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

            Friday, September 9, 2016, Vol. 17, No. 179


                            Headlines



A R G E N T I N A

BANCO SANTANDER: Moody's Rates ARS1,000M Class 14&15 Issuances Ba3
JOHN DEERE: Moody's Rates $20MM Sr. Unsec. Debt Issuance 'B2'


B E R M U D A

VIMPELCOM LTD: Fitch Says Impact of Wind-3 Italia Merger Neutral


B R A Z I L

OI SA: Creditors Said to Oppose Proposed Restructuring Plan
* BRAZIL: To Mount Trade Mission to St. Lucia


C A Y M A N  I S L A N D S

CHINA SENIOR: Commences Liquidation Proceedings
ITPU HOLDINGS: Creditors' Proofs of Debt Due Sept. 19
OPRAH-IS FUND: Court Enters Wind-Up Order
RACOON CAYCO: Creditors' Proofs of Debt Due Sept. 19
RACOON CAYCO II: Creditors' Proofs of Debt Due Sept. 19

SEASONAL COMMODITY: Commences Liquidation Proceedings
TRIANGULAR ASP: Commences Liquidation Proceedings
TRIANGULAR FQ: Commences Liquidation Proceedings
TRIANGULAR LYX: Commences Liquidation Proceedings
TRIANGULAR WNT: Commences Liquidation Proceedings

UNION 33: Commences Liquidation Proceedings
WP X INVESTMENTS: Creditors' Proofs of Debt Due Sept. 19


C H I L E

RAME ENERGY: Mulls Sale of Operations Following Administration


H O N D U R A S

* HONDURAS: IDB to Invest $50MM in Social Protection & Health


M E X I C O

VALLE DE CHALCO: Moody's Cuts Issuer Ratings to 'B1'


P U E R T O    R I C O

DORAL FINANCIAL: Court Approves Committee-FDIC Settlement
PUERTO RICO: Fails to Make $9.9-Mil. Bond Payment on Sept. 1


V E N E Z U E L A

PDVSA: At risk of Defaulting Without US Payment Processor


X X X X X X X X X

LATAM: IDB Selects Startups to Participate in Demand Solutions


                            - - - - -



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A R G E N T I N A
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BANCO SANTANDER: Moody's Rates ARS1,000M Class 14&15 Issuances Ba3
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
has assigned a Ba3 global local currency senior debt rating and a
Aaa.ar national scale debt rating to Banco Santander Rio S.A.'s
(Santander Rio) Class 14 expected issuance of up to ARS 1,000
million, which will be due in 18 months, and Class 15 expected
issuance up to ARS 1,000 million, which will be due in 36 months.
Both issuances are under the bank's $500 million medium-term note
program and must not exceed together ARS 1,000 million.

The outlook for all ratings is stable.

The following ratings were assigned to Banco Santander Rio S.A.'s
expected issuances:

   Class 14 up to ARS 1,000 million:

   -- Ba3 Global Local Currency Debt Rating

   -- Aaa.ar Argentina National Scale Local Currency Debt Rating

   Class 15 up to ARS 1,000 million:

   -- Ba3 Global Local Currency Debt Rating

   -- Aaa.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

The Ba3 global local currency debt rating of Santander R°o derives
from the bank's b3 BCA and our assessment of the very high
probability of parental support to be provided by its shareholder
Banco Santander S.A. (Spain), rated baa1. Notwithstanding the
bank's speculative grade global scale rating, it is one of the
strongest credits in Argentina, as reflected by its Aaa.ar
national scale rating.

The b3 standalone assessment captures Santander Rio's well
established franchise as the largest private bank in the Argentine
banking system, as well as its growing range of products and
customer base, which drives sound earnings generation capacity.
The bank's diversified loan portfolio in the corporate and
consumer lending segments, including a significant component of
payroll lending, supports good asset quality. Payroll accounts
also provide a base of inexpensive core deposit funding. The
rating also considers the bank's moderate capitalization.

