TCRLA_Public/160930.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

            Friday, September 30, 2016, Vol. 17, No. 194


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Flights Grounded


A R G E N T I N A

AVAL RURAL: Moody's Assigns B2 Rating to USD5.6MM VRD


B E R M U D A

TEEKAY TANKERS: Egan-Jones Cuts Commercial Paper Rating to B


B R A Z I L

BANCO PSA: Moody's Affirms Ba2 Long-Term LC Deposit Ratings
EMBRAER: To Cut Nearly 8 Percent of Workforce Through Buyouts
EMBRAER SA: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB+
VOTORANTIM CIMENTOS: Moody's Rates Proposed US$500MM Sr. Notes Ba2


C A Y M A N  I S L A N D S

BRIGHTON SPC: Court Appoints Shakespeare as Liquidator
CHINA TRAVEL: Creditors' Proofs of Debt Due Oct. 17
CONSULTORIA SUDAMERICANA: Creditors' Proofs of Debt Due Oct. 24
COPPERSTONE ALPHA: Creditors' Proofs of Debt Due Oct. 27
COPPERSTONE CAPITAL: Creditors' Proofs of Debt Due Oct. 27

DB CAPITAL ASIA: Creditors' Proofs of Debt Due Oct. 25
DB CAPITAL LATIN AMERICA: Creditors' Proofs of Debt Due Oct. 25
FEINGOLD O'KEEFFE: Placed Under Voluntary Wind-Up
FEINGOLD O'KEEFFE MASTER: Placed Under Voluntary Wind-Up
HARBORWALK GLOBAL: Creditors' Proofs of Debt Due Oct. 27

NORTH GROVE: Commences Liquidation Proceedings
PGR CAPITAL: Creditors' Proofs of Debt Due Oct. 27
WENSLEYDALE LIMITED: Creditors' Proofs of Debt Due Oct. 19


D O M I N I C A N   R E P U B L I C

BARRICK GOLD: Leaders Demand Medina Hand Over 5% of Profits
DOMINICAN REPUBLIC: Among Region's Most Stagnated Nations


M E X I C O

ARENDAL: Fitch Cuts LT Issuer Default Rating to 'RD'


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Poor Work Ethic Causes Drop on Global Scale


                            - - - - -


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


LIAT: Flights Grounded
----------------------
Caribbean360.com reports that some flights of LIAT, operating as
Leeward Islands Air Transport, across the region have been
grounded.

After calling off flights because of what was then a tropical
wave, the Antigua-based carrier issued an advisory indicating that
except for a few flights between Antigua, St. Maarten, St. Kitts,
St. Croix and Tortola, service has been suspended, according to
Caribbean360.com.

The airline has advised passengers to continue monitoring official
meteorological offices, disaster preparedness organizations, radio
stations and the airline for further updates, the report relays.

"Customers affected by the disruptions who wish to rebook for a
later date will be allowed to do so without change fees or fare
differences for a period of two weeks from the date of their
original scheduled travel.  Following the two-week grace period,
passengers will be required to pay applicable fare and change fees
when re-booking," LIAT further advised, the report notes.  "LIAT
also wishes to advise that passengers who decide to travel but are
unable to complete their journey due to disruption caused by
weather conditions, will not be provided with meals,
transportation, hotel accommodation etc. Passengers with onward
connections are advised to contact the respective carriers."


                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing Caribbean360.com, that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of
LIAT -- the Board and the Executive. Following the sudden
resignation of Chief Executive Officer Captain Ian Brunton, David
Evans replaced Mr. Brunton as chief executive officer


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


AVAL RURAL: Moody's Assigns B2 Rating to USD5.6MM VRD
-----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates the
VRD securities of Fideicomiso Financiero Aval Rural XXV, which
will be issued by Banco de Valores acting solely in its capacity
as issuer and trustee.

   -- USD 5,645,000 in VRD of Fideicomiso Financiero Aval Rural
      XXV, rated B2 (Global scale) and A2.ar (National Scale
      Rating)

As of today, the securities for this transaction have not yet been
placed in the market. The transaction is pending approval from the
Comision Nacional de Valores. If any assumption or factor Moody's
considered when assigning the ratings change before closing, the
ratings may also change.

