TCRLA_Public/160810.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, August 10, 2016, Vol. 17, No. 157


                            Headlines



B R A Z I L

OI SA: Minority Investor Calls Shareholders' Meeting


C A Y M A N  I S L A N D S

798 HOLDINGS: Creditors' Proofs of Debt Due Aug. 30
ASSADAFA INVESTMENT: Creditors' Proofs of Debt Due Aug. 22
BCC GP: Placed Under Voluntary Wind-Up
BOLTON CAPITAL: Placed Under Voluntary Wind-Up
BOSSA CAPITAL: Placed Under Voluntary Wind-Up

KARRA GP: Shareholders' Final Meeting Set for Aug. 15
MAGAVIE LIMITED: Placed Under Voluntary Wind-Up
NUWAVE LARGE MASTER: Creditors' Proofs of Debt Due Aug. 22
NUWAVE LONG/SHORT: Creditors' Proofs of Debt Due Aug. 22
PINTAL GP: Shareholders' Final Meeting Set for Aug. 15

TAF VENUS: Creditors' Proofs of Debt Due Aug. 31
WREN LIMITED: Creditors' Proofs of Debt Due Aug. 30


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: AIRD Working for Industry Competitiveness


E C U A D O R

* ECUADOR: IDB Supports Country in Diversifying Energy Matrix


P U E R T O    R I C O

AEROPOSTALE INC: Hires Deloitte for Tax Services
SPANISH BROADCASTING: To Appeal NASDAQ's Delisting Determination


T R I N I D A D  &  T O B A G O

CL FIN'L: Guyana to Refund CLICO Investment to NIS


X X X X X X X X X

* LATAM: Growth Recovery Depends on Investment, ECLAC Says


                            - - - - -


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B R A Z I L
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OI SA: Minority Investor Calls Shareholders' Meeting
----------------------------------------------------
Ana Mano at Reuters reports that Societe Mondiale, a minority
shareholder of Brazilian telephone company Oi SA, said it would
formally call a shareholders' meeting next month to discuss
changes to the company's board of directors, according to a
statement sent to Reuters.

The activist investor, which began to acquire Oi stock around the
time of the company's bankruptcy filing on June 20, is proposing
the replacement of six members of Oi's board, including five
appointed by Oi's majority owner Pharol SGPS SA, according to
Reuters.

The meeting should take place on Sept. 8, Societe Mondiale said in
the statement, the report notes.

The minority investor is also seeking the annulment of a March
2015 shareholders meeting in which an agreement between Oi and
Portugal Telecom SGPS, as Pharol was previously known, was
approved, the report relays.  The agreement concluded the takeover
of Oi by Portugal Telecom, the report notes.

Societe Mondiale, an investment vehicle for Brazilian businessman
Nelson Tanure, owns 7 percent of Oi's voting stock, the report
relays.  During the proposed Sept. 8 shareholders' meeting, the
fund will also propose that Oi pursues a claim against Santander
Brasil, which advised Oi on its 2015 merger with Portugal Telecom,
the report adds.

                              About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.



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


798 HOLDINGS: Creditors' Proofs of Debt Due Aug. 30
---------------------------------------------------
The creditors of 798 Holdings are required to file their proofs of
debt by Aug. 30, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 11, 2016.

The company's liquidator is:

          Margot Macinnis
          Telephone: +345 743 8800
          Facsimile: +345 743 8801
          Borrelli Walsh (Cayman) Limited
          Harbour Place, Ground Floor
          103 South Church Street
          Cayman Islands
          Suite 731, 10 Market Street
          Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands


ASSADAFA INVESTMENT: Creditors' Proofs of Debt Due Aug. 22
----------------------------------------------------------
The creditors of Assadafa Investment Company Limited 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 22, 2016.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J. Barrie
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands


BCC GP: Placed Under Voluntary Wind-Up
--------------------------------------
On July 22, 2016, the shareholder of BCC GP 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:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          161a Artillery Court
          PO Box 10085 Grand Cayman, KY1 1001
          Cayman Islands


BOLTON CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On July 22, 2016, the shareholder of Bolton Capital EF1 LP
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:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          161a Artillery Court
          PO Box 10085 Grand Cayman, KY1 1001
          Cayman Islands


BOSSA CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 14, 2016, the shareholder of Bossa Capital Management
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:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          161a Artillery Court
          PO Box 10085 Grand Cayman, KY1 1001
          Cayman Islands


KARRA GP: Shareholders' Final Meeting Set for Aug. 15
-----------------------------------------------------
The shareholders of Karra GP Limited will hold their final meeting
on Aug. 15, 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:

          Ardmore GP Limited
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


MAGAVIE LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on July 21, 2016, the
shareholder of Magavie Limited 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949-8666
          Facsimile: 949-0626


NUWAVE LARGE MASTER: Creditors' Proofs of Debt Due Aug. 22
----------------------------------------------------------
The creditors of Nuwave Large Cap Active Alpha Master Fund 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 11, 2016.

