TCRLA_Public/160818.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

            Thursday, August 18, 2016, Vol. 17, No. 163


                            Headlines



A R G E N T I N A

* ARGENTINA: E-Business Aims to Create 5,000 More Jobs in 5 Years


B R A Z I L

BANCO DO ESTADO: S&P Affirms 'BB-/B' National Scale Ratings
USINA CAETE: S&P Affirms then Withdraws 'D' Corp. Credit Rating
USINAS SIDERURGICAS: Said to Be Seeking Dollar-Bond Renegotiation


C A Y M A N  I S L A N D S

ATLANTIC GUARANTY: Placed Under Voluntary Liquidation
BCM (CAYMAN): Commences Liquidation Proceedings
CHEYNE ASSET-BACKED: Creditors' Proofs of Debt Due Sept. 5
DELOS LONG: Placed Under Voluntary Wind-Up
FR GALAXY: Placed Under Voluntary Liquidation

LEHMAN BROTHERS CDO: Court Appoints Shakespeare as Liquidator
MONGOLIAN MINING: Placed Under Provisional Liquidation
MSR ASIA: Creditors' Proofs of Debt Due Sept. 15
OLD PARK: Creditors' Proofs of Debt Due Sept. 16
POINT FOUR: Creditors' Proofs of Debt Due Sept. 6

SPECIAL OPPORTUNITIES: Creditors' Proofs of Debt Due Sept. 5
SPECIAL OPPORTUNITIES I: Creditors' Proofs of Debt Due Sept. 5
SUNTECH POWER: Court Appoints Walker and Jong as Liquidators


G U Y A N A

GUYANA: Reduces Trade Deficit by Nearly 100 Per Cent in 1H 2016
GUYSUCO: Accuses Union of Trying to Shut Down Sugar Industry


M E X I C O

ALTOS HORNOS: Chapter 15 Case Summary
ALTOS HORNOS: Seeks U.S. Recognition of Mexican Plan


P U E R T O    R I C O

SAMUEL FIGUEROA: Files Plan to Exit Chapter 11 Protection
SUCN. PEDRO: Hires Carlos A. Piovanetti Dohnert as Attorney
WESTERN HIPERBARIC: Prexy Pays $4K Retainer to Bankruptcy Counsel


                            - - - - -



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


* ARGENTINA: E-Business Aims to Create 5,000 More Jobs in 5 Years
-----------------------------------------------------------------
EFE News reports that the Argentine e-business Mercado Libre (Free
Market) disclosed that over the next five years it will invest
some US$100 million and create 5,000 "high quality" jobs in this
South American country.

"We're going to add 5,000 high quality jobs in Argentina" and "we
will invest an additional ARS$1.5 billion (US$100 million) in
research and development, building new offices and training
personnel," Marcos Galperin, the firm's executive director,
announced, according to EFE News.

At a ceremony together with Argentine President Mauricio Macri at
Mercado Libre headquarters in the town of Vicente Lopez, located
on the northern stretch of Buenos Aires' metropolitan beltway,
Galperin said that after creating 90 jobs in Argentina over the
last five years, he will "keep investing" and "boosting the
company's presence" in the country, the report notes.

In that regard, he announced that the firm will establish some
rather spacious offices in other parts of Buenos Aires, spaces
that will possibly be inaugurated in 2018, the report relays.

For President Macri, these announcements "demonstrate the power"
of an idea to "generate confidence," as in the case of Mercado
Libre, which, he believes, has understood how to create a
"community of opportunities," the report notes.

The president said the company is an example worth following,
since it was founded in 1999 "in two garages" and today is the No.
1 e-commerce company in the region and makes shopping easier for
"thousands of people all day long all over the country," the
report discloses.

For his part, Mr. Galperin said that at present some 370,000
families live off the sales they make on his Web site and talked
about the jobs this business activity has created, says the
report.

Mr. Galperin also said he strongly supports all the current
government's initiatives aimed at promoting entrepreneurship in
the country and eliminating "bureaucratic obstacles" that
"discourage" free competition and "benefit just the few," the
report notes.

