  As one of the best-characterized stellar-mass black holes, with good
measurements of its mass, distance and inclination, V404 Cyg is the ideal
candidate to study Eddington-limited accretion episodes. After a long quiescent
period, V404 Cyg underwent a new outburst in June 2015. We obtained two Chandra
HETG exposures of 20 ksec and 25 ksec. Many strong emission lines are observed;
the ratio of Si He-like triplet lines gives an estimate for the formation
region distance of $4\times10^{11}$ cm, while the higher ionization Fe XXV
He-like triplet gives an estimate of $7\times10^9$ cm. A narrow Fe K$\alpha$
line is detected with an equivalent width greater than 1 keV in many epochs,
signaling that we do not directly observe the central engine. Obscuration of
the central engine and strong narrow emission lines signal that the outer disk
may be illuminated, and its structure may help to drive the strong variability
observed in V404 Cyg. In the highest flux phases, strong P-Cygni profiles
consistent with a strong disk wind are observed. The kinetic power of this wind
may be extremely high.