However, these credit strengths are limited by the operating
environment in Argentina, which remains challenging despite the
country's recent return to global capital markets and various
other market-friendly policy reforms implemented in recent months
by the new administration.

What could move the rating up or down

As the bank's debt rating is constrained by the local currency
country ceiling, improvements in the bank's financial fundamentals
are unlikely to affect the rating. However, the rating could face
upward pressure if Argentina's bond rating is upgraded and/or if
Argentina's country's operating environment improves. On the other
hand, the rating could go down if the operating environment
deteriorates affecting the entities' business prospects, asset
quality, profitability or capitalization as well as if the country
ceiling is downgraded or if probability of affiliate support
declines.

Banco Santander Rio S.A. is headquartered in Buenos Aires, with
assets of ARS 165.1 billion and equity of ARS 18.4 billion as of
June 2016.

The principal methodology used in these ratings was Banks
published in January 2016.


JOHN DEERE: Moody's Rates $20MM Sr. Unsec. Debt Issuance 'B2'
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B2 global scale debt rating and a A1.ar national scale
debt rating in foreign currency to John Deere Credit Compania
Financiera S.A.(JDC)'s eighth takedown under its senior debt
program of ARS 900 million. The issuance, for up to $20 million,
will be due in 36 months.

The outlook on all ratings is stable.

The following ratings were assigned to JDC's $20 million senior
unsecured debt issuance:

   -- B2 Global Foreign Currency Debt Rating

   -- A1.ar Argentina National Scale Foreign Currency Debt Rating

RATINGS RATIONALE

The B2 global foreign currency debt ratings considers the
challenging operating environment in Argentina, balanced by the
very high probability that JDC will receive support from its
foreign-owned parent, (P)A2 rated John Deere Credit Inc. However,
the company's long-term global senior unsecured foreign currency
debt rating of B2 is constrained by Argentina's foreign currency
bond ceiling. Reflecting this constraint, the A1.ar national scale
rating assigned to the notes is the highest of the three national
scale rating categories corresponding to a global scale rating of
B2.The ratings considers Argentina's ongoing macroeconomic and
institutional challenges together with JDC's monoline business
model dedicated to the financing of John Deere machinery. Despite
significant improvements since Argentina's new administration took
office in December 2015 and softened or eliminated various
burdensome government controls on the financial system which
should help support earnings, the country continues to face
significant economic and institutional challenges, including high
inflation and weak growth.

While the company's reliance on market funds exposes it to swings
in interest rates and refinancing risk, this risk is partially
mitigated by credit facilities in the case of an stress event from
the company's parent, as well as long term financing provided by
John Deere & Co's local subsidiary, Industrias John Deere
Argentina. The rating is also supported by an ample capital
cushion which provides loss absorption capacity in case of stress,
and adequate although deteriorating asset quality metrics. Given
the company's narrow focus on providing financing to the
agricultural sector, its asset quality is susceptible to climate
risk Although the company posts ample nominal profitability, its
results are distorted by the high rate of inflation.

The stable outlook on the company's ratings is in line with the
stable outlook B3 rating for Argentina's government.

WHAT COULD CHANGE THE RATING UP/DOWN

The entity's rating could face upward pressure if Argentina's bond
rating is upgraded or if Argentina's operating environment
continues to improve. Absent either of these conditions, an
improvement in the company's fundamentals is unlikely to affect
its ratings. On the other hand, the rating could go down if the
operating environment deteriorates, affecting JDC's business
prospects.

John Deere Credit Compa§°a Financiera S.A. is headquartered in
Rosario, Argentina, and reported assets of ARS1,196 million and
shareholders' equity of ARS92 million as of June 2016.


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B E R M U D A
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VIMPELCOM LTD: Fitch Says Impact of Wind-3 Italia Merger Neutral
----------------------------------------------------------------
Fitch Ratings says the impact of a merger of Vimpelcom's Wind and
Hutchison's 3 Italia and deconsolidation of Wind's results from
Vimpelcom's financial reporting is largely neutral for Vimpelcom's
credit profile as Fitch has always excluded Wind from its analysis
of the Vimpelcom group. Fitch has calculated Vimpelcom's leverage
metrics without Wind because the entity is ring-fenced and its
default would not trigger a default by the parent. Cash flow from
the entity has been restricted by the terms of Wind's loan and
bond documentation.

