TCRLA_Public/160809.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

            Tuesday, August 9, 2016, Vol. 17, No. 156


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): S&P Affirms Then Withdraws 'D' Ratings


B R A Z I L

BR PROPERTIES: S&P Affirms 'BB-' CCR, Outlook Remains Stable
CAIXA ECONOMICA: S&P Affirms 'BB/B' FC & LC Ratings, Outlook Neg.
PETROLEO BRASILEIRO: Fitch Retains 'BB' Issuer Default Ratings


C A Y M A N  I S L A N D S

A.P. OPPORTUNITIES: Creditors' Proofs of Debt Due Sept. 1
BG MALAYSIA: Creditors' Proofs of Debt Due Aug. 22
GIA ABSOLUTE: Creditors' Proofs of Debt Due Aug. 17
GLOBALCOM: Creditors' Proofs of Debt Due Aug. 24
JUNIPER NETWORKS: Creditors' Proofs of Debt Due Sept. 1

NEZU KT: Placed Under Voluntary Wind-Up
NEZU KUMA: Placed Under Voluntary Wind-Up
PELORUS MARITIME: Creditors' Proofs of Debt Due Aug. 22
PPE HOLDINGS: Creditors' Proofs of Debt Due Sept. 1
RICH SOURCE: Creditors' Proofs of Debt Due Aug. 15

TAF MERCURY: Creditors' Proofs of Debt Due Aug. 31
TITAN I G: Creditors' Proofs of Debt Due Aug. 24
TREMONT MARKET: Creditors' Proofs of Debt Due Sept. 1


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Talks Leading to Electricity Pact Resume


J A M A I C A

* JAMAICA: IDB to Cut Difficulty of Doing Business in Country


P U E R T O    R I C O

AEROPOSTALE INC: Plan Confirmation Hearing on Aug. 24
CUPEYVILLE SCHOOL: Unsecureds to Recoup 5% Under Plan


V E N E Z U E L A

AEROMEXICO: Workers Trafficking Charges
TELEFONICA SA: Opens Rate Talks in Venezuela After Maduro's Threat


X X X X X X X X X

* LATAM: Structural Reforms Can Catalyze Growth, IMF Says


                            - - - - -


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): S&P Affirms Then Withdraws 'D' Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'D' corporate credit and issue-
level ratings on South American shipping company Ultrapetrol
(Bahamas) Ltd.  S&P subsequently withdrew the ratings at the
company's request.  At the time of the withdrawal, the company was
still negotiating with its debtholders to reach a definitive
agreement on debt restructuring.



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


BR PROPERTIES: S&P Affirms 'BB-' CCR, Outlook Remains Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale and 'brA'
national scale corporate credit ratings on BR Properties S.A.  S&P
also affirmed the 'brA+' senior secured and 'brA' senior unsecured
issue-level ratings.  The outlook remains stable.

The ratings affirmation and stable outlook reflect S&P's view that
BR Properties will improve its credit metrics by 2017 on the back
of higher occupancy and lower interest rates.  Expected
improvements in macroeconomic conditions in Brazil during 2017
would also allow BR Properties to keep its EBITDA margins above
80%, thanks to its high quality portfolio, despite its reduced
size.

The stable outlook reflects S&P's expectation that a still
uncertain macroeconomic scenario and high interest rates will
continue to pressure company's EBITDA interest coverage and FFO to
debt in the short term, despite the recent debt reductions.
Nevertheless, economic recovery from 2017 on should result in
increasing cash flow generation leading to stronger credit
metrics.

S&P could lower the ratings in the next 12 months if it sees
persistent pressures on its EBITDA margin and cash flow
generation, either due to higher vacancy rates, reduced pricing
power, and/or tightening financial flexibility.  In that scenario,
BR Properties' EBITDA interest coverage would drop below 1.3x,
which may be accompanied by persistent deficits in operating cash
flow.  S&P could also downgrade the company if liquidity weakens
under a more aggressive financial policy through dividend
distributions or acquisitions.


