TCRLA_Public/160915.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

            Thursday, September 15, 2016, Vol. 17, No. 183


                            Headlines



A R G E N T I N A

CORDOBA: Fitch Assigns 'B' LT Issuer-Default Ratings


B R A Z I L

BRAZIL: Launches Rescue Plan to Fix Economy
OURO VERDE: Fitch Assigns 'BB-' LT Issuer Default Ratings
RIO DE JANEIRO: Will Still Face Liquidity Constraints, says Fitch


C A Y M A N  I S L A N D S

CHINA SENIOR: Shareholder to Hear Wind-Up Report on Sept. 20
CHINA SENIOR SPV: Member to Hear Wind-Up Report on Sept. 20
CHINA SENIOR (NANQING): Member to Hear Wind-Up Report on Sept. 20
CHINA SENIOR (YIZHUANG): Member to Hear Wind-Up Report on Sept. 20
FEDERAL EXPRESS: Members' Final Meeting Set for Oct. 4

MAGNATE COMPANY: Members' Final Meeting Set for Sept. 20
MY KFUND: Shareholders' Final Meeting Set for Sept. 22
PCR INVESTMENT: Shareholders' Final Meeting Set for Sept. 29
PICCADILLY HOLDINGS: Shareholders' Final Meeting Set for Sept. 26
TEN PARK: Shareholders' Final Meeting Set for Sept. 26

TRIANGULAR ASP: Shareholders' Final Meeting Set for Sept. 22
UNION 33: Shareholders' Final Meeting Set for Sept. 22
WP X INVESTMENTS: Shareholders' Final Meeting Set for Sept. 22


C H I L E

ABENGOA SA: Plans Return to Work on Giant Chilean Solar Plant


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haiti Industries Oppose Lifting of Product Ban


P U E R T O    R I C O

AEROPOSTALE INC: PII Transfer Not Consistent with Privacy Policies
ARC MANAGEMENT: Case Summary & 9 Unsecured Creditors
E MENDOZA & CO: Names Nelson Robles-Diaz as Counsel
HATILLO POOL: Hires Acevedo as Accountant
HECTOR ANIBAL: Unsecureds to Recoup 100% Under Plan

INT'L MANUFACTURING: Trustee Hires Baker & McKenzie as Counsel
IPHONE SOLUTIONS: Hires Correa Business as Counsel


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Sinking Fishing Industry


X X X X X X X X X

LATAM: WB Urges Economies to Adjust to Drop in Raw Material Demand


                            - - - - -



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


CORDOBA: Fitch Assigns 'B' LT Issuer-Default Ratings
----------------------------------------------------
Fitch Ratings has assigned a 'B' rating to the Municipality of
Cordoba's Long-Term Foreign- and Local-Currency Issuer-Default
Ratings (IDR). The Rating Outlook is Stable. Fitch has also
assigned an expected Long-Term Foreign-Currency Rating of 'B(EXP)'
to the municipality's upcoming unsecured bond issuance.

The ratings are constrained by Argentina's Sovereign Rating.

The bond is rated at the same level as the municipality,
considering the constraint of the Sovereign Rating. The bond will
be issued in USD for an amount of up to USD150 million, to accrue
a fixed interest rate to be determined at issuance and payable on
a semi-annual basis. The estimated maturity of the bond is eight
years, with equal capital balloon payments in the last three
years. The notes will be a senior unsecured obligation of the
Municipality of Cordoba.

The issuance is authorized under Ordinance No.12517. The proceeds
will be used by the city to partially refinance debt and for
public infrastructure projects.

KEY RATING DRIVERS

Cordoba's ratings consider the city's important economic position
in the local and national context, its low level of debt, and its
strong local revenue collection. In contrast, the high level of
currency exposure and refinancing risks (characteristic of
Argentine subnationals), its structural deficits and volatile
operating margins, and the high level of payables in relation to
the entity's liquidity position are the main weaknesses
considered.

The municipality of Cordoba is the capital of the Province of
Cordoba, and is the second most populated city in Argentina, and
represents one of the most important social, educational, and
economic centres. Cordoba has a diverse economic profile that
encompasses automobile manufacturing, an important construction
sector, and an IT cluster with more than 130 companies. Economic
activity translates into a strong local revenue collection of
taxes on commerce and industry, which represented 64% of operating
revenues in 2015.

On the other hand, Argentine subnationals tend to have a high
expenditure burden regarding public services and structural
capital deficits in a context of macroeconomic challenges. In 2015
around 17% of total expenditures of the city were destined to
public health (approximately ARS1.5 billion), while 11% were spent
on education (ARS 900 million). The latter, coupled with an
electoral year, inflationary pressures, and a higher staff
expenditure (for capex execution), drew down Cordoba's operating
margin in the past year.

However, financial performance could improve as information from
the 1T of 2016 showed better margins than observed in 1T of 2015.
The city is taking diverse actions to control operating expenses.
Also, the municipality entered into a fiscal and tax ordering
agreement with the province that addresses the funding of the
education and health deficit. Fitch will monitor the evolution of
this topic and its impact on the entity's budgetary performance.

