TCRLA_Public/160805.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

            Friday, August 5, 2016, Vol. 17, No. 154


                            Headlines



A R G E N T I N A

ARGENTINA: Macri Defends Actions, Launches Road Projects


B R A Z I L

PDG REALTY: S&P Lowers Rating to 'D' on Missed Payment
BOW TK1: Commences Liquidation Proceedings
BOW TK2: Commences Liquidation Proceedings
BOW TK3: Commences Liquidation Proceedings
FATT FUND: Creditors' Proofs of Debt Due Sept. 1

HAMAYA SUPER: Commences Liquidation Proceedings
HARDIN INDEMNITY: Placed Under Voluntary Wind-Up
HNC OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 31
HNC OPPORTUNITIES MASTER: Creditors' Proofs of Debt Due Aug. 31
KAIRIS LIMITED: Creditors' Proofs of Debt Due Sept. 1

MILLENNIUM STRATEGIC: Commences Liquidation Proceedings
MSREF VII: Commences Liquidation Proceedings
XIAN FINANCE: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: US-Mexico Experience Can be 'Replicated'


P U E R T O    R I C O

AEROPOSTALE INC: Court OKs Reduced Key Employee Retention Plan
GOODMAN AND DOMINGUEZ: Court Extends Plan Filing Date to Aug. 31
PUERTO RICO: OKs Voluntary Reduction in Working Hours
ROBERTO SEBELEN MEDINA: Unsecureds to Get De Minimis Recovery


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Trouble for Travel Companies


V E N E Z U E L A

PETROLEOS DE VENEZUELA:  Petropar Acknowledges Debt, to File Case
VENEZUELA: Money Woes Deepen


X X X X X X X X X

LATAM: ECLAC Forecasts Economic Contraction for The Caribbean


                            - - - - -



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


ARGENTINA: Macri Defends Actions, Launches Road Projects
--------------------------------------------------------
Latin American Herald reports that Argentine President Mauricio
Macri said that his public service was based on actions and ripped
those who utter "beautiful words" and ideas but disappear when the
time comes to make things happen.

"Knowing how to do politics is solving people's problems and doing
concrete things. Sometimes we say beautiful words and some people
have a magic way of saying them, but in a moment they disappear
and if things do not happen, frustration comes," Mr. Macri said,
according to Latin American Herald.

The president made these remarks at the groundbreaking ceremony
for a major highway in Buenos Aires province, one of the projects
he promised during his campaign, the report notes.

The National Highway 7 project will connect Junin with Chacabuco,
both located in Buenos Aires province, about 55 kilometers (34
miles) away, the report relays.

Buenos Aires Gov. Maria Eugenia Vidal said the road project would
be in full swing by the end of the year, the report says.

Gov. Vidal thanked President Macri for his commitment and for
keeping his promise, the report notes.

President Macri said highways were the key to economic growth,
tourism and communications, 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'.



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


PDG REALTY: S&P Lowers Rating to 'D' on Missed Payment
------------------------------------------------------
S&P Global Ratings lowered its ratings on PDG Realty S.A.
Empreendimentos e Participacoes to 'D' from 'SD'.  S&P also
lowered its national scale issue-level rating on the company's 5th
debentures to 'D' from 'brCCC'.  These rating actions reflect the
company's failure to pay principal on this debt issuance, which
was scheduled to mature on Aug. 1, 2016, and then postponed to
Sept. 1, 2016.  The '2' recovery rating on this debt issuance
remains unchanged, indicating a substantial recovery perspective
(between 70% and 90%).

The company expects to negotiate the definitive rollover of the
5th debentures issuance within the next 30 days.  S&P considers
this extension as equivalent to a distressed exchange and
tantamount to a default.  The company is currently negotiating
with most of its creditors over a significant amount of its debt.
After this missed payment, S&P believes the company will fail to
repay most of its obligations as they come due.  Therefore, S&P is
also lowering its corporate credit rating on PDG to 'D' from 'SD'.



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


BOW TK1: Commences Liquidation Proceedings
------------------------------------------
On June 29, 2016, the shareholder of BOW TK1 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:

          Stephen Nelson
          Collas Crill
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


BOW TK2: Commences Liquidation Proceedings
------------------------------------------
On June 29, 2016, the shareholder of BOW TK2 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:

          Stephen Nelson
          Collas Crill
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


BOW TK3: Commences Liquidation Proceedings
------------------------------------------
On June 29, 2016, the shareholder of BOW TK3 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:

          Stephen Nelson
          Collas Crill
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


FATT FUND: Creditors' Proofs of Debt Due Sept. 1
------------------------------------------------
The creditors of Fatt Fund Corporation are required to file their
proofs of debt by Sept. 1, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 4, 2016.

