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

            Friday, August 19, 2016, Vol. 17, No. 164


                            Headlines




A R G E N T I N A

AMES VIII: Moody's Rates ARS18,165,397 Certs. 'Ca(sf)'
COLCAR SERIE I: Moody's Assigns C(sf) Global Scale Rating on CP


B R A Z I L

OI SA: Banks and Bondholder Group Eye Oi Debt Relief


C A Y M A N  I S L A N D S

B & C CAPITAL: Court Enters Wind-Up Order
CARENEXT INSURANCE: Court Enters Wind-Up Order
CHEYNE EUROPEAN: Creditors' Proofs of Debt Due Sept. 5
CONOCOPHILLIPS EAST AFRICA: Placed Under Voluntary Wind-Up
CONOCOPHILLIPS GABON: Placed Under Voluntary Wind-Up

CONOCOPHILLIPS GUYANA: Placed Under Voluntary Wind-Up
CONOCOPHILLIPS IVORY: Placed Under Voluntary Wind-Up
CONOCOPHILLIPS MADAGASCAR CAP: Placed Under Voluntary Wind-Up
CONOCOPHILLIPS MADAGASCAR: Placed Under Voluntary Wind-Up
CONOCOPHILLIPS MOZAMBIQUE: Placed Under Voluntary Wind-Up

LEGACY FIFTH: Creditors' Proofs of Debt Due Sept. 23
OC 521 MASTER: Commences Liquidation Proceedings
OC 521 OFFSHORE: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Sweeping Overhaul Targets Transport Chaos
* DOMINICAN REPUBLIC: Big Firms Lauds Medina's 'Optimistic' Speech


P U E R T O    R I C O

SPANISH BROADCASTING: Files Form 10-Q, Raises Going-Concern Doubt


T R I N I D A D  A N D  T O B A G O

TRINITY EXPLORATION: Units File Proposal to Creditors Under BIA


V E N E Z U E L A

VENEZUELA: Crushes 2,000 Guns in Public, Plans Registry of Bullets
VENEZUELA: India Discusses Ways to Recover US$600 Million Dues


                            - - - - -



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


AMES VIII: Moody's Rates ARS18,165,397 Certs. 'Ca(sf)'
------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. rates
Fideicomiso Financiero AMES VIII, a transaction that will be
issued by TMF Trust Company (Argentina) S.A. -- acting solely in
its capacity as Issuer and Trustee.

As of today, the securities for this transaction have not yet been
placed in the market. The transaction is pending approval from the
Comision Nacional de Valores. If any assumption or factor Moody's
considered when assigning the ratings changes before closing, the
ratings may also change.

   -- ARS 32,015,259 in Class A Floating Rate Debt Securities
      (VRD) of "Fideicomiso Financiero AMES VIII", rated Aaa.ar
      (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale).

   -- ARS 18,165,397 in Certificates of "Fideicomiso Financiero
      AMES VIII", rated Ca.ar (sf) (Argentine National Scale) and
      Ca (sf) (Global Scale).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 1,687 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by the
Asociacion Mutual de la Econom°a Solidaria ("AMES"), for a
principal amount of ARS 26,608,090.

The VRD will bear a floating interest rate (BADLAR plus 300 bps).
The VRD's interest rate will never be higher than 35% or lower
than 26%.

These personal loans are granted to employees of the City of
Buenos Aires (rated B3/Baa1.ar) using a "Codigo de Descuento". The
"Codigo de Descuento" is an identifier granted by a government-
related entity (in this case the City of Buenos Aires) that allows
deducting a personal loan's installment directly from the
borrowers' paycheck.

The originator access an Internet-based system to verify the
borrower's disposable income and originate the personal loan. The
maximum DTI ratio established by the City of Buenos Aires is 50%.
In this transaction, the City of Buenos will be instructed to
send, on a monthly basis, the scheduled principal and interest on
the securitized loans directly to the trust account. In turn, the
trustee, based on the master servicer's reports will reconcile any
amounts that belong to the originator.

The automatic deduction of the loans' installments reduces
significantly the probability of default of the loans, which is
not dependent on the borrower's willingness to pay.

