TCRLA_Public/161019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Wednesday, October 19, 2016, Vol. 17, No. 207


                            Headlines



B R A Z I L

BRAZIL: To Ease Local-Content Rules Ahead of Next Oil Bid Round
BRAZIL: Former President Faces New Corruption Charges
ITAU UNIBANCO: Buys Citigroup's Brazil Retail Unit for $220-Mil.


C A Y M A N  I S L A N D S

ADAR ENHANCED: Creditors' Proofs of Debt Due Nov. 10
ADAR INVESTMENT: Creditors' Proofs of Debt Due Nov. 10
CONCERTO CREDIT: Commences Liquidation Proceedings
CORA DEAL: Commences Liquidation Proceedings
INTERTANK (OVERSEAS): Commences Liquidation Proceedings

LIONEYE MASTER: Placed Under Voluntary Wind-Up
LIONEYE OFFSHORE: Commences Liquidation Proceedings
MAINSTREET HEALTH: Creditors' Proofs of Debt Due Oct. 31
REGAL INSURANCE: Commences Liquidation Proceedings
REGIF - REAL ESTATE: Creditors' Proofs of Debt Due Nov. 1

SAKA CAPITAL: Placed Under Voluntary Wind-Up
SAKA CAPITAL CREDIT: Placed Under Voluntary Wind-Up
THU AL-MAJAZ: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Row Heralds Demise of Tax-Free Fuels
DOMINICAN REPUBLIC: Dollar Not Scarce, Banks Agree


E L  S A L V A D O R

BANCO AGRICOLA: S&P Lowers ICR to 'B' & Remains on Watch Neg.


M E X I C O

MEXICO: Industrial Output Falls in August


P U E R T O    R I C O

ARC MANAGEMENT: Hires Batista Law as Counsel
ENRIQUE RODRIGUEZ NARVAEZ: Unsecureds to Recoup 100%, Plus 4.25%
MEGA AGROCENTRO: Hires Jose R. Fuentes Calderon as Attorney
PLAZA DEL CARIBE TACO: Hires Jose R. Fuentes Calderon as Attorney
SECURITY GLOBAL: Hires Luis Cruz Lopez as Accountant


                            - - - - -


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


BRAZIL: To Ease Local-Content Rules Ahead of Next Oil Bid Round
---------------------------------------------------------------
Benjamin Parkin and Paul Kiernan at The Wall Street Journal report
that Brazil's government plans to simplify local-content rules for
the oil industry ahead of an important bidding round next year as
part of a broad effort to increase its appeal to foreign
investors, officials said Monday.

The percentage of made-in-Brazil inputs will no longer be among
the factors authorities use to evaluate bids for oil blocks in
Brazilian territory, a spokesman for the Ministry of Development,
Industry and Trade said, according to The Wall Street Journal.
Regulators also plan to make local-content targets more general
and thus easier to meet, the report notes.  The National Council
for Energy Policy is completing a revision of local-content rules
for auctions expected to take place next year, the report relays.

The changes mark the Brazilian government's latest move to attract
more investment to the oil-and-gas sector after recent auctions
drew lukewarm interest from foreign companies, the report says.
That was partly due to bidding rules that placed local-content
levels among the financial and technical factors used to determine
the winning offer for an oil block, experts said, the report
discloses.

Faced with a deep recession and low oil prices, Brazilian
authorities have been seeking to loosen regulations since the
August impeachment of ex-President Dilma Rousseff, which ended 13
years of left-wing rule by the Workers' Party, the report notes.

Earlier this month, the lower house of Congress passed a bill
scrapping requirements that state-owned Petroleo Brasileiro SA be
the lead operator and hold a minimum 30% stake in huge, ultra-
deepwater oil deposits known as the "pre-salt."  That measure was
also seen as a way to lure more foreign oil companies to Brazil,
potentially rekindling development in the sector, the report
relays.

