TCRLA_Public/160721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, July 21, 2016, Vol. 17, No. 143


                            Headlines



A R G E N T I N A

ARGENTINA: Holds Key Rate, Warns of 2nd Round Inflation Impacts
IAM RENTA: Moody's Assigns Initial 'B-bf' Bond Fund Ratings


C A Y M A N  I S L A N D S

AURORA HEDGED: Commences Liquidation Proceedings
COF SPV: Commences Liquidation Proceedings
ESFU DEAL: Commences Liquidation Proceedings
GANYMEDE INTERMEDIATE: Commences Liquidation Proceedings
GOLUB INTERNATIONAL: Commences Liquidation Proceedings

GRP NOMINEE: Commences Liquidation Proceedings
LECON I SPC: Commences Liquidation Proceedings
MUFU DEAL: Commences Liquidation Proceedings
SUNSHINE SUITES: Creditors' Proofs of Debt Due Aug. 8
UC BACCHUS: Commences Liquidation Proceedings

UC STILETTO: Commences Liquidation Proceedings
UC UNIVERSE: Commences Liquidation Proceedings
VERTICAL NO.1: Commences Liquidation Proceedings


J A M A I C A

JAMAICA: BOJ Deputy Governor Resigned
UC RUSAL: To Sell Alpart to Chinese Group for $299-Mil.


P U E R T O    R I C O

AEROPOSTALE INC: Seeks to Auction Assets in Bankruptcy Wind-Down
EFRON DORADO: Wants Plan Filing Deadline Moved to Sept. 14
GOODMAN AND DOMINGUEZ: Wants Plan Filing Deadline Moved to Aug. 31
NORFE GROUP: Wants Plan Filing Period Extended to Sept. 14


V E N E Z U E L A

VENEZUELA: IMF Sees Double-Digit GDP Contraction in 2016
VENEZUELA: Colombia to Halt Temporary Border Openings for Shoppers


                            - - - - -



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


ARGENTINA: Holds Key Rate, Warns of 2nd Round Inflation Impacts
---------------------------------------------------------------
Mitra Taj at Reuters reports that Argentina's central bank left
its 35-day reference interest rate unchanged at 30.25 percent on
Tuesday, July 19 for the second straight week, noting a recent
rise in core inflation and warning of second-round impacts.

The central bank said it still believes inflation is easing and
expects consumer price rises to slow to its goal of 1.5 percent
per month in the fourth quarter, from 3.1 percent in June and 4.2
percent in May, according to Reuters.

The report notes that the central bank left the key interest rate
unchanged last week after nine consecutive cuts, in the first sign
it might be worried about inflation cooling as quickly as it
hoped.

The cost of public services has shot up since center-right
President Mauricio Macri slashed subsidies for utilities earlier
this year, prompting public outrage and legal disputes that have
suspended some of the hiked tariffs, the report relays.

Core inflation in metropolitan Buenos Aires crept up to 3.0
percent in June from 2.7 percent in May, the central bank said,
adding that the first report on prices in a district in the
country's interior showed a drop in core inflation, the report
discloses.

"Core inflation figures in the Buenos Aires metropolitan area
suggest possible second-round effects, albeit limited, from the
adjustments to tariffs," the bank said in a statement obtained by
the news agency.

National statistics agency Indec has yet to report an annual
inflation rate since the agency underwent reforms earlier this
year, the report notes.

The central bank, which must also weigh an economy that likely
shrank in the second quarter, said it would exercise caution to
keep its anti-inflationary bias in monetary policy and to contain
second-round impacts, the report adds.