In this type of loan the main causes of delinquency are: (i)
termination of the work relationship between the borrower and the
Government of the City of Buenos Aires, (ii) judicial embargos,
that may limit the maximum disposable income that can be deducted
by the GCBA, (iii) increases in the Minimum Wage that increases
the minimum disposable income that the employee must receive net
of deductions, (iv) variable components of the wages that are not
collected in a particular month and therefore decreases the
disposable income (v) and unpaid work licenses.

Initial negative overall credit enhancement is mitigated by a
turbo sequential structure, which allows for the building of
credit enhancement since first coupon payment. In addition the
transaction has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency and prepayment levels higher than Moody's
original expectations, or a disruption in the flow of payments
from the City of Buenos Aires.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the historical performance of AMES's portfolio,
factors common to consumer loans securitizations such as
delinquencies, prepayments and losses; as well as specific factors
related to the Argentine market, such as the probability of an
increase in losses if there are changes in the macroeconomic
scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 6% and a coefficient of variation of 70%. Also, Moody's assumed
conditional prepayment rate (CPR) of 20.5%. These assumptions are
derived from the historical performance to date of AMES' pools and
prior transactions.

The model results showed 1.1% expected loss for the Class A
Floating Rate Debt Securities and 75.0% for the Certificates.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 2% from
the base case scenario for the pool (i.e., mean of 8% and a
coefficient of variation of 70%), the ratings of the Class A
Floating Rate Debt Securities would likely decreased to B1 (sf).
The rating of the Certificates would be unchanged.

Moody's also applied a stress to the cash flows by assuming an
interruption of the salary payments of the City of Buenos Aires.
The assigned ratings are consistent with this stress scenario.


COLCAR SERIE I: Moody's Assigns C(sf) Global Scale Rating on CP
---------------------------------------------------------------
Moody's Latin America has rated the new structure of Fideicomiso
Financiero Colcar Serie I, to be issued by TMF Trust Company
(Argentina) S.A. - acting solely in its capacity as Issuer and
Trustee.

As of Aug. 15, the securities for this transaction have not yet
been placed in the market.  Additionally, this transaction is
pending the approval from the regulator (Comision Nacional de
Valores).  If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

ISSUANCE: Fideicomiso Financiero Colcar Serie I

   -- VRDA: Aa2.ar (sf) (national scale) and B1 (sf) (global
      scale)
   -- VRDB: Caa1.ar (sf) (national scale) and Caa3 (sf) (global
      scale)
   -- VRDC: Ca.ar (sf) (national scale) and Ca (sf) (global scale)
   -- CP: C.ar (sf) (national scale) and C (sf) (global scale)

The transaction will be backed by an amortizing pool of closed-end
savings plans (planes de ahorro) and loans for the acquisition of
chassis for Mercedes Benz' vehicles.  The loans have been
originated by Colcar Merbus S.A. (NR) and the saving plans by
Colservice S.A. de Ahorro para Fines Determinados (NR).  Colcar
Merbus is the largest dealer of Mercedes Benz buses in Argentina.
The receivables are backed by a first-priority security interest
on the vehicles.

The notes in this transaction will accrue interest starting on the
pool cut-off date (May 1st 2016).  When rating this transaction,
Moody's has assumed that the notes will be issued during the month
of August, with first payment date on Aug. 31.  Should the
issuance be delayed, the ratings could be affected, because the
transaction would face a higher interest burden than expected at
the time that the ratings were assigned.

                        RATINGS RATIONALE

The ratings are based mainly on these factors:

   -- The available credit enhancement in the transaction, as an
      initial subordination of 43.6% for the VRDA, 43.1% for the
      VRDB, 34.2% for VRDC and 19.4% for the CP (calculated over
      the nominal amounts of loans assigned to the trust).  In
      addition the transaction benefits from reserve funds.

   -- The value of the collateral, represented by receivables
      related to 104 closed-end savings plans and 11 loans with a
      current weighted average LTV of approximately 34.9%.

   -- The ability of TMF Trust Company (Argentina) S.A. to act as
      trustee.

   -- The first-priority security interest on the Mercedes Benz
      buses and trucks.

   -- The ability of Colservice to act as primary servicer in the
      transaction.

   -- The availability of several reserve funds.

