TCRLA_Public/161031.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

            Monday, October 31, 2016, Vol. 17, No. 215


                            Headlines



A R G E N T I N A

ARGENTINA: To Implement Dev't Program with $19.5MM IDB Support


B R A Z I L

SAMARCO MINERACAO: Misses Second Bond Interest Payment in a Month
SUZANO PAPEL: Fitch Affirms 'BB+' Long-Term Foreign Currency IDR


C A Y M A N  I S L A N D S

APPLETREE DISTRIBUTION: Creditors' Proofs of Debt Due Nov. 14
APPLETREE PROPERTIES: Creditors' Proofs of Debt Due Nov. 14
CAIS BLUECREST: Commences Liquidation Proceedings
CHINA BB: Creditors' Proofs of Debt Due Nov. 14
CHINA FISHERY: Seeks Approval to Expand Scope of RSR Employment

CHINA FISHERY: Gets Short Exclusivity Extension Thru Jan. 6
EASTGATE PHARMACEUTICALS: Commences Liquidation Proceedings
GREEN SPACE: Creditors' Proofs of Debt Due Nov. 14
HOODONG.COM: Placed Under Voluntary Wind-Up
INDOCHINA EHOME: Creditors' Proofs of Debt Due Nov. 14

INDOCHINA LAND: Creditors' Proofs of Debt Due Nov. 14
MONEYBALL MULTI-STRATEGY: Placed Under Voluntary Wind-Up
POLYMATHY CAPITAL: Commences Liquidation Proceedings
VECTOR TCH: Commences Liquidation Proceedings


P U E R T O    R I C O

HME HOLDINGS: Hires RSM Puerto Rico as Accountant
ISLANDWIDE LOGISTICS: Hires RSM Puerto Rico as Accountant
IVAN A. RODRIGUEZ PAGAN: Wins Confirmation of Amended Plan


T R I N I D A D   &   T O B A G O

ARCELORMITTAL SA: Workers Hoping to be Re-employed


V E N E Z U E L A

PDVSA: Default Would Spell Trouble for U.S. Oil Refiners


X X X X X X X X X

* BOND PRICING: For the Week From Oct. 24 to Oct. 28, 2016


                            - - - - -


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


ARGENTINA: To Implement Dev't Program with $19.5MM IDB Support
--------------------------------------------------------------
Argentina will implement a management support program in 21
metropolitan areas, improving the living conditions of 19.5
million people with help from a $240 million credit line for
investment projects and of a first individual loan of $80 million
approved by the Inter-American Development Bank (IDB).

The specific goal of the initial individual operation will be to
improve urban services and infrastructure in metropolitan areas
belonging to two or more territorial jurisdictions.

"Urban growth is creating cities where one single metropolis is
covered by several local governments. Effective management of
these areas requires coordinated actions that tackle critical
issues such as transportation and climate change adaptation," said
Francisca Rojas, IDB project team leader. "The program promotes
political agreements and generates technical abilities to
implement metropolitan development projects and the institutions
needed to manage them."

The initial individual operation will implement actions to improve
understanding of the problems that metropolises face and promote
agreements on interventions requiring coordination among different
municipal or provincial authorities with jurisdiction over one
single metropolitan area.

It will also help create the institutions needed to provide
services and infrastructure in multi-jurisdictional metropolitan
areas and finance urban infrastructure and equipment investments.

In this sense, it will support the execution of projects that
require coordinated action among different territorial
jurisdictions, such as parks and public spaces systems; integrated
watershed management; integrated management of urban solid waste
and sustainable mobility systems, including pedestrian and bicycle
lanes; and other climate change mitigation and adaptation
interventions.

Additionally, the program will support the development and
institutional strengthening of metropolitan entities needed to
design, implement and manage investment projects, as well as the
consolidation of provincial and municipal associative abilities
necessary to handle metropolitan area issues.

The project will also provide assistance to the sharing of
knowledge of metropolitan areas policies and to the development of
technical capabilities to ensure coordinated urban investments.

The $240 million credit line for investment projects and the
single, initial loan of US$80 million are both for a 25-year term,
with a 5.5-year grace period, at a LIBOR-based interest rate. They
include $60 million and $20 million in local counterpart funds,
respectively.

