TCRLA_Public/160831.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

            Wednesday, August 31, 2016, Vol. 17, No. 172


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: Posts ARS145 Million Net Income in Second Qtr.


B A H A M A S

BAHAMAS: Minister Warns of Zika Impact on Regional Tourism


B R A Z I L

COMPANHIA DE GAS: S&P Affirms 'BB' CCR; Outlook Remains Negative


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Business Leaders Urge Tax Evasion Clampdown


J A M A I C A

JAMAICA: Marginal Growth for Local Construction Industry


M E X I C O

BANCO AHORRO: S&P Affirms 'B' ICR & Removes from CreditWatch Neg.
BIO PAPPEL: S&P Affirms 'B' CCR; Outlook Remains Stable
GRUPO FAMSA: S&P Affirms 'B' CCR & Removes from CreditWatch Neg.


P E R U

PACIFIC ANDES: Says Peru Creditors Won't Harm Creditors


P U E R T O    R I C O

AEROPOSTALE INC: Loses Bid to Rein in Sycamore


X X X X X X X X X

LATAM: ECLAC, CAF & IDB Launch Database on Infrastructure


                            - - - - -


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


BANCO HIPOTECARIO: Posts ARS145 Million Net Income in Second Qtr.
-----------------------------------------------------------------
Banco Hipotecario S.A. (BHIP.BA) reports Second Quarter 2016
results.

Net income for the second quarter was ARS145.0 million, compared
to ARS230.4 million and ARS169.6 million of last quarter and same
quarter of previous year, respectively.

Net financial margin for the quarter was ARS706.7 million,
compared to ARS760.1 million of last quarter and ARS530.7 million
of same quarter of last year.

Net income from services for the quarter of ARS902.5 million
increased 8.6% QoQ and 19.8% YoY.

Loans to the private sector increased 14.7% in the quarter and
9.9% YoY.

Deposits decreased 11.5% in the quarter and 3.4% YoY while our
financial indebtedness increased 19.2% QoQ and 85.3% YoY.

NPL decreased from 2.3% to 2.1% in the quarter. Coverage ratio was
99.6%.

Equity ratio of 14.4% compared to 14.1% of previous year.

As reported in the Troubled Company Reporter-Latin America on
April 26, 2016, Moody's Investors Service announced that the
proposed offering up to $200 million Class XXIX Tranche 2 debt
issuance by Banco Hipotecario S.A., as an add-on to Hipotecario's
existing Class XXIX senior unsecured foreign currency debt due in
November 2020, is rated B3.  The new debt is being issued under
New York law and carries a stable outlook.


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


BAHAMAS: Minister Warns of Zika Impact on Regional Tourism
----------------------------------------------------------
Caribbean News Now reports that Bahamas Minister of Tourism Obie
Wilchcombe said the increasing number of warnings on the zika
virus coming from the Caribbean region could create a negative
perception of Caribbean countries, if the number of people
infected with the virus continues to rise.

Minister Wilchcombe said, although there is currently no evidence
to suggest that visitor arrivals in The Bahamas have been affected
in response to the presence of the zika virus, there is still a
need to adopt the "simple theory that prevention is better than
cure," according to Caribbean News Now.

The tourism minister said the zika virus could have a "devastating
impact" on the economies of Caribbean countries, the report
relays.  Since the first case of zika was reported on August 10,
The Bahamas has received three international travel warnings.

Three additional zika cases were confirmed and health officials
say there were 83 suspected cases found throughout The Bahamas,
eight of whom are pregnant women, the report notes.

Canada's Public Health Agency added The Bahamas to its list of
travel health notices for the zika virus, recommending that
Canadians practice special health precautions while traveling in
affected countries, says the report.

In addition, Taiwan's Centers for Disease Control (CDC) issued a
level two alert for the country, warning pregnant women and women
planning to become pregnant about the risks involved in travel to
The Bahamas, the report says.

The United States Centers for Disease Control and Prevention also
issued a level two alert last week to those traveling to The
Bahamas, advising that they "practice enhanced precautions", as
two of the reported cases are believed to have been transmitted
locally, the report notes.

According to the report, Minister Wilchcombe told Guardian
Business that there needs to be a regional government discussion
about the impact of zika on Caribbean states:

"I believe that the regional dialogue on zika, chikungunya and
dengue should be lifted to the highest levels and intensify ahead
of what could have a devastating impact on the region's economy.

