TCRLA_Public/161018.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

            Tuesday, October 18, 2016, Vol. 17, No. 206


                            Headlines



A R G E N T I N A

YPF SA: Fitch Assigns 'B' Rating on US$325MM Class XXVII Bond


B A H A M A S

BAHAMAS: IDB Offers Support Following Hurricane Matthew


B R A Z I L

BRAZIL: Central Bank Expected to Cut Benchmark Selic Rate
MARFRIG GLOBAL: Fitch Hikes LT Issuer Default Ratings to 'BB-'


C A Y M A N  I S L A N D S

ASIYA EQUITY: Creditors' Proofs of Debt Due Oct. 31
ASIYA EQUITY (MASTER): Creditors' Proofs of Debt Due Oct. 31
ASIYA PANDA: Creditors' Proofs of Debt Due Oct. 31
ASIYA PANDA (MASTER): Creditors' Proofs of Debt Due Oct. 31
CHI LIMITED: Commences Liquidation Proceedings

EFG CREDIT: Placed Under Voluntary Wind-Up
EMBER LIMITED: Commences Liquidation Proceedings
KAZIMIR RUSSIA: Commences Liquidation Proceedings
MSR ASIA: Commences Liquidation Proceedings
OMNI MACRO: Commences Liquidation Proceedings

OMNI MACRO I: Commences Liquidation Proceedings
PPM AMERICA: Commences Liquidation Proceedings
SELBY CAPITAL: Creditors' Proofs of Debt Due Oct. 31
SUTTER CBO 1998-1: Commences Liquidation Proceedings
TRUE INNOVATIONS: Creditors' Proofs of Debt Due Nov. 1


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Housing Construction Cost Up 0.29% on Rebar, Fuel


P E R U

ANDINO INVESTMENT: Fitch Cuts Issuer Default Ratings to 'B-'


P U E R T O    R I C O

BUILDERS HOLDING: Hires Monge Robertin as Restructuring Advisors
CARIBBEAN CREAMERY: Unsecured Creditors to Recoup 5% Under Plan
FASHION STYLE: Plan Confirmation Hearing Set for Dec. 14
HIRAM RIVERA VEGA: Plan Confirmation Hearing Set for Dec. 14
IVAN F. GONZALEZ: Unsecureds to Recoup 11% in Seven Years

LA SABANA: Disclosure Statement Hearing Set for Nov. 30
ORIENTAL CANTONES: Unsecureds To Recoup 100% Over Five Years
WANDA ORTIZ CARRERAS: Plan Confirmation Hearing Set for Dec. 14
WILLIAM CONTRACTOR: Plan Outline to be Heard on Dec. 7


V E N E Z U E L A

VENEZUELA: Hit by Earthquake Sparking Fears of Landslides


X X X X X X X X X

[*] LATAM: ECLAC Says Productivity Remains the Achilles' Heel


                            - - - - -


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


YPF SA: Fitch Assigns 'B' Rating on US$325MM Class XXVII Bond
-------------------------------------------------------------
Fitch rates YPF S.A.'s up to USD325 million reopening of its Class
XXVII bond due 2024 with a Long-Term rating of 'B/RR4'.  The notes
are USD denominated and carry a fixed rate of 8.75%. YPF expects
to issue the notes under a voluntary exchange for two existing
bonds: Class X notes due 2016 and Class XI notes due 2017.  The
proposed bond will amortize in three installments: 30% in 2022,
30% in 2023 and the remaining in 2024.

                         KEY RATING DRIVERS

YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina and the company's relatively low
reserve life.  YPF's 'B' ratings are linked to the sovereign
rating of Argentina, which has a Long-Term Foreign and Local
Currency Issuer Default Rating (IDR) of 'B'.

Fitch has assigned a country ceiling of 'B' to the Republic of
Argentina, which limits the foreign currency rating of most
Argentine corporates.  Country Ceilings are designed to reflect
the risks associated with sovereigns placing restrictions on
private sector corporates, which may prevent them from converting
local currency to any foreign currency (FC) under a stress
scenario, and/or may not allow the transfer of FC abroad to
service FC debt obligations.  Since taking power in December 2015,
the Mauricio Macri administration removed FX controls introduced
in 2011 and increased the flexibility of the Argentine peso, which
should contribute to improving the capacity of the economy to
absorb external shocks and relieve pressure on international
reserves.

LINKAGE TO SOVEREIGN: YPF's ratings reflect the close linkage with
the Republic of Argentina resulting from the company's ownership
structure as well as recent government interventions.  The
Republic of Argentina controls the company through its 51%
participation after it nationalized the company in April 2012.
Since this action, the company's strategy and business decisions
are governed by the Republic.

LOW HYDROCARBON RESERVE LIFE: The ratings consider the company's
relatively weak, though improving, operating metrics characterized
by a low reserve life.  As of year-end 2015, YPF reported proved
reserves of 1,226 million barrels of oil equivalent (boe) and
average production of 577,000 boe per day (52% crude oil).  Based
on production trends, the company's reserve life is below-optimal
at approximately six years.  This could create significant
operational challenges in the medium- to long-term, and gives the
company limited flexibility to reduce capex investments in order
to increase upstream reserves/production.

STABLE PRODUCTION: As expected by Fitch, the company's production
remained stable with an average production of 577,000 boe in 2015
(up 3% year-over-year).  Capex investments for the second quarter
of 2016 (2Q16) were approximately 38% lower in dollar terms
compared with the same period of 2015.  Despite the significant
reduction in the company's capital expenditure program during
2016, Fitch expects the company to continue with its initial
ambitious capex program to maintain stable production in 2016 and
increase production in the following years.  Production in 2Q16
averaged 582,300 boe per day, which was similar to 1Q15 production
levels and in line with our assumptions.

STRONG BUSINESS POSITION: Fitch expects the company to continue to
solidify its market leadership in Argentina.  YPF benefits from a
strong business position supported by its vertically integrated
operations and dominant market presence in the Argentine
hydrocarbons market.  Fitch anticipates that YPF will continue to
exercise an active role in domestic fuel and gas supply.  In the
downstream segment, where YPF enjoys a 56% market share of
domestic gasoline and diesel sales, the company benefits from
relatively high prices for refined products in Argentina.

