TCRLA_Public/161007.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, October 7, 2016, Vol. 17, No. 199


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: Moody's Assigns B3 Local Currency Debt Rating


B R A Z I L

SAMARCO MINERACAO: Bonds Plummet After Missed Interest Payment
SAMARCO MINERACAO: Hires Houlihan as Financial Advisor


C A Y M A N  I S L A N D S

ADAR WORLD: Shareholder to Hear Wind-Up Report on Oct. 24
ASHDOWN INTERNATIONAL: Members' Final Meeting Set for Nov. 1
BADEN INVEST: Sole Member to Hear Wind-Up Report on Oct. 27
BRISPHER HOLDINGS: Shareholders' Final Meeting Set for Oct. 24
CAMBRIDGE COMPANY: Shareholders' Final Meeting Set for Oct. 28

CHEPSTOW CAPITAL: Shareholders' Final Meeting Set for Oct. 17
ELECTRA INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 21
GRF FUND: Shareholders' Final Meeting Set for Oct. 20
HANNIBAL LEASING: Sole Member Receives Wind-Up Report
HARBORWALK GLOBAL: Members' Final Meeting Set for Nov. 11

INDEPENDENT DEVELOPMENT: Members' Final Meeting Set for Oct. 28
JULYSUNNY 747-01: Sole Member Receives Wind-Up Report
VERTEX ORBIT: Shareholders' Final Meeting Set for Oct. 18


M E X I C O

MEXICO: Finance Head Assured on Debt Plan Even With Rate Rise
SAN LUIS STATE: Moody's Cuts Issuer Rating to Ba3/Baa1.mx


P U E R T O    R I C O

EJS INCORPORADO: Hires Padilla as Accountant
MOTEL TROPICAL: Unsecureds to Recoup 1% Under First Amended Plan
SANDWICH D' LIGHT: Disclosures OK'd; Nov. 1 Plan Hearing Set


T R I N I D A D  &  T O B A G O

CL FIN'L: Gov't Committed to Finding Solution to CLICO Collapse
* TRINIDAD & TOBAGO: Need to Avoid 1982/1983 Financial Crisis


                            - - - - -



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A R G E N T I N A
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BANCO HIPOTECARIO: Moody's Assigns B3 Local Currency Debt Rating
---------------------------------------------------------------
Moody's Investors Service assigned a B3 global scale local
currency debt rating to Banco Hipotecario S.A. (Hipotecario)'s
Class XL notes for a total amount of up to $400 million peso
equivalent, which will be due in 39 months. The notes are governed
by New York law, and will be denominated and subscribed in
Argentine pesos and will be payable in US dollars at the specified
exchange rate, and sold in the local and foreign capital markets.
The debt rating has a stable outlook.

The following rating was assigned to Banco Hipotecario S.A.:

   -- Class XL notes in pesos equivalent for up to $400 million
      B3 Global Local Currency Debt Rating

RATINGS RATIONALE

Moody's B3 local currency rating assigned to Hipotecario's notes
derives from its b3 baseline credit assessment (BCA), and are
aligned to the government bond rating of Argentina. The bca
incorporates the bank's average asset quality metrics, relative to
peers, which result from a balanced business focus on mortgage and
consumer lending, and its capitalization ratio of 12.5% as of
2Q2016, which has been reasonably steady for the past three years.
The 1.77% nonperforming loan ratio (NPL) reported in 2Q2016
reflects the recent fast pace of loan growth, but it is well
protected by reserves at levels of 106% of NPLs. The ratings also
incorporate Hipotecario's higher reliance on wholesale deposits,
relative to other Argentine banks, which translates into higher
funding costs and may expose it to refinancing risks. Moody's
said, "We acknowledge the bank continues to work on improving its
funding mix, which will support its profitability in a scenario of
rising interest rates and increasing competition." Hipotecario's
sizable non-interest income, in the form of fees and commissions,
helps support income stability.

The stable outlook on the bank's rating is in line with the stable
outlook on the B3 rating for Argentina's government bonds.

What could move the rating up or down

The bank's rating is effectively aligned to the Argentine
sovereign's B3 rating and stable outlook, and consequently there
is no upward pressure at this time. The bank could face downward
rating pressure if its asset quality or capitalization metrics
deteriorate substantially, and its profitability.