In 2015 Cordoba's direct debt totalled ARS1.0 billion,
representing a low level of 12.3% of operating revenues. The
entity's direct debt is mainly composed by bond issuances and
treasury bills. Direct debt servicing represented 2.9% of current
revenues, but sustainability ratios were high because of the lower
financial margins. Cordoba faces important maturities towards
2017; the municipality is seeking to re-profile debt and mitigate
the entity's high refinancing risk.

Considering authorized new borrowing, debt levels would still
remain low and around 26% of budgeted operating revenues for 2016.
In 2015 around 30% of debt was denominated in foreign currency,
but with prospective debt this would shift towards 75% increasing
currency exposure. Still, Fitch believes that debt ratios would
still be in line with Cordoba's credit profile.

About liquidity, Cordoba's level of floating debt (payables) is
deemed high relative to the entity's liquid cash position.
Payables are mainly liabilities with suppliers, employees, and
others, and represented around 83 days of primary expenditure in
2015.

Finally, current management policies and practices are focalized
towards administrative modernization and transparency, including
the implementation of a single financial management system (as
accounting norms date back to 1972). Also, the infrastructure
development plan (2016 - 2019) is composed by an important
portfolio of projects ranging from street lighting, to education,
sewage, and other urban infrastructure developments.

RATING SENSITIVITIES

An upgrade of the sovereign rating accompanied by higher and
sustained operating margins could lead to an upgrade of Cordoba's
ratings.

The final rating of Cordoba's new bond is contingent upon the
receipt of final documents conforming to information already
received.


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B R A Z I L
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BRAZIL: Launches Rescue Plan to Fix Economy
-------------------------------------------
BBC News reports that Brazil's new government has announced a
privatisation plan aimed at reviving the country's struggling
economy.

It plans to sell off four airports and two port terminals as well
as offer contracts to private firms for a wide range of projects
from building new roads to running mining projects, according to
BBC News.

President Michel Temer, sworn in after his predecessor Dilma
Rousseff, was removed from office, said the plan would boost
growth and jobs, the report notes.

"The state cannot do it all," Mr. Temer added, says the report.

          Brazil's Economy Continues to Contract

The plans are part of the new president's "Crescer" initiative,
which aims to increase private investment in the country, in an
attempt to address its huge budget deficit amid the country's
worst recession in 80 years, the report relays.

Brazil's economy contracted 3.8% last year, and is expected to
shrink a further 4.3% this year, according to the Organisation for
Economic Co-operation and Development (OECD), the report says.

Mr. Temer was vice-president, but took over as president at the
end of August after President Rousseff was impeached and removed
from office on charges of illegally manipulating the government's
accounts, the report discloses.

Mr. Temer has pledged to make pension and labor reforms as well as
make infrastructure investments more attractive to private firms
and foreign investors, the report notes.

The government will scrap a rule that state-run oil firm Petrobras
has to have a 30% stake in all new oil reserve developments, the
report says.

And auction rules will be printed in English as well as Portuguese
in a bid to attract overseas investors, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.


OURO VERDE: Fitch Assigns 'BB-' LT Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of 'BB-' to Ouro Verde Locacao e
Servico S.A. (Ouro Verde) and an expected rating of 'BB-' to its
USD300 million senior unsecured notes due to 2021. The proceeds of
this issuance are intended to be used for debt refinancing, to
enhance liquidity, for capex during 2017, as well as other general
corporate purposes. The company is rated 'A (bra)' on the National
Scale. The Outlook is Stable.

KEY RATING DRIVERS

Ouro Verde's ratings reflect an above-average business profile due
to a reasonably predictable cash flow, which is based on long-term
contracts for fleet rental of light vehicles and heavy machinery
and equipment, as well as a diversified customer base. In recent
years, the company has maintained low to moderate leverage.
Fitch's base case scenario projects that Ouro Verde's net leverage
ratio, as measured by FFO adjusted net leverage, will remain at
around 2.2x in the next two years.

Key rating constraints are the very competitive environment with
larger players that have more financial wherewithal and the high
capital intensity of the business, which is somewhat offset by the
company's flexibility to postpone capex.

Ouro Verde's main challenge is to improve its liquidity and debt
profile, while managing growth in the face of a deep economic
recession environment and unfavorable financing conditions in
Brazil. The current bond transaction is expected to provide relief
to the company's liquidity position. The inability to conclude
this note issuance could lead to negative rating actions.

Improving Operating Cash Flow

Fitch believes that Ouro Verde will be able to maintain cash flow
from operations (CFFO) at satisfactory levels, despite the higher
financial cost. The company has been efficient at passing rising
costs on to customers and has been more selective in granting new
contracts in an effort to prioritize the more profitable heavy
machinery and equipment leases. Between 2012 and the last 12
months(LTM) ended June 30, 2016, Ouro Verde's net revenue
increased by 95%, to BRL1 billion. During the same period, the
company's EBITDA grew to BRL490 million from BRL273 million while
its funds from operations (FFO) rose to BRL519 billion from BRL133
million.