ADEQUATE CREDIT PROTECTION METRICS: YPF has relatively solid
credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule.  For the LTM ended
June 2016, net leverage, as measured by net debt-to-EBITDA,
reached 2.1x (considering Fitch's calculated EBITDA for YPF in
USD), which is still considered moderate for the assigned rating.
YPF's total debt-to-total proved reserves ratio was USD7.5 per boe
(USD 8.37 per boe including the USD750 million and the CHF300
million issued during 3Q16 ).

As of June 30, 2016, YPF's total debt was approximately
USD9.2 billion, and the company reported EBITDA for the LTM of
USD4.67 billion.  Fitch's calculated equivalent EBITDA in USD for
the LTM ended June 30, 2016 was approximately USD4.2 billion.
Fitch uses a weighted quarterly average USD/Peso exchange rate to
convert YPF's financial results into U.S. dollar equivalent
figures.  Differences between the company's reported numbers and
Fitch's figures arise given the high currency volatility
experienced in Argentina over the past six months and the timing
of sales and costs recognition.

Reported EBITDA for the 2Q16 was down 13% compared with 2Q15 as a
result of lower domestic oil prices (10% lower) and significant
currency devaluation.  While the upstream segment benefitted from
the devaluation, the downstream business was severely affected by
the devaluation of the Argentine peso.

Fitch assumes production will remain stable during 2016 assuming
flat EBITDA trends in 2016.  During recent years, the company's
leverage has been moderately increasing, mostly as a result of
increases in debt to fund the company's ramped-up capital
expenditure program.  Fitch believes net leverage will remain
close to 2.0x during 2016 - 2017 as a result of lower domestic
prices, significant capex needs and pressure from local currency
devaluation.  These leverage levels are still considered moderate
for the rating category.  Incorporating the CHF300 million and the
USD750 million bonds issued during 3Q16, the company's total debt-
to-EBITDA ratio for the past 12 months would rise to 2.5x on a pro
forma basis.  The proposed issuance will be used to repay existing
debt and will not result in an additional increase in gross
leverage.

                         KEY ASSUMPTIONS

   -- Mid-single-digit production growth annually

   -- Realized oil prices of USD61/bbl, which could marginally
      decline to mid-USD50/bbl range in the short- to medium-term

   -- Natural gas prices increasing to the USD4.5/MMcf level over
      the next five years

   -- Low-single-digit revenue growth in dollar terms over the
      next five years

   -- Capex of approximately USD4.7 billion for 2016. Fitch
      conservatively assumes capex of USD4.5 billion per year
      during 2017 - 2019

RATING SENSITIVITIES

Future developments that could, individually or collectively, lead
to negative rating actions in the short term:

   -- Argentina's economic deterioration and the company's
      inability to maintain an adequate liquidity position or
      access to foreign currency

   -- Any further weakening of Argentina's fiscal accounts could
      have a negative impact on the companies' collections/cash
      flow

   -- A significant deterioration of credit metrics

   -- The adoption of adverse public policies that can affect the
      company's business performance in any of its business
      segments

A positive rating action could occur as the result of an upgrade
of the sovereign rating.

                           LIQUIDITY

Total cash and equivalents amounted to approximately USD1 billion
as of June 30, 2016.  The company's liquidity position is further
strengthened by the USD750 million proceeds received from the
bonds issued on July 7, 2016 and the government bonds (BONAR 2020)
related to the 2015 Plan Gas receivables.  The company's liquidity
position is considered adequate to cover its short-term debt due
during 2016.

The company has been successful accessing the local and
international markets, and given that the company is controlled by
the Argentine government, Fitch does not anticipate any
difficulties in accessing the debt markets to refinance short-term
debt.

FULL LIST OF RATING ACTIONS

Fitch currently rates YPF S.A. as:

   -- Long-Term Foreign Currency IDR 'B'; Outlook Stable;

   -- Long-Term Local Currency IDR 'B'; Outlook Stable;

   -- Notes due 2018, 2020, 2021, 2024, 2025, 2028 'B'/'RR4'.



=============
B A H A M A S
=============


BAHAMAS: IDB Offers Support Following Hurricane Matthew
-------------------------------------------------------
Trinidad Express reports that Inter-American Bank President Luis
Alberto Moreno has offered support Bahamas in the wake of the
passage of Hurricane Matthew.

"On behalf of the Inter-American Development Bank Group (IDB), I
would like to express our institution's thoughts and prayers, and
to offer support for the Bahamian people and the Government, in
the wake of Hurricane Matthew, which inflicted substantial damage
in many areas of the Bahamas from October 4-7, 2016," said Mr.
Moreno in a statement, according to Trinidad Express.

Mr. Moreno noted that although Hurricane Matthew affected all
islands in the country, the greatest impacts occurred in the
Northern and Central Bahamas, the report relays.

Mr. Moreno said that various communities were flooded and battered
by high winds, damaging several homes and government buildings,
including health clinics, schools, police stations and other
public facilities, the report discloses.

In some areas, power and telecommunications lines were downed, and
roads were inundated by flooding.  No deaths have been reported,
Mr. Moreno said, the report relays.

"As a development partner, we want to reiterate the IDB's long
term commitment to the Bahamas, and offer our support and
collaboration to facilitate relief, assessment and reconstruction
efforts in the aftermath of Hurricane Matthew in the entire
archipelago, including isolated communities in the Family
Islands," the report quoted Mr. Moreno as saying.



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


BRAZIL: Central Bank Expected to Cut Benchmark Selic Rate
---------------------------------------------------------
Jeffrey T. Lewis and Rogerio Jelmayer at Bloomberg News report
that Brazil's central bank is expected to begin a long-awaited
cycle of interest rate cuts Wednesday, buoyed by slowing inflation
and government efforts to tame out-of-control public spending.

