TCRLA_Public/161012.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

            Wednesday, October 12, 2016, Vol. 17, No. 202


                            Headlines



B R A Z I L

BRAZIL: Inflation Slowed in September
ITAU UNIBANCO: S&P Affirms 'BB/B' Global Scale Ratings

* Insolvency Outlook Deteriorates in NAFTA and Brazil: Atradius


C A Y M A N  I S L A N D S

AERIS CAPITAL: Members' Final Meeting Set for Oct. 18
CONQUEST MANAGED: Member to Hear Wind-Up Report on Nov. 9
CONQUEST MANAGED MASTER: Member to Hear Wind-Up Report on Nov. 9
DIANDRA CORPORATION: Members' Final Meeting Set for Oct. 18
RED T INVESTMENTS: Members' Final Meeting Set for Oct. 26

TWO SIGMA: Shareholder to Hear Wind-Up Report on Oct. 19


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Customs' 50% Tax Will Hurt Free Zones


E L   S A L V A D O R

BANCO AGRICOLA: S&P Puts 'B+' LT ICR on CreditWatch Negative


H A I T I

HAITI: Needs 1.4 Million After Hurricane Matthew


J A M A I C A

UC RUSAL: Moody's Assigns Ba3 Corporate Family Rating


P U E R T O    R I C O

GAMALIER GONZALEZ: Unsecureds Get $22K Plus 2% Interest Under Plan
MAGNO TIRE: Disclosures OK'd; Plan Confirmation Hearing on Nov. 30
PUERTO RICO: Hedge Funds Holding GOs Sue Over Sales-Tax Bonds


T R I N I D A D  &  T O B A G O

TRINIDAD  & TOBAGO: Massive Job Loss in Public Sector Coming


V E N E Z U E L A

VENEZUELA: Maduro Wants Deal to Ensure Stable Crude Prices


                            - - - - -


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


BRAZIL: Inflation Slowed in September
-------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Brazil's
inflation as measured by its consumer-price index eased in
September, reinforcing signs that inflationary pressures across
Latin America's largest nation are moderating and fueling
expectations that the central bank may reduce interest rates soon.

The country's IPCA consumer-price index for September rose 0.08%,
compared with a 0.44% increase in August, the Brazilian Institute
of Geography and Statistics said, according to The Wall Street
Journal.

The monthly inflation data came below economists' expectations,
which called for an increase of 0.10% to 0.23%, according to a
survey by local news agency Agencia Estado, the report notes.

The report relays that the rolling 12-month index reached 8.48%,
lower than the 8.97% increase through August. That was the lowest
level since May 2015, when it reached 8.47%. Despite the slowdown,
the figure remains well above the 6.5% increase ceiling set by the
central bank, says the Journal.

The monthly slowdown came mainly as food costs fell in the period,
the report, citing IBGE, said. Food costs dropped 0.29% in the
period, compared with a rise of 0.30% in the prior month.

"The bigger-than-expected drop in Brazilian inflation in September
should be enough to seal the deal on an interest-rate cut at this
month's (central bank rate committee) meeting," the report quoted
Neil Shearing, an economist at Capital Economics, as saying.

The central bank's rate committee meeting is set for Oct.18-19.
The central bank will then will announce the level of its Selic
base rate, currently at 14.25% a year. "We have penciled in a
first 25bp (basis points) cut in the Selic rate to 14% at this
month's COPOM meeting followed by another 25bp cut to 13.75% in
November," said Mr. Shearing, notes the report.

WSJ says inflationary pressure is one of the challenges
confronting the Brazilian government amid poor economic
performance. Gross domestic product is expected to contract 3.15%
this year, according to the most recent poll of economists by the
central bank.

The Brazilian central bank last week, through its quarterly
inflation report, reduced its inflation forecast for the next year
to 4.4% from 4.7%, according to the Journal.  The new forecast is
below the central bank's target for inflation at 4.5% and
increased chances for the start of a cycle of reducing the Selic
base rate.

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.


