TCRLA_Public/161020.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

            Thursday, October 20, 2016, Vol. 17, No. 208


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Retains B3 Rating on 2 Note Tranches


B R A Z I L

BRAZIL: Judge Orders Trial for Ex-President Silva


C A Y M A N  I S L A N D S

GSJ LTD: Creditors' Proofs of Debt Due Nov. 9
GUGGENHEIM SERIES: Shareholder to Hear Wind-Up Report on Nov. 1
INCOME FUND: Commences Liquidation Proceedings
INDONESIA GREEN: Creditors' Proofs of Debt Due Nov. 11
MAIN STREET MASTER: Placed Under Voluntary Wind-Up

PANION & BF: Creditors' Proofs of Debt Due Oct. 31
SAKA CAPITAL: Placed Under Voluntary Wind-Up
SCHWARTZ-MEI GROUP: Creditors' Proofs of Debt Due Oct. 31
SITO CAPITAL: Placed Under Voluntary Wind-Up
SUISSE EMERGING: Creditors' Proofs of Debt Due Nov. 11

TALARA INTERNATIONAL: Placed Under Voluntary Wind-Up
TALARA MASTER: Placed Under Voluntary Wind-Up
XEMG INVESTMENT: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: After Nixing Tax-Free Fuel, Hits Brake


M E X I C O

ELEMENTIA SAB: Fitch Affirms 'BB+' LT Issuer Default Ratings
MEXICO: Bank of Mexico Stresses Inflation Risk in Raising Rates


P U E R T O    R I C O

VACA BRAVA: Plan Confirmation Hearing on Nov. 9


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: To Suffer Next Two Years


V E N E Z U E L A

VENEZUELA: Cuts Congress Out of Budgetary Process


                            - - - - -


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


BUENOS AIRES: Moody's Retains B3 Rating on 2 Note Tranches
----------------------------------------------------------
Moody's Investors Service said that the B3 (Global Scale Foreign
Currency) rating of the two series of Senior Unsecured Notes
issued by the Province of Buenos Aires for up to USD500 million
each and due in 2019 and 2027 respectively, remain unchanged after
the extension of the maximum authorized amount by USD750 million
in total.  The ratings are in line with the province's long term
foreign currency issuer rating, which carry a stable outlook.

                         RATINGS RATIONALE

Moody's originally rated the Province of Buenos Aires's
aforementioned Notes on June 10, 2016.  These two Notes were
issued by a combined amount of USD1.000 million and on Oct. 14,
Resolution Nß 164/16 of the provincial Ministry of Economy
increased the total combined amount to USD1.750 million.  The new
2019 and new 2027 Notes have identical terms and conditions as the
Initial 2019 Notes and Initial 2027 Notes respectively, except for
the issue date and issue price.  The Notes due in 2019 have bullet
amortization and bear a fixed interest rate of 5.75% whereas the
2027 Notes amortize in three annual installments equivalent to
33.33% of the outstanding principal and pay 7.875% fixed interest.
After the reopening of these two series, the principal amount
under the 2019 Notes will reach to USD750 million and to USD1.000
million in the case of the 2027 Notes.

The new Notes constitute direct, general, unconditional and
unsubordinated obligations of the province, will be denominated
and payable in US dollars and will be subject to the State of New
York Law.

The Province of Buenos Aires will use the proceeds to fund
infrastructure and/or social projects, and/or to refinance
outstanding debt obligations and improve its debt maturity
profile.

Following the reopening of these two new Notes, Moody's
anticipates that the ratio of total debt to total revenues of the
Province of Buenos Aires will increase to an estimated 48% by the
end of 2016 from 44.5% in 2015.

The current ratings are based on preliminary documentation
received by Moody's as of the rating assignment date.  Moody's
does not expect changes to the documentation reviewed over this
period nor anticipates changes in the main conditions that the
Notes will carry.  Should issuance conditions and/or final
documentation of these Notes deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act
accordingly.

                WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Buenos Aires.  Conversely, a downgrade in Argentina's bond ratings
and/or the continuation of current operating deficits coupled with
a debt to total revenues ratio rising above 55% could exert
downward pressure on the ratings assigned.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.



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


BRAZIL: Judge Orders Trial for Ex-President Silva
-------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that a judge
ruled that Brazil's former President Luiz Inacio Lula da Silva
must stand trial for allegedly using his influence to obtain
government loans for a construction company seeking contracts in
Angola, the prosecutors' office said.