Sixteen of 17 economists surveyed by The Wall Street Journal said
they expect the bank to cut its benchmark Selic, currently at
14.25%, at the end of its policy meeting Oct. 19, according to
Bloomberg News.

Nine of those analysts expect a cut of 0.25 percentage point;
eight predict a half-point reduction, Bloomberg News relays.  Only
one expects the central bank to stand pat, Bloomberg News notes.
The Selic has been at its current level since July 2015 as the
central bank has tried to slow the country's stubborn inflation,
Bloomberg News discloses.

But the lofty benchmark -- among the highest in the world -- has
been a drag on business investment and consumer spending at a time
when Brazil's economy is struggling to emerge from the worst
downturn since the Great Depression, Bloomberg News says.

The central bank said after its last policy meeting in August that
it wouldn't begin a loosening cycle until it saw galloping food
prices slow and federal lawmakers make some meaningful effort to
shore up Brazil's shaky public finances, Bloomberg News notes.
The bank also said it wanted to see market expectations for 12-
month inflation decline, Bloomberg News discloses.

Those conditions appear to have been met in the past six weeks.
The government of President Michel Temer appears on track to win
approval of a constitutional amendment that would cap growth in
government spending to the rate of inflation for 20 years,
Bloomberg News relays.

Meanwhile, inflation indicators have fallen. In September, the 12-
month inflation rate reached 8.48%, down from 8.97% in August and
the lowest level since May 2015. The central bank now forecasts
2017 inflation at 4.4%, below the government's official target of
4.5%, Bloomberg News relays.

Inflation forecasts "are already falling at the expected pace, and
there's no reason to keep the Selic so high," said Roberto
Padovani, chief economist at Banco Votorantim in Sao Paulo,
Bloomberg News discloses.  "There's a lot of room for rates in
Brazil to fall." Mr. Padovani predicts a 0.50 percentage point
reduction at Wednesday's meeting, followed by a series of cuts
that would bring the Selic to 9.75% by the end of 2017, Bloomberg
News relays.

Brazil's gross domestic product contracted 3.8% in 2015, and is
forecast by the central bank to shrink another 3.3% this year.
Other economic indicators have started to show some improvement,
or have at least stopped getting worse, Bloomberg News notes.  The
central bank expects GDP to expand 1.3% in 2017.

Lower borrowing costs would provide much-needed relief to indebted
consumers and cheer the country's executives, economists said,
Bloomberg News notes.

Antonio Eduardo Tonielo Filho, director of the Santa Ines and
Viralcool sugar and ethanol factories in Sao Paulo state, said he
is avoiding loading up his companies' balance sheets with pricey
debt, Bloomberg News relays.

"We're trying to finance our investments from our cash flow
[because] the cost of capital is so high," Mr. Tonielo Filho said,
adding that Brazil's high interest rates "make most investment
unviable," Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.


MARFRIG GLOBAL: Fitch Hikes LT Issuer Default Ratings to 'BB-'
--------------------------------------------------------------
Fitch Ratings has upgraded Marfrig Global Foods S.A.'s (Marfrig)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'BB-' from 'B+' and its National Scale rating to 'A(bra)' from
'BBB+(bra)'. Fitch has also upgraded to 'BB-' from 'B+' Marfrig's
senior unsecured notes and the IDR of Marfrig Holdings (Europe)
B.V. Fitch has withdrawn the FC IDR of Marfrig Holding (Europe)
B.V.

The Rating Outlooks for Marfrig and Marfrig Holdings (Europe) B.V.
were revised to Stable from Positive.

The upgrade reflects a combination of decreased leverage and
improved liquidity due to the sale of Moy Park during 2015 for
USD1.5 billion, lower refinancing risk and interest expenses as a
result of liability management steps taken by the company during
2016, and the expectation that free cash flow will improve
materially in 2018 following the conversion of the company's
mandatory convertible notes, which will lower interest expenses by
BRL280 million, and an improvement in the beef fundamentals in
Brazil.

KEY RATING DRIVERS

Positive FCF

Fitch expects Marfrig's free cash flow to be slightly positive in
2016 improving to BRL400 million in 2017. Factors driving the
improvement will be lower overall interest expenses due to
refinancing, interest savings from the mandatory debt conversion
to equity, and improved margins in the Brazilian beef sector as a
result of an increase in the availability of cattle. Keystone
continues to report improved EBITDA margin and solid growth
fuelled by its international operations in Asia and low grain
prices in the U.S.

Favorable Business Profile

Marfrig's ratings continue to incorporate its broad product and
geographic diversification, which help to reduce risks related to
disease, trade restrictions and currency fluctuation. The company
is structured into two business units. Marfrig Beef (58% of EBITDA
in 2015) is one of the world's largest beef producers, and
Keystone Foods (42% of EBITDA in 2015) is a global supplier to
foodservice restaurants chains (McDonald's represents about 58% of
sales).

Challenging 2016

The appreciated Brazilian real against the U.S. dollar, the weak
consumer environment in Brazil, and the high cost of cattle in
that market made 2016 challenging for companies in the Brazilian
protein sector. The industry is adjusting to this environment by
reducing capacity in an effort to improve utilization rates.
Prices have also been increasing to offset the high cost faced by
protein companies. The price adjustments should drive gradual
recovery in margin in 2017. Positively, Brazilian beef producers
continue to gain access to more export markets.

No Major Acquisitions Anticipated

Fitch does not foresee any major acquisitions for Marfrig over the
next 12 months. The company's management is focused on
deleveraging its balance sheet, improving free cash flow
generation and reducing interest expense. Key initiatives will be
the optimization of plants and distribution by Marfrig Beef and
the geographic expansion of Keystone while reducing interest
expenses.

KEY ASSUMPTIONS

   -- Total revenues of about BRL19 billion in 2016;

   -- EBITDA margin stabilized at around 9%;

   -- Steady capex in 2016 compared to 2015;

   -- Cash interest paid reduction of BRL280 million after 2018
      reflecting the conversion of the debentures in January 2017;

   -- Net debt/EBITDA below 3x by 2018.