The company's liquidator is:

          Troy W. Buckner
          35 Waterview Boulevard
          Parsippany, NJ 07054
          Telephone: 973-888-6815
          Facsimile: 973-888-6810


NUWAVE LONG/SHORT: Creditors' Proofs of Debt Due Aug. 22
--------------------------------------------------------
The creditors of Nuwave Long/Short Portfolio 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 11, 2016.

The company's liquidator is:

          Troy W. Buckner
          35 Waterview Boulevard
          Parsippany, NJ 07054
          Telephone: 973-888-6815
          Facsimile: 973-888-6810


PINTAL GP: Shareholders' Final Meeting Set for Aug. 15
------------------------------------------------------
The shareholders of Pintal GP Limited will hold their final
meeting on Aug. 15, 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:

          Ardmore GP Limited
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


TAF VENUS: Creditors' Proofs of Debt Due Aug. 31
------------------------------------------------
The creditors of Taf Venus 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/Jennifer Chailler
          Telephone: (345) 943-3100


WREN LIMITED: Creditors' Proofs of Debt Due Aug. 30
---------------------------------------------------
The creditors of Wren Limited are required to file their proofs of
debt by Aug. 30, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 18, 2016.

The company's liquidator is:

          Susan Lo Yee Har
          Hopewell Centre, Level 54
          183 Queen's Road East
          Hong Kong
          c/o Desmond Chisholm
          Telephone: (345) 814 5469
          Facsimile: (345) 949 8080



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


DOMINICAN REPUBLIC: AIRD Working for Industry Competitiveness
-------------------------------------------------------------
Dominican Today reports that Dominican Industries Association
(AIRD) president Campos De Moya affirmed that the entity has
worked intensely to bolster the local industry's competitiveness,
jointly with the Administration and Congress.

Mr. De Moya said the AIRD is starting a new period and continues
working as an ally of the judicial and executive branches to
continue to make industry the motor for national development,
according to Dominican Today.

Mr. De Moya, speaking to introduce the 10th edition of the
magazine "Hecho on RD" (Made in DR), said it has showcased the
domestic industry's best interests for five straight years and has
focused on the construction sector, the report notes.

Moreover, AIRD Executive Vice President Circe Almanzar said the
Association has been consistent in stressing that economic growth,
the creation of formal and productive jobs, increased productivity
and exports of tradable goods are, among other factors, key
aspects contributing to sustainable economic development to which
Dominicans aspire, for which construction is the key, the report
relays.

Ms. Almanzar said the construction sector is precisely a segment
where those factors come together and also prompt a multiplier
effect on related sectors, making the activity one of the main
engines for any country's economic growth, the report notes.

Made in DR's 10th edition focuses its main pages on an industrial
tour of the various segments, where presidency chief of staff
Gustavo Montalvo, the mogul Jose Luis (Pepin) Corripio among
others, address the construction subsector, the report relays.

They present their vision of the construction subsector and
descriptions of the various segments that comprise it: steel,
aggregates, cement manufacturing, plastics, electrical supplies,
finishes and the chemical industry, 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.




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


* ECUADOR: IDB Supports Country in Diversifying Energy Matrix
-------------------------------------------------------------
IDB supports Ecuador in diversifying its energy matrix
The Inter-American Development Bank (IDB) will provide $143
million to support Ecuador in order to advance changes in its
energy mix, to improve sector indicators, and to support recovery
plans in areas affected by the recent earthquake. As a result of
the support, Ecuador will have a more sustainable and reliable
energy system for all citizens.

Ecuador is carrying out an ambitious process to transform the
electricity sector through a national initiative called the Energy
Mix Change (CME). Some of the first results of this initiative are
evident in that Ecuador is ranked fifth place in energy security
worldwide and first place in Latin America and the Caribbean,
according to the ranking of the World Energy Council. The IDB
supports Ecuador in this process of sector transformation.