"The reality is that the Aedes aegypti mosquito that carries this
family of viruses still abounds and so we remain vulnerable."

The report further notes that Minister Wilchcombe asserted that
tourism is the Caribbean's "principal earner of hard currency".

"I salute the work of the Caribbean Public Health Agency (CARPHA)
and regional health officials. They have done an outstanding job.
The health officials of The Bahamas headed by our ministry have
kept the nation informed and have dealt with all matters with the
highest levels of professional competence.

"Whilst I trust work has started, there exists a sense of urgency
for a regional plan aimed at eliminating or substantially reducing
the population of the Aedes aegypti mosquito.

"It must be created and agreed, and each country must commit
financially to its introduction and sustainability.

"We must send a message to the world that the Caribbean is leading
in finding a resolution to a potential problem that has entered
our paradise."


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


COMPANHIA DE GAS: S&P Affirms 'BB' CCR; Outlook Remains Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
Brazil national scale corporate credit ratings on Companhia de Gas
de Sao Paulo - Comgas.  The outlook remains negative.  Comgas'
'bbb-' stand-alone credit profile (SACP) remains unchanged.  At
the same time, S&P affirmed its 'brAA-' issue-level rating on
Comgas' fourth debentures issuance of R$591.9 million with final
maturity in 2025.  The recovery rating on this debt remains at
'3', reflecting S&P's expectation of meaningful (50%-70%; at the
upper half of the range) recovery in the event of default.

The rating affirmation reflects S&P's view that the company will
continue posting solid credit metrics in the next few years and
maintain a healthy operating performance throughout its concession
area, despite Brazil's troubled economy.  S&P also expects Comgas
to boost its cash flow generation this year, despite the lower
consumption in its concession area.  The company currently has
higher gas costs incorporated in its rates than it has been
incurring, which S&P expects will lead to a compensation to its
clients mainly in 2017.

Comgas' ratings are capped by those on the Federative Republic of
Brazil (global scale: BB/Negative/B; national scale:
brAA-/Negative/--).  Various local regulatory authorities oversee
Brazil's gas distribution segment.  Agencia Reguladora de
Saneamento e Energia do Estado de Sao Paulo (Arsesp), which is
linked to the Sao Paulo state government, is responsible for
setting Comgas' tariffs.  S&P believes that Comgas, as other
regulated utilities in Brazil, could be subject to government
intervention in a scenario of a sovereign default.  Therefore,
Brazil's foreign currency rating caps the ratings on regulated
utilities.


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


* DOMINICAN REPUBLIC: Business Leaders Urge Tax Evasion Clampdown
-----------------------------------------------------------------
Dominican Today reports that the Herrera and Santo Domingo
Province Association of Industrial Companies (AEIH) issued a call
to the government and the tax authorities to fight tax evasion.

The business association president, Antonio Taveras Guzman, said
that this task should be combined with improved public spending
through mechanisms for transparency and accountability, according
to Dominican Today.

Mr. Guzman stated that these two approaches could represent a good
start for president Danilo Medina's second term, since tackling
tax-related problems in this country should be one of his main
challenges, the report notes.

Mr. Guzman said that evasion, which is mainly caused by the
largely informal nature of the economy, remains a serious problem
for the tax apparatus, while warning that tax evasion has the
features of a "fiscal catastrophe" that must be confronted, notes
the report.

Mr. Guzman said that the situation creates unfair competition in
the markets and distortions that undermine those who do fulfill
their taxation obligations according to the law, the report notes.

"Some feel forced to incur in bad practices that they do not want,
as a result of elusion," the report quoted Mr. Guzman as saying.
"This is why the problem must be tackled urgently, because it will
markedly improve productive sector competitiveness, it is a
challenge for the government, but it is also the responsibility of
the business leadership."

Mr. Guzman said that through correct spending and by controlling
evasion, the government would have the resources it needs to take
on its tasks of development as well as ending the problem of
depleted public coffers, the report notes.

According to Taveras Guzman, "Now that a new government is
starting, with renewed energy, with new plans and with the aim of
accelerating the pace of change, it is the perfect moment to
resolve the serious problem of taxation affected by evasion," the
report adds.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.


