TCRLA_Public/160929.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 29, 2016, Vol. 17, No. 193


                            Headlines



A R G E N T I N A

ARGENTINA: Foreign Tourists Will be Refunded VAT on Hotel Services


B A R B A D O S

SAGICOR LIFE: CreditWatch on S&P's 'BB-' CCR Revised to Negative


B R A Z I L

BRAZIL: Poised to Return to Growth, US Secretary Says
ST. MARYS: S&P Rates $500MM Proposed Sr. Unsec. Notes 'BB+'


C A Y M A N  I S L A N D S

ARIETE LTD: Members' Final Meeting Set for Oct. 4
ENGAGED CAPITAL: Members' Final Meeting Set for Oct. 4
GELLA LTD: Members' Final Meeting Set for Oct. 4
IG FINANCE: Shareholder to Hear Wind-Up Report on Oct. 14
JAPAN TK: Members' Final Meeting Set for Oct. 12

LCPI DHS: Members' Final Meeting Set for Oct. 12
LEHMAN VIP: Members' Final Meeting Set for Oct. 12
PETERSHILL (GLOBAL): Members' Final Meeting Set for Oct. 6
PETERSHILL (LOPEZ-GLOBAL): Members' Final Meeting Set for Oct. 6
PETERSHILL (LOPEZ-RADAR): Members' Final Meeting Set for Oct. 6

PETERSHILL (RADAR): Members' Final Meeting Set for Oct. 6
SALTLAKE HOLDINGS: Members' Final Meeting Set for Oct. 14
SOGKI INC: Members' Final Meeting Set for Oct. 12


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Wants More Renewable Energy, With Rules


J A M A I C A

DIGICEL GROUP: Not Prepared to Mount IPO


P E R U

RUTAS DE LIMA: S&P Raises Rating on Sr. Sec. Notes to 'BB'


P U E R T O    R I C O

BALTAZAR ANTONIO: Disclosures OK'd; Plan Hearing on Oct. 12
FELIX VELAZQUEZ: Disclosures Okayed; Plan Hearing on Oct. 12
LIDA BAUCAGE PEREZ: Hearing on Plan Outline Set For Nov. 2
MANUEL MEDIAVILLA: Plan Confirmed, PRLP Objection Denied
PUERTO RICO: Federal Oversight Board to Hold 1st Meeting Sept. 30


V E N E Z U E L A

VENEZUELA: Concern as Country Refuses to Accept Aid


                            - - - - -



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


ARGENTINA: Foreign Tourists Will be Refunded VAT on Hotel Services
------------------------------------------------------------------
MercoPress reports that Argentine President Mauricio Macri signed
an executive order under which foreign tourists will receive a
refund of the value-added tax, or VAT, paid on hotel services in
an effort to attract more visitors to Argentina and boost tourist
businesses.

The executive order requires the "direct and automatic"
reimbursement to tourists of the VAT paid on hotel services using
debit or credit cards issued overseas, according to MercoPress.

The report notes that Macri signed the order at the Casa Rosada
presidential palace during a World Tourism Day event as Tourism
Minister Gustavo Santos, Finance Minister Alfonso Prat Gay and
tourism industry representatives looked on.

Legislation has been in place since 2001 covering VAT refunds for
foreigners, but the implementing regulations covered only
purchases of goods and had not been extended to hospitality
services until now, the report relays.

Mr. Macri urged the public and private sectors to work toward
"strong tourism development," adding that globalization had turned
the business "into a powerful industry without smokestacks that
boosts quality employment around the world, (and) Argentina has a
lot to offer," the report discloses.

"Everything that in the past made Argentina seem a faraway
country, now work in favor" because of the changes the government
has introduced, Mr. Macri said, the report notes.  "It is
important to take advantage of the enormous opportunities opening
up in our relationship with the world," the president underlined,
Mr. Macri added.

The government has concluded that refunding VAT payments will
increase Argentina's appeal to foreign visitors and the flow of
hard currency, boosting tourism businesses and creating jobs.
The executive order noted that neighboring countries, such as
Chile, Uruguay, Peru, Ecuador and Colombia, offer similar
incentives, the report relays.

The Macri administration estimates the initiative will help an
annual arrival of 120.000 new tourists, which would spend some 90
million dollars and create 8.000 jobs, the report adds.

