TCRLA_Public/160817.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 17, 2016, Vol. 17, No. 162


                            Headlines



A R G E N T I N A

ARGENTINA: Expecting US$4-5 Billion Investment in Solar Industry


B E L I Z E

BELIZE BANK: Hit by Withdrawals and Correspondent Bank De-Risking


B R A Z I L

BANCO NACIONAL: Posts Hefty Quarterly Loss on Provision Jump
BRAZIL: Fitch Says Banks to Rethink Digital Strategy
GENERAL SHOPPING: Fitch Cuts Issuer Default Ratings to 'RD'
SETE BRASIL: To Seek Up to $5 Bil. Funding in Reorganization Plan


C A Y M A N  I S L A N D S

B & C CAPITAL: Regulator Fails to Sanction Bank and Directors


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 'Unannounced' Rules Halt Freight


P U E R T O    R I C O

AUTOS FERRER: Sept. 9 Plan Confirmation Hearing Set
CINEVIA CORPORATION: Proposes to Hire Edwin Santos as Accountant
JOYUDA SEA FOOD: Taps Justiniano Law Offices as Legal Counsel
SAMUEL FERRER FIGUEROA: Sept. 9 Plan Confirmation Hearing Set


V E N E Z U E L A

VENEZUELA: Gov't. Seizes Guardian Plant; Gives Conflicting Reports


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Expecting US$4-5 Billion Investment in Solar Industry
----------------------------------------------------------------
pv-magazine.com reports that Argentina is preparing itself for an
estimated USD4 billion to USD5 billion to be invested in its solar
industry by companies over the coming five years, as interest
piques before the country's first renewable energy auction since
the new renewable energy law was passed.

Over the passed year, enthusiasm for renewable energy in Argentina
has been building, first with the passing of a new renewable
energy law, then with the election of a new pro-renewables
government, and all culminating in October's tender, according to
pv-magazine.com.  Today, the government news agency Telam has
announced that it expects outside investment of US$4 billion to
US$5 billion in the country's solar industry over the next five
years, the report notes.

Giving out a few additional details, it said that 60% of funds are
likely to be invested in building PV generation facilities, the
report relays.  This is good news for more than just the
environment, as Telam reported that these facilities should also
generate approximately 60,000 new jobs in the country, the report
notes.

"Companies will invest between US$4 and US$5 billion and will
generate some 2 GW of additional power to incorporate to the
national electric grid," said Adrian Kolonski, head of Intermepro,
a company specialized in renewable energy solutions, the report
notes.  Mr. Kolonski went on to explain the benefits of adopting
solar power: "it is clean, it has a low failure rate and it almost
doesn't require maintenance.  The development of solar power will
arrive in the country through photovoltaic plants and power
generation distributed by companies and individuals," the report
relays.

                 All Eyes on Solar PV in Argentina

It is an exciting time for renewable energy in general, and solar
energy specifically, in Argentina, as the first renewable energy
auction since the approval of a new landmark renewable energy law
is due on October 12, the report notes.  There is 1 GW of
electricity generation on the negotiating table, of which solar PV
has been allotted 300 MW, the report discloses.

The new pro-renewables government is committed to reaching a
target of 8% of Argentina's electricity generated by renewable
sources by 2017, with an eventual goal of 20% by 2025, the report
says.  To help achieve this goal, a Fund for the Development of
Renewable Energies (Fondo para el Desarrollo de las Energias
Renovables) is being planned, with 12,000 million AR pesos (USD819
million) at its disposal, the report relays.

These funds will be used to invest alongside developers for
projects, as well as serving as a guarantee for PPAs that are
signed for renewable projects, the report notes.  This is an
important detail, as one of the major challenges to get utility-
scale PV off the ground in Argentina is the financing of the
projects, the report says.

"Nobody wants to lend long-term debt to Argentine projects," Emily
Hersh, Managing Partner of DCDB Research, a consultancy company
assisting renewable energy developers set up projects in
Argentina, explained to pv magazine.  "What we'll see in this
first auction is that the sponsor company will have to hold the
debt of the project on their balance sheet for the first few years
until Argentina becomes essentially debt-financeable from an
international banking perspective," she added.