   -- The concentrated nature of the obligors in the pool, that
      mainly consists of small and medium sized companies in the
      transportation industry.

Colcar and Colservice, acting as sellers, will assign fixed
installments related to closed-end saving plans and loans to
finance the purchase of chassis new or used Mercedes Benz buses
and trucks.  Moody's notes that the pool is highly concentrated in
the public transportation and tourism industry in Argentina.  A
negative economic environment affecting these sectors may impact a
large number of securitized receivables.  The pool is highly
concentrated by borrower, as the 115 receivables included in the
transaction correspond to borrowers of 69 economic groups.  Also,
the top 10 borrowers represent 36.5% of the original pool balance.
This risk is mitigated by: 1) the low average loan CLTV of 34.9%,
2) the fact that the vehicles backing the securitized receivables
are, in general, a key component of the borrower's working
capital, which is expected to have a lower probability of default
in comparison with other company obligations, 3) the historical
performance of similar pools and the initial subordination which
will increase over time due to a turbo-sequential payment
structure.  Moody's modeled the effect of the concentration in the
pool performance and stressed the pool's default rate
significantly above the historical observed default rates of
similar portfolios.  These concentrations result in potential high
rating volatility.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of similar
portfolios and previous transactions.  In addition, Moody's
considered factors common to equipment financing securitizations
such as obligor concentration levels, delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

To determine the rating assigned to the tranches, Moody's has used
an expected loss methodology that reflects the probability of
default for each tranche times the severity of the loss expected
for the securities.  For rating this transaction Moody's used two
models: CDOROM and ABSROM.  Moody's used CDOROM to derive the
default distribution applicable to this transaction.  The Moody's
CDOROM(TM) model is a Monte Carlo simulation which takes borrower
specific Moody's default probabilities as input.  In order to
allocate losses to the securities in accordance with their
priority of payment and relative size, Moody's has used a cash-
flow model (ABSROM) that reproduces many deal-specific
characteristics: the main input parameters of the model are
described below.  Weighting each loss scenario's severity result
on the tranches with its probability of occurrence, the model has
calculated the expected loss level for each series.  Moody's model
then compares the quantitative values to the Moody's Idealized
Expected Loss table for each tranche.

Stress Scenarios:

In assigning the rating to this transaction, Moody's assumed a
Caa2 rating for obligors related to public transportation and a
Caa3 for the rest of the obligors to determine the default
definition in CDOROM.  Also, Moody's assumed a lognormal
distribution for recoveries with a 40% mean and a 50% coefficient
of variation.  These assumptions are derived from the historical
performance of similar portfolios originated by Colcar and
Colservice.

The model results showed 2.7% expected loss for VRDA, 17.0%
expected loss for VRDB, 58.5% for VRDC, and 98.9% for the CP.

Parameter sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed.  The analysis assumes
that the deal has not aged.  It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Moody's ran parameter sensitivities for different mean recovery
rate assumptions.  This analysis indicated that, if the mean
recovery rate were to be assumed at 60%, the global scale ratings
of the VRDA would be upgraded to Ba3 (sf).  The ratings for VRDB
would be upgraded to B3 (sf).  However, the ratings for the VRDC
and residual class would remain unchanged.

Colservice is a company of the Colcar Group and was constituted in
2006 to originate closed-end saving plans for the purchase of
Mercedes-Benz buses.  Colcar is the largest Mercedes-Benz dealer
in Argentina.  Colcar is also the largest seller of chassis of
buses used for public transportation in Argentina.  The company is
divided in six business lines: buses, commercial vehicles, cars,
equipment, services and spare parts.  Moody's believes that
Colservice's origination and servicing practices are adequate.
Colservice is regulated by the Inspecci¢n General de Justicia in
Argentina and received periodic audits of procedures from
Mercedes-Benz.

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published December 2015.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

A receivables performance consistently better than original
projections by Moody's could lead to an upgrade of the ratings.  A
deterioration in the performance of the receivables or a severe
downturn in the Argentine economy could lead to a downgrade in the
rating of the securities.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.

While NSRs have no inherent absolute meaning in terms of default
risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.


