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        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

            Tuesday, August 25, 2015, Vol. 16, No. 167


                            Headlines



B A H A M A S

BAHA MAR: Rosewood Hotels Wants to Terminate License
BAHA MAR: Objects to Bids to Dismiss Ch. 11 Cases
BAHA MAR: Files Status Report on DIP Transaction
BAHA MAR: Bradley Roberts Optimistic on Resort Opening by Year-End


B E R M U D A

LEMON TREE: Cafe in Liquidation


B R A Z I L

PDG REALTY: Moody's Lowers CFR to Caa3; Outlook Negative


C A Y M A N  I S L A N D S

AMERICAN MEDICAL: Placed Under Voluntary Wind-Up
BLUEBAY EMERGING: Creditors' Proofs of Debt Due Sept. 3
BLUEBAY EMERGING FUND: Creditors' Proofs of Debt Due Sept. 3
BLUEBAY (MASTER): Creditors' Proofs of Debt Due Sept. 3
CASCABEL FUND: Placed Under Voluntary Wind-Up

CASCABEL MASTER: Placed Under Voluntary Wind-Up
CASCABEL OFFSHORE: Placed Under Voluntary Wind-Up
LUXURY CORPORATE II: Creditors' Proofs of Debt Due Sept. 16
PAC LTD: Court Enters Wind-Up Order
SSS HOLDINGS: Commences Liquidation Proceedings


G U A T E M A L A

GUATEMALA: President Rejects Calls to Quit Over Corruption


M E X I C O

MEXICO: Economy Grew 2.2% in 2Q; Cuts 2015 Growth Outlook
MEXICO STATE: Moody's Affirms Ba2 Rating on MXN1.5BB FEFOM Program


P U E R T O    R I C O

ALONSO & CARUS: BPPR Says GlassRatner Too Pricey as Panel Advisor
ANNA'S LINENS: Court Approves Hilco/Gordon Agent Deal
BTB CORPORATION: Hires Albert Tamarez Vasquez as Accountant


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: US$ Shortage Has Been Dealt With . . . For Now
TRINIDAD & TOBAGO: Gas Supply Shortfall Hits 5th Year


S T.  K I T T S  &  N E V I S

* ST. KITTS & NEVIS: To Start Fund to Assist Small Businesses


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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B A H A M A S
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BAHA MAR: Rosewood Hotels Wants to Terminate License
--------------------------------------------------------
Khrisna Virgil at Tribune 242 reports that Rosewood Hotels and
Resorts International filed a motion to terminate its license with
Baha Mar resort on the West Bay Street.  The report says that a
hearing on the motion is set for Sept. 18, 2015.

Rosewood Hotels insisted in court filings that the Resort's
Chapter 11 filing is a default under the license agreement and
other Rosewood Hotel agreements.

According to court documents, Rosewood Hotels claimed that the
Resort did not have the money to uphold obligations under its
agreement, and that the Resort was not upfront in revealing the
true ownership of the land on which it is built.  "As a material
inducement for Rosewood to enter into the Rosewood Hotel
Agreements, Baha Mar represented and warranted to Rosewood that
Baha Mar owns the Land.  However, Baha Mar has told Rosewood that
it does not in fact own the Land, and, a preliminary search
performed on Aug. 14, 2015, of The Bahamas Registry of Records
reflected that Baha Mar did not own any real property when it
entered into the Rosewood Hotel Agreements and still does not.
Therefore, Baha Mar has incurably defaulted under the Licence
Agreement and the Hotel Management Agreement," Rosewood Hotel said
in the court documents.

Rosewood Hotels further claims in court documents that the Resort:
(a) has extremely limited access funding to perform its obligation
under the Rosewood Hotel agreement and in fact it is not timely
performing its obligation to Rosewood under the Rosewood Hotel
agreements; (b) almost immediately defaulted on its DIP loan
agreement as a result of the failure by the Resort to have
obtained the approval by the Central Bank of The Bahamas, among
other things; (c) has incurred numerous defaults under the various
Rosewood Hotel agreements, many of which are incurable; (d) is in
violation of its representation and warranty to Rosewood Hotel
that it owns the real property on which the hotel and associated
residences are situated and construction of the hotel has ceased
for more than 30 consecutive days; and (e) failed to pay both the
rank and file employees and the senior executives at the hotel,
who are needed to run the hotel and has failed to reimburse
Rosewood for pre-petition and post-petition fees and expenses due
under the Rosewood Hotel agreements.

Rosewood Hotels' motion was in direct response to government's
decision to oppose the Resort's Chapter 11 bankruptcy action which
was filed on June 29, 2015, in the U.S., Tribune 242 states,
citing Robert Sands, the Resort's senior vice president of
government and external affairs.

Danny King at Travel Weekly relates that Rosewood Hotel was not
listed among Baha Mar Enterprises Ltd.'s 20 largest creditors in
its June bankruptcy filing.

            Bahamas Gov't Wants Liquidators Appointed

Lamech Johnson at Tribune 242 reports that a hearing for Justice
Ian Winder of the Supreme Court of the Commonwealth of the Bahamas
to consider the government's winding up petition for the
appointment of provisional liquidators to speed up completion of
the stalled Baha Mar development will be held on Sept. 4, 2015.
Tribune 242 says that provisional liquidators could be appointed
from Ernst and Young, though an issue of a potential conflict had
raised in an affidavit filed by the petitioners and addressed by
Baha Mar's legal team on Aug. 20, 2015.

Tribune 242 relates that Baha Mar's Queen's Counsel James Corbett
and fellow QC, Maurice Glinton, argued during the Aug. 21, 2015
proceedings that Justice Winder was duty bound to void the
proceedings having been notified that the government's filed
petition was allegedly in breach of Order 24 (1) of the Companies
Liquidation Rules (CLR).

According to the report, the government's attorney, Peter Knox,
QC, told the judge that seven new petitions had been filed against
Baha Mar in addition to the original one.  The report adds that
the government is seeking to wind up Baha Mar Ltd, Baha Mar Land
Holdings Ltd, Baha Mar Properties Ltd, BMP3 (Wyndham Hotel) Ltd,
BMP Golf Ltd, Cable Beach Resorts Ltd and Baha Mar Enterprises Ltd
on the basis that it is owed upwards to $59 million by the
companies.

Tribune 242 states that Mr. Corbett expressed skepticism that the
government's bid for the appointment of the liquidators was merely
to have them make arrangements between the parties to speed up the
resort's completion.

Mr. Knox, Tribune 242 reports, maintained that the respondent
companies "are undoubtedly insolvent and have been for two months
. . . .  Every day that passes, creditors interests are at risk."

The public interest was also at risk with international credit
rating agencies suggesting a downgrade in the country's credit
rating if Baha Mar's dilemma is not immediately resolved, Tribune
242 states, citing Mr. Knox.  Dionisio D'Aguilar, the Superwash
president and a director at the stalled $3.5 billion Cable Beach
resort development, said that the ongoing Baha Mar dispute was
"not making people excited about investing in our economy,"
Natario McKenzie at Tribune 242 relates.

                           About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counselare Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


BAHA MAR: Objects to Bids to Dismiss Ch. 11 Cases
-------------------------------------------------
Northshore Mainland Services Inc. and its debtor affiliates filed
objections to CCA Bahamas, Ltd., and the Export-Import Bank of
China's motions to dismiss the Chapter 11 cases.

The Debtors assert that CCA and the CEXIM seek the dismissal of
the Chapter 11 cases to further their own pecuniary interests.
The Debtors tell the Court that, in the case of CCA, the CCA
Dismissal Motion is nothing more than an attempt to escape the
possible rejection of the Master Construction Contract, the
Bankruptcy Rule 2004 investigation into their conduct, and
possible affirmative claims against them.  In the case of CEXIM
Bank, the CEXIM Dismissal Motion is an endeavor to do away with
the continued imposition of the stay that precludes it from owning
the Project free and clear by foreclosing on its security
interests and eliminating all other claims and interests, the
Debtors further assert.

The Official Committee of Unsecured Creditors joins in the
Debtors' objection and explains that the best interests of
creditors and the debtors are served by maintaining the Chapter 11
cases.  Styleworks, LLC, also supports the Debtor's objection
incorporates all of the arguments set forth in the objections.

In response, CEXIM argued that its motion to dismiss outlines the
numerous reasons the Bahamian Debtors are unable to successfully
reorganize under chapter 11, including, among others, their
inability to adequately fund the chapter 11 cases, their inability
to compel foreign contract counterparties to continue to perform
postpetition, the inability to sell assets located in The Bahamas
pursuant to section 363 of the Bankruptcy Code, and their
inability to enforce a confirmation order and any discharge under
the Bankruptcy Code.

Stafford-Smith, Inc., joins in CCA's Motion to Dismiss, claiming
that the fact that the Bahamas Supreme Court has ruled that it
will not recognize the jurisdiction of this Court as to property
and assets in the Bahamas, makes it virtually impossible for this
Debtor to reorganize in a Chapter 11, as this Court may not be
able to aid in the administration of the Debtor's principal
assets, including the Project, which are all located in the
Bahamas.