CAIXA ECONOMICA: S&P Affirms 'BB/B' FC & LC Ratings, Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' foreign currency and local
currency ratings on Caixa Economica Federal.  At the same time,
S&P affirmed its 'brAA-/brA-1' national scale ratings on the bank.
The negative outlook is based on S&P's outlook on Brazil, and S&P
expects the ratings on the bank to move in tandem with those on
the sovereign.  The bank's stand-alone credit profile (SACP) is
'bb'.

The global scale foreign and local currency ratings on Caixa are
the same as the sovereign ratings on Brazil and reflects S&P's
view of an almost certain likelihood of extraordinary government
support if needed.  Though the SACP has no impact on the issuer
credit rating because of the almost certain likelihood of
government support, S&P believes that one-the bank has an adequate
business position, weak capital and earnings, moderate risk
position, above average funding and strong liquidity, leading to
an SACP of 'bb'.

The negative outlook reflects S&P's view that its ratings on Caixa
should move in tandem with the sovereign, and there is a greater
than one-in-three likelihood that S&P could lower the ratings on
Brazil again.

S&P anticipates that within the next year a downgrade could stem,
in particular, from potential key policy reversals given the fluid
political dynamics in Brazil, including lack of cohesion within
the cabinet, inconsistent policy initiatives, and uncertainties
during or following the impeachment process.  A downgrade could
also result from greater economic turmoil than S&P currently
expects either due to governability issues or the weakened
external environment.

S&P could revise the outlook to stable, and the ratings could
stabilize, if Brazil's political uncertainties and conditions for
consistent policy execution were to improve across branches of
government, stanching fiscal deterioration and strengthening GDP
growth prospects.  S&P expects that these improvements would
support a quicker turnaround and could help Brazil exit from the
current recession, facilitating improved fiscal performance and
providing more room to maneuver in the face of economic shocks


PETROLEO BRASILEIRO: Fitch Retains 'BB' Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has withdrawn its 'AA+(bra)' rating on Petroleo
Brasileiro S.A.'s debenture issuance of up to BRL3 billion.

The withdrawal of the rating follows Petrobras' cancelation of the
issuance. As there is no set time frame for resuming the issuance
process, no rating is required at this time.

FULL LIST OF RATING ACTIONS

Fitch currently rates Petrobras as follows:

Petroleo Brasileiro S.A.

   -- Long-Term Foreign-Currency IDR 'BB'; Outlook Negative;
   -- Long-Term Local-Currency IDR 'BB'; Outlook Negative.

Petrobras International Finance Company (PIFCO)

   -- International debt issuances 'BB'.

Petrobras Global Finance B.V. (PGF)

   -- International debt issuances 'BB'.

Petrobras Argentina S.A.

   -- International debt issuances 'BB'.



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


A.P. OPPORTUNITIES: Creditors' Proofs of Debt Due Sept. 1
---------------------------------------------------------
The creditors of A.P. Opportunities Fund, Ltd. 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 June 14, 2016.

The company's liquidator is:

          Norman Chan
          DMS Corporate Services Ltd.
          P.O. Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


BG MALAYSIA: Creditors' Proofs of Debt Due Aug. 22
--------------------------------------------------
The creditors of BG Malaysia SA are required to file their proofs
of debt by Aug. 22, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 14, 2016.

The company's liquidator is:

          Hugh Dickson
          c/o Prudence Pryce
          10 Market Street #765, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 769 7207
          Facsimile: (345) 949 7120


GIA ABSOLUTE: Creditors' Proofs of Debt Due Aug. 17
---------------------------------------------------
The creditors of Gia Absolute Return Fund are required to file
their proofs of debt by Aug. 17, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 30, 2016.

The company's liquidator is:

          Andre Slabbert
          c/o James Macfee
          Estera Trust (Cayman) Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 814 4900


GLOBALCOM: Creditors' Proofs of Debt Due Aug. 24
------------------------------------------------
The creditors of Globalcom are required to file their proofs of
debt by Aug. 24, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 27, 2016.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


JUNIPER NETWORKS: Creditors' Proofs of Debt Due Sept. 1
-------------------------------------------------------
The creditors of Juniper Networks Holdings (Ireland) 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 21, 2016.