ITAU UNIBANCO: S&P Affirms 'BB/B' Global Scale Ratings
--------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB/B' global scale and
'brAA-/brA-1' national scale ratings on Itau Unibanco Holding S.A.
(Itau) and on its core subsidiary, Itau Unibanco S.A.  The outlook
on the global and national scale ratings remains negative.  S&P
also affirmed its 'BB' issue-level ratings on the bank's senior
unsecured notes maturing on May 26, 2018.

"Our negative outlook on the bank reflects that on Brazil," said
S&P Global Ratings credit analyst Jose Perez-Gorozpe.  "The
ratings on the latter constrain those on Itau, given its relevant
exposure to sovereign risk.  Therefore, we expect the ratings on
the bank to move in tandem with the sovereign ratings."

The negative outlook on Brazil reflects a greater than one-in-
three likelihood that S&P could lower its ratings on the sovereign
again.  S&P anticipates that within the next year a downgrade
could stem, in particular, from potential key policy reversals
given Brazil's fluid political dynamics, including lack of
cohesion within the cabinet, inconsistent policy initiatives, and
uncertainties during or following the impeachment process.  A
downgrade could also result from greater economic turmoil than S&P
currently expects, either due to governability issues or the
weakened external environment.

S&P could revise its outlook on Brazil, and therefore S&P's
outlook on Itau, to stable if political uncertainties and
conditions for consistent policy execution improve across branches
of government to stanch fiscal deterioration and strengthen GDP
growth prospects.  S&P expects that these improvements would
support a quicker turnaround and could help Brazil exit from the
current recession, facilitating improved fiscal performance and
providing more room to maneuver in the face of economic shocks.


* Insolvency Outlook Deteriorates in NAFTA and Brazil: Atradius
---------------------------------------------------------------
The 2016 insolvency outlook for NAFTA and Brazil has deteriorated
with increases of 3% and 4% forecast for the US and Canada
respectively. This increase is driven by low commodity prices. Low
oil prices, slowdown in economic growth in the US and slow
productivity growth in Mexico, and the recession in Brazil, are
the primary reasons for the forecasts of rising bankruptcies in
these countries. This challenging insolvency environment affects
the way businesses protect themselves against payment risk by B2B
customers.

According to the latest edition of the Atradius Payment Practices
Barometer survey for the Americas (NAFTA and Brazil), 92% of the
businesses surveyed, experienced late payment from B2B customers
over the past year. This translated into an average of nearly half
of the total value of B2B invoices' being paid late. Due to late
payment by customers, 2 in 5 businesses had to delay payments to
their own suppliers causing a knock-on effect throughout the
entire supply chain. Essentially, a businesses' cash flow slows,
restricting their ability to invest and grow.

The September 2016 edition of the Atradius Payment Practices
Barometer survey sheds light on the payment behavior of domestic
and foreign B2B customers in the countries surveyed. It looks at
local trends in the use of credit management tools, at the
perceived challenges to profitability, at DSO, and at payment
practices by industry and business size.

Due to the financial distress caused by late payment by B2B
customers:

  * around 30% of businesses had to take specific measures to
    correct cash flow
  * around 20% of businesses defaulted on payments to suppliers,
    and had to pursue additional financing or lost revenues

To protect profitability of their business, 40% of the businesses
surveyed will request secured forms of payment from their B2B
customers and check both the creditworthiness and payment history
of their customers more often over the next 12 months.

Andreas Tesch, Chief Market Officer of Atradius N.V. comments,
"The outlook for insolvencies in the majority of the advanced
markets, including the US and Canada, has deteriorated. Regardless
of the underlying reasons for this, the challenges posed by a
difficult insolvency environment require that businesses resort to
sound trade receivables management strategies enabling them to
grow safely."

David Huey, Regional Director of NAFTA adds, "The upward pressure
on insolvencies that the US and Canada are currently experiencing
makes their business environment more challenging, emphasizing the
importance of due diligence and protection against payment
defaults."