                             *     *     *

On April 19, 2016, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service upgraded on April 15,
2016, Argentina's government bond rating to B3 from Caa1, with the
outlook changed to stable from positive.  The key drivers for the
upgrade are (i) Moody's expectation that Argentina will settle
holdout creditor claims which will result in a lifting of court
injunctions and clear the way for Argentina to access
international capital markets, as well as the likelihood that
Argentina will make payments to restructured bondholders increased
significantly following an April 13, US circuit court ruling in
favor of Argentina, and (ii) the economic policy improvements
since Mauricio Macri's administration took office last December.
The new government lifted capital controls and allowed the peso to
float more freely, reduced energy and transportation subsidies and
has begun to address longstanding macroeconomic imbalances.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.

On March 24, 2016, Fitch Ratings upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.



===============
B A R B A D O S
===============


SAGICOR LIFE: CreditWatch on S&P's 'BB-' CCR Revised to Negative
----------------------------------------------------------------
S&P Global Ratings said that it had revised its CreditWatch
designation on its 'BB-' counterparty credit and financial
strength ratings on Sagicor Life Inc. (SLI) to negative from
developing.

The rating action reflects that the upside scenario for SLI is no
longer possible after S&P recently downgraded Barbados to 'B-'
from 'B', because the 'BB-' rating on the company already reflects
the maximum possible rating differential above the 'B-' sovereign
rating on Barbados.  The CreditWatch negative designation on SLI
reflects its potential downgrade to the level of Barbados'
sovereign rating if, in S&P's opinion, under the new corporate
structure SFC would not support its Barbados operation under a
sovereign default scenario after completing S&P's group support
analysis.

The current plans to overhaul the group's corporate structure
include separating most Caribbean operations under SLI and make
them direct subsidiaries of SFC, leaving SLI solely its Barbadian
operations.  In S&P's view, this could reduce SLI's importance to
the group.  Therefore, S&P might no longer consider the company as
a core subsidiary to the group.  Or S&P might consider it as a
core subsidiary, but conclude that the group won't be able and
willing to support SLI under Barbados' stress scenario.  If the
outcome of S&P's analysis yields any of these scenarios, it would
downgrade SLI.

On Sept. 15, 2016, S&P placed its ratings on SLI on CreditWatch
developing to assess the implications of SFC's domicile shift to
Bermuda from Barbados and the group's corporate restructuring.
The CreditWatch developing listing reflected S&P's view that the
number of notches that the company's rating could receive above
the sovereign rating could vary depending on the final corporate
structure and S&P's view of the group's potential support to SLI
during Barbados' potential default.  The downgrade of Barbados
eliminates the possibility of an upside scenario.  At the current
rating level, SLI has maximum rating differential above the
Barbados sovereign that is possible per S&P's criteria (up to
three notches for a core subsidiary).  Therefore, only a downside
scenario is possible once S&P concludes its assessment.



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


BRAZIL: Poised to Return to Growth, US Secretary Says
-----------------------------------------------------
EFE News reports that U.S. Treasury Secretary Jack Lew began a
brief official visit to Brazil, a country that he said is "poised
to return to growth" after overcoming "the deepest recession in
over 100 years."

The first item on Lew's agenda in Brasilia was meeting with
Finance Minister Henrique Meirelles, who told him of the Michel
Temer government's plans to get the South American giant's economy
growing again, according to EFE News.

Those plans include ambitious reforms, including a strong fiscal
adjustment accompanied by a sharp cut in public spending and a
still not fully fleshed out privatization program but one that
will include airports, ports, energy distribution and highways,
among other infrastructure, the report notes.

The Brazilian economy slid into recession last year, contracting
by 3.8 percent, and all projections agree that 2016 will close
with a further 3.3 percent contraction, although they also say
that there will be a recovery of about 1 percent in 2017, the
report relays.

Mr. Lew is the first high-level U.S. official to visit Brasilia
after the ouster of former President Dilma Rousseff, who was
replaced by Temer on Aug. 31, the report notes.

"I am convinced that the government's proposed structural reforms,
if passed by Congress, will help the Brazilian economy realize its
enormous growth potential, including promoting the strong and
balanced growth which is so important to strengthening the middle
class and protecting Brazil's most vulnerable populations," the
report quoted Mr. Lew as saying.

The treasury secretary also expressed Washington's support for the
new Brazilian administration, saying that "a prosperous Brazil is
not only important for the Brazilian people, but also for the
United States and the international community," 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.


