TCRLA_Public/160913.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, September 13, 2016, Vol. 17, No. 181


                            Headlines



B O L I V I A

* BOLIVIA: To Promote Lake Titicaca Cleanup With IDB Assistance


B R A Z I L

MINERVA SA: Fitch Affirms 'BB-' IDR, Outlook Remains Stable


C A Y M A N  I S L A N D S

AASF OFFSHORE: Shareholders' Final Meeting Set for Sept. 26
ARIETE LTD: Creditors' Proofs of Debt Due Sept. 29
FUYU (CAYMAN): Urges Creditors to File Proof of Claim
GAIA GLOBAL: Creditors' Proofs of Debt Due Sept. 19
GELLA LTD: Creditors' Proofs of Debt Due Sept. 29

NEXSTAR DEVELOPING: Placed Under Voluntary Wind-Up
NEXSTAR DEVELOPING OFFSHORE: Placed Under Voluntary Wind-Up
NOTGER CAPITAL: Creditors' Proofs of Debt Due Sept. 28
NUWAVE COMBINED: Creditors' Proofs of Debt Due Sept. 19
TROIKA DIALOG: Creditors' Proofs of Debt Due Sept. 29


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Big Business Hails Haiti Rapprochement
DOMINICAN REPUBLIC: Power Companies Blame Gov't. for Blackouts


E C U A D O R

BANCO PICHINCHA: Fitch Affirms 'B' IDR; Outlook Revised to Neg.


M E X I C O

CEMEX SAB: Re-Organises its Cementos Chihuahua Investments


N I C A R A G U A

* NICARAGUA: To Develop Geothermal Energy Potential With IDB Help


P U E R T O    R I C O

EDUARDO MENDOZA: Hires Nelson Robles-Diaz as Counsel
GOVERNMENT DEVELOPMENT: S&P Lowers Rating on Sr. Notes to 'D'
MORGANS HOTEL: Amends Schedule 13E-3 Transaction Statement
NORFE GROUP: Needs Until Nov 13 to File Chapter 11 Plan


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: SBA Tells Government to Cut Wastage


                            - - - - -


=============
B O L I V I A
=============


* BOLIVIA: To Promote Lake Titicaca Cleanup With IDB Assistance
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a total of
$86 million in loans and grants to support wastewater treatment,
solid waste management and other actions in Bolivia's Katari River
watershed in order to reduce pollution in Lake Titicaca, into
which the Katari empties its waters.

The funds will support the implementation of a resilient, integral
watershed management model that will include wastewater treatment
for 165,000 households, connecting 5,000 homes to the sewer
system, and providing solid-waste landfill disposal services to
another 10,000 homes.

"The Titicaca basin has been suffering for years from the effects
of climate change and contamination from domestic, industrial and
mining wastewater discharges," said Omar Garzonio, IDB project
team leader. "This project is a first but very important step in
the process of reverting this situation."

Building, improving and enhancing wastewater treatment plants and
sewer systems will demand a $65 million investment over the
project's five-year implementation period.

Another $7 million will be used to purchase landfill operation
machinery and vehicles and to finance the deployment of more than
500 solid waste collection containers. The funds will also help
build drainage systems and access cells for the Copacabana and
Tiahuanaco landfills; build three new landfills or equivalent
facilities; and close three existing dumpsites.

An additional $9 million will be earmarked for management
strengthening to help cope with existing and anticipated climate
change impacts, pollution source identification, personnel
training, and communications.

The funding consists of several components:

A $25 million loan from the Bank's ordinary capital for a 30-year
term, with six years of grace and a LIBOR-based interest rate; a
soft $4.5 million loan from the IDB's Fund for Special Operations
for a 40-year term, with 40 years of grace at 0.25 percent fix
interest; and $47.3 million from the grant leverage mechanism,
from the IDB's ordinary capital; these resources, which total
$77.3 million, will be complemented with a $8.4 million grant from
the European Union, taking the operation's grand total to $85.7
million.

As reported in the Troubled Company Reporter-Latin America on July
18, 2016, Fitch Ratings downgraded Bolivia's Long-Term Foreign and
Local Currency Issuer Default Ratings to 'BB-' from 'BB'.  The
Rating Outlook is Stable.  The issue ratings on Bolivia's senior
unsecured Foreign and Local Currency bonds have also been
downgraded to 'BB-' from 'BB'.  The Country Ceiling has been
downgraded to 'BB-' from 'BB' and the Short-Term Foreign Currency
IDR is affirmed at 'B'.