The complete report highlighting the findings of the September
2016 edition of the Atradius Payment Practices Barometer for the
Americas (NAFTA and Brazil) can be found on the atradius.us
website.


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


AERIS CAPITAL: Members' Final Meeting Set for Oct. 18
-----------------------------------------------------
The members of Aeris Capital Sustainable IP will hold their final
meeting on Oct. 18, 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 Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


CONQUEST MANAGED: Member to Hear Wind-Up Report on Nov. 9
---------------------------------------------------------
The member of Conquest Managed Futures Select Fund Ltd. will hear
on Nov. 9, 2016, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CONQUEST MANAGED MASTER: Member to Hear Wind-Up Report on Nov. 9
----------------------------------------------------------------
The member of Conquest Managed Futures Select Master Fund Ltd.
will hear on Nov. 9, 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:

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


DIANDRA CORPORATION: Members' Final Meeting Set for Oct. 18
-----------------------------------------------------------
The members of Diandra Corporation N.V. will hold their final
meeting on Oct. 18, 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 Rashane Smith
          Telephone: (345) 947 4700


RED T INVESTMENTS: Members' Final Meeting Set for Oct. 26
---------------------------------------------------------
The members of Red T Investments Limited will hold their final
meeting on Oct. 26, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


TWO SIGMA: Shareholder to Hear Wind-Up Report on Oct. 19
--------------------------------------------------------
The sole shareholder of Two Sigma U.S. Equity Variable Exposure
Fund, Ltd. will hear on Oct.19, 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:

          Two Sigma Advisers, LP
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


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


DOMINICAN REPUBLIC: Customs' 50% Tax Will Hurt Free Zones
---------------------------------------------------------
Dominican Today reports that North Region Industrialists
Association (AIREN) president Lina Garcia warned that Customs' 50%
tax will have a negative impact on Free Zone companies.

Ms. Garcia said by enacting Law 253 requiring free zone companies
to pay at 50% tax at customs, the Government puts many of those
industries "in a tizzy," according to Dominican Today.

"The free zones sector is governed under a different scheme in all
countries and we are no exception, from now on we must analyze
what will happen with the free trade zones, which will have to
comply with a new way to pay taxes to the state," the business
leader said, the report notes.

Free Zone companies are already charged the ITEBI (VAT), but will
now have to pay 50% income tax, and operate in countries duty free
to create jobs generate hard currency, and attract investors, the
report relays.

The Internal Taxes Agency (DGII) ordered the collection of income
tax to dividends or profits paid by free zone companies to
stakeholders as of October 1, the report adds.

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


=====================
E L   S A L V A D O R
=====================


BANCO AGRICOLA: S&P Puts 'B+' LT ICR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings said it placed its 'B+' long-term and 'B'
short-term issuer credit ratings on Banco Agricola on CreditWatch
with negative implications.

The CreditWatch placement follows S&P's similar rating action on
El Salvador.  Currently, the issuer credit rating on Banco
Agricola is limited by the foreign-currency rating on El Salvador.
In this sense, the ratings continue to move in tandem with those
of the sovereign.

"Our issuer credit ratings on Banco Agricola continue to reflect
its strong business position, based on its leading position in El
Salvador's banking industry, and its adequate capital and earnings
as a result of our forecasted risk-adjusted capital ratio of about
8% for the next two years," said S&P Global Ratings credit analyst
Gabriela Langarica.

The ratings are also based on S&P's assessment of the bank's
adequate risk position, due to its stable asset quality metrics,
and on average funding and adequate liquidity as a result of a
stable and pulverized deposit base.  The bank's stand-alone credit
profile remains at 'bb+', reflecting the bank's strength on a
stand-alone basis.  The entity remains as a core entity to its
ultimate parent, Bancolombia S.A. y Companias Subordinadas (BBB-
/Neg/A-3).