CK Hutchison Holdings Ltd. (A-/Stable), parent company of Italian
mobile operator 3 Italia, and VimpelCom Ltd. (BB+/Stable), parent
company of Wind (B+/Stable), received regulatory clearance to form
a 50/50 joint venture (JV) of their telecommunication businesses
in Italy on 1 September 2016.

"We have never expected Vimpelcom to provide significant
shareholder support to Wind, and estimated any potential impact on
the parent's leverage as modest." Fitch said. Vimpelcom was likely
to extend liquidity support on an as necessary basis or make
modest equity injections to facilitate Wind's refinancing efforts,
but we have always assumed that a large-scale bail-out was a
remote possibility.

The new JV will have a stronger credit profile than Wind on a
standalone basis, and be much less dependent on any additional
parental contributions. Vimpelcom's equity interest in the JV has
been diluted to 50%, reducing economic incentives for providing
shareholder support. Fitch said, "We no longer expect that
Vimpelcom would need to extend any additional shareholder support
to the JV."

Any significant dividends from Wind are unlikely in the short to
medium term. Management estimates that the JV's leverage will be
close to 5x net debt/EBITDA after the deal closes, and it expects
to start paying dividends once leverage drops to below 4x, a
covenanted threshold. Rapid deleveraging seems unlikely as
management plans to increase network investments, with Vimpelcom
guiding for EUR7bn investments in Italy over the next five years.

Vimpelcom's rating continues to be driven by its stable operating
performance outside Italy, and most notably in Russia, while its
cash flow and leverage profile is sensitive to foreign currency
exchange movements. Management expects leverage to approach 2x net
debt/EBITDA by end-2016, an increase driven by an acquisition of
Warid in Pakistan and emerging markets currencies' weakness. "We
estimate that Vimpelcom's leverage at the end of 2016 may approach
or slightly exceed Fitch's defined downgrade threshold 2.25x net
debt/EBITDA." Fitch said. This is with Wind and the Algerian
operations deconsolidated by Fitch but reflecting their regular
dividend contributions to Vimpelcom (Wind has not paid any
dividends so far).

Vimpelcom's current deleveraging capacity is supported by its low
dividends. This may be compromised if the company restarts paying
higher shareholder remuneration. Management has announced that the
closing of the Wind/3 Italia merger could be a major milestone,
triggering a dividend policy review no later than in early 2017. A
failure to maintain leverage below our downgrade threshold on a
sustainable basis, whether due to higher shareholder payouts or
weaker than anticipated operational performance, may put pressure
on Vimpelcom's ratings.


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B R A Z I L
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OI SA: Creditors Said to Oppose Proposed Restructuring Plan
-----------------------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that creditors of Oi
SA, the Brazilian phone company that filed for bankruptcy with $20
billion of debt, view the restructuring plan the company presented
as unfairly benefiting shareholders, said two people with direct
knowledge of the matter.

The main issue is the right Oi has to redeem bondholders'
convertibles anytime it wants, the people said, asking not to be
named because the position isn't public yet, according to
Bloomberg News.   Creditors argue that the option for early
redemption gives current shareholders power to avoid dilution if
the company manages to stage a turnaround, but leaves bondholders
with a large stake if things go badly, the people said, Bloomberg
News reports.

The Rio de Janeiro-based operator proposed converting up to
BRL32.3 billion ($10.1 billion) of bondholders' debt into
convertible bonds with a face value of BRL10 billion.  Lenders
would get 85 percent of the company if Oi doesn't pay off the debt
in three years -- leaving current shareholders in control of the
company for that time span, and potentially benefiting from any
recovery, the people said, Bloomberg News notes.