ST. MARYS: S&P Rates $500MM Proposed Sr. Unsec. Notes 'BB+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to
St. Marys Cement Inc.'s proposed senior unsecured notes for up to
$500 million due 2027, with a recovery rating of '3', which
indicates S&P's expectation of a meaningful recovery on the notes
(50%-70%, in the higher range of the band) under a hypothetical
default scenario.  The assigned ratings reflect the credit quality
of St. Marys' ultimate parent, Votorantim Cimentos S.A.
(BB+/Negative/--), which will unconditionally guarantee the notes
along with Votorantim Cement North America Inc.  S&P expects the
company to use the proceeds to fund its proposed tender offer for
its outstanding 2021 and/or 2022 senior notes.

RATINGS LIST

Votorantim Cimentos S.A.
  Corporate credit rating                        BB+/Negative/--


Rating Assigned

St. Marys Cement Inc.
  Senior unsecured notes                         BB+
   Recovery Rating                               3H



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


ARIETE LTD: Members' Final Meeting Set for Oct. 4
-------------------------------------------------
The members of Ariete Ltd. will hold their final meeting on
Oct. 4, 2016, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Delio Jose De Leon Mela
          Salduba Building, Third Floor
          53rd East Street
          Marbella, Panama City
          Panama
          Telephone: (507) 269-2641
          Facsimile: (507) 263-8079


ENGAGED CAPITAL: Members' Final Meeting Set for Oct. 4
------------------------------------------------------
The members of Engaged Capital I Offshore, Ltd. will hold their
final meeting on Oct. 4, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902


GELLA LTD: Members' Final Meeting Set for Oct. 4
------------------------------------------------
The members of Gella Ltd. will hold their final meeting on Oct. 4,
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:

          Delio Jose De Leon Mela
          Salduba Building, Third Floor
          53rd East Street
          Marbella, Panama City
          Panama
          Telephone: (507) 269-2641
          Facsimile: (507) 263-8079


IG FINANCE: Shareholder to Hear Wind-Up Report on Oct. 14
---------------------------------------------------------
The shareholder of IG Finance Limited will hear on Oct. 14, 2016,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Laura Clemens
          c/o Chapmans
          81 West Church Street
          P.O. Box 742, West Bay Grand Cayman KY1-1303
          Cayman Islands
          Telephone: +1 (345) 623-0202


JAPAN TK: Members' Final Meeting Set for Oct. 12
------------------------------------------------
The members of Japan TK Investor I (Cayman) Holdings Inc. will
hold their final meeting on Oct. 12, 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
          c/o Christopher Smith
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Telephone: (345) 947 4700


LCPI DHS: Members' Final Meeting Set for Oct. 12
------------------------------------------------
The members of LCPI DHS Holdings Co Ltd. will hold their final
meeting on Oct. 12, 2016, at 11:00 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
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237, Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


LEHMAN VIP: Members' Final Meeting Set for Oct. 12
--------------------------------------------------
The members of Lehman VIP Investment LDC will hold their final
meeting on Oct. 12, 2016, at 11:30 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
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237, Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


PETERSHILL (GLOBAL): Members' Final Meeting Set for Oct. 6
----------------------------------------------------------
The members of Petershill US GP (Global) Holdings Ltd will hold
their final meeting on Oct. 6, 2016, at 11:10 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


PETERSHILL (LOPEZ-GLOBAL): Members' Final Meeting Set for Oct. 6
----------------------------------------------------------------
The members of Petershill US GP (Lopez-Global) Holdings Ltd will
hold their final meeting on Oct. 6, 2016, at 11:00 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


PETERSHILL (LOPEZ-RADAR): Members' Final Meeting Set for Oct. 6
---------------------------------------------------------------
The members of Petershill US GP (Lopez-Radar) Holdings Ltd will
hold their final meeting on Oct. 6, 2016, at 11:20 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


PETERSHILL (RADAR): Members' Final Meeting Set for Oct. 6
---------------------------------------------------------
The members of Petershill US GP (Radar) Holdings Ltd will hold
their final meeting on Oct. 6, 2016, at 11:30 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


SALTLAKE HOLDINGS: Members' Final Meeting Set for Oct. 14
---------------------------------------------------------
The members of Saltlake Holdings Limited will hold their final
meeting on Oct. 14, 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:

          Harneys Liquidation Services (Cayman) Limited
          Telephone: (345) 949 - 8599
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


SOGKI INC: Members' Final Meeting Set for Oct. 12
-------------------------------------------------
The members of Sogki Inc. will hold their final meeting on
Oct. 12, 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:

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


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


DOMINICAN REPUBLIC: Wants More Renewable Energy, With Rules
-----------------------------------------------------------
Dominican Today reports that Energy and Mines Minister Antonio Isa
said the promotion of renewable energies occupies a special place
on the government agenda, which designs policies which secure
investment in viable projects.