The company's liquidator is:

         J. Stower
         c/o Kim Dennison
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345-914-4442/ +1 345-949-4800
         Facsimile: +1 345-949-7164


HAMAYA SUPER: Commences Liquidation Proceedings
-----------------------------------------------
On June 29, 2016, the shareholder of Hamaya Super Holding 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:

          Stephen Nelson
          Collas Crill, Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949-4544
          Facsimile: (345) 949-8460


HARDIN INDEMNITY: Placed Under Voluntary Wind-Up
------------------------------------------------
On July 13, 2016, the shareholders of Hardin Indemnity Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


HNC OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 31
--------------------------------------------------------
The creditors of HNC Opportunities Offshore Fund, SPC are required
to file their proofs of debt by Aug. 31, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 12, 2016.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


HNC OPPORTUNITIES MASTER: Creditors' Proofs of Debt Due Aug. 31
---------------------------------------------------------------
The creditors of HNC Opportunities Master Fund, SPC are required
to file their proofs of debt by Aug. 31, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 12, 2016.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946-7665
          Facsimile: (345) 949-2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


KAIRIS LIMITED: Creditors' Proofs of Debt Due Sept. 1
-----------------------------------------------------
The creditors of Kairis Limited are required to file their proofs
of debt by Sept. 1, 2016, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 15, 2016.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


MILLENNIUM STRATEGIC: Commences Liquidation Proceedings
-------------------------------------------------------
On July 12, 2016, the sole shareholder of Millennium Strategic
Capital, 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


MSREF VII: Commences Liquidation Proceedings
--------------------------------------------
On June 29, 2016, the shareholder of MSREF VII Japan Asset IV GP
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:

          Stephen Nelson
          Collas Crill, Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


XIAN FINANCE: Commences Liquidation Proceedings
-----------------------------------------------
On June 29, 2016, the shareholder of Xian Finance Company 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:

          Stephen Nelson
          Collas Crill, Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460



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


DOMINICAN REPUBLIC: US-Mexico Experience Can be 'Replicated'
------------------------------------------------------------
Dominican Today reports that the Texas A & M International
University (TAMIU) Global Initiatives vice chancellor visited the
CODEVI textile park in Ouanaminthe (Haiti northeast) as part of an
agenda developed jointly by the US Embassy and the Quisqueya
Binational Economic Council (CEBQ).

Maria Calderon's visit aims to present good business practices and
public policies in the various forums, carried out along the
United States-Mexico border, site of the Northern Hemisphere's
first land port, according to Dominican Today.

During the tour attended by US Embassy officials, and executives
of the CEBQ and M-CODEVI Group, Calderon stressed the importance
of private investment to improve development, the report notes.

"On the United States and Mexico border, it was the private sector
which motivated the biggest change, because the political capitals
of both countries are too far from the border. I think that the
same can be replicated in the Dominican-Haitian border," the
report quoted Mr. Clderon as saying.

The expert added that education is the substantial part to start
the process, the report notes.  "The Young people have no
prejudice and are the future. We've seen it in Texas and I am
convinced that the same results will be seen here," he added.

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.



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


AEROPOSTALE INC: Court OKs Reduced Key Employee Retention Plan
--------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order approving Aeropostale's key employee retention plan. The
order states, "The Motion, insofar as it relates to the KERP, is
granted as set forth herein, and the hearing on the Motion with
respect to the KEIP is adjourned to a date to be determined.
Pursuant to an agreement with the United States Trustee for Region
2, three individuals will be removed as KERP Participants, and the
amount of the payout under the KERP for one KERP Participant will
be reduced to the amount agreed upon by the Debtors and U.S.
Trustee. Payouts under the KERP will be made no later than
September 30, 2016, 20 days later than the date originally set
forth in the Motion." As previously reported, Aeropostale's motion
KERP/KEIP explained, "Given the challenges posed by the
highly-competitive industry in which the Debtors operate, the
Debtors and FTI developed the KEIP and KERP with the goals of (i)
incentivizing the KEIP Participants to create value for the
benefit of all stakeholders, (ii) motivating and retaining the
KERP Participants throughout the Debtors' restructuring process,
and (iii) rewarding the KEIP and KERP Participants at market level
compensation."

