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

            Thursday, August 4, 2016, Vol. 17, No. 153


                            Headlines



A R G E N T I N A

ARGENTINA: Macri Seeks to Boost Country's Air Links


B R A Z I L

EMBRAER SA: Nearing Settlement to Defer Prosecution Under FCPA
EMBRAER SA: Moody's Retains Ba1 Rating on 2nd Quarter Results
PETROLEO BRASILEIRO: Announces Early Tender Results
USINA CAETE: S&P Lowers CCR to 'D', Off CreditWatch Negative


C A Y M A N  I S L A N D S

A.P OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 11
ALGO K CURRENCY: Placed Under Voluntary Wind-Up
ARDON MAROON: Grand Court Enters Liquidation Proceedings
ASIA PHOENIX: Creditors' Proofs of Debt Due Aug. 22
BALL CAYMAN: Placed Under Voluntary Wind-Up

CARIBBEAN EQUITY: Commences Liquidation Proceedings
CYRIL SYSTEMATIC: Creditors' Proofs of Debt Due Aug. 31
FLETCHER INCOME: Creditors to Hold Meeting on Aug. 26
KARA GP: Commences Liquidation Proceedings
PINTAL GP: Commences Liquidation Proceedings

SMITH BREEDEN: Commences Liquidation Proceedings
STEC TAIWAN: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: CDEEE to Shed Questioned Contracts 'Now'


P U E R T O    R I C O

BTB CORP: Court to Take Up Exit Plan on September 27


                            - - - - -


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


ARGENTINA: Macri Seeks to Boost Country's Air Links
---------------------------------------------------
EFE News reports that President Mauricio Macri said that his
administration had taken up the "challenge" of connecting
Argentina's airspace to enhance domestic and international
tourism, and boost communications potential.

"This is a very big country and its levels of disconnection are
unimaginable," Mr. Macri said, according to EFE News.

During the groundbreaking ceremony for the Cordoba airport
renovations, the president said neighboring countries had three
times more flights per capita than Argentina, the report notes.
President Macri noted the "sad and painful" lack of safety on
roads and inadequate infrastructure that has caused "thousands and
thousands" of Argentines to lose their lives every year in
accidents while "trying to connect," the report relays.

Creating "physical" and "virtual" connections around the country
is a primary goal of the administration, along with improving
transportation infrastructure and expanding satellite
communications, the key to wider access to the Internet and
boosting domestic tourism, President Macri said, the report notes.

The projects in Cordoba are part of creating an "increasingly
modern" and international network of airports, the president said,
the report relays.

Aerolineas Argentinas, in fact, plans to resume flying to the
southern city of Rio Cuarto in September after a 19-year absence,
the report says.

This decision will benefit about 600,000 people, President Macri
said.

"Argentina has millions of beautiful things and we want the world
to know about them. For that to happen, we need infrastructure, so
not everything occurs in Buenos Aires," President Macri said, the
report adds.

                         *     *     *

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 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
===========


EMBRAER SA: Nearing Settlement to Defer Prosecution Under FCPA
--------------------------------------------------------------
Embraer S.A. disclosed to its shareholders and the market,
pursuant to its Material Fact as of May 19, 2015, that the
negotiations with the U.S. Department of Justice (DOJ) and the
Securities and Exchange Commission (SEC) for the settlement of the
allegations of non-compliance with the U.S. Foreign Corrupt
Practices Act (FCPA) have significantly progressed, to the point
that Embraer is recognizing a US$ 200 million loss contingency in
the quarter ended June 30, 2016, reflecting the likely outcome of
this matter. The amount of the contingency is an estimate and has
not been finally determined.

In addition to the monetary consequences, a final settlement with
the DOJ and SEC is likely to include: (1) a deferred prosecution
agreement (DPA), under which the prosecution of criminal charges
against Embraer will be deferred for the term of the DPA, and
dismissed upon the expiration of the term of the DPA, and (2) an
imposition of an independent monitor to assess the Company's
compliance with the terms of any agreement that may be reached
with the U.S. authorities.  These may not be the only non-monetary
consequences contained in any final settlement.