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2016, Fitch Ratings has affirmed Argentina's sovereign
ratings as:

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;
   -- Senior unsecured Foreign Currency bonds at 'B';
   -- Country Ceiling at 'B';
   -- Short-Term Foreign and Local Currency IDRs at 'B'.



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


SAMARCO MINERACAO: Misses Second Bond Interest Payment in a Month
-----------------------------------------------------------------
Ana Mano at Reuters reports that Samarco Mineracao SA, the
Brazilian iron ore mining joint venture that suspended operations
in November following a dam disaster, said it had missed a $20
million interest payment related to a senior unsecured bond due in
2023.

The company said the payment on the $700 million bond was due on
Oct. 24 and the company has 30 days to remedy the situation,
according to Reuters.

This is the second bond payment that the company has missed in the
space of a month. On Sept. 26, the joint venture owned by Vale and
BHP Biliton Ltda did not pay around $13.5 million related to a
$500 million bond obligation due in 2024, the report notes.

"Samarco continues to explore options to restructure its debt,"
according to the statement.

Samarco has $2.2 billion in outstanding bond obligations and about
$1.6 billion of bank loans, the report relays.  Samarco faces
about $54 million in interest payments on three bonds through
November, 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'.


SUZANO PAPEL: Fitch Affirms 'BB+' Long-Term Foreign Currency IDR
----------------------------------------------------------------
The acquisition of forestry assets by Suzano Papel e Celulose S.A.
is neutral to the company's ratings, according to Fitch Ratings.

On Oct. 26, 2016, Suzano announced the acquisition of 75 thousand
hectares of land in the states of Maranhao and Tocantins, of which
about 40 thousand hectares consists of planted forests, from
Companhia Siderurgica Vale do Pindare and COSIMA - Siderurgica do
Maranhao Ltda, subsidiaries of Queiroz Galvao Group.  The
transaction should amount to USD245 million, and is expected to be
financed with the company's cash.  Additionally, Suzano signed
with Queiroz Galvao Energia S.A. the acquisition of Mucuri
Energetica S.A., a small hydropower plant with generation capacity
of 19 MW, for USD14 million.

Fitch expects a low impact on Suzano's net leverage from the
acquisition.  On a pro-forma basis, the company's net debt/EBITDA
ratio would increase to 2.9x, from 2.7x as of the latest 12 months
(LTM) to Sept. 30, 2016.  Suzano generated BRL4.0 billion of
EBITDA, cash flow from operations of BRL2.8 billion and free cash
flow of BRL899 million during the LTM ended September 2016.
Suzano had a robust cash position of BRL4.2 billion for the same
period.  The company has manageable debt maturities of BRL2.3
billion due up to December 2017 and BRL2.5 billion in 2018.

In Fitch's view, the acquisition of forestry assets is strategic
and reinforces Suzano's low cost production structure.  The
benefits from the transaction include reduction in costs of
acquisition of wood from third parties to supply the pulp mill in
Imperatriz; reduction in the average distance between the forests
and the mill; and potential reduction of costs from leased land.
The annual cost reduction could reach BRL110 million (operational
expenses and capex) and the supply of own wood should increase to
about 85% in the next few years, from about 70% currently.

Fitch's analysis incorporates forestry assets as key credit
consideration that enhance Suzano's credit profile.  In September
2016, the company had about 1.1 million hectares of land, where
about 540,000 hectares of eucalyptus plantations are developed.
The forestry assets are valued at BRL4.3 billion.  Importantly,
the nearly ideal conditions for growing trees in the region make
these plantations extremely efficient by global standards and give
the company a sustainable advantage in terms of cost of fiber and
transportation costs between forest and mills.

Fitch currently rates Suzano as:

Suzano

   -- Long-Term Foreign Currency IDR 'BB+';
   -- Long-Term Local Currency IDR 'BB+';
   -- National Long-Term Rating 'AA+(bra)'.

Suzano Trading Ltd.

   -- USD650 million senior notes, due January 2021 and guaranteed
      by Suzano 'BB+'.

Bahia Sul Holdings GmbH

   -- USD500 million senior notes, due July 2026 and guaranteed by
      Suzano 'BB+'.

The Rating Outlook for the corporate ratings is Positive.