The CreditWatch placement of S&P's ratings on Banco Agricola
reflects that of the sovereign.  This is because S&P rarely rates
financial institutions above the sovereign long-term rating
because, during sovereign stress, the latter's regulatory and
supervisory powers may restrict a bank's or financial system's
flexibility, and because banks are affected by many of the same
economic factors that cause sovereign stress. El Salvador's
failure to agree upon fiscal and other reforms that help stabilize
its government's access to liquidity, contain the recent growth in
its debt burden, and boost investor confidence could lead to a
downgrade.  Hence a negative sovereign rating action on El
Salvador will cause S&P to downgrade Banco Agricola.

Conversely, El Salvador ratings could stabilize if successful
negotiations result in stronger fiscal policy, progress toward
pension reform, and steps to address concerns about debt
management.

S&P expects to resolve to resolve the CreditWatch placement before
the end of the year.

=========
H A I T I
=========


HAITI: Needs 1.4 Million After Hurricane Matthew
------------------------------------------------
Aljazeera News reports that Haiti faces a crisis that requires a
"massive response" from the international community, the United
Nations has said, with at least 1.4 million people needing
emergency aid after Hurricane Matthew.

The storm killed almost 1,000 people in the impoverished Caribbean
nation, with that toll expected to rise as rescue workers reach
previously inaccessible areas, according to Aljazeera News.

Matthew, the most powerful Atlantic storm since 2007, levelled
homes, fouled water sources and killed livestock, leaving victims
pleading for help to arrive quickly, the report notes.

"Some towns and villages have been almost wiped off the map," UN
Secretary-General Ban Ki-moon told reporters, the report relays.

The report discloses that the United Nations has launched a $120
million flash appeal to cover Haiti's needs for the next three
months.

After pummeling Haiti on October 4 as a monster Category 4 storm,
packing winds of 230km/hr, Matthew slammed into the southeastern
United States, where it killed at least 20 people, the report
relays.

Hundreds of people were rescued by boat and helicopter as
floodwaters inundated towns in the state of North Carolina, and
officials warned that life-threatening flooding from swollen
rivers would continue for days, the report discloses.

                    Memories of 2010 Quake

In Haiti, more than 300 schools have been damaged, while crops and
food reserves were destroyed, Ban said, the report notes.

UN aid Chief Stephen O'Brien said that the hurricane had triggered
the worst humanitarian crisis in the country since the 2010
earthquake, the report says.

Nearly 300,000 Haitians are in shelters across the country, and
damage to roads and communications has hampered deliveries of
supplies, the report discloses.

"I understand of course the frustration," Jean-Luc Poncelet, the
country representative for the UN's World Health Organization,
said after arriving at the airport outside Jeremie, one of the
worst-hit cities, the report notes.

"When you have no means of communication, no radio, no telephone,
no roads and even a helicopter can't land -- this is what explains
the massive delay," he told the AFP news agency.

The UN's World Food Programme tapped into food stocks previously
set aside for schools to feed hundreds of desperate families,
spokesman Alexis Masciarelli said, the report discloses.

US army helicopters were unloading boxes of supplies from the US
Agency for International Development to be stored by the UN in
Jeremie before being taken to other parts of the south, notes the
report.

Honduras, which maintains a force of 60 troops in Haiti as part of
a UN peacekeeping mission, was sending a planeload of aid, along
with 50 military officers to help the victims, President Juan
Orlando Hernandez said, the report relays.

But getting aid to Haitians now reduced to drinking unclean water
and living in roofless houses will be challenging, the report
notes.

On a road crossing the mountainous center of the peninsula, some
villagers blocked roads in an effort to stop aid convoys from
passing through without delivering supplies, the report relays.

                         Cholera Fears

The report notes that Haiti is also grappling with a worsening
cholera outbreak in the storm-hit areas.

Matthew came as Haitians were already struggling with the
intestinal disease spread by contaminated food and water, with
more than 500 new cases each week, the report relays.

UN peacekeepers have been blamed for introducing the disease to
Haiti, where it has killed 10,000 people since October 2010, the
report notes.