The negotiations with the U.S. authorities are ongoing and thus
subject to change. There is no assurance that Embraer will
ultimately reach a final settlement of these matters with the U.S.
government agencies.  Related proceedings and developments in
other countries are ongoing and could result in additional fines,
which may be substantial, and possibly other substantial sanctions
and adverse consequences.


EMBRAER SA: Moody's Retains Ba1 Rating on 2nd Quarter Results
-------------------------------------------------------------
Moody's Investors Service comments that the 2Q earnings results of
Embraer S.A were weaker than expected due to soft operating
performance and $200 million in contingency provisions, driving
the company's management to review down its projections for full
year 2016.  Those events are credit negative, but don't impact the
company's Ba1 rating or negative outlook at this time.


PETROLEO BRASILEIRO: Announces Early Tender Results
---------------------------------------------------
Reuters reports that Petroleo Brasileiro S.A. disclosed early
tender results and early settlement for cash tender offers.

Holders of US$3 billion and EUR 572 million principal amount of
outstanding notes tendered their old notes pursuant to unit's cash
tender offers, according to Reuters.

As reported in the Troubled Company Reporter - Latin America on
Aug. 1, 2016, S&P Global Ratings affirmed its 'B+' global scale
ratings on Petroleo Brasileiro S.A. - Petrobras (Petrobras),
including its corporate credit ratings and the ratings on the
senior unsecured notes issued through Petrobras International
Finance Co. and Petrobras Global Finance B.V.


USINA CAETE: S&P Lowers CCR to 'D', Off CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings lowered its global scale corporate credit
rating on Usina Caete S.A.- NE to 'D' from 'CCC-' and S&P's Brazil
national scale corporate credit rating to 'D' from 'brCCC-'.  At
the same time, S&P lowered the issue-level ratings to 'D' from
'CCC' and its national scale issue-level rating to 'D' from
'brCCC'.  The recovery rating of '2' on Caete's senior secured
debt remains unchanged, indicating substantial recovery prospects
(70%-90% in the high range of the band).

S&P also removed the ratings from CreditWatch negative.

The downgrade follows the company's missed interest and principal
payment on July 29, 2016, on its secured debenture term loan and
other secured debt, accounting for nearly all of the company's
debt.  S&P doesn't expect the company to make the payments within
the next five business days or other stated grace period.  It will
instead go through a debt restructuring.

S&P will reassess its ratings on Usina Caete after it's able to
negotiate the terms with its creditors and adjust its capital
structure.

S&P's recovery rating of '2' remains unchanged.



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


A.P OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 11
--------------------------------------------------------
The creditors of A.P Opportunities Fund, Ltd. are required to file
their proofs of debt by Aug. 11, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 14, 2016.

The company's liquidator is:

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


ALGO K CURRENCY: Placed Under Voluntary Wind-Up
-----------------------------------------------
On July 8, 2016, the sole shareholder of Algo K Currency Fund SPC
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:

          Maitland Administration Limited
          90 Fort Street, 5th Floor
          George Town Financial Center
          P.O. Box 259 Grand Cayman KY1-1104
          Cayman Islands


ARDON MAROON: Grand Court Enters Liquidation Proceedings
--------------------------------------------------------
On June 30, 2016, the Grand Court of Cayman Islands entered an
order to liquidate the business of Ardon Maroon Asia Dragon Feeder
Fund (Cayman) Ltd.

The company's liquidator is:

          Jess Shakespeare
          c/o Kadie Prospere
          Telephone: +1 (345) 914 8745
          Facsimile: +1 (345) 945 4237
          18 Forum Lane, Camana Bay
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


ASIA PHOENIX: Creditors' Proofs of Debt Due Aug. 22
---------------------------------------------------
The creditors of Asia Phoenix Absolute Return Fund are required to
file their proofs of debt by Aug. 22, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 13, 2016.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


BALL CAYMAN: Placed Under Voluntary Wind-Up
-------------------------------------------
On May 12, 2016, the sole member of Ball Cayman Limited 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:

          Gary F. Oakley
          Britannia Corporate Management Ltd
          196 Raleigh Quay
          P.O. Box 1968 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949 2700
          Facsimile: +1 (345) 949 0716