Fostering the use of local content in the oil industry is widely
seen as pragmatic, and Brazil hasn't signaled any intention of
abandoning the policy altogether, the report notes.  But onerous
rules have been among the top complaints from private investors in
recent years, the report says.  Critics say the practice of
letting companies propose their own local-content percentages
encouraged them to set targets they couldn't meet to win auctions,
leading to fines and delays, the report discloses.

"The government's objective is to design a local-content policy
that simultaneously attracts investments, develops our industry
and allows technological advancement," Marcos Pereira, Brazil's
minister of development, industry and trade, said in an emailed
note, the report notes.

The MDIC took over local-content regulations from the Mines and
Energy Ministry earlier this year, the report 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.


BRAZIL: Former President Faces New Corruption Charges
-----------------------------------------------------
Luciana Magalhaes and Rogerio Jelmayer at The Wall Street Journal
report that Brazil's federal prosecutors filed new corruption
charges against former President Luiz Inacio Lula da Silva, this
time for allegedly using his influence to obtain government loans
for a Brazilian construction company in exchange for kickbacks
paid to his nephew, prosecutors said.

Mr. da Silva was charged with corruption, money laundering,
influence peddling and conspiracy. If found guilty of the charges,
Mr. da Silva, who led Brazil from 2003 to 2010, could face up to
35 years in prison, according to The Wall Street Journal.

The report notes that a judge in Brasilia would have to accept the
charges for Mr. da Silva to face trial.  He is already a defendant
in two other federal cases on charges of attempted obstruction of
justice, corruption and money laundering in connection with a
sprawling embezzlement scheme at the state-run oil company
Petroleo Brasileiro SA, known as Petrobras, the report discloses.

Prosecutors said Mr. da Silva arranged loans from the country's
development bank, known as BNDES, to help Odebrecht SA win public
works projects in the African nation of Angola, the report notes.
In return, Odebrecht allegedly paid bribes of more than BRL30
million ($9.3 million), funneled mostly through a firm owned by
Mr. da Silva's nephew, Taiguara Rodrigues dos Santos, according to
documents released by prosecutors, the report relays.

Mr. da Silva has denied wrongdoing in the Petrobras case as well
as in the Angola influence-peddling probe, the report relays.  A
spokesman for the Lula Institute, a think tank led by Mr. da
Silva, said the former president is innocent and that he is a
victim of political persecution, the report notes.

Marcelo Odebrecht, former CEO, is charged with corruption,
conspiracy and money laundering.  The former executive, who has
been sentenced to 19 years in prison for his role in the Petrobras
corruption scheme and is currently in jail, is negotiating a
possible plea bargain, according to a person familiar with the
situation, the report discloses.  A spokeswoman for Odebrecht
declined to comment.

Mr. dos Santos is also charged with conspiracy and money
laundering, the report relays.  A lawyer representing Mr. dos
Santos declined to comment, but in the past Mr. dos Santos denied
wrongdoing related to his firm's contracts in Angola, the report
notes.

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


ITAU UNIBANCO: Buys Citigroup's Brazil Retail Unit for $220-Mil.
----------------------------------------------------------------
Francisco Marcelino and Cristiane Lucchesi at Bloomberg News
report that Itau Unibanco Holding SA agreed to buy Citigroup
Inc.'s retail-banking business in Brazil for BRL710 million
(US$220 million), taking over operations that the U.S. company has
maintained in the country for more than 100 years.

The purchase includes Citi's 71 branches in the South American
country as well as its deposits, insurance brokerage, credit cards
and loan portfolio, Sao Paulo-based Itau said in a regulatory
filing, according to Bloomberg News.  Citi has about BRL35 billion
in deposits and assets under management in Brazil, according to
the document.

The acquisition reinforces Itau's presence in the wealth segment,
which accounts for the majority of Citi's customers in Brazil,
Marcelo Kopel, Itau's investor relations officer, said in a
separate e-mail, Bloomberg News notes.