The creditors also oppose the 10-year grace period suggested for
bank debt, considered too long, and the option shareholders have
of using proceeds from asset sales to pay bondholders'
convertibles, which could avoid dilution, the people said,
Bloomberg News relates.   The plan will need to change to be
approved by creditors, according to the people, Bloomberg News
says.

"The proposal is unattractive to creditors and should be viewed,
we think, as an indication of the company's intention to present a
tough stance in upcoming negotiations with creditors," Francisco
Velasco, an analyst at Exotix Partners, said in a research note,
Bloomberg News notes.  He recommended selling Oi bonds.

A press official for Oi declined to comment on creditors' concerns
about the restructuring plan.

The plan, which also includes new resources and the possibility of
a merger or breakup, was approved by the company's board and filed
with a court in Rio, according to a filing, Bloomberg News says.
Now that the document has been presented, Oi's debtholders and
shareholders have 30 days to negotiate before presenting a revised
plan. Two top shareholders, Pharol SGPS SA and Nelson Tanure, are
already in talks, people familiar with the matter said, Bloomberg
News says.

                          'Massive Haircuts'

"It's difficult to come to terms with shareholders walking away
with substantial value while bondholders are taking massive
haircuts," said David Tawil, co-founder of New York-based hedge
fund Maglan Capital, Bloomberg News notes.

Oi has listed almost 67,000 creditors between bondholders, banks
and small companies, as well as Anatel, the nation's
telecommunications regulator, Bloomberg News says.  According to
Brazilian law, creditors have 30 days to object to the plan before
a general assembly takes place led by the judicial administrator
PricewaterhouseCoopers and law firm Wald, Bloomberg News
discloses.

Oi SA, which finished the second quarter with total debt of
BRL48.4 billion, filed for protection from creditors in June amid
a looming bond payment and after some board members disagreed with
a debt swap plan proposed by a Moelis & Co.-led group that would
have given bondholders 95 percent of the company, Bloomberg News
relays.

Brazil's fourth-biggest wireless company was built through a
series of mergers and went through a number of leadership
changes -- the company has had six chief executive officers in the
past five years. It operates part of the country's landline phone
system, which has proven onerous -- Oi has a legal commitment to
expand and maintain the obsolete network, Bloomberg News notes.

Oi SA bonds due 2020 rose 21 cents to 26.38 cents, recovering some
losses Wednesday, Sept. 7, 2016, after plummeting the day before.
Brazil's stock market was closed Wednesday for a holiday.  The
company's shares tumbled 17 percent in Sao Paulo on Tuesday, Sept.
6, Bloomberg News adds.

                            About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.


* BRAZIL: To Mount Trade Mission to St. Lucia
---------------------------------------------
The Daily Observer reports that Brazil is preparing to mount a
major investment mission to St. Lucia that it says will provide
opportunities for business and strengthen ties between the South
American country and the Caribbean Community (CARICOM) island.

Brazil's Ambassador Sergio Couri said the mission will comprise
investors and parliamentarians who are seeking to do business here
within a wide range of sectors, according to The Daily Ob.

The mission is schedule for November 11-17 and is being organized
by a Brazil-based group called Nomad Development, the report
notes.  It will provide opportunities for investment partnerships
in construction and infrastructural development, tourism and hotel
development, agriculture and agro industries, farming and food
production, nutrition, medicine, sports and physical fitness among
other sectors, the report relays.

"This Brazilian Business Mission will offer this wide range of
opportunities to the government and people of St Lucia, through
the business community," Mr. Couri said, noting that during the
mission's visit here the Brazilian investors "will meet with
members of the local business community and their organizations,
to discuss how to merge their synergies to create new investments
that both countries and people will be proud of," the report
relays.

The diplomat said that while the planning is going ahead smoothly
for the arrival of the mission "interested St Lucian business
persons and entities will be given the opportunity to indicate
their interest and arrange interviews," the report discloses.

Ambassador Couri said the mission "is also interested in doing
business with businesses in other member-states of the OECS that
may also be present in St Lucia," the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.