Hipotecario is 58.4% owned by Argentina's national government (B3,
stable) through Banco de la Naci¢n Argentina (unrated) and ANSES
(unrated), and 30% owned by Inversiones y Representaciones S.A.
(IRSA, unrated). However, IRSA holds 46.6% of the voting shares
and appoints the majority of the bank's board.

The principal methodology used in this rating was Banks published
in January 2016.


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


SAMARCO MINERACAO: Bonds Plummet After Missed Interest Payment
--------------------------------------------------------------
Paul Kiernan and Benjamin Parkin at The Wall Street Journal
reports that troubled Brazilian mining company Samarco Mineracao
SA's publicly traded bonds plummeted to eight-month lows on Sept.
27 after it missed an interest payment on $500 million in bonds.

Bank of New York Mellon, the trustee on the debt, said that
Samarco had missed the payment to bondholders but added that the
company is still in the 30-day grace period for payment. A
spokeswoman for the bank declined to comment further, according to
The Wall Street Journal.  Samarco declined to comment.

The price of Samarco's 10-year bond, due 2024, was recently down
6.2% at 32 cents on the dollar on Sept. 27, its lowest level since
January, the report notes.  Analysts noted that Samarco is also
scheduled to make coupon payments in October and November for
bonds due in 2023 and 2022, the report relays.

"We expect both bonds not to pay their coupon," said Cedric
Rimaud, director of emerging markets research at bond research
firm Gimme Credit, the report relays.  "A restructuring is
becoming necessary," Mr. Rimaud added.

The report notes that Samarco, a joint-venture between Brazilian
mining giant Vale SA and Australia's BHP Billiton Ltd., has had
virtually no cash flow since last November, when a tailings dam at
its iron-ore operation collapsed.  The failing at the Fundao dam
is believed to be Brazil's worst-ever environmental disaster and
one of the worst in the history of mining, with 19 people killed
as waste from the collapsed dam destroyed villages and polluted
more than 400 miles of waterways, the report relays.

The company's bonds have seesawed in the nearly 11 months since
the disaster, with Samarco struggling to find a path forward after
its environmental licenses were revoked and production halted at
its mines. Bonds have plunged as low as 31 cents on the dollar in
January and risen as high as 62 cents after the company and its
shareholders reached a tentative settlement with Brazil's
government in March, the report notes.

Two months later, federal prosecutors filed a civil lawsuit
against the mining companies in which they alleged 155 billion
reais ($48 billion) in damages, triggering another selloff. The
prosecutors also sought to nullify the previous settlement, which
a judge suspended in July, raising the prospect of a drawn-out
litigation process, the report discloses.

Vale and BHP Billiton have agreed to support Samarco in its
efforts to fix the environmental and social devastation left by
the avalanche of mud from its tailings dam, the report says.  But
since the parent companies don't guarantee Samarco's debt, they
have no obligation to its bondholders, notes WSJ.

The major question facing the bondholders now is whether Samarco
will ever be allowed to operate again, and if so, when, the report
relays.  Vale and BHP, which initially predicted Samarco's mines
to restart by the end of this year, have more recently demurred
from providing specific time frames, the report notes.

As reported in the Troubled Company Reporter-Latin America on
July 25, 2016, Moody's Investors Service has downgraded to C from
Caa2 the corporate family rating of Samarco Mineracao S.A. and
the ratings of its senior unsecured notes due 2022, 2023 and 2024.


SAMARCO MINERACAO: Hires Houlihan as Financial Advisor
------------------------------------------------------
Lucy Monteiro, Fabiana Lopes, Camila Dias, and Aline Lima at
DebtWire reports that an ad hoc group of Samarco Mineracao's
bondholders has decided to hire Houlihan Lokey, working in
association with Brazilian Metrica Investments, as financial
advisor, according to a source close and a source familiar to the
matter.

Holders were also close to tapping Dechert and Pinheiro Guimaraes
as legal advisors, the first source close said, according to
DebtWire.  Samarco (D/C/C) missed a coupon payment on September
26, and entered a 30-day cure period.