Citigroup Chief Executive Officer Michael Corbat has been
shrinking the company's retail footprint to simplify the firm, cut
costs and boost returns, Bloomberg News relays.  The bank
announced plans to exit Brazil and Argentina in February, and said
in October 2014 that it would drop consumer banking in 11 markets,
including Peru, Costa Rica and four others in Central and South
America, Bloomberg News discloses.

Speaking to reporters in Washington, Finance Minister Henrique
Meirelles stressed that Citi isn't existing Brazil; only its
money-losing retail operations. The company isn't selling its
wholesale business, which includes investment banking, Bloomberg
News relays.

"I was with the president of Citi and he assured me that Brazil is
indeed a priority and that for areas in which Citi is strong
globally, including Brazil, it will continue investing ever more,"
Mr. Meirelles said.  "It's a strategy to focus on its operations
that are strongest," he added.

The sale to Itau still needs to be approved by Brazil's central
bank and the nation's antitrust agency, known as Cade.  Regulators
probably will give the acquisition an extra layer of scrutiny
because the local market is already highly concentrated, Cristiane
Alkmin Junqueira Schmidt, a member of Cade, said June 8, Bloomberg
News says.

Citigroup, which gets more revenue from outside its home market
than any of its U.S. competitors, maintains a consumer-banking
presence in 19 countries, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2016, S&P Global Ratings said it affirmed its 'BB/B'
global scale and 'brAA-/brA-1' national scale ratings on Itau
Unibanco Holding S.A. (Itau) and on its core subsidiary, Itau
Unibanco S.A.  The outlook on the global and national scale
ratings remains negative.  S&P also affirmed its 'BB' issue-level
ratings on the bank's senior unsecured notes maturing on May 26,
2018.



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


ADAR ENHANCED: Creditors' Proofs of Debt Due Nov. 10
----------------------------------------------------
The creditors of Adar Enhanced INV Fund Ltd. are required to file
their proofs of debt by Nov. 10, 2016, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Jeffrey Faber
          c/o 3 East 54th Street, 8th Floor
          New York, NY 10022
          USA
          Telephone: +1 (646) 543-3266


ADAR INVESTMENT: Creditors' Proofs of Debt Due Nov. 10
------------------------------------------------------
The creditors of Adar Investment Fund Ltd. are required to file
their proofs of debt by Nov. 10, 2016, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Jeffrey Faber
          c/o 3 East 54th Street, 8th Floor
          New York, NY 10022
          USA
          Telephone: +1 (646) 543-3266


CONCERTO CREDIT: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Concerto Credit Opportunity Offshore Fund
I, Ltd., on Sept. 23, 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:

          Concerto Asset Management, LLC
          c/o Julie Bouhuys
          401 North Tryon Street, 10th Floor
          Charlotte
          North Carolina 28202
          United States of America
          Telephone: +1 (704) 988 5492
          e-mail: julie.bouhuys@concertoasset.com


CORA DEAL: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Sept. 29, 2016, the members of
Cora Deal Limited 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
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


INTERTANK (OVERSEAS): Commences Liquidation Proceedings
-------------------------------------------------------
The members of Intertank (Overseas) Ltd, 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:

          Carlos Oswaldo Miranda
          Telephone: +1 305 215 2131
          c/o 200 Biscayne Blvd Way
          Apt. 43d, 33131 Miami
          USA


LIONEYE MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Lioneye Master Fund Ltd. resolved to
voluntarily wind up the company's operations on Dec. 22, 2015.

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

The company's liquidator is:

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


LIONEYE OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Lioneye Offshore Fund Ltd. resolved to
voluntarily liquidate the company's business on Dec. 22, 2015.

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

The company's liquidator is:

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


MAINSTREET HEALTH: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------------
The creditors of Mainstreet Health Holdings Inc. 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. 19, 2016.