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


CHINA SENIOR: Commences Liquidation Proceedings
-----------------------------------------------
On Aug. 18, 2016, the sole shareholder of China Senior Housing
Holdco, 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
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


ITPU HOLDINGS: Creditors' Proofs of Debt Due Sept. 19
-----------------------------------------------------
The creditors of ITPU Holdings Limited are required to file their
proofs of debt by Sept. 19, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 15, 2016.

The company's liquidator is:

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


OPRAH-IS FUND: Court Enters Wind-Up Order
-----------------------------------------
On Aug. 15, 2016, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Oprah-Is Fund, SPC.

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

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          RHSW (Cayman) Limited
          Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 814 3374
          Facsimile: (345) 949 8295


RACOON CAYCO: Creditors' Proofs of Debt Due Sept. 19
----------------------------------------------------
The creditors of Racoon Cayco I Limited are required to file their
proofs of debt by Sept. 19, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 15, 2016.

The company's liquidator is:

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


RACOON CAYCO II: Creditors' Proofs of Debt Due Sept. 19
-------------------------------------------------------
The creditors of Racoon Cayco II Limited are required to file
their proofs of debt by Sept. 19, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 15, 2016.

The company's liquidator is:

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


SEASONAL COMMODITY: Commences Liquidation Proceedings
-----------------------------------------------------
On Aug. 4, 2016, the sole shareholder of Seasonal Commodity
Spreads Portfolio (Master) Ltd. resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          J.P. Morgan IN-DX LLC
          c/o David Miller
          383 Madison Avenue, Floor 5
          New York, NY 10179
          United States of America
          Telephone: +1 (212) 622-5346
          e-mail: david.w.miller@jpmorgan.com;
                  jpmindx_inquiries@jpmorgan.com


TRIANGULAR ASP: Commences Liquidation Proceedings
-------------------------------------------------
On Aug. 16, 2016, the sole shareholder of Triangular ASP 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:

          Alun Davies
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


TRIANGULAR FQ: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 16, 2016, the sole shareholder of Triangular FQ 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:

          Alun Davies
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


TRIANGULAR LYX: Commences Liquidation Proceedings
-------------------------------------------------
On Aug. 16, 2016, the sole shareholder of Triangular Lyx 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:

          Alun Davies
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


TRIANGULAR WNT: Commences Liquidation Proceedings
-------------------------------------------------
On Aug. 16, 2016, the sole shareholder of Triangular WNT 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:

          Alun Davies
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


UNION 33: Commences Liquidation Proceedings
-------------------------------------------
On Aug. 11, 2016, the sole shareholder of Union 33 Leasing 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:

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


WP X INVESTMENTS: Creditors' Proofs of Debt Due Sept. 19
--------------------------------------------------------
The creditors of WP X Investments II Ltd. are required to file
their proofs of debt by Sept. 19, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 16, 2016.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9477
          Facsimile: (345) 949-4647


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C H I L E
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RAME ENERGY: Mulls Sale of Operations Following Administration
--------------------------------------------------------------
Stephen Farrell at Insider Media Limited reports that a potential
sale of Rame Energy and its subsidiaries could be in the offing
following its administration last month.

The business, which specializes in wind and solar power projects
with a particular focus on Chile, blamed the EU referendum result
and "difficult market conditions" for problems raising funds,
Insider Media relates.

Andrew Beckingham -- andrew.beckingham@leonardcurtis.co.uk -- and
Colin Prescott -- colin.prescott@leonardcurtis.co.uk -- of Leonard
Curtis Recovery were appointed as joint administrators of Rame
Energy plc on August 4, 2016, Insider Media recounts.

According to Insider Media, the administrators have now prepared a
formal statement of proposals for the business.

Talks have taken place with existing shareholders and other
shareholders regarding new investment in either recapitalizing the
group or the acquisition of subsidiary businesses Chile and the
UK, Insider Media relays.

They have now entered into an exclusivity period with a potential
purchaser for interests in the subsidiaries based in Chile and are
"continuing to advance discussions" regarding the sale of UK
operations, Insider Media discloses.

