TCRLA_Public/160727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, July 27, 2016, Vol. 17, No. 147


                            Headlines



A R G E N T I N A

ORIGENES SEGUROS: Moody's Assigns B2 IFS Rating, Outlook Stable
RIO NEGRO: Moody's Retains B3 Rating on ARS700MM Treasury Bills


B A R B A D O S

BARBADOS: To Borrow $244 Million via T&T Bank


B R A Z I L

BANCO REGIONAL: Fitch Assigns BB/AA(bra) LT Issuer Default Rating
ODEBRECHT ENGENHARIA: Fitch Cuts Issuer Default Ratings to 'B-'


C A Y M A N  I S L A N D S

ADA EMERGING: Shareholders' Final Meeting Set for Aug. 12
APTINA INC: Commences Liquidation Proceedings
ARABELLA EXPLORATION: Commences Liquidation Proceedings
ARC FUND: Shareholders' Final Meeting Set for Aug. 31
CALEDONIAN BANK: Creditors to Hold Third Meeting on Aug. 4

GSA PARTNERS: Members' Final Meeting Set for Aug. 8
GSA PARTNERS MASTER: Members' Final Meeting Set for Aug. 8
HIGH RIVER: Shareholders' Final Meeting Set for Aug. 9
INFINITY AQUARIUS: Shareholders' Final Meeting Set for Aug. 10
OC WORD: Shareholders' Final Meeting Set for Aug. 11

OI MOVEL: Placed Under Cross-Border Insolvency Regulations 2006
OI SA: Placed Under Cross-Border Insolvency Regulations 2006
TELEMAR NORTE: Placed Under Cross-Border Insolvency Regulations


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: IFC Launches 2nd Taino Bond, Raising $4-Mil.


E C U A D O R

ECUADOR: Fitch Rates US$1 Billion Bond Due 2022 'B'
ECUADOR: S&P Assigns 'B' Rating on US$1BB Sr. Notes


J A M A I C A

* JAMAICA: IMF Team Holds Productive Discussions on Modalities


M E X I C O

CEMEX SAB: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
COMISION ESTATAL: Moody's Affirms Ba2 Global Scale Rating
REYNOSA MUNICIPALITY: Moody's Lowers Rating to B1; Outlook Neg.


P U E R T O    R I C O

ASOCIACION DE PROPIETARIOS: Taps Andres Camara as Special Counsel
CANEJAS SE: Creditors to Get Full Payment Under Plan
CINEVIA CORPORATION: Wants to Use $2,350 for Monthly Expenses
FARMACIA SAN JUSTO: Hires Carrasquillo as Financial Consultant
FARMACIA SAN JUSTO: Hires Cuprill as Bankruptcy Counsel

INMOBILIARIA BAFCO: Plan Proposes to Pay Creditors in Full
LABORATORIO CLINICO: Hires Ramos Gonzalez as Attorney
SHARON TRAVEL: Taps Batista Law Group as Legal Counsel
VILLAS DEL MAR: Banco Popular Wants to Prohibit Cash Use


V E N E Z U E L A

VENEZUELA: Latin American Central Bankers to Lend $482.5 Million
VENEZUELA: Economic Woes Send a Chill Over Closest Ally Cuba


                            - - - - -


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


ORIGENES SEGUROS: Moody's Assigns B2 IFS Rating, Outlook Stable
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
assigned a global local-currency insurance financial strength
(IFS) rating of B2 and an IFS rating on Argentina's national scale
of A2.ar to Origenes Seguros S.A.  The outlook for these ratings
is stable.

                         RATINGS RATIONALE

According to Moody's, Origenes Seguros ratings reflect the
company's sustained increase in market share in group life and
credit life insurance, its product risk profile mostly composed of
granular short-term risks, and its very sound loss ratios, below
20% over the past 5 years.  Origenes Seguros is part of Grupo
Origenes, which also includes a leading annuity insurance company
that administers annuity funds in the pay-out phase for pensioners
in Argentina, which leverages the scope and brand penetration of
Origenes Seguros.  In terms of credit challenges for Origenes
Seguros, the rating agency highlighted the company's high clients'
concentration, its high underwriting expenses ratio, and low
capital regulatory solvency margins.  Among other challenges,
Moody's noted the company's high investment risk associated to
Argentina's sovereign credit profile, which is a common
characteristic to all Argentine insurers.

Commenting on the factors that could lead to a rating upgrade for
Origenes Seguros, Moody's cited: (1) a higher level of
capitalization (e.g. minimum capital regulatory surplus above
50%); (2) an improvement in underwriting results, with combined
ratios consistently below 90%; or (3) greater granularity in its
client base and an increase in its market share.  Conversely, the
company's ratings could be downgraded if the company were to
experience a decline in its capitalization ratios (e.g.
shareholder equity to assets ratio lower than 20%) and/or failing
to comply with minimum capital regulatory requirements, or as a
result of a rating downgrade of Argentina's sovereign rating, or
sustained underwriting losses with combined ratios above 103%.

Origenes Seguros is a life insurer mainly focused on providing
credit life insurance coverage to financial institutions.  In May
2016, the company changed its name from "Origenes Seguros de Vida
S.A." to its current name "Origenes Seguros S.A.", as an initial
step to start providing general insurance.  The Company is 50%
owned by CMS de Argentina --holding company with diversified
investments through direct participation in financial businesses,
insurance and fund management, as well as agricultural and real
estate ventures-- and the other 50% is owned by Grupo Dolphin,
holding company of Pampa Energia, among other subsidiaries.

Headquartered in Buenos Aires, Argentina, Origenes Seguros
reported net earnings of ARS4 million during the third quarter of
fiscal year 2015/2016 ended on March 31, 2016.  As of that date,
the company reported total assets of ARS279 million, and
shareholder equity of ARS 89 million.


RIO NEGRO: Moody's Retains B3 Rating on ARS700MM Treasury Bills
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announces
that the (P)B3 (Global Scale local currency) and Baa3.ar
(Argentina National Scale) ratings of the Province of Rio Negro's
ARS700 million Treasury Bills Program remain unchanged after the
extension of the maximum authorized amount by ARS650 million.  The
ratings are in line with the province's long-term local currency
issuer ratings, which carry stable outlook.

                       RATINGS RATIONALE

The Treasury Bills Program was originally created by Governor's
Decree N147 and authorized by Resolution N43 of the Secretary of
Finance for a maximum amount of ARS700 million which was
subsequently increased to a maximum of ARS1.350 million by Decree
N990.  The applied debt ratings reflect Moody's view that the
willingness and capacity of the Province of Rio Negro to honor
these treasury bills is in line with the provincial's long-term
credit quality as reflected in the B3/Baa3.ar issuer ratings in
local currency.

According to the term sheet reviewed by Moody's, the bills will
all be issued in local currency, will mature in up to 365 days
with bullet amortization.  Moody's originally assigned the ratings
on this program on May 4, 2016, and since then, the province
issued ARS700 million and after the issuance of the additional
authorized amount of ARS650 million

Moody's anticipates that the Province's total debt will rise to
approximately 28% of total expected revenues for 2016 fiscal year
from 26% at the end of 2015 fiscal year.  This expected increase
in the debt to total revenues ratio is still consistent with the
Province of Rio Negro current ratings.

The applied ratings are based on preliminary documentation
received by Moody's as of the rating assignment date.  Moody's
does not expect changes to the documentation reviewed over this
period or anticipates changes in the main conditions that the
bills will carry.  Should issuance conditions and/or final
documentation of any of the classes under this program deviate
from the original ones submitted and reviewed by the rating
agency, Moody's will assess the impact that these differences may
have on the ratings and act accordingly.

                WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Rio Negro.  Conversely, a downgrade in Argentina's bond ratings
and/or a material deterioration of the province's financial
results or debt levels could exert downward pressure on the
ratings assigned.



===============
B A R B A D O S
===============


BARBADOS: To Borrow $244 Million via T&T Bank
---------------------------------------------
Trinidad Express reports, citing the Barbados Parliament's
confirmation in a supplemental order paper, that the government of
Barbados received its Parliament's approval to borrow the
equivalent of $244 million (BD$73 million or US$36.5 million) from
Ansa Merchant Bank.