The Debtors are represented by:

          Laura Davis Jones, Esq.
          James E. O'Neill, Esq.
          Colin R. Robinson , Esq.
          Peter J. Keane, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          919 North Market Street, 17th Floor
          Wilmington, DE 19801
          Tel: (302) 652-4100
          Fax: (302) 652-4400
          Email: ljones@pszjlaw.com
                 joneill@pszjlaw.com
                 crobinson@pszjlaw.com
                 pkeane@pszjlaw.com

             -- and --

          Paul S. Aronzon, P.C., Esq.
          Mark Shinderman, P.C., Esq.
          MILBANK, TWEED, HADLEY & McCLOY LLP
          601 S. Figueroa Street, 30th Floor
          Los Angeles, CA 90017
          Tel: (213) 892-4000
          Fax: (213) 629-5063
          Email: paronzon@milbank.com
                 mshinderman@milbank.com

             -- and --

          Tyson M. Lomazow, P.C., Esq.
          Thomas J. Matz, P.C., Esq.
          Steven Z. Szanzer, P.C., Esq.
          MILBANK, TWEED, HADLEY & McCLOY LLP
          28 Liberty Street
          New York, NY 10005
          Tel: (212) 530-5000
          Fax: (212) 530-5219
          Email: tlomazow@milbank.com
                 tmatz@milbank.com
                 sszanzer@milbank.com

The Official Committee of Unsecured Creditors is represented by:

          Christopher M. Samis, Esq.
          L. Katherine Good, Esq.
          WHITEFORD, TAYLOR & PRESTON LLC
          The Renaissance Centre, Suite 500
          405 North King Street
          Wilmington, Delaware 19801
          Tel: (302) 353-4144
          Email: csamis@wtplaw.com
                  kgood@wtplaw.com

             -- and --

          Lawrence C. Gottlieb, Esq.
          Jeffrey L. Cohen, Esq.
          Richelle Kalnit, Esq.
          Jeremy Rothstein, Esq.
          COOLEY LLP
          1114 Avenue of the Americas
          New York, New York 10036
          Tel: (212) 479-6000
          Email: lgottlieb@cooley.com
                 jcohen@cooley.com
                 rkalnit@cooley.com
                 jrothstein@cooley.com

Styleworks, LLC is represented by:

          William D. Sullivan, Esq.
          William A. Hazeltine, Esq.
          Elihu E. Allinson III, Esq.
          SULLIVAN HAZELTINE ALLINSON LLC
          901 North Market Street, Suite 1300
          Wilmington, DE 19801
          Tel: (302) 428-8191
          Fax: (302) 428-8195
          E-mail: whazeltine@sha-llc.com

             -- and --

          Elizabeth Berke-Dreyfuss, Esq.
          WENDEL, ROSEN, BLACK & DEAN LLP
          1111 Broadway, 24th Floor
          Oakland, CA 94607
          Phone: (510) 834-6600
          Fax: (510) 834-1928
          Email: edreyfuss@wendel.com

The Export-Import Bank of China is represented by:

          Robert J. Dehney, Esq.
          Curtis S. Miller, Esq.
          Erin R. Fay, Esq.
          MORRIS, NICHOLS, ARSHT & TUNNELL LLP
          1201 North Market Street
          P.O. Box 1347
          Wilmington, DE 19899-1347
          Tel: (302) 658-9200
          Fax: (302) 658-3989

             -- and --

          Gary T. Holtzer, Esq.
          Alfredo R. Perez, Esq.
          Robert J. Lemons, Esq.
          WEIL, GOTSHAL & MANGES LLP
          767 Fifth Avenue
          New York, New York 10153
          Tel: (212) 310-8000
          Fax: (212) 310-8007

Stafford-Smith, Inc. is represented by:

          Katharine L. Mayer, Esq.
          McCARTER & ENGLISH LLP
          Renaissance Centre
          405 North King Street, 8th Floor
          Wilmington, DE 19801
          Tel: (302) 984-6300
          Email: kmayer@mccarter.com

          -- and --

          Thomas G. King, Esq.
          KREIS,ENDERLE, HUDGINS & BOROS, PC
          PO Box 4010
          Kalamazoo, MI 49003-4010
          Tel: (269) 324-3000
          Email: tking@kreisenderle.com

                       About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counselare Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


BAHA MAR: Files Status Report on DIP Transaction
------------------------------------------------
Northshore Mainland Services Inc. and its debtor affiliates
notified the United States Bankruptcy Court for the District of
Delaware that they have not yet obtained approval from the Central
Bank of The Bahamas and the Bahamas Investment Authority regarding
their request to borrow up to $30 million of postpetition
financing.

The Debtors add that they were also unable to obtain entry of a
court order in the Bahamas extending the automatic stay to secured
and unsecured creditors in the Bahamas within seven days of the
Petition Date, which effectively functioned as an additional
condition precedent to funding under the DIP Facility.

Given the absence of the Bahamas Approvals and to nevertheless
fund DIP advances to the Debtors, the DIP Lender provided funding
waivers to the Debtors and agreed to certain limited modifications
to the structure of the DIP Facility to avoid the requirement of
The Bahamas Approvals.  The DIP Lender has advanced $14.936
million in DIP Loans to the Debtors pursuant to certain promissory
notes to meet certain of the Debtors' approved and budgeted
expenses.  Due to the absence of The Bahamas Approvals, under the
modified structure, the advances made to Northshore are currently
the obligations of Northshore alone and are secured only by the
assets of Northshore located outside of The Bahamas.  The
modifications to the structure of the DIP Facility nevertheless
will allow for proceeds of the DIP Facility to be advanced by
Northshore to certain other Debtors, which obligations will be
memorialized by an intercompany promissory note, the Debtors
assert.

In addition, in the event that The Bahamas Approvals are obtained,
each Debtor will be obligated to guarantee the advances under the
DIP Facility and provide a security interest in substantially all
of its assets to the DIP Lender to support the obligations.

The Debtors are represented by:

          Laura Davis Jones, Esq.
          James E. O'Neill, Esq.
          Colin R. Robinson , Esq.
          Peter J. Keane, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          919 North Market Street, 17th Floor
          Wilmington, DE 19801
          Tel: (302) 652-4100
          Fax: (302) 652-4400
          Email: ljones@pszjlaw.com
                 joneill@pszjlaw.com
                 crobinson@pszjlaw.com
                 pkeane@pszjlaw.com

             -- and --

          Paul S. Aronzon, P.C., Esq.
          Mark Shinderman, P.C., Esq.
          MILBANK, TWEED, HADLEY & McCLOY LLP
          601 S. Figueroa Street, 30th Floor
          Los Angeles, CA 90017
          Tel: (213) 892-4000
          Fax: (213) 629-5063
          Email: paronzon@milbank.com
                 mshinderman@milbank.com

             -- and --

          Tyson M. Lomazow, P.C., Esq.
          Thomas J. Matz, P.C., Esq.
          Steven Z. Szanzer, P.C., Esq.
          MILBANK, TWEED, HADLEY & McCLOY LLP
          28 Liberty Street
          New York, NY 10005
          Tel: (212) 530-5000
          Fax: (212) 530-5219
          Email: tlomazow@milbank.com
                 tmatz@milbank.com
                 sszanzer@milbank.com

                       About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counselare Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


BAHA MAR: Bradley Roberts Optimistic on Resort Opening by Year-End
------------------------------------------------------------------
The 3.5 billion Baha Mar resort -- which officials say is 97%
complete -- will still open before year-end despite the
possibility of provisional liquidators being appointed at the
property, Ava Turnquest at Tribune 242 reports, citing Progressive
Liberal Party Chairman Bradley Roberts.

Tribune 242 relates that Attorney General Allyson Maynard-Gibson
filed the winding up petition against the Resort to have
provisional liquidators appointed, after negotiations for a way
forward between stakeholders in China failed.

According to Tribune 242, Bahamas Chamber of Commerce and
Employers Confederation chief executive Edison Sumner has warned
that the project will not open in time to catch the peak winter
2015 tourism season if it is placed under the control of
provisional liquidators.  Three to four months was simply not
enough time for the provisional liquidators -- if appointed -- to
"go through the rubble" and organize the property's construction
completion, the report states, citing Mr. Sumner.

Mr. Roberts said that Baha Mar CEO Sarkis Izmirlian had just hours
left to accept the financing deal brokered in talks between the
Export Import Bank of China and China Construction America, or
face the consequences, Tribune 242 states.  "Failing that, then
the liquidators will come in," the report quoted him as saying.

Khrisna Virgil at Tribune 242 adds that Prime Minister Perry
Christie asked Minister of State for Legal Affairs Damian Gomez to
step down as the government's lead attorney in the Resort's legal
battle insisting that it was important for people to see the
ongoing process in the court as independent of the government's
interference.  Mr. Christie said in an interview broadcasted on
ZNS, "What we were hoping all along is that the developer who put
so much effort into the product itself having, 97% completed it,
would not just allow it to go.  But he would instead find some way
of accommodating himself to the requirements of the China Export
Import Bank and the construction company."

                       About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counselare Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


=============
B E R M U D A
=============


LEMON TREE: Cafe in Liquidation
-------------------------------
The Royal Gazette reports that the popular city center Lemon Tree
Cafe on Queen Street has gone into liquidation.

The cafe, originally managed by former Fairmont Southampton chief
concierge Brendan Huttick, has been shuttered for some time,
according to The Royal Gazette.

The report notes that Mr. Huttick left the owners' company,
Gourmand Ltd, on October last year.

A notice in the window now confirms that Gourmand Ltd, trading as
the Lemon Tree Cafe, is in liquidation and the receiver is the
Registrar of Companies' Stephen Lowe, the report relays.

The report discloses that Mr. Huttick took over the cafe seven
years ago from founding owners Lee Uddin and Jean-Claude Garzia,
who in 2002 turned what was once a Scottish wool shop into a cafe
and created the patio area at the rear of the building. The cafe
and patio became a popular Friday night happy-hour spot.

But the pair decided to sell the business after they took over the
lease for the Beau Rivage restaurant at the Newstead-Belmont Hills
resort, the report relays.

Under Mr. Huttick, the Lemon Tree garnered several Best of Bermuda
awards, including best deli takeout for 2010 and 2011 and happiest
happy hour in 2008 and 2010, the report notes.


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


PDG REALTY: Moody's Lowers CFR to Caa3; Outlook Negative
--------------------------------------------------------
Moody's America Latina has downgraded the Corporate Family Ratings
(CFR) assigned to PDG Realty S.A. Empreendimentos e Parts (PDG) to
Caa3 on the global scale and to Caa3.br on the Brazilian national
scale from B3 and B1.br, respectively.  At the same time, Moody's
has downgraded the company's BRL250 million senior secured bank
credit notes to Caa3/Caa3.br from B3/B1.br, while the company's
BRL140 million senior unsecured debentures (7th issuance) were
downgraded to Ca/Ca.br from Caa1/Caa1.br. The outlook for all
ratings remains negative.