FFO and EBITDA margins are expected to remain stable at about 50%
in the next two years. Unlike other key players in the industry,
Ouro Verde is less dependent on the sale of used assets at the end
of the contract due to the relatively long life of its heavy fleet
and equipment rentals.

More Conservative Growth Allows Deleveraging in 2016; Capex Should
Increase in 2017

Ouro Verde reported positive FCF of BRL152 million during the LTM
ended June. 30, 2016 as a result of decreased capex. During this
period, Ouro Verde invested BRL359 million, which compares
positively with BRL454 million in 2015 and BRL778 million during
2014. Fitch expects around BRL135 million of positive FCF during
2016. Ouro Verde has the flexibility to improve FCF by reducing
growth in capex, as most of its capital investments are geared
toward increasing the size of its fleet/equipment and are linked
to a contract. Depending upon the company's ability to access
funding for growth, FCF should range from neutral to negative
BRL250 million in the next two years.

Ouro Verde's leverage, as measured by FFO net adjusted leverage,
was 2.3x as of LTM June 30, 2016. Fitch does not expect a material
reduction in the near term, with net leverage expected to be
around 2.2x in both 2016 and 2017. Ouro Verde's leverage relative
to its fleet market value is adequate. The company reports a fleet
market value of approximately BRL5.7 billion, which is slightly
above its net debt position (BRL5.2 billion). However, the
company's flexibility is limited, as only about 56% of its fleet
is not used as liens for loans.

KEY ASSUMPTIONS

   -- Stable revenue growth in 2016 with a recovery from 2017 on
      due to stronger capex;

   -- Capex at around BRL320 million in 2016 and increasing to
      around BRL600 million in 2017;

   -- Cash balance improving to around 70% of short-term debt;

   -- Dividends at 25% of net income;

   -- No large-scale M&A activity.

RATING SENSITIVITIES

Positive: Future developments that could lead to a positive rating
action:

   -- Consistent improvement in liquidity, with cash+CFFO/short-
      term debt above 1.7x;

   -- Maintenance of solid and growing operating performance;

   -- FFO adjusted net leverage consistently below 2.0x.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action:

   -- FFO net adjusted leverage consistently above 3.5x;

   -- Failure to improve liquidity compared to short-term debt,
      with the cash+CFFO/short-term below 1.0x, maintaining
      refinancing risk exposure.

   -- Deterioration in used car sales in Brazil and/or in the
      coverage ratio fleet value-to-net value to below 1.0x.

LIQUIDITY

Ouro Verde has a track record of poor liquidity. Fitch expects it
to improve with the resources of the new bond issuance and cash
holdings should represent around 70% of short-term debt. As of
June 30, 2016, Ouro Verde reported total debt of BRL1.7 billion,
of which BRL800 million was classified as short-term. This level
of near-term debt compares with BRL216 million of cash and
marketable securities. Up to end-2018 Ouro Verde has BRL1.7
billion of debt coming due. The ratio of short-term debt coverage,
as measured by cash plus CFFO-to-short-term debt, is weak, at
0.9x. About 49% of Ouro Verde's debt is secured. The company's
debt profile is mainly composed of FINAME operations and leasing
(49%), banking credit lines (29%) and debentures (22%).

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings:

   Ouro Verde Locacao e Servico S.A.

   -- Foreign Currency Long-Term IDR at 'BB-';

   -- Local Currency Long-Term IDR at 'BB-';

   -- Senior USD300 million unsecured notes due 2021 'BB-'.

The Rating Outlook is Stable.

Fitch currently has these additional ratings on Ouro Verde:

   -- National long-term rating 'A(bra)';

   -- Local Debentures due 2018 and 2019 'A(bra)'.

The Rating Outlook is Stable.


RIO DE JANEIRO: Will Still Face Liquidity Constraints, says Fitch
-----------------------------------------------------------------
Rio de Janeiro's state government (ERio, IDR B-, Stable Outlook)
will continue to face severe liquidity constraints in the near
term, Fitch Ratings says. "A longer-term plan may emerge, though
we expect that the Brazilian government will ensure timely service
payments due on Sept. 15 and Oct. 15 to Credit Suisse, after local
elections are held in October." Fitch said.

ERio launched a refinance agreement program and improved tax
collection, as the state's operating revenues declined in 2015. In
2016, the state has relied on nonrecurring revenues, including the
issuance of debt linked to the collection of past due taxes and
bus concessions. However, these revenues have yet to materialize.
Once they begin to rise, these nonrecurring revenues are unlikely
to cover the substantial budget shortfall caused by increasing
pension expenditures. ERio must allocate BRL12 billion (USD3.7
billion) to fund just one of its pension funds (Fundo Financeiro)
in 2016. Lowering benefits is possible in the long run.

ERio's current pension plan offers the same benefits to retirees
and current employees, and includes salary increases. Under
Brazilian law, only the federal government is permitted to make
changes to the structural features of the local pension systems,
which could be passed in the following months. Personnel
expenditures, including pension and retirement payments, are a
substantial part of the budget. In 2015, those costs were 53.7% of
operating expenditures.

