TCRLA_Public/161014.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 14, 2016, Vol. 17, No. 204


                            Headlines



A N G U I L L A

CARIBBEAN COMMERCIAL: Files Chapter 15 Petition in New York


A N T I G U A  &  B A R B U D A

LIAT: Clash on Pension Fund Again With LIALPA


A R G E N T I N A

ARGENTINA: Urged to Give Access to Bank Services, Loans, Internet
BALANZ CAPITAL: Moody's Assigns B-bf Global Scale Bond Fund Rating
BANCO SANTANDER: Moody's Affirms Ba3 Global LT LC Deposit Rating
ROMBO COMPANIA: Moody's Assigns B1 Local Currency Sr. Debt Rating


B R A Z I L

PETROLEO BRASILEIRO: Scandal Halts Major Works Abroad


H A I T I

HAITI: Hurricane Matthew's Economic Damage Estimated at $1BB
HAITI: Trade Urged to Continue to Support Country


P U E R T O    R I C O

CERTENEJAS INCORPORADO: Disclosure Statement Hearing on Dec. 6
E MENDOZA & CO: Seeks to Hire Medina-Rivera as Accountant
EDUARDO MENDOZA: Seeks to Hire Medina-Rivera as Accountant
VEGA ALTA: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: MP McDonald Warns About Deficit Budgets


V E N E Z U E L A

VENEZUELA: Inflation Seen Hitting 1,500% in 2017
VENEZUELA: Airlines Want Their $4 Billion Back
VENEZUELA: Sign Energy Memorandum of Understanding with Turkey


                            - - - - -


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A N G U I L L A
===============


CARIBBEAN COMMERCIAL: Files Chapter 15 Petition in New York
-----------------------------------------------------------
Caribbean Commercial Investment Bank Ltd., a commercial bank
incorporated and licensed in Anguilla, has filed a voluntary
petition under Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.

William Tacon of FTI Consulting signed the petition in his
capacity as the administrator and duly-authorized representative
of CCIB.  He is represented by his counsel James C. McCarroll,
Esq., Jordan W. Siev, Esq. and Kurt F. Gwynne, Esq., at Reed
Smith, LLP.

Upon the application of CCIB's regulator, the Financial Services
Commission in Anguilla, and by an order dated Feb. 22, 2016, the
Eastern Caribbean Supreme Court in the High Court of Justice
Anguilla Circuit placed the operations of CCIB and another
offshore bank, the National Bank of Anguilla (Private Banking &
Trust) Ltd. under administration pursuant to Section 31(2)(b) of
the Financial Services Commission Act, R.S.A. c.F28.

According to court papers, the FSC had determined that CCIB was
insolvent on a balance sheet test as it was unable to pay its
debts as they fell due.  As of April 25, 2016, CCIB ceased
accepting new deposits.

The FSC found it was no longer appropriate to maintain the status
quo, and determined that the appointment of an independent
representative would best protect the rights of CCIB and its
creditors in light of Caribbean Commercial Bank (Anguilla) Ltd.
being placed into conservatorship.  CCB, the sole shareholder of
CCIB, was considered to be insolvent due to its dependence on CCIB
for liquidity and its inability to settle large amount of debt
owed to CCIB, according to court documents.

The High Court appointed Mr. Tacon as the Administrator of the
Offshore Banks.  As Administrator, Mr. Tacon has complete control
of the management of CCIB.

On April 22, 2016, the Eastern Caribbean Central Bank appointed a
receiver for CCB.  Also on that date, CCB ceased banking
operations in Anguilla.  According to a press release issued by
the ECCB, CCB's banking operations were transferred to a newly
established bank, the National Commercial Bank of Anguilla Ltd. or
NCBA, which is wholly-owned by the Government of Anguilla.

According to Mr. Tacon, notwithstanding the insolvency and
illiquidity of CCB, the Conservator Directors (acting on behalf of
CCIB) procured or permitted the payment to CCB of (i) all monies
received by CCIB from depositor and (ii) the proceeds of all
assets of CCIB realized or collected during the period from Aug.
12, 2013, to March 24, 2016.  The gross amount of the Funds paid
to or collected by CCB during the Relevant Period was
US$26,983,662.  After the return of funds, a net amount of
US$5,927,991 remained owing to CCIB, court document shows.

Mr. Tacon had commenced legal proceedings in Anguilla against NCBA
for the return of this money and sought leave of the Court to
commence an identical proceeding against CCB.