RATINGS RATIONALE

The rated securities will be backed by a pool of bills of exchange
signed by agricultural producers in Argentina. The bills of
exchange will be guaranteed by Aval Rural S.G.R., which is a
financial guarantor in Argentina. Aval Rural has a rating of A2.ar
(Argentine National Scale) and of B2 (Global Scale).

Banco de Valores S.A. (Issuer and Trustee) will issue one class of
debt securities denominated in US dollars. The rated securities
will bear a 5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, comprised among others, of a pool of
fixed rate bills of exchange denominated in US dollars, guaranteed
by Aval Rural S.G.R. The bills of exchange will bear the same
interest rate as the rated securities.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account. As a result, the dollar is used as a
currency of reference and not as a mean of payment. For that
reason, the transaction is considered to be denominated in local
currency.

If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Aval Rural to
make payment under the bills of exchange. Aval Rural, in turn,
will have four working days to make this payment into the trust
account. Under the terms of the transaction documents, the trustee
will distribute, within 72 hours of receiving the money, interest
and principal payments to investors. Interest on the securities
will accrue up to the date on which the funds are initially
deposited by either Aval Rural, the exporter, or the individual
producers into the Trust Account.

Factors that would lead to an upgrade or downgrade of the ratings:

The ratings assigned to this transaction are primarily based on
the rating of Aval Rural. Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction.

The principal methodology used in these ratings was "Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit backed, Insured and Guaranteed Debts" published in December
2015.


=============
B E R M U D A
=============


TEEKAY TANKERS: Egan-Jones Cuts Commercial Paper Rating to B
------------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 15, 2016, downgraded the
rating on commercial paper issued by Teekay Tankers Ltd. to B from
A3.

Based in Hamilton, Bermuda, Teekay Tankers Ltd. engages in the
marine transportation of crude oil and refined petroleum products
through the operation of its oil and product tankers worldwide.
The company also provides ship-to-ship transfer services.


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


BANCO PSA: Moody's Affirms Ba2 Long-Term LC Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed Banco PSA Finance Brasil
S.A.'s long-term local- and foreign-currency deposit ratings of
Ba2 and Ba3 and changed the outlook on the ratings to negative.
At the same time, Moody's downgraded the bank's long-term national
scale deposit rating to Aa2.br from Aa1.br and affirmed Banco
PSA's short-term local- and foreign-currency deposit ratings at
Not Prime, as well as its short-term national scale rating at BR-
1.  Banco PSA's baseline credit assessment (BCA) of ba3, adjusted
BCA of ba2 and long- and short-term counterparty risk assessments
of Ba1(cr) and Not Prime(cr), respectively, were also affirmed.

                        RATINGS RATIONALE

The rating action follows the recent completion of the joint
venture agreement, signed in July 2015, under which Banco
Santander (Brasil) S.A. (Ba1/Ba3, negative, ba2, Santander Brasil)
acquired 50% of the shares of Banco PSA from Banque PSA Finance
(Baa2/Baa2 stable, ba1, BPF).  Moody's notes that the transaction
further deepens the global relationship between the banks'
parents, which already have similarly structured ventures in
Europe, and expects Banco PSA to benefit from lower funding costs
through committed facilities provided by Santander Brasil, as well
as from increased fee income from cross selling non-vehicle loan
related products and services, such as insurance.

Following the sale, Moody's now considers Santander Brasil to be
its primary support provider and notes that it will fully
consolidate Banco PSA.  As a result, the bank's adjusted BCA of
ba2 and long-term deposit ratings of Ba2 continue to incorporate
one notch of uplift from the bank's standalone BCA of ba3.
Moody's also recognizes the ongoing close strategic alignment
between BPF and Banco PSA in their Brazilian operations.

The negative outlook assigned to Banco PSA's ratings reflects the
negative outlook on Santander Brasil's long-term debt and deposit
ratings which is in line with the outlook on Brazil's sovereign
bond rating.  The downgrade of the bank's long-term national scale
rating to Aa2.br from Aa1.br, is in line with the change in
outlook in the global scale rating and reflects its positioning
versus its peers.