ERio and the other Brazilian states will not see significant
improvements in their credits until the debt they owe to the
federal government is modified, and we also believe some kind of
bailout is likely in 2016 or 2017. However, even if the federal
government were to allow states to postpone service payments for
one year, savings would amount to just 25% of ERio's annual state
payroll expenditures.

The state legislature isn't likely to pass any meaningful laws in
the near term. Members of the Assembleia Legislativa are running
in elections this October and passing laws that that might
increase employee contributions to the pension system or cut
budgets could hurt election campaigns. Fitch said, "Once elections
are over, we believe additional legislation could develop."

The infrastructure costs associated with hosting the World Cup and
Olympic Games contributed to the state's long-term debts and will
not impact its near-term liquidity issues. ERio has entered into
significant credit agreements that raised its long-term debt to
BRL36.7 billion in 2015. Only 1.4% of that amount is not
guaranteed by the federal government.



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


CHINA SENIOR: Shareholder to Hear Wind-Up Report on Sept. 20
------------------------------------------------------------
The sole shareholder of China Senior Housing (Shuangqiao) Limited
will hear on Sept. 20, 2016, at 9:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


CHINA SENIOR SPV: Member to Hear Wind-Up Report on Sept. 20
-----------------------------------------------------------
The member of China Senior Housing SPV (Songjiang), Ltd. will hear
on Sept. 20, 2016, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


CHINA SENIOR (NANQING): Member to Hear Wind-Up Report on Sept. 20
-----------------------------------------------------------------
The member of China Senior Housing SPV (Nanqing), Ltd will hear on
Sept. 20, 2016, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


CHINA SENIOR (YIZHUANG): Member to Hear Wind-Up Report on Sept. 20
------------------------------------------------------------------
The member of China Senior Housing (Yizhuang) Limited will hear on
Sept. 20, 2016, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


FEDERAL EXPRESS: Members' Final Meeting Set for Oct. 4
------------------------------------------------------
The members of The Federal Express Holdings, S.A. Caribbean
Retirement Savings Plan Limited will hold their final meeting on
Oct. 4, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


MAGNATE COMPANY: Members' Final Meeting Set for Sept. 20
--------------------------------------------------------
The members of Magnate Company Limited will hold their final
meeting on Sept. 20, 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:

          Paul Travers
          Cayman Management Ltd.
          Governors Square, 2nd Floor
          P.O. Box 1569, Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +345 949 4018
          Facsimile: +345 949 7891


MY KFUND: Shareholders' Final Meeting Set for Sept. 22
------------------------------------------------------
The shareholders of MY KFUND 127 Limited will hold their final
meeting on Sept. 22, 2016, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


PCR INVESTMENT: Shareholders' Final Meeting Set for Sept. 29
------------------------------------------------------------
The shareholders of PCR Investment Limited will hold their final
meeting on Sept. 29, 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:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          c/o Christopher Smith
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


PICCADILLY HOLDINGS: Shareholders' Final Meeting Set for Sept. 26
-----------------------------------------------------------------
The shareholders of Piccadilly Holdings Limited will hold their
final meeting on Sept. 26, 2016, at 9:00 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
          Lynden John
          Telephone: +1 (345) 815.1456


TEN PARK: Shareholders' Final Meeting Set for Sept. 26
------------------------------------------------------
The shareholders of Ten Park SPC will hold their final meeting on
Sept. 26, 2016, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Metropolitan Life Insurance Company
          c/o Madeleine Welham
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TRIANGULAR ASP: Shareholders' Final Meeting Set for Sept. 22
------------------------------------------------------------
The shareholders of Triangular ASP Fund Ltd. will hold their final
meeting on Sept. 22, 2016, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


UNION 33: Shareholders' Final Meeting Set for Sept. 22
------------------------------------------------------
The shareholders of Union 33 Leasing Limited will hold their final
meeting on Sept. 22, 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


WP X INVESTMENTS: Shareholders' Final Meeting Set for Sept. 22
--------------------------------------------------------------
The shareholders of WP X Investments II Ltd. will hold their final
meeting on Sept. 22, 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:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9477
          Facsimile: (345) 949-4647


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C H I L E
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ABENGOA SA: Plans Return to Work on Giant Chilean Solar Plant
-------------------------------------------------------------
Vanessa Dezem and Rodrigo Orihuela at Bloomberg News report that
Abengoa SA plans to resume work in the next few months on Latin
America's first solar-thermal plant, as the Spanish renewable
energy company comes back from the brink of bankruptcy, people
with knowledge of the matter said.

Work on the $1 billion Atacama I project in northern Chile, a
joint venture between Abengoa and private equity firm EIG Global
Energy Partners, will restart once agreements on Abengoa's debt
restructuring plan are completed, said one of the people, asking
not to be named because the decision isn't public, according to
Bloomberg News.

About 1,500 workers were fired from the project in January,
leaving only maintenance personnel on site, Bloomberg News notes.
Resumption of work could begin in the fourth quarter, said one of
the people, Bloomberg News relates.

"The project will be a milestone in Latin America," said Carlos
Barria, former chief of the government's renewable-energy division
and a professor at Pontifical Catholic University of Chile, in
Santiago, Bloomberg News relays.  "It is an important alternative
way of producing energy as it puts together the sunlight and power
storage," he added.