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


JAMAICA: Marginal Growth for Local Construction Industry
--------------------------------------------------------
RJR News reports that the local construction sector registered
marginal growth during the April to June quarter.

The Bank of Jamaica says this reflected an expansion in
residential construction, which slightly offset lower estimated
expenditure on ongoing projects and other infrastructural
developments, according to RJR News.

Residential construction is estimated to have increased, although
at a relatively slower pace when compared to the March 2016
quarter, the report notes.

The growth in housing starts for the June 2016 quarter was strong
when compared to the contraction recorded for the corresponding
period last year, the report relays.

                          *     *     *

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


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


BANCO AHORRO: S&P Affirms 'B' ICR & Removes from CreditWatch Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' global scale and 'mxBBB-/mxA-
3' national scale issuer credit ratings on Banco Ahorro Famsa S.A.
Institucion de Banca Multiple (BAF).  S&P removed the ratings from
CreditWatch with negative implications, where it placed them on
May 31, 2016.  The outlook on BAF is stable, reflecting that on
its parent GrupoFamsa S.A.B. de C.V. (GFamsa; B/Stable/--).

The ratings affirmation reflects S&P's completion of GFamsa's
corporate governance review, particularly of its risk management
standards and internal controls, and liquidity.  The review
followed GFamsa's disclosure of deficiencies in the credit
portfolio identification, processing, and validation.  This led to
miscalculations of the company's due loans and consequently, the
reserves estimates at the consolidated level, resulting in several
financial restatements in fiscal 2015.  S&P's assessment of
GFamsa's risk management framework incorporates its view of
weaknesses regarding its ability to track, adjust, and control
execution of strategy, which impaired its operating and financial
performance.  However, S&P's overall assessment of GFamsa's
management and governance remains unchanged at fair as defined in
S&P's criteria.  S&P's understanding is that the company has taken
actions to strengthen the consolidation and validation of
financial information and limit similar potential risks in the
future, including the reinforcement of its internal control and
audit team.

The rating action on BAF mirrors the same on GFamsa, which
directly owns 100% of the bank.  Also, the ratings on BAF continue
to reflect its core status to GFamsa because S&P believes both
entities share the same customer base, brand, and reputation.
Also, BAF's strategy is closely linked with the group's;
therefore, it's highly unlikely that bank will be sold.  GFamsa
has shown a strong and long-term commitment to the bank by
supporting it in the previous few years under stressful
conditions.  The issuer credit rating on BAF received one notch of
support, higher than its stand-alone credit profile (SACP) of
'b-', due to the bank's core status.

"The ratings also reflect our view of the bank's business position
as weak mainly due to a revenue concentration in the GFamsa's
credit card business.  We also view its capital and earnings as
adequate, based on our forecasted risk-adjusted capital ratio of
8.7% on average for the next 18 months.  The ratings also reflect
our assessment of BAF's risk position as very weak because its
nonperforming asset and net charge-off ratios--although they
gradually improved in the past 12 months--remain weaker than those
of banks that operate in countries with the same Banking Industry
Country Risk Assessment (BICRA) economic risk score and that of
Mexico's financial system average.  The ratings also incorporate
our assessment of BAF's funding as average and its liquidity as
adequate," S&P said.


BIO PAPPEL: S&P Affirms 'B' CCR; Outlook Remains Stable
-------------------------------------------------------
S&P Global Ratings Services affirmed its 'B' corporate credit and
issue-level ratings on Bio Pappel Scribe S.A. de C.V.  The
recovery rating of '4', indicating S&P's expectation of average
(30%-50%) recovery prospects for the bondholders in the event of a
payment default, remains unchanged.  The outlook on the corporate
credit rating remains stable.

Despite the challenges that the paper industry faces in the
Mexican market, Scribe improved significantly its operating and
financial performance in the 12 months ended June 2016, compared
with the same period last year.  This was reflected in higher-
than-expected sales growth thanks to the company's ability to
increase its prices to compensate for sales volume loss and to
pass through the impact of a weaker peso to its end customers.
The company's profitability also improved, given a reduction in
its costs including its exposure to dollar-denominated pulp prices
thanks to operational synergies and the rationalization of its
production process following its integration with Bio Pappel.
Furthermore, during the last few quarters, Scribe prepaid part of
its senior unsecured notes through an intercompany loan from Bio
Pappel and cash in hand.  All of the factors resulted in better-
than-expected EBITDA margin, cash flow generation and overall
credit metrics, although the latter are still in line with S&P's
highly leveraged financial risk profile assessment.


