S.A. (VRG):

-- Long-Term Foreign and Local-Currency IDRs upgraded to 'CC'
    from 'RD;

-- Long-term national rating upgraded to 'CC(bra)' from
    'RD(bra)'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:

-- US$225 million of senior unsecured notes due 2017 affirmed at
    'C/RR5';

-- US$300 million of senior unsecured notes due 2020 affirmed at
    'C/RR5';

GOL LuxCo S.A.:

-- US$200 million of senior unsecured notes due 2023 affirmed at
    'C/RR5';

-- US$325 million of senior unsecured notes due 2022 affirmed at
    'C/RR5';

-- US$14.1 million of senior secured notes due 2018 upgraded to
    'CCC-/RR3' from 'CC/RR3;

-- US$41.3 million of senior secured notes due 2021 upgraded to
   'CCC-/RR3' from 'CC/RR3;

-- US$18.1 million of senior secured notes due 2028 upgraded to
    'CCC-/RR3' from 'CC/RR3;


OI SA: Judge May Soon Force Vote on Board Change, Lawyer Says
-------------------------------------------------------------
Ana Mano at Reuters reports that the judge overseeing the
bankruptcy protection of Brazilian phone carrier Oi SA could force
the company to call a shareholder vote on proposed changes to its
board as soon as this week, according to a lawyer for an activist
shareholder.

The ruling should come after the judge hears opinions from
PricewaterhouseCoopers, the in-court administrator in Oi's
bankruptcy, and the public prosecutor's office, Joao Mendes de
Oliveira Castro, legal advisor to Oi's minority shareholder
Societe Mondiale, said in a phone interview, according to Reuters.

The investment fund recently acquired 7 percent of the Oi's voting
shares and is demanding the replacement of five board executives
linked to Portugal-based Pharol SGPS, formerly Portugal Telecom
SGPS SA, which owns 27.5 percent of the company's voting shares,
according to its website, Reuters notes.

Oi and a court representative declined to comment on the possible
ruling by Judge Fernando Viana.

Brazil's largest fixed-line operator filed last month for
protection from creditors on a record BRL65.4 billion ($19.9
billion) of bonds, bank debt and operating liabilities, suffering
from stiff competition and years of shareholder spats, the report
relays.

Differences on Oi SA's board spoiled efforts to negotiate an out-
of-court restructuring, triggering the departure of its chief
executive and contributing to tensions among shareholders, sources
said at the time, the report relays.

Societe Mondiale, run by Brazilian entrepreneur Nelson Tanure, is
open to negotiations with other minority shareholders to promote
board changes, Castro said, the report discloses.

Anatel, the industry watchdog, told Societe Mondiale in a
statement that "no prior authorization" is required to elect new
board members for Oi, the report notes.  The statement, seen by
Reuters and submitted as evidence to the court by Societe
Mondiale, said Anatel would weigh in regarding any new board
members before they take office, 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
==========================


ATTALUS ACTIVE: Shareholders' Final Meeting Set for Aug. 16
-----------------------------------------------------------
The shareholders of Attalus Active Benchmark Opportunities will
hold their final meeting on Aug. 16, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Saville
          c/o Prudence Pryce
          10 Market Street
          Camana Bay
          P.O. Box 765 Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 949 7100
          Facsimile: +1 (345) 949 7120


BOW STREET: Shareholder to Hear Wind-Up Report on Aug. 9
--------------------------------------------------------
The shareholder of Bow Street Offshore Fund, Ltd. will hear on
Aug. 9, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bow Street LLC
          c/o Sophia Leavett
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