Unlike solar panel projects, Atacama I is comprised of 10,600
mirrors that focus sunlight on a liquid salt solution atop a giant
tower in the center, which drives a turbine to produce
electricity, Bloomberg News notes.  It's location in Chile's
northern desert is one of the sunniest and driest spots on Earth,
Bloomberg News says.

A surfeit of solar energy in Chile has resulted in spot power
prices falling to zero on more than 100 days through the first
four months of this year, Bloomberg News notes.

Spokesmen for Abengoa and EIG declined to comment on the project.

                           Not Cheap

Electricity from the project won't come cheaply.  The plant has a
generating capacity of 110 megawatts, compared with 160 megawatt
capacity at Enel Green Power SA's nearby Finis Terrae solar farm,
which cost only US$270 million to build, Bloomberg News relays.

Abengoa SA hasn't notified labor unions that work will resume,
according to Luiz Reyes, a former worker on the project and union
representative, Bloomberg News notes.  "The company has yet to
comply with indemnities for some workers as we were unfairly
fired," he told Bloomberg News in a telephone interview from
Santiago.   "The company might not resume construction before
complying with all payments," he added.

Abengoa SA this month won an agreement from major creditors for a
rescue plan, potentially averting Spain's largest corporate
insolvency, Bloomberg News relays.  The Seville-based company
filed for preliminary court protection in November following a
failed attempt to raise capital as it buckled under about EUR9.4
billion (US$10.6 billion) of debt built up through years of
overseas expansion, Bloomberg News adds.

                       About Abengoa S.A.

Spanish energy giant Abengoa S.A. is an engineering and
clean technology company with operations in more than 50
countries worldwide that provides innovative solutions for a
diverse range of customers in the energy and environmental
sectors.  Abengoa is one of the world's top builders of power
lines transporting energy across Latin America and a top
engineering and construction business, making massive renewable-
energy power plants worldwide.

As of the end of 2015, Abengoa, S.A. was the parent company of
687 other companies around the world, including 577 subsidiaries,
78 associates, 31 joint ventures, and 211 Spanish partnerships.
Additionally, the Abengoa Group held a number of other interests
of less than 20% in other entities.

On Nov. 25, 2015 in Spain, Abengoa S.A. announced its intention
to seek protection under Article 5bis of Spanish insolvency law,
a pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  The Spanish company is facing a March 28,
2016, deadline to agree on a viability plan or restructuring plan
with its banks and bondholders, without which it could be forced
to declare bankruptcy.

On March 16, 2016, Abengoa presented its Business Plan and
Financial Restructuring Plan in Madrid to all of its
stakeholders.

                        U.S. Bankruptcies

Abengoa, S.A., and 24 of its subsidiaries filed Chapter 15
petitions (Bankr. D. Del. Case Nos. 16-10754 to 16-10778) on
March 28, 2016, to seek U.S. recognition of its restructuring
proceedings in Spain.  Christopher Morris signed the petitions as
foreign representative.  DLA Piper LLP (US) represents the
Debtors as counsel.

Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC
("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7
petition for Abengoa Bioenergy Company, LLC ("ABC").  ABC's
involuntary Chapter 7 case is Bankr. D. Kan. Case No. 16-20178.
ABNE's involuntary case is Bankr. D. Neb. Case No. 16-80141.  An
order for relief has not been entered, and no interim Chapter 7
trustee has been appointed in the Involuntary Cases.  The
petitioning creditors are represented by McGrath, North, Mullin &
Kratz, P.C.

On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and 5 five
other U.S. units of Abengoa S.A., which collectively own,
operate, and/or service four ethanol plants in Ravenna, York,
Colwich, and Portales, each filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the Eastern District of
Missouri.  The cases are pending before the Honorable Kathy A.
Surratt-States and are jointly administered under Case No. 16-
41161.

Abeinsa Holding Inc., and 12 other affiliates, which are energy,
engineering and environmental companies and indirect subsidiaries
of Abengoa, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Proposed Lead Case No. 16-10790) on March 29, 2016.


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


DOMINICAN REPUBLIC: Haiti Industries Oppose Lifting of Product Ban
------------------------------------------------------------------
Dominican Today reports that Haiti's Industries Association
objected to the lifting of overland import restrictions levied by
authorities on 23 products from the Dominican Republic.

Outlet acento.com reports that the ADIH aims to defend domestic
production and create jobs for Haitians, by constantly fighting
smuggling, which it calls "a real plague for the national
economy," according to Dominican Today.

The Association notes that on October 1, 2015, Haiti's Government,
at the behest of the country's national producers, economic actors
and government agencies, imposed the ban, which allows the import
of the 23 Dominican products only by sea or air, allegedly to
better manage customs and phytosanitary controls, the report
notes.

"If this restriction is lifted, the domestic private sector cannot
face unfair competition that will sweep Haiti and that will lead
to the loss of jobs, lower tax revenue and the disappearance of
domestic investors," said Haiti's Private Sector Economic Forum,
the report relays.