Barbados Finance Minister Chris Sinckler successfully "move(d) the
passing of a resolution to approve the guarantee by the Minister
of Finance of the payment of the principal and interest in respect
of the issuance of a bond in the sum of up to BB$73 million
Barbados dollars (BB$) or US dollar (US$) equivalent arranged by
Ansa Merchant Bank Ltd for the purpose of providing working
capital support to the Barbados Agricultural Management Co Ltd and
to provide funding to the company's expenses and costs relating to
the Barbados Cane Industry Support Project," the order paper
stated, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on
April 5, 2016, Moody's Investors Service downgraded Barbados'
government bond rating and issuer rating to Caa1 and changed the
outlook to stable.



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


BANCO REGIONAL: Fitch Assigns BB/AA(bra) LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Brazil's Banco
Regional de Desenvolvimento do Extremo Sul (BRDE):

-- Foreign Currency Long-Term Issuer Default Rating (IDR) 'BB',
    Outlook Negative;
-- Local Currency Long-Term IDR 'BB', Outlook Negative;
-- Short-Term Foreign Currency IDR 'B';
-- Short-Term Local Currency IDR 'B';
-- Long-Term National Rating 'AA(bra)', Outlook Stable;
-- Short-Term National Rating 'F1+(bra)';
-- Support Rating '3'.

KEY RATING DRIVERS

BRDE's ratings reflect its importance and strategic role as a
Development Bank in the southern region of Brazil. BRDE is highly
integrated and operates in line with the economic policies of its
controlling States: Parana (EPR), Santa Catarina (ESC), and Rio
Grande do Sul (ERS). The bank works mainly as a private-sector
financing bank, always with a focus on sectors of economic and
social development of the region. Fitch does not assign a
Viability Rating to BRDE, as the agency believes it is not
possible to form a truly stand-alone opinion on its
creditworthiness, given its role as a regional development bank.

Fitch said, "Our public ratings for EPR ('BB'/ Outlook Negative
/'AA(bra)'/ Outlook Stable) and ESC ('BB', Outlook Negative/
/'AA(bra)'/ Outlook Stable), as well as an internal opinion on the
creditworthiness of ERS. All these strongly influence BRDE's
ratings. Fitch believes that the probability of BRDE receiving
shareholder's support is not constrained by the relatively weaker
financial profile of ERS. This is demonstrated by the capital
injections received from ESC and EPR over the last two years and
ERS's large capital reserves in the bank. Also, the fact that the
bank does not distribute dividends and reinvests all of its
profits, as per its bylaws, reinforces our view that a capital
withdrawal would be very unlikely."

Therefore, BRDE's ratings are equalized with the ratings of EPR
and ESC, the states that account for two thirds of the bank's
capital and a slightly larger portion of its total loans. The bank
is relatively small because of the financial flexibility of its
controlling states, which reduces the cost of potential support
and increases their willingness to support the bank. BRDE's IDR
follows the Negative Outlook of EPR and ESC.

As a regional development Bank, BRDE's operations mainly cover the
territory of its controlling states and bordering states. BRDE is
one of the main onlenders of Banco Nacional de Desenvolvimento
Economico e Social's (BNDES) disbursements in the southern region.
The bank also operates with official funds from Financiadora de
Estudos e Projeto (Finep), Fundo Constitucional do Centro-Oeste
(FCO) and Caixa Economica Federal. BRDE plans to diversify its
funding through loan lines with international development
institutions.

Fitch believes that, in the same manner as other public banks,
BRDE's strategies and goals can be influenced by the different
economical environments and political guidelines of their
controlling states, in addition to possible disagreements among
those. On the other hand, the fact that BRDE has three controlling
shareholders also minimizes potential impacts, since its
operations and decisions are verified by those three state
governments.

In 2015 and first quarter 2015 (1Q16), BRDE's asset quality
indicators have remained stable, comparing favorably to peers with
similar profiles. As of March 2016, the bank's impaired loans
(those classified in the central bank's D-H range) were 4.2% (3.5%
in 2015, 4.0% in 2014 and 3.7% in 2013). Credit concentration was
moderate, with the 20 largest clients representing 24% of the
total credit in December 2015.

BRDE has a history of adequate capitalization ratios. The bank
received new capital injections of BRL400 million in 2014, which
contributed to improving its metrics. Due to its development
profile, the interest rates charged by BRDE on its credit
operations are below other financial institutions. Despite that,
the bank has been maintaining good profitability ratios (ROAA 1.4%
over the past three years), above that of their peers.

BRDE was created in 1961, following an agreement between the bank
and governors of ERS, EPR and ESC to create a council - Codesul
(Conselho de Desenvolvimento e Integracao do Sul) - to promote the
integration and the development of the country's southern region,
for which purpose BRDE has been used as a financial instrument
ever since. In 1Q16, BRDE reported BRL15.2 billion of assets, BRL
2.4 billion of equity, and BRL 59.9 million of net income.

RATING SENSITIVITIES

Changes in Support: BRDE's ratings may be downgraded if Fitch
observes changes in control of the bank, or dividend pay-out
policies, or upon potential changes in the capacity or willingness
of its controlling states (mainly ESC and EPR) to provide support
to BRDE, if necessary. Upside rating momentum would only arise
from positive rating actions in its controlling shareholders.


ODEBRECHT ENGENHARIA: Fitch Cuts Issuer Default Ratings to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded Odebrecht Engenharia e Construcao's
(OEC) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) to 'B-' from 'B+' and Long-Term National Scale Rating to
'BB-(bra)' from 'A-(bra)'. Concurrently, Fitch has downgraded to
'B-/RR4' from 'B+/RR4' approximately US$3.1 billion issuances of
Odebrecht Finance Ltd. (OFL), which OEC unconditionally and
irrevocably guarantees. The 'B-/RR4' rating of OFL's unsecured
public debt reflects average recovery prospects in the event of a
default, ranging between 31% to 50%.

KEY RATING DRIVERS

The downgrade reflects the difficulty OEC continues to face
monetizing receivables with banks and multi-lateral agencies,
which has diminished its cash position relative to historical
levels. OEC's cash position stood at BRL6 billion (US$1.9 billion)
as of March 31, 2016, which is a sharp decline from US$4.4 billion
at the end of 2014. In order to protect its liquidity, OEC has
reduced activities on projects that are facing any type of issues.

The Negative Watch incorporates the challenges imposed by the
rapid cash burn during the first quarter of 2016. The depletion of
cash also makes the company very vulnerable to fines from
Brazilian authorities and/or countries abroad.

The business outlook for OEC remains weak both in Brazil and
abroad, where large clients that rely on oil exports to fund their
infrastructure agenda, such as Venezuelan and Angolan governments,
face difficulties to maintain the same pace of works with low oil
prices. As of the end of the first quarter, the company had a
US$25 billion backlog.

OEC has a favorable debt amortization schedule. Its next bullet
maturity (BRL500 million) occurs in 2018. OEC's ability to use
clients' advances and reduce the pace of projects in case its
clients delay payments are further considered in the 'B-'.

Fitch expects an EBITDA in the range of US$ $800 million and US$
$1 billion for 2016, reflecting a leverage measured by total
adjusted debt/EBITDA over 3.5x from 2.0 in 2015. At the end of
March 2016, OEC's reported total adjusted debt of BRL 12.3 billion
(US$ $3.5 billion, with 85% composed of US$ bonds.

KEY ASSUMPTIONS

-- Backlog in Brazil declining 10% in 2016, and 2% in 2017.
    Abroad, the portfolio of contracts in US$ falls 3% in 2016,
    and recovers to a 2% growth in 2017.

-- EBITDA margins pressured, ranging between 8% and 9% in 2016,
    recovering as of 2017 to 9%.

RATING SENSITIVITIES

OEC's and OFL's ratings could be downgraded if a lenience
agreement takes a considerable time to be signed or if the company
faces investigations and material fines that demands one single
payment in other countries. If working capital needs continue to
drain cash, or the company is forced to massively slow down its
activities, ratings would likely be further downgraded.