There may also be the potential for a company voluntary
arrangement (CVA) to be put to creditors of the company for
consideration alongside a possible sale of assets, Insider Media
notes.

If this is not possible, the administrators have said there could
be a dividend paid to unsecured creditors, owed GBP4.4 million,
through realizations from asset sales, Insider Media states.

Rame Energy is a Plymouth-based renewable energy company.


===============
H O N D U R A S
===============


* HONDURAS: IDB to Invest $50MM in Social Protection & Health
-------------------------------------------------------------
More than 400,000 Hondurans from the country's poorest districts
will benefit from a social inclusion network program financed by
the Inter-American Development Bank (IDB).  The project will focus
on the country's western region, which has been the most affected
by poverty, lower education achievements and limited access to
health services.

The program will seek to combat poverty by developing human
capital and strengthening health services supplies. The human
capital development component within the program will include the
implementation of the Extreme Poverty Reduction Pilot, which will
benefit one thousand households participating in the Bono de Vida
Mejor (Better Life Bond) program. This pilot plan has proven
effective in five developing nations, achieving return on
investment rates of up to 433 percent. It involves technical
training, home visits, and basic education on health issues.

The drive to improve health standards in the poorer districts of
Honduras will include strengthening first-rate health centers' and
hospitals' management, service quality and first response
capabilities.

The Bank's $50 million loan will be disbursed over a four-year
period. The program will be financed with both Fund for Special
Operations (FSO) and Ordinary Capital (OC) resources. The FSO
tranche will have a 40-year term with a 40-year grace period, and
the OC component a 30-year term and a 5.5-year grace period. The
executing agencies will be the Development and Social Inclusion
Secretariat ant the Health Secretariat.


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


VALLE DE CHALCO: Moody's Cuts Issuer Ratings to 'B1'
----------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Valle de Chalco Solidaridad to B1/Baa2.mx from
Ba3/Baa1.mx, outlook remains negative. Moody's will withdraw
ratings due to insufficient information to maintain and closely
monitor the ratings, on the next business day.

RATINGS RATIONALE

The ratings downgrade reflects the rapid deterioration in the
liquidity position, a more intensive use of short-term financing
and negative gross operating balances as of December 2015.

Cash and equivalents to current liabilities decreased in 2015 to
0.95 x in 2015 from 3.2x in 2014, cash and equivalents stood at
MXN 121.8 million. At the same time, the municipality has a more
intensive use of short term loans than in the past, since in 2015
they registered an issuance debt of MXN 40 million. The
outstanding short-term debt as of December 2015 was MXN 10.4
million.

Additionally in 2015, the operating balance decreased to -2.5% of
operating revenues from 5.3% in 2014. Personnel and transfers are
the main factors that pressure operating expenditure growth, they
had a compound annual growth rates of 8.8% and 4.3%, respectively.

The negative outlook reflects Moody's expectation that the
operating margins will remain negative, limiting the liquidity
position, and therefore the use of short term debt could continue.

Moody's will withdraw the ratings because it believes that the
information publicly available will not allow to continue
monitoring Valle de Chalco Solidaridad's creditworthiness. Moody's
had access to 2015 financial statements through a public web site
information. "However we don't have more recent information on
debt, liquidity and financial planning." Moody's said. Therefore
Moody's believes it has insufficient or otherwise inadequate
information to support the maintenance of the rating.

The principal methodology used in these ratings were Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine Valle de Chalco Solidaridad, Municipality of's rating is
between 1/1/2011 and 12/31/2015 (source: 2011 to 2014 issuer; 2015
public web site).


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


DORAL FINANCIAL: Court Approves Committee-FDIC Settlement
--------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court
approved Doral Financial (DFC), Doral Properties and the official
committee of unsecured creditors' joint motion to approve a
settlement with the Federal Deposit Insurance Corporation in its
capacity as receiver for Doral Bank Puerto Rico (FDIC-R) and
related parties.