                      U.S. Recognition Sought

Simultaneously with the Chapter 15 petition, Mr. Tacon filed a
motion seeking recognition in the United States of the Anguillian
Proceeding.  Mr. Tacon believes there is a strong possibility that
some of CCIB's funds are held in constructive trust for its
benefit in bank accounts in the United States.

Mr. Tacon said he wants to seek assistance of the U.S. courts in
his efforts to locate and recover CCIB's assets in furtherance of
his duties as Administrator of CCIB to liquidate CCIB's assets and
repay CCIB's creditors according to their priorities.

"The Petitioner's goal is to preserve and maximize the value of
CCIB's assets for the benefit of its depositors and other
creditors," said Mr. McCarroll.  "This Chapter 15 case was filed
to help the Petitioner realize that goal."

The Chapter 15 case is assigned to Judge Stuart M. Bernstein.

A full-text copy of the declaration in support of the Chapter 15
petition is available for free at:

     http://bankrupt.com/misc/2_CARIBBEAN_Declaration.pdf


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


LIAT: Clash on Pension Fund Again With LIALPA
---------------------------------------------
The Daily Observer reports that a five-year-old public spat over a
pension fund between LIAT management and the Leeward Islands
Airline Pilots' Association (LIALPA) has reared its head again.

LIALPA has said the time is up for a promised audit and wants its
pension funds handed over, while LIAT is accusing the body of
stirring up trouble, according to The Daily Observer.

In a press release, LIAT's management hit back at a LIALPA and
categorically denied any wrongdoing. The company accused LIALPA of
inappropriately raising the issue while it's facing the courts,
the report notes.

LIALPA President Carl Burke, however, said LIAT's release was a
"red herring across the trail," the report relays.

"Our gripe with LIAT right now is an audit which they have been
doing for three years now.  Three months ago, the Acting Chief
Executive Officer Julie Reifer-Jones promised we would get the
audit by the end of September. . .. In today's press release she
is now saying the audit will not be completed until the end of the
year," the report quoted Mr. Burke as saying.

Mr. Burke said Ms. Reifer-Jones has accused him of threatening
strike action, but he said he has not done so to date, the report
notes.

"It was agreed that the audit would be completed and that the
funds would be handed over to the pilots . . . and we would have
trustees in place to take control of those monies. This is where
the problem lies," Mr. Burke said, the report relays.  "Come the
15th October, I want to make this absolutely clear to Ms Julie
Reifer Jones . . .  if LIALPA is not given the audit of this
account, I am going to go back to my membership. I will deliver
that message to them and they will direct me as such."

In a statement, LIAT said the Pension Plan is currently the
subject of four court actions and LIAT respects that the issue is
sub judice, meaning that it should not be ventilated in the public
domain, the report discloses.

The management of the Antigua based airline also said it adheres
to the process for the resolution of grievances set out in the
collective agreement, which does not include the airing of such
grievances in the public, but that it cannot remain silent where
issues may be misrepresented to the public and as such it has felt
it necessary to issue this brief statement, the report adds.

                          *     *     *

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.


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


ARGENTINA: Urged to Give Access to Bank Services, Loans, Internet
----------------------------------------------------------------
EFE News reports that after meeting with Argentine President
Mauricio Macri, The Netherlands' Queen Maxima, visiting her native
land as a United Nations adviser, said that there is much yet to
be done regarding financial inclusion in the South American
nation, calling for increased access to banking services, loans
and Internet connectivity.

In a joint appearance with Argentine Vice President Gabriela
Michetti, with questions posed to the queen in her capacity as a
U.N. representative on financing for development, Maxima said that
on her two-day visit she has spoken with government and private
sector officials about the benefits of inserting the public into
the financial system, according to EFE News.

"It's expensive to be poor because people who are in . . .
poverty don't have access to the services that other people can
have. Being included in the financial system is very important" so
that "they don't incur those costs," the monarch said, the report
notes.

Among Argentina's problems with regard to financial inclusion,
Maxima said that today only 50 percent of the public has "access
to a bank account," that people's savings represent only 15
percent of the GDP -- compared with 41 percent in neighboring
countries -- and just 3 percent of all loans are given to small
and medium businesses, the lowest figure in the region, the report
relays.

Also, access to the Internet and smartphones are key, according to
the wife of Holland's King Willem-Alexander, to be able to make
progress in electronic access to money, the report notes.