"What I have seen as a consultant is that I got a large number of
inquiries from international developers, and that the majority of
them have made the decision to watch this first auction with the
idea of entering the auction the following year," the report
quoted Ms. Hersh as saying.

                           *     *     *

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'.


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B E L I Z E
===========


BELIZE BANK: Hit by Withdrawals and Correspondent Bank De-Risking
-----------------------------------------------------------------
Caribbean News Now reports that an offshore bank owned by
Britain's Lord Ashcroft has closed a large number of customer
accounts and faced a wave of withdrawal requests after becoming
increasingly caught up in a US tax-evasion crackdown and the
withdrawal of foreign correspondent banking services.

The value of deposits at Belize Bank International (BBI) shrank by
almost three-quarters in the space of just six months, and
confidential e-mails suggest some BBI customers have struggled to
recover their cash, the London Guardian newspaper reported,
according to Caribbean News Now.

So stretched is the position that BBI in April told a court in
Belize that it could not pay a BZ$3.3 million judgment against it
without liquid assets falling below the minimum amount required by
law, the report relays.

BBI has denied it was in crisis and said it faced a short-term
problem, notes the report.

However, tough US anti-tax evasion laws have increased compliance
costs for BBI's correspondent banking partners, prompting Bank of
America and Commerzbank to terminate relationships with the bank,
the report notes.

The departure of these partner banks has in many instances left
BBI struggling to maintain basic services for account holders, the
Guardian noted, the report relays.

In March, one customer was told: "We are currently unable to
complete or execute wire transfers . . .. You are . . .  welcome
to visit us here in Belize to withdraw the funds in person," the
report says.

Another BBI account-holder to have complained of problems with
money transfers was the Belizean arm of Mossack Fonseca, the
offshore law firm at the center of the Panama Papers scandal, the
report relates.

Leaked e-mails show Mossack Fonseca sought advice from a local law
firm in Belize last August about its BBI bank account, the report
notes.

The law firm replied: "BBI is closing all offshore accounts . . ..
It is a shock to us as well especially with the very short time
line provided.  It is the first time we are experiencing this type
of situation . . .."

A spokesman for BBI said only selected accounts had been closed
and this was part of a long-planned strategy, says Caribbean News
Now.

In April, BBI executives told the supreme court of Belize it had
received unprecedented withdrawal requests, the report notes.

Its chairman, Lyndon Guiseppi, explained that, while the bank was
financially robust, there was a short-term squeeze on cash meaning
it would struggle to pay a BZ$3.3 million court judgment, the
report relays.

Mr. Guiseppi said: "If [the bank] has to make payments due under
the order this will have serious consequences for the bank, the
wider financial sector and the broader economy of Belize," the
report notes.

The crisis is blamed on big overseas banks terminating partnership
arrangements, known as "correspondent banking relationships", with
BBI and other banks in Belize, the report discloses.

Mr. Ashcroft's main Belizean business interests are listed on the
London stock exchange as Caribbean Investment Holdings (CIH),
though three-quarters of the shares remain under Ashcroft's
ownership, the report relays.

Belize Bank also maintains an international banking subsidiary in
the Turks and Caicos Islands known as British Caribbean Bank Ltd.


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


BANCO NACIONAL: Posts Hefty Quarterly Loss on Provision Jump
------------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that Banco Nacional de
Desenvolvimento Economico e Social S.A. (BNDES), Brazil's main
source of long-term credit for companies, posted a net loss in the
second quarter, reflecting the burden of soaring loan-loss
provisions as corporate defaults and bankruptcies hit all-time
highs.

Rio de Janeiro-based BNDES said that it had lost a net BRL2.174
billion ($689 million) in the first six months, reversing profit
of BRL3.515 billion a year earlier.  The number implies a second-
quarter shortfall of BRL3.772 billion, according to Thomson
Reuters calculations.

A year earlier, BNDES had booked second-quarter profit of BRL1.930
billion, the report relays.  The bank did not unveil quarterly
numbers.