While some towns and villages reported an apparent spike in
infections since the storm, Poncelet said "the number of cases of
cholera that we have confirmed are low," the report notes.  He
declined to give a number, but said there were "tens" of cases in
one area of the peninsula.

While evaluation teams were working to get a precise picture of
the health situation, medical supplies were being brought in, he
said, the report says.

Mourad Wahba, the UN humanitarian coordinator in the country,
urged aid organisations to focus on delivering supplies to smaller
rural communities, where many families survive on subsistence
farming and have had all their crops washed away, the report
notes.

If aid is only delivered to cities such as Jeremie and Les Cayes,
villagers will flock there for supplies and never leave, leading
to overcrowding, the report says.

"We must think about developing a plan, to coordinate support and
deliver it where it's most needed and not where it's easiest to
access," Mr. Wahba added, says the report.


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


UC RUSAL: Moody's Assigns Ba3 Corporate Family Rating
-----------------------------------------------------
UC RUSAL, a leading global aluminium producer, has been assigned a
corporate family rating of Ba3 and probability of default rating
of Ba3-PD by Moody's. The outlook on the ratings is stable and is
the first RUSAL has been assigned.

The Ba3 rating reflects RUSAL's leading position in the global and
domestic aluminium markets, geographical diversification of assets
and sales, self-sufficiency in raw material supply, low cash costs
and energy consumption costs, and large share of value added
products in its total output. It also reflects the fair value of
RUSAL's investment in Norilsk Nickel.  In addition, it notes the
Company's fairly conservative financial policy, positive free cash
flow and adequate liquidity.

Based on analysis of RUSAL's business and its solid positioning in
the industry coupled with its global economic outlook, Moody's
expects that RUSAL will continue to stick to its financial policy,
generate positive cash flow and maintain healthy liquidity.

"The assignment of the Ba3 rating by Moody's, one of the most
renowned international rating agencies with worldwide recognition,
serves as additional testimony to the Company's strong market
position, effective management policy and clear strategy. We
believe that the assigned rating is a good start for the Company's
credit rating story, which will be positively received by the
investment community and will support the Company's position on
capital markets" commented Oleg Mukhamedshin, UC RUSAL's Deputy
CEO, Director for Strategy, Business Development and Financial
Markets.


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


GAMALIER GONZALEZ: Unsecureds Get $22K Plus 2% Interest Under Plan
------------------------------------------------------------------
Gamalier Gonzalez Trucking Inc. filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a disclosure statement and
summary of its proposed plan of reorganization.

Class 5 - All Other General Unsecured Claims will consist of the
general unsecured claims listed in the schedules and those who
filed proof of claims.  Once the Oct. 11, 2016 bar date for
general unsecured creditors has elapsed if any additional claims
are filed, and including accordingly.

As of Oct. 3, 2016, there are four general unsecured creditors who
filed its respective proof of claimholders: (1) "Centro de
Recaudaciones de Ingresos Municipales" (claim 2) with $2,448.92;
(2) Banco Popular de Puerto Rico (claim 3) with 836.39; (3) Puerto
Rico Treasury Department (Hacienda) (claim 4) with 15,719.66; and
(4) Internal Revenue Service (IRS) with $3,398.28.

The entire class will receive the amount calculated as liquidation
value under a Hypothetical Chapter 7 liquidation analysis for a
total amount of $22,026.05, plus 2.0% interest during 60 months
counting from the Effective Date.  It means that the entire Class
4 will receive a monthly payment in the amount of $386.07 during
60 months counting from the Effective Date.  The Debtor will
distribute this monthly payment at pro rata of each claimholders
claims.

Funding the plan will be from the collection of any account
receivable and services provided by the Debtor and any other
business that Debtor wild be engaged during the life of the Plan.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/prb16-04601-54.pdf

                    About Gamalier Gonzalez

Gamalier Gonzalez Trucking Inc. is a corporation created to
operate two business simultaneously: (1) to transport and goods
delivery in "dry load" trucks, and (2) to provide heavy equiment
services like leveling plots and ground movements.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 16-04601) on June 8, 2016.  Jaime
Rodriguez-Perez, Esq., at Jaime Rodriguez Law Office, PSC, serves
as the Debtor's bankruptcy counsel.