Before meeting with President Macri, the queen visited the
Argentine Central Bank to speak behind closed doors with its
president, Federico Sturzenegger, and other officials, meeting
later with Finance Minister Alfonso Prat-Gay, the report adds.

                       *     *     *

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

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

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

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


BALANZ CAPITAL: Moody's Assigns B-bf Global Scale Bond Fund Rating
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Balanz Capital Renta Mixta (the
Fund), a new local bond fund domiciled in Argentina that will be
managed by Balanz S.A.SGFCI. SA.

The ratings assigned are as follows:

   -- Global scale bond fund rating: B-bf

   -- National scale bond fund rating: A-bf.ar

RATINGS RATIONALE

The fund ratings are based on Moody's expectation that Balanz
Capital Renta Mixta will invest mostly in three main asset
classes: Corporate Bonds, Sovereign and Sub-Sovereign bonds and
Short Term Central Bank securities (LEBACs). Additionally, Moody's
expects that the Fund's will invest its liquidity in sight
deposits in relatively strong local financial entities and the
fund will have an an average portfolio duration not exceeding 3
years.

Moody's analysis was performed on model portfolios provided by the
fund sponsor. The rating agency expects the fund to be managed in
line with these model portfolios. However, Moody's noted that if
the fund's investedportfolio deviates materially from the model
one, the fund's ratings could be changed.

BALANZ SGFISA is the asset management arm of the Argentinean
BALANZ Financial group, which started as a local brokerage agency
in 2003. As of September 2016, Balanz managed approximately ARS
3.47 billion in assets (USD 229.7 million).

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology published in May 2013.

Other methodologies and factors that may have been considered in
the process of rating this fund can also be found under Rating
Methodologies on Moody's website.


BANCO SANTANDER: Moody's Affirms Ba3 Global LT LC Deposit Rating
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
affirmed all the ratings of Banco Santander Rio (Santander Rio)
with a stable outlook. The action on Santander Rio's ratings was
prompted by the sale and purchase agreement the bank signed with
Citibank's (Citibank N.A., unrated) Argentine branch, to acquire
Citi's retail banking business.

The following ratings assigned to Banco Santander Rio S.A. were
affirmed:

   -- Global long-term local currency deposit rating of Ba3/Not
      Prime

   -- Long-term national scale local currency deposit rating of
      Aaa.ar

   -- Global long-term foreign currency deposit rating of Caa1/Not
      Prime

   -- Long-term national scale foreign currency deposit rating of
      Ba1.ar

   -- Global local currency senior unsecured MTN of (P)Ba3

   -- Local currency national scale senior unsecured MTN of Aaa.ar

   -- Global foreign currency senior unsecured MTN of (P)B2

   -- Foreign currency national scale senior unsecured MTN of
      A1.ar

   -- Global Local Currency senior unsecured debt rating of Ba3

   -- National scale senior unsecured debt ratings of Aaa.ar

   -- Counterparty risk assessment of Ba3(cr)/Not Prime (cr)

   -- Baseline credit assessment of b3

   -- Adjusted baseline credit assessment of ba3

Issuer Outlook:

   -- Outlook will remain Stable

RATINGS RATIONALE

The affirmation considers the expected positive effect of the
acquisition on the bank's business strategy and revenues, which
will be partially offset by negative impacts on capitalization and
liquidity. Once the agreement is approved by local regulators,
which is anticipated in the first quarter of 2017, Santander Rio
will be incorporating Citi's 500,000 retail clients and 70 offices
to its network, strengthening its position as the largest private
bank in Argentina. The acquisition will increase Santander Rio's
nominal profitability by giving it access to Citibank's high
income retail client base. Based on June 2016 figures, the bank's
personal lending will expand by 28% and its credit cards business
by 24%, while current deposits will increase by 13%. Hence, the
bank's market shares in terms of loans to the private sector will
increase to 11.5% from the current 10.3%, and its deposit share
will rise to 11.35% from the current 10%. The deal also includes
70 branches and 2.200 employees.

In addition to the benefits of increased market share, Santander
expects to be able to realize meaningful operating synergies,
which should allow it to achieve significant cost savings on the
acquired operations, as well as cross selling opportunities to
Citi's clients, including cash and wealth management services,
which should boost its earnings in the medium term. Santander
Rio's profitability is already supported by a diversified base of
earnings sources, driven by corporate and consumer lending. The
bank's net income in 1H2016 equaled a very strong 2.7% of tangible
assets, though this is distorted by the high rate of inflation.
While the transaction is likely to boost Santander's return on
equity, it is less clear what the impact will be on return on
assets, Moody's preferred measure of profitability.