The downgrade was prompted by Moody's perception of increased
credit risk following PDG's announcement that it has started a
debt restructuring process, which will include the renegotiation
of several of its contractual arrangements.  These events portend
material changes in the company's debt structure that could result
in high expected losses for the existing secured and unsecured
creditors.  Moody's believes, however, that PDG remains fully
committed to finding a solution to its unsustainable capital
structure and is vigorously pursuing options to improve liquidity.

Issuer: PDG Realty S.A. Empreendimentos e Participacoes (PDG)
Ratings downgraded:

   -- Corporate Family Ratings: to Caa3 from B3 (global scale) and
      to Caa3.br from B1.br (national scale)
   -- BRL250 million senior secured bank credit notes (CCBs) due
      in 2016: to Caa3/Caa3.br from B3/B1.br
   -- BRL140 million senior unsecured debentures due in 2018 (7th
      issuance): to Ca/Ca.br from Caa1/Caa1.br

RATINGS RATIONALE

This Caa3 CFR reflects PDG's weak operating performance, untenable
capital structure and poor liquidity with significant near-term
debt maturities.  The rating consider the high likelihood of a
distressed restructuring that would result in significant losses
for the creditors, especially the unsecured debtholders.  On
August 17, PDG's announced that it has hired a financial advisor
to start a debt restructuring process with the purpose of
simplifying its debt structure and achieve a better match of the
company's indebtedness profile to its working capital requirements
and evolving capital structure.  Earlier, on July 16, 2015, PDG
also announced changes in its management structure, with the
replacement of its CEO and CFO positions.

In June, 2015, PDG concluded a capital increase, with the
subscription by more than 80% of its existing shareholder base,
reaching the maximum established limit of BRL500 million.  This
cash injection was part of the shareholder's plan to strengthen
the company's capital structure, building up its cash position to
about BRL1.2 billion to face large upcoming corporate debt
maturities of BRL1.4 billion during the second half of this year.
So far, the company issued a new 12-month promissory note of
BRL475 million in August to redeem some preferable shares of a
subsidiary and amortize other corporate debt.

Despite its large BRL4.3 billion in receivables for completed
units and unrestricted cash balance, PDG's liquidity is weak due
to the large amount of corporate debt and escalating debt cost.
The company is facing additional liquidity pressures from a
prolonged deterioration in the industry dynamics, including weak
sales speed, tight financing availability and declining real
estate prices.

The Caa3/Caa3.br ratings reflect an expected recovery rate of less
than 80% for PDG's senior secured creditors in an event of
default.  The Ca/Ca.br ratings assigned to PDG's senior unsecured
debentures are one notch lower than its senior secured and
corporate family ratings given the high proportion of secured debt
in the consolidated capital structure (nearly 83% in June 2015)
and the limited coverage provided by the company's residual and
unencumbered assets.

The negative outlook reflects the PDG's high liquidity risk and
the challenges ahead for its management to execute a debt
restructure plan while sustaining a minimum cash balance to
support their operations in the current business environment.

A ratings upgrade is unlikely near term, but positive pressure
could arise if the company effectively executes a debt
renegotiation strategy that materially reduces its debt burden and
improves its liquidity position.  Positive rating pressure depends
on improvement of its leverage metrics, such as total debt to
capitalization consistently below 60% (58% as of June 30, 2015)
and EBIT interest coverage above 1.0x (0.7x LTM 2Q15).

Further downward pressure on the ratings would arise from
deterioration in the company's liquidity position leading to a
default in interest or debt amortization, payment deferral or a
larger than expected loss for creditors in a debt restructuring.

PDG Realty S.A. Empreendimentos e Participacoes (PDG) is one of
largest homebuilders in Brazil operating through its wholly owned
subsidiaries, Goldfarb, CHL, Agre and minority investments in
other companies.  The company currently has projects in 14 states
and virtually all price segments.  During the last twelve month
ended June 30, 2015, PDG generated net revenues of BRL3.3 billion
(USD1.2 billion) and net losses of BRL294 million (USD110
million).


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


AMERICAN MEDICAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On July 24, 2015, the shareholders of American Medical Group
Insurance Company, 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:

          Strategic Risk Solutions (Cayman) Limited
          North Building, Caribbean Plaza, 2nd Floor
          878 West Bay Road
          P.O. Box 1159 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 623 6611
          Facsimile: +1 (345) 946 6612


BLUEBAY EMERGING: Creditors' Proofs of Debt Due Sept. 3
-------------------------------------------------------
The creditors of The Bluebay Emerging Market Fixed Income
Opportunity General Partner Limited are required to file their
proofs of debt by Sept. 3, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 24, 2015.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands


BLUEBAY EMERGING FUND: Creditors' Proofs of Debt Due Sept. 3
------------------------------------------------------------
The creditors of The Bluebay Emerging Market Fixed Income
Opportunity Fund Limited are required to file their proofs of debt
by Sept. 3, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 24, 2015.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands


BLUEBAY (MASTER): Creditors' Proofs of Debt Due Sept. 3
-------------------------------------------------------
The creditors of The Bluebay Emerging Market Fixed Income
Opportunity (Master) Fund Limited are required to file their
proofs of debt by Sept. 3, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 16, 2015.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands


CASCABEL FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 24, 2015, the sole shareholder of Cascabel Fund Cayman
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:

          Cascabel Management LP
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CASCABEL MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
On July 24, 2015, the shareholders of Cascabel Master Fund Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Cascabel Management LP
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CASCABEL OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 24, 2015, the shareholders of Cascabel Offshore 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:

          Cascabel Management LP
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


LUXURY CORPORATE II: Creditors' Proofs of Debt Due Sept. 16
-----------------------------------------------------------
The creditors of Luxury Corporate Holdings II Ltd. are required to
file their proofs of debt by Sept. 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 23, 2015.

The company's liquidator is:

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


PAC LTD: Court Enters Wind-Up Order
-----------------------------------
On July 8, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Pac Ltd.

The company's liquidator is:

          David Griffin
          c/o Kenneth Fung
          Telephone: ++852 3768 4617
          FTI Consulting (Cayman) Limited
          2D Landmark Square
          64 Earth Close, SMB
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


SSS HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On July 17, 2015, the shareholders of SSS Holdings resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Aug. 24, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


=================
G U A T E M A L A
=================


GUATEMALA: President Rejects Calls to Quit Over Corruption
----------------------------------------------------------
Michael D. McDonald of Bloomberg News reports that Guatemalan
President Otto Perez Molina rejected accusations that he was
involved in a corruption scandal and rebuffed critics who said he
should resign five months before his term expires.

In a nationally-televised address, Perez Molina said his
conscience "is clear" and that he would remain in office to help
protect the Central American country's institutions, according to
Bloomberg News.   While the 64-year-old president said he would
confront any accusations against him, he also apologized for the
series of corruption scandals that have battered his
administration, Bloomberg News notes.

"I will not resign," Perez Molina said from his office, standing
in front of the country's blue and white flag, Bloomberg News
relays.  "With the same strength and character with which I reject
my involvement, I can't fail to recognize that this has taken
place in my government, and by officials I appointed," Bloomberg
News added.

Bloomberg News notes that Perez Molina has faced mounting pressure
to step down as his vice president and a series of cabinet members
and aides were linked to different corruption cases.  On Aug. 21,
the attorney general said the president himself was involved in a
customs tax scheme that prompted police to arrest former Vice
President Roxana Baldetti, Bloomberg News relays.  The economy and
health ministers resigned over the weekend following the report,
saying they wanted to distance themselves from the government,
Bloomberg News adds.

                          Daily Protests

The corruption allegations have cast a shadow over a $59 billion
economy that serves as a key gateway between Latin America and the
U.S. -- for goods, immigrants and illegal drugs, Bloomberg News
relays.  Bordered by Mexico, Belize, Honduras and El Salvador,
Guatemala's principal exports include coffee, sugar and gold,
Bloomberg News discloses.

Perez Molina's decision to remain in office is unlikely to
alleviate pressure on him to step aside.  Protesters over the
weekend called for daily rallies in front of the presidential
palace starting Aug. 18, Bloomberg News discloses.  As many as
60,000 people joined protests against the government in May.

Prosecutors have asked the courts to investigate Perez Molina in a
bid to strip him of immunity. They've alleged that he and the vice
president accepted bribes in exchange for allowing companies to
skirt import taxes, Bloomberg News notes.

"The best thing for the country is for the president to present
his resignation," former Economy Minister Luis Velasquez, a member
of the opposition, said in a phone interview before the
president's speech, Bloomberg News relays.  "The system has
collapsed and it's time to make profound changes," Mr. Velasquez
added.

The president, a former general who helped broker a peace
agreement ending Guatemala's civil war in 1996, said following his
election victory five years ago that the people had given him a
mandate to fight corruption, Bloomberg News notes.

In his speech, he singled out the country's private sector for
blame in the crisis, without providing details.

"So far we've seen those who received money" in the various
corruption scandals, "but not those who paid" bribes, Perez Molina
said, Bloomberg News relays.  "Without a doubt, it has its roots
in the business sector and I hope that soon its magnitude will be
apparent," he added.


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


MEXICO: Economy Grew 2.2% in 2Q; Cuts 2015 Growth Outlook
---------------------------------------------------------
EFE News reports that Mexico's gross domestic product (GDP) grew
2.2 percent in the second quarter, compared to the same period in
2014, the National Institute of Statistics and Geography, or
INEGI, said.

The economy, however, weakened in the second quarter, compared to
the first quarter, when it grew at a 2.6 percent annualized rate,
the INEGI said in a statement obtained by EFE News.

The government, meanwhile, said it was revising its economic
growth forecast for this year downward from a range of 2.2 - 3.2
percent to 2.0 - 2.8 percent due to the drop in oil production and
prices amid a "complex and volatile" global economic landscape,
the report notes.