The Rating Watch Negative will likely be removed and a Negative
Rating Outlook would likely be assigned when the company starts to
collect receivables at a faster pace.

A lenience agreement with Brazilian authorities would be positive
if accompanied by a fine payable over a number of years, as it
would reduce uncertainties linked with its capacity to replace
backlog and could enhance the company's ability to collect
receivables.

LIQUIDITY

As of March 31, 2016, OEC's cash position of BRL6.7 billion
(US$1.9 billion) covered short term debt of BRL1.1 billion (US$296
million) 6.1x. This favorably compares to the 5.5x cash coverage
ratio reported in December 2015. On top of the short term debt,
next big amortization is a BRL500 million in 2018.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

Odebrecht Engenharia e Construcao S.A. (OEC)
-- Long-Term Foreign and Local-Currency IDRs to 'B-' from 'B+';
-- National Scale Rating to 'BB-(bra)' from 'A-(bra)'.

Odebrecht Finance Limited (OFL)
-- BRL500 million senior unsecured notes due 2018 to 'B-/RR4'
    from 'B+/RR4';
-- US$500 million senior unsecured notes due 2020 to 'B-/RR4'
    from 'B+/RR4';
-- US$600 million senior unsecured noted due 2022 to 'B-/RR4'
    from 'B+/RR4';
-- US$800 million senior unsecured notes due 2023 to 'B-/RR4'
    from 'B+/RR4';
-- US$550 million senior unsecured notes due 2025 to 'B-/RR4'
    from 'B+/RR4';
-- US$500 million senior unsecured notes due 2029 to 'B-/RR4'
    from 'B+/RR4';
-- US$850 million senior unsecured notes due 2042 to 'B-/RR4'
    from 'B+/RR4';
-- US$750 million perpetual bonds to 'B-/RR4' from 'B+/RR4'.

All ratings were placed on Rating Watch Negative.



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


ADA EMERGING: Shareholders' Final Meeting Set for Aug. 12
---------------------------------------------------------
The shareholders of Ada Emerging Markets Fund, Ltd. will hold
their final meeting on Aug. 12, 2016, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes
          Sachin Shah
          c/o Jo-Anne Maher
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647


APTINA INC: Commences Liquidation Proceedings
---------------------------------------------
On July 1, 2016, the sole shareholder of Aptina, Inc. 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


ARABELLA EXPLORATION: Commences Liquidation Proceedings
-------------------------------------------------------
On July 7, 2016, the Grand Court of Cayman Islands entered an
order to liquidate the business of Arabella Exploration, Inc.

The company's liquidators are:

          Matthew Wright
          Christopher Kennedy
          RHSW Caribbean, Windward I
          Regatta Office Park
          West Bay Road
          Grand Cayman KYI-1103
          P.O. Box 897, Windward I
          Grand Cayman KYI-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


ARC FUND: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------
The shareholders of Arc Fund Ltd. will hold their final meeting on
Aug. 31, 2016, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


CALEDONIAN BANK: Creditors to Hold Third Meeting on Aug. 4
----------------------------------------------------------
The creditors of Caledonian Bank Limited will hold their third
meeting on Aug. 4, 2016, at 10:00 a.m.

The company's liquidator is:

          Claire Loebell
          c/o Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman KY1-1106
          Cayman Islands


GSA PARTNERS: Members' Final Meeting Set for Aug. 8
---------------------------------------------------
The members of GSA Partners Fund Limited will hold their final
meeting on Aug. 8, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


GSA PARTNERS MASTER: Members' Final Meeting Set for Aug. 8
----------------------------------------------------------
The members of GSA Partners Master Fund Limited will hold their
final meeting on Aug. 8, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


HIGH RIVER: Shareholders' Final Meeting Set for Aug. 9
------------------------------------------------------
The shareholders of High River Gold Mines (Russia) Ltd. will hold
their final meeting on Aug. 9, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


INFINITY AQUARIUS: Shareholders' Final Meeting Set for Aug. 10
--------------------------------------------------------------
The shareholders of Infinity Aquarius Fund will hold their final
meeting on Aug. 10, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jern Lih Fang
          c/o Infinity Partners Pte. Ltd.
          133 New Bridge Road, Chinatown Point
          #08-03, Singapore 059413


OC WORD: Shareholders' Final Meeting Set for Aug. 11
----------------------------------------------------
The shareholders of OC Word Ltd. will hold their final meeting on
Aug. 11, 2016, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Gail Steiner
         Standard General L.P.
         767 Fifth Avenue, 12th Floor
         New York
         New York 10153
         United States of America
         Telephone: +1 (212) 257 4728
         e-mail: gsteiner@standgen.com


OI MOVEL: Placed Under Cross-Border Insolvency Regulations 2006
---------------------------------------------------------------
On June 23, 2016, OI Movel S.A. commenced Brazilian restructuring
proceedings in the Bankruptcy Court of Rio de Janeiro in Brazil,
pursuant to Federal Law No. 101 and is thus recognized as a
foreign main proceedings in accordance with the UNCITRAL model Law
on Cross-Border Insolvency as set out in Schedule 1 to the Cross-
Border Insolvency Regulations 2006.

Under the proceedings, the company is subjected to:

   -- commencement or continuation of individual actions or
      individual proceedings concerning to the company's assets,
      rights, obligations or liabilities is stayed;

   -- execution against each debtor's assets is stayed; and

   -- the right to transfer, encumber or otherwise dispose the
       company's assets is suspended.

The company's foreign representative is:

          Richard Hudson
          McKinsey & Company
          1 Jermyn St.
          London SW1Y 4UH


OI SA: Placed Under Cross-Border Insolvency Regulations 2006
------------------------------------------------------------
On June 23, 2016, OI S.A. commenced Brazilian restructuring
proceedings in the Bankruptcy Court of Rio de Janeiro in Brazil,
pursuant to Federal Law No. 101 and is thus recognized as a
foreign main proceedings in accordance with the UNCITRAL model Law
on Cross-Border Insolvency as set out in Schedule 1 to the Cross-
Border Insolvency Regulations 2006.

Under the proceedings, the company is subjected to:

   -- commencement or continuation of individual actions or
      individual proceedings concerning to the company's assets,
      rights, obligations or liabilities is stayed;

   -- execution against each debtor's assets is stayed; and

   -- the right to transfer, encumber or otherwise dispose the
       company's assets is suspended.

The company's foreign representative is:

          Richard Hudson
          McKinsey & Company
          1 Jermyn St.
          London SW1Y 4UH


TELEMAR NORTE: Placed Under Cross-Border Insolvency Regulations
---------------------------------------------------------------
On June 23, 2016, Telemar Norte Leste commenced Brazilian
restructuring proceedings in the Bankruptcy Court of Rio de
Janeiro in Brazil, pursuant to Federal Law No. 101, and is thus
recognized as a foreign main proceedings in accordance with the
UNCITRAL model Law on Cross-Border Insolvency as set out in
Schedule 1 to the Cross-Border Insolvency Regulations 2006.

Under the proceedings, the company is subjected to:

   -- commencement or continuation of individual actions or
      individual proceedings concerning to the company's assets,
      rights, obligations or liabilities is stayed;

   -- execution against each debtor's assets is stayed; and

   -- the right to transfer, encumber or otherwise dispose the
       company's assets is suspended.

The company's foreign representative is:

          Richard Hudson
          McKinsey & Company
          1 Jermyn St.
          London SW1Y 4UH



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


DOMINICAN REPUBLIC: IFC Launches 2nd Taino Bond, Raising $4-Mil.
----------------------------------------------------------------
IFC, a member of the World Bank Group, issued a six-and-a-half-
year 180 million Dominican peso-denominated bond (approximately
US$4 million) to support domestic capital markets and boost
financing for micro-entrepreneurs in the Dominican Republic.  This
marks the second IFC bond issuance in the country's domestic
capital markets.