In that sense, he hailed the PYMES (Small and Medium Sized
Businesses) Promotion Law, passed by Congress in July, which, in
his opinion, helps small-business owners develop their ideas, 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
===========


BANCO DO ESTADO: S&P Affirms 'BB-/B' National Scale Ratings
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale and
'brA/brA-2' Brazilian national scale ratings on Banco do Estado do
Para S.A. (Banpara).  The bank's stand-alone credit profile (SACP)
remains at 'bb-'.  The outlook is still negative.

The ratings on Banpara reflect its weak business position, given
the bank's revenue stability, small scale, and narrow range of
business lines.  The ratings also reflect the bank's adequate
capital and earnings due to an average risk-adjusted capital (RAC)
ratio of 8.1% for the next 18-24 months, moderate risk position
given Banpara's satisfactory asset quality metrics and geographic
concentration in the state of Para, above-average funding because
the bank is the state's financial agent, and strong liquidity
based on the bank's comfortable liquidity cushion against its
stable retail customer base.  S&P don't incorporate any notching
of government support into the bank's SACP.

The state of Para owns 99.98% of Banpara.  Therefore, S&P
considers it as a government-related entity, according to its
external support analysis.  S&P views likelihood of government
support to the bank as moderate given the latter's limited
importance to, and its strong link with, government.  This
assessment is based on the state government's majority control of
the bank, Banpara's role as the state's financial agent, and its
mission to expand banking services to Para's isolated
municipalities.  On the other hand, S&P believes the services
Banpara provides could eventually be replaced by another lender,
limiting the likelihood of government support.


USINA CAETE: S&P Affirms then Withdraws 'D' Corp. Credit Rating
---------------------------------------------------------------
S&P Global Ratings affirmed its 'D' global scale corporate credit
and issue-level ratings on Usina Caete S.A - NE, and its '2'
recovery rating.  S&P subsequently withdrew these ratings at the
company's request.  At the time of the withdrawal, the company was
still negotiating with its debtholders to reach an agreement on
debt restructuring.


USINAS SIDERURGICAS: Said to Be Seeking Dollar-Bond Renegotiation
-----------------------------------------------------------------
Paula Sambo and R.T. Watson at Bloomberg News report that Usinas
Siderurgicas de Minas Gerais S.A. is exploring a plan to push out
maturities on its dollar bonds as part of the Brazilian
steelmaker's broader debt restructuring after prices and demand
slumped, people with knowledge of the matter said.

The Belo Horizonte-based company will offer holders different
options to restructure $180 million in notes due 2018, said the
people, who asked not to be named because talks are private,
according to Bloomberg News.  The most likely outcome is to swap
the notes for longer dated bonds without an explicit haircut, the
people said. For now, it's not offering to buy back the notes,
they said, Bloomberg News relays.

The dollar-bond proposal follows a June accord with local
creditors -- including Itau Unibanco Holding SA, Banco Bradesco
SA, Banco do Brasil SA and BNDES -- that gave Usiminas 10 years to
pay back debt accounting for 75 percent of the total it's
renegotiating, Bloomberg News notes.  BNDES confirmed it was
extending Usiminas' 120-day credit standstill after the steelmaker
completed a BRL1 billion capital increase, Bloomberg News
discloses.

The 2018 notes slumped to as low as 27.5 cents on the dollar in
February when Brazil's recession choked off demand for steel,
thwarting Usiminas's efforts to cut leverage, Bloomberg News
notes.  Since then, the bonds have recovered to 86 cents.

Nippon Steel & Sumitomo Metal Corp. and Techint Group, which
control Usiminas through a shareholder pact, have been engaged in
a long-running battle over how to run the company formally known
as Usinas Siderurgicas de Minas Gerais SA, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
April 6, 2016, Moody's America Latina has downgraded Usinas
Siderurgicas de Minas Gerais S.A. corporate family ratings to Ca
from Caa1 (global scale) and to Ca.br from Caa1.br (national
scale).  The outlook for the ratings is stable.