Given the size of the transaction and the goodwill that it is
likely to generate for Santander, Moody's estimates that the deal
will erode Santander's adjusted capitalization ratio by roughly
200 basis points, a substantial amount. Nevertheless, Moody's
adjusted capitalization is expected to remain adequate at 11.3%.
While the transaction is expected to finance with cash, liquidity
should nevertheless remain ample. In addition, the transaction
will entail execution risks. However, Santander R°o has relatively
recent experience incorporating new customers, branches and
employees. Back in 2009 Santander R°o successfully digested the
acquisition of the retail business of BNP Paribas in Argentina,
though this was considerably smaller than Citi's business.

Finally, the risk of attrition of Citibank Argentina's clients is
partly mitigated by the agreement that Santander R°o's signed with
American Airlines to offer its clients the AAdvantage Program,
allowing clients to accumulate American Airlines miles and also
get exclusive discounts and other benefits. This program has
historically been offered by Citibank and was viewed as one of its
chief competitive advantages.

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

WHAT COULD MAKE THE RATING GO UP OR DOWN

Given the fact that Santander Rio's baseline credit assessment is
effectively constrained by Argentina's sovereign rating,
improvements in the bank's financial fundamentals are unlikely to
affect its rating, notwithstanding the credit positive
implications of the transaction. However, the rating could face
upward pressure if Argentina's bond rating is upgraded and/or if
Argentina's country's operating environment improves.

On the other hand, the rating could go down if the operating
environment deteriorates affecting the bank's business prospects,
asset quality, profitability or capitalization, as well as if the
country ceiling is downgraded or if probability of affiliate
support declines.


ROMBO COMPANIA: Moody's Assigns B1 Local Currency Sr. Debt Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
assigned a B1 global local currency senior debt rating and Aa2.ar
national scale local currency debt rating to Rombo Compania
Financiera's thirty-fourth and thirty-fifth bond issuances, which
due in 18 and 36 months respectively, for a combined amount up to
ARS 300 million. The outlook on the debt ratings is stable.

The following ratings were assigned to Rombo Compania Financiera
S.A.:

   ARS300 million Serie 34 senior unsecured debt issuance:

   -- B1 Global Local Currency Debt Rating

   -- Aa2.ar Argentina National Scale Local Currency Debt Rating

   ARS300 million Series 35 senior unsecured debt issuance:

   -- B1 Global Local Currency Debt Rating

   -- Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

Rombo's B1 global debt rating is based on the standalone credit
profile of b3 and a moderate probability of support from Rombo's
main parent, RCI Banque (Baa1, stable) in case of stress. Rombo,
which is 60% owned by RCI Banque and 40% by BBVA Banco Frances
(unrated) and together with RCI Banque forms the principal
financial arm of its ultimate owner, Renault S.A. (Baa3, stable)
in Argentina, is responsible for nearly 50% of Renault's financed
sales in the country. Notwithstanding the company's speculative
grade global scale rating, it is one of the stronger credits in
Argentina, as reflected by its Aa2.ar national scale rating.

The b3 standalone credit profile considers Argentina's ongoing
macroeconomic and institutional challenges together with Rombo's
monoline business model dedicated to the financing of Renault
vehicles and the increasing level of competition within the car-
financing industry in the country. Despite significant
improvements since the new administration took office in December
2015 and softened or eliminated various burdensome government
controls on the financial system which should help support
earnings, Argentina continues to face significant economic and
institutional challenges, including high inflation and weak
growth.

Although the company posted very strong profitability in 2015 and
during 2016, this was distorted by the high rate of inflation.
While non-performing loans remain low thanks to the company's
focus on middle and high-income individuals, delinquency levels
are likely to rise in the medium term given the current economic
situation. These risks are balanced in part by the Rombo's
satisfactory risk management practices that are aligned to those
of its parent companies as well as its adequate capitalization.
The ratings also include risks associated with a liability
structure mainly reliant on market funds, as is the case of other
automobile finance companies.

The stable outlook on the company's ratings is in line with the
stable outlook B3 rating for Argentina's government bond rating.

WHAT COULD CHANGE THE RATING UP/DOWN

The entity's rating could face upward pressure if Argentina's bond
rating is upgraded or if Argentina's operating environment
continues to improve. On the other hand, the rating could go down
if the operating environment deteriorates, affecting Rombo's
business prospects.