Mr. Isa said the official effort aims to expedite permits,
reducing the officials' discretion with rigid but fluid rules to
effectively organize the sector, according to Dominican Today.

The official spoke to experts from 15 countries participating in
the workshop "Towards a regional approach to sustainable energy
development" as part of the 4th meeting of Energy Information
Legal Advisory System (SIEL) and the Latin American Energy
Organization (OLADE), the report notes.

The activity is being held in the country jointly with the 2nd
meeting of the Community of Latin American and Caribbean States'
(CELAC) Ad-Hoc Energy Group, the report relays.

"Promoting renewable energy is a commitment to the country and to
nature, but it must be done well, as there are positive things
like this, that if the organizing rules aren't enforced, many
problems can arise," said Mr. Isa, the report discloses.

The official Dominican Republic is compelled to organize itself to
determine what type of renewable energy with the greatest
potential and determine the most feasible sites to locate
projects, the report relays.  "You cannot award concessions
freely; the State must be clear about what it wants and where it
wants it, what type and how much it wants.  Also, define policies
of competitive pricing and clear rules, and once defined, call for
tenders," Mr. Isa added.

Mr. Isa said all countries in the region are committed to the UN's
sustainable development goals to ensure universal access to
energy, double the rate of energy efficiency and participation of
renewables in the energy base, the report notes.

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


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


DIGICEL GROUP: Not Prepared to Mount IPO
----------------------------------------
RJR News reports that Denis O'Brien, Chairman of Digicel Group,
has conceded that conditions are still not conducive for the
company to mount an initial public offer (IPO).

Last year, the company delayed plans to sell shares to raise up to
US$2 billion, according to RJR News.

In an interview with Bloomberg, Mr. O'Brien disclosed that Digicel
is still not ready to go the route of an IPO, the report notes.

"I think we look on it opportunistically, .. . . we have never had
to go and sell shares in the market. If the market changes, we
will probably look at doing an IPO again because the market is too
unstable," the report quoted Mr. O'Brien as saying.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2016, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL
-- Long-Term Issuer Default Rating (IDR) at 'B'; Stable Outlook;
-- $US 2.0 billion 8.25% senior subordinated notes due 2020 at
    'B-/RR5';
-- $US 1 billion 7.125% senior unsecured notes due 2022 at
    'B-/RR5'.

DL
-- Long-Term IDR at 'B'; Stable Outlook;
-- $US 250 million 7% senior notes due 2020 at 'B/RR4';
-- $US 1.3 billion 6% senior notes due 2021 at 'B/RR4';
-- $US 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL
-- Long-Term IDR at 'B'; Stable Outlook;
-- Senior secured credit facility at 'B+/RR3'.

The Rating Outlook is Stable.


=======
P E R U
=======


RUTAS DE LIMA: S&P Raises Rating on Sr. Sec. Notes to 'BB'
----------------------------------------------------------
S&P Global Ratings said that it raised its debt rating on Rutas de
Lima S.A.C's (RdL's) senior secured notes due 2036 and 2039 to
'BB' from 'BB-'.  The outlook remains negative.

S&P has reassessed the project's capacity to replace the
construction company, even though S&P continues to view that RdL's
credit quality is linked to that of the construction company,
Odebrecht Peru IngenierĀ°a y Construccion (not rated; a core
subsidiary of OEC) until the toll road's construction is
completed, which is expected in December 2017.

Recent developments consist of the granting of rights of way and
the start of construction on two of the six tranches on RP, an
updated report from the independent engineer (ARUP) in that stated
that construction is expected to be on schedule and which is at an
about 41% degree of advance.  Therefore, S&P believes that RdL has
greater liquidity to cover the constructor replacement costs, if
needed, including but not limited to the equity contribution from
Sigma in 2016, committed liquidity available in the reserve
accounts, and the performance guarantee totaling about 10% of the
engineering, procurement, and construction contract.