Mexico is making "an orderly adjustment" in response to reduced
global growth expectations and lower oil production, which shaved
0.40 percent off the second-quarter GDP as the price of the
Mexican crude oil export blend fell below $40 per barrel, Deputy
Finance Secretary Fernando Aportela said in a press conference,
the report relates.

The International Monetary Fund has cut its 2015 global economic
growth forecast from 3.5 percent to 3.3 percent, and revised its
outlook for Latin America downward from 0.90 percent to 0.50
percent, the report discloses.

"There are still downside risks for these economies associated
with deeper than expected recessions in Russia and Brazil, as well
as greater weakness in China's growth," Mr. Aportela said, the
report notes.

Mexico is still doing better than other Latin American countries
that are growing more slowly, such as Chile and Argentina, while
Brazil is contracting, Mr. Aportela said, the report discloses.

Mexico's economy, the second-largest in Latin America, grew 2.1
percent in 2014, rebounding from the 1.4 percent growth registered
the previous year but well below the government's initial target
of 3.9 percent, the report adds.


MEXICO STATE: Moody's Affirms Ba2 Rating on MXN1.5BB FEFOM Program
------------------------------------------------------------------
Moody's de Mexico changed the outlook on the State of Mexico's
A2.mx (Mexico National Scale) and Ba2 (Global Scale, local
currency) issuer ratings to positive from stable.

At the same time, Moody's affirmed the Ba2/A2.mx issuer ratings of
the State of Mexico and debt ratings of these enhanced loans:

  MXN 5.546 billion (original face value) from BBVA Bancomer at
   A3/Aaa.mx
  MXN 5.215 billion (original face value) from Banamex at
   A3/Aaa.mx
  MXN 1.37 billion (original face value) from Santander at
   A3/Aaa.mx
  MXN 454 million (original face value) from BBVA Bancomer at
   A3/Aaa.mx
  MXN 3 billion (original face value) from Banorte at A3/Aaa.mx
  MXN 1.905 billion (original face value) from Banorte at
   A3/Aaa.mx
  MXN 1.5 billion (original face value) from HSBC at A3/Aaa.mx
  MXN 590 million (original face value) from Interacciones at
   A3/Aaa.mx
  MXN 500 million (original face value) from Inbursa at A3/Aaa.mx
  MXN 4.762 billion (original face value) from Banorte at
   A3/Aaa.mx
  MXN 3.017 billion (original face value) from Banobras at
   A3/Aaa.mx
  MXN 500 million (original face value) from Foremex at
   Baa1/Aa1.mx
  MXN 1.1 billion (original face value) from ISSEMyM at
   Baa1/Aa1.mx
  MXN 500 million (original face value) from Banorte at
   Baa1/Aa1.mx
  MXN 600 million (original face value) from Banco del Bajio at
   Baa1/Aa1.mx
  MXN 610 million (original face value) from Banorte at
   Baa1/Aa1.mx
  MXN 250 million (original face value) from Banorte at
   Baa1/Aa1.mx
  MXN 3.704 billion (original face value) from BBVA Bancomer at
   Baa1/Aa1.mx
  MXN 1.778 billion (original face value) Municipal Lending
   Program from Banobras at Baa2/Aa1.mx
  MXN 1.5 billion (original face value) FEFOM Program at (P)
   Ba2/A2.mx

RATINGS RATIONALE

The affirmation of the Ba2/A2.mx State of Mexico's issuer ratings
reflect moderate debt levels, low cash financing requirements,
positive liquidity and high unfunded pension liabilities.  The net
direct and direct debt was equivalent to 19.9% of total revenues
in 2014 and cash financing requirements averaged -1.7% between
2010 and 2014.

The change in the outlook reflects the recording of roughly
balanced financial results in 2013 and 2014, the maintenance of
moderate debt levels and of a strong liquidity position.
Liquidity measured by net working capital was equivalent to 6% of
total revenues in 2014, a level higher that the Ba1 median.
Furthermore, in 2014 the state made progress on own-source
revenues collection and in unfunded pension liabilities.  Own-
source revenues raised by 50%, since the state increased the base
and the rate of the salary tax and the pension reform decreased
unfunded pension liabilities to 330% of total revenues in 2014
from 560% in 2012.

The affirmation of the enhanced loans debt ratings reflect the
affirmation of the Ba2/A2.mx issuer ratings affirmation.

WHAT COULD CHANGE THE RATINGS UP/DOWN

While unfunded pension liabilities are still high, an upgrade on
the state's issuer ratings could materialize if the state
continues to adjust expenditure to revenue growth and as a result,
consolidated financial results remain roughly balanced and debt
levels do not substantially increase.  Given the positive outlook
a downgrade of the issuer rating is unlikely, however, a change in
fiscal discipline which in turn increases debt levels, could
change the outlook back to stable.

Given the links between the loans and the credit quality of the
obligor, an upgrade of the State of Mexico's issuer rating would
likely result in an upgrade of its enhanced loan ratings.  The
ratings could also face upward pressure if observed and projected
debt service coverage ratios increase above current thresholds.
Conversely, a downgrade of the state of Mexico's issuer ratings or
if debt service coverage levels fall materially below our
expectations would likely result in a downgrade of the ratings on
the loans.

The methodologies used in these ratings were Regional and Local
Governments published in January 2013, and Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in June
2014.

The period of time covered in the financial information used to
determine State of Mexico rating is between 1/1/2010 and
31/12/2014.


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


ALONSO & CARUS: BPPR Says GlassRatner Too Pricey as Panel Advisor
-----------------------------------------------------------------
Secured creditor Banco Popular de Puerto Rico ("BPPR") and debtor
Alonso & Carus Iron Works Inc. object to the request filed by the
Official Committee of Unsecured Creditors to retain GlassRatner
Advisory & Capital Group LLC as its financial advisors effective
as of July 15, 2015.

BPPR said the Committee's proposed hourly rates to be paid to the
firm are substantially in excess of the prevailing local hourly
rates -- even to the highest local rates for sophisticated
bankruptcy financial advisors -- and will create an unnecessary
and additional expense to the Debtor's estate and, possibly, to
BPPR, that can and should be avoided by simply retaining adequate
local financial advisors at lower rates (or, having GlassRatner
bill at prevailing local market rates).  Further, the Committee
has not (and likely cannot) shown that the expertise required for
this case is simply unavailable locally, noted BPPR.

The secured creditor also pointed out that the Debtor has hired a
local financial advisor for this case, after assessing the
complexities and necessities therein.  Further, this case is not
more complex nor sophisticated than other (and larger) local
bankruptcy cases during the past few years, in which local
financial advisors have acted for the lender, debtor and
committee.  The Debtor did not look to more expensive stateside
counsel, and there is no reason for the Committee to forego all
local professionals, and retain financial advisors whose hourly
rates will likely exceed by almost twice the prevailing market
rates.  The additional, and unwarranted, expense will prejudice
the estate and substantially diminish the eventual recoveries to
creditors in this case.  Accordingly, BPPR said, the Application
should not be approved, as it is contrary to the applicable law in
this Circuit, unless GlassRatner's rates are adjusted to the
prevailing market rates in Puerto Rico.

The individual GlassRatner professionals proposed by the Committee
to provide financial services are James Fox and Marc Levee, who
work at the firm's New York offices:

     James W Fox
     Principal
     GlassRatner Advisory & Capital Group LLC
     60 E 42nd St Ste 1062
     New York, NY 10165-1099
     Tel: (212) 223-2430 Extn. 11
     Fax: (212) 223-4654
     E-mail: jfox@glassratner.com

          - and -

     Marc T Levee
     Vice President
     GlassRatner Advisory & Capital Group LLC
     One Grand Central Place
     60 E 42nd St Ste 1062
     New York, NY 10165-1099
     Tel: (646) 402-5150
     E-mail: mlevee@glassratner.com

The Committee proposed that the estate pay hourly fees for Mr.
Fox, Mr. Levee, and David Neyhart, an associate at the firm,
respectively, of $310, $270, and $170.  In addition, the Committee
proposed that the estate also pay the hourly fees for other
associates and assistants ranging from $95 to $170.

BPPR presented to the Court evidence of the disparity of
GlassRatner's rates, and the prevailing rates charged by some of
the most recognized bankruptcy estate attorneys in the Puerto Rico
legal community who have a substantial bankruptcy chapter 11
estate representation practice:

  Professional            Hourly Rates
  ------------            ------------
  Luis R. Carrasquillo         $160
  Jose M. Monge Robertin       $200
  Albert Tamarez Vasquez       $150

BPPR is represented in the Debtor's case by:

     Luis C. Marini-Biaggi, Esq.
     Nayuan Zouairabani, Esq.
     O'NEILL & BORGES LLC
     250 Munoz Rivera Avenue, Suite 800
     San Juan, PR 00918-1813
     Tel: (787) 764-8181
     Fax: (787) 753-8944
     E-mail: luis.marini@oneillborges.com
             Nayuan.zouairabani@oneillborges.com

                        About Alonso & Carus

Alonso & Carus Iron Works, Inc., sought Chapter 11 protection
(Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on
March 27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debts.

The Debtor hired Charles A Curpill, PSC Law office, as counsel;
and CPA Luis R. Carrasquillo & Co, PSC as financial consultant.

The U.S. trustee overseeing the Chapter 11 case appointed five
creditors of the company to serve on the official committee of
unsecured creditors.


ANNA'S LINENS: Court Approves Hilco/Gordon Agent Deal
-----------------------------------------------------
Judge Theodor C. Albert entered an order allowing Anna's Linens,
Inc., to assume a prepetition agency agreement with Hilco Merchant
Resources, LLC and Gordon Brothers Retail Partners, LLC, to lead a
"going out of business sale" of its assets.

The assets to be sold include the Debtor' Merchandise, Owned
Furniture, Fixtures and Equipment (FF&E), and Additional Agent
Merchandise.