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


OI SA: Banks and Bondholder Group Eye Oi Debt Relief
----------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that banks and
bondholders accounting for more than half of Oi SA's debt of
BRL65.4 billion ($20 billion) are considering proposing a 5-year
grace period and lower borrowing costs to speed up the Brazilian
phone carrier's in-court reorganization, a person with direct
knowledge of the talks said.

The person, who requested anonymity because the discussions are
preliminary and remain confidential, said the bondholder group
advised by Moelis & Co and a number of lenders, including state-
run Banco do Brasil SA and China Development Bank Corp [CHDB.UL],
are discussing several options to provide Oi with a debt relief
plan, according to Reuters.

Oi, Brazil's No. 1 fixed-line phone carrier, filed in June for the
country's largest ever in-court reorganization plan after it ran
out of time to reorganize operations and restructure liabilities
during a harsh recession, the report notes.

Oi owes BRL17 billion to banks and about BRL35 billion to
bondholders, the report relays.

Proposed options for debt relief include cutting borrowing costs,
with bondholders agreeing to take losses on their investments in
Oi's notes, the person said, the report says.  The emergence of
proposals from other bondholders and minority shareholders has
brought the banks and the Moelis-led group closer, the person
said, notes the report.

"The parties are working closely and jointly in order to
accelerate Oi's in-court reorganization plan and thwart any
unconstructive proposal that could potentially generate noise in
the process," the person said, adding that bondholders are
interested in a solution that involves swapping part of their debt
into equity of the revamped company, disclosed the report.

The source said the banks involved in the talks include a number
of export credit agencies, the report relates.

A spokeswoman at Rio de Janeiro-based state development bank
BNDES, another key Oi creditor, said "there are some negotiations
on the matter under way, but they are in a preliminary stage," the
report relays.

The discussions come after a group of minority shareholders led by
Brazilian fund Societe Mondiale began to work on a "parallel"
reorganization plan for Oi, consisting of a debt reduction of at
least 50 percent, a spin-off of some non-essential business and
the search for investors to help fund capital spending. Another
person close to Societe Mondiale confirmed the plans to Reuters
earlier on Tuesday.

                              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
==========================


B & C CAPITAL: Court Enters Wind-Up Order
-----------------------------------------
On July 22 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of B & C Capital Ltd.

The company's liquidators are:

          Graham Robinson
          Russell Homer
          Chris Johnson Associates Ltd
          P.O. Box 2499, Grand Cayman, KY1-1104
          Cayman Islands
          Telephone: +1 (345) 946-0820
          Facsimile: +1 (345) 946-0864


CARENEXT INSURANCE: Court Enters Wind-Up Order
----------------------------------------------
On July 22 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of Carenext Insurance (SPC),
Limited.

The company's liquidators are:

          Graham Robinson
          Russell Homer
          Chris Johnson Associates Ltd
          P.O. Box 2499, Grand Cayman, KY1-1104
          Cayman Islands
          Telephone: +1 (345) 946-0820
          Facsimile: +1 (345) 946-0864
          e-mail: gr@cjacayman.com


CHEYNE EUROPEAN: Creditors' Proofs of Debt Due Sept. 5
------------------------------------------------------
The creditors of Cheyne European High Yield 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 26, 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


CONOCOPHILLIPS EAST AFRICA: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On July 19, 2016, the shareholders of Conocophillips East Africa
Ventures 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:

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


CONOCOPHILLIPS GABON: Placed Under Voluntary Wind-Up
----------------------------------------------------
On July 19, 2016, the shareholders of Conocophillips Gabon
Ventures 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:

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


CONOCOPHILLIPS GUYANA: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On July 19, 2016, the shareholders of Conocophillips Guyana
Ventures 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:

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


CONOCOPHILLIPS IVORY: Placed Under Voluntary Wind-Up
----------------------------------------------------
On July 19, 2016, the shareholders of Conocophillips Ivory Coast
Ventures 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:

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


CONOCOPHILLIPS MADAGASCAR CAP: Placed Under Voluntary Wind-Up
-------------------------------------------------------------
On July 19, 2016, the shareholders of Conocophillips Madagascar
Cap St Andre 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:

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


CONOCOPHILLIPS MADAGASCAR: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On July 19, 2016, the shareholders of Conocophillips Madagascar
Majunga 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:

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


CONOCOPHILLIPS MOZAMBIQUE: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On July 19, 2016, the shareholders of Conocophillips Mozambique
Ventures 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:

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


LEGACY FIFTH: Creditors' Proofs of Debt Due Sept. 23
----------------------------------------------------
The creditors of Legacy Fifth Avenue Value Creation Ira Offshore
Fund Ltd. are required to file their proofs of debt by Sept. 23,
2016, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 1, 2016.