The build-up of loan-loss provisions as well as writedowns on the
bank's investment portfolio were responsible for the first-half
shortfall, the first in the bank's history, the report notes.
BNDES set aside about BRL9.588 billion worth of combined loan-loss
and investment-loss provisions between January and June, almost
six times bigger than in the year-earlier period, the report says.

Based on that number, the expense BNDES incurred to build up
provisions was BRL8.717 billion in the second quarter, compared
with about BRL90 million a year earlier.

As reported in the Troubled Company Reporter - Latin America on
July 14, 2016, S&P Global Ratings affirmed its 'BB' foreign and
local currency global scale ratings on Banco Nacional de
Desenvolvimento Economico e Social S.A. (BNDES).


BRAZIL: Fitch Says Banks to Rethink Digital Strategy
----------------------------------------------------
Brazil's large banks will have to rethink their digital strategy
as the number of financial technology companies (Fintechs) grow,
says Fitch Ratings. Still, at this point, we do not expect
Fintechs to threaten the banks' credit profiles. Even with this
rapid growth, the banking sector should remain dominated by large
traditional banks and remain highly concentrated.

Brazilian banks face the challenge of competing with companies
that are different from their traditional and sometimes rigid
business models. To reinforce their footprints on the space, some
banks have acquired or created partnership, incorporating local
commercial banks that have moved to digital banking and online
payments in recent years. However, banks with very costly
operational structures will have to adapt quickly to new
technologies, especially if they want to access new customers who
are looking for more technologically advanced and consumer-
friendly products. A modernized but reduced branch network should
be more cost efficient in the long term, as branches and
associated staff costs make up the bulk of the retail cost base at
a larger bank. A lot of these costs can be removed via automation.

Higher mobile Internet penetration is shifting consumer behavior
toward Fintechs as customers move to a digital-only channel. An
increasing number of more agile start-up companies (most notably
in the peer-to-peer (P2P) lending and digital payment segments)
are tapping clients often underserved by traditional banks. In
Brazil, there are around 150 Fintechs. These companies are growing
and increasing their operations, taking advantage of gaps left by
large and more conservative banks due to the more challenging
operating environment in the past few years.

Fitch believes that regulation will play a key role in determining
the survival rate and competitiveness of Fintechs in Brazil. As a
relatively young industry, the local regulatory framework is not
yet defined. This has supported the increase in the number of new
firms, as they are not subject to the strict and complex banking
regulation.

The Brazilian Central Bank already implemented a set of rules for
nonbanking payment institutions and payment arrangers in 2013, but
some rules are still not clear. Regulation for P2P lending is
still lacking. The Comissao de Valores Mobiliarios (Securities and
Exchange Commission) has established an Innovation Center of
Financial Technologies to monitor the development and application
of new Fintechs in the securities market. More rigid supervision
could potentially increase regulatory scrutiny and increase
operational costs for the sector, and it may affect the business
model of some companies that usually operate with a very low cost
base. Clear and transparent policies for new entrants should
support the development of Fintechs in Brazil.

Fintechs will always have an advantage by being more agile and
offering more customized and convenience alternatives. However,
Fintechs have major challenges, including achieving economies of
scale, strong competition from large Brazilian banks with larger
capital availability and with a longer technology culture,
regulatory development and the search for funding sources at
competitive costs. The lack of a well-structured liquidity
framework, distribution, scale, regulatory expertise and risk
management culture may lead to consolidation in the sector, with
larger banks incorporating niche Fintechs into their more complex
structure.


GENERAL SHOPPING: Fitch Cuts Issuer Default Ratings to 'RD'
-----------------------------------------------------------
Fitch Ratings has downgraded General Shopping Brasil S.A.'s (GSB)
Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'C' and its National Scale rating to 'RD(bra)' from
'C (bra)'. Fitch has also affirmed GSB's USD250 million perpetual
notes at 'C/RR4' and its USD150 million subordinated perpetual
notes at 'C/RR5'.

The downgrades follow the conclusion of GSB's debt exchange
offering. According to Fitch's methodology, the offering imposed a
material reduction in terms vis-a-vis the original terms of the
exchanged unsecured notes.