IFC will invest the bond proceeds in Banco de Ahorro y Credito
ADOPEM S.A., a leading microfinance institution in the Dominican
Republic, to expand long-term, local currency lending to micro-
entrepreneurs.

Since it was founded, Banco ADOPEM has focused on supporting the
most vulnerable sectors of society. Approximately 60% of its
customers have access to financing exclusively through Banco
ADOPEM.  92% of its customers are considered to be under the
poverty line. After two years in the organization, 35% of these
customers rise out of poverty.

"With this financing from IFC we continue to promote financial and
economic inclusion, offering services that are tailored to the
needs of our customers," said Sonia Reyes, Vice President of
Finance and Accounting at Banco ADOPEM.

IFC issued its first bond in the Dominican Republic in 2012 and
established a $100 million-equivalent bond program, which allows
IFC to regularly issue bonds in the country's capital markets.
The program was put in place with the strong support of the
country's government, regulatory authorities, and market
participants.

"One of IFC's priorities in the Dominican Republic is to support
financial inclusion and promote the development of the capital
market.  Through the Taino bond program, IFC is providing
Dominican companies with long-term financing in local currency,
and mobilizing funds to create jobs and help micro-entrepreneurs,"
said Guillermo Villanueva, IFC's Resident Representative in the
Dominican Republic.  "Efficient domestic capital markets create
alternative channels of funding for the private sector and reduce
economies' dependence on foreign debt."

IFC's objectives in the Dominican Republic are to foster financial
and economic inclusion, improve the country's competitiveness, and
promote investments in cleaner and affordable energy generation.
As of July 2016, IFC had a $298 million active investment
portfolio in the Dominican Republic, including $96 million
mobilized from partnering financial institutions.  Through its
advisory programs with the private sector and government, IFC also
supports access to finance, public- private partnerships, and
improves the investment climate for the country.

The yield on IFC's bond was 8.75%. Citinversiones de T°tulos y
Valores, S.A. (Puesto de Bolsa) acted as lead structurer on the
transaction, and together with BHD Le¢n Puesto de Bolsa, S. A.,
acted as co-placement agents for the bond.

"Issuances like the Taino Bono II favor the diversification of the
Dominican Republic's capital markets, providing investment
alternatives for domestic savings with the support of an issuer
with the strong reputation of the International Finance
Corporation," said Hamlet Hermann Morera, General Manager and
Executive Vice President of the Stock Exchange of the Dominican
Republic.

                                About IFC

IFC, a member of the World Bank Group, is the largest global
development institution focused on the private sector in emerging
markets. Working with more than 2,000 businesses worldwide, we use
our capital, expertise, and influence, to create opportunity where
it's needed most. In FY15, our long-term investments in developing
countries rose to nearly $18 billion, helping the private sector
play an essential role in the global effort to end extreme poverty
and boost shared prosperity.

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



=============
E C U A D O R
=============


ECUADOR: Fitch Rates US$1 Billion Bond Due 2022 'B'
---------------------------------------------------
Fitch Ratings has assigned a 'B' rating to Ecuador's US$1 billion
10.75% notes maturing in 2022.

The proceeds from this issuance will be used for general budgetary
financing purposes.

KEY RATING DRIVERS

The bond rating is in line with Ecuador's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'B'.

RATING SENSITIVITIES

The bond rating would be sensitive to any changes in the Ecuador's
Long-Term Foreign Currency IDR.

On Oct. 2, 2015, Fitch affirmed Ecuador's Long-Term Foreign
Currency IDR at 'B' and maintained the Stable Outlook.


ECUADOR: S&P Assigns 'B' Rating on US$1BB Sr. Notes
---------------------------------------------------
S&P Global Ratings said it assigned its 'B' issue rating on the
Republic of Ecuador's senior unsecured notes issuance of
US$1 billion.  The rating on the notes is the same as the foreign
currency sovereign credit rating on Ecuador.  The notes are due in
March 2022 and have a coupon of 10.75%.

RATINGS LIST

Republic of Ecuador
Sovereign Credit Rating
  Foreign and Local Currency         B/Stable/B

New Rating

Republic of Ecuador
Senior Unsecured
  US$1 bil. notes due March 2022     B



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


* JAMAICA: IMF Team Holds Productive Discussions on Modalities
--------------------------------------------------------------
An IMF staff team led by Mr. Nigel Chalk, Deputy Director of the
Western Hemisphere Department, and Ms. Uma Ramakrishnan, Mission
Chief for Jamaica, visited Kingston for a short staff visit. After
meeting, The Most Honourable Prime Minister Andrew Holness,
Finance Minister Shaw, Governor Wynter and other members of the
economic team, Mr. Chalk issued the following statement:

"We held productive discussions with Prime Minister Holness and
his economic team on modalities for future engagement with the IMF
when the ongoing EFF expires. It was agreed that growth and job
creation, poverty reduction and national security should be the
principal objectives of any future engagement, in the context of
continued macroeconomic discipline. Discussions will continue
during the next EFF review mission, currently scheduled for
August."

                         *     *     *

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



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


CEMEX SAB: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s (CEMEX) Long-
Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also upgraded
the company's National Scale Long-Term Rating to 'A(mex)' from 'A-
(mex)' and affirmed the company's National Scale Short-Term rating
at 'F2 (mex)'. The Rating Outlook remains Stable. A full list of
rating actions follows at the end of this press release.

Key factors supporting CEMEX's National Scale rating upgrade and
IDR affirmation include: the company's positive momentum in strong
cash flow generation, improving volumes in key markets, and
deleveraging strategy. The Stable Outlook reflects CEMEX's ability
to deleverage through a combination of organic and inorganic
strategic initiatives over the next several quarters despite
economic uncertainty in several of its main markets.

KEY RATING DRIVERS

Strong Business Position

CEMEX's 'BB-' IDRs continue to reflect its strong and diversified
business position. The company is one of the largest producers of
cement, ready-mix and aggregates in the world. CEMEX's main
geographic areas, in terms of EBITDA before intercompany
eliminations, include: Mexico (39%), Central and South America
(23%), the U.S. (19%), Europe (9%), and Asia, Middle East, and
Africa (18%). The company's product and geographic diversification
offset some of the volatility associated with the cyclical cement
industry.

Improvement in Net Leverage

Fitch projects that CEMEX will generate about US$2.7 billion of
EBITDA during 2016 and that the company's net leverage will be
around 4.6x in 2016. Fitch's projections include cash inflows from
asset sales of around US$300 million and US$500 million from the
IPO of its Philippines subsidiary during 2016. CEMEX also signed
an agreement to sell some of its assets in the U.S. for
approximately US$400 million and has targeted additional potential
asset sales which could further reduce gross debt levels.

Weak Stock Performance

The poor performance of CEMEX's stock price over the last 12
months negatively impacts the probability the company will be able
convert more than US$1 billion of debt to equity. CEMEX has US$690
million of convertible debt due in 2018 and US$521 million due in
2020. The strike prices for these conversions are US$$8.92/ADS for
the 2018 convertibles and $11.45/ADS for the 2020 convertibles,
which compares with a current stock price of US$$6.86. An improved
stock price above the company's 2018 convertibles strike price
would result in a decline in net leverage to around 3.5x by 2018,
absent additional asset sales.

FX Exposure Remains High

CEMEX's exposure to FX risks remains high as 83% of the company's
debt is denominated in US$ while approximately 24% of its EBITDA
generation is projected to be in US$ for 2016. The company's
currency mismatch was a key driver in limiting CEMEX's ability to
deleverage during the second half of 2015 due to the depreciation
of currencies like the Mexican peso and Colombian peso. Fitch
projects local currency depreciations during 2015 negatively
impacted CEMEX's net leverage ratio by approximately 0.5x.