RATING SENSITIVITIES

A downgrade could be precipitated by Marfrig's inability to
improve FCF over the next 24 months and maintain net leverage
above 5.0x on a sustainable basis.

An upgrade could result from a track record of generating positive
FCF, demonstrating the resilience of its group's operating margin
in its Beef business in Brazil and substantial decrease in gross
and net leverage to below 4.5x and 3.0x, respectively, on a
sustained basis.

LIQUIDITY

Marfrig's liquidity is strong after its recent divestment cycle.
As of June 2016, the group held BRL5.1 billion of cash and
marketable securities compared with short-term debt of BRL2
billion. The company continues actively engaged in liability
management to reduce debt and interest expense. In the first half
of 2016, Marfrig issued USD1 billion to repurchase senior
unsecured notes due 2016, 2017, 2018 and 2020. Around 95% of the
company's debt is in U.S. dollars and foreign currencies
(excluding real) while 76% of its EBITDA is pegged to currencies
other than the BRL.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings:

   Marfrig Global Foods S.A.:

   -- Long-Term Foreign and Local Currency IDRs to 'BB-' from
      'B+'; Outlook to Stable from Positive.

   -- Long-Term National Scale rating to 'A(bra)' from
      'BBB+(bra)'. Outlook to Stable from Positive.

   Marfrig Overseas Ltd:

   -- Notes due 2016, 2020 to 'BB-' from 'B+/RR4'.

   Marfrig Holdings (Europe) B.V.:

   -- Notes due 2018, 2019, 2021, 2023 to 'BB-' from 'B+/RR4'.

In addition, Fitch has upgraded and withdrawn the following
rating:

   Marfrig Holdings (Europe) B.V.:

   -- Long-Term Foreign Currency IDR to 'BB-' from 'B+'; Outlook
      to Stable from Positive.

The rating was withdrawn as this entity is no longer considered
analytically meaningful to the credit quality of the notes it has
issued. Notes issued by this special purpose entity were fully
guaranteed by Marfrig, and the ratings of those issuances remain
outstanding.


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



ASIYA EQUITY: Creditors' Proofs of Debt Due Oct. 31
---------------------------------------------------
The creditors of Asiya Equity Fund Ltd. are required to file their
proofs of debt by Oct. 31, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 21 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 640 2279
          Facsimile: (345) 943 2294


ASIYA EQUITY (MASTER): Creditors' Proofs of Debt Due Oct. 31
------------------------------------------------------------
The creditors of Asiya Equity Fund (Master) Ltd. are required to
file their proofs of debt by Oct. 31, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 640 2279
          Facsimile: (345) 943 2294


ASIYA PANDA: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------
The creditors of Asiya Panda Fund Ltd. are required to file their
proofs of debt by Oct. 31, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 21 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 640 2279
          Facsimile: (345) 943 2294


ASIYA PANDA (MASTER): Creditors' Proofs of Debt Due Oct. 31
-----------------------------------------------------------
The creditors of Asiya Panda Fund (Master) Ltd. are required to
file their proofs of debt by Oct. 31, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 640 2279
          Facsimile: (345) 943 2294


CHI LIMITED: Commences Liquidation Proceedings
----------------------------------------------
The members of CHI Limited, at an extraordinary meeting on Sept.
29, 2016, resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


EFG CREDIT: Placed Under Voluntary Wind-Up
------------------------------------------
The sole shareholder of EFG Credit Strategies Fund, on Sept. 10,
2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          EFG Capital Advisors, Inc.
          c/o Tim Cone
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1(345)-949-9876
          Facsimile: +1(345)-949-9877


EMBER LIMITED: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Ember Limited, on Sept. 27, 2016, resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Frances Holliday
          c/o Jasmine Amaria
          Walkers
          6 Gracechurch Street
          London, UK
          Tel: (+1)44-207-2204975


KAZIMIR RUSSIA: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Kazimir Russia Growth Investment Fund
Limited, on Sept. 28, 2016, resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Frances Holliday
          c/o Jasmine Amaria
          Walkers
          6 Gracechurch Street
          London, UK
          Tel No: (+1)44-207-2204975
          e-mail: jasmine.amaria@walkersglobal.com


MSR ASIA: Commences Liquidation Proceedings
-------------------------------------------
On Sept. 26, 2016, the sole shareholder of MSR Asia Acquisitions
XI, Inc. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


OMNI MACRO: Commences Liquidation Proceedings
---------------------------------------------
The sole shareholder of Omni Macro Master Fund I Limited, on Sept.
20, 2016, resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499 Grand Cayman KYl-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


OMNI MACRO I: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Omni Macro Fund I Limited, on Sept. 20,
2016, resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499 Grand Cayman KYl-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


PPM AMERICA: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Sept. 29, 2016, the members of
PPM America High Yield CBO II (Cayman) Ltd resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SELBY CAPITAL: Creditors' Proofs of Debt Due Oct. 31
----------------------------------------------------
The creditors of Selby Capital Ltd are required to file their
proofs of debt by Oct. 31, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 8, 2016.

The company's liquidator is:

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


SUTTER CBO 1998-1: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Sept. 29, 2016, the members of
Sutter CBO 1998-1 Ltd resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


TRUE INNOVATIONS: Creditors' Proofs of Debt Due Nov. 1
------------------------------------------------------
The creditors of True Innovations (Cayman) Ltd. are required to
file their proofs of debt by Nov. 1, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 22 2016.

The company's liquidator is:

          Wong Wing Chi
          Suite 1601-1603, Kinwick Centre
          32 Hollywood Road
          Central
          Hong Kong
          Telephone: +852 2542 1177



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


DOMINICAN REP: Housing Construction Cost Up 0.29% on Rebar, Fuel
----------------------------------------------------------------
Dominican Today reports that the Housing Construction Direct Cost
Index climbed 0.29% in September, on higher prices of rebar
(4.24%), and fuels (3.27%).