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B R A Z I L
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PETROLEO BRASILEIRO: Scandal Halts Major Works Abroad
-----------------------------------------------------
Dominican Today, citing AFP News, reports that Banco Nacional de
Desenvolvimento Economico e Social S.A. (BNDES) said on Oct. 11 it
will temporarily stop disbursing around US$4.7 billion to finance
projects abroad by companies linked to the Petrobras corruption
scandal.

The measure includes Odebrecht and Andrade Gutierrez, with
extensive contracts in the Dominican Republic, including
hydroelectric dams, bridges and roads, according to Dominican
Today.

Since May, the bank stopped disbursing around 25 infrastructure
projects abroad to contractors Odebrecht, OAS, Queiroz Galvao,
Camargo Correa and Andrade Gutierrez, BNDES said, the report
relays.

The projects, totaling US$7.0 billion (US$2.3 billion disbursed),
are being developed in Argentina, Cuba, Venezuela, Guatemala,
Honduras, Dominican Republic, Angola, Mozambique and Ghana, among
others, the bank said, the report relays.

The contractor form part part of the "cartel of companies" which
allegedly colluded with politicians and former Petrobras officials
to embezzle more than US$2.0 billion from the state oil company,
the report discloses.

Brazil prosecutors charged former President Luis Inacio Lula da
Silva with influence peddling from 2011 to 2015, to provide BNDES
loans to Odebrecht for contracts in Angola, the report adds.

As reported in the Troubled Company Reporter - Latin America on
Aug. 1, 2016, S&P Global Ratings affirmed its 'B+' global scale
ratings on Petroleo Brasileiro S.A. - Petrobras (Petrobras),
including its corporate credit ratings and the ratings on the
senior unsecured notes issued through Petrobras International
Finance Co. and Petrobras Global Finance B.V.


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H A I T I
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HAITI: Hurricane Matthew's Economic Damage Estimated at $1BB
------------------------------------------------------------
Bob Bryan writing for the Business Insider, reports that in
addition to the loss of life in Haiti following Hurricane Matthew,
the most recent estimates of the economic damage to the nation are
truly staggering.

According to the Haitian aid group CARE, says the Insider, the
damage done by Hurricane Matthew to Haiti is currently being
estimated at $1 billion by the Haitian government.

As a raw number that is huge, but given the size of the country's
economy, it is even worse, notes the report.

Business Insider relates that Haiti's 2015 GDP was reported at
$8.88 billion, meaning that Matthew destroyed the equivalent of
11.4% of the country's total production of goods and services.


HAITI: Trade Urged to Continue to Support Country
--------------------------------------------------
travelweekly.co.uk reports that Haitian tourism chiefs have urged
the trade to continue supporting the destination despite the
devastating impact of Hurricane Matthew.

Haiti took the brunt of last week's category 4 hurricane, with
deaths said to reach at least 1,000, according to
travelweekly.co.uk.   The hurricane also forced the closure of
Walt Disney World Resort Florida, Universal Studios and SeaWorld
as it continued its path along the south-east coast of the US, the
report notes.

Jacmel, Port-au-Prince and Cotes des Arcadin in Haiti were
affected by the hurricane but the clear-up operation is only
expected to take two to three weeks in those areas, according to
tourist authorities, the report relays.  Some hotels suffered a
small amount of damage, but none have been forced to close, the
report notes.

A handful of specialist UK tour operators have started to feature
Haiti -- which was devastated in 2010 by an earthquake which
killed more than 230,000 people -- for 2016 and 2017, the report
relays.

Haiti ambassador Bocchit Edmond said: "It's important people
continue to travel to and sell Haiti. Tourism is becoming a very
important source of income for the Haiti economy," the report
relates.

Mr. Edmond stressed most of the damage by the hurricane was to the
areas not generally visited by tourists in the south.  Only G
Adventure s currently sells tours south of Jacmel, the report
discloses.

Mr. Edmond added: "Even though we have been hit by Hurricane
Matthew, it's not all of Haiti affected and the tourism areas are
not affected. A way to help Haiti recover is to continue to
consider Haiti as a tourism destination.

"Tourists will be welcomed and Haiti is just coming back on the
tourist map," he added, notes the report.

To support the relief efforts in Haiti, the embassy for the
Republic of Haiti is hosting a fundraising art exhibition of
Haitian art in London from October 14-22 at the Gabriel Fine Arts
Gallery, 15 Skylines Village, E14 9TS, the report adds, reports
travelweekly.co.uk.