The overall objective of the new financing program is to support
the advancement of the initiative, improve sector indicators and
support the recovery plan in areas affected by the quake. The
specific objectives are: (i) to provide continuity to the projects
of the National Transmission System- to facilitate the transport
of newly generated energy and to strengthen national
infrastructure; (ii) to strengthen and expand the National
Distribution System in urban and rural marginalized areas (UM) and
to contribute to the reconstruction of infrastructure in areas
affected by the earthquake; (iii) to support the advancement of
the National Program for Efficient Cooking; and (iv) to strengthen
institutions in the management of services.

The program is aligned with the objectives of Sustainable Energy
for All (SE4All)), globally coordinated by the United Nations, and
has the support of the IDB in Latin America and the Caribbean. As
part of this initiative, the IDB has committed to contribute to
the advancement of regional energy efficiency programs with
specific goals for 2030.

The program has ordinary capital resources from the IDB for $118
million with a payback period of 25 years, 48 months disbursement,
and an interest rate based on LIBOR. The financing includes $25
million from the Korea Infrastructure Development Co-financing
Facility in Latin America and the Caribbean to the IDB with an
interest rate of 2.5 percent. The local contribution resources of
the Ecuadoran government total $17.09 million.



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


AEROPOSTALE INC: Hires Deloitte for Tax Services
-------------------------------------------------
Aeropostale, Inc., and its debtor-affiliates seek permission from
the U.S. Bankruptcy Court for the Southern District of New York to
employ Deloitte Tax LLP to provide tax-related services, nunc pro
tunc to June 21, 2016.

The Debtors require Deloitte Tax to:

     a. Advise the Debtors as they consult with their counsel and
        financial advisors on the cash tax effects of
        restructuring and bankruptcy and the post-restructuring
        tax profile, including plan of reorganization tax costs;

     b. Advise the Debtors regarding the restructuring and
        bankruptcy emergence process from a tax perspective,
        including a tax work plan;

     c. Advise the Debtors on the cancellation of debt income for
        tax purposes under Internal Revenue Code ("IRC") section
        108;

     d. Advise the Debtors on post-bankruptcy tax attributes (tax
        basis in assets, tax basis in subsidiary stock, net
        operating loss carryovers and earnings and profits)
        available under the applicable tax regulations and the
        reduction of such attributes based on the Debtors'
        operating projections; including a technical analysis of
        the effects of Treasury Regulation Section 1.1502-28 and
        the interplay with IRC sections 108 and 1017;

     e. Advise the Debtors on potential effect of the alternative
        minimum tax in various post-emergence scenarios;

     f. Advise the Debtors on the potential tax effects of tax
        rules under IRC sections 382(l)(5) and (l)(6) pertaining
        to the post-bankruptcy net operating loss carryovers and
        limitations on their utilization and the Debtors' ability
        to qualify for IRC section 382(l)(5);

     g. Advise the Debtors on net built-in gain or net built-in
        loss position at the time of "ownership change" (as
        defined under IRC section 382), including limitations on
        use of tax losses generated from post-restructuring or
        post- bankruptcy asset or stock sales;

     h. Advise the Debtors as to the treatment of post-petition
        interest for state and federal income tax purposes;

     i. Advise the Debtors as to the state and federal income tax
        treatment of pre-petition and post-petition reorganization
        costs including restructuring- related professional fees
        and other costs, the categorization and analysis of such
        costs, and the tax technical positions related thereto;

     j. Advise the Debtors in their evaluation and modeling of
        the tax effects of liquidating, disposing of assets,
        merging or converting entities as part of the
        restructuring, including the effects on federal and state
        tax attributes, state incentives,  apportionment and other
        tax planning;

     k. Advise the Debtors on state income tax treatment and
        planning for restructuring or bankruptcy provisions in
        various jurisdictions including cancellation of
        indebtedness calculation, adjustments to tax attributes
        and limitations on tax attribute utilization;

     l. Advise the Debtors on responding to tax notices and audits
        from various taxing authorities;

     m. Advise the Debtors with identifying potential tax refunds
        and advise the Debtors on procedures for tax refunds from
        tax authorities;

     n. Advise the Debtors on income tax return reporting of
        bankruptcy issues and related matters;

     o. Advise the Debtors in their review and analysis of the tax
        treatment of items adjusted for financial reporting
        purposes as a result of "fresh start" accounting as
        required for the emergence date of the U.S. financial
        statements in an effort to identify the appropriate tax
        treatment of adjustments to equity (including issuance of
        new equity, options, and/or warrants); and other tax basis
        adjustments to assets and liabilities recorded;

     p. Advise in documenting as appropriate, the tax analysis,
        development of the Debtors' opinions, recommendation,
        observations, and correspondence for any proposed
        restructuring alternative tax issue or other tax matter
        described above; and

     q. Advise the Debtors regarding other state or federal
        income tax questions that may arise in the course of this
        engagement, as requested by the Debtors, and as may be
        agreed to by Deloitte Tax; and

     r. Advise the Debtors with their effort to calculate tax
        basis and earnings and profits in the stock in each of the
        Debtors' subsidiaries or other entity interests.