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


ATLANTIC GUARANTY: Placed Under Voluntary Liquidation
-----------------------------------------------------
On July 19, 2016, the sole shareholder of Atlantic Guaranty
Insurance Company 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:

          Dianne Sweeney
          3661 Sexton Woods Dr
          Atlanta, Georgia 30341
          USA
          Telephone: (678) 476 5805


BCM (CAYMAN): Commences Liquidation Proceedings
-----------------------------------------------
On July 28, 2016, the sole shareholder of BCM (Cayman) 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:

          Castlebrook Group Limited
          c/o Ian Williams
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229


CHEYNE ASSET-BACKED: Creditors' Proofs of Debt Due Sept. 5
----------------------------------------------------------
The creditors of Cheyne Asset-Backed Fund Inc. are required to
file their proofs of debt by Sept. 5, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 25, 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


DELOS LONG: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary meeting held on July 21, 2016, the sole
shareholder of Delos Long Short Fund, Ltd. 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:

          Fides Limited
          c/o Dwight Dube
          P.O. Box 10338 Grand Cayman
          The Grand Pavilion, 2nd Floor
          Commercial Centre
          Cayman Islands KY1-1003
          Telephone (345) 949 7232


FR GALAXY: Placed Under Voluntary Liquidation
---------------------------------------------
On July 25 2016, the shareholders of FR Galaxy Holdings 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:

          Daren Schneider
          First Reserve Corporation
          One Lafeyette Place, Third Floor
          Greenwich
          Connecticut 06830
          USA


LEHMAN BROTHERS CDO: Court Appoints Shakespeare as Liquidator
-------------------------------------------------------------
On July 18, 2016, the Grand Court of Cayman Islands appointed Jess
Shakespeare in place of David Walker as the liquidator of Lehman
Brothers CDO Associates (Cayman) Ltd.

The Liquidator can be reached at:

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


MONGOLIAN MINING: Placed Under Provisional Liquidation
------------------------------------------------------
On July 19, 2016, the Grand Court of the Cayman Islands entered an
order to place Mongolian Mining Corporation under provisional
liquidation.

The company's liquidator is:

          Simon Conway
          c/o Ben Henshilwood
          PwC
          P.O. Box 258 18 Forum Lane
          Camana Bay, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 914 8743
          Facsimile: +1 (345) 945 4237


MSR ASIA: Creditors' Proofs of Debt Due Sept. 15
------------------------------------------------
The creditors of MSR Asia Acquisitions XII, Inc. are required to
file their proofs of debt by Sept. 15, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


OLD PARK: Creditors' Proofs of Debt Due Sept. 16
------------------------------------------------
The creditors of Old Park Capital Maestro Fund Limited are
required to file their proofs of debt by Sept. 16, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 25, 2016.

The company's liquidator is:

          Matthew Wright
          c/o James McGrath
          Regatta Office Park
          Telephone: (345) 949 8761
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Cayman Islands


POINT FOUR: Creditors' Proofs of Debt Due Sept. 6
-------------------------------------------------
The creditors of Point Four Limited are required to file their
proofs of debt by Sept. 6, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 25, 2016.

The company's liquidator is:

          Stanislas Le Carpentier
          c/o Saffery Champness (Suisse) S.A.
          Boulevard Georges-Favon 18
          1204 Geneva
          Switzerland
          Telephone: +41 22 319 09 75
          Facsimile: +41 22 319 09 77
          website: http://www.saffery.ch


SPECIAL OPPORTUNITIES: Creditors' Proofs of Debt Due Sept. 5
------------------------------------------------------------
The creditors of Special Opportunities Portfolio Limited are
required to file their proofs of debt by Sept. 5, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2016.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


SPECIAL OPPORTUNITIES I: Creditors' Proofs of Debt Due Sept. 5
--------------------------------------------------------------
The creditors of Special Opportunities Portfolio I S.P.C. are
required to file their proofs of debt by Sept. 5, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2016.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


SUNTECH POWER: Court Appoints Walker and Jong as Liquidators
------------------------------------------------------------
On July 13, 2016, the Grand Court of Cayman Islands appointed
Walker and Jong as liquidators of Suntech Power Holdings Co., Ltd.