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

MINERVA SA: Fitch Affirms 'BB-' IDR, Outlook Remains Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Minerva S.A.'s (Minerva) Long-Term
Foreign and Local Issuer Default Ratings at 'BB-'. The Rating
Outlook remains Stable.

Fitch has also assigned a 'BB-(EXP)' rating to Minerva S.A.'s
(Minerva) proposed issuance of global notes.  The proposed senior
unsecured notes will mature in 2026.  The notes will be issued
through its wholly owned subsidiary, Minerva Luxembourg S.A.
(Minerva Lux) and will be irrevocably guaranteed by Minerva.
Proceeds will be used to refinance existing debt and for general
corporate purposes.

In conjunction with these actions, Fitch has upgraded the national
scale rating of Minerva to 'A (bra)' from 'A- (bra)'.  This rating
action reflects Minerva's improvement within the 'BB-' rating
level due to lower leverage, which has resulted from increased
EBITDA and cash proceeds from a BRL741 million capital injection
from Salic (UK) Ltd.

Declining Net Leverage

Fitch expects Minerva's net debt/EBITDA ratio to be around 3.0x in
2016, compared to 4.2x during 2015.  As of June 30, 2016, the
company's total debt/EBITDA remained high for the rating level at
5.2x.  The improvement in net leverage is due to positive free
cash flow (FCF) and the capital injection.

Improving Revenues and EBITDA

Minerva's revenues and EBITDA were affected positively by the full
integration of past acquisitions, increased export sales and
ability to implement cost efficiency measures.  Minerva enjoyed
higher prices for fresh beef in the domestic market due to its
strategy of optimizing distribution channels and focusing on food
service and small and medium retailers.  As of the LTM ended June
30, 2016, the company reported net revenues and EBITDA growth of
14.4% and 36.6%, respectively, while EBITDA margin increased by
200bps to 11.5% compared to the same period last year.

Cash Flow Turns Positive

Fitch expects Minerva's FCF after interest expense to improve to
more than BRL250 million in 2016 from BRL34 million in 2015.  The
improvement will be driven by a reduction in capex as investments
in recently acquired plants taper off.  The ramping-up of these
assets, particularly those in Colombia, should improve capacity
utilization levels and dilute fixed costs.  These transactions are
likely to enhance the company's geographic diversification but not
its product diversification.

Improving Industry and Domestic Outlook

Cattle prices are projected to soften in Brazil during 2017 as the
availability of cattle for slaughter increases.  The herd size is
at a record level of nearly 220 million head.  Positively,
Brazilian beef producers continue to have access to more export
markets.  In May 2015, mainland China approved Brazilian beef
imports and in August 2016 the United States agreed to open its
market to Brazilian beef, which will boost demand from 2016
onwards and should facilitate the opening of additional markets
for Brazilian beef producers.  Furthermore, it appears that the
Brazilian market is close to reaching a bottom from an economic
perspective, which should lead to more favorable domestic demand
dynamics.

Product, Country Concentration Risks

Minerva is less diversified from a product and geographic position
than the two other large protein companies based in Brazil, JBS
S.A. and Marfrig S.A.  About 69% of Minerva's slaughtering
capacity is located in Brazil, 13% in Uruguay, 13% Paraguay and 5%
in Colombia.  With its large export presence, the company's
profitability is also closely tied to exchange rate variations.
Among the significant risks faced by the company are a downturn in
the economy of a given export market, the imposition of increased
tariffs or sanitary barriers, and strikes or other events that may
affect the availability of ports and transportation.  Minerva's
export revenues represent 68% of total revenues.

                          KEY ASSUMPTIONS

   -- Middle single digits revenues growth boosted by volume
      growth in beef division exports (6%), and stable volumes
      and higher prices in domestic market compared to 2015.
   -- Stable and sustained EBITDA margins going forward;
   -- Positive FCF;
   -- Adjusted net leverage below 3.0x in 2016, deleveraging
      going forward;
   -- No Dividends payment in 2016.

                        RATING SENSITIVITIES

Positive Rating Triggers: An upgrade could be triggered by
additional geographic and product diversification, continuous
positive free cash flow generation and substantial decreases in
gross and net leverage to below 4.5x and 3.0x, respectively, on a
sustained basis.