KEY RATING DRIVERS

Debt Exchange Outcome Incorporated

GSB recently announced the settlement of the debt exchange offer
of the outstanding USD150 million principal amount of 12%
perpetual subordinated notes. A total amount of USD34.4 million in
perpetual subordinated notes was exchanged, for a total amount of
USD8.9 million (representing a 23% acceptance level) in new
10%/12% senior secured PIK Toggle Notes due 2026 and 34,413 Global
Depositary Shares (GDS). The GDS represent common shares issued by
GSB, with the ratio of 73 common shares for each one GDS. The new
notes will also be secured by a second mortgage (hipoteca de
segundo grau) on 50.1% of GBS' interest in Parque Shopping Maia.

The low acceptance level of 23% of the debt exchange offer for the
subordinated perpetual notes has resulted in no material change in
the company's capital structure.

High Leverage, Weakening Liquidity:

Fitch views GSB's capital structure as unsustainable due to
excessive financial leverage. GSB's last 12-month period ended
March 31, 2016 (LTM March 2016) saw EBITDA of BRL178 million and
total debt of BRL2 billion, with net total debt-to-EBITDA of 9.4x.
GSB's FCF is expected to remain negative due to excessive cash
interest payments during 2016. The company's high leverage and
interest rates on its debt has led to high cash interest payments
and declining interest coverage.

Quality Assets and Subordination Incorporated in Debt Recovery:

As of LTM March 2016, GSB's total assets were valued at an
estimated BRL2.9 billion, with encumbered and unencumbered assets
representing approximately 84% and 16%, respectively, of the total
assets value. The Recovery Rating (RR) of 'RR4' for the USD250
million perpetual notes reflects the average recovery prospects
(the 31% to 50% range) in an event of default. The 'RR5' for the
USD150 million subordinated perpetual notes reflects below average
recovery prospects of approximately 11-30%.

RATING SENSITIVITIES

The completion of the bond exchange offer has led to a downgrade
of GSB's Long-Term Foreign and Local Currency IDRs to 'RD'. A
positive rating action may follow after Fitch completes the
assessment of the company's credit profile.

LIQUIDITY

GSB has a cash position and short-term debt of BRL47 million and
BRL118 million, respectively, and approximately BRL466 million in
unencumbered assets as of March 31, 2016. On Sept. 8, 2015, the
company exercised its right to defer the payment of interest under
its USD150 million 12% perpetual subordinated notes. The interest
payment deferral does not constitute an event of default under the
indenture.

Without the reversal in GSB's negative FCF trend and absent
extraordinary measures to enhance the capital structure, Fitch
expects substantial deterioration in GSB's liquidity during 2016
and default risk will remain elevated.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

   General Shopping Brasil S.A. (GSB)

   -- Foreign currency IDR downgraded to 'RD' from 'C';

   -- Local currency IDR downgraded to 'RD' from 'C';

   -- National Scale rating downgraded to 'RD(bra)' from 'C(bra)'.

   General Shopping Finance Limited (GSF)

   -- USD250 million perpetual notes affirmed at 'C/RR4'.

   General Shopping Investment Limited (GSI)

   -- USD150 million subordinated perpetual notes affirmed at
      'C/RR5'.


SETE BRASIL: To Seek Up to $5 Bil. Funding in Reorganization Plan
-----------------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that Sete Brasil
Participacoes SA presented a draft reorganization plan that
includes seeking up to $5 billion in funding and downsizing
business, three months after the Brazilian rig leaser sought court
protection against BRL18 billion ($5.7 billion) in looming debt
payments.

Rio de Janeiro-based Sete Brasil is asking creditors, which
include some of the world's leading shipbuilders and Brazil's
largest lenders, to endorse a plan to help build between eight and
12 rigs, down from an original target of 28, Chief Executive
Officer Luiz Eduardo Carneiro said in an interview, according to
Reuters.

The plan was submitted to a court in Rio de Janeiro, where Sete
Brasil's reorganization is being handled, said the firm.