By affirming Banco PSA's standalone BCA of ba3, Moody's recognizes
the bank's role as the captive financing arm of automakers'
Peugeot and Citroen, the low risk profile of its loan book and its
adequate capitalization levels.  Banco PSA's past due loan ratio
was 1.4% as of June 2016, down from 1.8% in June 2015, reflects
continued improvement in the bank's underwriting standards, and
remains below the system average for auto loan delinquencies.  The
decline reflects continued improvement in the bank's underwriting
standards and the affirmation of its ratings comes even though its
loan book fell by 21% in the twelve months to June 2016.  While
the industry as a whole experienced a decline in the same period,
Banco PSA's loan book contracted by more than the fall in vehicle
lending in Brazil.

Moody's also affirmed Banco PSA's ratings despite a significant
expected fall in its capitalization following the joint venture.
Banco PSA's June 2016 capitalization level of 16.7%, as measured
by Moody's, does not incorporate the 50% sale of its shares and
any subsequent dividend distributions.  Despite the reduction this
would have caused, Banco PSA will operate with adequate
capitalization levels following the transaction.

Banco PSA's ba3 BCA also reflects the challenges it faces in
maintaining healthy profitability in a low loan growth
environment, notwithstanding lower funding costs and product cross
selling.  Banco PSA's BCA remains constrained by its lack of
business diversification due to its mono-line business model,
whereby growth in its subsidized loan book intrinsically depends
on sales of Peugeot and Citroen cars.  Moody's expects the
recession in Brazil will continue to dampen demand for new
vehicles, therefore loans, and a recovery will only be gradual,
which will also constrain revenues growth.

                WHAT COULD CAUSE THE RATINGS TO GO DOWN

A deterioration in the bank's asset risk or a significant decline
in its capitalization levels, would put pressure on the bank's
ratings.  Lower profitability in light of the poor performance in
the car industry could also pressure the bank's ratings.  A
downgrade in Santander Brasil's ratings, either due to a
deterioration in its own creditworthiness or as a result of an
additional downgrade of Brazil's sovereign rating, would lead to a
downgrade in Banco PSA's ratings.

               WHAT COULD CAUSE THE RATINGS TO GO UP

Upward pressures on Banco PSA's ratings are unlikely, as they have
a negative outlook.  However, the outlook could be stabilized if
the outlooks on Santander Brasil ratings and/or the sovereign are
stabilized.

These ratings for Banco PSA Finance Brasil S.A. were downgraded:

  Long-term Brazilian national scale deposit rating, to Aa2.br
   from Aa1.br

These ratings and assessments for Banco PSA Finance Brasil S.A.
were affirmed:

  Long-term global local currency deposit rating, Ba2
  Long-term global foreign currency deposit rating, Ba3
  Short-term global local and foreign currency deposit rating, NP
  Short term Brazilian national scale deposit rating, BR-1
  Baseline credit assessment, ba3
  Adjusted baseline credit assessment, ba2
  Long-term counterparty risk assessment, Ba1(cr)
  Short-term counterparty risk assessment, NP(cr)
  Outlook, Changed To Negative From Positive(m)


EMBRAER: To Cut Nearly 8 Percent of Workforce Through Buyouts
------------------------------------------------------------
Brad Haynes at Reuters reports that Brazilian planemaker Embraer
SA confirmed that it would cut nearly 8 percent of its workforce
through a voluntary buyout program, slashing costs amid weak
business jet sales and downsized defense contracts.

Embraer accepted the resignation of 1,463 employees out of 1,470
who volunteered for the buyouts, according to a statement from the
company, according to Reuters.

Union leaders said that nearly half of the workers leaving are
metalworkers on Embraer's assembly lines in Sao Jose dos Campos,
about 60 miles (100 km) outside of Sao Paulo, the report relays.

The job cuts, along with furloughs starting next month, will help
bring down labor costs that rose along with double-digit inflation
in Brazil last year, hurting profitability as demand flagged in
two of Embraer's three main segments, the report notes.

Embraer's defense unit, its fastest-growing division just a few
years ago, has been forced to scale back major programs as a
federal budget crisis hit military spending, the report relates.
The planemaker also cut its target for executive jet sales this
year on weak demand, the report discloses.