The company's liquidator is:

          Scott Higgs
          14390 Clay Terrace Blvd, Suite 205
          Carmel, IN 46032
          USA


REGAL INSURANCE: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Regal Insurance Company Ltd. resolved to
voluntarily liquidate the company's business on Sept. 13, 2016.

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

The company's liquidator is:

          Thomas F. Grojean, Sr.
          c/o Chandler Insurance Management Ltd.
          Waterfront Centre, 2nd Floor
          Shedden Road
          P.O. Box 1854 Grand Cayman KY1-1110
          Cayman Islands
          Telephone: (345) 949-8177


REGIF - REAL ESTATE: Creditors' Proofs of Debt Due Nov. 1
---------------------------------------------------------
The creditors of Regif - Real Estate General Investment Fund 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:

          Alan Cole
          Telephone: +1 (242) 322 5444
          Suite 205A, Saffrey Square,
          Bay Street, Nassau
          Bahamas


SAKA CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole shareholder of The Saka Capital Focus Fund resolved to
voluntarily wind up the company's operations on Sept. 27, 2016.

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

The company's liquidator is:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          P.O. Box 10085 161a Artillery Court
          Shedden Road
          Grand Cayman KY1-1001
          Cayman Islands
          e-mail: ken@apexfunds.ky
          Telephone: (345) 747-2739


SAKA CAPITAL CREDIT: Placed Under Voluntary Wind-Up
---------------------------------------------------
The sole shareholder of Saka Capital Liquid Credit Fund resolved
to voluntarily wind up the company's operations on Sept. 27, 2016.

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

The company's liquidator is:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          P.O. Box 10085 161a Artillery Court
          Shedden Road
          Grand Cayman KY1-1001
          Cayman Islands
          Telephone: (345) 747-2739


THU AL-MAJAZ: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Sept. 29, 2016, the members of
Thu Al-Majaz Commodities Portfolio 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
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands



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


DOMINICAN REPUBLIC: Row Heralds Demise of Tax-Free Fuels
--------------------------------------------------------
Dominican Today reports that the chairman of the bicameral
commission that studied the bill for the 2017 Budget and San
Cristobal province senator Tommy Galan said in addition to the
transport sector, subsidized fuel for industries must also be
eliminated.

Senator Dionis Sanchez said if those tax breaks for transport and
industries are eliminated, the government wouldn't need to borrow
to support government spending, according to Dominican Today.

Speaking to reporters before a meeting with Finance minister
Donald Guerrero and Budget director Luis Reyes, the Pedernales
province senator also said he doesn't understand why the
government fails to make all tax spending transparent so the
people understand why and know who benefits from their sacrifice,
the report notes.

Mr. Sanchez said the Senate will ask the government why some
companies such as the Barrick Pueblo Viejo gold mine receive
subsidized fuel, the report says.

"All these are the questions that are going to be asked because
like you and like the population understand that with this fiscal
sacrifice the government should set it on a different course: we
must eliminate them (subsidies) as much as we can because at the
situation we have probably wouldn't be necessary to take much
funding if we didn't have to make that tax sacrifice," the report
quoted Mr. Sanchez as saying.

Interviewed Sunday on Telefuturo channel 23, San Cristobal senator
Tommy Galan said all unlawful subsidies should be eliminated "and
that includes business leaders, companies or industries in the
various modalities that are receiving it," the report adds.

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


DOMINICAN REPUBLIC: Dollar Not Scarce, Banks Agree
--------------------------------------------------
Dominican Today reports that Dominican Banks Association President
Jose Manuel Lopez Valdez agreed with Central banker Hector Valdez
Albizu's statements that the flow of hard currency into the
country is expected to climb.

Mr. Valdez said the start of tourism's high season also increases
the entry of foreign exchange, the same with pending disbursements
from multilateral organizations, "which will soon take effect, and
will increase the availability of dollars," according to Dominican
Today.

Mr. Lopez also noted that remittances from Dominicans abroad
increase as the holiday season approaches, the report notes.