The Liquidators can be reached at:

          David Walker
          Yat Kit 'Victor' Jong
          c/o Kadie Prospere
          Telephone: + 1 345 914 8745
          Facsimile: + 1 345 945 4237
          P.O. Box 258 18 Forum Lane, Camana Bay
          Grand Cayman KY1-1104
          Cayman Islands


===========
G U Y A N A
===========


GUYANA: Reduces Trade Deficit by Nearly 100 Per Cent in 1H 2016
---------------------------------------------------------------
The Jamaica Observer reports that Guyana has recorded a
significant decline in its balance of trade deficit for the first
six months of this year as compared to the same period last year,
according to figures released by the Ministry of Finance.

According to the figures, the deficit had been reduced by 92 per
cent and stood at US$19.1 million as against US$250.6 million, the
report notes.

The Ministry notes that Guyana exported merchandise valued at
US$666.4 million in the first half of 2016, an increase of
US$147.2 million compared to that of US$519.2 million for a
similar period last year, according to The Daily Observer.

The increase in merchandise export is credited to the performance
of the extractive sector, the report relays.  Gold exports more
than doubled with declared exports of US$390.7 million for the
first six months of the year, compared to US$188.3 million for the
corresponding period last year, the report says.

Merchandise imports for the first half of 2016 showed a reduction
of 10.1 per cent over that of 2015, the report notes.  Imports for
2016 stood at US$699.5 million compared to US $777.8 million with
the importation of consumption goods increasing by 4.7 per cent
from US$188.4 million in 2015 to US$197.3 million during the same
period this year, the report relays.

Despite exporting more bauxite, foreign exchange earned from this
sector fell from US $53.3 million to US $46.3 million, a direct
result of world market prices for the commodity, the report says.

Similarly, Guyana's diamond exports attracted lower income despite
a higher volume of export for the first six months of 2016
compared to that of 2015, the report notes.

Decline in export quantities were recorded in the agricultural
sector, says the Jamaica Observer.

Income from sugar fell from US$30.4 million to US$20.8 million for
the first half of this year, a decline of 31.4 per cent, the
report notes.

The authorities said the reduction in income from sugar export is
directly attributable to a reduced quantity of export since higher
prices were paid, the report relays.  The reduced amount of sugar
exported is attributed to the lower production which resulted from
El Nino weather conditions in the first half of 2016, the report
discloses.

Conversely, rice also experienced reduced export earnings, from
US$125.7 million to US$88.3 million for the corresponding period
in 2016, the report says.  The reduction in income from rice
export was a direct result of the loss of the Venezuelan rice
market, which paid substantially higher prices than that of the
world market prices, the authorities noted, the report adds.


GUYSUCO: Accuses Union of Trying to Shut Down Sugar Industry
------------------------------------------------------------
The Daily Observer reports that the state-owned Guyana Sugar
Corporation Inc. (GUYSUCO) is accusing the Guyana Agricultural and
General Workers Union (GAWU) of having one "single objective" and
to close down the Corporation.

In a lengthy statement, GUYSUCO said that it had taken note of the
statements made in the media by the union as well as the
"unjustifiable strike actions," according to The Daily Observer.

"GUYSUCO has concluded that GAWU has one single objective, and
that is to close the Corporation down, for reasons which the
Corporation does not fully understand," the company said, noting
that over the years, "GAWU has constructed this fictional enemy
called GUYSUCO, and has somehow managed to be successful at
convincing our employees who are their members, that GUYSUCO is
the enemy, and have been using the employees to fight against
their employer," the report notes.

GUYSUCO defended its policies over the years adding that "GAWU is
not a stakeholder that is seriously interested in the business and
the survival of the Corporation and by extension, ensuring that
its members have job security," the report relays.

It said that after a poor first crop, enormous efforts were made
by the Corporation to ensure a successful second crop which
commenced two weeks ago, the report discloses.

"Instead of the union being supportive and demonstrating that it
is a responsible stakeholder; it continues to call strikes left,
right and center for reasons which can be dealt with while the
workers continue to perform their duties and earning their wages,"
the company said, the report relays.