                            *     *     *

On April 19, 2016, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service upgraded on April 15,
2016, Argentina's government bond rating to B3 from Caa1, with the
outlook changed to stable from positive.  The key drivers for the
upgrade are (i) Moody's expectation that Argentina will settle
holdout creditor claims which will result in a lifting of court
injunctions and clear the way for Argentina to access
international capital markets, as well as the likelihood that
Argentina will make payments to restructured bondholders increased
significantly following an April 13, US circuit court ruling in
favor of Argentina, and (ii) the economic policy improvements
since Mauricio Macri's administration took office last December.
The new government lifted capital controls and allowed the peso to
float more freely, reduced energy and transportation subsidies and
has begun to address longstanding macroeconomic imbalances.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.

On March 24, 2016, Fitch Ratings upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.


IAM RENTA: Moody's Assigns Initial 'B-bf' Bond Fund Ratings
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned initial B-bf/A-bf.ar bond fund ratings to IAM Renta
Capital FCI (the Fund), a newly launched bond fund that will be
managed by IAM Asset Management SGFCI SA (IAM AM).

                           RATINGS RATIONALE

"The fund's ratings reflect the quality of the fund's investment
portfolio which will typically invest 60% in corporate bonds and
asset backed securities (ABS) from consumer loans (rated between
B3 and Ba3), local treasury bills and mutual funds.  The remainder
of the fund's assets are expected to be allocated in sovereign and
sub-sovereign bonds.  The portfolio will seek to provide a return
above the local relevant benchmark interest rate and maintain an
average maturity below one and half years.  Additionally we have
considered the asset manager's track record of adhering to the
portfolio's guidelines since Moody's started ratings its funds in
2014 " said Moody's lead analyst Carlos de Nevares.

The rating agency noted that IAM Renta Capital FCI is a new fund
with no prior track record, but is managed by an experienced
manager.  Moody's analysis was performed on a model portfolio
provided by the fund sponsor.  The rating agency expects the fund
to be managed in line with the model portfolio.  However, Moody's
noted that if the Fund's invested portfolio deviates materially
from the model portfolio, the Fund's ratings could be changed.

Industrial AM is a medium sized Argentinean fund advisor
subsidiary of Banco Industrial.  As of May 2016, Industrial AM has
total assets under management of AR$ 1.14Billion (USD76.3
million).



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


AURORA HEDGED: Commences Liquidation Proceedings
------------------------------------------------
On June 30, 2016, the sole shareholder of Aurora Hedged Equity
Offshore Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Scott Montpas
          c/o Aurora Investment Management L.L.C.
          300 N. La Salle Street
          Chicago
          Illinois 60654
          United States of America
          Telephone: +312 762 6717


COF SPV: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary meeting held on June 30, 2016, the members of
COF SPV 11/11, Ltd. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

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


ESFU DEAL: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on July 7, 2016, the members of
ESFU Deal Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


GANYMEDE INTERMEDIATE: Commences Liquidation Proceedings
--------------------------------------------------------
On June 30, 2016, the sole shareholder of Ganymede Intermediate
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


GOLUB INTERNATIONAL: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on July 7, 2016, the members of
Golub International Loan Ltd I resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


GRP NOMINEE: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on June 28, 2016, the
sole shareholder of GRP Nominee Co. resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          Brijesh Kalaria
          The Blackstone Group
          345 Park Avenue, 31st Floor
          New York
          New York 10154
          United States of America
          Telephone: +1 (212) 390 2819


LECON I SPC: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on July 7, 2016, the members of
Lecon I SPC resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


MUFU DEAL: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on July 7, 2016, the members of
Mufu Deal Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SUNSHINE SUITES: Creditors' Proofs of Debt Due Aug. 8
-----------------------------------------------------
The creditors of Sunshine Suites Ltd. are required to file their
proofs of debt by Aug. 8, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 16, 2016.