The National Statistics Office (ONE) and the Housing Builders and
Developers Association (Acoprovi) in their latest bulletins
related that "[b]y September, the ICDV was 134.43 on average, and
posted a monthly variation of 0.29%, higher than was recorded in
the same month last year, which was a -0.15% rate," according to
Dominican Today.

The Central Bank posted September inflation of 0.04%, which was
also influenced by higher transport costs as the result of rising
fuel prices, the report notes.

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



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


ANDINO INVESTMENT: Fitch Cuts Issuer Default Ratings to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded Andino Investment Holding S.A.A.'s
(AIH) Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) to 'B-' from 'B+'. Fitch has also downgraded AIH's
senior unsecured notes to 'B-' and assigned the bonds a Recovery
Rating of 'RR4'. The Rating Outlook remains Negative.

The downgrade and Negative Outlook reflects AIH's weakening
ability to service its debt due to declining operating cash flow,
as a result of the macroeconomic slowdown in Peru and increasing
competition in its market sectors.

KEY RATING DRIVERS

Weak Operating Results

AIH's consolidated EBITDA was PEN58 million as of the LTM ended
June 2016, 18% lower than 2015's EBITDA (PEN71 million). During
this period EBITDA margin declined to 8.7% as of the LTM to June
2016 from 10.6% in 2015. The first half of 2016 was particularly
hard for the company as investors postponed decisions during the
presidential elections. The company is attempting to improve
operational margins by reducing costs in its logistics services
business, Neptunia, and by focusing on higher-profit, long-term
contracts at its maritime services subsidiary, Cosmos. In order to
centralize operations and get more savings through synergies
Cosmos and Neptunia are being merged. Together they account for
about 80% of the group's EBITDA.

Increasing Competition

Neptunia's results have been hit by the economic slowdown in Peru,
which has increased competition in the Port of Callao. This port
accounts for 80% of Peru's international trade activities. AIH's
business position in the port of Callao has weakened since 2014,
but AIH still maintains a well-diversified customer base with
long-term business relationships and has storage facilities
strategically located next to the Callao port and airports. On the
maritime services side, Cosmos' business position shows a positive
trend for fleet and off-shore barge operations for oil companies
in Peru and new potential operations in Guayaquil-Ecuador.

High Leverage

AIH's gross adjusted leverage reached 8.0x at LTM ended June 2016
in PEN terms. This was above Fitch's expectation of between 5.5x-
6.0x due to lower cash flow generation. Fitch's revised base case
projections result in a gross adjusted leverage ratio of around
7.5x by YE2016 and 6.5x by YE2017 depending on recovery of
operating results as well as debt reduction through non-core fixed
asset sales. AIH's total debt was PEN460 million at the end of
June 2016. The company's USD115 million bond indenture includes a
limitation on additional indebtedness when consolidated net debt
to consolidated EBITDA ratio is greater than 3.5x. The indenture
also includes carve-outs that allow for additional new debt of up
to USD35 million. As of June 2016, the company's financial
leverage ratio was above the covenant maximum limit and USD26
million of the carve-out had been used.

Neutral to Positive FCF Expected

Fitch expects capex in 2016-2017 to drop to about 2.5% of
revenues, as maintenance capex has been reduced to USD2 million
and expansion capex was restricted to complete the logistic centre
at Lima hub project (about USD5 million is the remaining capex for
this project). This compares with capex at more than 10% of
revenues in 2014 and 2015. Capex was mainly allocated for equity
injections to joint-venture infrastructure projects. AIH also
invested USD10 million during 2015 for the logistic centre at
Lima-hub project. Lower capex should lead to positive FCF for the
next two years. FCF was positive at PEN19 million and capex was
PEN44 million as of LTM ended June 2016.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for AIH include:

   -- Revenues growth at 3% per year in 2016-2018;

   -- EBITDA margin of 9% in 2016 improving to historical 11% in
      2018;

   -- Capex/revenues at 2.5% for 2016-2018 (includes maintenance
      capex of USD2 million);

   -- Non-core fixed assets sales of USD10.7 million in 2016
      (already achieved);

   -- New USD12 million eight-year credit loan by YE2016;

   -- No acquisitions or capital injections in joint-ventures in
      2016-2018;

   -- No dividend paid by AIH or received from joint-ventures.

RATING SENSITIVITIES

Factors that could result in a negative rating action include
further deterioration in the company's credit metrics leading to
gross adjusted leverage above 7.0x for the next 12-18 months while
liquidity and refinancing risks persist. Delays and/or higher
capital needs for infrastructure projects sponsored by AIH and/or
new acquisitions (not expected at this time) could pressure the
consolidated leverage and negatively affect the rating.

A positive rating action is not likely in the near term. An
Outlook revision to Stable includes improvement on liquidity
position and refinancing risk through recovery on cash flow
generation, medium-term loan refinancing and/or non-core asset
sales, while maintaining gross adjusted leverage below 7.0x.

LIQUIDITY

AIH's cash position reduced to PEN12 million as of June 2016 from
PEN34 million in 2015 while its short-term debt was PEN67 million
as of June 2016. AIH issued USD18 million in short-term commercial
papers in the local market during 2015 to fund working capital and
capex of USD10 million for its Lima-hub project. The outstanding
commercial papers were USD9 million as of June 2016 which were
paid in August with funds from the sale of non-core fixed assets.
AIH sold two pieces of land for close to USD11 million and is in
the process to sell two more for additional USD26.5 million. In
addition, AIH should obtain a USD12 million 8-year syndicated bank
loan for short-term debt refinancing. There are no major debt
amortizations until its USD115 million senior unsecured notes due
in 2020. AIH maintains about USD300 million of unencumbered fixed
assets, which could be borrowed against to support liquidity.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

   Andino Investment Holding S.A.A.

   -- Foreign currency IDR downgraded to 'B-' from 'B+';

   -- Local currency IDR downgraded to 'B-' from 'B+';

   -- Senior unsecured notes downgraded to 'B-' from 'B+' and
      assigned a Recovery Rating of 'RR4'.