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


APPLETREE DISTRIBUTION: Creditors' Proofs of Debt Due Nov. 14
-------------------------------------------------------------
The creditors of Appletree Distribution are required to file their
proofs of debt by Nov. 14, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2016.

The company's liquidator is:

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


APPLETREE PROPERTIES: Creditors' Proofs of Debt Due Nov. 14
-----------------------------------------------------------
The creditors of Appletree Properties are required to file their
proofs of debt by Nov. 14, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2016.

The company's liquidator is:

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


CAIS BLUECREST: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Cais Bluecrest Equity Strategies Fund
Ltd., on Oct. 3, 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:

          Capital Integration Systems LLC
          598 Madison Avenue, 11th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 202 2972


CHINA BB: Creditors' Proofs of Debt Due Nov. 14
-----------------------------------------------
The creditors of China BB Limited are required to file their
proofs of debt by Nov. 14, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 1, 2016.

The company's liquidator is:

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


CHINA FISHERY: Seeks Approval to Expand Scope of RSR Employment
---------------------------------------------------------------
China Fishery Group Ltd. (Cayman) asked the U.S. Bankruptcy Court
for the Southern District of New York to allow RSR Consulting,
LLC to also provide 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 restructuring consultant, RSR will provide these services to
the company:

     (a) act as a liaison and coordinate information flow and
         efforts among the management, financial advisors,
         creditors and their advisors, and the U.S. Trustee's
         office

     (b) assist the management in the coordination and production
         of information;

     (c) attend court hearings and Section 341 meetings with
         creditors, if required;

     (d) assist the Debtors in the preparation of periodic
         reporting packages that may be required for their
         creditors;

     (e) provide expert testimony, if required; and

     (f) review restructuring alternatives and projections
         provided by the Debtors' professionals in connection
         with putting forth plans to the constituents and the
         court.

The hourly rate for the firm's managing directors is $390 while
the hourly rate for its managers and consultants ranges from $250
to $375.

RSR is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code, according to court filings.

               About China Fishery Group Limited

China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group
known as the Pacific Andes Group, which is the 12th largest
seafood company in the world and one of the world's foremost
vertically integrated seafood companies.  Hong Kong based-The
Pacific Andes Group provides seafood products to leading global
wholesalers, processors and food service companies and has
operations across the seafood value chain.

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: Gets Short Exclusivity Extension Thru Jan. 6
-----------------------------------------------------------
Jonathan Randles, writing for Bankruptcy Law360, reported that
U.S. Bankruptcy Judge James Garrity at a court hearing in
Manhattan on Oct. 25, 2016, gave China Fishery Group Ltd.
additional breathing room from creditors as it explores a
possible global reorganization but expressed skepticism about the
company's Chapter 11 after bank lenders complained they've been
left in the dark.  Judge Garrity said he would extend through at
least January 6 the period in which China Fishery can exclusively
file a plan of reorganization.

As reported by the Troubled Company Reporter on Oct. 17, 2016,
China Fishery Group Limited (Cayman) and its affiliated Debtors
asked the Bankruptcy Court 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 set to expire on October 28, 2016 and December 27,
2016, respectively, absent an extension.

The Debtors explained 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 also said they
opposed the Trustee Motion, and that numerous creditors also
filed papers in opposition to the Trustee Motion.

The Debtors said 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.
They argued that their chapter 11 cases are large and complex and
that is such types of cases, an initial extension of exclusivity
is routinely granted; and 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), et al., along with certain
non-debtor affiliated entities, are part of a business group
known as the Pacific Andes Group, which is the 12th largest
seafood company in the world and one of the world's foremost
vertically integrated seafood companies.  Hong Kong based-The
Pacific Andes Group provides seafood products to leading global
wholesalers, processors and food service companies and has
operations across the seafood value chain.

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.