Negative Rating Triggers: A negative rating action could occur as
a result of a sharp contraction of Minerva's performance,
increased net leverage above 5x on a sustained basis as a result
of either a large debt-financed acquisition or asset purchases, or
as a result of a severe operational deterioration due to
disruptions in exports.

                          LIQUIDITY

Minerva's liquidity remains adequate as of June 30, 2016;
liquidity is supported by BRL2.7 billion of cash and cash
equivalents while short-term debt totals BRL1.3 billion.  Around
23% of debt is short term.  The main debt repayment is due in 2023
(BRL2.8 billion).  Approximately 84% of total debt was exposed to
foreign exchange variation.

FULL LIST OF RATING ACTIONS

Fitch has taken these actions on Minerva:

Minerva:

   -- Long-Term Foreign & Local Currency IDR affirmed at 'BB-';
      Outlook Stable;
   -- National Long-Term Rating upgraded to 'A(bra)' from
      'A-(bra)'; Outlook Stable.

Minerva Luxembourg S.A.:

   -- Senior unsecured notes due 2017, 2019, 2022, 2023 and
      perpetual affirmed at 'BB-';
   -- Senior unsecured notes due 2026 rated 'BB-(EXP)'.



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


AASF OFFSHORE: Shareholders' Final Meeting Set for Sept. 26
-----------------------------------------------------------
The shareholders of AASF Offshore Fund, Ltd will hold their final
meeting on Sept. 26, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Lynden John
          Tamara Hill
          e-mail: lynden.john@elian.com
          Telephone: +1 (345) 815-1456


ARIETE LTD: Creditors' Proofs of Debt Due Sept. 29
--------------------------------------------------
The creditors of Ariete Ltd. are required to file their proofs of
debt by Sept. 29, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Aug. 10, 2016.

The company's liquidator is:

          Delio Jose De Leon Mela
          Forbes Hare
          Cassia Court, Camana Bay
          Suite 716, 10 Market Street
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 943-7700


FUYU (CAYMAN): Urges Creditors to File Proof of Claim
-----------------------------------------------------
Creditors of Fuyu (Cayman) Venture Capital Fund are required to
file their proofs of debt to be included in the company's dividend
distribution.

The company was wound up on Nov. 29, 2006, and dissolved
automatically by operation of Article 138 of its Amended and
Restated Memorandum and Articles of Association.

The company's liquidator is:

          Yung Huang Chou
          c/o Maples and Calder, Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road, Central
          Hong Kong


GAIA GLOBAL: Creditors' Proofs of Debt Due Sept. 19
---------------------------------------------------
The creditors of Gaia Global Select Fund Limited are required to
file their proofs of debt by Sept. 19, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 16, 2016.

The company's liquidator is:

          Gaia Global Holding Limited
          c/o Willow House, Floor 4, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648


GELLA LTD: Creditors' Proofs of Debt Due Sept. 29
-------------------------------------------------
The creditors of Gella Ltd. are required to file their proofs of
debt by Sept. 29, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Aug. 10, 2016.

The company's liquidator is:

          Delio Jose De Leon Mela
          Forbes Hare
          Cassia Court, Camana Bay
          Suite 716, 10 Market Street
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 943-7700


NEXSTAR DEVELOPING: Placed Under Voluntary Wind-Up
--------------------------------------------------
On June 30, 2016, the sole shareholder of Nexstar Developing
Opportunities Master 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:

          Peter W. Getsinger
          Sophia Leavett
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


NEXSTAR DEVELOPING OFFSHORE: Placed Under Voluntary Wind-Up
-----------------------------------------------------------
On June 30, 2016, the sole shareholder of Nexstar Developing
Opportunities Offshore 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:

          Peter W. Getsinger
          Sophia Leavett
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


NOTGER CAPITAL: Creditors' Proofs of Debt Due Sept. 28
------------------------------------------------------
The creditors of Notger Capital Ltd. are required to file their
proofs of debt by Sept. 28, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 10, 2016.

The company's liquidator is:

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


NUWAVE COMBINED: Creditors' Proofs of Debt Due Sept. 19
-------------------------------------------------------
The creditors of Nuwave Combined Futures Portfolio Ltd. are
required to file their proofs of debt by Sept. 19, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 2, 2016.