The report notes that the Brazilian miner's financial situation
has deteriorated since the company ceased operations in November
last year, after a dam breach caused it to lose its operating
license.   As of December 31, 2015, Samarco's cash and cash
equivalents were BRL 1.8 billion (USD 552.6 million), according to
its most recent earnings release, the report relays.  There are
about 10 to 15 funds in the group, "split between hedge funds and
real money," according to the first source, says the report.

Large holders included Alliance Bernstein, Prudential, BlackRock,
Moneda and Calpers, as reported, the report discloses.  It is
unclear when Samarco could restart operations or how much it and
shareholders Vale and BHP Billiton will ultimately have to pay in
fines and reparations, the report notes.  As such, it is difficult
to say what kind of restructuring could be reached, and the
possibility of a recuperacao judicial bankruptcy protection
request is growing, according to a second source close and a
second source familiar with the matter, the report relays.

"It is very likely that a bankruptcy protection request will
occur," the second source familiar with the matter said, DebtWire
discloses.  That Samarco is not generating any cash and Vale and
BHP are not providing any financial support for Samarco to meet
debt obligations points to a need for protection, the second
source familiar said, the report notes.

"Bankruptcy in Brazil preserves the ability of shareholders to
keep ownership and control while haircutting creditors forcibly,"
DebtWire, citing the second source close as saying, relays.  "The
window of opportunity for restructuring and surviving is closing
very fast."

A successful out-of-court restructuring would require a quick
return to operations, the report discloses. However, this does not
mean a bankruptcy protection request will happen immediately, said
a restructuring lawyer, notes DebtWire.

"The non-payment of the coupon is not something that would trigger
a bankruptcy protection request in the short term, because
bondholders can organize themselves and provide a waiver," the
lawyer said, the report notes.  "However, if it takes a long time
for the company to receive authorization to operate again, the
pressure will increase and Samarco will not have other
alternatives except to request the bankruptcy protection."

The report relays that creditors won't want equity. "I think an
out-of-court restructuring is a better approach, but it will
depend on how all the parties wish to behave," the first source
close said, the report relays.  It would be more efficient, less
costly and faster, according to the first source close, adds the
report.

A solution involving a debt-for-equity exchange, however, is seen
as an unlikely scenario given the uncertainties in the case, the
first source close said, the report relays.

Samarco's US$500 million 5.375% bonds due 2024 last traded at 35.5
on September 29, according to MarketAxess.  The company's USD 700
million 5.750% senior unsecured 2023 bonds traded at 34.4 on Sept.
30 in small trades, and its US$1 billion 4.125% senior unsecured
bonds due 2022 last traded at 34.2 Sept. 30, notes the report.

Houlihan Lokey, Metrica Investments, Dechert and Pinheiro
Guimaraes declined to comment on the matter.

As reported in the Troubled Company Reporter-Latin America on
July 25, 2016, Moody's Investors Service has downgraded to C from
Caa2 the corporate family rating of Samarco Mineracao S.A. and
the ratings of its senior unsecured notes due 2022, 2023 and 2024.



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



ADAR WORLD: Shareholder to Hear Wind-Up Report on Oct. 24
---------------------------------------------------------
The sole shareholder of Adar World Balanced High Grade Fund Ltd.
will hear on Oct. 24, 2016, at 10:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Adar Capital Partners Ltd.
          c/o Madeleine Welham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ASHDOWN INTERNATIONAL: Members' Final Meeting Set for Nov. 1
------------------------------------------------------------
The members of Ashdown International Holdings Ltd. will hold their
final meeting on Nov. 1, 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 liquidators are:

          Desmond Campbell
          Stuart Brankin
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: 345 814 0711


BADEN INVEST: Sole Member to Hear Wind-Up Report on Oct. 27
-----------------------------------------------------------
The sole member of Baden Invest Corp. will hear on Oct. 27, 2016,
at 12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ezequiel A. Camerini
          c/o Fox Horan & Camerini LLP
          825 Third Avenue
          New York, NY 10022
          USA
          Telephone: (212) 480-4800