EASTGATE PHARMACEUTICALS: Commences Liquidation Proceedings
-----------------------------------------------------------
The sole shareholder of Eastgate Pharmaceuticals Fund II GP Co
Limited, on Oct. 3, 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 liquidators are:

          Mohammed Abdulah A Alali
          Pankaj Gupta
          Walkers (Dubai) LLP
          Precinct Building 5, Level 5
          Dubai International Financial Centre
          P.O. Box 506513 Dubai
          United Arab Emirates
          Telephone: +971 4 363 7999


GREEN SPACE: Creditors' Proofs of Debt Due Nov. 14
--------------------------------------------------
The creditors of Green Space Development Company Limited are
required to file their proofs of debt by Nov. 14, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2016.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor, 06 Thai Van Lung Street
          District 1, Ho Chi Minh City, Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


HOODONG.COM: Placed Under Voluntary Wind-Up
-------------------------------------------
The shareholders of Hoodong.Com Inc., on Sept. 30, 2016, resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 14, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Liu, Qian
          Block A, Information Building, Floor 7
          Shangdi Xinxi Road
          Haidian District, Beijing, PRC
          Telephone: +86 135 2184 0169
          Facsimile: +86 10 6230 3125


INDOCHINA EHOME: Creditors' Proofs of Debt Due Nov. 14
------------------------------------------------------
The creditors of Indochina Ehome Binh Tan are required to file
their proofs of debt by Nov. 14, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2016.

The company's liquidator is:

          Mr. Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


INDOCHINA LAND: Creditors' Proofs of Debt Due Nov. 14
-----------------------------------------------------
The creditors of Indochina Land Saigon Residences are required to
file their proofs of debt by Nov. 14, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2016.

The company's liquidator is:

          Mr. Michael Paul Piro
          Capital Place, 10th Floor, 06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


MONEYBALL MULTI-STRATEGY: Placed Under Voluntary Wind-Up
--------------------------------------------------------
The sole shareholder of Moneyball Multi-Strategy Fund, on Sept.
26, 2016, resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 26, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          Harbour Place, 2nd Floor
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 946 6620
          Facsimile: (345) 946 6720


POLYMATHY CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
Theshareholders of Polymathy Capital Management Limited, on Oct.
5, 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:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


VECTOR TCH: Commences Liquidation Proceedings
---------------------------------------------
The shareholders of Vector TCH Holdings (Cayman), Ltd., on Oct. 4,
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:

          James Murray
          Vector Capital, One Market Street
          Steuart Tower, 23rd Floor
          San Francisco CA 94105
          USA



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


HME HOLDINGS: Hires RSM Puerto Rico as Accountant
-------------------------------------------------
HME Holdings, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ RSM Puerto Rico as
accountant to the Debtor.

HME Holdings requires RSM Puerto Rico to:

   a. prepare or review of bankruptcy court required monthly
      operating reports;

   b. reconcile of proof of claims;

   c. prepare or review of the Debtor's projections;

   d. analyze profitability of Debtor's operations;

   e. assist in the development or review of plan of
      reorganization or disclosure statement;

   f. consult strategic alternatives and developments of business
      plan;

   g. any other consulting and expert witness services relating
      to various bankruptcy matters such as insolvency,
      feasibility forensic accounting, etc., as necessary.

RSM Puerto Rico will be paid at these hourly rates:

     Doris Barroso Vicen, Partner         $235
     Managers                             $100-$150
     Seniors                              $75-$90
     Staff                                $60-$70

RSM Puerto Rico will be paid a retainer in the amount of $5,000.

RSM Puerto Rico will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Doris Barroso Vicen, member of RSM Puerto Rico, 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.

RSM Puerto Rico can be reached at:

     Doris Barroso Vicen
     RSM PUERTO RICO
     1000 San Roberto
     San Juan, PR 00926
     Tel: (787) 751-6164
     Fax: (787) 759-7479

                     About HME Holdings, Inc.

HME Holdings, Inc. filed a chapter 11 petition (Bankr. D.P.R. Case
No. 16-07686) on September 28, 2016. The petition was signed by
Ivan Marin, authorized representative. The Debtor is represented
by Carmen D. Conde Torres, Esq. and Luisa S. Valle Castro, Esq.,
at C. Conde & Associates. The Debtor estimated assets at $100,000
to $500,000 and liabilities at $1 million to $10 million at the
time of the filing.


ISLANDWIDE LOGISTICS: Hires RSM Puerto Rico as Accountant
---------------------------------------------------------
Islandwide Logistics, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ RSM
Puerto Rico as accountant to the Debtor.