"Foreign exchange flows will improve to the extent that the
characteristics of the demands of the seasonal year-end imports
are covered," the report quoted Mr. Lopez as saying.

Moreover the banking leader said banks sold US$18.15 billion to
customers during the first eight months, or US$828.8 million more
than the same period last year, the report relays.  "This is one
of the largest volumes of currency sales in recent years on the
market," Mr. Lopez added.

Mr. Lopez stressed that banks continue their wide availability of
credit lines in dollars to support retail activities, the report
adds.

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



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


BANCO AGRICOLA: S&P Lowers ICR to 'B' & Remains on Watch Neg.
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Banco Agricola S.A. to 'B' from 'B+'.  At the same time, S&P's 'B'
short-term credit rating remains unchanged.  The ratings remain on
CreditWatch negative.

S&P maintained its BICRA score on El Salvador (B/Watch Neg/B) at
group '7'.  S&P also maintained its '8' economic risk score and
'6' industry risk score unchanged, which anchors banks operating
in the country at 'bb.'

S&P revised its trend on El Salvador's BICRA economic risk to
negative from stable based on the extremely challenging economic
conditions in the country as a result of concerns over the
sovereign's access to liquidity and limited flexibility to
maneuver on its debt management due to political polarization
between the governing party Frente Farabundo Marti para la
Liberacion Nacional and the main opposition party ARENA (Alianza
Republicana Nacionalista).  The latter prompts S&P to view El
Salvador's institutional and governance effectiveness as
weakening, which is already reflected in country's economic
resilience that S&P assess as very high risk.  In S&P's view, a
potential increase in economic imbalances could raise economic
risk in the country.

The trend on the industry risk of El Salvador remains negative.
In S&P's opinion, if heightened political polarization keeps
weakening the government's ability to gain access to liquidity,
the country will experience a more severe credit stress.  Such a
scenario would be captured in credit risk in El Salvador's economy
-- which S&P already assess as extremely high -- and depending on
its severity, it could weaken the banking system's funding profile
as well, impacting S&P's industry risk assessment.  S&P will be
closely monitoring how the Salvadorian banking regulators will be
responding to the credit stress that the sovereign is currently
experiencing.  In addition, the negative trend on industry risk
reflects a potential impact that banks' persistently weakening
profitability could have on the industry's competitive dynamics.
If profitability keeps deteriorating, banks' risk appetite might
increase to generate higher margins.  In addition, lower
profitability could pressure operating conditions, undermining the
industry's stability.

If the abovementioned economic and industry risks materialize, S&P
would revise its economic and industry risk assessments to a
weaker category.  Such actions could result in a revision of S&P's
BICRA group score that could lower the anchor up to two notches
from the current 'bb'.

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

S&P's issuer credit ratings on Banco Agricola continue to reflect
its strong business position, based on its leading position in El
Salvador's banking industry, and its adequate capital and earnings
as a result of S&P's forecasted risk-adjusted capital ratio of
about 8% for the next two years.  The ratings are also based on
S&P's assessment of the bank's adequate risk position, due to its
stable asset quality metrics, and on average funding and adequate
liquidity as a result of a stable and pulverized deposit base.
Banco Agricola's stand-alone credit profile remains at 'bb+',
reflecting the bank's strength on a stand-alone basis.  The entity
remains a core entity to its ultimate parent, Bancolombia S.A. y
Companias Subordinadas (BBB-/Negative/A-3).



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


MEXICO: Industrial Output Falls in August
-----------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
industrial production struggled to gain traction in August as
moderate gains in manufacturing were offset by continued declines
in mining output and construction.

Industrial production fell 0.4% seasonally adjusted from July and
was up just 0.3% from August 2015, the National Statistics
Institute said, according to The Wall Street Journal.

Output had been expected to rise 0.7% from a year before,
according to the median estimate of nine economists polled by The
Wall Street Journal, the report notes.