Continued Free Cash Flow Generation

Fitch expects CEMEX's free cash flow generation to remain above
US$800 million during 2016 and 2017, which compares favourably to
free cash flow generation of US$587 million in 2015. Keys to
stronger FCF generation during 2016 include durable price
increases in key markets, continued cost reduction measures,
continued working capital improvements, lower interest expense,
and lower cash taxes. A reversal of volume growth in markets such
as the U.S., Mexico, Colombia, or Europe could offset some of the
strong positive free cash flow generation during 2017.
Growth in EBITDA Margins

CEMEX's EBITDA margins were 18.2% during 1Q16, which was a 120
basis point (bps) improvement compared to 1Q15. Fitch projects
CEMEX's EBITDA margins will remain above 19% during 2016 as
continued EBITDA growth in the U.S. coupled with continued
companywide cost reductions should result in sustained
profitability for the year.

Exposure to Cement Sector Volatility

The cyclical nature of the cement industry poses risks to CEMEX's
ability to deleverage organically over the medium term. CEMEX's
geographic diversification, integrated operations, and pricing
power in several markets are major aspects in the company's
ability to navigate swift declines in volumes in the event of an
economic downturn. Offsetting CEMEX's strong business position are
the financial risks associated with its weaker capital structures
when compared to other major cement players.

KEY ASSUMPTIONS

-- U.S. cement sales volumes increase mid-single digits in 2016;
-- Mexico cement sales volumes increase low-single digits in
    2016;
-- Consolidated sales volume growth of low-single digits in 2016;
-- EBITDA margin above 19% for 2016;
-- Capital expenditures of approximately US$650 million in 2016;
-- Positive FCF generation in 2016 and 2017.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

-- Rating downgrades are not likely during 2016 as CEMEX's credit
    protections remain consistent with the category despite
    underperformance by some key business units. CEMEX received an
    unfavorable ruling by the Spanish tax authorities during 2014
    that could result in a payment of EUR455 million. If the
    company is unsuccessful in its appeal, this fine would hinder
    its ability to deleverage and could lead to a negative rating
    action if the payment coincides with sluggishness in other key
    markets.

-- A loss of the positive momentum in the U.S. market would have
    a material impact upon the company's credit profile and could
    pressure net leverage to around 6.0x and/or gross leverage
    around 6.5x, which could result in a negative rating action.

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

-- Net leverage at or less than 4.0x or gross leverage at or less
    than 4.5x could lead to an upgrade of both the IDR and the
    company's notes to 'BB'.

-- Fitch projects that CEMEX's EBITDA in its U.S. operations will
    grow to US$650 million by 2016 from US$565 million in 2015.
    This projection incorporates an expectation that single-family
    and multi-family housing starts in the U.S. will total 1.2
    million in 2016. Growth beyond this figure would be positive
    for the company's U.S. business and would accelerate its
    deleveraging process.

-- Cement demand in Mexico has underperformed Fitch's
    expectations since 2014, and this has offset improvements in
    operating cash flow in the U.S. and in Asia. EBITDA generated
    by CEMEX in Mexico declined approximately 3% to US$966 million
    in 2015 compared to US$999 million in 2014. Fitch currently
    projects EBITDA in this market to recover to around US$985
    million in 2016 as volume recovery is expected following price
    increases during the year. EBITDA generation in Mexico beyond
    Fitch's expectations could further boost deleveraging and
    result in a positive Outlook.

LIQUIDITY

CEMEX has a manageable amortization schedule as a result of its
aggressive refinancing efforts over the past few years. The
company had US$1.3 billion of cash and marketable securities
compared to zero short-term debt as of March 31, 2016. Most of the
company's marketable securities are held in U.S. and Mexican
government bonds. Approximately 83% of CEMEX's debt is denominated
in US$ and 16% in Euros. CEMEX also had full availability under
its US$735 million committed revolving credit facility as of March
31, 2016.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

CEMEX S.A.B. de C.V.

-- Long-Term Foreign- and Local-Currency IDRs affirmed at
    'BB-';
-- Senior secured notes due 2018, 2019, 2021, 2022, 2023, 2025,
    and 2026 affirmed at 'BB-';
-- National scale Long-Term Rating upgraded to 'A(mex)' from
    'A-(mex)';
-- Senior unsecured certificates due 2017 upgraded to 'A(mex)'
    from 'A-(mex)';
-- National scale Short-Term rating affirmed at 'F2(mex)'.

In addition to the aforementioned ratings, Fitch also affirms at
'BB-' ratings on the guaranteed debt issued by:

CEMEX Materials LLC, a limited liability company incorporated in
the U.S.:

-- Senior Notes due 2025.

CEMEX Finance LLC, a limited liability company incorporated in the
U.S.:

-- Senior secured notes due 2021, 2022, and 2024.

C5 Capital (SPV) Limited, a British Virgin Island restricted
purpose company:

-- Senior secured perpetual notes.

C8 Capital (SPV) Limited, a British Virgin Island restricted
purpose company:

-- Senior secured perpetual notes.

C10 Capital (SPV) Limited, a British Virgin Island restricted
purpose company:

-- Senior secured perpetual notes.

C-10 EUR Capital (SPV) Limited, a British Virgin Island
restricted purpose company:

-- Senior secured perpetual notes.


COMISION ESTATAL: Moody's Affirms Ba2 Global Scale Rating
---------------------------------------------------------
Moody's de Mexico affirmed the Ba2 (Global Scale, local currency)
and A2.mx (Mexico National Scale) issuer ratings of Comision
Estatal de Servicios Publicos de Tijuana (CESPT).  The outlook
remains negative.

At the same time, Moody's affirmed the Ba2 (Global Scale, local
currency) and A2.mx (Mexico National Scale) debt ratings on
CESPT's MXN280 million (original face value) loan from Banorte.

                         RATINGS RATIONALE

RATIONALE FOR RATING AFFIRMATION

The affirmation of CESPT's issuer ratings reflects Moody's view
that the CESPT's intrinsic creditworthiness is unaffected by the
downgrade of its sole shareholder, the state of Baja California.

CESPT's main source of revenue is the collection of water bills in
the relatively wealthy urban areas of Tijuana and Rosarito.
Moody's considers that CESPT's capacity to collect these revenues
is not affected by the recent downgrade of the State of Baja
California.  In addition, CESPT receives a small subsidy from Baja
California to finance some of its capital expenditures, which we
believe will remain at current levels, as it does not impose undue
pressure on the finances of the state.  Moody's continues to take
into consideration a strong level of extraordinary support from
the State of Baja California to support CESPT should CESPT
experience a liquidity concern.  This is further supported by the
guarantee that the state provides on some of CESPT's debt.

CESPT's operating margin has fluctuated between -6.8% and 8.9% of
operating revenues between 2011 and 2015.  Part of the improvement
was driven by an extraordinary transfer from the state paid in
2014.  Though the result of 2015 is based on an increase in water
tariffs but also a reduction in electricity tariffs (electricity
represents around 7% of CESPT's total expenditures).  Moreover,
CESPT has traditionally presented a tight net working capital
(measured as current assets minus current liabilities) position.
Net working capital averaged -12.6% of total revenues between 2011
and 2015, a very low level.  Improvements were registered in 2014
and 2015, when net working capital represented 10.2% and 20.6% of
total revenues, respectively.  However, these improvements were
the result of a program to clear users' arrears and an
extraordinary transfer by the state in 2014 and because of the
remaining's of a loan provided by MULTIVA towards the end of 2015.
CESPT's liquidity would have remained tight, in line with
historical trends, excluding these extraordinary events.

CESPT's fundamentals have also improved over the last 5 years,
indicating solid trends of improvements.  CESPT's cash financing
result passed from -6.4% of total revenues to 12.4% between 2011
and 2015.  Debt levels have equally decreased from 92.2% to 72.3%
of total revenues over the same period, though they passed from
60.4% to 72.3% between 2014 and 2015 as a result of the
contracting of a loan with MULTIVA for an amount of MXN 230
million.

The affirmation of the rating on the MXN 280 million Banorte loan
reflects Moody's assessment that the credit quality of the cash
flows entering into the trust are directly tied to CESPT's
fundamental credit characteristics.  The affirmation of the
national scale rating at A2.mx considers the relative strengths of
the loan.