"However, this measure was strongly challenged by the Dominican
government, exporters and truckers' unions of the neighboring
Republic, which demanded the unconditional revocation of the
decision," the ADIH said, notes the report.  "The ADIH regrets to
learn that after the visit of the new Dominican Foreign Minister
Miguel Vargas Maldonado, on August 30, this restrictive measure
transport is about to be lifted, at the expense of domestic
industries (Haiti)."

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.


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


AEROPOSTALE INC: PII Transfer Not Consistent with Privacy Policies
------------------------------------------------------------------
Warren E. Agin, the Consumer Privacy Ombudsman for Aeropostale,
Inc., et al., filed a report with the United States Bankruptcy
Court for the Southern District of New York saying the proposed
transfer of the Personally Identifiable Information (PII) by the
Debtors is not consistent with the Debtors' existing privacy
policies.

On July 29, 2016, the Debtors filed their Second Amended Joint
Plan of Reorganization, which proposed a sale of all or a portion
of the Debtors business assets through a public auction.

The Debtors' proposed sale contemplates a transfer of PII in
connection with that sale. The transaction also contemplates the
Agents conducting inventory sales through physical stores and the
Debtors' websites, and contemplates that the Agents have access to
PII in connection with those sales.

The names, addresses, e-mail addresses, and non-mobile telephone
numbers constitute PII for purposes of Section 101(41A) of the
Bankruptcy Code, as do the customers' mobile phone number,
username and password, and IP addresses, when associated with a
user's name, address, or e-mail address.
The CPO reported that the proposed asset sale should be
conditioned to protect Customer's rights in their information.

Conditions should be placed on the buyer's receipt and use of
Customer Information because the current privacy policies do not
provide adequate notice to consumers of the potential for transfer
of PII.

The PCO added that the buyer should agree to (a) employ
appropriate security controls and procedures (technical,
operational, and managerial) to PII; (b) abide by all applicable
laws and regulations with respect to PII; (c) agree to abide by
the Debtor's privacy policies, and privacy related promises made
in the Debtor's terms of service, in effect at the Petition Date
and governing the specific PII; (d) and agree to respect all prior
requests by an individual to opt-out from receipt of marketing
messages. Absent prior express consent from a customer, the
buyer's future use of PII should be limited to the purposes of
continuing business operations and continuing to provide goods and
services to the individual.

                       About Aeropostale Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. from
Aeropostale stores and website. The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment. Aeropostale maintains control over its
proprietary brands by designing, sourcing, marketing and selling
all of its own merchandise. As of May 1, 2016 the Company operated
739 Aeropostale(R) stores in 50 states and Puerto Rico, 41
Aeropostale stores in Canada and 25 P.S. from Aeropostale(R)
stores in 12 states. In addition, pursuant to various licensing
agreements, the Company's licensees currently operate 322
Aeropostale(R) and P.S. from Aeropostale(R) locations in the
Middle East, Asia, Europe, and Latin America. Since November 2012,
Aeropostale, Inc. has operated GoJane.com, an online women's
fashion footwear and apparel retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016. The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.

The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors. The Committee hired Pachulski Stang Ziehl
& Jones LLP as counsel.


ARC MANAGEMENT: Case Summary & 9 Unsecured Creditors
----------------------------------------------------
Debtor: ARC Management, Corp.
        Suite 216
        PMB 166 B5 Calle Tabonuco
        GUAYNABO, PR 00959

Case No.: 16-07238

Chapter 11 Petition Date: September 9, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Jesus Enrique Batista Sanchez, Esq.
                  THE BATISTA LAW GROUP, PSC
                  Cond Midtown Center
                  420 Juan Ponce De Leon Ave, Suite 901
                  San Juan, PR 00918
                  Tel: 787-620-2856
                  Fax: 787-620-2854
                  E-mail: jesus.batista@batistalawgroup.com

Total Assets: $1.38 million

Total Debts: $1.48 million

The petition was signed by Angel Cintron, president.

A copy of the Debtor's list of nine unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-07238.pdf


E MENDOZA & CO: Names Nelson Robles-Diaz as Counsel
---------------------------------------------------
E. Mendoza & Co., Inc. seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Nelson
Robles-Diaz, P.S.C. as counsel, effective August 19, 2016.

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

                    About E. Mendoza & Co Inc

E. Mendoza & Co. Inc., based in San Juan, P.R., filed a Chapter 11
petition (Bankr. D.P.R. Case No. 16-06661) on August 22, 2016.
Nelson Robles Diaz, Esq., serves as bankruptcy counsel.

In its petition, the Debtor estimated $0 to $50,000 in assets and
$1 million to $10 million in liabilities.  The petition was signed
by Marta Fernandez Torres, secretary.


HATILLO POOL: Hires Acevedo as Accountant
-----------------------------------------
Hatillo Pool Center, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Heriberto Reguero Acevedo as accountant to the Debtor.

Hatillo Pool requires Mr. Acevedo to:

   a. provide assistance to the Debtor in preparing the Monthly
      Reports of Operation;

   b. prepare the necessary financial statements;

   c. assist the Debtor in preparing the cash flow projections
      and any other projection needed for the Disclosure
      Statement;

   d. assist the Debtor in any and all financial and accounting
      matters pertaining to, or in connection with the
      administration of the estate;

   e. assist the Debtor in the preparation and filing of federal,
      state and municipal tax returns; and

   f. assist the Debtor in any other assignment that might be
      properly delegated.