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


CERTENEJAS INCORPORADO: Disclosure Statement Hearing on Dec. 6
--------------------------------------------------------------
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico has scheduled a hearing on Dec. 6,
2016, at 10:00 a.m. to consider and rule upon the adequacy of the
disclosure statement filed by Certenejas Incorporado.  Objections
to the form and content of the disclosure statement are due not
less than 14 days prior to the hearing.

                   About Certenejas Incorporado

Certenejas Incorporado, the CIDRA, Puerto Rico-based owner of
motels or short-term guest houses in Puerto Rico, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 15-07313) on Sept. 22, 2015.
The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Offices, as counsel.  The Debtor disclosed $4.6
million in assets and $4.8 million in liabilities.

Certenejas Incorporado previously sought bankruptcy protection
(Bankr. D.P.R. Case No. 12-02806) in April 2012 and emerged from
bankruptcy in January 2014.


E MENDOZA & CO: Seeks to Hire Medina-Rivera as Accountant
---------------------------------------------------------
E. Mendoza & Co., Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Medina-Rivera CPA &
Co., PSC as its accountant.

The Debtor tapped the firm to provide general accounting and tax
services, prepare its monthly operating reports, and prepare
supporting documents for its Chapter 11 reorganization plan.

The firm's professionals and their hourly rates are:

     Certified Public Accountant            $150
     Auditor/ Accountants/Tax Specialist     $75
     Office Clerk                            $35

Juan Medina Rivera, a certified public accountant and principal of
Medina-Rivera, disclosed in a court filing that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Juan M. Medina Rivera
     Medina-Rivera CPA & Co., PSC
     605 Ave. Condado, Suite 412
     San Juan, PR 00907
     Tel: 787-622-7551/7552
     Cel: 787-510-5543
     Email: cpamedina@yahoo.com

                    About E. Mendoza & Co Inc

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

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


EDUARDO MENDOZA: Seeks to Hire Medina-Rivera as Accountant
----------------------------------------------------------
Eduardo Mendoza Corp. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire an accountant.

The Debtor proposes to hire Medina-Rivera CPA & Co., PSC, to
provide general accounting and tax services, prepare its monthly
operating reports, and assist the Debtor in preparing supporting
documents for its Chapter 11 reorganization plan.

The firm's professionals and their hourly rates are:

     Certified Public Accountant            $150
     Auditor/ Accountants/Tax Specialist     $75
     Office Clerk                            $35

Juan Medina Rivera, a certified public accountant and principal of
Medina-Rivera, disclosed in a court filing that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Juan M. Medina Rivera
     Medina-Rivera CPA & Co., PSC
     605 Ave. Condado, Suite 412
     San Juan, PR 00907
     Tel: 787-622-7551/7552
     Cel: 787-510-5543
     Email: cpamedina@yahoo.com

                      About Eduardo Mendoza

Eduardo Mendoza Corporation filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-06672) on August 22, 2016, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by Nelson Robles Diaz, Esq.


VEGA ALTA: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Vega Alta Community Health, Inc.
        PO Box 356
        Catano, PR 00962

Case No.: 16-08128

Chapter 11 Petition Date: October 11, 2016

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

Debtor's Counsel: Jaime Rodriguez Perez, Esq.
                  JAIME RODRIGUEZ LAW OFFICE, PSC
                  URB Rexville
                  BB 21 Calle 38
                  Bayamon, PR 00957
                  Tel: 787 797-4174
                  Fax: 787-730-5454
                  E-mail: bayamonlawoffice@yahoo.com

Total Assets: $25,582

Total Liabilities: $1.47 million

The petition was signed by Luis M Gonzalez Bermudez, president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-08128.pdf


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


TRINIDAD & TOBAGO: MP McDonald Warns About Deficit Budgets
----------------------------------------------------------
Corey Connelly at Trinidad and Tobago Newsday reports that South
MP Marlene McDonald has warned on Oct. 11 that continued deficit
budgets will be detrimental to the economic well-being of the
country.

Contributing to the Budget debate in the Parliament, McDonald
applauded Finance Minister Colm Imbert's presentation noting his
thrust to bring revenue in line with expenditure by 2020,
according to Trinidad and Tobago Newsday.