                     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.

The U.S. trustee for Region 2 on May 11 appointed seven creditors
of Aeropostale Inc. to serve on the official committee of
unsecured creditors.  The Committee hired Pachulski Stang Ziehl &
Jones LLP as counsel.


GOODMAN AND DOMINGUEZ: Court Extends Plan Filing Date to Aug. 31
----------------------------------------------------------------
Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern
District of Florida has extended Goodman and Dominguez, Inc., et
al.'s exclusive period within which only the Debtors may file a
plan through and including Aug. 31, 2016, and the period within
which only the Debtors have exclusive right to solicit acceptances
of a plan through and including Oct. 31.

The Troubled Company Reporter has previously reported that the
Debtors seek for extension of its exclusivity periods for they are
still currently engaged in discussions and negotiations with their
landlords regarding lease modifications and rent reduction which
will greatly enhance the Debtors operations and reorganization
efforts.  The Debtors said they have successfully reached
agreement on a significant number of lease modifications.

In addition, the Debtors and the Official Committee of Unsecured
Creditors 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 -- hopeful that detailed plan negotiations, which
will start shortly, will conclude successfully and will enable the
Debtors and the Committee to be co-proponents of the
reorganization plan.

Counsel for Debtors in Possession:

       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
       Email: prussin@melandrussin.com
              jdobin@melandrussin.com

                 About Goodman and Dominguez

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


PUERTO RICO: OKs Voluntary Reduction in Working Hours
-----------------------------------------------------
philstar.com reports that Puerto Rico's governor approved a
voluntary reduction of working hours for government employees
after signing several laws to help reduce spending and generate
revenue amid a severe economic crisis.

The move follows another multimillion-dollar default this week by
the US territory, which is struggling to stay afloat as it
prepares to restructure a portion of its nearly $70 billion public
debt with help from a federal control board, according to
philstar.com.

One new law allows government agencies to reduce an employee's
workweek if they reach a voluntary agreement to do so. Public
employees would be allowed to work four days a week in exchange
for receiving only 80 percent of their salary, the report notes.

Another new law aims to boost revenue for a severely depleted
retirement system that is in danger of running out of money in
upcoming years, the report relays.  The law pushes public agencies
to prioritize revenues for the retirement system over any other
payments, expenses or disbursements. Puerto Rico has underfunded
public pension obligations by more than $40 billion, the report
says.

The measures are unlikely to have a significant impact, said
Vicente Feliciano, an economist and business consultant in San
Juan, philstar.com discloses.

"As long as the reduction in hours is voluntary, the impact is
minimum," he said. "How many people are going to favor that kind
of arrangement?"

Puerto Ricans have been hit with new taxes and ongoing increases
in utility bills amid a decade-long economic slump and an
unemployment rate that hovers at 11 percent, the report notes.
More than 200,000 have left for the US mainland in recent years in
search of jobs and a more affordable cost of living, philstar.com
relays.

The report relays that Mr. Feliciano also warned that the measure
aimed at boosting the public retirement system only postpones the
inevitable.

"Eventually, there'll be a debt restructuring and it will probably
include cuts to the current retirees," he said. "There's a
conflict between retirees and bondholders for the same pot of
money."

Earlier, Gov. Alejandro Garcia Padilla angered bondholders and
some legislators after vetoing a bill that sought to create a
special fund so the government could make minimum payments on the
island's debt, the report relays.  Gov. Garcia said the government
needs the limited liquidity it has to keep providing essential
services.

Gov. Garcia also said the US territory should allow the federal
control board to decide how much in resources should be set aside
for debt payments. Officials expect the board will be created in
upcoming months, the report notes.

Meanwhile, a rescue package signed by US President Barack Obama in
June temporarily blocks creditor lawsuits from being filed until
February 2017, the report adds.

                            *     *     *

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Justice Clarence Thomas, writing for the majority in the 5-to-2
decision, said the law was at odds with the federal bankruptcy
code, which bars states and lower units of government from
enacting their own versions of bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings has
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.
Both ratings are removed from Rating Watch. Ratings on securities
that have not defaulted will remain at 'C' until the point of
default. The ratings on non-defaulted bonds remain on Rating Watch
Negative.