BRISPHER HOLDINGS: Shareholders' Final Meeting Set for Oct. 24
--------------------------------------------------------------
The shareholders of Brispher Holdings Inc. will hold their final
meeting on Oct. 24, 2016, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CAMBRIDGE COMPANY: Shareholders' Final Meeting Set for Oct. 28
--------------------------------------------------------------
The shareholders of Cambridge Company Limited will hold their
final meeting on Oct. 28, 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:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


CHEPSTOW CAPITAL: Shareholders' Final Meeting Set for Oct. 17
-------------------------------------------------------------
The shareholders of Chepstow Capital (Cayman) Limited will hold
their final meeting on Oct.17, 2016, at 8:00 a.m., at 13-D1, 13th
Floor of United Centre in 95 Queensway, Admiralty, Hong Kong, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Vincent James Warner is the company's liquidator.


ELECTRA INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 21
------------------------------------------------------------------
The shareholders of Electra International Ltd. will hold their
final meeting on Oct. 21, 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:

          Avalon Trust &Corporate Services Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


GRF FUND: Shareholders' Final Meeting Set for Oct. 20
-----------------------------------------------------
The shareholders of GRF Fund, Ltd. will hold their final meeting
on Oct. 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:

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


HANNIBAL LEASING: Sole Member Receives Wind-Up Report
-----------------------------------------------------
The sole member of Hannibal Leasing Limited received on Sept. 29,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Thomas Mylott
          Marguerite Britton
          c/o 238 North Church Street
          P.O. Box 1043, George Town Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 640-6600


HARBORWALK GLOBAL: Members' Final Meeting Set for Nov. 11
---------------------------------------------------------
The members of Harborwalk Global Healthcare Master Fund Ltd. will
hold their final meeting on Nov. 11, 2016, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INDEPENDENT DEVELOPMENT: Members' Final Meeting Set for Oct. 28
---------------------------------------------------------------
The members of Independent Development Co Ltd will hold their
final meeting on Oct. 28, 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:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


JULYSUNNY 747-01: Sole Member Receives Wind-Up Report
-----------------------------------------------------
The sole member of Julysunny 747-01 Limited received on Sept. 29,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Thomas Mylott
          Marguerite Britton
          c/o 238 North Church Street
          P.O. Box 1043, George Town Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 640-6600


VERTEX ORBIT: Shareholders' Final Meeting Set for Oct. 18
---------------------------------------------------------
The shareholders of Vertex Orbit Trading Company Limited ET 258215
will hold their final meeting on Oct.18, 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:

          Doran + Minehane
          59/60 O' Connell Street
          Limerick
          Ireland
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613



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M E X I C O
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MEXICO: Finance Head Assured on Debt Plan Even With Rate Rise
-------------------------------------------------------------
Eric Martin and Nacha Cattan at Bloomberg News reports that
Mexican Finance Minister Jose Antonio Meade said he's confident
that increases in the key interest rate and the decline in the
nation's currency will have no more than a marginal effect on the
nation's debt level and fiscal balance.

Minister Meade, who replaced Luis Videgaray three weeks ago,
predicted Mexico will maintain its credit rating, on negative
outlook at S&P Global Ratings and Moody's Investors Service, given
its plan to have a primary surplus of 0.4 percent of gross
domestic product in 2017, according to Bloomberg News.

The nation's currency commission, which Meade leads, has refrained
from selling dollars to bolster the currency because the market
has maintained sufficient liquidity even as the peso tumbled to a
record low, he said in an interview, Bloomberg News notes.

Mexico's central bank lifted the nation's interest rate by a half-
point to 4.75 percent, the highest level since 2009, Bloomberg
News relays.  The increase reflected concern for the nation's
public finances and growth and improving odds for Donald Trump to
win the U.S. presidential election, which sent the peso to an all-
time low near 20 per dollar earlier this week, Bloomberg News
notes.

"In my view, and according to the very standards set by the
ratings companies, there wouldn't be elements that would bring
about a change" in Mexico's credit grade, the report quoted
Minister Meade as saying.

Selloffs this year in Mexico's currency have forced policy makers
to respond with interest-rate increases and spending cuts to
reassure investors about the nation's economic management, protect
it against inflation and prevent further market instability,
Bloomberg News says.  Traders often use the peso, the most
actively-traded currency in emerging markets, to hedge risks,
which in turn makes the currency more vulnerable to price swings,
Bloomberg News relays.