The company's liquidators are:

          Gregory H. Wray
          Robert E. Clements
          c/o Floor 4, Willow House, Cricket Square,
          P.O. Box 884 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


UC BACCHUS: Commences Liquidation Proceedings
---------------------------------------------
On June 30, 2016, the sole shareholder of UC Bacchus, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


UC STILETTO: Commences Liquidation Proceedings
----------------------------------------------
On June 30, 2016, the sole shareholder of UC Stiletto, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


UC UNIVERSE: Commences Liquidation Proceedings
----------------------------------------------
On June 30, 2016, the sole shareholder of UC Universe, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


VERTICAL NO.1: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on July 7, 2016, the members of
Vertical No.1 Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223



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


JAMAICA: BOJ Deputy Governor Resigned
-------------------------------------
RJR News reports that the Bank of Jamaica announced that Gayon
Hosin, formerly the bank's Deputy Governor for Financial
Institutions, and Supervisor of Banks, demitted office.

The Bank said that, after 21 years, Mrs. Hosin's contract was not
renewed due to a conflict of interest, according to RJR News.

In a release, the BoJ said the conflict was created recently,
after the National Commercial Bank (NCB) acquired a 29.9% stake in
Guardian Holdings, which placed Hosin in line to supervise an
institution for which her husband works, the report notes.

Her husband, Eric Hosin, is Chief Executive Officer of Guardian
Life, which is a subsidiary of Guardian Holdings, the report
relays.

Under the Banking Services Act, Guardian Holdings now falls within
the NCB Group, and therefore is now the subject of the supervisory
responsibilities assigned to Mrs. Hosin in her role at the central
bank, the report discloses.

The BoJ said it had taken steps since NCB acquired Guardian to
manage the situation, including excluding her from participating
in supervisory processes involving NCB, the report says.  Given
the systemic importance of the NCB Group, being the largest bank
in Jamaica, however, the central bank said the permanent exclusion
of Deputy Governor Hosin from the relevant supervisory processes
would significantly diminish her ability to discharge the
responsibilities of her office, the report relays.

It said that against that background, and in the absence of
opportunities for reassignment, and in the best interests of both
parties, the decision was made to ameliorate the conflict of
interest by way of non-renewal of Hosin's current contract of
employment, the report adds.

                            *     *     *

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


UC RUSAL: To Sell Alpart to Chinese Group for $299-Mil.
-------------------------------------------------------
RJR News reports that UC Rusal has signed an agreement to sell 100
per cent of the bauxite and alumina complex Alpart in Jamaica to
Chinese state industrial group, JISCO.

The cost of the transaction amounts to US$299 million, according
to RJR News.  The deal is undertaken within the program for
Rusal's assets optimization and debt ratio reduction, the report
notes.

It is also subject to approvals by the Government of Jamaica, the
report adds.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 14, 2016, RJR News reports that UC Rusal has asked lenders
to refinance some of its US$8.4 billion debt pile.  The Russian
aluminum group disclosed the move in its full-year financial
statements, according to RJR News.  This comes less than two years
after its most recent debt restructuring, the report notes.

TCRLA reported on June 24, 2015, that RJR News said Jamaica Mining
Minister Phillip Paulwell, who returned to Jamaica from his trip
to Russia, has declared that all is well with the arrangements
that have been made for full restoration of operations at the
Alumina Partners of Jamaica (Alpart) bauxite/alumina plant at Nain
in St. Elizabeth.

After being closed for six years, work resumed at the plant
earlier this year, but only in respect of mining of the ore for
shipment to Russia, in the first instance, according to RJR News.
The phased resumption plan should see the resumption of alumina
refining towards the end of 2016, the report said.

TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal
has re-ignited its war of words with the London Metal Exchange,
saying it has allowed financial speculators to distort prices.
Vladislav Soloviev, Chief Executive Officer of the heavily
indebted Russian group, said the price of aluminum traded on the
LME has been depressed by as much as 30 per cent by the actions of
money-market players, according to RJR News.

UC Rusal has been involved in a bitter legal wrangle with the LME
over plans to reform the exchange's warehousing system and
introduce rules to tackle long queues that built up in the
aftermath of the global financial crisis, the report said.