The layoffs at Embraer, coupled with deep job cuts by carmakers
and other manufacturers, underscore how unemployment in Brazil is
still climbing two years into a severe downturn, sapping the
strength of an expected recovery, the report relays.

Newspaper O Globo reported, without citing sources, that Embraer
was preparing a potential sale of its defense unit, which the
company "vehemently" denied in a statement, the report relays.

Traders said there was little connection between the share move
and the prospect of a defense deal, which BTG Pactual analysts
called unlikely in a morning note to clients, the report says.

Embraer is designated a strategic defense business by the
Brazilian government, which holds a so-called golden share that
gives it a veto over strategic decisions such as "the creation
and/or alteration of military programs," according to the company,
the report adds.


EMBRAER SA: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 23, 2016, lowered the senior
unsecured ratings on debt issued by Embraer SA to BB+ from BBB-.

Embraer S.A. is a Brazilian aerospace conglomerate that produces
commercial, military, executive and agricultural aircraft and
provides aeronautical services. It is headquartered in Sao Jose
dos Campos, Sao Paulo State.


VOTORANTIM CIMENTOS: Moody's Rates Proposed US$500MM Sr. Notes Ba2
------------------------------------------------------------------
Moody's Investors Service assigned a rating Ba2 to the proposed
USD500 million senior unsecured notes due 2027 to be issued by
Votorantim Cimentos' wholly owned subsidiary St. Mary's Cement
Inc. and unconditionally guaranteed by Votorantim Cimentos S.A.
Votorantim Cimentos' existing ratings and its Ba2 CFR remain
unchanged.  The ratings outlook remains negative.

The proposed issuance is part of Votorantim Cimentos' liability
management with the objective of extending the company's debt
maturity profile, and will not affect its leverage metrics since
it will replace existing indebtedness.

The rating of the proposed notes assumes that the issuance will be
successfully completed as planned and will replace existing debt,
and that the final transaction documents will not be materially
different from draft legal documentation reviewed by Moody's to
date and assume that these agreements are legally valid, binding
and enforceable.

Rating assigned:

Issuer: St. Mary's Cement Inc.
  USD500 million Senior unsecured notes due 2027: Ba2 (100%
   jointly and severally guaranteed by Votorantim Cimentos S.A.
   and Votorantim Cement North America Inc.)

Negative Outlook

The company's existing ratings are unchanged:

Issuer: Votorantim Cimentos S.A.
  Corporate Family Rating: Ba2
  EUR650 million backed senior unsecured global notes due 2021:
   Ba2
  EUR500 million Senior unsecured global notes due 2022: Ba2
  USD1250 million backed senior unsecured global notes due 2041:
   Ba2

The outlook for all ratings is Negative

                        RATINGS RATIONALE

Votorantim Cimentos' Ba2 ratings reflect the company's leading
position in the Brazilian cement market, strong credit metrics,
adequate liquidity, as well as its large scale and integrated
operations, that translates into leading market share and above-
average Ebitda margins when compared to global peers.  The ratings
also take into consideration the company's affiliation with
Votorantim S.A. (Ba2 negative) and its relevance to the parent
company, as it contributes with 50% of its total EBITDA
generation, for the second quarter ended June 2016.

Votorantim Cimentos has a good liquidity profile, based on the
maintenance of a large cash balance relative to short-term debt.
Cash balance of BRL 3.7 billion as of June, 2016 covers short-term
debt by almost 3x.  Moreover, the company has revolving credit
facilities amounting to USD 700 million (approximately
BRL2.2 billion) with maturity in 2020.  Votorantim Cimentos also
has a comfortable amortization schedule with an average debt
maturity of 9.0 years and funding mix mainly concentrated in bonds
(49.8% of total reported debt) and debentures (21.8% of total
reported debt), as of June 2016.

Constraining the ratings are the improving, but still modest
operating performance in the United States, Europe and Asia,
economic recession and corruption investigations affecting the
heavy construction market in Brazil, and CADE's (Brazil antitrust
authority) decision to rule against the largest cement companies
in the country, including Votorantim Cimentos, which was convicted
for cartel formation and fined approximately BRL1.56 billion.  As
part of CADE's decision, other penalties were imposed, including
the obligation for the company to sell certain assets.  The
company denied its involvement in cartel practices and judicially
appealed to the imposed sanctions, but it is uncertain how long
the appeal process will take.  In 2015 Votorantim Cimentos was
granted with an injunction suspending the effects of CADE's
decision until final judgment or new Court's decision because of
CADE's appeal.