The company's liquidator is:

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


NEZU KT: Placed Under Voluntary Wind-Up
---------------------------------------
On July 20, 2016, the sole shareholder of Nezu KT Fund Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Richard Kincaid
          c/o Richard Bennett
          Ogier
          Central Tower, 11th Floor
          28 Queen's Road Central
          Hong Kong
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


NEZU KUMA: Placed Under Voluntary Wind-Up
-----------------------------------------
On July 20, 2016, the sole shareholder of Nezu Kuma Fund Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Richard Kincaid
          c/o Richard Bennett
          Ogier
          Central Tower, 11th Floor
          28 Queen's Road Central
          Hong Kong
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


PELORUS MARITIME: Creditors' Proofs of Debt Due Aug. 22
-------------------------------------------------------
The creditors of Pelorus Maritime Ltd. are required to file their
proofs of debt by Aug. 22, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 19, 2016.

The company's liquidator is:

          Guy Neivens

          P.O. Box 33639 United Arab Emirates
          Abu Dhabi
          Telephone: +971 2551 1336
          Facsimile: +971 2551 1556


PPE HOLDINGS: Creditors' Proofs of Debt Due Sept. 1
---------------------------------------------------
The creditors of PPE Holdings Ltd. 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 21, 2016.

The company's liquidator is:

          Norman Chan
          DMS Corporate Services Ltd.
          dms House 20 Genesis Close
          George Town
          P.O. Box 1344 KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


RICH SOURCE: Creditors' Proofs of Debt Due Aug. 15
--------------------------------------------------
The creditors of Rich Source International Energy Co. Ltd. are
required to file their proofs of debt by Aug. 15, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 15, 2016.

The company's liquidator is:

          Zhai Wangtong
          A-222, Hui ZhongLi
          Chaoyang District
          Beijing, China
          Telephone: +86 10 64815885 598
          Facsimile: +86 10 64815889


TAF MERCURY: Creditors' Proofs of Debt Due Aug. 31
--------------------------------------------------
The creditors of TAF Mercury Lease Limited 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 22, 2016.

The company's liquidator is:

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


TITAN I G: Creditors' Proofs of Debt Due Aug. 24
------------------------------------------------
The creditors of Titan I G are required to file their proofs of
debt by Aug. 24, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 27, 2016.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


TREMONT MARKET: Creditors' Proofs of Debt Due Sept. 1
-----------------------------------------------------
The creditors of Tremont Market Neutral Fund 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 liquidation proceedings on July 22, 2016.

The company's liquidator is:

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



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


* DOMINICAN REPUBLIC: Talks Leading to Electricity Pact Resume
--------------------------------------------------------------
Dominican Today reports that the Economic and Social Council
resumed the fourth and what could be the last phase leading to the
Electricity Pact of The Dominican Republic when the meetings
resume Thursday.

The meetings between the government of The Dominican Republic, the
social and the business sectors will resume with the presentation
of the preliminary version of the first part of the synthesis
document of consensus and dissent, according to Dominican Today.

The decision was announced at a meeting held in PUCMM University,
headed by CES president monsignor Agripino Nunez, Energy and Mines
minister Antonio Isa, whereas Felix Roque and Rolando Guzman
represent the social sector, the report notes.  National Business
Council (CONEP) president Rafael Blanco and Herrera Industrial
Association president Antonio Taveras represent the business
sector, the report relays.

The talks to strike the Electricity Pact began January 19, 2015,
seeking to unify the proposals from the public and private sectors
linked to electricity generation and distribution, with the
consensus of civil society, the report discloses.

Six workgroups were created to analyze proposals on the
institutional and regulatory framework, generation, transmission,
distribution, financial and tariff issues and consumer-users, the
report notes.