The report notes that fundraising could vary along with the number
of rigs to be built and delivered to state-controlled Petroleo
Brasileiro SA, Sete Brasil's sole client, Carneiro said.  While
looking for clients other than Petrobras is a possibility, Sete
Brasil's priority is convincing the state firm to rent the rigs,
said Eduardo Sampaio of Alvarez & Marsal Holdings LLC, Sete
Brasil's main advisor, the report relays.

Founded in 2008 to fill the world's biggest deep-water drilling
fleet order, Sete Brasil had to file for bankruptcy protection in
late April after efforts to secure a long-term contract with
Petrobras failed, the report says.  Petrobras owns 5 percent of
the rig leaser.

The $90 billion project began to fall apart in 2014 when Petrobras
and Sete Brasil became engulfed in Brazil's worst corruption
scandal, leading the Brazilian government -- the main sponsor of
the project -- to delay promised financing and the signature of
the long-term rig supplying contract, the report notes.

The tussle between Petrobras and Sete Brasil's management and
shareholders has forced the rig leaser's creditors to write off
some of the BRL15 billion in loans they extended to Sete Brasil,
the report relays.

Sources have told Reuters that a collapse of Sete Brasil would be
devastating not only for the banks, pension funds and investment
firms that backed the project, but also for dozens of shipbuilders
and manufacturers supplying the company, the report adds.


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


B & C CAPITAL: Regulator Fails to Sanction Bank and Directors
-------------------------------------------------------------
Kenneth Rijock at Caribbean News Now reports that a year after it
was notified by victims that B & C Capital Ltd, an exempt Cayman
Islands corporation with no banking license, was accepting funds
pursuant to a written instrument that described it as a bank and
financial institution, the Cayman Islands Monetary Authority
(CIMA) has taken no regulatory action against the company, nor
brought civil or criminal charges against the directors, who were
Cayman residents.

B & C, insolvent since February 2015, is now being liquidated and,
without any bank accounts, millions of dollars in client accounts
is missing, and unaccounted for, according to Caribbean News Now.
B & C was misrepresented to be a bank, when in truth and in fact
it was a shell company with no assets, the report notes.  Funds
were transferred into it from Dundee Merchant Bank, based solely
upon its listed status as a bank on the transfer authorization
itself, the report relays.

The Banks & Trust Companies Law of the Cayman Islands requires any
entity that accepts deposits to hold the appropriate banking
license, the report discloses.  CIMA, pursuant to the Monetary
Authority Law, has jurisdiction over financial institutions and
has specific enforcement powers, but has taken no action in the B
& C Capital case, notwithstanding clear and convincing evidence of
massive fraud, theft of client funds, and money laundering, the
report notes.

CIMA has offered no explanation for its failure to protect foreign
investors in this case, without any apparent reason, claiming
confidentiality, but taking absolutely no action, and forcing the
victims to seek redress through the courts themselves, the report
says.  Its open investigation has been pending for more than one
year, the report adds.

In recent years, there have been at least 12 major investment
frauds committed in the Cayman Islands, and victims' advocates
have reported that none of the victims ever recovered their money,
the report recalls.


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: 'Unannounced' Rules Halt Freight
----------------------------------------------------
Dominican Today reports that the freight forwarders grouped in
NODECA picketed the Customs Agency headquarters, claiming that the
recent measures are leaving hundreds of shipments and hundreds of
containers stranded on the docks, others en route to the Dominican
Republic, and all those that have been received in the United
States and Europe pending shipment.

The consolidators asked Customs director Fernando Fernandez to
seek a solution to the deadlock which if continues would lead them
to bankruptcy, wiping out the more than 125 companies in the
sector and eliminating the door-to-door deliveries they affirm
harms thousands of Dominicans, according to Dominican Today.

ANODECA Spokesman Francisco Delgado said Customs didn't announce
or properly planned the change of rules banning appliances and
worn clothing, the Agriculture Ministry requirement of an import
permit for sacks of rice and other foods, in addition to having to
present invoices for all items received by Dominicans, all without
taking into account the in-transit shipments in and those in the
country's customs, the report notes.