Oil and gas production fell 6.4% from a year earlier, and mining
of metals and other minerals declined 6.5%, the report relays.
Government spending cuts continued to weigh on construction, which
decreased 0.6% from a year before. Construction in infrastructure
was down 19%, the report says.

Manufacturing production, which has been limited by weak export
demand, especially from the U.S., rose 3.7% from August 2015 and
was 0.2% higher than in July in seasonally adjusted terms, the
report relays.

In raising interest rates late last month in response to inflation
pressures from a weaker currency, the Bank of Mexico noted a
"certain recovery" in some indicators, including manufacturing in
the auto industry and other sectors, the report discloses.

Speaking at an event, central bank deputy governor Javier Guzman
said that manufactured exports, while still sluggish, appeared to
have stopped declining, the report notes.

"The anticipated upturn of industrial output in the U.S., if
materialized, would contribute to a more balanced economic
recovery in Mexico through its impact on manufacturing output and
exports," he said, the report relays.

U.S. manufacturing, which is a key driver of demand for Mexican
factory exports, fell 0.4% in August and was also down 0.4% from a
year before, the report adds.



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


ARC MANAGEMENT: Hires Batista Law as Counsel
--------------------------------------------
ARC Management Corp. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ The Batista Law
Group, P.S.C. as counsel.

Batista Law will be paid at these hourly rates:

       Jesus E. Batista Sanchez     $225
       Associates                   $150
       Paralegals                   $75

Batista Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The Debtor paid the Batista Law an initial retainer of $4,000.

Jesus E. Batista Sanchez, principal of Batista Law, 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 estate.

Batista Law can be reached at:

       Jesus E. Batista Sanchez, Esq.
       THE BATISTA LAW GROUP, P.S.C.
       Cond. Mid-Town Center
       420 Ave. Juan Ponce De Leon, Ste. 901
       San Juan, PR. 00918
       Tel: (787) 620-2856
       Fax: (787) 777-1589
       E-mail: jesus.batista@batistalawgroup.com

                   About ARC Management

ARC Management, Corp., based in Guaynabo, P.R., filed a Chapter 11
petition (Bankr. D.P.R. Case No. 16-07238) on September 9, 2016.
The Hon. Enrique S. Lamoutte Inclan presides over the case.  Jesus
Enrique Batista Sanchez, Esq., at The Batista Law Group, PSC,
serves as bankruptcy counsel.

In its petition, the Debtor declared $138 million in total assets
and $1.48 million in total debt.  The petition was signed by Angel
Cintron, president.


ENRIQUE RODRIGUEZ NARVAEZ: Unsecureds to Recoup 100%, Plus 4.25%
----------------------------------------------------------------
Enrique Rodriguez Narvaez and Myrna Iris Rivera Ortiz filed with
the U.S. Bankruptcy Court for the District of Puerto Rico an
amended disclosure statement dated Oct. 5, 2016, together with the
proposed plan of reorganization.

Class 7 General Unsecured Claims, estimated close to $182,041.90,
will be paid 100% plus 4.25% interest of their claims in five
yearly installments as properties are sold.  The 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 sale of certain properties nd collection on
account receivables.

The Amended Disclosure Statement is available at:

            http://bankrupt.com/misc/prb15-06277-99.pdf

The Plan was filed by the Debtors' counsel:

     Wanda I. Luna Martinez, Esq.
     WANDA I LUNA MARTINEZ
     PMB 389 P.O. Box 194000
     Tel: (787) 998-2356
     Fax: (787) 200-8837
     E-mail: quiebra@gmail.com

Enrique Rodriguez Narvaez and Myrna Iris Rivera Ortiz were engaged
in the development and construction business in Puerto Rico.  Mrs.
Ortiz is a housewife.  During many years, Mr. Rodriguez aquired
and developed many lots of land.

The Debtors filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 15-06277) on Aug. 17, 2015.