GUYSUCO said that discussions on the consolidation of the East
Demerara Estate (EDE) started in April, this year and concluded
five months later and the union was represented by senior
officials including its general secretary, the report notes.

But the company claims that GAWU is now "claiming that it has been
making attempts to dialogue with the Corporation by sending
numerous correspondences expressing that position," the report
notes.

"As of today, no correspondence was received by GUYSUCO from GAWU
on this matter," the corporation said, adding "the union has to
come to terms with the fact that GUYSUCO is a business and has to
be managed as one, the report discloses.

"It is hoped that GAWU will embrace the strategic program to turn
around the fortunes of the Corporation -- if GUYSUCO is unable to
generate revenue the employees would not be paid and the 80,000
people who are depending on the Corporation, will be adversely
affected," the company said, the report relays.

Efforts to obtain a response from GAWU has so far proven futile
nor has the union issued a statement in response to the GUYSUCO
accusations.

As reported in the Troubled Company Reporter-Latin America on
Oct. 30, 2015, The Daily Observer reports that sugar workers went
on strike accusing management of refusing to hold negotiations for
increased wages until the findings of a Commission of Inquiry
(COI) into the ailing Guyana Sugar Corporation (GUYSUCO) are
released.


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


ALTOS HORNOS: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Debtor: Altos Hornos de Mexico, S.A.B. de C.V.
                   Prolongacion Juarez s/n, Col. La Loma
                   Monclova, CA 25770
                   Mexico

Chapter 15 Case No.: 16-11890

Type of Business: Steel Producer

Chapter 15 Petition Date: August 16, 2016

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtor's Authorized
Representative:        Francisco Javier Gaxiola Fernandez
                       Av. Tamaulipas No. 191 Col.
                       Hipodromo Condesa C.P.
                       Mexico, D.F. 06170

Judge: Hon. Kevin Gross

Chapter 15 Debtor's Counsel:     Erin R Fay, Esq.
                                 MORRIS, NICHOLS, ARSHT &
                                 TUNNELL, LLP
                                 1201 North Market Street
                                 PO Box 1347
                                 Wilmington, DE 19801
                                 Tel: 302-351-9668
                                 Fax: 302-225-2561
                                 E-mail: efay@mnat.com

                                    - and -

                                 Matthew Barry Lunn, Esq.
                                 YOUNG, CONAWAY, STARGATT &
                                 TAYLOR LLP
                                 1000 North King Street
                                 Wilmington, DE 19801
                                 Tel: 302-571-6600
                                 E-mail: bankfilings@ycst.com
                                         mlunn@ycst.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


ALTOS HORNOS: Seeks U.S. Recognition of Mexican Plan
----------------------------------------------------
Seventeen years after obtaining protection under Mexico's
bankruptcy law, steel producer Altos Hornos de Mexico, S.A.B. de
C.V. filed a Chapter 15 petition in the U.S. Bankruptcy Court for
the District of Delaware on Aug. 16, 2016, seeking recognition in
the United States of a debt repayment plan approved by a Mexican
court.

Amidst falling steel prices, on May 24, 1999, the Debtor filed for
protection under Mexico's Bankruptcy and Suspension of Payments
law in the First Civil Court of First Instance for the Judicial
District of Monclova, Coahuila, Mexico.  On May 25, 1999, the
Mexican Court entered an order commencing the SP Proceeding, which
granted a stay of creditor actions for the benefit of the Debtor,
halted the accrual of interest on all outstanding unsecured debt,
and converted all obligations denominated in a currency other than
Mexican pesos into Mexican pesos.

Three of the Debtor's affiliates also filed for protection under
the SP Law, but they previously emerged from protection under the
SP Law in 2006 and 2008, and will not be filing petitions for
relief under Chapter 15 of the Bankruptcy Code.

The Mexican Court entered an order on May 16, 2016, approving the
Debtor's General Payment Agreement (the "Mexican Plan") and
lifting the Debtor's suspension of payments.