The Rating Outlook is Negative.



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


BUILDERS HOLDING: Hires Monge Robertin as Restructuring Advisors
----------------------------------------------------------------
Builders Holding Co. Corp., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Monge
Robertin & Asociados, Inc. as their insolvency and restructuring
advisors.

Builders Holding requires Monge Robertin to render insolvency and
restructuring services in their bankruptcy
proceedings.

Monge Robertin will be paid at these hourly rates:

     Jose M. Monge Robertin             $275
     Jose J. Negron Colon               $200
     Maria Pena                         $175
     Edgar Rivera Arroyo                $150
     Juanita Caludio                    $125
     Melisa Claudio                     $85
     Support Staff                      $65
     Accounting Assistants              $35

Monge Robertin will be paid a $10,000 retainer.  The firm will
also be reimbursed for reasonable out-of-pocket expenses incurred.

Jose M Monge Robertin, member of Monge Robertin & Asociados, Inc.,
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.

Monge Robertin can be reached at:

     Jose M Monge Robertin
     MONGE ROBERTIN & ASOCIADOS, INC.
     97 Acosta Street
     Caguas, PR 00725
     Tel: (787) 745-0707
     Fax: (787) 746-3895
     E-mail: correspondencia@cirapr.com

                    About Builders Holding Co.

Builders Holding Co., Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-06643) on August
20, 2016. The petition was signed by Ismael Carrasquillo Sanchez,
president. Fausto David Godreau, Esq., at Godreau & Gonzales Law,
as bankruptcy counsel.

At the time of the filing, the Debtor disclosed $9.72 million in
assets and $10.53 million in liabilities.

The Debtor hired Monge Robertin & Asociados, Inc. as insolvency
and restructuring advisors.

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


CARIBBEAN CREAMERY: Unsecured Creditors to Recoup 5% Under Plan
---------------------------------------------------------------
Caribbean Creamery Inc. filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a plan of reorganization and
disclosure statement, which will be funded by and through (a) the
Debtor's cash reserves as of the effective date of the Plan and
(b) the future cash flows generated by the Debtor's business.

Holders of Class 3 General Unsecured Claims will be satisfied via
monthly payments starting at the effective date of the Plan.
Total distribution on Class 3 Claims is estimated at $38,700,
which is a 5.00% distribution on these claims.

Holders of Class 2 Allowed Priority Claims filed by Governmental
Entities will receive a 100% distribution on their claims, plus
interest based on an interest rate of 4.00%.  Holders of Class 1
BDE Secured Claims will receive the amount of $70,000, which will
be paid via monthly installments of $717 for a term of 120 months.

A full-text copy of the Disclosure Statement dated October 7,
2016, is available at http://bankrupt.com/misc/prb16-00367-68.pdf

Caribbean Creamery Inc. filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-00367) on January 22, 2016, and is represented by Jose
M Prieto Carballo, Esq., at JPC Law Office.


FASHION STYLE: Plan Confirmation Hearing Set for Dec. 14
--------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico on October 7, 2016, found that the
disclosure statement explaining Fashion Style, Inc.'s plan of
reorganization contains "adequate information" as the term is
defined in Section 1125 of the Bankruptcy Code and, accordingly,
approved the Disclosure Statement.

A hearing for the consideration of confirmation of the Plan and
any objections to the confirmation of the Plan will be held on
December 14, 2016, at 9:00 a.m.

The Troubled Company Reporter previously reported that the
Debtor's August 26, 2016 disclosure statement provides that Class
3 General Unsecured Creditors is estimated at almost $25,346.72.
This class will be paid 15% of their claims in 60 equal monthly
payments starting on the effective date of the Plan.  This class
is impaired.

Upon confirmation of the Plan, the Debtor will have sufficient
funds to make payments then due under the Plan.  The funds will be
obtained from the continuation of the business operation and the
revenues received from its operation.

On the confirmation date of the Plan, the operation of the named
business and other estate assets will be and become the general
responsibility of the reorganized debtor, which will thereafter
have the responsibility for the management and control and
administration.

A full-text copy of he Disclosure Statement is available at:

         http://bankrupt.com/misc/prb16-02239-33.pdf

Fashion Style, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 16-02239) on March 22, 2016, estimating
its assets and liabilities at between $50,001 and $100,000 each.
Wanda I. Luna Martinez, Esq., at Luna Law Offices serves as the
Debtor's bankruptcy counsel.


HIRAM RIVERA VEGA: Plan Confirmation Hearing Set for Dec. 14
------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico on October 7, 2016, found that the
disclosure statement explaining Hiram Rivera Vega's Chapter 11
Plan contains "adequate information" as the term is defined in
Section 1125 of the Bankruptcy Code and accordingly, approved the
Disclosure Statement.

A hearing to consider confirmation of the Plan and of objections
as may be made to the confirmation of the Plan will be held on
December 14, 2016 at 9:00 a.m.

The Troubled Company Reporter on June 27, 2016, said that under
the Debtor's Plan, holders of Class 5 Unsecured Claims will
receive a distribution of 1.0% of their allowed claims to be paid
in 84 monthly payments.  Holders of Class 4 Unsecured Priority
Claims will receive a distribution of 100% of their allowed
claims, plus a 3.50% interest over a period not exceeding five
years from the date of relief.

Payments and distributions under the Plan will be funded by the
Debtor's income from the business, sale of assets and/or from
other funds to which the Debtor may be entitled.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/prb15-04171-159.pdf

                      About Hiram Rivera Vega

Hiram Rivera Vega filed a Chapter 11 Petition on August 19, 2015
(Bankr. D.P.R. Case No. 15-06351).  The Debtor is represented by
Ruben Gonzalez Marrero, Esq., at Ruben Gonzalez Marrero &
Associates, in Bayamon, Puerto Rico.

The Debtor is an employee and partial stakeholder of New
Professional Painters & Maintenance, Inc.