The negative outlook reflects Moody's expectations that market
conditions for cement producers in Brazil will remain challenging.

An upgrade of Votorantim's ratings would depend on an upgrade of
Brazil's government bond rating, and improvements in the
conditions for the Brazilian cement industry in which the company
is able to improve its operating performance such that adjusted
EBIT to interest expense is sustained above 4.0x (1.3x in the LTM
ended June 2016) and adjusted retained cash flow ("RCF") to net
debt increases to levels above 20% (9.8% in the LTM ended June
2016), while decreasing leverage to below 3.5x (5.2x in the LTM
ended June 2016).  All ratios incorporate Moody's standard
adjustments.

The ratings could be downgraded if Brazil's government bond rating
should be further downgraded, or if the company's liquidity
profile deteriorates or if its capital structure weakens, with
adjusted Debt to Ebitda above 5.0x after the execution of the
expansion plans without prospects for reduction.  Performance
falling below our expectations, indicated by retained cash flow
("RCF") to net debt below 10% for a sustained period could also
lead to negative rating actions.

Headquartered in Sao Paulo, and one of the main subsidiaries of
Votorantim S.A., Votorantim Cimentos S.A. is the 7th largest
cement company worldwide in terms of installed cement production
capacity of around 56.8 million tons.  In the last twelve months
ended June 2016, Votorantim Cimentos reported consolidated
revenues of BRL 13.8 billion.  The company has operations in North
and South America, Europe, Africa and Asia.


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


BRIGHTON SPC: Court Appoints Shakespeare as Liquidator
------------------------------------------------------
On Aug. 12, 2016, the Grand Court of Cayman Islands appointed Jess
Shakespeare as liquidator of Brighton SPC, following the
resignation of David Walker.

The Liquidator can be reached at:

          Simon Conway
          c/o Ben Henshilwood
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237


CHINA TRAVEL: Creditors' Proofs of Debt Due Oct. 17
---------------------------------------------------
The creditors of China Travel Holdings Limited are required to
file their proofs of debt by Oct. 17, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 6, 2016.

The company's liquidator is:

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


CONSULTORIA SUDAMERICANA: Creditors' Proofs of Debt Due Oct. 24
---------------------------------------------------------------
The creditors of Consultoria Sudamericana Inc. are required to
file their proofs of debt by Oct. 24, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 6, 2016.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


COPPERSTONE ALPHA: Creditors' Proofs of Debt Due Oct. 27
--------------------------------------------------------
The creditors of Copperstone Alpha Fund are required to file their
proofs of debt by Oct. 27, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 24, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          P.O. Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


COPPERSTONE CAPITAL: Creditors' Proofs of Debt Due Oct. 27
----------------------------------------------------------
The creditors of Copperstone Capital are required to file their
proofs of debt by Oct. 27, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 24, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          P.O. Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


DB CAPITAL ASIA: Creditors' Proofs of Debt Due Oct. 25
------------------------------------------------------
The creditors of DB Capital Partners Asia G.P. Limited are
required to file their proofs of debt by Oct. 25, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 6, 2016.

The company's liquidator is:

          Heide Silverstein
          c/o DB Investment Partners, Inc.
          60 Wall Street
          New York, NY 10005
          USA
          Telephone: +1 (212) 250-4299


DB CAPITAL LATIN AMERICA: Creditors' Proofs of Debt Due Oct. 25
---------------------------------------------------------------
The creditors of DB Capital Partners Latin America, G.P. Limited
are required to file their proofs of debt by Oct. 25, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 6, 2016.