The Bankruptcy Court further:

  -- approved certain sale guidelines;

  -- authorized the Debtor to abandon at the applicable Stores any

     unsold Owned FF&E that is not sold through the Sale; and

  -- approved lease rejection procedures with respect to the
     stores the Debtor elect to close and the form of the proposed

     notice of rejection to be delivered to the landlords of the
     Closing Stores.

During the sale term, the Agent will be granted a limited royalty
free license and right to use the trademarks, trade names, logos,
customer lists, websites, URL, social media, mailing lists and
email lists relating to and used in connection with the operation
of the Stores, solely for the purpose of advertising the Sale.

As reported in The Troubled Company Reporter on July 15, 2015, the
Hilco/Gordon joint venture emerged as the winning bidder at an
auction held in June for the right to liquidate Anna's Linens'
assets, beating out the stalking horse bidder Tiger Capital Group
LLC and Yellen Partners LLC.

At the time the Court entered the Hilco/Gordon agent deal
approval, it postponed ruling on the Debtor's proposal to pay
Tiger/Yellen a breakup fee of $650,000, plus expense reimbursement
of up to $350,000.  The Debtor also proposed to pay a $250,000
break-up fee to Great American Group, LLC.

Anna's Linens, Inc. is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Juliet Y. OH, Esq.
          John-Patrick M. Fritz, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, California 90067
          Telephone: (310)229-1234
          Facsimile: (310)229-1244
          Email: DBG@LNBYB.COM
                 EHK@LNBYB.COM
                 JYO@LNBYB.COM
                 JPF@LNBYB.COM

           Creditors Committee Reacts to Break-Up Fees

The Official Committee of Unsecured Creditors of Anna's Linens,
Inc. opposed the Debtor's request for break-up fees.

Counsel to the Committee, Jeffrey N. Pomerantz, Esq. at Pachulski
Stang Ziehl & Jones LLP in Los Angeles, California, asserts that
the Break-Up Fees were granted and earned in connection with a
bidding process and auction that was by design conducted outside
of bankruptcy, where it was not subject to Bankruptcy Code
requirements, judicial oversight or input from unsecured
creditors.

Mr. Pomerantz further asserts that there is no foundation for
either of the Break-Up Fees: neither was reasonable or necessary
to induce bidding, for reasons the Debtor knew but did not
disclose.  He says the Tiger/Yellen Break-Up Fee and the $200,000
already paid may be subject to avoidance and recovery as a
fraudulent transfer.

The Committee asks the Court to determine that the Break-up Fees
may be allowed, if at all, only as prepetition claims, and further
urges the Court to clarify that any order on the Motion will have
no effect on the perfection or lack of perfection of any liens
securing payment of the Break-Up Fees.

The Official Committee of Unsecured Creditors is represented by:

          Jeffrey N. Pomerantz, Esq.
          Ira D. Kharasch, Esq.
          Harry D. Hochman, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          10100 Santa Monica Blvd., Suite 1300
          Los Angeles, CA 90067-4114
          Telephone: (310)277-6910
          Facsimile: (310)201-0760
          Email: jpomerantz@pszjlaw.com
                 ikharasch@pszjlaw.com
                 hhochman@pszjlaw.com

                      About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


BTB CORPORATION: Hires Albert Tamarez Vasquez as Accountant
-----------------------------------------------------------
BTB Corporation asks for permission from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Albert Tamarez Vasquez,
CPA, CIRA as accountant.

The Debtor requires the accounting firm to:

   (a) reconcile financial information to assist Debtor in the
       preparation of monthly operating reports;

   (b) assist in the reconciliation and clarification of proof of
       claims filed and amount due to creditors;

   (c) provide general accounting and tax services to prepare
       year-end reports and income tax preparation, if necessary;
       and

   (d) assist Debtor and Debtor's counsel in the preparation of
       the supporting documents for the Chapter 11 Reorganization
       Plan.

The accounting firm will be paid at these hourly rates:

       Albert Tamarez-Vasquez          $150
       CPA Supervisor                  $100
       Senior Accountant               $85
       Staff Accountant                $65

The accounting firm will also be reimbursed for reasonable out-of-
pocket expenses incurred.

The firm received a retainer in this case in the amount of $5,000,
which sum is generated by the Debtor from the regular operations
of the business.

Albert Tamarez-Vasquez assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtors and their estates.

The accounting firm can be reached at:

       Albert Tamarez-Vasquez, CPA, CIRA
       First Federal Saving Building
       1519 Ave Ponce de Leon, Ste. 412
       San Juan, PR 00909-1723
       Tel: (787) 795-2855
       Fax: (787) 200-7912
       E-mail: atamarez@tamarezcpa.com

                      About BTB Corporation

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

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

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


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


TRINIDAD & TOBAGO: US$ Shortage Has Been Dealt With . . . For Now
-----------------------------------------------------------------
Camille Hunte at Trinidad Express reports that the foreign
exchange shortage has been dealt with, says Finance Minister Larry
Howai.  At least in the short-term, that is, according to Trinidad
Express.

The report notes that Minister Howai gave the assurance during an
interview with TV6, following a luncheon hosted by the Powerful
Ladies of Trinidad and Tobago (PLOTT), at the Chamber of Industry
and Commerce, Westmoorings.

Minister Howai said separate amounts of US$75 million, US$100
million and US$50 million had been injected into the system over
the other week to help eliminate a shortage of some US$250
million, the report relays.

"The immediate problem has been rectified," Minister Howai said,
the report notes.

Minister Howai added a meeting with the Central Bank would take
place in order to determine a more long-term solution and avoid an
ongoing crisis, the report relays.

Minister Howai also sought to clear up reports with regard to
Republic Bank, saying the bank had simply decided all purchases of
foreign exchange at any of their branches would have to be
"cleared" before proceeding with the transaction, the report
relays.

However, Minister Howai said the bank had since relaxed its
position following the injection of funds into the systems and
reverted to its usual process, the report discloses.

Responding to questions about 2015-2016 budget preparations,
Minister Howai said the budget speech is currently being drafted
and documents being prepared, the report relays.

Minister Howai said the budget was being prepared on the basis of
a US$45 per barrel oil price, which he described as a "reasonable"
figure as averages for next year put oil prices at around US$50
per barrel, the report adds.


TRINIDAD & TOBAGO: Gas Supply Shortfall Hits 5th Year
-----------------------------------------------------
Trinidad Express reports that for a country with a previously
impeccable record of monetizing its gas reserves and religiously
delivering the quantities the downstream industries needed, the
gas supply shortfall now in its fifth year, has put a dent in
Trinidad and Tobago's hard-won reputation.

This is not to be taken lightly, because it means that the
industries that use gas to create products like methanol and
ammonia, as well as the liquefied natural gas (LNG) trains at
Atlantic down at Point Fortin in the south west, cannot meet their
own annual production goals and their cash flow and profit are
consequently undermined, according to Trinidad Express.

"Since the development of the gas industry in its entirety has
been one of our sterling economic achievements, this is all very
bad news for the on-going expansion of that key sector," the
report notes.


=============================
S T.  K I T T S  &  N E V I S
=============================


* ST. KITTS & NEVIS: To Start Fund to Assist Small Businesses
-------------------------------------------------------------
Caribbean360.com reports that Prime Minister Dr. Timothy Harris
said negotiations are underway with the St. Kitts and Nevis
Development Bank to establish a fund specifically to assist small
businesses.

"We are now proceeding with another initiative where we want to
put a sizable sum of money in the Development Bank, specifically
to assist entrepreneurs who want to stock out their shop, who want
to buy new parts, to get their equipment up and going, the young
artists who need to produce their videos, and all these things to
do their marketing," the report quoted Dr. Harris as saying.
"That money will be put into the bank to help them. And we are in
negotiations to get that money, without that being a charge,
necessarily, to the Treasury."

The report notes that Dr. Harris said going that route to finance
the assistance for small businesses was an example of the fiscal
prudence which he wanted to be one of the hallmarks of his
administration.

The prime minister contended that was the legacy he left as
minister of finance in 2008 and 2009 when surpluses were recorded,
the report relays.

"I will bring the same degree of accountability and fiscal
prudence to bear to the management of the country's resources.
Those resources are being held in trust on behalf of the people,
and [government] must guard them and utilize them and invest them
even better than you would do on your own private money," Dr.
Harris said, the report relays.

The report adds that Dr. Harris promised that would be the
approach his administration would maintain to ensure that "every
cent of the public money will be accounted for".