CARIBBEAN EQUITY: Commences Liquidation Proceedings
---------------------------------------------------
On July 12, 2016, the shareholders of Caribbean Equity Reinsurance
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:

          Harry J. Thompson
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands


CYRIL SYSTEMATIC: Creditors' Proofs of Debt Due Aug. 31
-------------------------------------------------------
The creditors of Cyril Systematic USD Fund are required to file
their proofs of debt by Aug. 31, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 12, 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


FLETCHER INCOME: Creditors to Hold Meeting on Aug. 26
-----------------------------------------------------
The creditors of Fletcher Income Arbitrage Fund Ltd will hold
their meeting on Aug. 26, 2016, at 11:00 a.m.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Tom Bussanich
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 8977
          e-mail tom.bussanich@ky.ey.com


KARA GP: Commences Liquidation Proceedings
------------------------------------------
On July 8, 2016, the shareholder of Kara GP 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:

          Ardmore GP Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


PINTAL GP: Commences Liquidation Proceedings
--------------------------------------------
On July 8, 2016, the shareholder of Pintal GP 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:

          Ardmore GP Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


SMITH BREEDEN: Commences Liquidation Proceedings
------------------------------------------------
On July 11, 2016, the shareholder of Smith Breeden Alpha
Strategies Master 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:

          Amundi Smith Breeden LLC
          c/o 280 South Mangum St., Suite 301 Durham
          NC 27701 USA
          Telephone: +1 (345) 914 6365


STEC TAIWAN: Placed Under Voluntary Wind-Up
-------------------------------------------
On July 1, 2016, the shareholders of STEC Taiwan Holding Limited
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:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands



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


DOMINICAN REPUBLIC: CDEEE to Shed Questioned Contracts 'Now'
------------------------------------------------------------
Dominican Today reports that the Dominican Republic's State-owned
electric utility (CDEEE) said the basis for the tenders on new
power purchase contracts are in their final phase.

As the process unfolds however, the electricity distributors
(EDEs) will continue to buy energy on the "spot" market, which
includes the inefficient power plants, according to Dominican
Today.

The CDEEE's announcement comes as the expiration of the questioned
contracts called the Madrid Agreement looms, the report notes.

"Starting now electricity purchases will be made through contracts
arising from government tenders, which will prevail the interest
of the State, consumers and businesses that make up the state
electricity sector," the Utility said, the report relays.

It said the tender is being conducted with the help of
multilateral institutions such as the Inter-American Development
Bank (IDB), and local and international legal and financial
agencies, the report discloses.

It adds that the new contracts are short-term, in the case of
already installed plants, and longer term for the new ones, 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.



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


BTB CORP: Court to Take Up Exit Plan on September 27
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico is set
to hold a hearing on September 27, at 09:00 a.m., to consider
approval of the plan proposed by BTB Corp. to exit Chapter 11
protection.

The bankruptcy court had earlier issued an order approving BTB
Corp.'s disclosure statement, allowing the company to start
soliciting votes from creditors.

The court order dated July 15 required creditors to submit their
ballots and file their objections to the restructuring plan before
14 days prior to the Sept. 27 hearing.

                      About BTB Corporation

BTB Corporation was organized in 2003 to be engaged in bitumen
supply activities and the rendering of any other services which
may be complementary to such activities. Debtor initiated
operations from a leased terminal and storage facility located in
Penuelas, Puerto Rico.

In 2007, BTB acquired 100% of the stock of The Placco Company of
Puerto Rico, Inc., ("PLACCO"), a corporation organized under the
laws of Puerto Rico on May 10, 1988 primarily to manufacture,
produce, process and sell bitumen and other related or similar
products.  PLACCO became a wholly owned subsidiary of BTB, and is
the owner of the bitumen terminal leased by BTB from where BTB
operates its business in Guaynabo, Puerto Rico.

In 2012, the current majority shareholders acquired BTB from IOTC
Asphalt, LLC, retaining Mr. Juan Vazquez as President of the
Company.

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.


                            ***********


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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