As such, S&P has concluded that RdL's liquidity would be enough
for the contractor and minor subcontractor's replacement cost
(considering a market premium to find a new contractor of 20% and
four-month delay penalties), and S&P is providing a two-notch
uplift from the counterparty's credit quality.  This, in turn,
results in the project's upgrade to 'BB' from 'BB-' because the
rating currently reflects the risk of the construction phase
stand-alone credit profile (SACP; the operations phase SACP is
'bbb').

Despite the sharp weakening in the constructor's credit quality in
the past 18 months, the construction of the road is on time and
within budget, and mandatory works are expected to be completed by
the agreed date.  If the construction is delayed for which RdL
isn't responsible (for example, if the municipality of Lima
doesn't grant rights of way), the concession contract establishes
that an extension in the construction must be granted.

In addition, S&P considers the change in the ownership as positive
from a qualitative standpoint, given that the construction company
will now be monitored by a third party that's likelier to replace
the constructor under a stressful situation, which hasn't occurred
yet.  However, S&P continues to view the project as de-linked from
its sponsors.

Finally, S&P has considered a capital contribution of
PEN180.5 million from Sigma, which provides an additional
liquidity source to the structure.

The negative outlook on RdL's notes reflects S&P's expectation
that their credit quality would move in tandem in the next 12
months with that of Odebrecht Peru Ingenieria y Construccion,
which S&P considers has the same credit quality as OEC.  However,
as S&P assigns two-notch uplift from the constructor's credit
quality to RdL's debt rating, S&P's construction phase SACP on the
project is two notches higher than OEC's rating.

In addition, a delay in the construction or in land expropriation
of the remaining tranches of the RP that would diminish RdL's
ability to replace the contractor, because the project not being
compensated as established in the contract agreements, could limit
our construction counterparty dependency assessment to the rating
on OEC.

If S&P was to downgrade OEC, it would take the same action on RdL.
Additionally, if S&P's future analysis determines that RdL's
liquidity is insufficient to replace the constructor, RdL's
downgrade is likely.

If S&P was to upgrade OEC or revise our outlook on it to stable,
S&P would take the same rating action on RdL.

RATINGS SCORE SNAPSHOT

Construction Phase SACP (Senior Debt):
   -- Construction Phase Business Assessment: bbb
   -- Funding Adequacy: Neutral
   -- Construction Funding: Marginally Negative (-1 notch)
   -- Counterparty Assessment Limitation: bb
   -- Construction Phase SACP: bb

Operations Phase SACP (Senior Debt)
   -- Operations Phase Business Assessment: 4
   -- Preliminary SACP: bbb
   -- Downside Impact on Prelim SACP: bbb
   -- Liquidity: Neutral
   -- Comparative Analysis Assessment: N/A
   -- Counterparty Assessment Limitation: N/A
   -- Operations Phase SACP: bbb

Modifiers (Senior Debt)
   -- Parent Linkage: De-linked
   -- Structural Protection: Neutral
   -- Senior Debt Issue Rating: BB/Negative


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


BALTAZAR ANTONIO: Disclosures OK'd; Plan Hearing on Oct. 12
-----------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has approved Baltazar Antonio Negron
Soto's disclosure statement describing the Debtor's plan of
reorganization.

A hearing for the consideration of confirmation of the Plan will
be held on Oct. 12, 2016, at 9:00 a.m.  Any objection to
confirmation of the Plan must be filed on or before 14 days prior
to the date of the hearing on confirmation of the Plan.

The Debtor filed a Disclosure Statement and certain amendments on
July 8, 2016, and supplemented it on Aug. 29, 2016, referring to
the Plan filed on Aug. 29, 2016.  A hearing was held on Aug. 30,
2016.

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

Baltazar Antonio Negron Soto filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 14-08847) on Oct. 28, 2014.


FELIX VELAZQUEZ: Disclosures Okayed; Plan Hearing on Oct. 12
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
consider approval of the Chapter 11 plan of reorganization of
Felix Roque Velazquez at a hearing on October 12.

The hearing will be held at 9:00 a.m., at the Jose V. Toledo
Federal Building and U.S. Courthouse, Courtroom 3, Third Floor,
300 Recinto Sur Street, San Juan, Puerto Rico.

The court had earlier approved the Debtor's disclosure statement,
allowing it to start soliciting votes from creditors.

Creditors are required to file their objections and cast their
votes on the plan on or before 14 days prior to the hearing.

Felix R. Roque Velazquez sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 15-04840) on June 26,
2015.