Its goal is to solve the crisis that has hobbled Dominican
Republic's electricity sector for more than half a century, the
report adds.

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.



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


* JAMAICA: IDB to Cut Difficulty of Doing Business in Country
-------------------------------------------------------------
Caribbean360.com reports that the Jamaica government has received
a US$100 million loan from the Inter-American Development Bank
(IDB) to increase access to financing for firms and individuals as
well as improving the regulation and supervision of the country's
financial system.

Dubbed the 'Financial System Reform Support Program', the
initiative seeks to promote private investment and reduce the cost
of, and the perceived level of difficulty in, doing business in
Jamaica, according to Caribbean360.com.

Minister of State in the Ministry of Finance Fayval Williams said
the Government anticipates a positive impact on the country's
Gross Domestic Product (GDP) and economic growth that will be
spurred by the reform measures that are being undertaken, the
report notes.

"The Government appreciates the contribution of the IDB to
financial sector reform in Jamaica and looks forward to continued
collaboration with the Bank in support of the Government's overall
objectives as outlined in the Vision 2030 National Development
Plan," the report quoted Ms. Williams as saying.

Ms. Williams said economic growth remains a priority for the
Government, adding that the initiative will also help firms and
individuals develop their productive potential, the report notes.

"Although the implementation of reforms under the Extended Fund
Facility with the International Monetary Fund has led to an
increase in gross domestic product as well as an increase in
Jamaica's credit rating, high sustained economic growth remains a
challenge for Jamaica," Ms. Williams said, the report relays.

Meanwhile, General Manager, Country Department, Caribbean Group,
Inter-American Development Bank, Therese Turner-Jones, said the
initiative will "shore-up" the environment for a more robust
financial sector and access to financing, the report notes.

Ms. Williams said the money will be disbursed in about a week's
time, allowing more citizens to have access to the financial
sector, the report relays.

The program consists of four components, including macroeconomic
stability; strengthening financial sector stability; enhancing
financial inclusion of firms and individuals; and improving the
financial legal framework, the report notes.

It is expected that more effective regulation and supervision of
the financial sector will improve its development and stability,
and reduce the cost of participation in the sector, while
improving efficiency by lowering operational costs. These combined
actions will provide a more solid foundation for economic growth,
the IDB says, the report discloses.

The Financial System Reform Support Program is being executed
under two consecutive programmatic operations, with the policy
conditions under the first operation having been successfully
fulfilled, the report relays.

The Ministry of Finance and the Public Service is the implementing
agency for the initiative, the report adds.

                           *     *     *

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



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


AEROPOSTALE INC: Plan Confirmation Hearing on Aug. 24
-----------------------------------------------------
Aeropostale, Inc., et al., on Aug. 24, 2016, will seek
confirmation from Judge Sean H. Lane of a Chapter 11 plan that
provides that proceeds from the sale transaction will be
distributed to holders of claims and interests in accordance with
their relative priority as set forth in the Bankruptcy Code.

According to the Second Amended Disclosure Statement for the
Amended Joint Plan of Reorganization, the projected recovery for
holders of $110 million to $340 million in general unsecured
claims is "unknown", as the distribution to unsecured creditors is
dependent on the amount of proceeds received from the sale
transactions entered into by the Debtors in accordance with the
Plan.

The Plan provides for the sale of substantially all of the
Debtors' assets pursuant to the terms of one or more asset
purchase agreements submitted at or prior to the bid deadline and
subsequently determined by the Debtors pursuant to the Bid
Procedures to be the highest or otherwise best offer for such
assets, subject to Bankruptcy Court approval of the Debtors' entry
into an alternative transaction with a potential plan sponsor in
connection with the auction.  The Debtors will be considering any
and all types of bids including going concern and GOB or
liquidation offers.