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


AEROPOSTALE INC: Seeks to Auction Assets in Bankruptcy Wind-Down
----------------------------------------------------------------
Tiffany Kary, writing for Bloomberg News, reported that teen
clothing chain Aeropostale Inc. is preparing to sell all its
assets and may bring claims against the private equity firm it
said drove it into bankruptcy.

According to the report, the New York-based company said in court
papers July 15 that "reorganization on a standalone basis is not
feasible."  Instead, it will look for a "stalking horse" to make
the lead bid at an auction next month and will pass the proceeds
of any sale to creditors, the report related.

The retailer also said it's still reviewing 11,000 pages of
documents and depositions of key individuals that senior lender
Sycamore Partners produced during a bankruptcy probe and is
evaluating whether to pursue claims against the private equity
firm and affiliates, the report further related.

Aeropostale said it will try to locate a lead bidder by Aug. 15
and hold an auction Aug. 22, if there's any indication of
competitive interest, the report added.

                       About Aeropostale, Inc.

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

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

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

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

Judge Sean H. Lane is assigned to the cases.


EFRON DORADO: Wants Plan Filing Deadline Moved to Sept. 14
----------------------------------------------------------
Efron Dorado, S.E., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to extend by 30 days from Aug. 15, 2016,
through and including Sept. 14, 2016, of the exclusive period for
Debtor to file the plan of reorganization in this case and from
Nov. 11, 2016, through Dec. 11, 2016, to seek acceptances of the
Plan.

Although substantial work has been done to accomplish the filing
of the Plan and disclosure statement, in order to present a
feasible and consensual plan of reorganization, the Court's
disposition of the following contested matters is necessary: (1)
the contested matter as to Puerto Rico Asset Portfolio 2013-1
International, LLC's proof of claim number 2 and the objection
thereto, and (2) the contested matter as to the extent of PRAPI's
alleged rights and security interest in the rental income arising
from the Shopping Center operating under the name of Paseo Del
Plata, located in Dorado, Puerto Rico, whose resolution is
necessary for a determination of the nature of the plan and
disclosure statement to be filed.

Moreover, the Debtor is in the process of evaluating various
alternatives for financing, which will provide the feasibility to
its operations and to its Plan of Reorganization.

Accordingly, the Debtor requests that the Court (a) extends each
of the Current Plan Deadline and Current Solicitation Deadline as
stated above; and (b) prohibit any party, other than Debtor, from
filing a competing plan and soliciting acceptances of any
competing plan during the Extended Plan Deadline and the Extended
Solicitation Deadline.

The Debtor believes that the request is modest in light of the
circumstances and the additional time requested.

Following the Petition Date, Debtor's management focused on
further stabilizing the Debtor's business and responding to the
time-consuming demands that inevitably accompany the commencement
of three Chapter 11 cases, including responding to inquiries and
demands from creditors, depositions, utilities and other parties
in interest.  The Debtor's management and professionals have
worked to ease the concerns of the parties.

The Debtor has worked to meet its Chapter 11 operating and
reporting requirements.  The Debtor and its advisors have also
worked with the Office of the U.S. Trustee to provide requested
information and comply with the reporting requirements under the
Bankruptcy Code and the Bankruptcy Rules.

To terminate the Exclusive Periods at this point would deny Debtor
a meaningful opportunity to negotiate with creditors and propose a
confirmable plan and thus, would be against the purpose of Chapter
11.

Termination of the Exclusive Periods at this juncture would give
rise to the concomitant threat of multiple plans and a contentious
confirmation process.  Such a process would undoubtedly lead to
needless litigation, resulting in administrative costs that would
result in diminishing the potential recovery to Debtor's creditors
and would delay Debtor's ability to confirm a plan of
reorganization in this case.

Given the potential adverse consequences for Debtor if the relief
requested herein is not granted, the requested extension of the
Exclusive Periods will not prejudice the legitimate interests of
any party in interest in this bankruptcy case.  Instead, the
extension will further Debtor's efforts to preserve value and
avoid unnecessary and wasteful litigation.