LIDA BAUCAGE PEREZ: Hearing on Plan Outline Set For Nov. 2
----------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has scheduled for Nov. 2, 2016, at 9:00
a.m. the hearing to consider the adequacy of Lida Baucage Perez's
disclosure statement describing the Debtor's plan of
reorganization.

Objections to the form and content of the Disclosure Statement
must be filed not less than 14 days prior to the hearing.

Under the Plan, at the effective date holders of Class 3 - General
Unsecured Claims will receive a lump-sum payment in the amount of
$10,702.38.  The Debtor will pay $600.00 monthly pro-rata basis
for a five-year period among Class 3 and Class 4 - General
Unsecured Claim (initially intended to be secured).  With the
current claims and allowed amounts by the Plan, the Class 3 will
receive $128.11 monthly for the general unsecured creditors in a 5
year period.  Based on the current allowed amounts, each claim
holder in Class 3 will receive approximately 10% of the allowed
amount.

Class 4 will receive a lump-sum payment in the amount of
$39,421.36. With the current claims and allowed amounts by the
Plan, the Class 4 will receive $471.89 monthly for the general
unsecured creditors in a five-year period.  The claim holder under
this class will receive approximately 10% of the allowed amount.

Payments and distributions under the Plan will be funded by the
cash flow from future income of the Debtor and from the proceeds
of the sale of a real property.

A full-text copy of the Disclosure Statement dated Aug. 31, 2016,
is available at http://bankrupt.com/misc/15-04099-122.pdf

Lida Baucage Perez, a general physician practitioner, initially
filed a Chapter 13 petition (Bankr. D.P.R. Case No. 15-04099), but
was forced to file for conversion to a Chapter 11 case since the
amount of unsecured debts surpassed the limits set forth by
Section 109(e) of the Bankruptcy Code.

The Debtor is represented by Carlos Alberto Ruiz Law Office, CSP.


MANUEL MEDIAVILLA: Plan Confirmed, PRLP Objection Denied
--------------------------------------------------------
Judge Mildred Caban Flores confirmed the amended joint plan of the
debtors in the bankruptcy cases captioned IN RE: MANUEL
MEDIAVILLA, INC., Debtor, CASE NO. 13-2800(MCF)(Bankr. D.P.R.) and
IN RE: MANUEL MEDIAVILLA, INC. AND MAYDIN G. MELENDEZ, Debtors,
CASE NO. 13-2802(MCF)(Bankr. D.P.R.).

On December 30, 2015, the Court issued an opinion and order
determining that both corporate and individual debtors, Manuel
Mediavilla, Inc., and Maydin G. Melendez, could provide treatment
for PRLP 2011 Holding, LLC's secured claim on a joint basis.  The
practical effect of this treatment resulted in an over-secured
status for PRLP with entitlement to post-petition interest.

A month later, the debtors submitted an amended joint plan of
reorganization in compliance with the Court's ruling providing for
payment to PRLP's claim of post-petition interest.  PRLP filed an
opposition thereto.

With regards to PRLP's claim of post-petition interest, the
debtors proposed the contractual pre-default rate of 5% interest.
PRLP, however, sought 8% representing the contractual default rate
rather than the 5% pre-default rate, as proposed by debtors.

In support for a lower interest rate, the debtors adduced that the
equities throughout the case favor an adjustment of the post-
petition interest rate PRLP may recover.  PRLP argued that unless
debtors provide equitable reasons that warrant an adjustment to a
lower rate, there is a presumption that the contractual default
rate should apply to the calculation of post-petition interest.
PRLP argued that default interest rates, such as the one included
in the loan documents, are enforceable under local law.

Judge Flores rejected PRLP's argument of a higher default interest
rate, and exercised the court's discretion to disallow the
contractual default rate given the parties' relationship and pre-
bankruptcy course of dealing.  Judge Flores found there is no
justification for an increased default rate to compensate PRLP for
any assumed increase in risk following default.  The judge pointed
out that PRLP acquired from Banco Popular de Puerto Rico, the
original obligee, the debtors' loan account with full knowledge of
the debtors' financial inability to comply with its loan
obligations.  Banco Popular did not exercise its right to charge a
higher interest rate due to the debtors' default.  It was not
until about two months before filing the foreclosure action that
PRLP exercised its right to charge the default rate of interest
and by that time, a year had passed since its acquisition of the
loan from Banco Popular.  Judge Flores found that the equities in
the case favor the disallowance of PRLP's claim of interest at the
default rate.  Therefore, the appropriate post-petition interest
rate is the contractual pre-default rate of 5%.