As previously reported, "The Settlement Agreement provides the
Debtors' estates with the following benefits: the settlement of
the FDIC-R's servicing-related claims and allowance of the Doral
Bank POC for significantly reduced amounts, solely to the extent
of: an administrative expense claim of $700,000; and an unsecured
claim of $4,250,000.  DFC's entitlement to 100% of any recoveries
up to $20 million on account of the Tax Assets, and 80% of any
recoveries in excess of $20 million; DFC's entitlement to 80% of
any recoveries on account of the DFC Overpayment; DFC's retention
of 100% of the net proceeds of the sale of the OA Parking Lot
(approximately $1.5 million); the disallowance of the Doral
Recovery II POC; reservation of each of the parties' rights with
respect to the proceeds of directors and officers insurance
policies historically maintained by the DFC Group; mutual
releases; and cessation and dismissal of the pending litigations."

                    About Doral Financial Corp.

Doral Financial Corp. (the "DFC") is a holding company whose
primary operating asset was equity in Doral Bank. DFC maintains
offices in New York City, Coral Gables, Florida and San Juan,
Puerto Rico. The company has three wholly-owned subsidiaries:
Doral Properties, Inc., Doral Insurance Agency, LLC, and Doral
Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver. Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015. The case is assigned to
Judge Shelley C. Chapman. It estimated $50 million to $100 million
in assets and $100 million to $500 million in debt as of the
bankruptcy filing.


PUERTO RICO: Fails to Make $9.9-Mil. Bond Payment on Sept. 1
------------------------------------------------------------
Michelle Kaske, writing for Bloomberg News, reported that Puerto
Rico's Government Development Bank, which served as the island's
financial adviser and lender before being placed in a state of
emergency, failed to pay investors $9.9 million of interest due
Sept. 1. 2016, according to a regulatory filing.

The bank, whose regulator says is insolvent and faced a cash
shortfall of as much as $1.3 billion in June, has been defaulting
on debt payments since May, the report said.  September's missed
payment was disclosed in a filing on Sept. 6 on the Municipal
Securities Rulemaking Board's website, called EMMA, the report
noted.

According to the report, President Barack Obama has selected seven
people from lists provided by congressional leaders from both
parties to serve on a federal control board that will oversee any
restructuring of Puerto Rico's $70 billion of outstanding debt and
monitor the island's budgets.

Puerto Rico defaulted on nearly $1 billion on July 1, including
$780 million on general-obligation bonds, the largest such payment
failure in the $3.7 trillion municipal-bond market, the report
further noted.  The island's economy has shrunk in the past 10
years and residents are leaving at record levels to find work on
the U.S. mainland, the report related.


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


PDVSA: At risk of Defaulting Without US Payment Processor
---------------------------------------------------------
Caribbean News Now reports that US-based Citibank has notified
Petroleos de Venezuela SA that it is going to stop processing
payments on its bonds, which could cause the Venezuelan state-
owned oil company big problems.

"Losing the main party responsible for paying the debt would lead
to a default in PDVSA," noted Stratford, a firm specializing in
investment, according to Caribbean News Now.

Stratford also explained that, although Venezuela has lived with
the spectre of default for years, the government has always shown
a willingness to fulfill its commitments to investors; however, it
has only been possible because imports were minimized to ensure
resources were available, Caribbean News Now notes.

Venezuela may suspend payment of foreign debt, "triggering a
cascade of events that could further destabilize the country",
Stratford continued, Caribbean News Now says.

The company has been struggling to get an international bank to
provide all services necessary to carry out such a responsibility,
the report recounts. Things look even worse now that Citibank has
resigned its responsibility of making payments on the various
bonds issued by PDVSA, the report notes.

In addition, PDVSA must pay an amortization of approximately US$2
billion on its 2017 bond, and having no paying agent makes such
operations difficult, the report relays.

Failure to pay bondholders could eventually lead to a
restructuring of the debt, but PDVSA, which uses credit to cover
operating costs, would likely suffer a loss of production because
lenders could be less willing to extend credit to a bankrupt
company, the report discloses.