Judge Vallisney de Souza Oliveira accepted charges filed by
prosecutors in Bras°lia accusing Mr. da Silva of corruption, money
laundering, influence peddling and conspiracy, according to The
Wall Street Journal.  If found guilty, Mr. da Silva, who led
Brazil from 2003 to 2010, could face up to 35 years in prison, the
report notes.

Mr. da Silva 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 relays.

Prosecutors alleged that 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 relays.  In return, Odebrecht allegedly paid bribes of more
than BRL30 million ($9.4 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 notes.
The alleged wrongdoing occurred from 2008 to 2015, authorities
said, the report says.

Mr. da Silva has repeatedly 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 that the former president is innocent.

Judge Oliveira ruled that 10 others charged in the Angola affair
must also stand trial, the report notes.

They include Marcelo Odebrecht, the former chief executive of
Latin America's largest construction firm, who is charged with
corruption, conspiracy and money laundering, the report discloses.
Mr. Odebrecht was sentenced in March to 19 years in prison for his
role in the Petrobras corruption scheme and is currently in jail,
the report relays.  He is negotiating a possible plea bargain that
could shorten his sentence, according to a person familiar with
the situation, the report notes.  A spokeswoman for Odebrecht
declined to comment.

Mr. dos Santos must also stand trial on charges of conspiracy and
money laundering, the report relays.  A lawyer representing Mr.
dos Santos declined to comment afternoon.  Mr. dos Santos
previously had denied wrongdoing related to his firm's contracts
in Angola.

BNDES wasn't immediately available for comment.

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.



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


GSJ LTD: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------
The creditors of GSJ Ltd. are required to file their proofs of
debt by Nov. 9, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 29, 2016.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J. Barrie
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands


GUGGENHEIM SERIES: Shareholder to Hear Wind-Up Report on Nov. 1
---------------------------------------------------------------
The sole shareholder of Guggenheim Series M Macro Opportunities
Fund CFC will hear on Nov. 1, 2016, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

Creditors 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. 29, 2016.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


INCOME FUND: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 16, 2016, the sole shareholder of Income Fund GP Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able file their proofs of debt by
Oct. 10, 2016, will be included in the company's dividend
distribution.

The company's liquidators are:

          Arthur Dzaghgouni
          Lainston Corporate Services
          c/o Lauren Christie
          Sussex House, 128 Elgin Ave
          P.O. Box 31298 Grand Cayman KY1-1206
          Cayman Islands
          Telephone: (345) 928-4751


INDONESIA GREEN: Creditors' Proofs of Debt Due Nov. 11
------------------------------------------------------
The creditors of Indonesia Green Fund (SPC) Ltd. are required to
file their proofs of debt by Nov. 11, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2016.

The company's liquidators are:

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


MAIN STREET MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 29, 2016, the sole shareholder of Main Street Master
Fund, Ltd. 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:

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


PANION & BF: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------
The creditors of Panion & BF Biotech 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. 26, 2016.

The company's liquidator is:

          Chung-Ming Chiang
          3rd Floor, No. 4, Lane 58, Jiankang Road
          Songshan District, Taipei City 105
          Taiwan (R.O.C.)
          Telephone: 8862 26558218
          Facsimile: 8862 26558318


SAKA CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On Sept. 27, 2016, the sole shareholder of Saka Capital Liquid
Credit Master Fund 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:

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


SCHWARTZ-MEI GROUP: Creditors' Proofs of Debt Due Oct. 31
---------------------------------------------------------
The creditors of Schwartz-Mei Group Holdings 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. 29, 2016.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: 345-949-9710


SITO CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On Sept. 22, 2016, the sole shareholder of Sito Capital Management
Ltd. 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:

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


SUISSE EMERGING: Creditors' Proofs of Debt Due Nov. 11
------------------------------------------------------
The creditors of Suisse Emerging Europe Investment Fund Ltd. are
required to file their proofs of debt by Nov. 11, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2016.

The company's liquidators are:

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


TALARA INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
The sole shareholder of Talara International Fund, Ltd., on Dec.
22, 2015, 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:

          Talara 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


TALARA MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 22, 2015, the sole shareholder of Talara Master Fund, Ltd.
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:

          Talara 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


XEMG INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------
The shareholders of XEMG Investment, on Sept. 15, 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:

          Tan Hian Yew George
          Carey Olsen
          PO Box 10008 Willow House, Cricket Square
          Grand Cayman KY1-1001
          Cayman Islands



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


DOMINICAN REPUBLIC: After Nixing Tax-Free Fuel, Hits Brake
----------------------------------------------------------
Dominican Today reports that the government will not eliminate
other tax breaks for fuel, as requested by some transport sector
leaders who won't get the benefit any longer, but affirmed that
all beneficiary companies will be monitored, and the tax
collection mechanism will be regulated.