PRLP also raised its concerns regarding the preservation of its
lien on the new lease agreement with the tenant, Centro de
Recaudacion de Ingresos Municipales (CRIM), and the current
feasibility of the amended joint plan in light of the new lease
agreement.  Judge Flores construed that the issue regarding the
retention of PRLP's lien on rents from the CRIM lease is moot.
The judge noted that the debtors have provided in the amended
joint plan for the continuity of PRLP's liens on property securing
its interest, and that the debtors proffered in its reply brief
that it had negotiated for CRIM to expressly acknowledge the
assignability of rents to PRLP and that CRIM's rental payments
would be payable to the debtors or PRLP.  Based on the debtors'
proffer, Judge Flores concluded that neither the debtors' amended
joint plan nor the lease agreement with CRIM impair PRLP's lien on
rents.  Therefore, the judge concluded that the PRLP's objection
to confirmation of the amended joint plan based on the debtors'
failure to preserve its liens on properties securing its claim is
moot.

Lastly, PRLP raised feasibility concerns as to the debtors'
ability to provide for PRLP's secured claim in full due to the
decrease in rental payments based on the new lease arrangement
with CRIM.   Judge Flores found that the debtors have proffered
that the rent decrease will be coupled by CRIM's improvements and
maintenance to PRLP's collateral in the amount of $36,000, and
that the decrease will not affect scheduled payments under the
amended joint plan to PRLP.  The judge also found that the debtors
were able to renew a contract and double the duration of CRIM'S
tenancy to 10 years, such that the debtors secured a source of
income necessary to fund plan payments to PRLP.  Judge Flores thus
found that PRLP's objection to confirmation based on feasibility
concerns related to the debtors' renewal of the CRIM lease is
unfounded, and the objection was denied.

A full-text copy of Judge Flores' September 23, 2016 order is
available at http://bankrupt.com/misc/prb13-02800-527.pdf

                    About Manuel Mediavilla, Inc.

Manuel Mediavilla, Inc., aka Muebleria Mediavill, sought
protection under Chapter 11 of the Bankruptcy Code on April 11,
2013 (Bankr. D.P.R., Case No. 13-02800).  The case is assigned to
Judge Mildred Caban Flores.

The Debtor's counsel is Carmen D. Conde Torres, Esq., at C. Conde
& Assoc., in San Juan, Puerto Rico.

The Scheduled Assets is $2,191,098, while the Scheduled
Liabilities is $2,484,529.

The petition was signed by Manuel Mediavilla Garcia, president.


PUERTO RICO: Federal Oversight Board to Hold 1st Meeting Sept. 30
-----------------------------------------------------------------
The American Bankruptcy Institute, citing Nick Brown of Reuters,
reported that Puerto Rico's newly created federal oversight board,
charged with helping the U.S. commonwealth navigate through a
crushing $70 billion debt burden, announced it will hold its first
meeting in New York City on Sept. 30.

According to the report, the seven-member board, created by the
U.S. Congress in part to stave off a massive default and help the
Puerto Rican government renegotiate its debt obligations, is
scheduled to meet at 8:30 a.m. EDT (1230 GMT), when it will elect
a chairperson, the board said in a statement.

The board also said it will formally request from Puerto Rico's
governor the submission of a fiscal turnaround plan, which is a
key requirement of the federal Puerto Rico rescue law that created
the board, known as PROMESA, the report related.

The turnaround plan must ultimately be approved by the board,
which has broad powers to approve the island's budgets and
facilitate debt restructuring talks, the report further related.

The board is comprised of four Republicans, including former
Puerto Rico Government Development Bank Chairman Carlos Garcia and
bankruptcy expert David Skeel, a professor at the University of
Pennsylvania Law School; and three Democrats, including former New
York bankruptcy judge Arthur Gonzalez, the report said.




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


VENEZUELA: Concern as Country Refuses to Accept Aid
----------------------------------------------------
Nicholas Casey at The New York Times reports that a photo of
Venezuela President Nicolas Maduro talking to U.S. Secretary of
State John Kerry suggested promise.

On the sidelines of a peace ceremony in Colombia, President
Nicolas Maduro of Venezuela and Secretary of State John Kerry met
for the kind of brief exchange that, under normal circumstances,
might have been the start of a thaw after years of icy relations,
according to The New York Times.

But these are not normal circumstances: Venezuela's economic and
political crises have left it more isolated than it has been in
years -- and not just from the United States, the report notes.