The company's liquidators are:

          Jacqueline Stirling
          Ian Morgan
          Bessemer Trust Company (Cayman) Limited
          P.O. Box 2254 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949-6674
          Facsimile: (345) 945-2722


OC 521 MASTER: Commences Liquidation Proceedings
------------------------------------------------
On July 21, 2016, the sole shareholder of OC 521 Master Fund, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


OC 521 OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
On July 21, 2016, the sole shareholder of OC 521 Offshore Fund,
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


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


* DOMINICAN REPUBLIC: Sweeping Overhaul Targets Transport Chaos
---------------------------------------------------------------
Dominican Today reports that part of President Danilo Medina's
announced plans during his inaugural on Aug. 16 are stand out
works and institutional reforms to improve Dominican Republic's
road infrastructure and its public transport system until 2020.

President Medina said a National Road Safety Plan will be
implemented, with a new agency called the Transport Institute, to
coordinate and centralize all government policies and measures,
"to enable a genuine public transport policy," according to
Dominican Today.

President Medina said he'll issue a transitory executive order to
create the entity, pending Congressional approval of the bill for
the new Transportation, Traffic and Road Safety Law, the report
relays.

President Medina said the provision constitutes a new "beginning"
for transport in the Dominican Republic, and improve inter-agency
coordination together with the private sector, the report notes.

President Medina said his second term in office will "transform"
the sector by launching an Integrated Public Transport System
(PSIS), which will start in Greater Santo Domingo and other cities
afterwards, the report relays.

This project "will establish a reordering of public transport
routes, to promote a single, integrated service and efficient
network for users," President Medina 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.


* DOMINICAN REPUBLIC: Big Firms Lauds Medina's 'Optimistic' Speech
------------------------------------------------------------------
Dominican Today reports that National Business Council (CONEP)
President Rafael Blanco lauded as optimistic President Danilo
Medina's speech to inaugurate his second term in office.

Mr. Blanco said the speech reaffirms the consolidation of most
programs of President Medina's administration recently developed,
after four years in office, and offered the business sector's
support, according to Dominican Today.

The report notes that the head of CONEP said the financing and
support for the MSME have resulted in successful government
programs, such as literacy and financing for housing among others.

Mr. Blanco said he's confident President Medina will give priority
to the issue of construction and water conservation,
reforestation, housing construction and to expand investment in
infrastructure and new schools, the report relays.

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
======================


SPANISH BROADCASTING: Files Form 10-Q, Raises Going-Concern Doubt
-----------------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $3.77 million on $35.3 million of net revenue for the
three months ended June 30, 2016, compared to a net loss of $3.58
million on $38.10 million of net revenue for the same period last
year.

For the six months ended June 30, 2016, the Company reported a net
loss of $15.1 million on $66.9 million of net revenues compared to
a net loss of $12.2 million on $70.2 million of net revenue for
the six months ended June 30, 2015.

As of June 30, 2016, Spanish Broadcasting had $443 million in
total assets, $556 million in total liabilities and a total
stockholders' deficit of $113 million.

"We further advanced our multi-platform strategy during the second
quarter including building our total audience share," commented
Raul Alarcon, Chairman and CEO. "Our digital and mobile offerings
continue to expand their user base while our radio stations remain
well positioned across the nation's top markets. Moving forward,
our focus remains centered on leveraging our industry leading
content and continuing to connect advertisers with highly engaged
Latino audiences on air, online, and via mobile."

The Company stated that, "The inability of the Company to repay,
refinance and/or restructure its short term obligations could
result in significant liquidity requirements on the company. As
there can be no assurance that we will be able to successfully
implement our strategy, this condition raises substantial doubt
about the Company's ability to continue as a going-concern. The
financial statements do not include adjustments, if any, that
might arise from the outcome of this uncertainty."