The company's liquidator is:

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


TROIKA DIALOG: Creditors' Proofs of Debt Due Sept. 29
-----------------------------------------------------
The creditors of Troika Dialog Group Limited are required to file
their proofs of debt by Sept. 29, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 8, 2016.

The company's liquidator is:

          Cayman Law Group Ltd
          c/o Chris Narborough
          Telephone: +1 (345) 9253199
          Cayman Law Group Ltd
          DMS House, Ground Floor
          Genesis Place, Dr. Roys Drive
          P.O Box 1103, George Town Grand Cayman KY1-1102
          Cayman Islands


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


DOMINICAN REPUBLIC: Big Business Hails Haiti Rapprochement
----------------------------------------------------------
Dominican Today reports that the National Council Business (CONEP)
president Rafael Blanco hailed foreign ministers Miguel Vargas'
announcement that Haiti agreed to lift its ban on the overland
entry of 23 Dominican products.

Mr. Blanco said the CONEP puts at the disposal of the parties to
support the establishment of measures to strengthen and formalize
the exchange between the two countries, according to Dominican
Today.

Mr. Blanco said representatives of the Dominican and Haitian
business and government sectors had expressed concern over the
lack of customs controls at the border, and the ensuing spread of
smuggling, says the report.

Mr. Blanco said the bans harm the economy of both countries and
don't solve the problems affecting bilateral trade, the report
notes.  Mr. Blanco said formal trade between the two states must
be encouraged, which in his view is the toughest challenge, the
report relays.

In a statement, the CONEP urged both countries to develop joint
programs to formalize trade, professional services and customs
controls at the border, and develop infrastructure and effective
trade processes, adds the report.

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.


DOMINICAN REPUBLIC: Power Companies Blame Gov't. for Blackouts
--------------------------------------------------------------
Dominican Today reports that the Dominican Electricity Industry
Association (ADIE) blamed the rolling blackouts on a discretionary
decision by the State's Energy Distribution Companies (EDES).

Citing data from the electrical system's Coordinator Agency (OC)
compiled two weeks ago, the ADIE said there was more than enough
energy available to meet the country's demand during that period,
according to Dominican Today.

OC statistics "show that the power companies were willing to
provide to the system some 363,892.6 MWh of energy," the report
notes.  However, demand that was supplied in that period was
331,192.6 MWh, "leaving a surplus of energy that was available and
wasn't acquired of 32,700 megawatts," the report relays.

The ADIE added that the number of blackouts which the distribution
companies arranged in the same period -- from Aug. 29 to Sept. 4 -
- total of 35,868.7 megawatts, 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
=============


BANCO PICHINCHA: Fitch Affirms 'B' IDR; Outlook Revised to Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias
(Pichincha) and Banco de la Produccion S.A. y Subsidiarias'
(Produbanco, commercially known as Produbanco Grupo Promerica)
Long-term Local and Foreign Currency Issuer Default Ratings (IDRs)
at 'B'.  The Rating Outlooks are revised to Negative from Stable.

The Negative Outlook on Pichincha and Produbanco reflects the
recent revision of Ecuador's Rating Outlook to Negative from
Stable.  In Fitch's view, the operating environment's high
influence on the banks' ratings, which limits their potential
growth, profitability and internal capital-generation capacity, as
well as direct exposure to Ecuador through investment portfolios,
constrain the banks' ratings to the sovereign's creditworthiness.
Ecuador's growth and fiscal outlook has deteriorated due to lower
oil prices and higher financing needs.  The economy has entered
into recession in 2016 with an expected contraction of 2%.

                       KEY RATING DRIVERS

IDRS AND VRs

Pichincha's Viability Rating (VR), or standalone creditworthiness,
drives its long-term IDR.  The bank's operating environment and
weak profitability ratios highly influence its VR.  The bank's VR
also factors in pressured asset quality, tight capitalization,
ample liquidity and a strong franchise.  Pichincha's capital
cushion to absorb unexpected losses is still limited compared with
international peers.  However, in Fitch's view, this is mitigated
by conservative reserve coverage, moderate asset growth and a
strong risk profile.