Shortages of food and medicine have left Peru calling for a bloc
of countries to pressure Mr. Maduro to accept humanitarian
donations, something that he declines to do, the report relays.
Mercosur, the South American trade bloc, has threatened to expel
Venezuela over human rights violations and not complying with its
trade laws, the report says.

And even the State Department, after Mr. Kerry's meeting with Mr.
Maduro, issued a statement indicating that the men's encounter in
Cartagena was not a photo op but rather Mr. Kerry's chance to
express "our concern about the economic and political challenges
that have affected millions of Venezuelans," the report notes.

The year, marked by economic collapse, has been one of the most
unstable for Venezuela, leading to fears among diplomats who now
struggle for ways to reach out to a country whose leftist leaders
have closed ranks, the report says.

Triple-digit inflation and a 10 percent economic contraction are
expected this year at the same time that Mr. Maduro has faced a
congress led by the opposition and a growing movement to oust him,
the report discloses.  But Mr. Maduro has doubled down, surrounded
himself with a cadre of hard-liners and military men, blocked the
congress with his courts and locked up many people who demand a
recall vote, the report relays.

"The main concern in the U.S. is the risk of utter collapse and
uncontrolled chaos," said Michael Shifter, the president of the
Inter-American Dialogue, a policy forum in Washington, says NY
Times. "And that is why there is this kind of effort to keep this
communication going."

Venezuela and the United States have not had ambassadors in each
other's capitals in several years, the report says.  Privately,
American government officials said they did not know whether more
meetings would occur between the two sides and that Mr. Maduro's
intentions have long been unpredictable, the report notes.

An American official, who requested anonymity to discuss delicate
diplomatic matters, said that the meeting between Mr. Kerry and
Mr. Maduro had been arranged weeks before the signing ceremony in
Colombia that ended the war between the Colombian government and
the FARC rebel movement, the report relays.

The Venezuelans canceled that meeting, but at the last minute, Mr.
Maduro went to Cartagena after all.

The spat with Mercosur illustrates how the country's political
instability is causing isolation from its neighbors.  This month,
four former allies of Venezuela -- Argentina, Brazil, Paraguay and
Uruguay -- refused to allow Mr. Maduro's government to accept the
group's rotating presidency, accusing it of human rights
violations, among other transgressions of the group's bylaws, the
report discloses.

Many of the complaints stem from crackdowns against attempts to
hold a recall referendum. Despite wide support for the vote,
according to surveys, the government recently said it would delay
the referendum in a way that would allow Mr. Maduro to choose his
successor should he be removed from office, the report says.

That development got a rebuke from the State Department, which
said it was troubled, citing media restrictions and "unexplained
delays" that it said would "deprive Venezuelan citizens the
opportunity to shape the course of their country," the report
relays.  Venezuela responded with a barrage of criticism against
the United States during a speech to the United Nations General
Assembly, delivered by its foreign minister after Mr. Maduro
abruptly canceled his trip to New York, the report notes.

Other countries are voicing concern about Venezuela's humanitarian
crisis, asking Mr. Maduro to simply accept assistance, the report
discloses.

This month, the new Peruvian president, Pedro Pablo Kuczynski,
called for a group of countries including Chile, Argentina and
Colombia to begin sending drugs and food, the report says.

Yet he did not seem hopeful.

"Now Maduro doesn't want that because he says everything is
perfect in Venezuela, but that's not true, everybody knows that,"
he said in a recent television interview, the report notes.  "And
the second thing is there has to be pressure in a nice way,
without trying to interfere too much.  There has to be some kind
of moral persuasion," he added.

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



                             *     *     *

On April 19, 2016, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service upgraded on April 15,
2016, Argentina's government bond rating to B3 from Caa1, with the
outlook changed to stable from positive.  The key drivers for the
upgrade are (i) Moody's expectation that Argentina will settle
holdout creditor claims which will result in a lifting of court
injunctions and clear the way for Argentina to access
international capital markets, as well as the likelihood that
Argentina will make payments to restructured bondholders increased
significantly following an April 13, US circuit court ruling in
favor of Argentina, and (ii) the economic policy improvements
since Mauricio Macri's administration took office last December.
The new government lifted capital controls and allowed the peso to
float more freely, reduced energy and transportation subsidies and
has begun to address longstanding macroeconomic imbalances.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.

On March 24, 2016, Fitch Ratings upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.


                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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