MEGA AGROCENTRO: Hires Jose R. Fuentes Calderon as Attorney
-----------------------------------------------------------
Debtor Mega Agrocentro Los Colobos, Inc., seeks authorization
from the U.S. Bankruptcy Court for the District of Puerto Rico
York to employ Jose R. Fuentes Calderon, Esq., as its attorney.

The Debtor needs the services of an attorney to properly
administer its bankruptcy case.

Mega Agrocentro requires Atty. Calderon to:

   a. advise it with respect to its duties, powers and
      responsibilities in this case under the laws of the United
      States and Puerto Rico in which the Debtor in Possession
      conducts its operations, does business, or is involved in
      litigation;

   b. advise it in connection with a determination whether a
      reorganization is feasible and, if not, helping debtor in
      the orderly liquidation of its assets;

   c. assist it with respect to negotiations with
      creditors for the purpose of arranging the orderly
      liquidation of assets and/or for proposing a viable plan
      of reorganization;

   d. prepare on its behalf the necessary complaints, answers,
      orders, reports, memoranda of law and/or any other legal
      papers or documents;

   e. appear before the Bankruptcy Court, or any court in which
      Debtor asserts a claim interest or defense directly or
      indirectly related to this bankruptcy case;

   f. perform such other legal services for Debtor as may be
      required in these proceedings or in connection with the
      operation of/and involvement with debtor's business,
      including but not limited to notarial services; and

   g. employ other professional services, if necessary.

A $2,500 retainer is to be paid by the Debtor upon approval
of the employment application.  According to the Debtor, most of
the retainer has already been consumed on the preparation and
filing of amended documentation, meetings with Debtor and
creditors, appearances at the Initial Debtor Interview meeting,
341 creditor's meeting, and Court appearances.

The firm charges $175.00 per hour plus any costs and expenses.
The hourly rates are subject to change with the passage of time
upon prior notice.

Attorney Calderon 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 Debtors and their estates.
In light of the professional services to be rendered in this case,
due to Hacienda's seizure and closing of the Debtor's property,
the need to designate Coca Cola Company and Jose A. Santiago,
Inc., a food service company as the Debtor's critical vendors, the
nature of this case, the complexity of issues involved with the
sale taxes owed, and time required on the part of Mr. Calderon in
providing services necessary to achieve the Debtor's successful
reorganization, the Debtor requested that the attorney be allowed
to file its applications for interim compensation every 60 days
from appointment as the Debtor's attorney.  The Debtor cited In
re: International Horizons, Inc., 10 8.R. 895 (Bankr. N.D. Ga.
1981).

Attorney Calderon can be reached at:

     Jose R. Fuentes Calderon, Esq.
     PO Box 2419
     Isabela, PR 00662
     Telephone: (787) 608 5967
     E-mail: jfuentes@fuenteslawpr.com

                     About the Company

Mega Agrocentro Los Colobos, Inc., sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-00652) on
Jan. 29, 2016.  The petition was signed by Ruth N. Monge Santana,
president.

At the time of the filing, the Debtor estimated assets of less
than $50,000 and liabilities of less than $500,000.


PLAZA DEL CARIBE TACO: Hires Jose R. Fuentes Calderon as Attorney
-----------------------------------------------------------------
Debtor Plaza Del Caribe Taco Maker Corp. seeks authorization from
the U.S. Bankruptcy Court for the District of Puerto Rico to
employ Jose R. Fuentes Calderon, Esq. as the Debtor's Chapter 11
attorney.

Attorney Calderon is expected to:

   a. advise the Debtor with respect to its duties, powers and
      responsibilities in this case under the laws of the United
      States and Puerto Rico in which the Debtor in Possession
      conducts its operations, does business, or is involved in
      litigation;

   b. advise the Debtor in connection with a determination whether
      a reorganization is feasible and, if not, helping debtor in
      the orderly liquidation of its assets;

   c. assist the Debtor with respect to negotiations with
      creditors for the purpose of arranging the orderly
      liquidation of assets and/or for proposing a viable plan of
      reorganization;

   d. prepare on behalf of the Debtor the necessary complaints,
      answers, orders, reports, memoranda of law and/or any other
      legal papers or documents;

   e. appear before the Bankruptcy Court, or any court in which
      the Debtor asserts a claim interest or defense directly or
      indirectly related to this bankruptcy case;

   f. perform such other legal services for the Debtor as may be
      required in these proceedings or in connection with the
      operation of/and involvement with debtor's business,
      including but not limited to notarial services; and

   g. employ other professional services, if necessary.