Produbanco's IDRs are driven by their VR.  The bank's VR is highly
influenced by the operating environment and tighter profitability.
Despite its modest profitability, Produbanco's capital position
remains adequate and has improved since 2015, as a result of
reduced dividend payments and modest growth.  The bank's asset
quality compares well with the banking system average although it
shows signs of deterioration.  Produbanco's liquidity remains
ample.

              SUPPORT RATING AND SUPPORT RATING FLOOR

Pichincha and Produbanco's Support Rating (SR) of '5' and Support
Rating Floor (SRF) of 'NF' indicate that Fitch believes external
support cannot be relied upon, due to Ecuador's limited funding
flexibility as well as the lack of a lender of last resort.

                       RATING SENSITIVITIES

IDRS AND VRs

Any negative rating action on the sovereign would also lead to a
similar action on Pichincha and Produbanco's IDRs and VRs.
Furthermore, a significant reduction in these banks' internal
capital generation or an acceleration of growth that leads to a
decrease in the Fitch Core Capital (FCC) metrics consistently
below 9% along with a material decline in excess loan loss
reserves could also result in negative rating actions.

              SUPPORT RATING AND SUPPORT RATING FLOOR

Ecuador's propensity or ability to provide timely support to these
banks is not likely to change given the sovereign's low
speculative-grade IDR.  As such, the SR and SRF have no upgrade
potential.

Fitch has affirmed these ratings:

PICHINCHA

   -- Long-Term Foreign Currency IDR at 'B'; Outlook revised to
      Negative from Stable;
   -- Short-Term Foreign Currency IDR at 'B';
   -- Viability Rating at 'b';
   -- Support at '5';
   -- Support Floor at 'NF'.

PRODUBANCO

   -- Long Term Foreign Currency IDR at 'B'; Outlook revised to
      Negative from Stable;
   -- Short-Term Foreign Currency IDR at 'B';
   -- Viability Rating at 'b';
   -- Support at '5';
   -- Support Floor at 'NF'.


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


CEMEX SAB: Re-Organises its Cementos Chihuahua Investments
----------------------------------------------------------
emnet.com reports that Grupo Cementos de Chihuahua's ownership is
being restructured, with Cemex taking a 23 per cent direct stake
as well as a minority interest in Camcem, which will be the
majority shareholder in Cementos de Chihuahua. Cementos de
Chihuahua will remain a quoted company.

Cementos de Chihuahua saw its turnover for the first six months
decline by 1.4 per cent to US$333.4 million, with the US
operations registering a 4.2 per cent improvement to US$235.4
million, while the Mexican activities registered a 13.3 per cent
reduction to US$88 million, though in local currency there was a
3.3 per cent improvement, according to emnet.com.

The originally-planned disposal of two cement works and three
cement terminals was well as certain ready-mixed concrete and
aggregates activities in Texas and New Mexico by Cemex to Cementos
de Chihuahua for US$400 million has been reduced to US$306 million
by the exclusion of the Lyons (CO) cement works and the Florence
(CO) cement terminal, the report notes.

As reported in the Troubled Company Reporter-Latin America on
July 27, 2016, Fitch Ratings affirmed CEMEX, S.A.B. de C.V.'s
(CEMEX) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has
also upgraded the company's National Scale Long-Term Rating to
'A(mex)' from 'A- (mex)' and affirmed the company's National Scale
Short-Term rating at 'F2 (mex)'. The Rating Outlook remains
Stable.


=================
N I C A R A G U A
=================


* NICARAGUA: To Develop Geothermal Energy Potential With IDB Help
-----------------------------------------------------------------
Nicaragua will enhance its renewable energy generation capacity
and improve its power transmission system under a $103.4 million
project with financing from the Inter-American Development Bank
(IDB).

In 2015, 50.6 percent of the country's energy generation came from
renewable sources, of which 30% was geothermal. Nicaragua's
estimated geothermal potential is 1,500 MW, of which only 10
percent have been developed. Meanwhile, energy demand has been on
the rise in recent years, growing 2.6 percent in 2014 and 4.6
percent in 2015.

The project will support site investigation to help determine the
technical viability of exploiting the geothermal potential of the
CosigĂ…ina field in northwestern Nicaragua, including activities
such as commercial-width well exploration. It will also develop
mechanisms to attract private investment in order to help
stimulate the country's geothermal generation.

Planned construction of transmission infrastructure and of
electrical substations will help improve energy service delivery,
meet current and future demand in a reliable fashion, and complete
Nicaragua's adjustment to the regional energy transmission system
SIEPAC.