GRUPO FAMSA: S&P Affirms 'B' CCR & Removes from CreditWatch Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' global and 'mxBBB-' national
scale corporate credit and debt ratings on Grupo Famsa S.A.B. de
C.V. (GFamsa).  At the same time, S&P removed the ratings from
CreditWatch, where it placed them with negative implications on
May 31, 2016.  The outlook is stable.

The ratings affirmation reflects S&P's completion of GFamsa's
corporate governance review, particularly of its risk management
standards and internal controls, and liquidity.  The review
followed GFamsa's disclosure of deficiencies in the credit
portfolio identification, processing, and validation.  This led to
miscalculations of the company's due loans and consequently, the
reserves estimates at the consolidated level, resulting in several
financial restatements in fiscal 2015.  S&P's assessment of
GFamsa's risk management framework incorporates S&P's view of
weaknesses regarding its ability to track, adjust, and control
execution of strategy, which impaired its operating and financial
performance.  However, S&P's overall assessment of GFamsa's
management and governance remains unchanged, at fair as defined in
S&P's criteria.  S&P's understanding is that the company has taken
actions to strengthen the consolidation and validation of
financial information and limit similar potential risks in the
future, including the reinforcement of its internal control and
audit team.  S&P also incorporates in its assessment of Banco
Ahorro Famsa S.A. Institucion de Banca Multiple's (BAF's; GFamsa's
financial subsidiary) improved asset quality through better
collection, control of origination, and strengthening of its
platform and portfolio management.

Additionally, GFamsa continued to access financing from banks and
local capital markets since the disclosure of its reserves'
miscalculation.  This, along with the company's flexibility to
reduce its capex and working-capital requirements--as it has done
in the past--supports S&P's view that its liquidity isn't a major
risk.  Moreover, the unconditional guarantee, which GFamsa's
controlling shareholder provided, gives S&P additional comfort
given that the company's equity wasn't significantly affected.


=======
P E R U
=======


PACIFIC ANDES: Says Peru Creditors Won't Harm Creditors
-------------------------------------------------------
Jason Smith, writing for Undercurrent News, reports that Pacific
Andes group executives are disputing creditors' notion that the
Peruvian insolvency proceedings for its fishmeal companies can
block the New York court's access to those assets.

The report notes that in recent days, Pacific Andes International
Holdings (PAIH) executive director, Jessie Ng, as well as
representatives from its Peru-based China Fishery Group subsidiary
and suppliers to the Peruvian companies have made statements
before the court asserting that China Fishery's current management
is best suited to operate the company during its restructuring.

Several creditors known as the "club lenders" who are collectively
owed hundreds of millions of dollars on loans made to the fishing
conglomerate, have asked judge James Garrity to appoint an
independent trustee to oversee the 16 Pacific Andes entities that
filed for US bankruptcy protections on June 30. He was scheduled
to rule on the motion on Aug. 29, the report relays.

Undercurrent News notes that Pacific Andes' reliance on corporate
vehicles registered in Singapore, Peru and the British Virgin
Islands (BVI) mean that there are insolvency proceedings underway
in those countries in addition to the 16 affiliated entities being
restructured under the supervision of the New York Court.

But the companies that make up China Fishery, the Pacific Andes
branch that contains the lucrative fishmeal and fish oil
businesses seen as the group's prime assets, are under the direct
oversight of the Peruvian courts, according to the report.

Undercurrent News says club lenders take a critical view of the
Peruvian insolvency processes underway in that country for CFG
Investment, Corporacion Pesquera Inca (Copeinca), and Sustainable
Fishing Resources, arguing that they were convened by "friendly"
creditors and could be used to subvert the club lenders'
interests.

However, Gustavo Miro-Quesada, an attorney who represents the
subsidiaries, said that those concerns aren't valid, the report
discloses.

"The club lender parties' apparently negative view of the Peruvian
insolvency law is wholly unfounded. The Peruvian insolvency
process is specifically designed to provide adequate protections
and due process to all creditors," the report quoted Miro-Quesada
as saying in a US court filing.

The proceeding poses a further risk to their interests, the
creditors feel, because Jessie Ng, and another member of the
family, Ng Joo Thieng, serve dual general managers for the
subsidiaries and could affect change at them outside of US court
oversight, says the report.