Mr. Delgado said ANODECA regrets that in spite of their letters
repeatedly sent to Customs, officials have yet to receive any
response so far, "especially in such a serious case for the
sector, losing one million pesos daily and worse still, exposing
themselves to be sued by customers" for failing to deliver their
shipments because of Customs' barriers, the report relays.

Mr. Delgado said they are part of a transparent business, where
they pay millions of pesos in taxes and comply with all American
and Dominican regulations, creating hundreds of jobs in Dominican
territory, 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.


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P U E R T O    R I C O
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AUTOS FERRER: Sept. 9 Plan Confirmation Hearing Set
---------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order conditionally approving
the disclosure statement explaining Samuel Ferrer Figueroa and
Autos Ferrer Inc.'s Plan and scheduled a hearing for the
consideration of the final approval of the Disclosure Statement
and the confirmation of the Plan and any objections as may be made
to either for Sept. 9, 2016 at 9:30 a.m.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on/or before 14
prior to the date of the hearing on confirmation of the Plan.

The Debtors are directed by the Court to file a statement setting
forth compliance with each requirement in Section 1129 of the
Bankruptcy Code, the list of acceptances and rejections and the
computation of the same, within seven working days before the
hearing on confirmation.

If the above documents are not filed on time, the Court may not
hold the confirmation hearing and the Debtors must appear on the
scheduled date to show cause why sanctions should not be imposed,
costs and attorney's fees awarded to appearing parties, and why
the case should not be dismissed or converted to Chapter 7, for
cause, pursuant to Section 1112(b).

At the confirmation hearing the Court will conclude the estimated
date for "substantial consummation" of the Plan as defined in
Section 1101(2).  The Debtor must submit to the Court the
information necessary to enter a final decree.

Autos Ferrer Inc. (Bankr. D.P.R. Case No. 15-08240) and Samuel
Ferrer Figueroa (Bankr. D.P.R. Case No. 15-08241) filed separate
Chapter 11 Petitions on October 22, 2015.  Autos Ferrer is
represented by Isabel M. Fullana, Esq., at Garcia Arregui &
Fullana PSC.


CINEVIA CORPORATION: Proposes to Hire Edwin Santos as Accountant
----------------------------------------------------------------
Cinevia Corp. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire an accountant.

The Debtor proposes to hire Edwin Santos to provide accounting
services in connection with its Chapter 11 case.

Mr. Santos will receive a monthly fee of $500 for his services,
which include the preparation and filing of the Debtor's monthly
operating reports.

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

                       About Cinevia Corp.

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


JOYUDA SEA FOOD: Taps Justiniano Law Offices as Legal Counsel
-------------------------------------------------------------
Joyuda Sea Food, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire a legal counsel in
connection with its Chapter 11 case.

The Debtor proposes to hire Gloria Justiniano Irizarry of
Justiniano Law Offices to provide these services:

     (a) examine documents needed to prepare the Debtor's
         schedules and statement of financial affairs;

     (b) prepare legal papers including the Debtor's Chapter 11
         plan of reorganization and disclosure statement;

     (c) identify and prosecute claims and causes of action on
         behalf of the Debtor;

     (d) examine proofs of claim filed in the Debtor's case;

     (e) advise the Debtor regarding the ongoing operation of its
         business; and

     (f) advise the Debtor regarding the liquidation of its
         assets, if needed.

Ms. Irizarry will be paid $200 per hour for her services.

In a court filing, Ms. Irizarry disclosed that she and her firm
are "disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.

Ms. Irizarry's contact information is:

     Gloria Justiniano Irizarry, Esq.
     Justiniano Law Offices
     Ensanche Martinez
     Calle A. Ramirez Silva 8
     Mayaguez, PR 00680-4714
     Phone: (787) 222-9272 & 805-2945
     Email: Justinianolaw@gmail.com

                      About Joyuda Sea Food

Joyuda Sea Food Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-03770) on May 10, 2016. The Debtor is
represented by Gloria Justiniano Irizarry, Esq.