MAGNO TIRE: Disclosures OK'd; Plan Confirmation Hearing on Nov. 30
------------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has approved Magno Tire Center, Inc.'s
disclosure statement dated Aug. 5, 2016.

A hearing to consider confirmation of the Debtor's plan of
reorganization will be held on Nov. 30, 2016, at 9:00 a.m.

Magno Tire Center, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-00074) on Jan. 11,
2016.

The case is assigned to Judge Mildred Caban Flores.  The Debtor is
represented by Eduardo J. Mayoral Garcia, Esq.


PUERTO RICO: Hedge Funds Holding GOs Sue Over Sales-Tax Bonds
--------------------------------------------------------------
Michelle Kaske, writing for Bloomberg News, reported that hedge
funds holding Puerto Rico's general-obligation bonds are asking a
court to stop the commonwealth from directing sales-tax revenue to
repay other debt backed by that money because it violates the
island's constitution.

According to Bloomberg, it is the first legal action for the U.S.
territory that pits general-obligation bondholders against
investors of sales-tax debt.  Puerto Rico's constitution states
its general obligations must be repaid before other expenses, the
report related.  A portion of the island's sales-tax revenue is
dedicated to repaying bonds, called Cofinas by their Spanish
acronym, the report further related.

Entities managed by Aurelius Capital Management, Autonomy Capital,
Covalent Partners, FCO Advisors, Monarch Alternative Capital and
Stone Lion Capital Partners in July sued Governor Alejandro Garcia
Padilla in the U.S. District Court in San Juan to stop the
administration from transferring funds away from bondholders, the
report recalled.  The hedge funds say it violates a federal law,
called Promesa, which prohibits the island from enacting new
legislation to divert revenue or assets that would go against its
constitution, the report said.

The hedge funds filed an amended complaint on Oct. 7, adding that
the Puerto Rico Sales Tax Financing Corp., issuer of the Cofina
bonds, as a defendant, the report added.


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


TRINIDAD  & TOBAGO: Massive Job Loss in Public Sector Coming
------------------------------------------------------------
Trinidad Express reports that thousands of public sector workers
are going to be put on the breadline over the next year, Couva
South MP Rudy Indarsingh predicted.

Speaking in the budget debate in the House of Representatives,
International Waterfront Centre, Port of Spain, Mr. Indarsingh
quoted from the Draft Estimates of Expenditure which showed that
The Water and Sewerage Authority's (WASA) allocation had been
reduced by $452 million, as compared with last year's allocation,
according to Trinidad Express.  "That tells me WASA workers are
going home," Mr. Indarsingh said.

Mr. Indarsingh said the allocation in the Community-based
Environmental Protection and Enhancement Programme (CEPEP) had
been reduced by over TT$106 million, the report adds.


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


VENEZUELA: Maduro Wants Deal to Ensure Stable Crude Prices
----------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro said in
Istanbul that oil producing countries should be able to establish
over the next six months new mechanisms that ensure stable and
realistic oil prices and markets for a 10-year period.

President Maduro was speaking at the 23rd edition of the World
Energy Congress, according to EFE News.

"We propose creating new mechanisms for oil market stability to
ensure fair and realistic prices for a period of 10 years," he
said with reference to an informal meeting of the 14 OPEC members
to be held this Wednesday in Istanbul, at which he believes a new
agreement will be reached showing that a renewed alliance of oil
producing nations is possible, the report notes.

"We oil producers should take the lead in establishing market
stability, replenishing investment and ensuring a new period of
fair, realistic and stable prices," President Maduro added, notes
the report.

The president also noted that oil prices have recently been at
their lowest level in the last 40 years, often below the cost of
production and insufficient to encourage investment or expand the
sector, the report relays.

New mechanisms are therefore needed that are non-speculative and
not subject to external fluctuations, the report adds.

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'.


                            ***********


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


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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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