On Sept. 8, a day after being sworn in, Minister Meade went to
Congress's lower house to present President Enrique Pena Nieto's
budget proposal for next year, Bloomberg News discloses.  The plan
estimates that the broadest measure of debt will reach 50.5
percent of gross domestic product this year and drop to 50.2
percent next year, Bloomberg News relays.  If a rebound in oil
prices gives the nation revenue next year that exceeds the
ministry's expectations, the government will use those funds to
reduce the nation's debt burden, Minister Meade said, Bloomberg
News notes.

Minister Meade suggested that the peso exchange rate incorporated
in the final budget passed by Congress may need to be changed from
the 18.2 per dollar assumption in the proposal sent to lawmakers,
given that private-sector analysts have lowered their forecasts
for the currency since the proposal was presented earlier this
month, Bloomberg News says.

Minister Meade is taking his second turn as finance minister after
serving in the role for almost two years at the end of the
presidency of Pena Nieto's predecessor, Felipe Calderon, of the
rival National Action Party, Bloomberg News relays.   Minister
Meade was one of the few cabinet members who stayed on to become
part of Pena Nieto's government in December 2012, serving as
Mexico's foreign minister before heading the Social Development
Ministry, the report discloses.

With a bit more than two years in his job this time around -- if
he serves through the end of Pena Nieto's term in 2018 -- Minister
Meade said he wants his greatest achievement to be contributing to
the further strengthening of the nation's macroeconomic
management, Bloomberg News notes.

"Mexico has more than two decades of distinguishing itself for
economic prudence," Minister Meade said, Bloomberg News notes.
"It makes sense that we look to end our period of counter-cyclical
policy and return little by little to primary surpluses, with a
level of debt that's reasonable and manageable."


SAN LUIS STATE: Moody's Cuts Issuer Rating to Ba3/Baa1.mx
---------------------------------------------------------
Moody's de Mexico (Moody's) downgraded the state of San Luis
Potosi issuer ratings to Ba3/Baa1.mx from Ba2/A2.mx. The outlook
remains negative.

A MXN 2.68 billion (original amount) enhanced loan with Banorte
was also downgraded to Baa2/Aa2.mx from Baa1/Aa1.mx.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE OF THE ISSUER RATING TO Ba3/Baa1.mx.mx
FROM Ba2/A2.mx

In 2015, San Luis Potosi's key liquidity metrics continued to show
signs of deterioration in 2015. Its net working capital relative
to total expenditures fell to -14.1% in 2015 from -3.9% in 2014.
The deterioration of this metric is mostly driven by the
recognition of expenditures amounting to MXN 4.7 billion derived
from changes in the formula of education transfers implemented
between 2007 and 2015. At the same time, the state's cash-to-
current liabilities ratio also declined, to 0.1x in 2015 from 0.4x
in 2014. Overall, San Luis Potosi's liquidity profile is no longer
comparable with Mexican states rated at the Ba2 level.

San Luis Potosi also experienced a deterioration in its cash
financing results in 2015, which declined to -0.7% of total
revenues from -0.4% in 2014. The decline is largely due to higher
than expected payments to educational professionals and transfers
to the manufacturing sector. The state's total revenues increased
by 12.8% between 2014 and 2015 while its expenditures increased
13.2% over the same period.

The Ba3/Baa1.mx ratings also reflect several credit strengths of
San Luis Potosi, including an absence of short term debt and
continued low debt service, which represents a very low 1.7% of
total revenues. San Luis Potosi exhibits one of the lowest debt
levels among Mexican states rated by Moody's, registering 12.4% of
total revenues at the end of 2015, although Moody's expects debt
levels to increase to around 17% in 2017 given ongoing liquidity
pressures.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook is based on Moody's expectations that San
Luis Potosi's negative trends for consolidated results and
liquidity will continue over the next 18-24 months. The negative
outlook on the state also reflects the negative outlook on
Mexico's sovereign rating (A3, negative), incorporating the
heightened systemic risk for sub-sovereign issuers. Mexico's state
and municipal governments have close operating and financial
linkages with the federal government.