The Debtor's counsel can be reached at:

     CHARLES A. CUPRILL-HERNANDEZ
     Charles A. Cuprill, P.S.C. Law Offices
     356 Fortaleza Street, Second Floor
     San Juan, PR 00901
     Tel: (787) 977-0515
     Fax: (787) 977-0518
     E-mail: ccuprill@cuprill.com

                      About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan.
20, 2016.  The petition was signed by David Efron, partner.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as its bankruptcy counsel.

In its petition, the Debtor listed total assets of $33.2 million
and total debt of $15.2 million.  According to the schedules, the
Debtor owns the shopping mall known as Paseo Del Plata Shopping
Center located in Dorado, Puerto Rico; a parcel of land consisting
of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of
land consisting of 30 Cuerdas known as Hernandez Farm.


GOODMAN AND DOMINGUEZ: Wants Plan Filing Deadline Moved to Aug. 31
------------------------------------------------------------------
Goodman and Dominguez, et al., ask the U.S. Bankruptcy Court for
the Southern District of Florida to extend the Debtors' exclusive
right to file a plan of reorganization from Aug. 1, 2016, to and
including Aug. 31, 2016; and (b) extending the time during which
the Debtors will have the exclusive right to solicit acceptances
of the plan from Sept. 29, 2016, to and including Oct. 31, 2016.

A hearing on the Debtors' request is set for July 26, 2016.

The Official Committee of Unsecured Creditors supports the Debtors
requested extensions.

These cases are complex, involving four Debtors with operations
spanning various states in the U.S. and Puerto Rico with hundreds
of creditors and thousands of customers.  As of the Petition Date,
the Debtors also employed over 608 employees.

The Debtors submit that they are paying their postpetition
obligations in a timely fashion.  The Debtors have been managing
their business effectively and preserving the value of their
assets for the benefit of all creditors.

The Debtors continue to engage in meaningful discussions and
negotiations with their landlords regarding lease modifications
and rent reduction which will greatly enhance the Debtors
operations and reorganization efforts, and have successfully
reached agreement on a significant number of lease modifications.
The Debtors need additional time to finalize these negotiations as
part of the plan process so the relevant leases and modifications
can be assumed in conjunction with a confirmed reorganization
plan.

The Debtors and the Committee have been working consensually, and
the Debtors have been responding to various requests from the
Committee for financial information and projections that will form
the basis of the negotiations over the terms of the reorganization
plan, including the distributions to be made to the holders of
allowed unsecured claims.  The Debtors and Committee are hopeful
that detailed plan negotiations, which will start shortly, will
conclude successfully and will enable the Debtors and the
Committee to be coproponents of the reorganization plan.  It is
the goal of the Debtors and Committee to file a jointly proposed
disclosure statement and plan.

The Debtors' counsel can be reached at:

     Peter D. Russin, Esq.
     Joshua W. Dobin, Esq.
     MELAND RUSSIN & BUDWICK, P.A.
     3200 Southeast Financial Center
     200 South Biscayne Boulevard, Ste 3200
     Miami, Florida 33131
     Tel: (305) 358-6363
     Fax: (305) 358-1221
     E-mail: prussin@melandrussin.com
             jdobin@melandrussin.com

Goodman and Dominguez, Inc. -- dba Traffic, Traffic Shoe, Goodman
& Dominguez, Inc., Traffic Shoes, and Traffic Shoe, Inc. -- is a
retailer headquartered in Medley, Florida.  It operates 83 stores
in malls across nine states and Puerto Rico.  It also sells its
teen fashion products at http://www.trafficshoe.com/

Goodman and Dominguez, Inc, et al., filed Chapter 11 petitions
(Bankr. S.D. Fla. Case No. 16-10056) on Jan. 4, 2016.  Judge
Robert A Mark presides over the case.  Lawyers at Meland Russin &
Budwick, P.A., represent the Debtors.