"We cannot spend what we do not have. we cannot get more from
less," Minister Imbert said in an allusion to Prime Minister Dr.
Keith Rowley's take of the country's current economic situation.
Slamming the former People's Partnership government, which she
said did not create any new revenue-generating measures, McDonald
reasoned that continued deficit budgets will be tantamount to
"mortgaging away the future of the country," the report relays.

The former housing minister said it will also fall to the "backs
of our children and grandchildren" to rebuild the country. "We
have to become fiscally mature," she said, the report notes.
Insisting that the International Monetary Fund must not be an
option, McDonald said the organization will first focus on
recurrent expenditure "which does not result in the creation of
fixed assets."

She said managing the economy in the face of declining oil and gas
prices was the salient issue confronting the country, the report
discloses.

"Adjustments have to be made," she said, urging the Government to
communicate effectively about issues plaguing the country. Saying
that Imbert had laid the foundation for macro-economic stability,
McDonald said the country's survival was everybody's business, the
report relays.

"Tough times don't last but tough people do. We are a resilient
people and Trinidad and Tobago will persevere to the end," she
said.  McDonald elicited chuckles from the House when she told
Opposition members that they should "atone for the sins you have
committed against this country." She also complained about the
lack of development in east Port-of-spain over the last five
years, the report adds.


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


VENEZUELA: Inflation Seen Hitting 1,500% in 2017
------------------------------------------------
CNBC reports that the economic situation in Venezuela continues to
go from bad to worse, and things are unlikely to get better,
experts have warned.

Venezuela's congress was stripped of its powers over the budget,
viewed as a move by the country's President Nicolas Maduro as an
attempt to consolidate power, according to CNBC.

On top of this, the country lacks many basic goods and inflation
is out of control, the report notes.  Year-on-year inflation is
expected to reach 700 percent this year and UBS forecasts it will
reach 1,500 percent next year, the report relays.

"This situation is vastly deteriorating," Diego Moya-Ocampos,
senior Latin America analyst at IHS Country Risk, told CNBC.  "We
expect the economy to contract at least 11.5 percent, inflation to
hit 700 percent, already the highest in the world."

The country also faces shortages of food and medicines, he added.
"Children are dying," the report quoted Mr. Moya-Ocampos as
saying.  "The elderly are dying in Venezuela, and a recall
referendum against incumbent President Nicolas Maduro, which was
expected to (terminate early) his mandate and pave the way for a
new leadership . . .. Is being basically blocked," Mr. Moya-
Ocampos added.

Blame for the crisis lies on 15 years of populist policies by
Venezuela's government, according to Michael Henderson, lead
economist at risk analysis firm Verisk Maplecroft, the report
relays.

"The government has scared away private enterprise and
nationalized large swathes of the domestic economy leading to
stagnant growth and chronic inefficiency," he told CNBC via e-
mail, the report relays. "Investment in productive capacity and
infrastructure has been insufficient to meet growing demand,
fuelled by super-loose monetary and fiscal policy.  This is a
toxic mix which almost inevitably results in a rapid acceleration
of inflation."

The Venezuelan economy heavily relies on oil, so the collapse in
oil prices in recent years hit the country hard, resulting in a
balance of payments problem.  Overall, the outlook for Venezuela
is grim, said Mr. Henderson, the report discloses.

"Regardless of whether the government is able to avoid a debt
default in the near term, an inevitable macroeconomic reckoning is
approaching which will have painful repercussions for ordinary
households and businesses," Mr. Henderson added, notes EFE News.

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'.


VENEZUELA: Airlines Want Their $4 Billion Back
----------------------------------------------
Justin Bachman of Bloomberg News reports that carriers have made
an unusual request of the U.S. Department of Transportation: They
want antitrust immunity for one year so they can collectively
discuss ways to retrieve $3.8 billion currently held hostage by
Venezuela's deep economic slide.

Since 2013, notes the report, Venezuelan officials have virtually
halted the repatriation of past ticket sales made in bolivars, the
local currency. Inflation has soared and foreign currency reserves
have dwindled to $12 billion, as the government of President
Nicolas Maduro imposed various currency exchange rates and the
economy fell into disarray and food shortages. As a result, the
flow of money homeward has slowed to a trickle for many
multinational corporations operating in Venezuela.

Bloomberg News recalls that authorities first required government
approval for the repatriation of foreign company sales in 2003.
Over the past 21 months, Maduro's government allowed only two
small payments to a pair of foreign carriers, said Jason Sinclair,
a spokesman for the International Air Transport Association.
Airlines that previously negotiated for payment individually are
now hoping a united front can offer more leverage.