SAMUEL FERRER FIGUEROA: Sept. 9 Plan Confirmation Hearing Set
-------------------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order conditionally approving
the disclosure statement explaining Samuel Ferrer Figueroa and
Autos Ferrer Inc.'s Plan and scheduled a hearing for final
approval of the Disclosure Statement and the confirmation of the
Plan and any objections as may be made to either for Sept. 9, 2016
at 9:30 a.m.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on/or before 14
prior to the date of the hearing on confirmation of the Plan.

The Debtors are directed by the Court to file a statement setting
forth compliance with each requirement in Section 1129 of the
Bankruptcy Code, the list of acceptances and rejections and the
computation of the same, within seven working days before the
hearing on confirmation.

If the above documents are not filed on time, the Court may not
hold the confirmation hearing and the Debtors must appear on the
scheduled date to show cause why sanctions should not be imposed,
costs and attorney's fees awarded to appearing parties, and why
the case should not be dismissed or converted to Chapter 7, for
cause, pursuant to Section 1112(b).

At the confirmation hearing the Court will conclude the estimated
date for "substantial consummation" of the Plan as defined in
Section 1101(2).  The Debtor must submit to the Court the
information necessary to enter a final decree.

Autos Ferrer Inc. (Bankr. D.P.R. Case No. 15-08240) filed a
Chapter 11 petition on October 22, 2015, and is represented by
Isabel M. Fullana, Esq., at Garcia Arregui & Fullana PSC.

Samuel Ferrer Figueroa (Bankr. D.P.R. Case No. 15-08241) filed a
separate Chapter 11 petition on October 22, 2015.


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


VENEZUELA: Gov't. Seizes Guardian Plant; Gives Conflicting Reports
------------------------------------------------------------------
Holly Fournier and Ian Thibodeau at The Detroit News report that
representatives for Auburn Hills-based Guardian Industries and the
Venezuelan government are offering conflicting reports on what led
to the closure and subsequent seizure of a Venezuelan Guardian
facility by the government.  The plant has since reopened under
government control.

The Guardian float-glass plant in Monagas, in the northeast region
of the country, closed the last week in July, according to
Guardian Industries and statements by Venezuelan President Nicolas
Maduro to the Venezuelan national news agency Agencia Venezolana
de Noticias, The Detroit News notes.

Guardian Industries said in a brief statement that the Venezuelan
government used military force to take over the plant, according
to The Detroit News.

". . . . the Venezuelan government seized control of Guardian's
operations in Venezuela by military force," company officials said
in an Aug. 1 statement posted to the Guardian Industries website,
the report relays.  "Guardian has operated proudly in Venezuela
for decades.  We have been fully committed to ensuring the safety
of our employees, and have acted in compliance with all applicable
laws and with respect for the community.

"The safety of the employees and management of Guardian de
Venezuela's operations are now in the control of the Venezuelan
government," the statement added.

Guardian officials did not say whether the plant was closed at the
time the government took control, how many people worked at the
plant, whether any American citizens worked there or if the plant
had officially reopened, the report notes.

President Maduro told a different story during an Aug. 1 meeting
at the Military Academy in Caracas, according to the Venezuelan
news agency.  The Venezuelan president said the plant's closure
was carried out by Guardian Industries officials, depriving
employees of their right to work, the report says.

President Maduro also blamed the United States for waging an
economic war against his country, using the plant's closure as
evidence of "a strategy by the U.S. government to harm the
national economy," the report relays.

According to an Aug. 4 news release from the office of Yelitza
Santaella, the governor of Monagas, Santaella refused to let the
company "close their doors" and negatively impact the country, the
report discloses.

An Aug. 11 post on a Facebook page tagged as the "official"
information page of Monagas said the Venezuelan government
reopened the plant under a temporary occupation that will last one
year, the report says.  The occupation guarantees citizens their
right to work, according to the post.

Guardian Industries is a privately held, diversified, global
company employing around 17,000 people and operating facilities
throughout North America, Europe, South America, Africa, the
Middle East and Asia, according to its website.

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


                            ***********


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

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

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 commercial 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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