Mr. Acevedo will be paid at the hourly rate of $75.

Mr. Acevedo will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Heriberto Reguero Acevedo, CPA, 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 estates.

Mr. Acevedo can be reached at:

     Heriberto Reguero Acevedo, CPA
     105 Avenida Borinquen, Base Ramey
     Aguadilla, PR 00603
     Tel: (787) 890-1954
     E-mail: heribereg@aol.com

                   About Hatillo Pool

Hatillo Pool Center, Inc., filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 16-06331) on Aug. 10, 2016, disclosing under $1
million in both assets and liabilities. Judge Enrique S. Lamoutte
Inclan oversees the case.

The Debtor hired Gloria M. Justiniano Irizarry, Esq., at
Justiniano Law Offices to act as attorney.

No official committee of unsecured creditors has been appointed in
the case.


HECTOR ANIBAL: Unsecureds to Recoup 100% Under Plan
---------------------------------------------------
Hector Anibal Martinez Hernandez filed with the U.S. Bankruptcy
Court for the District of Puerto Rico an amended disclosure
statement dated Aug. 17, 2016.

Under the Plan, holders Class 7 General Unsecured Creditors will
receive from the Debtor a non-negotiable, non-interest bearing,
promissory note dated as of the Effective Date.  Creditors in this
class will receive a total repayment of 100% of their claimed or
listed debt plus 3.5% annual interest.  These claims, which total
$47,814.69, will be paid in five equal annual payments of
$11,236.46 (this payment includes principal and interest) each.
The first annual payment will be due Sept. 1, 2017, and
subsequently the first day of September of each year. The Class is
impaired.

The allowed liability to unsecured creditors is in the amount of
$1,344,966.97.

The source of payments proposed under the Plan will come from the
Debtor's income from businesses and sale of real properties.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/prb15-03458-111.pdf

The Plan was filed by the Debtor's counsel:

     Homel Antonio Merado Justiniano, Esq.
     Ensanche Martinez
     8 Drive A. Ramirez Silva Street
     Mayaguez, PR 00680-4714
     Tel: (787) 364-3188
          (787) 805-2945
     Fax: (787) 805-7350
     E-mail: hmjlaw2@gmail.com

Hector Anibal Martinez Hernandez filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-03458) on May 7, 2015.


INT'L MANUFACTURING: Trustee Hires Baker & McKenzie as Counsel
--------------------------------------------------------------
Beverly N. McFarland, the appointed Chapter 11 Trustee in the
bankruptcy case of International Manufacturing Group, Inc., seeks
authority from the U.S. Bankruptcy Court for the Eastern District
of California to retain Baker & McKenzie LLP as her special 401(k)
counsel, nunc pro tunc to September 1, 2016.

Ms. McFarland tells the Court that in the course of the case she
will have a need for advice regarding the termination of the
Debtor's 401(k) plan.  She may also need the firm to assist in
drafting termination resolutions, reviewing the safe harbor
termination notice prepared by the prototype provider, drafting a
letter of instruction to the record keeper/trustee, reviewing any
required amendment prepared by the prototype provider that need to
be adopted upon termination (e.g., it does not appear the 2016
prototype plan was ever adopted and this should be done prior to
termination) and reviewing the form of participant distribution
notice.

The firm also may provide assistance:

      * in determining when participants should have fully vested
        (e.g., was there a partial termination requiring vesting
        prior to the termination date);

      * with additional issues related to the bankruptcy;

      * in determining if any corrections are required; and

      * in drafting a safe harbor notice or any amendments.

B&M has only been retained to provide legal services related to
401(k) plan termination, Ms. McFarland says.

B&M's standard hourly rates are:

     Name                Title       Hourly Rate
     ----                -----       -----------
     James P. Baker      Partner         $850
     Janel M. Brynda     Associate       $620
     Ajay Athavale       Associate       $460

B&M will also bill the estate for all reasonable and necessary
out-of-pocket expenses incurred as permitted by applicable
provisions of the Bankruptcy Code, Bankruptcy Rules and the UST
Guidelines.  B&M has agreed to bill travel time between San
Francisco and Sacramento at 50% of its discounted hourly rates.
B&M has also agreed that the fees for its services will not exceed
$25,000.  B&M also agrees to cap its hourly fee for James P.
Baker's services at $550 per hour.

As set forth in the Declaration of Mr. Baker, (i) B&M does not
have any connections with the Debtor, its creditors, or with the
Office of the United States Trustee, or with any person employed
in the office of the United States Trustee which would preclude
employment, and (ii) does not now hold or represent any interest
materially adverse to the interests of the estate or of any class
of creditors or equity security holders.

The Court will commence a hearing on September 21, 2016, at 10:00
a.m., to consider the firm's hiring.