The report says American Airlines Group Inc., which had been the
largest carrier by capacity to Venezuela, took a $592 million
special charge late last year to write down the value of its
ticket sales in bolivars.  The No. 2 international carrier to the
nation, Panama-based Copa Holdings, S.A., once had about 10
percent of its revenue tied to Venezuela, where the airline is
trying to recover almost $500 million.  Delta Air Lines Inc. and
United Continental Holdings Inc. have also written down the value
of their past Venezuelan sales in bolivars. All three U.S.
carriers still fly to Caracas, although they have cut service
dramatically since 2014. Airlines are trying to repatriate the
money at the official exchange rates in place when the tickets
were sold. International airlines now sell their tickets to or
from Venezuela in dollars, which has virtually halted local
demand, reports Bloomberg News.

The airlines have told U.S. officials that if they get the
antitrust waiver, they'll restrict their discussions to Venezuela
and include only carriers that have funds there, the report
relays. They also offered to seek DOT approval for any actions the
group eventually decides to pursue. A department spokeswoman said
on Oct. 5 that the request remains under review.

According to Bloomberg News, the airlines made their immunity
request in April, shortly before Venezuelan authorities began
requiring international airlines to pay expenses such as catering,
landing fees, and local aircraft maintenance in U.S. dollars. That
change represented "the breaking point" for IATA members, which
previously could use their bolivars to pay such local expenses,
said Peter Cerda, the trade group's regional vice president for
the Americas.

However, even if regulators offer antitrust immunity to discuss
Venezuela, it's far from certain that the airlines owed money
would gain any substantial advantage in their talks with
Venezuela, notes the report. The carriers could threaten further
service cuts, although many have unilaterally quit the country,
given its financial travails, adds Bloomberg. Since 2013, airlines
have shrunk capacity to Venezuela by more than 60 percent, with
only nine international carriers still offering scheduled service.

This summer, notes Bloomberg News, Chile-based LATAM Airlines
Group suspended Caracas service from Brazil, Chile, and Peru;
Grupo Aeromexico SAB ended flights to Mexico City; and Deutsche
Lufthansa AG dropped its flights from Frankfurt. Air Canada left
Caracas in March 2014, citing civil unrest that had "exacerbated
the challenges of doing business in Venezuela," the report adds.

Bloomberg News relates that one reason some have been reluctant to
quit this nation of 30 million people, which has the world's
largest crude oil reserves, is an ultimatum by Maduro. He has
threatened to expropriate funds for any carrier that leaves the
country and to prohibit them from returning. Moreover, Venezuela
has historically been a source of airline profit, given strong
travel to the U.S. and Europe, says the report.

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'.


VENEZUELA: Sign Energy Memorandum of Understanding with Turkey
--------------------------------------------------------------
EFE News reports that Venezuela and Turkey signed a memorandum of
understanding and cooperation that encompasses a series of energy
agreements and includes the provision of "infrastructure, medicine
and food" by Ankara to the South American nation.

Venezuelan Oil Minister Eulogio Del Pino and Turkish Energy
Minister Berat Albayrak signed the accord, which Venezuela's
Communications Ministry said in a statement would be mutually
beneficial, according to EFE News.

Venezuelan President Nicolas Maduro and Turkish counterpart Recep
Tayyip Erdogan were present for the signing ceremony in Istanbul,
the report relays.

The parties agreed to seek agreement on terms and conditions for
the potential supply of fuel by Venezuelan state oil company PDVSA
to Turkish port operator Global Liman Isletmeleri, the
Communications Ministry said, adding that those shipments would
supply the needs of cruise ships and other vessels, the report
notes.

They also reached a deal whereby Turkey would fund the
optimization of existing port and transportation systems at the
Jose Antonio Anzoategui Refinery in northeastern Venezuela in
exchange for petcoke, a fuel that is a cheap byproduct of the oil
refining process, the report says.

Agreements also were reached for the supply of fuel by PDVSA to
Turkish Airlines' fleet, as well for the construction and
operation of oil storage facilities in Turkey, the report notes.

Mr. Maduro -- accompanied by his wife, Cilia Flores, and several
ministers, including Del Pino, Foreign Minister Delcy Rodriguez
and Foreign Trade Minister Jesus Fariato -- arrived in Turkey to
take part in the World Energy Congress, 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


                            ***********


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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