Finance Minister Donald Guerrero made the statement, referring to
executive order No. 275-16 of October 14, which regulates tax
levies on all fossil fuels and petroleum products, according to
Dominican Today.

After meeting with Budget director Luis Reyes, other officials and
technicians of the bicameral commission that studied the bill for
the RD$711.4 billion Budget, Mr. Guerrero said to eliminate tax
breaks for fuels provided to other companies, some laws that
consign those benefits would have to be amended, the report
relays.

The report notes that Mr. Guerrero said the budget left the laws
or specific benefits to the various economic sectors untouched,
and what the Government has done is regulate them through the
reimbursement mechanism which Law 253-12 stipulates.

The report discloses that when asked which companies get those tax
breaks, Mr. Guerrero answered: "What are these companies?"

Mr. Guerrero called them "complaints in the air" and ensured
government transparency, the report relays.

Mr. Guerrero cited Barrick Pueblo Viejo as a miner with a
concession contract negotiated to receive tax-free fuel, which
will be monitored according to the executive order, 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.



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


ELEMENTIA SAB: Fitch Affirms 'BB+' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Elementia, S.A.B. de C.V.'s (Elementia)
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'BB+' as well as its long-term national scale rating at
'A+(mex)'. The Rating Outlook has been revised to Stable from
Positive.

The Outlook revision to Stable reflects Fitch's expectations of
Elementia's net leverage increasing to slightly more than 3x from
below 2x as of year-end 2015 due to the announced acquisition of a
55% stake of Giant Cement Holding, Inc. (Giant). This company has
2.8 million tons of annual cement capacity spread across three
cement plants in the eastern United States.

KEY RATING DRIVERS

Capital Structure Should Remain Balanced

Elementia's leverage has been historically volatile, partly due to
greenfield investments in the cement division, as well as asset
acquisitions and dispositions within its business portfolio. The
company issued shares in the equity markets for MXN3.9 billion
(USD231 million) during 2015 and is seeking an additional capital
increase among existing shareholders that should raise at least
USD220 million to partially fund the acquisition. The 55% share of
Giant includes three cement plants in South Carolina, Pennsylvania
and Maine as well as other assets.

Elementia's operating cash flow has remained strong. EBITDA as of
LTM to the second quarter of 2016 was MXN3.2 billion. This
compares with MXN3 billion during 2015 and MXN2.7 billion during
2014. Fitch projects total consolidated EBITDA should be above
MXN3.3 billion in 2016 and about MXN4.8 billion by 2017 on a pro
forma basis. Increased cash flow generation from a potential
acquisition, organic cash flow growth from Elementia's expansion
of its Tula, Hidalgo plant and the use of equity proceeds to
partially fund investments should result in gross leverage
remaining below 4x in 2017.

Positive FCF Expected in 2017

The company's free cash flow (FCF) was negative by a modest MXN73
million during 2015 and compares with positive MXN749 million in
2014. Fitch expects Elementia's FCF to be negative by MXN1 billion
during 2016 as the company deploys the bulk of the capex for its
Tula, Hidalgo cement plant expansion. FCF is expected to turn
positive by 2017. Fitch's FCF estimate includes strong CFFO
generation of approximately MXN2.4 billion during 2016 and around
MXN3 billion in 2017. Elementia's CFFO was MXN1.9 billion for the
LTM ended June 30, 2016.

Continued Business Diversification

Fitch views the Giant acquisition as modestly positive for
Elementia's country diversification, as it would increase cash
flow generation from the U.S. market which today is represented
mostly by the company's fiber-cement operations in that market.
Elementia's standalone cash flow and profitability are supported
by a diversified revenue base, wide distribution network and
product offerings, and the contribution of its cement division,
its highest-margin business. In addition, the company applies a
cost-plus margin formula in its metal segment, allowing it to pass
through metal price variations to end customers, mitigating the
effect of lower metal prices.

Environmental Regulations Could Limit Operations

The company uses chrysotile fibers (the sole form of asbestos
still in use) for part of its production of fiber-cement products.
Elementia has invested in production capacity to use different
fibers, with most of its facilities already aligned for production
using different technologies. The use of this fiber is in line
with international standards and local environmental regulations.
Even though Elementia has not been subject to legal claims
regarding the use of chrysotile in its products, future claims
cannot be ruled out.