The proceeds from the Sale Transaction will be used in the first
instance to satisfy all DIP Claims, consistent with the Final DIP
Order, and then, to the extent available, to fund the ongoing
wind-down costs of the Chapter 11 cases and distributions under
the Plan.  The Debtors have certain unencumbered assets including
the proceeds of any avoidance actions, intercompany receivables
from Aeropostale Canada Corporation and Aeropostale Puerto Rico,
Inc., and recoveries from certain other litigations of which the
Debtors are potential beneficiaries.  The Debtors estimate that
the current value of their unencumbered assets is approximately
$11 million, although it could be higher depending on the
recoveries from any causes of action, including avoidance actions.
The Debtors estimate that the ongoing wind-down costs of the
Chapter 11 cases will range from $10 million to $25 million
depending on the exact nature of the sale transaction.

The Debtors will seek confirmation of the Plan and pursue a sale
transaction in accordance with this timeline:

   * Deadline to file proposed Cure Costs: Aug. 1, 2016

   * Deadline to file Plan Supplement: Aug. 9, 2016

   * Deadline to file and serve notice regarding sale process
     status update: Aug. 11, 2016

   * Deadline to file and serve any objection or response to the
     Plan: Aug. 12, 2016 at 12:00 p.m. (prevailing Eastern Time)

   * Deadline to object to proposed Cure Costs: Aug. 12, 2016 at
     12:00 p.m. (prevailing Eastern Time)

   * Potential Bidders to submit adequate assurance
     information: Aug. 15, 2016

   * Deadline to submit bids in connection with the Sale
     Transaction: Aug. 18, 2016 at 5:00 p.m. (prevailing Eastern
     Time)

   * Deadline to notify Qualified Bidders: Aug. 19, 2016 at 5:00
     p.m. (prevailing Eastern Time)

   * Scheduled date and time for the auction, if necessary, in
     connection with the Sale Transaction: Aug. 22, 2016 at 9:00
     a.m. (prevailing Eastern Time)

   * Deadline to file and serve second notice regarding sale
     process status update: Aug. 22, 2016 at 6:00 p.m. (prevailing
     Eastern Time)

   * Voting Deadline: Aug. 22, 2016 at 11:59 p.m. (prevailing
     Eastern Time)

   * Deadline to object to proposed assumption and assignment of
     executory contracts or unexpired leases: Aug. 23, 2016 at
     12:00 p.m. (prevailing Eastern Time)

   * Scheduled date and time for the commencement of the hearing
     to consider confirmation of the Plan including the approval
     of the Sale Transaction: Aug. 24, 2016 at 11:00 a.m.
     (prevailing Eastern Time)

A copy of the Second Amended Disclosure Statement for Amended
Joint Plan of Reorganization is available at:

    http://bankrupt.com/misc/Aeropostale_526_2nd_Am_DS.pdf

                     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, 2016, 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.

                           *     *     *

The Bankruptcy Court entered an order establishing (i) July 25,
2016 at 5:00 p.m. (Eastern Time) as the deadline for each person
or entity, not including governmental units to file proofs of
claim in respect of any prepetition claims against any of the
Debtors, and (ii) Oct. 31, 2016 at 5:00 p.m. (Eastern Time) as the
deadline for governmental units to file proofs of claim in respect
of any prepetition claims against any of the Debtors.


CUPEYVILLE SCHOOL: Unsecureds to Recoup 5% Under Plan
-----------------------------------------------------
Cupeyville School, Inc., filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a disclosure statement describing the
Debtor's Chapter 11 plan.

Class 4 - General Unsecured Claims, estimated at $2,335,730.26,
are impaired.  Holders of allowed General Unsecured Claims
(excluding those from Debtor's Shareholders), of $75,000 or less,
will be paid in full satisfaction of their claims 5% thereof, in
cash, on the Effective Date.  The Holders of Allowed General
Unsecured Claims over $75,000, will be paid in full satisfaction
of their claims 5% thereof through 60 equal consecutive monthly
installments of $1,324.37, commencing on the Effective Date of
Debtor's Plan and continuing on the 30th day of the subsequent 59
months.