RATIONALE FOR THE DOWNGRADE OF THE ENHANCED LOAN RATINGS TO
Baa2/Aa2.mx FROM Baa1/Aa1.mx

The rating downgrade of the MXN 2.68 billion (original face value)
enhanced loan with Banorte reflects the downgrade of San Luis
Potosi's issuer ratings. Per Moody's methodology on rating
enhanced loans, the loan ratings are directly linked to the credit
quality of the issuer, which ensures that underlying contract
enforcement risks, economic risks and credit culture risks (for
which the issuer rating acts as a proxy) are embedded in the
ratings of the enhanced loan.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, a rating upgrade in the medium term is
unlikely. However, the outlook could be stabilized if the state of
San Luis Potosi registers balanced cash financing results over the
near and medium term and demonstrates an improvement in its
liquidity levels. Conversely, the state's ratings could be
downgraded if it continues registering deficits, leading to
further deterioration in its liquidity or increases to its debt
levels.


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



EJS INCORPORADO: Hires Padilla as Accountant
--------------------------------------------
EJS Incorporado seeks authority from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Angel L. Mattei Padilla as
accountant to the Debtor.

EJS Incorporado requires Mr. Padilla to:

   a. review accounting records for preparation of month and year
      end accounting and financial reports;

   b. prepare estate returns and declarations;

   c. prepare monthly reconciliations of all bank accounts and
      lines of credits;

   d. prepare liquidation analysis, financial projections, claim
      reconciliations and related financial documents as support
      for a Plan of Reorganization;

Mr. Padilla will be paid at the monthly rate of $1,000.

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

Angel L. Mattei Padilla, 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. Padilla can be reached at:

     Angel L. Mattei Padilla
     Urb. Santiago Iglesias 1450, Ave. Paz Granela
     San Juan, PR 00921
     Tel: (787) 789-6726
     Fax: (787) 789-8783
     E-mail: angelmattei@yahoo.com

                       About EJS Incorporado

EJS Incorporado aka EJS Inc. filed a chapter 11 petition (Bankr.
D.P.R. Case No. 16-01647) on March 1, 2016. The petition was
signed by Jose Manuel Rodriguez Amador, president. The Debtor is
represented by Ada M. Conde, Esq., at Ada M. Conde, Esq. The case
is assigned to Judge Edward A. Godoy. The Debtor estimated assets
at $0 to $50,000 and liabilities at $1 million to $10 million at
the time of the filing.

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


MOTEL TROPICAL: Unsecureds to Recoup 1% Under First Amended Plan
----------------------------------------------------------------
Motel Tropical Inc. filed a first amended disclosure statement,
dated September 26, 2016, a full-text copy of which is available
at http://bankrupt.com/misc/16-00966-59.pdf

A hearing on the approval of the Disclosure Statement was held on
August 25, 2016.  At said hearing upon representation of counsel
for the Debtor, the Court granted the Debtor up to September 23,
2016, to file the objection to claims as stated in open court and
an amended Disclosure Statement.  The Debtor subsequently filed an
objection to the claim filed by Hacienda.

The Debtor stated in the First Amended Disclosure Statement that
the Plan, as submitted, contemplated a 10% dividend to unsecured
claims, yet upon further evaluation of the real postpetition
experience regarding the actual proceeds generated postpetition,
the Debtor has recalculated the dividend to unsecured creditor.
The projections as amended contemplate a 1% dividend, which is
still more than if the business is liquidated under a Chapter 7
scenario.

The Debtor stated that the recalculation may bear on the
stipulation filed with Banco Popular in as much as the stipulation
states that the Debtor will be paying a 10% dividend to Banco
Popular's unsecured claim as well as to all other unsecured
claimants.

                      About Motel Tropical

Motel Tropical Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-00966) on February 11,
2016.  The Debtor is represented by Isabel M. Fullana, Esq., at
Garcia-Arregui & Fullanan PSC.

The Debtor manages a motel business located at Carr 2.KM 110.7
Ave. Militar, Isabel Puerto Rico. The property on which the Debtor
operates is leased to Manuel Gonzalez Valeting.


SANDWICH D' LIGHT: Disclosures OK'd; Nov. 1 Plan Hearing Set
------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has conditionally approved
Sandwich D' Light Rincon PR, LLC's disclosure statement with
respect to the Chapter 11 plan dated Sept. 19, 2016.