However, Francisco Paniagua, the general manager of the Peruvian
subsidiaries, told the US court that to the best of his memory,
the Ngs had never contradicted any actions he and fellow general
manager Jose Miguel Tirado took with respect to the companies,
Undercurrent News relays.

The Ngs, he added, have never "taken any actions, other than
conducting sales of fishmeal and fish oil globally, regarding the
operations of the fishmeal companies without the agreement of me
and Jose Miguel Tirado; and exercised their powers of attorney
with respect to operations of the fishmeal companies," Panigua
said, adds the report.

                           Trustee motion

A US court-appointed trustee would effectively replace Pacific
Andes' management by the Ng family, who founded the company in
1986 and grew it into a diversified, internationally-focused
seafood enterprise, according to Undercurrent News.

The club lender creditors who brought the initial motion for the
trustee's appointment included Rabobank, Standard Chartered Bank
(Hong Kong), CITIC Bank International and DBS Bank. However, days
after the motion was filed, CITIC indicated to the court that it
was withdrawing its support for the Ngs removal. Several other
Pacific Andes creditors, mostly Chinese state-linked banks, joined
CITIC in their opposition, the report adds.

Undercurrent News says remaining club lender creditors argue that
because the Peruvian assets -- the sale of which is seen by some
creditors as the best hope to settle the debts-- are listed
outside of the US court's direct control, only a trustee can
restore confidence that the foreign assets won't be diverted
elsewhere.

For example, a BVI-registered entity, Richtown Development
Limited, is an indirect parent company of the Peruvian
subsidiaries and is itself owned by Pacific Andes Resources
Development (PARD), which is the subject of an insolvency
proceeding in a Singapore court, recounts Undercurrent News.

The club lenders argue that that arrangement could allow the Ngs
to potentially "block" or "carve out" the China Fishery-linked
assets from the US proceeding.

However, Jessie Ng questioned the club lenders own motives for
having a trustee appointed, says the report.

"The creditors who have moved for the appointment of a trustee do
not appear to understand that Peru offers a highly transparent and
creditor friendly restructuring process. These are the same
creditors who insisted that management agree to a sale process
under the HSBC Deed (as defined later herein) that was heading
toward an unsuccessful "fire sale" in June and July 2016," she
told the court, notes Undercurrent News. She has said that the Ng
family does not oppose a sale of the Peruvian operations, but
wants to time the sale in order to maximize their value. Her
family, she said, shares creditors' interests in their goals for
the restructuring.

"The movants would have us believe that my family acts selfishly,
or even, improperly, with no regard for the interests of the
Pacific Andes Group or its stakeholders. Nothing could be further
from the truth since my family has supported the Pacific Andes
Group as if it were one of our children - cultivating, supporting
and growing at all stages of development and during times of
stress and strain," she said, the report relays.

The Troubled Company Reporter-Latin America on July 13, 2016,
reported that Jason Smith at UnderCurrent News said several of
Pacific Andes' major lenders believe that the fishing conglomerate
is improperly using US and Peruvian bankruptcy laws to "derail" a
planned sale of its Peruvian assets. In court filings on July 8,
several creditor banks of the 16 Pacific Andes entities that
declared bankruptcy in the US on June 30 questioned directors'
motivations to have three Peruvian subsidiaries of the group file
for bankruptcy under that country's laws rather than in the US.
The bankruptcy filings effectively halted a sale of the Peruvian
assets, which was designed to repay Pacific Andes' creditors.

Pacific Andes Group, the world's 12th-largest seafood company,
filed for bankruptcy in New York after investigations by Singapore
and Hong Kong market regulators and pressure by lenders to start a
fire-sale, notes Bloomberg News. The company's liquidity crisis
was triggered by the El Nino weather pattern and the depleted
Peruvian anchovy stocks that resulted, as well as "aggressive and
improper acts by certain lenders," Chief Executive Officer Ng Puay
Yee said in court filings. While 16 units filed for court
protection, others aren't in bankruptcy, according to the filings,
which listed $4.7 billion in assets and $2.5 billion in debt as of
March 28, 2015, adds the report.