The Debtor will effect payments of pending administrative expense
claims on or before the Effective Date from the estimated cash
balance in its DIP accounts, as of the Effective Date.  Banco
Popular de Puerto Rico's secured claims, will be paid in full
(100%), in cash, pursuant to the agreement.

Toyota's secured claim, executory contracts cure claims, General
Unsecured Claims, as well as priority tax Claims, will be paid
through the payment plans from the cash resulting from Debtor's
operations.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/prb15-09822-76.pdf

The Plan was filed by the Debtor's counsel:

     Alexis Fuentes-Hernandez, Esq.
     Fuentes Law Offices
     P.O. Box 9022726
     San Juan, PR 00902-2726
     Tel: (787) 722-5215
     Fax: (787) 722-5206
     E-mail: alex@fuentes-law.com

                     About Cupeyville School

Cupeyville School, Inc., is a private, non-sectarian,
co-educational college preparatory institution, located at Cupey
Bajo, Ra-o Piedras, Puerto Rico.  It serves a predominantly
Hispanic population offering a learning program for students in
grades from Pre Pre-Kinder through 12th grade.  It was organized
in 1963, responding to the needs of a growing suburban community
interested in a bilingual/co-educational learning program.  It is
accredited by the Middle States Association, the Department of
Education of Puerto Rico, and recognized as a School of Excellence
by the U.S. Department of Education, Blue Ribbon School of
Excellence.  It is the only accredited school in Puerto Rico in
hands of a Puerto Rican family.  It is ranked by the Caribbean
Business as fifth of the 28 Largest Private Schools in Puerto Rico
(2013-2014).

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 15-09822) on Dec. 12, 2015.  The petition was signed
by Ricardo Gonzalez, president.

The case is assigned to Judge Mildred Caban Flores.

At the time of the filing, the Debtor disclosed $7.01 million in
assets and $7.25 million in liabilities.



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


AEROMEXICO: Workers Trafficking Charges
---------------------------------------
Fox News reports that Venezuelan officials have charged a security
official for the Mexican airline Aeromexico and four members of
the Venezuelan national guard with conspiring to traffic cocaine.

The public prosecutor's office says it has also filed charges
against 11 other people in connection with the discovery of 600
kilograms (1,300 pounds) of cocaine at the Mexico City
international airport in June, according to Fox News.  The cocaine
was found distributed among eight suitcases on a plane originating
in Venezuela, the report notes.

The prosecutor's office said Saturday that the Aeromexico security
official and the other 15 suspects are all under arrest, the
report relays.

In June, Aeromexico became the latest airline to indefinitely
suspend flights to Venezuela, citing the South American nation's
economic problems, the report adds.


TELEFONICA SA: Opens Rate Talks in Venezuela After Maduro's Threat
------------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Telefonica SA is
holding talks with the Venezuelan government to adjust phone-
service rates after President Nicolas Maduro blocked an attempt to
increase prices and said the state was open to taking over
carriers if necessary.

The company is in "talks with the authorities to define new
prices," according to a statement on its Venezuelan website,
according to Bloomberg News.  The Madrid-based company also plans
to reimburse customers who already paid bills after a July price
increase, which was later overturned by the government, Bloomberg
News notes.

As Venezuela struggles with the world's fastest inflation,
Telefonica and rivals had raised prices to stay afloat and be able
to pay interconnection fees for international data and call
traffic, Bloomberg News relays.

Nobody can "set prices just like that," Maduro said Aug. 1 on
national television, and warned that he was open to taking control
of phone carriers if they can't manage their businesses amid the
country's worst economic recession in decades, Bloomberg News
discloses.

Telecom companies had increased prices as much as 10-fold until
the government stopped them, Bloomberg News says.  Telefonica's
cheapest pre-paid package, called Full 1.2, currently costs 1,045
bolivares ($1.62) a month, according to its website.