The company's liquidator is:

          Heide Silverstein
          c/o DB Investment Partners, Inc.
          60 Wall Street
          New York, NY 10005
          USA
          Telephone: +1 (212) 250-4299


FEINGOLD O'KEEFFE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Sept. 1, 2016, the sole shareholder of Feingold O'Keeffe
Secured Value Fund, Ltd. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Newstar Capital LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


FEINGOLD O'KEEFFE MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Sept. 1, 2016, the sole shareholder of Feingold O'Keeffe
Secured Value Master Fund, Ltd. resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Newstar Capital LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


HARBORWALK GLOBAL: Creditors' Proofs of Debt Due Oct. 27
--------------------------------------------------------
The creditors of Harborwalk Global Healthcare Master Fund Ltd. are
required to file their proofs of debt by Oct. 27, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 8, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          P.O. Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


NORTH GROVE: Commences Liquidation Proceedings
----------------------------------------------
On Aug. 12, 2016, the sole shareholder of North Grove Global
Emerging Markets Offshore Fund Ltd. resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          Gabriel Wallach
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


PGR CAPITAL: Creditors' Proofs of Debt Due Oct. 27
--------------------------------------------------
The creditors of PGR Capital Systematic Strategies are required to
file their proofs of debt by Oct. 27, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 6, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          P.O. Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


WENSLEYDALE LIMITED: Creditors' Proofs of Debt Due Oct. 19
----------------------------------------------------------
The creditors of Wensleydale Limited are required to file their
proofs of debt by Oct. 19, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 25, 2016.

The company's liquidators are:

          David Boyd
          Jose Santos
          c/o Forbes Hare Trust Company Limited
          Cassia Court, Suite 716
          10 Market Street, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 943 7700


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


BARRICK GOLD: Leaders Demand Medina Hand Over 5% of Profits
-----------------------------------------------------------
Dominican Today reports that community leaders from towns in
central Sanchez Ramirez province went to the National Palace to
deliver a letter asking President Danilo Medina to disburse 5% of
Barrick Gold's profits to the population impacted by the mine at
Pueblo Viejo.

The letter signed by more than 200 grassroots organizations
demands that Medina enforce Environment and Natural Resources Law
which allocates 5% of the mining profits in the State Budget,
according to Dominican Today.

"This request for enforcement and institutionalism includes, Mr.
President, our national commitment to accompany and monitor our
local authorities to ensure that every penny of the 5% is invested
in projects and development plans to achieve levels of decent life
for most of our people," the document said, the report notes.

The protesters from the towns of Maimon and Piedra Blanca say that
to 2014 the Executive Branch had failed to deliver the over RD$1.3
billion to the people affected by Barrick Gold, as Law 64-00
stipulates, the report relays.

Nonetheless the activists said they're confident that this Medina
"will do justice, abide by the law, and help communities located
on the country\s most important mining reserves, so they can build
a better future using the resources that belong to them," the
report discloses.

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


DOMINICAN REPUBLIC: Among Region's Most Stagnated Nations
---------------------------------------------------------
Dominican Today reports that the Dominican Republic is among the
most stagnated countries in the region, according to the Global
Competitiveness Report of the World Economic Forum (WEF), which
states that Central America should redouble efforts to reduce
excess red tape, corruption and insecurity, factors that undermine
development.

The study indicates that the country appears in the number 92
position of 138 countries evaluated. It notes that corruption is
signaled by business leaders as the biggest problem in Panama and
the Dominican Republic, but is among the five main problems in
other countries, the report notes.

This is one of the main conclusions reached by the Latin American
Center for Competitiveness and Sustainable Development (CLACDS) of
the Central American Institute for Business Administration
(INCAE), based in Costa Rica, which presented the regional report
data as WEF partner in Central America, the report relays.

Panama is Central America's most competitive country, located at
42nd spot on a global level and second in Latin America, surpassed
only by Chile, which is numbers 33 worldwide, the report notes.

The report relays that Costa Rica is second in Central America and
54th in the world and fourth in Latin America, while Guatemala
lags behind at the 78the sport, Honduras (88), Dominican Republic
(92), Nicaragua (100) and El Salvador (105).

CLACDS/INCAE researcher Ronald Arce presented the results of
Central America, Dominican Republic and Bolivia, and noted that
according to business leaders polled as part of the report,
bureaucracy, corruption and insecurity are the main problems that
reduce competitiveness to the region, the report notes.