A hearing on the final approval of the Disclosure Statement and
the confirmation of the Plan will be held on Nov. 1, 2016, at 9:30
a.m.

Three days prior to the hearing is fixed as the last day for
filing written acceptances or rejections to the Plan.  Three days
prior to the hearing is fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan.

Sandwich D' Light Rincon PR, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-01213) on Feb. 19, 2016,
estimating the Debtor's assets and liabilities at up to $50,000
each.  Enrique M Almeida Bernal, Esq., at Almeida & Davila PSC
serves as the Debtor's bankruptcy counsel.


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


CL FIN'L: Gov't Committed to Finding Solution to CLICO Collapse
---------------------------------------------------------------
Trinidad Express reports that the Bahamas government said it
remains committed to ensuring that all qualified policyholders of
the Trinidad-based insurance conglomerate, Colonial Life Insurance
Company (CLICCO) receive the full benefits of their policies.

CLICO collapsed in 2009 resulting in policy holders throughout the
Caribbean seeking to recoup millions of dollars in investments.
A government statement said that in April an interim payment of
approximately US$13.1 million was made by the government to
creditors approved by the official liquidators, according to
Trinidad Express.

The government said that in accordance with the agreed payment
terms, approved policyholders with balances owing in excess of
US$10,000 by CLICO, were secured by the issuance of Promissory
Notes issued by the government, the report relays.  It said that
the notes were expected to have been exchanged for bonds intended
to be issued by a newly established Special Purpose Vehicle (SPV)
no later than September 30 this year. The statement added that the
SPV has been incorporated and referred to as Coral Insurance
Company (Coral) to accept the transfer of CLICO insurance
portfolio once duly licensed in accordance with the Insurance Act,
2005.

"The Insurance license for Coral is currently being processed and
is expected to be completed by the second week of November, 2016.
The Government will provide capital support to the SPV to cover
the liabilities with assets which are admitted by the Insurance
Commission of The Bahamas (ICB) for solvency purposes," according
to the statement, notes the report.

It said policyholders with active in-force policies should
therefore continue to make their premium payments in accordance
with their policy contracts to ensure that they continue to
receive coverage and benefits under their policies, the report
discloses.

"Coral, once duly licensed with regulatory approval in hand, its
first order of business will be to undertake a Bond offering of
approximately US$45,000,000 million, the proceeds of which will be
earmarked for issuance to qualified policyholders of CLICO in
exchange for Promissory Note letters issued by the Government
reflecting residual claim balances owing following the partial
claims pay out exercise in April 2016," said the statement, note
Trinidad Express.

The statement noted that in fulfilling its commitment to
policyholders, Coral through its Issuing Agents LENO Corporate
Services limited will make available for exchange the relevant
Book Stocks during the second week of November 2016.  A separate
notice regarding the Swop/ Exchange exercise will be sent out at a
later date, says Trinidad Express.

"Policy holders entitled to participate in the Swop exercise
should note that the Bonds will attract an interest rate of Prime
plus payable semi-annually.  Further, the Government is committed
to honoring its original agreement as previously communicated, to
undertake the note exchange on or before the September 30th, 2016.

"Therefore, interest will start to accrue on the Promissory Note
obligations as from October 1st, 2016 based on the proposed Bond
Terms. Payment of this initial accrued interest will be made along
with the first semi-annual interest instalment due on the Bonds in
March 2017, "the statement said, adds the report.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reports that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


* TRINIDAD & TOBAGO: Need to Avoid 1982/1983 Financial Crisis
-------------------------------------------------------------
Trinidad Express reports that movement for Social Justice leader
David Abdulah is calling on Government to save the country from a
repeat of the 1982/83 financial crisis.

Speaking at the Eastern Credit Union's post-budget review at the
ECU building in St. Joseph on Monday night, Abdulah likened the
current financial situation to that of the recession in the early
1980s, according to Trinidad Express.

"We are in a difficult position," the report quoted Mr. Abdulah as
saying.

Despite labelling the budget as "unbalanced", Mr. Abdulah said
there were some good points and some bad ones in the budget
presented by Finance Minister Colm Imbert, the report relays.


                            ***********


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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