IVAN F. GONZALEZ: Unsecureds to Recoup 11% in Seven Years
---------------------------------------------------------
Ivan F. Gonzalez Cancel filed with the U.S. Bankruptcy Court for
the District of Puerto Rico an amended disclosure statement
describing the Debtor's plan of reorganization.

The Debtor is proposing a plan to cure and pay arrears on security
Debts; to cure and pay the priority obligations allowed in full in
a period no more than five years from the date of filing the
Petition; and pay 11% to the unsecured claims that are allowed
within a period no longer than 84 months.

General unsecured creditors have been claimed and scheduled in the
amount of $763,648.57.  Holders of Class 4 General Unsecured
Claims will receive a distribution equal to 11% of its allowed
claim pursuant to the terms and conditions of the Plan, that is
during the seven years following the effective date.

The Plan will be funded through cash on hand at the Effective
Date, future income from savings on reduction of operational
expenses maintaining and increasing the services provided to
patients, and signing of new professional services contracts.

A full-text copy of the Amended Disclosure Statement is available
at http://bankrupt.com/misc/prb15-05511-147.pdf

                About Ivan F. Gonzalez

Ivan F. Gonzalez Cancel is a Cardiovascular Thoracic Surgeon with
private practice at Centro Cardiovascular de PR.  The Debtor has
been in his private practice since 1993.  He provides professional
services in the area of cardiovascular and Thoracc surgery to
include heart transplants to patients if needed after evaluations
and the availability of donors.  The Debtor is a sole practitioner
and operates and provides these services to patients from his
office at No. 200 Centro Cardiovascular de PR.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 15-05511) on July 17, 2015.  The Debtor had assets
of $1,984,400 and liabilities of $3,263,539.


LA SABANA: Disclosure Statement Hearing Set for Nov. 30
-------------------------------------------------------
U.S. Bankruptcy Judge Mildred Caban Flores for the District of
Puerto Rico scheduled a hearing on the approval of the disclosure
statement explaining La Sabana Development LLC's plan for Nov. 30,
2016, at 09:00 a.m.

Judge Flores also ordered that any objections to the form and
content of the disclosure statement should be filed with the court
and served upon parties in interest not less than fourteen (14)
days prior to the Nov. 30, otherwise, objections not timely filed
and served will be deemed waived.

                  About La Sabana Development

La Sabana Development LLC filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 15-08743), on November 4, 2015. The case is
assigned to Judge Mildred Caban Flores. The Debtor's counsel is
Hector Eduardo Pedrosa Luna, Esq., The Law Offices of Hector
Eduardo Pedrosa Luna, PO Box 9023963, San Juan, PR. At the time of
filing, the Debtor had estimated both assets and liabilities
ranging from $10 million to $50 million each.  The petition was
signed by Cleofe Rubi-Gonzalez, president.


ORIENTAL CANTONES: Unsecureds To Recoup 100% Over Five Years
------------------------------------------------------------
Oriental Cantones, Inc., filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a disclosure statement describing the
Debtor's plan of reorganization.

Under the Plan, priority unsecured creditors will receive a
distribution of no less than 100% of their allowed claims over a
period of five years.  There are no to general unsecured
creditors.

Payments and distributions under the Plan will be funded by rental
income, income from service granted by the Debtor.

The Disclosure Statement is available at:

            http://bankrupt.com/misc/prb16-02759-46.pdf

                       About Oriental Cantones

Oriental Cantones, Inc., incorporated under the laws of the
Commonwealth of Puerto Rico, operates a business that is dedicated
to the rental of real estate property.  It  has real estate
property in the amount of approximately $525,000.00, that is the
commercial property, which consists of a building and two houses
that are the subject of rentals.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-02759) on April 8, 2016.  Robert Millan, Esq.,
at Millan Law Offices serves as the Debtor's bankruptcy counsel.

Shun Ming Lu Cen is the administrator of the corporation's affairs
and has power of attorney through the corporation's President,
Fung Wing Fung, who resides in the State of Florida.  He is the
managing officer in control of the Debtor.


WANDA ORTIZ CARRERAS: Plan Confirmation Hearing Set for Dec. 14
---------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico on October 7, 2016, found that the
disclosure statement explaining Wanda Ortiz Carreras's First
Amended Plan contains "adequate information" as the term is
defined in Section 1125 of the Bankruptcy Code, and, accordingly,
approved the Disclosure Statement.

A hearing to consider confirmation of the Plan and of objections
as may be made to the confirmation of the Plan will be held on
December 14, 2016, at 9:00 a.m.

Acceptances or rejections of the Plan and any objection to
confirmation of the Plan may be filed in writing by the holders of
all claims on/or before 14 days prior to the Plan Confirmation
Hearing Date.

The Debtor must file with the Court a statement setting forth
compliance with each requirement in 11 U.S.C. Section 1129, the
list of acceptances and rejections and the computation of the
same, within seven working days before the hearing on
confirmation.

If these documents are not filed on time, the Court may not hold
the confirmation hearing and the Debtor must appear on the
scheduled date to show cause why sanctions should not be imposed,
costs and attorney's fees awarded to appearing parties, and why
the case should not be dismissed or converted to Chapter 7, for
cause.

Objections to claims must be filed prior to the hearing on
confirmation.  The Debtor will include in its objection to claim a
notice that if no response to the objection is filed within 30
days, the motion will be considered and decided without the actual
hearing.  If a written response or opposition to the objection to
claim is timely filed, the contested matter will be heard on the
date that the hearing on confirmation has been scheduled.

At the confirmation hearing, the Court will conclude the estimated
date for "substantial consummation" of the plan as defined in 11
U.S.C. Section 1101(2).  The debtor in possession or moving party
must submit to the Court the information necessary to enter a
final decree.

As reported by the Troubled Company Reporter on Aug. 22, 2016, the
Debtor filed with the Court her First Amended Plan and Disclosure
Statement dated as of Aug. 8, 2016, saying that the estimated
distribution in a liquidation scenario would be of 38.1%, whereas
her First Amended Plan proposes to distribute 42%.  According to
the Plan, general unsecured claims in Class 9 will be paid 42% of
their claims within a period of 8 years from the effective date of
the plan in monthly installments.