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


AEROPOSTALE INC: Loses Bid to Rein in Sycamore
----------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that a
bankruptcy judge has dealt a big blow to Aeropostale Inc.'s bid to
survive chapter 11, refusing to rein in the bidding rights of
Sycamore Partners, a former big backer and now major critic of the
retailer.

According to the report, Judge Sean Lane, in a decision signed
Aug. 25 but not made public until Aug. 26, said Sycamore is
entitled to wield its $151 million loan as currency at the
bankruptcy auction of the retail chain, a so-called credit-bid
that gives it an advantage in the competition.

The ruling portends bad news for landlords and employees of the
teen fashion retailer, which has been at odds with Sycamore since
before it filed for bankruptcy protection in May, the report
noted.

The private-equity firm has said liquidation may be the best
outcome for Aeropostale and its stores, and scoffed at the
company's hope of a job-saving turnaround, the report related.

The credit-bid means Sycamore can walk into the auction without
cash, and demand rival bidders pay off the $151 million loan from
Sycamore if they want to save, or liquidate, the company, the
report further related.

Aeropostale said in a statement that it "is disappointed with the
Bankruptcy Court's decision in its litigation against Sycamore
Partners," the report said.

The Troubled Company Reporter, citing WSJ, previously reported
that Aeropostale was pressing for a ruling that would rein in
Sycamore's power to determine the company's fate.  Sycamore has
contended liquidation, not a sale of the operating business at a
bargain-basement price, is the best option for creditors, the
report added.

                       About Aeropostale Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. from
Aeropostale stores and website. The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment. Aeropostale maintains control over its
proprietary brands by designing, sourcing, marketing and selling
all of its own merchandise.  As of May 1, 2016 the Company
operated 739 Aeropostale(R) stores in 50 states and Puerto Rico,
41 Aeropostale stores in Canada and 25 P.S. from Aeropostale(R)
stores in 12 states. In addition, pursuant to various licensing
agreements, the Company's licensees currently operate 322
Aeropostale(R) and P.S. from Aeropostale(R) locations in the
Middle East, Asia, Europe, and Latin America. Since November 2012,
Aeropostale, Inc. has operated GoJane.com, an online women's
fashion footwear and apparel retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016. The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354 million and total debt
of $390 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.

The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors. The Committee hired Pachulski Stang Ziehl
& Jones LLP as counsel.


=================
X X X X X X X X X
=================


LATAM: ECLAC, CAF & IDB Launch Database on Infrastructure
--------------------------------------------------------
The Economic Commission for Latin America and the Caribbean
(ECLAC), the CAF-Development Bank of Latin America, and the Inter-
American Development Bank (IDB) are making available the
INFRALATAM website that offers figures on infrastructure
investments made in countries of the region.

In its first stage, the joint initiative-which seeks to gauge and
promote the analysis of investments in this field-presents data on
infrastructure investments in 15 Latin American countries
(Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, El
Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama,
Paraguay, Peru and Uruguay), for the 2008-2013 period.

INFRALATAM contemplates the recording of annual figures and
includes investments by the public and private sectors aimed at
acquiring economic infrastructure assets (water and sanitation,
defense against flooding, energy, irrigation, telecommunications
and transportation).

INFRALATAM is a project that proposes annual updates of the
figures as well as the expansion of coverage to include more
countries, and a process of continual improvement of the available
data. It is hoped that this information will be of use to those
entities responsible for public policy and planning in Latin
American and Caribbean countries, and also for public, private and
international actors such as investors, scholars, builders,
equipment suppliers and civil society organizations, among others.

In addition, this database could become the main instrument for
the analysis and development of quality, reliable, sustainable and
resilient infrastructure, as set forth in Goal 9 of the
Sustainable Development Goals (SDGs) proposed in the 2030 Agenda
for Sustainable Development, which was approved by the United
Nations in 2015. The inclusion of Goal 9 marks a fundamental step
forward in terms of how infrastructure is positioned in the drive
for sustainable development, and it implies that public policies
will play a greater role in moving towards the higher levels of
quality investment needed to improve the quality of life of people
in the region.

To achieve better public policies on infrastructure, it is
necessary to have good knowledge of past and current trends in
public and private investment in this sector. The information
provided by INFRALATAM seeks to partly fill the gap in terms of
data, promoting discussion and enriching the debate around
building infrastructure along the path towards sustainable
development.


                            ***********


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.


                   * * * End of Transmission * * *