In its petition, Goodman and Dominguez estimated $1 million to $10
million in both assets and liabilities.  The petition was signed
by David Goodman, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flsb16-10056.pdf


NORFE GROUP: Wants Plan Filing Period Extended to Sept. 14
----------------------------------------------------------
Norfe Group Corp. asks the U.S. Bankruptcy Court for the District
of Puerto Rico to extend from Aug. 15, 2016, through and including
Sept. 14, 2016, of the exclusive period for Debtor to file the
Plan of Reorganization in this case and from Nov. 11, 2016,
through Dec. 11, 2016, to seek acceptances of the Plan, without
prejudice to seek further extensions.

Although substantial work has been done to accomplish the filing
of the Plan and disclosure statement, in order to present a
feasible and consensual plan of reorganization, the Court's
disposition of the following contested matters is necessary: (1)
the contested matter as to Puerto Rico Asset Portfolio 2013-1
International, LLC's proof of claim number 5 and the objection,
and (2) the contested matter as to the extent of PRAPI's alleged
rights and security interest in the rental income arising from the
Norfe Building, located in San Juan, Puerto Rico, whose resolution
is necessary for a determination of the nature of the plan and
disclosure statement to be filed.

The Debtor is in the process of evaluating various alternatives
for financing, which will provide the feasibility to its
operations and to its Plan.

Following the Petition Date, the Debtor's management focused on
further stabilizing the Debtor's business and responding to the
time-consuming demands that inevitably accompany the commencement
of three Chapter 11 cases, including responding to inquiries and
demands from creditors, depositions, utilities and other parties
in interest.  The Debtor's management and professionals have
worked to ease the concerns of the parties.

The Debtor has worked to meet its Chapter 11 operating and
reporting requirements.  The Debtor and its advisors have also
worked with the Office of the U.S. Trustee to provide requested
information and comply with the reporting requirements under the
Bankruptcy Code and the Bankruptcy Rules.

The Debtor's counsel can be reached at:

     Charles A. Cuprill-Hernandez, Esq.
     Charles A. Cuprill, P.S.C. Law Offices
     356 Fortaleza Street, Second Floor
     San Juan, PR 00901
     Tel: (787) 977-0515
     Fax: (787) 977-0518
     E-mail: ccuprill@cuprill.com

                        About Norfe Group

Norfe Group Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-00285) in Old San Juan, Puerto Rico, on Jan.
20, 2016.  The petition was signed by David Efron, president.

The firm scheduled $17,269,436 in total assets and $31,441,591 in
total liabilities.

The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, as counsel.  CPA Luis R. Carrasquillo &
Co., P.S.C., serves as financial consultant.



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


VENEZUELA: IMF Sees Double-Digit GDP Contraction in 2016
--------------------------------------------------------
David Biller at Bloomberg News reports that Venezuela's economy
will shrink this year by the most in more than a decade as the
population struggles with food shortages and opposition to
President Nicolas Maduro gains force, according to the
International Monetary Fund.

Gross domestic product will contract 10 percent in 2016, Alejandro
Werner, the IMF's Western Hemisphere director, said in a report
released, according to Bloomberg News.  In April, the multilateral
lender forecast the economy of the oil-producing nation would
shrink 8 percent this year, Bloomberg News notes.

The IMF's new forecast is worse than all but three estimates from
15 economists surveyed by Bloomberg and comes in line with that of
the World Bank, which in June projected a 10.1 percent contraction
for Venezuela, Bloomberg News relays.

"Venezuela's economic condition continues to deteriorate, as
policy distortions and fiscal imbalances remain unaddressed,"
Werner said, adding that with consumer prices expected to increase
more than 700 percent this year, the nation has the worst
inflation and growth performance in the world, Bloomberg News
notes.

Power generation problems that forced Venezuela to shorten work
weeks to only two days intensified the economic crisis this year,
Mr. Werner told reporters in Washington, Bloomberg News discloses.