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
AGRENCO LTD            AGRE LX           285996574      -543142756
AGRENCO LTD-BDR        AGEN33 BZ         285996574      -543142756
AGRENCO LTD-BDR        AGEN11 BZ         285996574      -543142756
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ         11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ        11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ         11642254.9     -17154460.3
ARTHUR LANGE-PRF        LICPN BZ        11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ         11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ        11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
BALADARE               BLDR3 BZ          159449535     -52990723.7
BATTISTELLA            BTTL3 BZ           61230059     -26822453.5
BATTISTELLA-PREF       BTTL4 BZ           61230059     -26822453.5
BATTISTELLA-RECE       BTTL9 BZ           61230059     -26822453.5
BATTISTELLA-RECP       BTTL10 BZ          61230059     -26822453.5
BATTISTELLA-RI P       BTTL2 BZ           61230059     -26822453.5
BATTISTELLA-RIGH       BTTL1 BZ           61230059     -26822453.5
BI CIA SECURITIZ       BICS BZ          38231826.5     -584101.548
BOMBRIL                BMBBF US          254413220     -16036964.4
BOMBRIL                FPXE4 BZ         19416013.9      -489914853
BOMBRIL                BOBR3 BZ          254413220     -16036964.4
BOMBRIL - RTS          BOBR11 BZ         254413220     -16036964.4
BOMBRIL CIRIO SA       BOBRON BZ         254413220     -16036964.4
BOMBRIL CIRIO-PF       BOBRPN BZ         254413220     -16036964.4
BOMBRIL HOLDING        FPXE3 BZ         19416013.9      -489914853
BOMBRIL SA-ADR         BMBPY US          254413220     -16036964.4
BOMBRIL SA-ADR         BMBBY US          254413220     -16036964.4
BOMBRIL-PREF           BOBR4 BZ          254413220     -16036964.4
BOMBRIL-RGTS PRE       BOBR2 BZ          254413220     -16036964.4
BOMBRIL-RIGHTS         BOBR1 BZ          254413220     -16036964.4
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         82872146.2     -36299304.3
BUETTNER SA            BUETON BZ        82872146.2     -36299304.3
BUETTNER SA-PRF        BUETPN BZ        82872146.2     -36299304.3
BUETTNER SA-RT P       BUET2 BZ         82872146.2     -36299304.3
BUETTNER SA-RTS        BUET1 BZ         82872146.2     -36299304.3
BUETTNER-PREF          BUET4 BZ         82872146.2     -36299304.3
CAF BRASILIA           CAFE3 BZ          160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ          160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ         160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ         160933830      -149277092
CELGPAR                GPAR3 BZ          197508346      -905048844
CELGPAR-RTS            GPAR11 BZ         197508346      -905048844
CIA PETROLIFERA        MRLM3 BZ          377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ         377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ          377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ         377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ         377592596      -3014215.1
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         51195095.3     -1858601739
COBRASMA SA            COBRON BZ        51195095.3     -1858601739
COBRASMA SA-PREF       COBRPN BZ        51195095.3     -1858601739
COBRASMA-PREF          CBMA4 BZ         51195095.3     -1858601739
D H B                  DHBI3 BZ         94806424.1      -188014922
D H B-PREF             DHBI4 BZ         94806424.1      -188014922
DHB IND E COM          DHBON BZ         94806424.1      -188014922
DHB IND E COM-PR       DHBPN BZ         94806424.1      -188014922
DOC IMBITUBA           IMBI3 BZ          103926124     -44366334.9
DOC IMBITUBA-RT        8218594Q BZ       103926124     -44366334.9
DOC IMBITUBA-RT        9866923Q BZ       103926124     -44366334.9
DOC IMBITUBA-RT        IMBI1 BZ          103926124     -44366334.9
DOC IMBITUBA-RTC       8174503Q BZ       103926124     -44366334.9
DOC IMBITUBA-RTP       8174507Q BZ       103926124     -44366334.9
DOC IMBITUB-PREF       IMBI4 BZ          103926124     -44366334.9
DOCA INVESTIMENT       DOCA3 BZ          187044412      -204249587
DOCA INVEST-PREF       DOCA4 BZ          187044412      -204249587
DOCAS IMBITUBA         IMBION BZ         103926124     -44366334.9
DOCAS IMBITUB-PR       IMBIPN BZ         103926124     -44366334.9
DOCAS SA               DOCAON BZ         187044412      -204249587
DOCAS SA-PREF          DOCAPN BZ         187044412      -204249587
DOCAS SA-RTS PRF       DOCA2 BZ          187044412      -204249587
EBX BRASIL SA          CTMN3 BZ         2277323307      -528769640
EDELAP-B               ELAP AR           228302327       -21022097
EDELAP-B               ELAPC AR          228302327       -21022097
EDELAP-B               ELAPD AR          228302327       -21022097
ELEC ARG SA-PREF       EASA6 AR         1019816241     -75790649.4
ELEC ARGENT-ADR        EASA LX          1019816241     -75790649.4
ELEC DE ARGE-ADR       1262Q US         1019816241     -75790649.4
ELECTRICIDAD ARG       3447811Z AR      1019816241     -75790649.4
EMPRESA DISTRI-A       0122195D AR       228302327       -21022097
EMPRESA DISTRI-C       0122369D AR       228302327       -21022097
ESTRELA SA             ESTR3 BZ         60876966.1     -93330836.7
ESTRELA SA             ESTRON BZ        60876966.1     -93330836.7
ESTRELA SA-PREF        ESTR4 BZ         60876966.1     -93330836.7
ESTRELA SA-PREF        ESTRPN BZ        60876966.1     -93330836.7
F GUIMARAES            FGUI3 BZ         11016542.2      -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2      -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         15210587.4     -26122509.1
FERRAGENS HAGA         HAGAON BZ        15210587.4     -26122509.1
FERRAGENS HAGA-P       HAGAPN BZ        15210587.4     -26122509.1
FERREIRA GUIMARA       FGUION BZ        11016542.2      -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2      -151840378
FORJA TAURUS           FJTA11 BZ         312324319     -17602635.1
FORJA TAURUS           FJTA12 BZ         312324319     -17602635.1
FORJA TAURUS           FORJF US          312324319     -17602635.1
FORJA TAURUS           FJTA3 BZ          312324319     -17602635.1
FORJA TAURUS-PRF       FORZF US          312324319     -17602635.1
FORJA TAURUS-PRF       FJTA4 BZ          312324319     -17602635.1
FORJA TAURUS-RCT       1272182D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1272184D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1304888D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1304790D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1272180D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1272181D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1304881D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1304791D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       FJTA2 BZ          312324319     -17602635.1
FORJA TAURUS-RTS       FJTA1 BZ          312324319     -17602635.1
FORJA TAURUS-RTS       FJTA10 BZ         312324319     -17602635.1
FORJAS TAURUS SA       TAUSON BZ         312324319     -17602635.1
FORJAS TAURUS-PR       TAUSPN BZ         312324319     -17602635.1
GOL                    GOLL3 BZ         3224530350      -323901544
GOL PREF - RCT         1303123D BZ      3224530350      -323901544
GOL PREF - RTS         1303121D BZ      3224530350      -323901544
GOL PREF - RTS         GOLL2 BZ         3224530350      -323901544
GOL-ADR                GOL US           3224530350      -323901544
GOL-ADR                GOQ GR           3224530350      -323901544
GOL-ADR                GOLN MM          3224530350      -323901544
GOL-PREF               GOLL4 BZ         3224530350      -323901544
GOL-RCT                0113335D BZ      3224530350      -323901544
GOL-RCT                0113338D BZ      3224530350      -323901544
GOL-RCT                GOLL9 BZ         3224530350      -323901544
GOL-RCT                1003238D BZ      3224530350      -323901544
GOL-RT                 0113333D BZ      3224530350      -323901544
GOL-RT                 0113334D BZ      3224530350      -323901544
GOL-RT                 GOLL1 BZ         3224530350      -323901544
GOL-RT                 1003237D BZ      3224530350      -323901544
GRADIENTE ELETR        IGBON BZ          183430930      -135324913
GRADIENTE EL-PRA       IGBAN BZ          183430930      -135324913
GRADIENTE EL-PRB       IGBBN BZ          183430930      -135324913
GRADIENTE EL-PRC       IGBCN BZ          183430930      -135324913
GRADIENTE-PREF A       IGBR5 BZ          183430930      -135324913
GRADIENTE-PREF B       IGBR6 BZ          183430930      -135324913
GRADIENTE-PREF C       IGBR7 BZ          183430930      -135324913
HAGA                   HAGA3 BZ         15210587.4     -26122509.1
HOPI HARI SA           PQTM3 BZ          135437870     -15815342.3
HOPI HARI-PREF         PQTM4 BZ          135437870     -15815342.3
HOTEIS OTHON SA        HOOT3 BZ          172663674     -17533639.5
HOTEIS OTHON SA        HOTHON BZ         172663674     -17533639.5
HOTEIS OTHON-PRF       HOOT4 BZ          172663674     -17533639.5
HOTEIS OTHON-PRF       HOTHPN BZ         172663674     -17533639.5
IGB ELETRONICA         IGBR3 BZ          183430930      -135324913
IGUACU CAFE            IGUA3 BZ          190073766       -74308212
IGUACU CAFE            IGCSON BZ         190073766       -74308212
IGUACU CAFE            IGUCF US          190073766       -74308212
IGUACU CAFE-PR A       IGUA5 BZ          190073766       -74308212
IGUACU CAFE-PR A       IGCSAN BZ         190073766       -74308212
IGUACU CAFE-PR A       IGUAF US          190073766       -74308212
IGUACU CAFE-PR B       IGUA6 BZ          190073766       -74308212
IGUACU CAFE-PR B       IGCSBN BZ         190073766       -74308212
IMPSAT FIBER NET       IMPTQ US          535007008       -17164978
IMPSAT FIBER NET       330902Q GR        535007008       -17164978
IMPSAT FIBER NET       XIMPT SM          535007008       -17164978