GLOBAL FOCUSED: Members' Final Meeting Set for Aug. 12
------------------------------------------------------
The members of Global Focused Value International Fund, Ltd. will
hold their final meeting on Aug. 12, 2016, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GOLDMAN SACHS EVENT: Members' Final Meeting Set for Aug. 11
-----------------------------------------------------------
The members of Goldman Sachs Event Risk Premium Opportunities Fund
Offshore Ltd. will hold their final meeting on Aug. 11, 2016, at
11:10 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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 GLOBAL: Members' Final Meeting Set for Aug. 11
------------------------------------------------------------
The members of Goldman Sachs Global Opportunities Select Offshore,
Ltd. will hold their final meeting on Aug. 11, 2016, at
11:20 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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 PROPRIETARY: Members' Final Meeting Set for Aug. 11
-----------------------------------------------------------------
The members of Goldman Sachs Proprietary Loan Access Fund Ltd.
will hold their final meeting on Aug. 11, 2016, at 11:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Members' Final Meeting Set for Aug. 11
----------------------------------------------------------------
The members of Goldman Sachs Structured Emerging Markets Equity
Fund, Ltd. will hold their final meeting on Aug. 11, 2016, at
11:10 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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


HARRISON CORP: Shareholders' Final Meeting Set for Aug. 11
----------------------------------------------------------
The shareholders of Harrison Corporation will hold their final
meeting on Aug. 11, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robert C. Muffly
          299 Park Avenue, New York, NY 10171
          United States
          Telephone: (212) 888-3033
          e-mail: rmuffly@beckerglynn.com


INVEST AD: Shareholders' Final Meeting Set for Aug. 31
------------------------------------------------------
The shareholders of Invest AD - Iraq Opportunity Fund will hold
their final meeting on Aug. 31, 2016, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          161a Artillery Court,
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands


KEMNAY VALTURA: Members' Final Meeting Set for Aug. 19
------------------------------------------------------
The members of Kemnay Valtura Limited will hold their final
meeting on Aug. 19, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mahesh Nagendram
          c/o Scotiabank & Trust (Cayman) Ltd.
          6 Cardinall Avenue
          P.O. Box 501 Grand Cayman KY1-1106
          Telephone: 345 914 6294


LIBERTY HARBOR: Members' Final Meeting Set for Aug. 11
------------------------------------------------------
The members of Liberty Harbor Convex Strategies, Ltd. will hold
their final meeting on Aug. 11, 2016, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PERGAMON MASTER: Shareholders' Final Meeting Set for Aug. 9
-----------------------------------------------------------
The shareholders of Pergamon Master Fund, Ltd. will hold their
final meeting on Aug. 9, 2016, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PERGAMON OFFSHORE: Members' Final Meeting Set for Aug. 9
--------------------------------------------------------
The members of Pergamon Offshore Fund, Ltd. will hold their final
meeting on Aug. 9, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


WP X INVESTMENTS: Members' Final Meeting Set for Aug. 12
--------------------------------------------------------
The members of WP X Investments I Ltd. will hold their final
meeting on Aug. 12, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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



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


JAMAICA: OKs US$4MM Repayment to Venezuela Under PetroCaribe Deal
-----------------------------------------------------------------
RJR News reports that Jamaica's Cabinet has approved a
reactivation of the trade compensation mechanism under bilateral
arrangements with Venezuela.  This is valued at US$4 million.

Under the PetroCaribe Agreement, loan repayments to Venezuela may
be made by way of goods and services, valued at preferential
rates, according to RJR News.

This is to promote the exchange of goods and services and to build
domestic production capacity and trade relations, the report
notes.

The arrangement will be coordinated through the Petrocaribe
Development Fund, the report adds.

                           *     *     *

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



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


CEMEX SAB: Reports Second Quarter 2016 Results
----------------------------------------------
Reuters reports that CEMEX, S.A.B. de C.V.'s net income for second
quarter 2016 increased 81% on a year-over-year, reaching $205
million.

Net sales in operations in Mexico increased 7% in second quarter
of 2016 to $796 million, according to Reuters.

The report notes that operating earnings before other expenses,
net, in second quarter increased 11% and 24% on a like-to-like
basis to $539 million

The report relays that operating EBITDA increased 6% during second
quarter to $771 million

The report says that consolidated net sales reached $3.7 billion
during second quarter, an increase of 6% on a like-to-like basis
adjusting for currency.

Operating EBITDA increased by 16% on a like-to-like basis during
quarter, the report notes.

The report relays that total debt plus perpetual notes decreased
by $1,151 million during quarter.