The Fund hasn't yet incorporated a similar effect in its 2017
forecast for a 4.5 percent contraction.  "There is a lot of
uncertainty to make forecasts beyond a few months in Venezuela,"
Bloomberg News quoted Mr. Werner as saying.

Venezuela, which sits on the world's largest oil reserves, has
seen its economy deteriorate as prices for the commodity dropped
and production hit a 13-year low in June, Bloomberg News relays.
Parents are struggling to feed their families and there have been
increasing protests in opposition to the government, Bloomberg
News notes.  Even some companies that stuck with Venezuela through
years of nationalizations and currency losses have begun pulling
out, Bloomberg News says.

                            Brazil Recovers

The IMF meantime boosted its outlook for Brazil, forecasting its
economy will grow 0.5 percent next year, rather than stagnate as
it previously expected, Bloomberg News discloses.  The improved
estimate follows a smaller-than-expected GDP contraction in the
first quarter that indicated Brazil's two-year recession will hit
bottom this year, Bloomberg News notes.  Still, higher
unemployment will drag on demand, according to the report,
Bloomberg News relays.

The government of Acting President Michel Temer has outlined a
strategy to curtail Brazil's unsustainable spending over the
medium term in order to gradually reduce the budget deficit, and
must focus on overcoming challenges to its implementation,
according to the report, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


VENEZUELA: Colombia to Halt Temporary Border Openings for Shoppers
------------------------------------------------------------------
voanews.com reports that Colombia wants a permanent opening of its
border with Venezuela and will not allow further temporary
crossings, the foreign minister said, after tens of thousands of
Venezuelans streamed in during the weekend to buy items scarce in
their own country.

Facing an unprecedented economic crisis, Venezuelan President
Nicolas Maduro's socialist government has allowed citizens to
cross into Colombia the past two weekends after closing the border
last year in a crackdown on smuggling, according to voanews.com.

The next border opening should be permanent, Colombian Foreign
Minister Maria Angela Holguin said, the report relays.

"We have taken the decision that there will not be another session
like the ones over the past two weekends," Ms. Holguin told
journalists, the report discloses.

"We will work for the opening, the next opening, to be
definitive," Ms. Holguin added.

With many Venezuelans traveling from afar to reach the border,
about 167,000 have taken the opportunity to shop for basics such
as toilet paper, cooking oil, flour and baby supplies in border
cities like Cucuta, the report says.

Venezuela closed the crossings along the two countries' 2,219-
kilometer (1,378-mile) land border in August 2015 in what Maduro
described as an effort to combat smuggling of subsidized
Venezuelan products to Colombia, the report notes.

Thousands of Colombians living in the neighboring country returned
home or were deported after the closings, the report discloses.

After Venezuela closed the main border crossings, critics said the
move merely damaged bilateral trade and did little to tackle
smuggling given numerous other informal routes and the complicity
of authorities in trafficking, the report notes.

The report discloses that ss shortages have grown more widespread
in Venezuela, the trafficking phenomenon has reversed, with
Venezuelans smuggling products back in from Colombia for sale at
home.

Crossing the border into Colombia, some Venezuelans chanted anti-
Maduro slogans including: "It will fall, this government will
fall!"

Opponents blame President Maduro and predecessor Hugo Chavez for
Venezuela's economic mess, saying failed socialist policies have
resulted in the recession, runaway inflation, widespread shortages
and massive shopping lines people are now suffering, the report
relays.

President Maduro, however, says the oil price fall is to blame and
alleges his government is also the victim of an "economic war" by
political foes and businessmen, stoked by the United States, the
report notes.

Complicit international media are exaggerating the nation's
problems, he said.

Venezuela's opposition coalition is seeking a recall referendum
that could oust Maduro, 53, this year, but government officials
vow that will not happen and the election board is dragging its
feet over the process, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


                            ***********


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.

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Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any comillionercial use, resale
or publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *