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

            Friday, October 28, 2016, Vol. 17, No. 214


                            Headlines



B O L I V I A

REPSOL SA: Extends to 2046 Contract to Operate Oil Project


B R A Z I L

BANCO DE BRASILIA: S&P Affirms 'BB-/B' ICRs, Outlook Negative
RB CAPITAL: Moody's Hikes Ratings on 3 CRI Series to 'B2'
SAMARCO MINERACAO: BHP Billiton Rejected Criminal Charges


C A Y M A N  I S L A N D S

ABSOLUTE INCOME: Shareholders' Final Meeting Set for Nov. 4
CHEYNE ASSET-BACKED: Shareholders' Final Meeting Set for Nov. 2
CHINA FISHERY: Wants Plan Filing Period Extended to Mar. 30
CHINA FISHERY: Seeks Approval to Expand Scope of Goldin Employment
CHINA FISHERY: Seeks Nod to Expand Scope of Goldin Employment

KEFRET MULTIHEDGE: Shareholders' Final Meeting Set for Nov. 1
MAIN STREET: Shareholder to Hear Wind-Up Report on Nov. 2
MAIN STREET MASTER: Shareholder to Hear Wind-Up Report on Nov. 2
SCHWARTZ-MEI GROUP: Shareholders' Final Meeting Set for Nov. 3
STARBUST ALLOCATION: Shareholder to Hear Wind-Up Report on Nov. 1


M E X I C O

ALESTRA S DE RL: S&P Corrects Outlook on BB Rating to Negative


P U E R T O    R I C O

DAVAMADA INC: Unsecureds To Recoup 1.58%-1.72% Under Plan
ORIENTAL CANTONES: Jan. 2017 Disclosure Statement Hearing Set
PANADERIA ZULMA: Hires MRO Attorneys as Counsel


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Struggling Under Bond Obligations
PETROLEOS DE VENEZUELA: Restructures Debt


                            - - - - -


=============
B O L I V I A
=============


REPSOL SA: Extends to 2046 Contract to Operate Oil Project
----------------------------------------------------------
EFE News reports that Repsol SA signed an agreement with the
Bolivian government to extend until 2046 its contract to operate
the Caipipendi bloc, its largest energy exploitation project in
Bolivia, with an annual investment of $500 million through 2021.

The signing of the document came at a ceremony in the southern
Tarija region attended by Bolivian President Evo Morales and
Repsol President Antonio Brufau, along with government ministers,
local authorities and representatives of the Shell and Pan
American Energy oil companies, who are partnering with the Spanish
firm in Caipipendi, according to EFE News.

Signing the accord were the president of Bolivia's YPFB oil firm,
Guillermo Acha, and the representatives in Bolivia of Repsol,
Diego Diaz; Shell, Orlando Vaca; and PAE, Geronimo Valenti, the
report notes.

In his speech at the event, Brufau emphasized the success Repsol
and its partners have had in developing the Margarita-Huacaya oil
field, along with exploration in the north and south of
Caipipendi, the report notes.

"This is our commitment," said Brufau regarding the $500 million
annual investment through 2021, an amount to be devoted to
confirming the presence of natural gas in the zone and
accelerating its production, if found, as Repsol said in a
communique, the report relays.

The Margarita-Huacaya field, where natural gas is produced for
export to Brazil and Argentina, is in Caipipendi, a bloc where
Repsol has 37 percent participation, Shell has a similar
percentage and PAE has 25 percent, the report adds.

As reported in the Troubled Company Reporter-Europe on May 3,
2016, Egan-Jones Ratings Agency downgraded the local currency and
foreign currency senior unsecured ratings on debt issued by
Repsol SA to B+ from BB- on April 29, 2016.



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


BANCO DE BRASILIA: S&P Affirms 'BB-/B' ICRs, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale and
'brA-/brA-2' national scale issuer credit ratings on BRB - Banco
de Brasilia S.A. (BRB).  The outlook remains negative.