IMPSAT FIBER-$US       IMPTD AR          535007008       -17164978
IMPSAT FIBER-BLK       IMPTB AR          535007008       -17164978
IMPSAT FIBER-C/E       IMPTC AR          535007008       -17164978
IMPSAT FIBER-CED       IMPT AR           535007008       -17164978
INEPAR                 INEP3 BZ          832445178      -356470593
INEPAR BONUS B         INEP12 BZ         832445178      -356470593
INEPAR SA              INPRON BZ         832445178      -356470593
INEPAR SA-PREF         INPRPN BZ         832445178      -356470593
INEPAR-COM DVD         INEP11 BZ         832445178      -356470593
INEPAR-PREF            INEP4 BZ          832445178      -356470593
INEPAR-PRF DVD         INEP13 BZ         832445178      -356470593
INEPAR-RCT ORD         3697790Q BZ       832445178      -356470593
INEPAR-RCT ORD         INEP9 BZ          832445178      -356470593
INEPAR-RCT PREF        3697794Q BZ       832445178      -356470593
INEPAR-RCT PREF        INEP10 BZ         832445178      -356470593
INEPAR-RT ORD          3697782Q BZ       832445178      -356470593
INEPAR-RT ORD          INEP1 BZ          832445178      -356470593
INEPAR-RT PREF         3697786Q BZ       832445178      -356470593
INEPAR-RT PREF         INEP2 BZ          832445178      -356470593
INVERS ELEC BUEN       IEBAA AR          213542509     -68439920.3
INVERS ELEC BUEN       IEBAB AR          213542509     -68439920.3
INVERS ELEC BUEN       IEBA AR           213542509     -68439920.3
KARSTEN                CTKCF US         91958416.3     -24851238.1
KARSTEN                CTKON BZ         91958416.3     -24851238.1
KARSTEN SA             CTKA3 BZ         91958416.3     -24851238.1
KARSTEN SA - RCT       CTKA9 BZ         91958416.3     -24851238.1
KARSTEN SA - RCT       CTKA10 BZ        91958416.3     -24851238.1
KARSTEN SA - RTS       CTKA1 BZ         91958416.3     -24851238.1
KARSTEN SA - RTS       CTKA2 BZ         91958416.3     -24851238.1
KARSTEN-PREF           CTKPF US         91958416.3     -24851238.1
KARSTEN-PREF           CTKA4 BZ         91958416.3     -24851238.1
KARSTEN-PREF           CTKPN BZ         91958416.3     -24851238.1
KOSMOS COMERCIO        LOAR4 BZ         39080266.4     -2450355045
LAEP INVES-BDR B       0163599D BZ       222902269      -255311026
LAEP INVESTMEN-B       0122427D LX       222902269      -255311026
LAEP INVESTMENTS       LEAP LX           222902269      -255311026
LAEP-BDR               MILK33 BZ         222902269      -255311026
LAEP-BDR               MILK11 BZ         222902269      -255311026
LOJAS ARAPUA           LOAR3 BZ         39080266.4     -2450355045
LOJAS ARAPUA           LOARON BZ        39080266.4     -2450355045
LOJAS ARAPUA-GDR       3429T US         39080266.4     -2450355045
LOJAS ARAPUA-GDR       LJPSF US         39080266.4     -2450355045
LOJAS ARAPUA-PRF       LOARPN BZ        39080266.4     -2450355045
LOJAS ARAPUA-PRF       52353Z US        39080266.4     -2450355045
MANGELS INDL           MGEL3 BZ          130877274     -67079077.9
MANGELS INDL SA        MISAON BZ         130877274     -67079077.9
MANGELS INDL-PRF       MGIRF US          130877274     -67079077.9
MANGELS INDL-PRF       MGEL4 BZ          130877274     -67079077.9
MANGELS INDL-PRF       MISAPN BZ         130877274     -67079077.9
MET DUQUE              DUQE3 BZ         75039127.4     -2847420.37
MET DUQUE              MDUON BZ         75039127.4     -2847420.37
MET DUQUE-PREF         DUQE4 BZ         75039127.4     -2847420.37
MET DUQUE-PREF         MDUPN BZ         75039127.4     -2847420.37
METROGAS SA            MGAI US           327285099     -37016892.9
METROGAS SA-A          153255Z AR        327285099     -37016892.9
METROGAS SA-C          153263Z AR        327285099     -37016892.9
METROGAS-ADR           MGS US            327285099     -37016892.9
METROGAS-ADR           MGSA GR           327285099     -37016892.9
METROGAS-B             MGSBF US          327285099     -37016892.9
METROGAS-B             METR AR           327285099     -37016892.9
METROGAS-B             METRC AR          327285099     -37016892.9
METROGAS-B             METRD AR          327285099     -37016892.9
METROGAS-B             MGSB GR           327285099     -37016892.9
METROGAS-B BLOCK       METRB AR          327285099     -37016892.9
MINUPAR                MNPR3 BZ         65882736.8     -76363523.6
MINUPAR SA             MNPRON BZ        65882736.8     -76363523.6
MINUPAR SA-PREF        MNPRPN BZ        65882736.8     -76363523.6
MINUPAR-PREF           MNPR4 BZ         65882736.8     -76363523.6
MINUPAR-RCT            9314634Q BZ      65882736.8     -76363523.6
MINUPAR-RCT            0599564D BZ      65882736.8     -76363523.6
MINUPAR-RCT            MNPR9 BZ         65882736.8     -76363523.6
MINUPAR-RT             9314542Q BZ      65882736.8     -76363523.6
MINUPAR-RT             0599562D BZ      65882736.8     -76363523.6
MINUPAR-RTS            MNPR1 BZ         65882736.8     -76363523.6
MMX MINERACA-GDR       MMXMY US          471049316      -340913823
MMX MINERACA-GDR       0567931D CN       471049316      -340913823
MMX MINERACA-GDR       3M11 GR           471049316      -340913823
MMX MINERACA-GDR       MMXMD US          471049316      -340913823
MMX MINERACAO          TRES3 BZ          471049316      -340913823
MMX MINERACAO          MMXCF US          471049316      -340913823
MMX MINERACAO          MMXM11 BZ         471049316      -340913823
MMX MINERACAO          MMXXF US          471049316      -340913823
MMX MINERACAO          MMXM3 BZ          471049316      -340913823
MMX MINERACAO-RT       4111484Q BZ       471049316      -340913823
MMX MINERACAO-RT       0626050D BZ       471049316      -340913823
MMX MINERACA-RCT       4111488Q BZ       471049316      -340913823
MMX MINERACA-RCT       0626051D BZ       471049316      -340913823
MMX MINERACA-RCT       MMXM9 BZ          471049316      -340913823
MMX MINERACA-RTS       MMXM1 BZ          471049316      -340913823
MORIXE HERM-5 VT       MORI5 AR         19006540.3     -928833.864
MORIXE HERMAN-BL       MORIB AR         19006540.3     -928833.864
MORIXE HERMANOS        MORI AR          19006540.3     -928833.864
MORIXE HERMANOS        MORID AR         19006540.3     -928833.864
MORIXE HERMANOS        MORIC AR         19006540.3     -928833.864
NOVA AMERICA SA        NOVA3 BZ         21287488.9      -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9      -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9      -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9      -183535526
NOVA AMERICA-PRF       NOVA4 BZ         21287488.9      -183535526
NOVA AMERICA-PRF       NOVA4B BZ        21287488.9      -183535526
NOVA AMERICA-PRF       NOVAPN BZ        21287488.9      -183535526
NOVA AMERICA-PRF       1NOVPN BZ        21287488.9      -183535526
OGX PETROLEO           CTCO3 BZ         20975305.4     -23206893.6
OL PREF - RCT          GOLL10 BZ        3224530350      -323901544
OLEO E GAS P-ADR       OGXPY US         20975305.4     -23206893.6
OLEO E GAS P-ADR       OGXPYEUR EO      20975305.4     -23206893.6
OLEO E GAS P-ADR       OGXPYEUR EU      20975305.4     -23206893.6
OLEO E GAS P-ADR       8OGB GR          20975305.4     -23206893.6
OLEO E GAS PART        OGXP3 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXP5 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXP6 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXPF US         20975305.4     -23206893.6
OSX BRASIL - RTS       0701756D BZ      2277323307      -528769640
OSX BRASIL - RTS       0701757D BZ      2277323307      -528769640
OSX BRASIL - RTS       0812903D BZ      2277323307      -528769640
OSX BRASIL - RTS       0812904D BZ      2277323307      -528769640
OSX BRASIL - RTS       OSXB1 BZ         2277323307      -528769640
OSX BRASIL - RTS       OSXB9 BZ         2277323307      -528769640
OSX BRASIL SA          OSXB3 BZ         2277323307      -528769640
OSX BRASIL SA          EBXB3 BZ         2277323307      -528769640
OSX BRASIL SA          OSXRF US         2277323307      -528769640
OSX BRASIL S-GDR       OSXRY US         2277323307      -528769640
PADMA INDUSTRIA        LCSA4 BZ          388720096      -213641152
PARMALAT               LCSA3 BZ          388720096      -213641152
PARMALAT BRASIL        LCSAON BZ         388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ         388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ          388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ          388720096      -213641152
PARQUE TEM-DV CM       PQT5 BZ           135437870     -15815342.3
PARQUE TEM-DV PF       PQT6 BZ           135437870     -15815342.3
PARQUE TEM-RCT C       PQTM9 BZ          135437870     -15815342.3
PARQUE TEM-RCT P       PQTM10 BZ         135437870     -15815342.3
PARQUE TEM-RT CM       PQTM1 BZ          135437870     -15815342.3
PARQUE TEM-RT PF       PQTM2 BZ          135437870     -15815342.3
PET MANG-RECEIPT       0229292Q BZ       146857128      -409610413
PET MANG-RECEIPT       0229296Q BZ       146857128      -409610413
PET MANG-RECEIPT       RPMG9 BZ          146857128      -409610413
PET MANG-RECEIPT       RPMG10 BZ         146857128      -40961041
PET MANG-RIGHTS        3678565Q BZ       146857128      -409610413
PET MANG-RIGHTS        3678569Q BZ       146857128      -409610413
PET MANG-RT            4115360Q BZ       146857128      -409610413
PET MANG-RT            4115364Q BZ       146857128      -409610413
PET MANG-RT            0229249Q BZ       146857128      -409610413
PET MANG-RT            0229268Q BZ       146857128      -409610413
PET MANG-RT            RPMG2 BZ          146857128      -409610413
PET MANG-RT            0848424D BZ       146857128      -409610413
PET MANG-RTS           1227980D BZ       146857128      -409610413
PET MANGUINH-PRF       RPMG4 BZ          146857128      -409610413
PET MANGUINH-RTS       RPMG1 BZ          146857128      -409610413
PETRO MANGUINHOS       RPMG3 BZ          146857128      -409610413
PETRO MANGUINHOS       MANGON BZ         146857128      -409610413