                   RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the challenges CESPT faces to
continue to post positive operating margins in the medium-term and
maintain current levels of liquidity and debt, given recent
positive outcomes have been aided by larger than normal transfer
from the state and unexpectedly low electricity prices.  Moreover
the negative outlook reflects the negative outlook of the state of
Baja California, CESPT's sole shareholder.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the negative outlook, Moody's does not expect upward
pressure in the medium term.  The outlook could be moved to stable
if, in addition to an improvement in the finances of the State of
Baja California, CESPT maintains positive operating margins, and
debt and liquidity levels stabilize.

The continuous posting of negative operating margins with an
increase in debt levels, or a further weakening of liquidity,
could exert downward pressure on the ratings.  A further downgrade
of the state will exert downward pressure on CESPT's issuer
ratings.

Given the links between the loan and the credit quality of the
obligor, an upgrade of CESPT's ratings would likely result in an
upgrade on the debt ratings for the loan.  Conversely, a downgrade
of CESPT's issuer ratings could result in a downgrade of the
ratings of the loan.  In addition, the debt ratings could face
downward pressure if debt service coverage levels fall materially
below our expectations.

The principal methodology used in these ratings was Government-
Related Issuers published in October 2014.

The period of time covered in the financial information used to
determine Comision Estatal de Servicios Pub de Tijuana's rating is
between 1/1/2011 and 12/31/2015.


REYNOSA MUNICIPALITY: Moody's Lowers Rating to B1; Outlook Neg.
---------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Reynosa to B1/Baa3.mx, from Ba2/A2.mx.  The
outlook on the ratings remains negative.

                        RATINGS RATIONALE

The ratings downgrade was mainly prompted by a sizable
deterioration in Reynosa's liquidity metrics and Moody's
expectations that pressures will continue due to high cash
financing deficits. The ratings also consider the municipality's
structural challenges in improving own source revenue collection
and in maintaining positive gross operating balances in the medium
term.

Reynosa posted a large cash financing deficit in 2015 equivalent
to -9.5% of total revenues, following an already weak -5.7%
deficit in 2014.  The deficit was mainly a result of lower
operating revenues and an increase in capital expenditures.  Given
that Reynosa has financed its deficits primarily with short term
liabilities, mainly with suppliers and borrowing under its
factoring lines of credit, the municipality saw a sizable
deterioration in its liquidity position.  Measured as net working
capital (current assets less current liabilities), this metric
deteriorated to -31.3% of total expenditures at the end of 2015,
compared to an already weak -20.4% in 2014, a level below the B-
rated peer median.

Own-source revenues were equivalent to 20.6% of total revenues in
2015 compared to 24.7% in 2014, a low level relative to peers.
The decrease mainly reflects a 30% reduction in tax collection
during 2015.  Although Reynosa cut operating expenditures and the
gross operating balance improved to 2.9% of operating revenues in
2015 (from -4.3% in 2014), the measure fell short of the 8.9%
recorded in 2013.  Moody's expects that the municipality will face
structural challenges over the next few years, including pressures
to maintain positive gross operating balances and pressures to
improve its cash financing deficits (around -7% of total revenues
in 2016 as a result of expenditure-related pressures).

Against these negatives, Reynosa consistently maintained low debt
levels compared to national peers.  Net direct and indirect debt
was equivalent to 18.2% of operating revenue at the end of 2015.
As of June 2016, the municipality had MXN 14 million outstanding
under its lines of credit.  Moody's understands that the
municipality has 2 pending monthly installments in August and
September 2016.

                RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook is driven by our expectations that Reynosa's
expenditure challenges will lead to a deterioration of its cash
financing results over the next two years derived from weaker
operating results, higher infrastructure needs, and security
related expenditures pressures.  As a result, Moody's also expects
that Reynosa's liquidity could further deteriorate in the medium
term.

               WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, a rating upgrade in the medium term is
unlikely.  A further deterioration of liquidity metrics or higher
than expected debt levels as a result of lower gross operating
balance along with higher cash financing deficits, will exert
downward pressure on the ratings.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine Reynosa, State of's rating is between 1/1/2011 and
12/31/2015.



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


ASOCIACION DE PROPIETARIOS: Taps Andres Camara as Special Counsel
-----------------------------------------------------------------
Asociacion De Propietarios Condominio Radio Centro seeks approval
from the U.S. Bankruptcy Court for the District of Puerto Rico to
hire a special counsel.

The Debtor proposes to hire Andres Ramos Camara, Esq., to file
complaints against residents who have failed to pay their
maintenance fees.  Mr. Camara will receive 33% of the amount that
will be recovered, plus reimbursement of work-related expenses.

In a court filing, Mr. Camara disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Camara maintains an office at:

     Andres Ramos Camara, Esq.
     Edif Doral Plaza, Ofic. 704
     101 Mendez Vigo St.
     Mayaguez, Puerto Rico 00680
     Phone: 787-833-4565
     Email: lcda.ram.cam@gmail.com

               About Asociacion De Propietarios

Asociacion De Propietarios Condominio Radio Centro sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 16-03291) on April 27, 2016.  The Debtor is represented
by Gloria Justiniano Irizarry, Esq., at Justiniano's Law Office.


CANEJAS SE: Creditors to Get Full Payment Under Plan
----------------------------------------------------
Canejas S.E. proposes to pay all its creditors in full, according
to a Chapter 11 plan of reorganization it filed with the U.S.
Bankruptcy Court for the District of Puerto Rico.

The restructuring plan filed on July 19 provides for a 100%
payment to all creditors of Canejas, including its general
unsecured creditors in Class 5 which, together, assert $79,590 in
claims.

The proposed plan will be funded through Canejas' assets,
surrendering to Banco Popular de Puerto Rico the "Edificio Mars"
located in Guaynabo, Puerto Rico, which guarantees its debt to the
bank.

A copy of the plan outline is available for free at:

                      https://is.gd/wWzBOZ

                       About Canejas S.E.

Canejas, S.E., a single asset real estate, filed a Chapter 11
bankruptcy petition (Bankr. D. P.R. Case No. 16-02644) on April 4,
2016.  The petition was signed by Diego Chevere as managing
partner.  The Debtor listed total assets of $11.1 million and
total debts of $8.55 million.  C. Conde & Assoc. represents the
Debtor as counsel.  Judge Mildred Caban Flores is assigned to the
case.


CINEVIA CORPORATION: Wants to Use $2,350 for Monthly Expenses
-------------------------------------------------------------
Cinevia Corporation asks the U.S. Bankruptcy Court for the
District of Puerto Rico to modify its Order prohibiting the use of
cash collateral.

The Debtor seeks to use the amount of $2,350 on a monthly basis,
to cover these monthly costs:

     (a) $650 for maintenance and cleaning of its property,
         including the building and the lot;

     (b) $500 for the preparation of Monthly Operating Reports;

     (c) $800 for handyman services; and

     (d) $400 for maintenance materials.

The Debtor tells the Court that it is only asking to use a small
amount of the cash collateral and that it will not use the
remaining cash collateral as a good will gesture towards the
settlement and fast resolution of the case.

A full-text copy of the Debtor's Motion, dated July 21, 2016, is
available at https://is.gd/d03hwR

                     About Cinevia Corporation

Cinevia Corporation filed a chapter 11 petition (Bankr. D.P.R.
Case No. 15-03407) on May 5, 2015.  The petition was signed by
Miguel Pagan, President.  The Debtor is represented by Jose M.
Prieto Carballo, Esq., at JPC Law Office.  The Debtor estimated
its assets at less than $500,000 and its liabilities at less than
$1 million at the time of the filing.


FARMACIA SAN JUSTO: Hires Carrasquillo as Financial Consultant
--------------------------------------------------------------
Farmacia San Justo, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Luis R.
Carrasquillo & Co., P.S.C. as financial consultant to the Debtor.

Farmacia San Justo requires Carrasquillo to:

-- counsel and advise the Debtor;

-- prepare a pro forma modeling;

-- assist in the financial/business;

-- prepare documentation as requested for and during the Debtor's

    Chapter 11 case, specifically as it is related to and has an
    effect on the Debtor, as well as recommendations and
    financial/business assessments regarding issues specifically
    related to the Debtor.