In February 2015, Telefonica wrote down the value of its
Venezuelan assets by EUR2.8 billion ($3.1 billion) to adjust for a
lower exchange rate, Bloomberg News notes.  At the time, the
company used an exchange rate of VEB50 to the euro.  In this
year's second-quarter earnings report, it used an average exchange
rate of 697.3 bolivares per euro and said that it considers the
country as hyper-inflationary for accounting purposes, Bloomberg
News notes.

Venezuela accounted for less than 1 percent of Telefonica's
revenue last quarter, Bloomberg News adds.



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


* LATAM: Structural Reforms Can Catalyze Growth, IMF Says
---------------------------------------------------------
Latin America should strengthen regional trade and financial
linkages to boost growth and further the social achievements of
the past 15 years, according to participants in a recent
conference in Montevideo.

Thanks to sustained growth during the last commodity boom, Latin
American countries have achieved a significant reduction in
poverty and income inequality over the past decade.

However, as the external environment has turned less supportive
and policy options are becoming more limited, economic reforms are
needed to preserve and deepen these social gains.

"Today is a good time to talk about structural reforms" said
Alejandro Werner, Director of the IMF's Western Hemisphere
Department in his introductory remarks. Reform priorities depend
on individual countries' circumstances, as the region varies
widely from country to country on product and labor market
regulations and trade and financial openness. Yet participants
emphasized that there were key areas in which progress could be
made.

The conference, jointly organized by the IMF and the government of
Uruguay in late July, brought together policymakers from
Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, Peru and
Uruguay, as well as academics and officials from the IMF and other
international financial institutions.

Regional integration

Many participants saw benefits in deepening regional integration.
Latin American countries remain relatively closed compared with
advanced and emerging countries in other regions. Intraregional
trade represents only about a fifth of total trade in Latin
America, versus more than a half in Asia.

More regional trade integration would allow countries to increase
effective market size, stimulate competition, and support the
development of regional value chains of intermediary goods, while
more financial integration would lead to better risk-sharing,
lower transaction costs, and easier investment financing.

Regional integration would also support economic diversification
and complexity -- that is, the range of exported products and
their degree of sophistication -- by fostering cross-country
technology transfers and a reorganization of production at the
regional level. Diversification in turn can increase productivity
and growth, while reducing the region's strong dependence on
exporting commodities, participants said.

A role for targeted policies

To deepen regional integration, participants suggested that
reforms harmonize rules of origin, remove remaining barriers to
the free movement of goods and services within Mercosur, and
create the preconditions for successful financial integration,
such as the implementation of consolidated banking supervision.

To enhance diversification directly, some participants advocated
fairly activist industrial policies, targeted at specific sectors,
where returns are higher or market failures larger. Others,
however, cautioned that institutions in some countries may not be
strong enough for effective implementation, preferring so-called
"horizontal" policies that benefit a broad range of sectors.
Andres Velasco of Columbia University suggested that independent
institutions be created to select projects or sectors that would
benefit from public support completely separate from the political
cycle.

Infrastructure improvements can also support the diversification
process.

Both Danilo Astori, Uruguayan Minister of Economy and Finance, and
Murilo Portugal, President of the Federation of Brazilian Banks,
emphasized that diversification can result from upgrading and
widening existing production clusters (including for services such
as tourism) rather than creating new ones. Infrastructure
investment, aimed at increasing the capital involved in the
production process, can foster such a change.

"Investments in infrastructures are like a perfect trinity," said
Mauricio Cardenas, Colombian Minister of Finance. They improve
productivity, stimulate aggregate demand, and when they are
financed through public-private partnerships, they do not entail
upfront costs for the public sector.

Need for confidence

Public opinion's support is crucial for the effective
implementation of reforms. Such support requires continuity in
economic policy-making, greater transparency, and more efficiency
in public spending. It also requires awareness of workers' demand
for economic security. Policies must have "the capacity to deal
with social expectations," said Uruguayan economist and former
President of the Inter-American Development Bank Enrique Iglesias.
Recent IMF work has shown the importance of macroeconomic
conditions and timing for the effects of product and labor market
reforms.


                            ***********


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.


                   * * * End of Transmission * * *