The Chapter 15 petition, signed by Foreign Representative
Francisco Javier Gaxiola Fernandez, seeks to ensure, among other
things, that the Mexican Plan and the Lifting Order's provisions
are effective with respect to the Debtor's U.S. assets and
creditors.

Substantially all of the Debtor's operations in the United States
are conducted through its wholly-owned subsidiary AHMSA
International, Inc., a Delaware corporation.  AHMSA International
specializes in the distribution of flat rolled carbon steel, heavy
structural shapes and plates used in various applications
including fabrication, tubing, pipe, construction and OEM
manufacturing industries.

"Recognition of the Lifting Order and the Mexican Plan will ensure
the fair and efficient administration of the SP Proceeding, which
aims to protect all parties in interest and to require that all
the Debtor's creditors be bound by the terms of the Mexican Plan,
as approved by the Lifting Order," said Mr. Fernandez.  "Without
this relief, certain creditors may file actions in the United
States against the Debtor seeking to obtain more than the
treatment to which they are entitled under the terms of the
Mexican Plan."

Prior to the entry of the Lifting Order approving the Mexican
Plan, Grupo Acerero del Norte, S.A. de C.V. ("GAN"), was the
Debtor's majority parent, owning approximately 76.1% of the
Debtor's outstanding common equity.  GAN owns a conglomerate of
companies operating in the segments of steel mills, chemical,
mining and energy.  GAN's operations include activities related to
the manufacturing of basic raw materials derived from steel, hot
rolled strips, structural shapes, light sections, cold rolled
sheet, tinplate and tin free steel.  GAN is a privately held
company, incorporated under the laws of Mexico and its
headquarters are based in Mexico City, Mexico.  GAN is currently a
debtor under the SP Law, petitioning for protection under the SP
Law on May 18, 1999.  GAN's pending proceeding under the SP Law is
separate and distinct from the Debtor's SP Proceeding.

Following the entry of the Lifting Order, the Debtor's corporate
structure is now as follows: (a) creditors that made an Equity
Election collectively own 26.4% of the Debtor's common equity,
(b) GAN owns 57.8% of the Debtor's common equity (exclusive of
common equity received by a subsidiary of GAN that made a valid
Equity Election with respect to its claims against the Debtor),
and (c) the Debtor's officers and directors and public
stockholders hold the remaining 15.8%.

Concurrently with the petition, Mr. Fernandez submitted a
provisional relief motion with the Bankruptcy Court seeking an
interim stay of execution against the Debtor's assets and applying
Section 362 of the Bankruptcy Code to the Chapter 15 Case on an
interim basis.

                           Debt Structure

Prior to the SP Commencement Date, pursuant to an Indenture dated
as of May 6, 1997, the Debtor issued US$200 million of 11 3/8%
Series A Senior Notes due April 30, 2002, and US$225 million of 11
7/8% Series B Senior Notes due April 30, 2004.  Pursuant to an
Indenture dated as of Dec. 16, 1996, the Debtor issued US$85
million of 5.5% Senior Discount Convertible Notes due 2001.

Pursuant to a credit agreement dated as of April 11, 1997, the
Debtor entered into a syndicated loan for US$330 million
structured by Morgan Guaranty Trust Company of New York, which
loan consisted of two tranches: (a) Tranche A in the amount of
US$303 million due April 16, 2002, and (b) Tranche B in the amount
of US$27 million due April 16, 2004.  Pursuant to a credit
agreement dated Oct. 17, 1996, the Debtor also obtained a loan
from Banco Nacional de Mexico, S.A. for US$70 million due Aug. 11,
2000.  Pursuant to a credit agreement dated as of Dec. 30, 1996,
the Debtor obtained another loan from Bank of Tokyo Mitsubishi LTD
for US$9 million due Oct. 30, 2001.  Pursuant to a credit
agreement dated as of July 22, 1997, the Debtor obtained an
additional loan from Banco Nacional de Mexico, S.A. for US$50
million due Aug. 11, 2000.