Cemex's operations in United States reported net sales of $1,036
million in second quarter of 2016, up 3%, the report notes.

Controlling interest net income improved 81% during second quarter
of 2016 to $205 million from $114 million in second quarter 2015,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 27, 2016, Fitch Ratings affirmed CEMEX, S.A.B. de C.V.'s
(CEMEX) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has
also upgraded the company's National Scale Long-Term Rating to
'A(mex)' from 'A- (mex)' and affirmed the company's National Scale
Short-Term rating at 'F2 (mex)'. The Rating Outlook remains
Stable.



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


AEROPOSTALE INC: Court to Take Up Exit Plan on August 23
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York is
set to hold a hearing on August 23 to consider the plan proposed
by Aeropostale Inc. to exit Chapter 11 protection.

The hearing will take place at the U.S. Bankruptcy Court, One
Bowling Green, New York.  Objections to the plan must be filed no
later than August 12.

Aeropostale on July 15 filed a restructuring plan, which proposes
to sell almost all assets of the company and its affiliates.  An
auction is scheduled for August 22.

The proceeds from the sale will first be used to pay a group of
lenders led by Crystal Financial LLC that provided a loan to get
Aeropostale through bankruptcy.  After the payment, the company
will use the proceeds to fund wind-down costs of the bankruptcy
cases and pay creditors under the plan.

Under the proposed plan, each general unsecured creditor in Class
5 will receive a pro rata share of available cash.  These
creditors hold a total of $110 million to $340 million in claims,
according to the disclosure statement detailing the plan.

A copy of the disclosure statement is available for free at
https://is.gd/aTPqZT

                     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.


ECRA GROUP: Hires Luis D. Flores Gonzalez as Legal Counsel
----------------------------------------------------------
ECRA Group Corp. seeks permission from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ The Law Offices of Luis
D. Flores Gonzalez as its legal counsel.

The Debtor needs legal counsel and representation to fully comply
with its duties. Counseling and representation will be necessary
in connection with the filing of Schedules, the Statement of
Financial Affairs filed under Chapter 11, the payment plan that
will be proposed, the examination of the claims filed, the
Disclosure Statement and other related matters.

The Law Offices of Luis D. Flores Gonzalez will be paid at these
hourly rates:

      Luis D. Flores Gonzalez           $200
      Legal Assistants                  $60
      Paraprofessionals                 $40

The firm has received $5,000 as retainer.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Luis D. Flores Gonzalez assured the Court that his firm is a
"disinterested person" as the term is defined in Sections 101(14)
and 327 of the Bankruptcy Code, and does not represent any
interest adverse to the Debtor and its estate.

The Law Offices of Luis D. Flores Gonzalez may be reached at:

     Luis D. Flores Gonzalez
     The Law Offices of Luis D. Flores Gonzalez
     80 Georgetti, Suite 202
     Rio Piedras, PR 00925
     Tel: (787)758-3606
     E-mail: ldfglaw@coqui.net
             ldfglaw@yahoo.com

                    About ECRA Group, Corp.

ECRA Group, Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-04651) on June 10, 2016. Luis D. Flores
Gonzalez at The Law Offices of Luis D. Flores Gonzalez as
bankruptcy counsel.


HYPERBARICS AND WOUND: Hires Heriberto Acevedo as Auditor
---------------------------------------------------------
Hyperbarics and Wound Care Centers of Puerto Rico, Corp. seeks
authorization from the U.S. Bankruptcy Court for the District of
Puerto Rico to employ Heriberto Reguero Acevedo as the Certified
Public Accountant to act as external auditor and business
consultant of the Debtor.