Carrasquillo will be paid at these hourly rates:

   Luis R. Carrasquillo, Partner                   $175

   Marcelo Gutierrez, Senior CPA                   $125

   Lionel Rodriguez Perez, Senior Accountant       $90

   Carmen Callejas Echevarria, Senior Accountant   $85

   Alfredo J. Segarra, Senior Accountant           $80

   Janet Marrero, Administrative and Support       $45

   Iris L. Franqui, Administrative and Support     $45

Carrasquillo will be paid a retainer in the amount of $7,000.

Carrasquillo will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Luis R. Carrasquillo, CPA of Luis R. Carrasquillo & Co., P.S.C.,
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.

Carrasquillo can be reached at:

     Luis R. Carrasquillo
     CPA OF LUIS R. CARRASQUILLO & CO., P.S.C.
     28th Street, #TI-26
     Turabo Gardens Avenue
     Caguas, PR 00725
     Tel: (787) 746-4555
     Fax: (787) 746-4564

                     About Farmacia San Justo

Farmacia San Justo, Inc., based in Saint Just, PR, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 16-05624) on July 14, 2016.
The Hon. Enrique S. Lamoutte Inclan presides over the case.
Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, as bankruptcy counsel.

In its petition, the Debtor estimated $0 to $1.30 million in both
assets and liabilities. The petition was signed by Hector O.
Rodriguez, president.


FARMACIA SAN JUSTO: Hires Cuprill as Bankruptcy Counsel
-------------------------------------------------------
Farmacia San Justo, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Charles A.
Cuprill, P.S.C., Law Offices, as counsel to the Debtor.

Farmacia San Justo requires Cuprill to represent or perform
services for the Debtor in the bankruptcy case and the estates.

Cuprill will be paid at these hourly rates:

     Charles A. Cuprill-Hernandez         $350
     Associates                           $275
     Paralegals                           $85

Cuprill will be paid a retainer in the amount of $10,000.

Cuprill will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Charles A. Cuprill-Hernandez, attorney and principal of Charles A.
Cuprill, P.S.C. Law Offices, 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.

Cuprill can be reached at:

     Charles A. Cuprill-Hernandez, Esq.
     CHARLES A. CUPRILL, P.S.C. LAW OFFICES
     356 Calle Fortaleza, Second Floor
     San Juan, PR 00901
     Tel: (787) 977-0515
     E-mail: cacuprill@cuprill.com

                     About Farmacia San Justo

Farmacia San Justo, Inc., based in Saint Just, PR, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 16-05624) on July 14, 2016.
The Hon. Enrique S. Lamoutte Inclan presides over the case.
Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, as bankruptcy counsel.

In its petition, the Debtor estimated $0 to $1.30 million in both
assets and liabilities. The petition was signed by Hector O.
Rodriguez, president.


INMOBILIARIA BAFCO: Plan Proposes to Pay Creditors in Full
----------------------------------------------------------
Inmobiliaria Bafco, Inc., on July 19 filed a Chapter 11 plan of
reorganization, which proposes to pay all its creditors in full.

The plan filed on July 19 with the U.S. Bankruptcy Court for the
District of Puerto Rico provides for a 100% payment to all
creditors of Inmobiliaria, including its general unsecured
creditors in Class 5, which hold $97,830 in claims.

The proposed plan will be funded through Inmobiliaria's assets,
surrendering to Banco Popular de Puerto Rico the Parkside Office
Building located in Pueblo Viejo Ward, Guaynabo, Puerto Rico.  The
property guarantees the loan, which the bank provided to the
company.

A copy of the plan outline is available for free at:

                     https://is.gd/kayuzK

                   About Inmobiliaria Bafco

Inmobiliaria Bafco, Inc., a single asset real estate, filed a
Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-02642)
on April 4, 2016.   Fernando Batlle, president, signed the
petition. The Debtor listed total assets of $13.4 million and
total debt of $12.05 million.  Judge Mildred Caban Flores is
assigned to the case.


LABORATORIO CLINICO: Hires Ramos Gonzalez as Attorney
-----------------------------------------------------
Laboratorio Clinico Camino Nuevo, Inc., seeks authorization from
the U.S. Bankruptcy Court for the District of Puerto Rico to
employ the Law Office of Francisco J. Ramos Gonzalez as attorney
for the Debtor.

The Debtor requires Ramos Gonzalez to render general counseling
services in connection with the bankruptcy petition, including but
not limited to, negotiating an out-of-court composition agreement
with its creditors or, in the alternative, to represent it as
debtor and debtor in possession should the Debtor decide to file a
petition for reorganization under the Bankruptcy Code. The firm is
to give legal advice, counsel and assistance to the Debtor in
connection with these areas and, should the Debtor file a petition
seeking relief under the provisions of the Bankruptcy Code, is to
represent the Debtor as debtor and/or debtor-in-possession in the
ensuing proceedings. The Firm may advise, assist or represent the
Debtor in any other matters upon which the Debtor and the Firm
agrees.

The Firm will be paid at these hourly rates:

     Francisco J. Ramos Gonzalez              $200
     Attorney                                 $100
     Paralegal                                $60

The Debtor has agreed to pay the Firm a retainer of $6,000.

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

Francisco J. Ramos Gonzalez of the Law Office of Francisco J.
Ramos Gonzalez, 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 Firm may be reached at:

         Francisco J. Ramos Gonzalez, Esq.
         Law Office of Francisco J. Ramos Gonzalez
         PO Box 191993
         San Juan, PR 00919-1993
         Telephone: (787)764-5134
         Facsimile: (787)758-5087

        About  Laboratorio Clinico Camino Nuevo, Inc.

Laboratorio Clinico Camino Nuevo, Inc. filed a Chapter 11
bankruptcy petition (Bankr. D. P.R. Case No. 16-04315) on May 31,
2016.  Francisco J. Ramos Gonzalez, Esq., serves as the Debtor's
bankruptcy counsel.


SHARON TRAVEL: Taps Batista Law Group as Legal Counsel
------------------------------------------------------
Sharon Travel and Tours Corp. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire The
Batista Law Group, P.S.C.

The firm will serve as the Debtors' legal counsel in connection
with its Chapter 11 case.

Jesus Batista Sanchez, the primary attorney designated to provide
the services, will be paid $225 per hour.  Meanwhile, the firm's
associates and paralegals will be paid $150 per hour and $75 per
hour, respectively.

Jesus Batista Sanchez, Esq., disclosed in a court filing that he
and his firm do not have any interest adverse to the Debtor's
estate or its creditors.

The firm can be reached through:

     Jesus E. Batista Sanchez, Esq.
     The Batista Law Group, P.S.C.
     Cond. Mid-Town Center
     420 Ave. Juan Ponce De Leon; Suite 901
     San Juan, PR 00918
     Phone: (787) 620-2856
     Fax: (787) 777-1589 & (787) 620-2854
     Email: jesus.batista@batistalawgroup.com

                 About Sharon Travel and Tours

Sharon Travel and Tours Corp. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. P.R. Case No. 16-05639) on July
14, 2016.


VILLAS DEL MAR: Banco Popular Wants to Prohibit Cash Use
--------------------------------------------------------
Banco Popular De Puerto Rico asks the U.S. Bankruptcy Court for
the District of Puerto Rico to prohibit Villas Del Mar Hau, Inc.,
from using Banco Popular's cash collateral.

The Debtor entered into various loan agreements with Banco
Popular, which are secured by, among other things, real estate
collateral which operates as a resort called Parador Villas del
Mar Hau.  The Debtor granted Banco Popular a lien over, among
other things, all of its pre-petition and post-petition rents and
revenue generated by the Real Estate Collateral.

As of the Petition Date, Banco Popular is the holder of a valid,
perfected, secured claim in the amount of $1,409,903.30.

Banco Popular tells the Court that it has engaged in good faith
efforts with the Debtor to attempt to reach an agreement pursuant
to which Banco Popular may provide its consent for the use of its
cash collateral and pave the way towards the potential
confirmation of a consensual plan.  It further tells the Court
that the Debtor has failed to provide Banco Popular with the
information that it had requested as part of these discussions and
that the parties have not been able to reach an agreement.