If production falls, it could exacerbate the country's
instability, the report relays.  Currency flows for public
finances, which are crucial for paying for imports of food and
other necessities, would be reduced, thus intensifying the extreme
inflation and creating more social discontent, the report notes.

Stratford said that Venezuela has "few options for funding beyond
their existing foreign exchange reserves" and that "the drop in
cash flow is the main problem that undermines the privileges of
the ruling elites in Venezuela, especially by the decline in
imports, which means less corruption and food shortages," the
report adds.

As reported in the Troubled Company Reporter-Latin America on
March 10, 2016, Moody's Investors Service changed the outlook on
Petroleos de Venezuela (PDVSA)'s ratings to negative from stable.
Moody's also affirmed PDVSA's Caa3 issuer rating and lowered the
company's baseline credit assessment (BCA) to caa3 from caa1.
These rating actions follow Moody's decision on March 4, 2016, to
change the outlook on the Government of Venezuela's bond ratings
to negative from stable.


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


LATAM: IDB Selects Startups to Participate in Demand Solutions
--------------------------------------------------------------
Fourteen startups in health, water, sanitation and hygiene were
selected from a pool of over 100 applicants from 16 countries to
participate in Demand Solutions, an event organized by the Inter-
American Development Bank that highlights entrepreneurship and
innovation in Latin America and the Caribbean.

The Demand Solutions event, to take place in Buenos Aires on
November 15-16, will bring together some of the world's most
creative minds to share their solutions on how to tackle
development challenges, specifically in the areas of health, as
well as water, sanitation and hygiene, known by the acronym WASH.

A founder from each of the startups will travel to Argentina to
participate in Demand Solutions and to compete in the associated
Venture Night, where they will pitch their startups to the
audience and a panel of judges. The founders will also take part
in three days of activities with innovators, mentors,
entrepreneurs, investors and the media.

The application and evaluation process was carried out through
YouNoodle, a platform that specializes in competitions for
startups. The startups were selected by a jury of specialists in
the fields of entrepreneurship, health and WASH.

The selected startups and their representatives are:

BIOBOT                Santiago Fux          Argentina
BLOODERS              Cesar Esquivel        Mexico
BLOOMER TECH          Alicia Chong          Chile-Costa Rica
CANGAME               Eraldo Guerra         Brazil
COLAB - SEMDENGUE     Gustavo Maia          Brazil
COMMUNICARE           Kheston Walkins       Trinidad & Tobago
CPLANTAE              Jose Luis Ortiz       Mexico
ECOBOT                Lina Aramburo         Colombia
EL PIRATA VIGILANTE   Camilo Tob¢n          Colombia
HEALEK                Catalina N'Haux       Mexico
MAMOTEST              Guillermo Pepe        Argentina
REDIR                 Mauro Torres          Venezuela
SMART WELLS           Daniel Perciante      Uruguay-Chile
WATER PACIFIC         Abel Quiroz           Colombia


The organizers of the event are the Inter-American Development
Bank (IDB); the Multilateral Investment Fund (MIF), part of the
IDB Group; the City of Buenos Aires' Under secretariat of the
Creative Economy and Foreign Trade of the Ministry of
Modernization, Innovation and Technology; the Federal Secretariat
for Small and Medium Business and Regional Development (SEPYME) of
the Ministry of Industry; and the investment fund and accelerator
NXTP Labs.

Other partners include Microsoft, FEMSA Foundation, the
Entrepreneur Impact Program of Autodesk, and the IDB's Institute
for the Integration of Latin America and the Caribbean (INTAL).

The Eighth Edition of the BID-FEMSA Water Award will take place
during Venture Night (Nov. 16), where prizes for three of the
startups on water, sanitation and hygiene will be awarded.

Demand Solutions will also dedicate one day to highlighting the
talent of women "STEMpreneurs" who are innovating in Science,
Technology, Engineering and Mathematics, during the annual forum
of WeXchange, a leading Latin American forum focused on connecting
and empowering female entrepreneurs with high-growth businesses.
The open call to participate closes on September 16.


                            ***********


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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