PETRO MANGUIN-PF       MANGPN BZ         146857128      -409610413
PILMAIQUEN             PILMAIQ CI        165119822     -32646104.5
PORTX OPERACOES        PRTX3 BZ          976769385     -9407990.18
PORTX OPERA-GDR        PXTPY US          976769385     -9407990.18
PUYEHUE                PUYEH CI         17660616.6     -6652295.06
PUYEHUE RIGHT          PUYEHUOS CI      17660616.6     -6652295.06
RB CAPITAL             RBCS3B BZ        13996658.5     -815.062365
RECRUSUL               RCSL3 BZ         14029393.8       -32749735
RECRUSUL - RCT         4529789Q BZ      14029393.8       -32749735
RECRUSUL - RCT         4529793Q BZ      14029393.8       -32749735
RECRUSUL - RCT         0163582D BZ      14029393.8       -32749735
RECRUSUL - RCT         0163583D BZ      14029393.8       -32749735
RECRUSUL - RCT         0614675D BZ      14029393.8       -32749735
RECRUSUL - RCT         0614676D BZ      14029393.8       -32749735
RECRUSUL - RCT         RCSL10 BZ        14029393.8       -32749735
RECRUSUL - RT          4529781Q BZ      14029393.8       -32749735
RECRUSUL - RT          4529785Q BZ      14029393.8       -32749735
RECRUSUL - RT          0163579D BZ      14029393.8       -32749735
RECRUSUL - RT          0163580D BZ      14029393.8       -32749735
RECRUSUL - RT          0614673D BZ      14029393.8       -32749735
RECRUSUL - RT          0614674D BZ      14029393.8       -32749735
RECRUSUL SA            RESLON BZ        14029393.8       -32749735
RECRUSUL SA-PREF       RESLPN BZ        14029393.8       -32749735
RECRUSUL SA-RCT        RCSL9 BZ         14029393.8       -32749735
RECRUSUL SA-RTS        RCSL1 BZ         14029393.8       -32749735
RECRUSUL SA-RTS        RCSL2 BZ         14029393.8       -32749735
RECRUSUL-BON RT        RCSL11 BZ        14029393.8       -32749735
RECRUSUL-BON RT        RCSL12 BZ        14029393.8       -32749735
RECRUSUL-PREF          RCSL4 BZ         14029393.8       -32749735
RENAUXVIEW SA          TXRX3 BZ         33757610.2     -74431020.7
RENAUXVIEW SA-PF       TXRX4 BZ         33757610.2     -74431020.7
RIMET                  REEM3 BZ          103098359      -185417651
RIMET                  REEMON BZ         103098359      -185417651
RIMET-PREF             REEM4 BZ          103098359      -185417651
RIMET-PREF             REEMPN BZ         103098359      -185417651
SANESALTO              SNST3 BZ         15583653.5     -4261184.52
SANSUY                 SNSY3 BZ          136020731      -152229409
SANSUY SA              SNSYON BZ         136020731      -152229409
SANSUY SA-PREF A       SNSYAN BZ         136020731      -152229409
SANSUY SA-PREF B       SNSYBN BZ         136020731      -152229409
SANSUY-PREF A          SNSY5 BZ          136020731      -152229409
SANSUY-PREF B          SNSY6 BZ          136020731      -152229409
SCHLOSSER              SCLO3 BZ         35479691.9     -46000437.6
SCHLOSSER SA           SCHON BZ         35479691.9     -46000437.6
SCHLOSSER SA-PRF       SCHPN BZ         35479691.9     -46000437.6
SCHLOSSER-PREF         SCLO4 BZ         35479691.9     -46000437.6
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
TEC TOY SA-PF B        TOYB6 BZ           14874965     -3087009.49
TEC TOY SA-PREF        TOYDF US           14874965     -3087009.49
TEC TOY SA-PREF        TOYB5 BZ           14874965     -3087009.49
TEC TOY-RCT            7335626Q BZ        14874965     -3087009.49
TEC TOY-RCT            7335630Q BZ        14874965     -3087009.49
TEC TOY-RCT            1254572D BZ        14874965     -3087009.49
TEC TOY-RCT            1254573D BZ        14874965     -3087009.49
TEC TOY-RT             7335610Q BZ        14874965     -3087009.49
TEC TOY-RT             7335614Q BZ        14874965     -3087009.49
TEC TOY-RT             1254570D BZ        14874965     -3087009.49
TEC TOY-RT             1254571D BZ        14874965     -3087009.49
TECTOY                 TOYB3 BZ           14874965     -3087009.49
TECTOY                 TOYB13 BZ          14874965     -3087009.49
TECTOY - RCT           TOYB9 BZ           14874965     -3087009.49
TECTOY - RTS           TOYB1 BZ           14874965     -3087009.49
TECTOY - RTS           TOYB2 BZ           14874965     -3087009.49
TECTOY SA              TOYBON BZ          14874965     -3087009.49
TECTOY SA-PREF         TOYBPN BZ          14874965     -3087009.49
TECTOY-PF-RTS5/6       TOYB11 BZ          14874965     -3087009.49
TECTOY-PREF            TOYB4 BZ           14874965     -3087009.49
TECTOY-RCPT PF B       TOYB12 BZ          14874965     -3087009.49
TEKA                   TKTQF US          263356756      -337860221
TEKA                   TEKA3 BZ          263356756      -337860221
TEKA                   TEKAON BZ         263356756      -337860221
TEKA-ADR               TEKAY US          263356756      -337860221
TEKA-ADR               TKTPY US          263356756      -337860221
TEKA-ADR               TKTQY US          263356756      -337860221
TEKA-PREF              TKTPF US          263356756      -337860221
TEKA-PREF              TEKA4 BZ          263356756      -337860221
TEKA-PREF              TEKAPN BZ         263356756      -337860221
TEKA-RCT               TEKA9 BZ          263356756      -337860221
TEKA-RCT               TEKA10 BZ         263356756      -337860221
TEKA-RTS               TEKA1 BZ          263356756      -337860221
TEKA-RTS               TEKA2 BZ          263356756      -337860221
TELEBRAS SA            TELB3 BZ          552954651     -19314726.6
TELEBRAS SA            TLBRON BZ         552954651     -19314726.6
TELEBRAS SA            TBASF US          552954651     -19314726.6
TELEBRAS SA-PREF       TELB4 BZ          552954651     -19314726.6
TELEBRAS SA-PREF       TLBRPN BZ         552954651     -19314726.6
TELEBRAS SA-RCT        TELB9 BZ          552954651     -19314726.6
TELEBRAS SA-RT         0250949D BZ       552954651     -19314726.6
TELEBRAS/W-I-ADR       TBH-W US          552954651     -19314726.6
TELEBRAS-ADR           TBAPY US          552954651     -19314726.6
TELEBRAS-ADR           TBRAY GR          552954651     -19314726.6
TELEBRAS-ADR           TBH US            552954651     -19314726.6
TELEBRAS-ADR           TBX GR            552954651     -19314726.6
TELEBRAS-ADR           RTB US            552954651     -19314726.6
TELEBRAS-ADR           TBASY US          552954651     -19314726.6
TELEBRAS-BLOCK         TELB30 BZ         552954651     -19314726.6
TELEBRAS-CED C/E       TEL4C AR          552954651     -19314726.6
TELEBRAS-CEDE BL       RCT4B AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCTB4 AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCT4C AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCT4D AR          552954651     -19314726.6
TELEBRAS-CEDE PF       TELB4 AR          552954651     -19314726.6
TELEBRAS-CEDEA $       TEL4D AR          552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB31 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       TELE31 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       TBRTF US          552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB32 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB30 BZ         552954651     -19314726.6
TELEBRAS-COM RT        0250948D BZ       552954651     -19314726.6
TELEBRAS-COM RTS       TELB1 BZ          552954651     -19314726.6
TELEBRAS-PF BLCK       TELB40 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       CBRZF US          552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB41 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       TELE41 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB42 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB40 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       TBAPF US          552954651     -19314726.6
TELEBRAS-PF RCPT       TLBRUP BZ         552954651     -19314726.6
TELEBRAS-RCT           RCTB33 BZ         552954651     -19314726.6
TELEBRAS-RCT PRF       TELB10 BZ         552954651     -19314726.6
TELEBRAS-RECEIPT       TLBRUO BZ         552954651     -19314726.6
TELEBRAS-RTS CMN       RCTB1 BZ          552954651     -19314726.6
TELEBRAS-RTS CMN       TCLP1 BZ          552954651     -19314726.6
TELEBRAS-RTS PRF       RCTB2 BZ          552954651     -19314726.6
TELEBRAS-RTS PRF       TLCP2 BZ          552954651     -19314726.6
TELECOMUNICA-ADR       81370Z BZ         552954651     -19314726.6
TEXTEIS RENA-RCT       TXRX9 BZ         33757610.2     -74431020.7
TEXTEIS RENA-RCT       TXRX10 BZ        33757610.2     -74431020.7
TEXTEIS RENAU-RT       TXRX1 BZ         33757610.2     -74431020.7
TEXTEIS RENAU-RT       TXRX2 BZ         33757610.2     -74431020.7
TEXTEIS RENAUX         RENXON BZ        33757610.2     -74431020.7
TEXTEIS RENAUX         RENXPN BZ        33757610.2     -74431020.7
TRESSEM PART SA        1TSSON BZ         471049316      -340913823
VARIG PART EM SE       VPSC3 BZ           83017828      -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3      -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3      -399290357
VARIG PART EM-PR       VPSC4 BZ           83017828      -495721697
VARIG SA               VAGV3 BZ          966298048     -4695211008
VARIG SA               VARGON BZ         966298048     -469521100
VARIG SA-PREF          VAGV4 BZ          966298048     -4695211008
VARIG SA-PREF          VARGPN BZ         966298048     -4695211008
WETZEL SA              MWET3 BZ         70223531.7     -18205488.6
WETZEL SA              MWELON BZ        70223531.7     -18205488.6
WETZEL SA-PREF         MWET4 BZ         70223531.7     -18205488.6
WETZEL SA-PREF         MWELPN BZ        70223531.7     -18205488.6
WIEST                  WISA3 BZ         34107195.1      -126993682
WIEST SA               WISAON BZ        34107195.1      -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1      -126993682
WIEST-PREF             WISA4 BZ         34107195.1      -126993682


                            ***********


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 2015.  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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