Banco Popular said it informed the Debtor's counsel that it does
not consent to the Debtor's continued use of cash collateral.
Banco Popular also said the Debtor has not requested an order
authorizing the use of any cash collateral and that the
Debtor has not requested or obtained Banco Popular's consent to
use any of the cash collateral.

A full-text copy of Banco Popular De Puerto Rico's Motion, dated
July 20, 2016, is available at https://is.gd/RnGkYt

Banco Popular De Puerto Rico is represented by:

          Luis C. Marini, Esq.
          Carolina Velaz-Rivero, Esq.
          O'NEILL & BORGES LLC
          250 Munoz Rivera Avenue, Suite 800
          San Juan, PR 00918-1813
          Telephone: (787) 764-8181
          Email: luis.marini@oneillborges.com
                 carolina.velaz@oneillborges.com

             About Villas Del Mar Hau, Inc.

Villas Del Mar Hau, Inc. filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No.: 15-10146) on December 22,
2015. The petition was Myrna Hau Rodriguez, president/owner.  The
Debtor is represented by Victor Gratacos Diaz, Esq., at Gratacos
Law Firm.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.  The Debtor disclosed total assets of $3.80 million and
estimated total debts of $4.46 million at the time of the filing.



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


VENEZUELA: Latin American Central Bankers to Lend $482.5 Million
----------------------------------------------------------------
Matthew Bristow at Bloomberg News reports that a fund financed by
eight Latin American central banks agreed to lend money to
Venezuela as it struggles with a balance of payments crisis that
has forced the government to slash imports of even the most
essential items.

The Latin American Reserve Fund, or FLAR, approved a three-year
loan of $482.5 million, saying this will contribute to regional
economic stability, according to a press release. FLAR's members
include Bolivia, Colombia, Venezuela, Peru, Ecuador, Uruguay,
Paraguay and Costa Rica, according to Bloomberg News.  The
decision to make the loan was unanimous.

Bloomberg News notes that the loan is too small to address
Venezuela's chronic shortage of dollars and widening balance of
payments deficit, said Siobhan Morden, head of Latin America
fixed-income strategy at Nomura Holdings Inc. Venezuela's
sovereign debt is the most expensive in the world to insure
against non-payment using credit-default swaps.  The probability
of Venezuela defaulting on debt by June 20, 2017 is 50 percent,
according to credit-default swaps traders, down from 55 percent a
month ago, Bloomberg News relays.

"It just shows that Venezuela is desperate for cash and will get
bits and pieces of creative financing where it can," Bloomberg
News quoted Mr. Morden as saying.  FLAR "provided these funds
under very precarious legal conditions," Mr. Morden added.

Venezuela's central bank told the FLAR board that the country's
Supreme Court had approved its right to borrow funds from the
organization, the statement said, Bloomberg News notes.
Opposition lawmakers in Venezuela have challenged the ruling,
saying the bank needs congressional approval, Bloomberg News says.

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: Economic Woes Send a Chill Over Closest Ally Cuba
------------------------------------------------------------
Marc Frank at The Financial Times report that the crisis in
Venezuela has spread to its closest ally Cuba, with Havana warning
of power rationing and other shortages that some fear could mark a
return to the economic austerity that traumatized the island
nation after the collapse of the Soviet Union.

Only a year after the euphoria that followed the re-establishment
of diplomatic relations with the US, hopes of an economic rebound
in Cuba have faded and an undercurrent of concern and frustration
is evident on the streets of the capital, according to The
Financial Times.

"Just when we thought we were going forward, everything is
slipping away again," says Havana retiree Miriam Calabasa. "I am
worried people are going to decide enough is enough: then what?"

Government offices now close early, with open windows and whirring
fans in lieu of air-conditioners, the report notes.  Already scant
public lighting has been reduced further, and traffic in Havana
and other cities is down noticeably, the report says.

"Nothing will get better any time soon; it can only get worse,"
worries Ignacio Perez, a mechanic, the report relays.  "The roads
won't be paved, schools painted, the rubbish picked up, public
transportation improved, and on and on," Mr. Perez said.

President Raul Castro outlined the scale of the problem this
month, telling the National Assembly that "all but essential
spending" must cease, the report says.  He blamed "limits facing
some of our principal commercial partners due to the fall in oil
prices . . . . and a certain contraction in the supply of oil
contracted with Venezuela," the report notes.

Fuel consumption has been cut 28 per cent between now and
December, electricity by a similar amount and imports by 15 per
cent, or $2.5 billion, in a centralized economy where 17 cents of
every dollar of economic output consists of imports, the report
discloses.

Venezuela has for 15 years supplied unspecified amounts of cash
and about 90,000 barrels per day of oil -- half of Cuba's energy
needs, the report discloses.  Havana in return sold medical and
other professional services to Caracas, the report relays.
Venezuelan aid helped to lift Cuba out of an economic black hole
after Soviet subsidies ended in 1991, the report notes.

But crippling shortages, rampant inflation and an economy that is
expected to shrink 10 per cent this year have forced Venezuela's
president Nicolas Maduro to cut back, the report relays.
According to internal data from state oil company PDVSA seen by
Reuters, oil deliveries to Cuba are down a fifth on last year, the
report notes.

"Under current conditions, [Cuban] gross domestic product will dip
into negative territory this year and decline 2.9 per cent in
2017," says Pavel Vidal, a former Cuban central bank employee who
is now a professor at Colombia's Pontificia Universidad Javeriana
Cali, the report notes.  "If relations with Venezuela fall apart
completely, GDP could decline 10 per cent," Mr. Vidal added.

Although Venezuelan aid is a fraction of Soviet help, mention of
the "special period" that followed the fall of the Berlin Wall
provokes traumatic memories in Cuba, with many remembering
shortages so severe they ate street cats, the report relays.
Karina Marron, deputy director of the official Granma newspaper,
this month warned of possible street protests similar to 1994, the
report notes.

"A perfect storm is brewing . . .this phenomenon of a cut in fuel, a
cut in energy," Ms. Marron told the Union of Cuban Journalists.
"This country can't withstand another '93, another '94," the
report says.

So-called rapid response brigades, formed in the 1990s to quell
social unrest, are back on alert, according to one brigade member
who asked not to be named, the report discloses.

For Mr. Castro, the slowdown is a serious blow to the limited
market-orientated reforms begun under his leadership, especially
the long-planned liberalization of the peso, which requires a
comfortable foreign reserve cushion, the report relays.

But foreign businesses hope it may speed economic opening.
"Venezuela's problems increase the chance of Cuban reforms. This
government only acts when it has to," says one Spanish investor on
the island, the report relays.

One complication lies in how the government apportions resources.

Cuba relies heavily on tourists, most of whom expect hotels with
electricity and air-conditioning, the report notes.  Meanwhile,
some 500,000 people, or 10 per cent of Cuba's workforce, are
employed at restaurants, lodging houses and other recently allowed
private businesses which need power to ply their trade, the report
says.

Mr. Castro insists residential users will be spared power cuts,
for now, while Marino Murillo, who heads the reform commission of
the ruling Communist party, says hard currency earning sectors
such as tourism and nickel would be spared, the report notes.

Another problem is that the other countries Cuba exports medical
services to, such as Algeria, Angola and Brazil, are also expected
to reduce spending, the report relays.  In 2014, medical services
earned Cuba about $8 billion, or 40 per cent of exports.

"We cannot deny there will be some impact, including worse than
currently, but we are prepared," Mr. Castro has said, the report
notes.

Analysts suggest Mr. Castro's warning may in part serve to deflate
expectations following the easing of US sanctions. Certainly, a
full return to special period-style austerity looks unlikely as
Cuba has more diversified income streams, from increased
remittances, medical services, tourism to a nascent private
sector, the report discloses.

However, "a majority [in Cuba] are still very dependent on state
salaries that are now worth a third of what they were in 1989 in
real terms", said Prof Vidal. "[They] are in a situation of
extreme vulnerability," 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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                            ***********


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.


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