"Bureaucracy and corruption are very important factors in Central
America, but also throughout Latin America. Governments have not
gone into the digital age, there are many procedures; and
corruption affects both the public and the private system, and is
a stunt on growth," Mr. Arce said, the report relays.

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.


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


ARENDAL: Fitch Cuts LT Issuer Default Rating to 'RD'
----------------------------------------------------
Fitch Ratings has downgraded Arendal, S. de R.L. de C.V.'s
(Arendal) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) to 'RD' (Restricted Default) from 'C'.

Concurrently, Fitch has affirmed the long-term rating on Arendal's
outstanding senior unsecured debt issuances totaling USD100
million at 'C/RR4'.

KEY RATING DRIVERS

The downgrade to 'RD' follows the uncured expiry of a 120-day
forbearance period signed on the initial expiration of the notes
on May 23, 2016. Fitch considers the uncured expiry of a default
forbearance period a restricted default given it represents a
material reduction in terms compared with the original contractual
terms.

The company continues negotiating with bondholders and seeks to
reach an agreement in the near term.

RATING SENSITIVITIES

The company's ratings could be revised to 'D' from 'RD' pursuant
to Fitch's rating definition. An upgrade is unlikely at this time.

LIQUIDITY

Arendal's liquidity position is insufficient relative to near-term
debt maturities and projected negative cash flow generation. The
company's cash balance as of March 31, 2016 was MXN925 million,
compared to MXN3.6 billion of short-term debt maturities.

FULL LIST OF RATING ACTIONS

Fitch has taken the following ratings actions:

Arendal, S. de R.L. de C.V.

--Long-Term Foreign and Local currency IDRs downgraded to 'RD'
from 'C';
--Senior unsecured notes due 2016 affirmed at 'C/RR4'.


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


TRINIDAD & TOBAGO: Poor Work Ethic Causes Drop on Global Scale
--------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago's
competitiveness on the global scale has fallen.

According to the 2016/2017 Global Competitiveness Report (GCR),
produced by the World Economic Forum, this country slipped five
notches, from 89 out of 140 countries last year to 94 out of 138
countries this year, the report notes.

The report again identified poor work ethic as the number one
factor impeding business in Trinidad and Tobago, followed by
corruption, inefficient government bureaucracy and crime,
according to Trinidad Express.

Switzerland remained the most competitive economy in the world for
the eighth consecutive year, ahead of Singapore and the United
States, followed by the Netherlands and Germany, the GCR showed,
the report relays.

Neighbouring Barbados ranked 72nd while Jamaica ranked 75th.

Guyana and Suriname did not participate in this year's survey.
The latest GCR was presented by Arthur Lok Jack Graduate School of
Business lecturer and program director Dr. Balraj Kistow at the
school's auditorium in Mt Hope, the report relays.

"Barbados scored worse than us in the macro-economic area. The
reason why Jamaica was at 75 and Barbados at 72 this year was
mainly because of institutions.  Institutions and policies go
together in that environment.  A few years ago Jamaica was behind
us, last year they were ahead by one.  This year they are far
ahead. That is a cause of concern," Dr. Kistow pointed out, the
report says.

                     Rule of Law

Contributing to a panel discussion following the release of the
GCR, economist Dr. Terrence Farrell called for critical attention
to be placed on the country's institutions, the report notes.

Dr. Farrell pointed out that while it takes just a few months for
a contract dispute in the UK to be resolved, it takes years for
this to happen in Trinidad and Tobago, the report relays.

"Why is it that the people who were involved in the Piarco
corruption enquiry . . . . that the Americans who were part were
charged, fined, convicted, jailed and released in the US and the
balance from Trinidad and Tobago who were charged are still to
face the law?" Dr. Farrell asked, the report relays.

"Both countries have rule of law. Both countries have common law
systems, so when we look at institutions and we look at things
like the rule of law we have to go behind them and ask why is it
that our institutions operate in the way they do," Dr. Farrell
said, notes the report.  "And it applies to all of our
institutions, starting with the Presidency, Prime Ministership,
the Judiciary, the Parliament, Director of Public Prosecution's
office, the Financial Intelligence Unit, The University of the
West Indies."


                            ***********


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
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Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

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

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                            ***********


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

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