The program's total cost is $103.4 million, of which $51.4 million
come from an IDB loan; $25 million from the Korea Infrastructure
Development Co-financing Facility in Latin America and the
Caribbean, managed by the IDB; $17 million are grants from the
Clean Technology Fund (CTF) and the Scaling Up Renewable Energy in
Low Income Countries Program (SREP); and $10 million are local
counterpart funds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2016, Fitch Ratings has affirmed Nicaragua's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'
with a Stable Outlook.  The Country Ceiling is affirmed at 'B+'.
The Short-Term Foreign and Local Currency IDRs are affirmed at
'B'.


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


EDUARDO MENDOZA: Hires Nelson Robles-Diaz as Counsel
----------------------------------------------------
Eduardo Mendoza Corporation seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Nelson
Robles-Diaz Law Offices, P.S.C. as counsel.

The Debtor requires Robles-Diaz to:

   (a) prosecute the motions and applications filed;

   (b) advise/represent the Debtor with respect to its duties,
       rights and powers;

   (c) advise/represent the Debtor in negotiations with creditors;

   (d) advise/represent the Debtor in analyzing the claims;

   (e) advise/represent the Debtor with respect to its various
       investigations of claims, causes of action and other
       matters;

   (f) advise/represent the Debtor with respect to any
       negotiations and litigation that may be necessary, and at
       hearings and other proceedings;

   (g) advise/represent the Debtor with respect to pleadings and
       applications as may be necessary in furtherance of the
       Debtor's interests and objectives; and

   (h) advise/representing the Debtor with respect to such other
       matters as may be required and are deemed to be in the
       interests of the Debtor in accordance with the applicable
       law.

Robles-Diaz will be paid at these hourly rates:

       Nelson Robles-Diaz           $250
       Paralegals and Law Clerks    $40-$50

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

The Debtor and Robles-Diaz agreed on a $12,000 retainer.

Nelson Robles-Diaz 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 Debtor and its estate.

Nelson Robles-Diaz can be reached at:

       Nelson Diaz Robles, Esq.
       NELSON ROBLES-DIAZ LAW OFFICES PSC
       P.O. Box 192302
       San Juan, PR 00912
       Tel: (787) 294-9518
       Fax: (787) 294-9519
       E-mail: nroblesdiaz@gmail.com

Eduardo Mendoza Corporation, filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-06672) on August 22, 2016,
disclosing under $1 million in both assets and liabilities.  The
Debtor is represented by Nelson Robles Diaz, Esq.


GOVERNMENT DEVELOPMENT: S&P Lowers Rating on Sr. Notes to 'D'
-------------------------------------------------------------
S&P Global Ratings said it lowered certain of its issue-level
ratings on the Government Development Bank for Puerto Rico's (GDB)
senior unsecured notes outstanding to 'D' (default) from 'CC'
following confirmation of missed interest payments on debt service
due Aug. 1 and Sept. 1, 2016.  S&P Global Ratings also affirmed
its 'SD' (selective default) long-term issuer credit rating on
GDB.

On Sept. 7, the trustees of the aforementioned securities, through
an Electronic Municipal Market Access filing, confirmed that GDB
had failed to cure its defaults on the interest payments that were
due Aug. 1, through the 30-day grace period.  In addition, they
confirmed that GDB was in default on all interest payments due
Sept. 1, 2016 as well, because the GDB board of directors decided
not to seek authorization (as part of the Executive Order) from
the governor to make this interest payment.  No principal was due
on any of the above dates.  As a result, S&P has lowered its issue
rating on several senior unsecured GDB notes to 'D' (default) from
'CC' and affirmed our 'SD' long-term issuer credit rating.

"We believe a default on GDB's other upcoming debt maturities and
interest payments is virtually certain, and this is reflected in
our 'CC' rating on the securities not currently in default," said
S&P Global Ratings credit analyst Shameer Bandeally.  S&P will
likely lower its ratings on such instruments to 'D' upon an actual
default of principal or interest payment on the respective
scheduled due dates.  When all of GDB's debt is in default, S&P
will likely lower the issuer credit rating to 'D' (for default)
from the current 'SD'.