Pursuant to a credit agreement dated as of Sept. 8, 1997, the
Debtor obtained a loan from Bank of America National Trust and
Saving Association for US$125 million due July 8, 1999.  Pursuant
to a Credit Agreement dated Jan. 19, 1998, the Debtor obtained a
loan from Banco Inverlat, S.A. for US$30 million, due Jan. 19,
2001.  Pursuant to a Credit Agreement dated March 3, 1998, the
Debtor obtained a loan from Banco Inverlat, S.A. for US$20
million, due March 3, 2001.

Pursuant to a Long Term Trade Finance Facility, the Debtor
obtained financing from West Merchant Bank Limited for US$37.5
million, due June 22, 2003.  Pursuant to a Long Term Trade Finance
Facility, the Debtor obtained financing from West Merchant Bank
Limited for US$10 million, due Aug. 28, 2003.  In addition, the
Debtor owed approximately US$91 million to various trade vendors,
among other debt.  The Debtor had no secured debt.

Following the entry of the Lifting Order, the general unsecured
claims that have been recognized by the Mexican Court (Recognized
Claims) were converted into the Mexican Peso equivalent amount of
SP Three-Year Payments.  In addition, eligible creditors were
entitled to make an Equity Election to exchange 69.15% of their SP
Three-Year Payments for a combination of cash and common shares in
the reorganized Debtor.  The net amount of the SP Three-Year
Payments issued after giving effect to the Equity Elections is
8,845.7 million pesos.

                   Terms of Approved Mexican Plan

The Mexican Plan provides for the payment in full of all holders
of Recognized Claims within three years of the Lifting Date.  More
specifically, pursuant to the Mexican Plan, the Debtor will be
required to pay 8,845.7 million pesos on the third anniversary of
the lifting of the SP Proceeding (without any interest), or May
16, 2019, which will be proportionally paid to all creditors
holding a Recognized Claim.  Pursuant to the Mexican Plan, all
debts that accrued prior to the SP Commencement Date will be
novated, and the only obligation of the Debtor to pay those debts
will be to make the SP Three-Year Payments.  In addition,
creditors are not permitted to assign their SP Three-Year Payment
Rights to third parties.

The Mexican Plan also provides that holders of the Series A and
Senior B Notes will be deemed to have a Recognized Claim equal to
the original issue price of those notes, plus accrued original
issue discount and accrued and unpaid interest to the SP
Commencement Date, and holders of the Discount Notes will receive
a recognized unsecured claim equal to the accreted value of such
notes plus accrued original issue discount to the SP Commencement
Date.  Holders of the Notes will receive the same treatment as all
holders of Recognized Claims.  Such treatment of holders of the
Notes is considered payment in full under the SP Law.

Additionally, under the Mexican Plan, each eligible creditor was
afforded the option to exchange 69.15% of its SP Three-Year
Payment Rights received for (a) shares of the Debtor capital
stock, with the number of Election Shares determined based on a
formula based on the number of Equity Elections submitted, and (b)
cash.  The final exchange rate was that for each 1,000,000 pesos
of SP Three-Year Payment Rights exchanged, the creditor received
15,303.85 Election Shares and US$2,735.55 in Election Cash.  Pro
rata payments were made for amounts less than 1,000,000 pesos, and
share numbers were rounded to the nearest whole number of shares
and Election Cash was rounded to the nearest cent.  Pursuant to
the terms of the Conditional Agreement, the Plan Supporters agreed
to make the Equity Election in respect of SP Three-Year Payment
Rights to be received for 5,613,518,400 pesos of their Recognized
Claims.

Creditors that chose to exercise the Equity Election also retained
the remaining 30.85% of their SP Three-Year Payment Rights.

                       About Altos Hornos

Altos Hornos de Mexico, S.A.B. de C.V. is an integrated steel
producer in Mexico and is engaged in the manufacture and
distribution of steel and steam coal products.  The Debtor's steel
segment manufactures steel products through an integrated process,
beginning primarily with internal sources of metallurgical coal
and iron ore for use in steel production and ending with the
distribution and sale of the Debtor's finished products.

The Debtor produced approximately 4.46 million tons of liquid
steel and 3.84 million tons of finished steel products in 2015.