The Company's quarterly report on Form 10-Q is available from the
SEC website at https://is.gd/9z7g9N

                    About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. -- http://www.spanishbroadcasting.com/-- owns and
operates 21 radio stations targeting the Hispanic audience. The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico. Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

                               * * *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.

Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

As reported by the TCR on May 25, 2016, S&P Global Ratings said
that it lowered its corporate credit rating on U.S.
Spanish-language broadcaster Spanish Broadcasting System Inc.
(SBS) to 'CCC' from 'CCC+'.


===================================
T R I N I D A D  A N D  T O B A G O
===================================


TRINITY EXPLORATION: Units File Proposal to Creditors Under BIA
---------------------------------------------------------------
Trinity Exploration & Production Plc, an independent E&P company
focused on Trinidad and Tobago, disclosed that its Trinidad and
Tobago incorporated wholly-owned subsidiaries Trinity Exploration
and Production (Trinidad and Tobago) Limited, Galeota Oilfield
Services Limited, Trinity Exploration and Production (Galeota)
Limited, Tabaquite Exploration & Production Company Limited,
Trinity Exploration and Production (GOP) Limited, Trinity
Exploration and Production (GOP-1B) Limited,  Oilbelt Services
Limited, Trinity Exploration and Production Services Limited and
Ligo Ven Resources Limited have filed notices of intention
("NOIs") to make a proposal to creditors under the Trinidad and
Tobago Bankruptcy and Insolvency Act Chapter 9:70 ("BIA").

The BIA allows a company to continue operating while it submits
its proposal to reach a settlement with its outstanding creditors.
The filing of the NOIs provides the Subsidiaries with a stay of
proceedings from all of their creditors and means that no person
may terminate or amend an agreement or claim an accelerated
payment under any agreement with any Subsidiary by reason only
that such Subsidiary is insolvent or that a notice of intention or
proposal has been filed.

Trinity believes that the Subsidiaries making a proposal to
creditors and benefiting from the stay on proceedings provides the
most efficient and orderly route to concluding its restructuring
negotiations with potential funders and securing a refinancing to
the benefit of all stakeholders.

Maria Daniel -- maria.daniel@tt.ey.com -- of Ernst & Young
Services Limited has been appointed and consented to act as
trustee under the proposal, formal notice of which will be sent to
creditors of the Subsidiaries in due course in accordance with the
provisions of the BIA.

The Company continues to pursue a wider financial restructuring
solution and will issue further announcements as appropriate.

This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014.

                    *     *    *

The Troubled Company Reporter - Europe, citing The Telegraph,
reported on July 15, 2016, that Trinidad-focused Trinity
Exploration pulled its shares from London's junior AIM market
after restructuring talks with its lender fell apart.

Trinity Exploration suspended its shares on July 13 after Citibank
called in repayments on its US$13 million debt pile.  The bank had
offered the embattled explorer numerous waivers while negotiating
a wider financial restructuring of the business, but has now
scrapped the repayment moratorium and frozen the explorer's
accounts.

Trinity Exploration said in a statement on July 13 that despite
its "positive attempts" at restructuring it has been unable to
agree "suitable terms" with Citibank. It added that the shares
would remain suspended from trading on AIM until such time as
Citibank advises the company on how it would like to proceed.

Trinity Exploration is a London-listed independent oil explorer
focused solely on Trinidad and Tobago.  Trinity operates producing
and development assets both onshore and offshore, in the shallow
water West and East Coasts of Trinidad.


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


VENEZUELA: Crushes 2,000 Guns in Public, Plans Registry of Bullets
------------------------------------------------------------------
Frank Jack Daniel at Reuters reports that Venezuelan police
crushed and chopped up nearly 2,000 shotguns and pistols in a
Caracas city square, as the new interior minister relaunched a
long-stalled gun control campaign in one of the world's most
crime-ridden countries.

Interior Minister Nestor Reverol said the event marked the renewal
of efforts to disarm Venezuelans, through a combination of
seizures and a voluntary program to swap guns for electrical
goods, according to Reuters.

Venezuela has the world's second highest murder rate and the
street gangs that plague its poor neighborhoods have become
increasingly heavily armed in recent years, at a time when a deep
recession has reduced resources available to police, the report
notes.