A retainer of $2,000 is to be paid by the Debtor upon approval of
the application for employment of attorney.  Most of the retainer
has already been consumed on the preparation and filing of amended
documentation, meetings with the Debtor and creditors, appearances
at the Initial Debtor Interview meeting, 341 creditor's meeting,
and Court appearances.

The firm will charge $175.00 per hour plus any costs and expenses.
The hourly rates are subject to change with the passage of time
upon prior notice.

Any compensation to be received is subject to the Court's approval
upon proper application and notice thereof. These rates are
considered to be reasonable and fair in line with services
comparable to those performed on behalf of other clients.

Attorney Calderon 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 Debtors and their estates.

In light of the professional services to be rendered in this case,
due to Hacienda's seizure and closing of the Debtor's property,
the need to designate Coca Cola Company and Jose A. Santiago,
Inc., a food service company as the Debtor's critical vendors, the
nature of this case, the complexity of issues involved with the
sale taxes owed, and time required on the part of the Attorney
Calderon in providing services necessary to achieve the Debtor's
successful reorganization, the Debtor requested that the attorney
be allowed to file its applications for interim compensation every
60 days from appointment as its attorney.  The Debtor cited In re
International Horizons, Inc., 10 8.R. 895 (Bankr. N.D. Ga. 1981).

Attorney Calderon can be reached at:

     Jose R. Fuentes Calderon, Esq.
     PO BOX 2419
     Isabela, PR 00662
     Telephone: (787) 608 5967
     E-mail: jfuentes@fuenteslawpr.com

              About Plaza Del Caribe Taco Maker Corp.

Plaza Del Caribe Taco Maker Corp., filed a Chapter 11 bankruptcy
petition (Bankr. D. P.R. Case No. 16-00057) on January 8, 2016,
listing under $1 million in both assets and liabilities.  Jesus
Santiago Malavet, Esq., at Malavet and Santiago Law Office, as
counsel.


SECURITY GLOBAL: Hires Luis Cruz Lopez as Accountant
----------------------------------------------------
Security Global Solutions, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Luis
Cruz Lopez, CPA as accountant to the Debtor.

Mr. Lopez is expected to:

   a. supervise the accounting affairs of the Debtor In
      Possession and its operations;

   b. prepare and review the Debtor's monthly operating reports,
      as well as any other accounting reports necessary for the
      proper administration of the estate; and

   c. prepare the projections and all other analysis required for
      the proposal and confirmation of a Chapter 11 Plan.

Mr. Lopez will be paid at these hourly rates:

     Luis Cruz Lopez                 $150
     Staff Accountant Services       $75

Mr. Lopez will be paid a retainer in the amount of $3,000.

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

Luis Cruz Lopez, CPA, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estates.

Mr. Lopez can be reached at:

     Luis Cruz Lopez, CPA
     172 La Coruna St., Ciudad Jardin
     Caguas, PR
     Tel: (787) 703-2552
     Fax: (787) 747-0620
     E-mail: cpalcruz@gmail.com

                     About Security Global

Security Global Solutions, Inc. sought the Chapter 11 protection
(Bankr. D.P.R. Case No. 16-06970) on August 31, 2016, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Nilda M. Gonzalez Cordero, Esq., at Gonzalez
Cordero Law Offices, as bankruptcy counsel. The petition was
signed by Sharon Marie Rodriguez Crespo, president.

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


                            ***********


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.

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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.

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