The U.S. Trustee is represented by:

          Thomas A. Willoughby, Esq.
          Jason E. Rios, Esq.
          Jennifer E. Niemann, Esq.
          FELDERSTEIN FITZGERALD WILLOUGHBY & PASCUZZI LLP
          400 Capitol Mall, Suite 1750
          Sacramento, CA 95814
          Telephone: (916) 329-7400
          Facsimile: (916) 329-7435
          E-mail: twilloughby@ffwplaw.com
                  jrios@ffwplaw.com
                  jniemann@ffwplaw.com

             About International Manufacturing Group

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.  Lawyers at
Pachulski Stang Ziehl & Jones LLP represent the Official Committee
of Unsecured Creditors.


IPHONE SOLUTIONS: Hires Correa Business as Counsel
--------------------------------------------------
Iphone Solutions, Corp., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Correa Business
Consulting Group, LLC as counsel to the Debtor.

Iphone Solutions requires Correa Business to:

   a. advise the Debtor with respect to its duties, powers and
      responsibilities in the bankruptcy case under the laws of
      the United States and Puerto Rico in which the debtor-in-
      possession conducts its operations, do business, or is
      involved in litigation;

   b. advise the Debtor in connection with a determination
      whether a reorganization is feasible and, if not, helping
      the Debtor in the orderly liquidation of its assets;

   c. assist the Debtor with respect to negotiations with
      creditors for the purpose of arranging the orderly
      liquidation of assets and propose a viable plan of
      reorganization;

   d. prepare on behalf of the Debtor the necessary complaints,
      answers, orders, reports, memoranda of law and any other
      legal papers or documents;

   e. appear before the bankruptcy court, or any court in which
      debtors assert a claim interest or defense directly or
      indirectly related to the bankruptcy case;

   f. perform such other legal services for the Debtor as may be
      required in the proceedings or in connection with the
      operation of, and involvement with, the Debtor's business,
      including, but not limited to, notarial services; and

   g. employ other professional services, if necessary.

Correa Business will be paid at the hourly rate of $100.

Correa Business will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Luis E. Correa Gutierrez, member of the law firm of Correa
Business Consulting Group, LLC, 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 estates.

Correa Business can be reached at:

     Luis E. Correa Gutierrez, Esq.
     CORREA BUSINESS CONSULTING GROUP, LLC
     Ext. Roosevelt, 468 Calle Arrigoitia
     San Juan, PR 00918
     Tel: (787) 373-1185
     Fax: (787) 724-0353
     E-Mail: lcorrea@correalawoffice.com

                       About IPhone Solutions

IPhone Solutions, Corp, filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-06226) on August 5, 2016, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Luis E. Correa Gutierrez, at Correa Business
Consulting Group, LLC.

No official committee of unsecured creditors has been appointed in
the case.


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


TRINIDAD & TOBAGO: Sinking Fishing Industry
---------------------------------------------
Trinidad Express reports that it is unbelievable that a row over
the quality of some seafood harvested in parts of the Gulf of
Paria has been allowed to fester for months, negatively impacting
the livelihoods of many fisher-folk and vendors as well as the
dining tables of consumers who rely on fish for their protein
intake.

Line Minister for Agriculture and Fisheries, Clarence Rambharat,
made another categorical statement that fish caught in the
contentious zone between La Brea and Otaheite was safe for human
consumption, according to Trinidad Express.

"I have said on many occasions that none of the lab results so far
indicate that fish caught in Trinidad and Tobago's waters is unfit
for human consumption," the minister commented, the report notes.


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


LATAM: WB Urges Economies to Adjust to Drop in Raw Material Demand
------------------------------------------------------------------
EFE News reports that Latin America's economies need to adjust to
the drop in demand for raw materials in foreign markets, World
Bank vice president for Latin America and the Caribbean Jorge
Familiar said.

"This new situation of demand and prices for raw materials is not
a short-term thing, it's something that is going to be with us for
a long while. The first thing that has to be done is to adjust the
(Latin American) economies to this new reality," Mr. Familiar
said, according to EFE News.

The World Bank official spoke with reporters after meeting with
Paraguayan President Horacio Cartes at the Mburuvicha Roga
presidential residence in Asuncion, one of the stops on a regional
tour that will also take him to Argentina and Ecuador, the report
notes.

The recession affecting Latin America is due to a large extent to
changes in foreign markets, which provided favorable destinations
for the region's raw materials exports in the past decade, Mr.
Familiar said, the report relays.

"This helped the region grow at very high rates for a long period
of time, and the good news is that the growth during this golden
decade led to improvements from the social point of view," the
World Bank official said, the report notes.

Millions of Latin Americans were pulled out of poverty, got jobs,
improved their health and obtained better educations during this
period, Mr. Familiar said, the report relays.

The economic landscape, however, has changed because emerging
economies outside Latin America are growing at lower rates than
before and need fewer raw materials, forcing the region's
countries to adapt to the new situation, the World Bank official
said, the report discloses.

"(We have to) invest in infrastructure, invest in education and
(invest) human capital more broadly via health-care, create the
conditions so the private sector can invest and create employment
opportunities, and we also have to provide more adequate social
protection for the most vulnerable" in society, Mr. Familiar said,
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.

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.


                   * * * End of Transmission * * *