S&P continues to view BRB's capital and earnings as moderate,
based on S&P's forecasted risk-adjusted capital (RAC) ratio before
diversification of 5.3%-5.5% for the next 18-24 months.  The
accounting error recognition in BRB's first-half 2016 financial
statements reduced the bank's equity by about R$101 million and
R$138 million as of the end of 2015 and June 2016, respectively.
The recent announcement of recovered provisions, stemming from
several tax disputes, will partly compensate for the lower equity
adjustment.  Still, S&P expects BRB's asset quality to improve in
the next two years as the bank reduces its SMEs portfolio,
gradually restoring its internal capital generation capacity.


RB CAPITAL: Moody's Hikes Ratings on 3 CRI Series to 'B2'
---------------------------------------------------------
Moody's America Latina Ltda. has upgraded to B2 from B3 (global
scale, local currency) and to Ba2.br from B2.br (national scale)
the ratings of 3rd series of certificates of RB Capital
Securitizadora S.A., the 4th series of certificates of RB Capital
Securitizadora S.A and the 42nd series of certificates of RB
Capital Securitizadora S.A.  These three series of real estate
certificates (CRI) issued by RB Capital Securitizadora S.A. are
backed by built-to-suit lease agreements with Petroleo Brasileiro
S.A. -- Petrobras (B2 stable outlook).

The rating action follows Moody's decision to upgrade Petrobras'
senior unsecured rating to B2 (stable outlook) from B3 (negative
outlook) on Oct. 21, 2016.

The full rating action is:

Issuer: RB Capital Securitizadora S.A.

  3rd series CRI backed by a built-to-suit lease agreement:
   Upgraded to B2 from B3 (global scale, local currency); Upgraded
   to Ba2.br from B2.br (national scale); and

  4th series CRI backed by a built-to-suit lease agreement:
   Upgraded to B2 from B3 (global scale, local currency); Upgraded
   to Ba2.br from B2.br (national scale); and

  42nd series CRI backed by a built-to-suit lease agreement:
   Upgraded to B2 from B3 (global scale, local currency); Upgraded
   to Ba2.br from B2.br (national scale).

                       RATINGS RATIONALE

Moody's views the certificates as being full pass through
securities of Petrobras' senior unsecured credit risk under the
built-to-suit lease agreements.

The B2/Ba2.br ratings of the 3rd, 4th and 42nd series of
certificates issued by RB Capital Securitizadora S.A. are
primarily based on Petrobras' ability to make payments under the
underlying lease agreements.  Also, Petrobras covers the trust
expenses and a termination of the lease agreements would result in
a call under the certificates.

Factors that would lead to an upgrade or downgrade of the rating:

Any future changes to the senior unsecured debt rating of
Petrobras will lead to a change in the ratings assigned to the
certificates.



SAMARCO MINERACAO: BHP Billiton Rejected Criminal Charges
---------------------------------------------------------
cityam.com reports that BHP Billiton has rejected criminal charges
filed in Brazil against the Samarco Mineracao disaster.

BHP Billiton has rejected the charges against it regarding the
Samarco Mineracao mine disaster in Brazil in November 2015,
according to cityam.com.

The world's biggest miner noted the statement from the Brazilian
Federal Prosecution Office that it had filed criminal charges
against BHP Billiton, before the Federal Courts of Ponte Nova,
Minas Gerais, the report notes.

And though it was yet to receive formal notification of the
proceedings, BHP issued a bullish statement: "BHP Billiton Brasil
rejects outright the charges against the company and the affected
individuals.  We will defend the charges against the company, and
fully support each of the affected individuals in their defence of
the charges against them."

In November last year, 19 people were killed after a dam owned by
the firm, and local company Vale, burst at Samarco Mineracao mine
in Brazil, the report recalls.  It was announced in August that
BHP's chief executive Andrew Mackenzie would have his bonus
scrapped this year, after that dam collapse and the ongoing
decline in global commodity markets, the report notes.

It was reported in May that Vale and BHP Billiton were facing one
of Brazil's largest-ever civil lawsuits after prosecutors demanded
R$155 billion ($44 billion) in damages for the deadly dam collapse
at their mine last year, the report says.

At that time, federal prosecutors suggested that the value of the
damages claim was based on the clean-up costs of the comparable BP
oil spill in the Gulf of Mexico in 2010.

"Preliminary studies show the human, economic and socio-
environmental impacts of the collapse of the dam are, at least,
equivalent to those verified in the Gulf of Mexico," prosecutors
said in a statement, the report discloses.

Vale and BHP had settled a R$20 billion lawsuit with the federal
and state governments in March over the collapse of the Samarco's
dam. But Brazil's independent prosecutors criticised the
government for "selling out" and sought more compensation,
according to the report.

It was announced earlier that BHP Billiton chairman Jac Nasser was
stepping down at the end of the year, following a seven-year
tenure, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 27, 2016, S&P Global Ratings has lowered its issue-level
rating on Samarco Mineracao S.A.'s (D/--) senior unsecured notes
due 2023 to 'D' from 'CC'.



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


ABSOLUTE INCOME: Shareholders' Final Meeting Set for Nov. 4
-----------------------------------------------------------
The shareholders of Absolute Income Fund L.P. will hold their
final meeting on Nov. 4, 2016, at 9:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Lauren Christie
          Berman Fisher Limited
          Sussex House, 128 Elgin Ave
          P.O. Box 30561 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: (345) 928 4751


CHEYNE ASSET-BACKED: Shareholders' Final Meeting Set for Nov. 2
---------------------------------------------------------------
The shareholders of Cheyne Asset-Backed General Partner Inc. will
hold their final meeting on Nov. 2, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


CHINA FISHERY: Wants Plan Filing Period Extended to Mar. 30
-----------------------------------------------------------
China Fishery Group Limited (Cayman) and its affiliated Debtors
ask the U.S. Bankruptcy Court for the Southern District of New
York to extend their exclusive periods for filing a chapter 11
plan and soliciting acceptances to the plan, through March 30,
2017 and May 31, 2017, respectively.

The Debtors' Exclusive Filing Period and Exclusive Solicitation
Period are currently set to expire on October 28, 2016 and
December 27, 2016, respectively.

The Debtors relate that certain of their creditors, known as
Adverse Lenders, filed a Motion asking the Court to direct the
appointment of a Chapter 11 Trustee.  The Debtors further relate
that they opposed the Trustee Motion, and that numerous creditors
also filed papers in opposition to the Trustee Motion.

The Debtors contend that since the Trustee Motion, they have
turned their attention to formulating potential plan structures,
including meeting with creditors to ascertain their views, as well
as dealing with various motions, several relating to the Debtors'
ability to formulate, negotiate and confirm a plan.

The Debtors tell the Court that their chapter 11 cases are large
and complex and that is such types of cases, an initial extension
of exclusivity is routinely granted.  The Debtors further tell the
Court that in view of the activities in the cases to date,
especially the Trustee Motion, both before its filing relating to
efforts to resolve the Adverse Lenders' concerns and through trial
and post-trial submissions, it is not realistic to expect that an
appropriate plan could be formulated, let alone negotiated in such
time.

              About China Fishery Group Limited

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was signed
by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at $500
million to $1 billion and debts at $10 million to $50 million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel.  The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.


CHINA FISHERY: Seeks Approval to Expand Scope of Goldin Employment
------------------------------------------------------------------
China Fishery Group Ltd. (Cayman) asked the U.S. Bankruptcy Court
for the Southern District of New York to allow Goldin Associates,
LLC to also provide financial advisory services to Pacific Andes
Resources Development Limited.

Pacific Andes filed for Chapter 11 protection on Sept. 29.  The
case is not yet jointly administered with the bankruptcy cases
filed on June 30 by its affiliates, including China Fishery.

As financial advisor, Goldin Associates will provide these
services to the company:

     (a) prepare financial models for underlying assets and
         assessment of cash requirements;

     (b) prepare valuation and financial analysis of underlying
         assets;

     (c) support litigation by providing expert testimony and
         assistance with document requests;

     (d) provide expert testimony on valuation or plan
         feasibility

     (e) conduct a site visit of operating entities;

     (f) prepare financial analysis on recovery alternatives to
         all stakeholders;

     (g) meet with creditors and other stakeholders;

     (h) assist in evaluating post-petition cash requirements for
         the Debtors;

     (i) assist in creditor negotiations; and

     (j) assist in the development and negotiation of a plan of
         reorganization.

Goldin Associates has no connection with Pacific Andes and any of
its creditors, according to court filings.

              About China Fishery Group Limited

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was signed
by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at $500
million to $1 billion and debts at $10 million to $50 million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel.  The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.


CHINA FISHERY: Seeks Nod to Expand Scope of Goldin Employment
-------------------------------------------------------------
China Fishery Group Ltd. (Cayman) asked the U.S. Bankruptcy Court
for the Southern District of New York to allow Goldin Associates,
LLC to also provide financial advisory services to Pacific Andes
Resources Development Limited.

Pacific Andes filed for Chapter 11 protection on Sept. 29.  The
case is not yet jointly administered with the bankruptcy cases
filed on June 30 by its affiliates, including China Fishery.

As financial advisor, Goldin Associates will provide these
services to the company:

     (a) prepare financial models for underlying assets and
         assessment of cash requirements;

     (b) prepare valuation and financial analysis of underlying
         assets;

     (c) support litigation by providing expert testimony and
         assistance with document requests;

     (d) provide expert testimony on valuation or plan
         feasibility

     (e) conduct a site visit of operating entities;

     (f) prepare financial analysis on recovery alternatives to
         all stakeholders;

     (g) meet with creditors and other stakeholders;

     (h) assist in evaluating post-petition cash requirements for
         the Debtors;

     (i) assist in creditor negotiations; and

     (j) assist in the development and negotiation of a plan of
         reorganization.

Goldin Associates has no connection with Pacific Andes and any of
its creditors, according to court filings.

              About China Fishery Group Limited

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was signed
by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at $500
million to $1 billion and debts at $10 million to $50 million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel.  The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.


KEFRET MULTIHEDGE: Shareholders' Final Meeting Set for Nov. 1
-------------------------------------------------------------
The shareholders of Kefret Multihedge Fund LDC will hold their
final meeting on Nov. 1, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Andrew Morrison
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1 - 1203
          Cayman Islands


MAIN STREET: Shareholder to Hear Wind-Up Report on Nov. 2
---------------------------------------------------------
The shareholder of Main Street, Ltd. will hear on Nov. 2, 2016, at
2:30 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Basswood Capital Management LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


MAIN STREET MASTER: Shareholder to Hear Wind-Up Report on Nov. 2
----------------------------------------------------------------
The shareholder of Main Street Master Fund, Ltd. will hear on
Nov. 2, 2016, at 2:40 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Basswood Capital Management LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SCHWARTZ-MEI GROUP: Shareholders' Final Meeting Set for Nov. 3
--------------------------------------------------------------
The shareholders of Schwartz-Mei Group Holdings Ltd. will hold
their final meeting on Nov. 3, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


STARBUST ALLOCATION: Shareholder to Hear Wind-Up Report on Nov. 1
-----------------------------------------------------------------
The shareholder of Starbust Allocation Fund will hear on Nov. 1,
2016, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Bangor Corporation Ltd
          c/o Ben Gillooly
          Ogier, Attorneys, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877



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


ALESTRA S DE RL: S&P Corrects Outlook on BB Rating to Negative
--------------------------------------------------------------
S&P Global Ratings said that it corrected its outlook on Mexico-
based telecom company Alestra, S. de R.L de C.V. to negative from
stable.  The correction follows a similar action on the company's
ultimate parent, Axtel S.A.B. de C.V.  S&P revised its outlook on
Axtel to negative from stable on Sept. 29, 2016, to reflect S&P's
expectation that its financial performance will remain weak until
the end of 2016, resulting in debt to EBITDA above 4.0x and funds
from operations to debt below 20%, which would diverge from S&P's
original expectations.

RATINGS LIST

Alestra S. de R.L de C.V.
  Corporate credit rating              BB/Negative/--



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


DAVAMADA INC: Unsecureds To Recoup 1.58%-1.72% Under Plan
---------------------------------------------------------
Davamada, Inc.'s small business disclosure statement and plan
dated October 14, 2016, provides that Class 2 Unsecured
Convenience Claims under or equal to $10,000, will receive a lump-
sum distribution of $1,000, on the effective date of the plan,
while Class 3 Unsecured convenience class that are over $10,001,
will receive a lump-sum distribution of $3,000 on the effective
date of the plan, a second lump-sum distribution of $3,500 at the
13 month of the Plan and third and final lump-sum distribution of
$3,500 on month 30 of the Plan.

Each claim holder under Class 2 will receive pro-rata
distributions, as per the allowed amounts. Based on the current
allowed amounts, each claim holder in Class 2 will receive
approximately 1.58% of the allowed amount.

Each claim holder under Class 3 will receive pro-rata
distributions, as per the allowed amounts.  Based on the current
allowed amounts, each claim holder in Class 3 will receive
approximately 1.72% of the allowed amount.

Mr. Hector L. Andujar Aguiar, the equity interest holder, will
receive no distribution under the reorganization plan.

A full-text copy of the Disclosure Statement dated October 14,
2016, is available at:

         http://bankrupt.com/misc/prb15-10223-124.pdf

                       *     *     *

Judge Brian K. Tester has conditionally approved the Disclosure
Statement and scheduled the hearing for the consideration of the
final approval of the Disclosure Statement and the confirmation of
the Plan and of any objections as may be made to either for
November 16, 2016, at 9:00 a.m.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 10 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on/or before 10
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 Section 1129, the list of
acceptances and rejections and the computation of the same, within
seven working days before the hearing on confirmation.

                    About Davamada, Inc.

Davamada, Inc., filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 15-10223) on Dec. 23, 2015.  Javier Vilarino,
Esq., at Vilarino & Associates LLC serves as the Debtor's
bankruptcy counsel.


ORIENTAL CANTONES: Jan. 2017 Disclosure Statement Hearing Set
-------------------------------------------------------------
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico will convene a hearing on January 10,
2017, at 10:00 a.m., to consider the adequacy of the disclosure
statement explaining Oriental Cantones, Inc.'s plan of
reorganization.

Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served upon
parties in interest at their address of record not less than 14
days prior to the hearing. Objections not timely filed and served
will be deemed waived

The Troubled Company Reporter, on Oct. 17, 2016, reported that the
Debtor's Plan provides that 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.


PANADERIA ZULMA: Hires MRO Attorneys as Counsel
-----------------------------------------------
Panaderia Zulma Inc. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ MRO Attorneys at
Law, LLC as counsel.

The Debtor requires MRO to:

   (a) represent the Debtor in the bankruptcy case;

   (b) give the Debtor legal advise with respect to its powers and
       duties as a debtor in possession in the continued operation
       of the Debtor's business; and

   (c) perform all legal services for the Debtor as may be
       necessary in the reorganization of the Debtor's business.

MRO will be compensated at a rate of $200 per hour for services to
be rendered by Myrna L. Ruiz-Olmo.

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

A retainer fee of $10,000, plus the $1,717 filing fee were paid by
a third party prior to the bankruptcy filing.

Myrna L. Ruiz-Olmo 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.

MRO can be reached at:

       Myrna L. Ruiz-Olmo, Esq.
       MRO ATTORNEYS AT LAW, LLC
       P.O. Box 367819
       San Juan, PR 00936-7819
       Tel: (787) 237-7440
       E-mail: mro@prbankruptcy.com

Panaderia Zulma Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-07217) on September 11, 2016,
disclosing under $1 million in both assets and liabilities.

The Debtor is represented by Myrna L. Ruiz-Olmo, Esq.



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


PETROLEOS DE VENEZUELA: Struggling Under Bond Obligations
---------------------------------------------------------
Luke Graham at CNBC reports that Venezuela's state-owned oil
company has warned that it is in danger of defaulting on its debts
after investors declined an offer to swap bonds.

Four times in the last month, Petroleos de Venezuela, S.A. (PDVSA)
has extended an offer to investors to swap their bonds which
mature next year for notes due in 2020, according to CNBC.  The
oil company is required to pay out $1.8 billion this month and $3
billion next month in debt interest and bond maturities, the
report notes.

It warned investors in a statement that if they declined to swap
their bonds, the company may end up defaulting, the report says.

"Low oil prices will adversely affect the company's ability to
generate cash flow from operations, which will impair the
company's ability to make scheduled payments on its existing debt,
including the existing notes," PDVSA said in a press release
obtained by the new agency.

"If the exchange offers are not successful, it could be difficult
for the company to make scheduled payments on its existing debt,
including the existing notes, which would result in the Company
evaluating all alternative options."

Many of the problems affecting PDVSA and the wider Venezuelan
economy relate to the decline in its oil industry.

"Venezuela's oil sector is struggling due to sharp decline rates
in its giant oil fields; less funds available for maintenance, as
well as a slowdown in drilling activity as a result of non-payment
are accelerating the weakness in oil output," Miswin Mahesh, oil
market analyst at Barclays, told CNBC via email.

"Also, given Venezeula's oil is mostly heavy, they need to import
light crude (or) diluents to mix with the heavy crude in order to
export. And the low liquidity situation and the dollar shortage
are making it difficult for them to do this; thereby pressurizing
exports as well," he added.

But investors are unwilling to swap their bonds and increase their
exposure to the cash-strapped company, the report notes.

According to Russ Dallen, strategic adviser for the Venezuela
Opportunity Fund, an exchange traded fund invested in Venezuela
and PDVSA bonds, said the company is ignoring how the market views
a distressed borrower, the report relays.

"If you have the larger of the two bonds that Venezuela is trying
to swap you out of -- the $4.1 billion of the PDVSA 8.5 percent
(due in) 2017 -- you can have half your money back in on November
2 and the other half next year -- or you can take the deal and get
half your money back in two years and the other half in four
years," he explained to CNBC via email.

"Likewise, if you are in the $3 billion of PDVSA 5.25 percent (due
in) April 2017, you can have all your money back in six months or
take the deal and have four more years of exposure to a distressed
credit," he added.

The Venezuela Opportunity Fund is not taking part in the bond swap
deal.

As reported in the Troubled Company Reporter-Latin America on
Oct. 27, 2016, S&P Global Ratings lowered its corporate credit
rating on Petroleos de Venezuela S.A. (PDVSA) to 'SD' from 'CC'.
At the same time, S&P lowered its issue-level ratings on the
company's $3.0 billion 5.25% senior unsecured notes due April 2017
and on its $4.1 billion 8.5% senior unsecured notes due November
2017 to 'D' from 'CC'.


PETROLEOS DE VENEZUELA: Restructures Debt
-----------------------------------------
Anatoly Kurmanaev and Carolyn Cui at The Wall Street Journal
report that State oil producer Petroleos de Venezuela SA said it
has concluded a deal to swap almost $3 billion of upcoming bonds
for those with longer maturity, a move that Wall Street analysts
say reduces chances of default next year.

The company, known as PdVSA, has managed to obtain the minimum
required participation at last minute after having to extend the
deadline three times, sweeten the terms and reduce the amount of
tendered bonds, according to The Wall Street Journal. The company
will swap $2.8 billion bonds maturing in 2017, or about 52% of the
tendered amount, for $3.4 billion bonds due in 2020, it said in a
statement, the report notes.

Venezuela's sovereign bonds, which closely track PdVSA's debt, are
the best performers in emerging markets this year, giving
investors a 46% return through Oct. 21, despite the country's
deepening political crisis and economic woes.

The swap gives investors a chance to enjoy these returns for
longer, while giving the company "breathing space" to stabilize
production, PdVSA President Eulogio del Pino told the news agency
in an interview.

"The swap extends the party," said Francisco Ghersi, co-founder of
Venezuela-focused Knossos Asset Management hedge fund, who took up
the swap offer, the report relays.  The new bonds maturing 2020
can be dumped quickly if the country's economy deteriorates
further, he added.

PdVSA will guarantee the new 2020 bonds with 50.1% of the shares
in its U.S. subsidiary Citgo Holdings.

The swap will reduce Venezuela government's debt load from about
$15 billion to $13 billion between now and end-2017, the report
says.

"They should have enough room for maneuvers to make it through
next year," said Francisco Rodriguez, chief economist at emerging
markets brokerage Torino Capital.  "Deeper structural reforms are
needed" to stabilize the company's cash flow in the longer term,
he added.

The bonds will be swapped on Oct. 27, PDVSA said.

As reported in the Troubled Company Reporter-Latin America on
Oct. 27, 2016, S&P Global Ratings lowered its corporate credit
rating on Petroleos de Venezuela S.A. (PDVSA) to 'SD' from 'CC'.
At the same time, S&P lowered its issue-level ratings on the
company's $3.0 billion 5.25% senior unsecured notes due April 2017
and on its $4.1 billion 8.5% senior unsecured notes due November
2017 to 'D' from 'CC'.


                           ***********


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, Ivy B. Magdadaro, 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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