As of Dec. 31, 2015, the Debtor generated revenue of 41,100
million pesos and produced EBITDA of 218.97 million pesos.

The Debtor had 20,435 employees as of Dec. 31, 2015.

Morris, Nichols, Arsht & Tunnell, LLP and Young, Conaway, Stargatt
& Taylor LLP serve as counsel to the Debtor.

Judge Kevin Gross is assigned to the case.


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


SAMUEL FIGUEROA: Files Plan to Exit Chapter 11 Protection
---------------------------------------------------------
Samuel Ferrer Figueroa filed with the U.S. Bankruptcy Court for
the District of Puerto Rico his proposed plan to exit Chapter 11
protection.

The restructuring plan proposes to pay creditors from the proceeds
of certain properties owned by the Debtor.

Under the plan, Class 3 general unsecured creditors will receive
payments if there are still proceeds to be distributed after Banco
Popular de Puerto Rico, a secured creditor, is paid.

A copy of the Debtor's disclosure statement explaining his
proposed plan is available for free at https://is.gd/VhMuid

The Debtor's Chapter 11 case is jointly administered with that of
Autos Ferrer Inc., which filed a separate Chapter 11 plan of
reorganization.

The Debtor is represented by:

     Isabel M. Fullana, Esq.
     Garcia-Arregui & Fullana PSC
     252 Ponce de Leon Ave.
     Citibank Towers Suite 1101
     San Juan, PR 00918
     Tel: 787-766-2530
     Fax: 787-756-7800

                 About Samuel Ferrer Figueroa

Samuel Ferrer Figueroa sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 15-08241) on October 22,
2015.  The case is jointly administered with the Chapter 11 case
(Bankr. D.P.R. Case No. 15-08240) of Autos Ferrer Inc.


SUCN. PEDRO: Hires Carlos A. Piovanetti Dohnert as Attorney
-----------------------------------------------------------
Sucn. Pedro Bigay Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Carlos
A. Piovanetti Dohnert as Attorney.

On June 20, 2016, Debtor filed a motion to inform and request for
resignation of the Legal Representation of Santiago, Malavet &
Santiago, PSC.

On June 23, 2016, the request was granted, thus, Debtor was
allowed 30 days to seek new legal representation.

The Debtor has retained the services of Carlos A. Piovanetti
Dohnert to represent in all proceedings pending before the court.

Carlos A. Piovanetti Dohnert will be paid at the rate of $175 per
hour, plus expenses.

Carlos A. Piovanetti Dohnert 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 Debtor and its estates.

Carlos A. Piovanetti Dohnert may be reached at:

       Carlos A. Piovanetti Dohnert
       Banco Cooperative, Suite 804-B
       623 Ponce de Leon Ave.
       San Juan, PR 00917
       Tel: (787)758-1835
       Fax: (787)758-2659

              About Sucn. Pedro Bigay Inc.

Sucn. Pedro Bigay Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-00055) on January 8, 2016.  Jesus
Santiago Malavet, Esq., at Santiago Malavet and Santiago Law
Office initially served as bankruptcy counsel to the Debtor.  The
firm later resigned and the Debtor retained Carlos A. Piovanetti
Dohnert.


WESTERN HIPERBARIC: Prexy Pays $4K Retainer to Bankruptcy Counsel
-----------------------------------------------------------------
Gloria Justiniano Irizarry, Esq., at Justiniano's Law Office
disclosed in a filing with the U.S. Bankruptcy court in Puerto
Rico that she received a retainer of $4,000 from the president and
equity holder of Western Hiperbaric Services, P.S.C.

Western Hiperbaric President Javier Sosa Faria paid the $4,000
retainer from his personal income, according to Ms. Irizarry, the
Debtor's legal counsel.

Ms. Irizarry further disclosed that the Debtor has agreed to pay
$200 per hour for her services, and reimburse her for work-related
expenses.

                    About Western Hiperbaric

Western Hiperbaric Services, P.S.C. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-
04809) on June 16, 2016.


                            ***********


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

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

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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.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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