ROBERTO SEBELEN MEDINA: Unsecureds to Get De Minimis Recovery
-------------------------------------------------------------
Roberto Sebelen Medina and Betsie Marie Corujo Martinez filed with
the U.S. Bankruptcy Court for the District of Puerto Rico a
disclosure statement describing their plan of reorganization.

Under the Plan, holders of Class 11 "General Unsecured Claims
will receive dividends in the total aggregate amount of $38,600 to
be distributed on a pro-rata basis through three lump sum
payments.

The Debtor estimates that the total amount of Class 11 Claims,
including the deficiency claims of secured creditors, will be
approximately $5,723,415.  Class 11 is impaired, and will be paid
as follows: (i) a first payment in the amount of $5,000 on the
Effective Date; (ii) a second payment in the amount of $23,600 two
years after the Effective Date; and (iii) a third and final
payment in the amount of $10,000 four years after the Effective
Date.

The Plan is to be funded by the $96,526 that the Debtor will
receive from amounts consigned in the Superior Court of San Juan
as per the stipulation with Banco Popular, the sale of two real
estate properties owned by Debtor within two years from the
Effective Date, and Debtor's current rental income.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/prb14-06368-283.pdf

                  About Roberto Sebelen Medina

Roberto Sebelen Medina and Betsie Marie Corujo Martinez filed for
Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No.
14-06368).  The case is assigned to Judge Brian K. Tester.



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


TRINIDAD & TOBAGO: Trouble for Travel Companies
-----------------------------------------------
Trinidad Express reports that the effects of the recession locally
and threats of terrorism globally have drastically hit the
July/August peak travelling period.

Vacationers are watching how they spend and are keeping a keener
eye on which countries they visit, travel agencies have said,
according to Trinidad Express.



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


PETROLEOS DE VENEZUELA:  Petropar Acknowledges Debt, to File Case
-----------------------------------------------------------------
EFE News reports that Petropar President Eddie Jara reiterated
that the state-run Paraguayan company acknowledges the $265
million debt demanded by Petroleos de Venezuela, or PDVSA, and
that they will take this case before the International Chamber of
Commerce in Paris, which will mediate the dispute between the two
firms.

"Petropar acknowledges the debt and is going to honor it as a
serious firm in a serious country," Mr. Jara told the media after
meeting with Paraguayan President Horacio Cartes, according to EFE
News.

Mr. Jara added that Petropar is not ruling out presenting
proposals to PDVSA regarding the way in which to make the payment
and thus to facilitate the mediation process, which could take
three years, although he said that it all depends on the state-run
Venezuelan company, the report notes.

"We're going to insist on several payment alternatives," said Mr.
Jara in an appearance at the presidential residence, the report
relays.

Mr. Jara also said that the Paraguayan firm's attorneys had
already contacted eight international law firms after eight days
of procedural activity in Madrid and Paris and that shortly it
will announce the name of the firm selected to represent Petropar
in the ICC mediation, the report notes.

"We want to demonstrate to the world that Petropar wants to honor
its debt," he emphasized.

PDVSA requested ICC mediation after in early June it gave Petropar
10 days to pay the debt or it would file suit against it, the
report relays.

The Venezuelan company is demanding $265 million plus 2 percent
annual interest.

Petropar responded that the demand was invalid given that the
energy pact between the two countries, signed in 2004, establishes
a 15-year financing period with a two-year grace period, the
report notes.

The Paraguayan company then proposed settling the matter by paying
50 percent of the debt in accord with previous examples in Uruguay
and the Dominican Republic, but that proposal failed when the
Venezuelan firm demanded full payment, the report adds.

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


VENEZUELA: Money Woes Deepen
----------------------------
RJR News reports that Venezuela is running out of money and time.
The country's central bank only has $11.9 billion in reserves,
down sharply from $30 billion in 2011, according to RJR News.

A few large debt payments are due soon. Starting in October,
Venezuela has a total of $4.7 billion in a series of payments to
be made, the report relays.

The country is in the midst of a deep economic, political and
humanitarian crisis, the report notes.

Some experts say Venezuela has prioritized paying the debt over
dealing with the shortages, 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'.



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


LATAM: ECLAC Forecasts Economic Contraction for The Caribbean
-------------------------------------------------------------
Trinidad Express reports that the United Nations' Economic
Commission for Latin America and the Caribbean (ELAC) has forecast
economic contraction for the region this year.

ECLAC said that economic activity in the region will contract -0.8
per cent this year, marking a steeper decline than in 2015 when
the decline was -0.5 per cent, according to Trinidad Express.

                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any 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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