KEY ASSUMPTIONS

   -- Successful completion of capital increase of at least USD220
      million;

The following assumptions are on a standalone basis:

   -- Mid- to high-single-digit revenue growth for 2016-2018,
      reflecting primarily revenue growth in building systems and
      cement divisions;

   -- Cement sales volumes approach full capacity during 2016 and
      accelerate during 2017-2018.

   -- The exchange rate averages about 18.5 Mexican pesos per U.S.
      dollar during 2016 and the U.S. dollar appreciates modestly
      during 2017-2018;

   -- EBITDA margins in the range of 17%-19% during 2016-2018;

   -- Aggregate FCF remains positive for 2016-2018;

   -- Excess cash flow is used to fund organic or inorganic
      growth, or to a lesser extent, to pay dividends.

RATING SENSITIVITIES

Positive rating actions could be driven by a strengthening of
Elementia's business and financial positions. Successful ramp-up
of cement sales from the additional capacity in Hidalgo, coupled
with expectations of expanding positive FCF generation and stable
operating results through industry and economic cycles resulting
in leverage levels of total debt/EBITDA around 2.5x and net
debt/EBITDA below 2x would have positive implications for the
rating.

Negative factors that could affect the company's credit profile
include, among others, declining market shares along business
lines and loss of competitive position, reduced operating cash
flows and profitability, and reduced liquidity. Expectations of
total debt/EBITDA above 4x or net debt/EBITDA above 3.5x would
likely result in negative rating actions.

LIQUIDITY

Elementia's liquidity position is considered strong, supported by
robust CFFO, adequate cash balance and no significant debt
maturities until 2025. Its cash balance was MXN2.9 billion (USD155
million) as of June 30, 2016, which should adequately cover
projected negative FCF of about MXN500 million remaining during
2016. The company's liquidity is further supported by about USD430
million (approximately MXN8 billion) of undrawn committed credit
lines maturing in 2020. Equity proceeds were used to pay down MXN3
billion of local notes and the remainder was used to fund capex.

FULL LIST OF RATING ACTIONS

Fitch has affirmed Elementia's ratings as follows:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR) at
      'BB+';

   -- Long-Term Local Currency IDR at 'BB+';

   -- Long-Term national scale rating at 'A+(mex)';

   -- Senior unsecured USD425 million notes at 'BB+'.


MEXICO: Bank of Mexico Stresses Inflation Risk in Raising Rates
---------------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that the Bank of
Mexico's five board members all agreed last month that higher
interest rates were necessary to stave off incipient inflation
pressures amid a number of external and local risks to the Mexican
peso, minutes of the meeting showed.

The board voted unanimously on Sept. 29 to raise the overnight
interest rate target by a half percentage point to 4.75%, its
third rate increase of the year, after the peso had again reached
new lows against the U.S. dollar, according to The Wall Street
Journal.

The currency depreciation has had a limited but increasing impact
on consumer prices in Mexico, where annual inflation ended
September at 2.97%, below the central bank's 3% target for a 16th
consecutive month, the report notes.  Subindexes of core goods
such as those affected by currency weakness, however, were up
nearly 4%, the report relays.

Most board members agreed that the weaker peso, and the
possibility of further depreciation, pose an inflation threat, the
report relays.

The main external risk in the near term is the U.S. presidential
election, and the negative implications for the Mexican economy
that a victory by Donald Trump could have on Mexico, given his
positions on migrant workers and the North American Free Trade
Agreement, the report discloses.

All central bank board members noted concerns over the U.S.
election and its implications for Mexico, although the minutes
made no mention of the candidates, the report relays.

The use of the widely traded peso by investors as a hedge against
other emerging market exposure, the prospects of the U.S. Federal
Reserve raising interest rates, and oil prices were also noted as
causes of possible further peso losses, the report discloses.

The currency has recovered nearly 5% from its all-time low against
the U.S. dollar at the end of September, with most of the recent
gains attributed to Mr. Trump losing ground in the polls, the
report says.

Central bankers also discussed domestic risks for the peso such as
the widening current-account deficit and rising public debt that
led Standard & Poor's and Moody's Investors Service to change
Mexico's sovereign ratings outlook to negative from stable.

They agreed the outlook for economic growth had deteriorated.
Several were concerned about sluggish exports, and declining
business and consumer confidence, while others noted the economy
was expanding in the third quarter after a 0.2% contraction in the
second with consumption still robust. Others said the decline in
manufactured exports appeared to have halted, the report relays.

In local radio interviews following the September meeting, Bank of
Mexico Gov. Agustin Carstens said the rate increases seek to
confront ahead of time the inflation pressures stemming from a
weaker peso and other causes, the report says.