MORGANS HOTEL: Amends Schedule 13E-3 Transaction Statement
-----------------------------------------------------------
A fifth amendment to the 13E-3 transaction statement was filed
with the Securities and Exchange Commission on Sept. 7, 2016,
jointly by (i) Morgans Hotel Group Co., (ii) Trousdale Acquisition
Sub, Inc., (iii) SBEEG Holdings, LLC, and (iv) Yucaipa Hospitality
Investments, LLC.

On Aug. 4, 2016, the Company filed with the SEC a definitive proxy
statement on Schedule 14A, regarding, among other things, a
proposal to adopt that certain Merger Agreement by and among the
Company, SBE and Merger Sub, dated as of May 9, 2016.

Concurrently with the filing of the Amendment No. 5, the Company
filed with the SEC certain additional Soliciting Material on
Schedule 14A which contain certain amendments to the Proxy
Statement.

A full-text copy of the regulatory filing is available at:

                     https://is.gd/sXaEri

                  About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported net income attributable to common
stockholders of $5.45 million on $220 million of total revenues
for the year ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $66.6 million on $234
million of total revenues for the year ended Dec. 31, 2014.

As of June 30, 2016, Morgans Hotel had $512 million in total
assets, $737 million in total liabilities and a total deficit of
$225 million.


NORFE GROUP: Needs Until Nov 13 to File Chapter 11 Plan
-------------------------------------------------------
Norfe Group, Corp., asks the U.S. Bankruptcy Court to extend by 60
days the exclusive periods during which only the Debtor may file
and solicit acceptances of a plan of reorganization through Nov.
13, 2016 and Feb. 9, 2017, respectively.

The Debtor submits that the Court's resolution of these contested
matters, that are scheduled to be heard on Oct. 3, 2015, is
necessary in order to present a feasible Plan:

     (a) Puerto Rico Asset Portfolio 2013-1 International, LLC's
proof of claim number 5 and the objection thereto, and

     (b) the extent of PRAPI's alleged rights and security
interest in the rental income arising from Debtor's Shopping
Center operating under the name of Paseo Del Plata, at Dorado,
Puerto Rico.

Moreover, the Debtor asserts that it is in the process of
evaluating various alternatives for financing, with a bearing on
the nature and feasibility of the Plan.

                              About Norfe Group

Norfe Group Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-00285) in Old San Juan, Puerto Rico, on Jan.
20, 2016.  The petition was signed by David Efron, president.

The firm scheduled $17,269,436 in total assets and $31,441,591 in
total liabilities.

The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, as counsel.  CPA Luis R. Carrasquillo &
Co., P.S.C., serves as financial consultant.



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


* TRINIDAD & TOBAGO: SBA Tells Government to Cut Wastage
--------------------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday reports that the
President of the San Fernando Business Association (SBA), Daphne
Bartlett, is suggesting to Government that the country's 2017
budget should not exceed TT$50 billion dollars and should be
pegged on an oil price of between US$35 to US$37 dollars per
barrel.

In a telephone interview, Ms. Bartlett also weighed in on the
performance of the Dr. Keith Rowley administration saying
government should present a "plan of action" similar to the
previous Vision 2020 which had been a cornerstone of the former
Patrick Manning administration, according to Trinidad and Tobago
Newsday.

Ms. Bartlett also recommended that the prime minister initiate
moves to bring in suitably qualified people in such areas as
finance and economics following his admission that the present
cabinet was not very strong, the report notes.

And regarding the budget, she said with a TT$50 billion budget,
there would still be a shortfall but one that is manageable, the
report notes.

Ms. Bartlett continued, "We are saying that wastage has to be cut
off. We have a lot of wastage and we can say that because you can
look at the other islands, and there are islands in the Caribbean
where they run the whole country on less the amount than we
allocate to the Ministry to National Security," the report relays.
"Look at Barbados, their budget is smaller than the budget for
Tobago and they have a bigger population than Tobago, but their
crime detection rate is so much better than us. What are they
doing right that we are not doing right?"

Total expenditure of the 2016 Barbados budget, according to
Minister of Finance and Economic Affairs Chris Sinckler, was
"expected and projected to be TT$4.239 billion," the report
discloses.

Meanwhile, WTI crude oil was trading at US$44.83 per barrel while
Brent crude was US$47.26 per barrel, the report adds.



                            ***********


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

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

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                            ***********


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

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

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

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                   * * * End of Transmission * * *