The report relays that gangs often get weapons from the police,
either by stealing them or buying them from corrupt officers,
experts say.

With inflation of 185 percent in 2015 and a currency collapse,
police salaries have fallen far behind rising prices creating more
incentives for corruption, the report notes.

President Nicolas Maduro promoted Reverol this month, days after
the United States accused the former anti-drugs tsar of taking
bribes from cocaine traffickers, notes the report.

"We are going to bring disarmament and peace," Reverol told
reporters, while police officers drilled and sawed at rusty
shotguns, homemade pistols and some newer weapons, the report
says.

Other guns were crushed in truck-mounted presses. Some members of
the public watched, although more danced to a nearby sound system
playing salsa music.

Venezuela has also bought laser technology to mark ammunition,
Reverol said, in an attempt to keep a registry of the bullets
given out to the South American nation's many state and municipal
police forces, the report discloses.

Experts say that much of the ammunition used in crimes in
Venezuela is made at the country's government munitions factory
and sold on by corrupt police, the report adds.

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'.


VENEZUELA: India Discusses Ways to Recover US$600 Million Dues
--------------------------------------------------------------
The Economic Times reports that India discussed ways to recover
over US$600 million of past dues from Venezuela including
recouping it from payments for oil it imports from the Latin
American nation.

ONGC Videsh Ltd owns 40 per cent of the San Cristobal oilfield but
has not been paid for its share of oil sales for last couple of
years, according to The Economic Times.  OVL, in 2008, had
invested about $190 million in the project where state-run
Petroleos de Venezuela SA (PDVSA) holds the remaining 51 per cent
stake, the report notes.

Oil Minister Dharmendra Pradhan met visiting Venezuelan Foreign
Minister Delcy Rodriguez and Oil Minister Eulogio del Pino and
discussed bilateral energy issues, including payment of dues, the
report relays.

Sources said since cash-strapped Venezuela does not have hard cash
to pay after oil prices slumped to a decade low, barter deals were
discussed, the report notes.

One of the options is to adjust the outstanding against the crude
oil Indian firms like Reliance Industries and Essar Oil import
from Venezuela, the report relays.

The report discloses that the outstanding can be deducted from the
payment these firms have to make to PDVSA for oil imports, sources
said, adding the Venezuelan ministers were non-committal on the
proposal.

Alternately, OVL can take crude oil in lieu of the cash due, they
said.

The Economic Times notes that Venezuela is India's fourth largest
source of crude oil, supplying some 23.6 million tons or 12 per
cent of the country's annual import in 2015-16.

The cash-strapped OPEC member and holder of the world's biggest
oil reserves has been unable to pay foreign partners on some of
its projects as revenues slumped on fall in oil prices, triggering
triple-digit inflation, the report relays.  The crisis was
precipitated with funds being diverted to social programs and fuel
subsidies.

Venezuela gets almost all of its export revenue from oil, reports
The Economic Times.  It is already repaying loans outstanding to
China with crude.

An official statement later said Pradhan held a bilateral meeting
with two visiting ministers, the report notes.

"During the meeting, both sides discussed aspects of bilateral
hydrocarbon engagements. These included, inter-alia, sourcing of
crude and mechanism to register Indian oil and gas PSUs for
sourcing of crude, status of the two upstream projects in which
Indian PSUs have stakes and payment of outstanding dues to ONGC
Videsh Ltd (OVL) by Venezuelan national oil company," it said, the
report relays.

Also discussed during the meeting was participation of Indian
companies in additional exploration and production activities in
Venezuela, setting up of an oil-for-export mechanism for payment
of pending dues and training of Venezuelan petroleum industry
personnel in India, the report says.

"Both sides agreed to continue their cooperation in the
hydrocarbon sector and work towards further strengthening the
relation in the areas of mutual interests," it said, notes the
report.

OVL, Indian Oil Corp (IOC) and Oil India Ltd have 18 per cent
stake in the Carabobo-1 project, which currently produces about
16,000 bpd of oil and is expected to reach 90,000 bpd by end of
2017.

The 160-square kilometer San Cristobal field in the Orinoco heavy-
oil belt currently produces about 28,000 barrels a day, down from
a peak of 38,000 bpd.

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 commercial 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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