"If we let inflation get away, interest rates are going to be much
higher, and credit conditions more precarious," the report quoted
Mr. Carstens as saying.



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


VACA BRAVA: Plan Confirmation Hearing on Nov. 9
-----------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Vaca Brava Old
San Juan LLC's disclosure statement dated Oct. 4, 2016, describing
the Debtor's plan of reorganization.

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

Objections to the final approval of the Disclosure Statement and
the confirmation of the Plan must be filed on or before 14 days
prior to the date of the hearing on confirmation of the Plan.

Acceptances or rejections of the Plan must be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

The Debtor will file with the Court a statement setting forth
compliance with each requirement in 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.

Vaca Brava Old San Juan LLC filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-09787) on Dec. 10, 2015,
estimating its assets and liabilities at between $100,001 and
$500,000 each.  Javier Vilarino, Esq., at Vilarino & Associates
LLC serves as the Debtor's bankruptcy counsel.



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


TRINIDAD & TOBAGO: To Suffer Next Two Years
-------------------------------------------
Trinidad Express reports that Trinidad and Tobago is expected to
suffer continued macroeconomic decline over the next two years as
a result of depressed oil and gas prices, regional credit ratings
agency Caricris has said.

Caricris analysts said in a ratings rationale maintaining a
"negative outlook" on the State-owned Home Mortgage Bank (HMB) on
Monday: "Real gross domestic product (GDP) declined by 2.1 per
cent in 2015, is projected to contract by a further 2.5 per cent
in 2016 and remain subdued in 2017 and 2018," according to
Trinidad Express.

The analysts reaffirmed the assigned corporate credit ratings of
"CariA" on its regional rating scale, and "ttA" on the T&T
national scale to the HMB "with a negative outlook," the report
relays.



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


VENEZUELA: Cuts Congress Out of Budgetary Process
-------------------------------------------------
Anatoly Kurmanaev at The Wall Street Journal reports that
Venezuela's Supreme Court has stripped the congress of budgetary
oversight, removing the last practical powers of the only public
institution opposed to President Nicolas Maduro amid the country's
deepening economic crisis.

The Supreme Court said in a ruling published that it will take
over all budgetary functions from the National Assembly, because
its leaders, who oppose Mr. Maduro, stand in contempt of court for
not obeying earlier unrelated rulings, according to The Wall
Street Journal.

The report notes that Mr. Maduro is expected in coming days to
present next year's spending plans for approval to the court, the
first time a budget won't be read to congress since 1861,
according to Alfonso Marquina, the head of the Assembly's finance
committee.

"The supreme court is usurping our powers," Mr. Marquina said.
"Even during dictatorships the budgets went to congress," the
report relays.

The Supreme Court's ruling is the latest in a series of moves made
by Mr. Maduro and his judicial allies to chip away at
congressional powers since the opposition won control of the
National Assembly in December, delivering the biggest electoral
blow to the government in 17 years, the report discloses.  Since
then, judges and policemen have suspended lawmakers without trial,
taken away congressional oversight over public officials and
thrown opposition leaders in jail on charges ranging from
terrorism to improper waste disposal, the report relays.

"Nothing like this assault on democratic powers happened in
Venezuela at least since the 1950s," said Javier Corrales,
professor of political science and Venezuela expert at Amherst
College in Massachusetts, the report notes.  "This decision by the
Supreme Court is further evidence of the hardening of Maduro's
dictatorial rule," the report quoted Mr. Corrales as saying.

The opposition alliance has said it would now focus on staging a
constitutionally permitted recall referendum on Mr. Maduro, which
many political scientists see as the country's best chance to stop
the economic collapse and avoid a further slide into autocracy,
the report relays.  Venezuela's economy will contract 10% this
year, with annual inflation expected to rise to 1,600% in 2017,
according to the International Monetary Fund, the report notes.

The opposition held small rallies across the country Wednesday to
prepare supporters for an upcoming signature drive required to
trigger the referendum. They would need to collect nearly four
million signatures over three days starting Oct. 26, the report
relays.

That will likely prove to be a Herculean task, given the
conditions imposed by Mr. Maduro's allies in the national
electoral council, the report discloses.  Only 5,400 polling
booths exist for 19 million voters, with stations particularly
scarce in the remote jungle and savanna states, the report relays.

The opposition needs to get 20% of registered voters to the
stations in each of the 24 states to trigger the referendum, which
the electoral council said could happen around March if the
conditions are met, the report relays.

If the referendum is called, recent polls show Mr. Maduro would be
swept out of office in a landslide, the report notes.  A vice
president of his choosing would then get to finish out his term
ending 2019, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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