Deloitte Tax will be paid at these hourly rates:

     Partner, Principal or Director         $940
     Partner, Principal or Director         $800
     Senior Manager                         $700
     Manager                                $568
     Senior                                 $430
     Staff                                  $335

The Debtors will reimburse Deloitte Tax for reasonable
out-of-pocket expenses, including travel -- with air travel based
on coach fares -- report production, delivery services and other
expenses incurred in providing the Services.

In addition, in connection with the engagement, Deloitte Tax will
be entitled to compensation for any time and actual reasonable
out-of-pocket expenses including, without limitation, reasonable
legal fees and expenses that may be incurred in considering or
responding to discovery requests or other requests for documents
or information, or in participating as a witness or otherwise in
any legal, regulatory, or other proceedings relating to the
Debtors.

Elias Tzavelis, partner of the firm Deloitte Tax LLP, 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.

Deloitte Tax may be reached at:

      Elias Tzavelis
      Deloitte Tax LLP
      30 Rockefeller Plaza
      New York, NY 10112-0015
      Tel: (212)492-4000
      Fax: (212)489-1687

                      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 LLPas counsel.


SPANISH BROADCASTING: To Appeal NASDAQ's Delisting Determination
----------------------------------------------------------------
As initially announced on Jan. 28, 2016, Spanish Broadcasting
System, Inc., received a written notice from The Nasdaq Stock
Market, advising the Company that the market value of its Class A
common stock for the previous 30 consecutive business days had
been below the minimum $15,000,000 required for continued listing
on the NASDAQ Global Market pursuant to NASDAQ Listing Rule
5450(b)(3)(C).

The Notice also stated that pursuant to NASDAQ Listing Rule
5810(c)(3)(D), the Company would be provided an initial grace
period of 180 calendar days, or until July 26, 2016, to regain
compliance with the Rule.

The Company did not regain compliance with the Rule by July 26,
2016.  Accordingly, on July 27, 2016, the Company received written
notification from NASDAQ that unless the Company requests a
hearing before the NASDAQ Hearings Panel on or before 4:00 p.m.
Eastern Time on Aug. 3, 2016, the Company's common stock will be
delisted from the NASDAQ at the opening of business on Aug. 5,
2016.  The Company intends to request a hearing before the NASDAQ
Hearings Panel to appeal the Staff Determination, which request
will stay any action with respect to the Staff Determination until
the NASDAQ Hearings Panel renders a decision subsequent to the
hearing.  However, there can be no assurance that NASDAQ will
grant the Company's request for continued listing.  If NASDAQ does
not grant the Company's request for continued listing, the Company
intends to apply for listing on the OTC market.

                  About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. -- http://www.spanishbroadcasting.com/-- owns and
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

As of March 31, 2016, Spanish Broadcasting had $452 million in
total assets, $561 million in total liabilities, and a total
stockholders' deficit of $109 million.

                          *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

As reported by the TCR on May 25, 2016, S&P Global Ratings said
that it lowered its corporate credit rating on U.S.
Spanish-language broadcaster Spanish Broadcasting System Inc.
(SBS) to 'CCC' from 'CCC+'.



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


CL FIN'L: Guyana to Refund CLICO Investment to NIS
--------------------------------------------------
Trinidad Express reports that the Guyana government said it would
repay the National Insurance Scheme (NIS) an estimated GUY$5.6
billion (One Guyana dollar = US$0.04 cents) it lost as a result of
the collapse of the Trinidad-based Colonial Life Insurance Company
(CLICO) in 2009.

Finance Minister Winston Jordan told a news conference that the
Cabinet had agreed to the pay-out through non-negotiable
government debenture certificates over a 20 year period at a fixed
interest rate of 1.5 per cent on the principal sum of GUY$4.8
billion, according to Trinidad Express.

Minister Jordan said the possibility of NIS recouping the money
that was owed by CLICO was highly unlikely, the report relays.