The Debtor requires the external accountant to:

   (a) provide assistance to the Debtor in preparing the Monthly
       Reports of Operation;

   (b) prepare the necessary financial statements;

   (c) assist the Debtor in preparing the cash flow projections
       and or any other projection needed for the Disclosure
       Statement;

   (d) assist the Debtor in any/all financial and accounting
       pertaining to, or in connection with the administration of
       the estate;

   (e) assist the Debtor in the preparation and filing of federal,

       state and municipal tax returns; and

   (f) assist the Debtor in any other assignment that might be
       properly delegated by management;

The external accountant will be paid at these hourly rates:

       Heriberto Reguero Acevedo      $150
       Associates                     $75

Mr. Acevedo will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Acevedo assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

The external accountant can be reached at:

       Heriberto Reguero Acevedo
       105 Avenue, Borinquen Base Ramey
       Aguadilla, PR 00603

                         About Hyperbarics

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


LINCOLN RESTAURANTS: Hires Arvelo & Vazquez as Counsel
------------------------------------------------------
Lincoln Restaurants Incorporated asks permission from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Arvelo
& Vazquez, P.S.C. as counsel.

Arvelo & Vazquez will be paid at these hourly rates:

       Pedro E. Vazquez Melendez       $150
       Partners/Associates             $125
       Paralegal                       $80

Arvelo & Vazquez will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Arvelo & Vazquez received a $5,000 retainer from the Debtor.

Pedro E. Vazquez Melendez, principal of Arvelo & Vazquez, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Arvelo & Vazquez can be reached at:

       Pedro E. Vazquez Melendez, Esq.
       ARVELO & VAZQUEZ, P.S.C.
       P.O. Box 9024025
       San Juan, PR 00902-4025
       Tel: (787) 721-7255
       Fax: (787) 722-7255
       E-mail: quiebras@gmail.com

Lincoln Restaurants Incorporated, filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-05006) on June 23, 2016.  The
Debtor is represented by Pedro E. Vazquez Melendez, Esq.


PUERTO RICO: Towns to Share Services, Cut Costs Amid Crisis
-----------------------------------------------------------
Associated Press reports that Puerto Rico's governor has signed a
bill letting the island's 78 municipal governments share
administrative services as a cost-saving measure amid a deep
fiscal crisis.

The measure amends a 1991 law to let local governments set up
agreements between two or more municipalities to cooperate on
finance, public works and other areas, instead of each town having
a department for each service, according to Associated Press.

Gov. Alejandro Garcia Padilla said it is expected to result in
substantial savings, the report notes.

About $2 billion is spent each year to run the U.S. territory's
town governments, which employ 56,400 workers, the report relays.
Island mayors have backed the new measure as Puerto Rico struggles
with nearly $70 billion in debt and a prolonged economic downturn,
the report adds.

                            *     *     *

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Justice Clarence Thomas, writing for the majority in the 5-to-2
decision, said the law was at odds with the federal bankruptcy
code, which bars states and lower units of government from
enacting their own versions of bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings has
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.
Both ratings are removed from Rating Watch. Ratings on securities
that have not defaulted will remain at 'C' until the point of
default. The ratings on non-defaulted bonds remain on Rating Watch
Negative.



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


VENEZUELA: May be on The Brink of Total Collapse, NY Post Opines
----------------------------------------------------------------
New York Post noted in an editorial piece that Venezuela may be on
the brink of total collapse.

New York Post notes that Venezuela was praised by celebrities when
Hugo Chavez led the country until his death in 2013, but things
have grown worse under Chavez's handpicked successor, Nicolas
Manduro.

Venezuela is beset by severe food shortages, riots in the streets
and hyperinflation that's closing in on 700 percent, New York Post
relays. World oil prices have plummeted and Venezuela relies on
oil for 95 percent of its income, the report discloses.

Agriculture was neglected as Chavez and Maduro placed all their
economic chips on crude and elected to import goods from abroad
while spending on social programs that rallied the poor behind the
government, the report relays. But now Venezuela has no cash to
import food or other essentials. And because Chavez nationalized
so much industry, it has no private sector to compensate, New York
Post discloses.

New York Post cites that at present, Maduro has issued an
executive decree that subjects all workers to being forced to work
for 60 days (or more, "if circumstances merit") in the fields,
growing badly needed food.

The move, New York Post opines, makes no sense economically.
Morally, New York Post says, it's barely one step up from
government-sanctioned slavery.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


                            ***********


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.


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