A copy of the First Amended Disclosure Statement is available at:

         http://bankrupt.com/misc/prb14-03693-0149.pdf

Wanda Ortiz Carreras filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 14-03693) on May 5, 2014, and is
represented by Teresa M. Lube Capo, Esq., at Lube & Soto Law
Offices.


WILLIAM CONTRACTOR: Plan Outline to be Heard on Dec. 7
------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has scheduled for Dec. 7, 2016, at 9:00
a.m. the hearing on the approval of William Contractor Inc.'s
disclosure statement describing the Debtor's plan of
reorganization.

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

The Troubled Company Reporter on Oct. 10, 2016, reported that the
Debtor filed a Disclosure Statement and Plan of Payment, proposing
to pay allowed general unsecured claims for contractors and other
constructions loans on a pro rata basis from the carve-out to be
agreed with the secured creditor or as agreed with the claimant.
These claims are estimated to sum up to $784,919.

The Debtor is in the construction business.  The Debtor was
contracted in 2007 by MPR, owner of Plaza del Mar shopping mall,
to complete an $8 million project.  The Debtor alleged that Banco
Popular de Puerto Rico (BPPR), MPR or MPR shareholders never paid
it the remaining amounts of work already certified for $4.8
million.  BPPR financed the project at the time of the contract,
according to the Debtor.  The Debtor has since filed an adversary
proceeding on the matter.

The Debtor is hopeful that a favorable judgment on the adversary
will give it the possibility of paying all its debts.

A copy of the Disclosure Statement is available at:

         http://bankrupt.com/misc/prb15-06311-97.pdf

                      About William Contractor

Headquartered in Aguada, Puerto Rico, William Contractor, Inc.,
filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No.
15-06311) on Aug. 18, 2015, listing $6.38 million in total assets
and $2.56 million in total liabilities.  The petition was signed
by Lymari Benique Moralez, vice president-secretary.  Damaris
Quinones Vargas, Esq., at Bufete Quinones Vargas & Asoc. serves as
the Debtor's bankruptcy counsel.



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


VENEZUELA: Hit by Earthquake Sparking Fears of Landslides
---------------------------------------------------------
mirror.co.uk reports that an earthquake has hit Venezuela,
sparking fears of landslides in the crisis-hit Latin American
nation.

The epicentre of the tremor was the city of Maracaibo, which is in
the north east of the country, according to mirror.co.uk.

The report notes that it is unclear how much damage the quake --
which is believed to be as much as magnitude 5 -- has caused, but
parts of Venezuela are vulnerable to landslides.

The nation is in the middle of an economic crisis caused by years
of mismanagement by its former President Hugo Chavez, the report
relays.

The country is reportedly set for hyperinflation of up to 1,500%
by the beginning of next year, the report discloses.

The economy, which is heavily dependent upon oil is believed to be
shrinking by around 11%, the report notes.

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'.



=================
X X X X X X X X X
=================


[*] LATAM: ECLAC Says Productivity Remains the Achilles' Heel
-------------------------------------------------------------
Trinidad Express reports that the executive secretary of the
Economic Commission for Latin America and the Caribbean (ECLAC),
Alicia Barcena, says productivity remains the Achilles' heel of
regional economies.

At the opening of the first high-level meeting of the Organization
for Economic Cooperation and Development (OECD) Regional Program
for Latin America and the Caribbean, Ms. Barcena said that
increasing productivity, advancing social inclusion and
strengthening governance are the three priorities of the Regional
Program of the Paris-based OECD, according to Trinidad Express.

The Regional Program was launched in June 2016 in Paris to support
Latin America and the Caribbean in advancing its reform agenda,
the report relays.

Chile and Peru are the first two co-chairs of the Program for the
period 2016-2018, the report notes.

According to the latest economic projections by ECLAC, the gross
domestic product (GDP) of Latin America and the Caribbean will
shrink by 0.9 percent on average this year, while in 2017 it is
expected to grow by 1.5 percent, the report discloses.

"Our region urgently needs an environmental big push to change its
development model", Ms. Barcena, who called on countries to make
strides in industrial and technology policies, focused on
investment and innovation, in order to achieve the new Sustainable
Development Goals (SDGs), the report relays.

Tax evasion, Ms. Barcena said, is another weak point in regional
economies, the report notes.

ECLAC estimates that, in 2015, non-compliance amounted to 2.4
percentage points of regional GDP for value added tax (VAT) and
4.3 points of GDP for income tax, representing a total of US$ 340
billion (6.7 percent of total GDP), the report discloses.

Ms. Barcena also said the OECD Program has brought together
organizations that have a long history of multidisciplinary
analysis of development in Latin America and the Caribbean and
experience in formulating recommendations on policies and tools:
ECLAC (since 1948), the Inter-American Development Bank (IDB) and
CAF-Development Bank of Latin America, all members of the Steering
Group, the report notes.

A specific example of cooperation between ECLAC and OECD, Ms.
Barcena said, is the annual Latin American Economic Outlook
report, to which CAF also contributes, the report discloses.

Ms. Barcena said this year's edition will be launched at the end
of October, at the 25th Ibero-American Summit of Heads of State
and Government, to be held in Cartagena, Colombia, the report
says.

Mr. Popolizio reaffirmed his country's commitment to promoting
best practices in Latin America and the Caribbean "in order to
achieve the 17 SDGs of the 2030 Agenda," the report relays.

Mr. Popolizio noted the support that the various international
organizations involved are providing to the OECD initiative,
citing, for example, "the great wealth of knowledge and statistics
that ECLAC has compiled on issues in the region," the report
relays.

The report discloses that Ms. Ramos said "the program that we are
launching is not an attempt to reinvent research on Latin American
and Caribbean; rather, it aims to build on progress already made
by the Latin American institutions in analyzing and understanding
the regional situation", adding that, "with the determination,
know-how and desire for good policies, great things can be
achieved".


                            ***********


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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