"NIS investments in CLICO is impaired with extreme unlikelihood of
getting back that money.  As a result of that impairment, NIS as
you know, has been suffering terribly and not only NIS but the
beneficiaries in NIS are suffering terribly because their ability
to raise benefits will obviously be constrained by the fact that
they don't have this money and this money cannot be put to earn
additional monies for them," the report quoted Minister Jordan as
saying.

Minister Jordan told reporters that NIS and its beneficiaries were
suffering terribly as a consequence and reminded of a 2009
Parliamentary resolution which had urged the government to do what
it must to get back the money, the report notes.

Minister Jordan did not explain why the option of litigation was
not pursued but said "it is the best the government could do at
the moment but it is substantially more than what NIS would have
had if this investment continues to be impaired," the report
relays.

Payments will begin in January 2017 and by the year 2037,
calculations show that the NIS will receive a total of GYD$5.651
billion, the report adds.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reports that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.



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


* LATAM: Growth Recovery Depends on Investment, ECLAC Says
----------------------------------------------------------
Caribbean360.com reports that the Economic Commission for Latin
America and the Caribbean (ECLAC) has stated that recovery of
growth in Latin America and the Caribbean depends on invigorating
public and private investment

The UN organization gave that assessment in late July as it
presented its Economic Survey of Latin America and the Caribbean
2016, in which it forecasts that the region will contract -0.8 per
cent this year, according to Caribbean360.com.  This marks a
steeper decline than in 2015 (-0.5 per cent).

ECLAC stressed the urgent need to mobilize investment -- both
public and private -- to promote the region's economic recovery
and meet the challenges imposed by the 2030 Agenda for Sustainable
Development, the report notes.

"The capacity of countries to accelerate economic growth depends
on the spaces for adopting policies that support investment.
These policies should be accompanied by efforts to change the
conversation between the public sector and private companies.
Increasing productivity is also a key challenge for moving forward
along a path of dynamic and stable growth," Alicia Barcena,
Executive Secretary of the Economic Commission for Latin America
and the Caribbean (ECLAC), said during the press conference in
Santiago, Chile where the report was presented, the report relays.

The survey indicates that in the external arena, the global
economy will maintain low levels of growth, which will be
accompanied by a slow expansion in trade, which has not managed to
recover the levels seen before the international financial crisis,
the report notes.

On top of that, the report points to deteriorated prices for the
region's commodities exports and greater international financial
uncertainty and volatility, which have increased since the United
Kingdom voted to leave the European Union (Brexit), the report
discloses.  This decision has also produced greater risks to the
world's future growth.

In the regional sphere, the report forecasts a -2.1 per cent
contraction for South America in 2016, mainly due to a
deterioration in its terms of trade, weaker external demand and a
significant deceleration in domestic demand, which reflects a
sizeable fall in domestic investment, the report says.

                         Declines All Around

The Caribbean will suffer a -0.3 per cent contraction in its Gross
Domestic Product (GDP), ECLAC said, the Caribbean360.com relays.

According to the report, six countries are expected to show an
economic contraction in 2016: Venezuela (-8.0 per cent), Suriname
(-4.0 per cent), Brazil (-3.5 per cent), Trinidad and Tobago (-2.5
per cent), Ecuador (-2.5 per cent) and Argentina (-1.5 per cent),
the report notes.

On the other hand, regional growth will be led by the Dominican
Republic (6.0 per cent), Panama (5.9 per cent), Nicaragua and
Bolivia (4.5 per cent), and Costa Rica (4.3 per cent), the report
discloses.

"Faced with an economic contraction, the region needs progressive
structural change with a big environmental push that promotes
development based on equality and sustainability, as we have
proposed in our institutional document Horizons 2030: Equality at
the Centre of Sustainable Development, which we presented in
Mexico last May," the report quoted Ms. Barcena as saying.

In its Economic Survey 2016, ECLAC calls for resuming the path of
growth and mobilizing financial flows for development financing.

To achieve that, ECLAC said, countries must change their fiscal
structures to improve tax collection and progressivity, strengthen
income taxes (both for individuals and companies), and fight tax
evasion and avoidance, which reached the equivalent of 6.7 points
of the regional GDP in 2015 at an estimated US$340 billion, the
report says.

It is necessary to promote renewed public-private coalitions and
policies that create appropriate incentives to channel financing
towards development goals, ECLAC added, according to the report.


                            ***********


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 * * *