Islandwide Logistics requires RSM Puerto Rico to:

   a. prepare or review of bankruptcy court required monthly
      operating reports;

   b. reconcile of proof of claims;

   c. prepare or review of the Debtor's projections;

   d. analyze profitability of Debtor's operations;

   e. assist in the development or review of plan of
      reorganization or disclosure statement;

   f. consult strategic alternatives and developments of business
      plan;

   g. provide any other consulting and expert witness services
      relating to various bankruptcy matters such as insolvency,
      feasibility forensic accounting, etc., as necessary.

RSM Puerto Rico will be paid at these hourly rates:

     Doris Barroso Vicen, Partner         $235
     Managers                             $100-$150
     Seniors                              $75-$90
     Staff                                $60-$70

RSM Puerto Rico will be paid a retainer for $5,000.

RSM Puerto Rico will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Doris Barroso Vicen, member of RSM Puerto Rico, 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.

RSM Puerto Rico can be reached at:

     Doris Barroso Vicen
     RSM PUERTO RICO
     1000 San Roberto
     San Juan, PR 00926
     Tel: (787) 751-6164
     Fax: (787) 759-7479

                   About Islandwide Logistics

Islandwide Logistics, Inc. filed a chapter 11 petition (Bankr.
D.P.R. Case No. 16-07693) on September 28, 2016. The petition was
signed by Ivan Marin, president. The Debtor is represented by
Carmen D. Conde Torres, Esq. and Luisa S. Valle Castro, Esq., at
C. Conde & Associates. The Debtor estimated assets and liabilities
at $1 million to $10 million at the time of the filing.

The Debtor operates over 300,000 square feet of warehouse space
dedicated to providing its clients with inventory management that
includes full inventory systems integration, electronic order
processing, RF capability and retail time sensitive delivery
service. Logistics' distribution center is designed to ensure the
uninterrupted flow of the supply-chain RF Capable Warehouses.
There are two related parties to this company: P.J. Rosaly
Enterprises and HME Holdings, Inc.

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


IVAN A. RODRIGUEZ PAGAN: Wins Confirmation of Amended Plan
----------------------------------------------------------
U.S. Bankruptcy Judge Enrique S. Lamoutte Inclan granted final
approval to the disclosure statement and confirmed the Amended
Chapter 11 Plan of debtor Ivan A. Rodriguez Pagan.

The Debtor filed the disclosure statement on May 26, 2016.  The
Debtor filed the Amended plan on Oct. 4.

Ivan A Rodriguez Pagan filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 15-09507) on November 30, 2015.



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


ARCELORMITTAL SA: Workers Hoping to be Re-employed
--------------------------------------------------
Trinidad Express reports that the ArcelorMittal SA steel plant at
Point Lisas, Couva, has officially been advertised for sale some
eight months after it permanently closed in March, leaving more
than 600 workers out of a job.

And the possibility of the plant being back in operations was
uplifting, said Christopher Henry, president of the Steel Workers
Union of Trinidad and Tobago (SWUTT), adding that the suffering
steel workers could be re-employed, according to Trinidad Express.

The permanent shutdown of the multi-million-dollar plant was
announced a day after laid-off workers at the plant won a wage
dispute case in the Industrial Court, Port of Spain, the report
notes.

As reported in the Troubled Company Reporter-Europe on July 8,
2016, Fitch Ratings issued a correction to the May 6, 2016 rating
release on ArcelorMittal S.A.  The Negative Rating Sensitivities
now reference a failure to improve leverage to below 3.5x by end
2018, in line with the preceding paragraph, rather than above as
previously stated.

Fitch has affirmed ArcelorMittal's (AM) Long-Term Issuer Default
Rating at 'BB+'.  The Outlook is Negative.



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


PDVSA: Default Would Spell Trouble for U.S. Oil Refiners
--------------------------------------------------------
Lucia Kassai at Bloomberg News reports that a potential default by
Petroleos de Venezuela SA would cause trouble for U.S. Gulf Coast
refineries, as the Latin American country is the main supplier of
foreign oil to the region.

Venezuela's state-controlled oil company PDVSA has been trying to
persuade bondholders to exchange as much as $5.325 billion of
outstanding notes maturing in 2017 for longer-term securities that
are due in 2020, according to Bloomberg News.  The deadline for
the swap was extended three times and is due Friday, according to
a company statement, Bloomberg News notes.  A failure in
exchanging the bonds could make it "difficult" for the company to
make payments on its existing debt, PDVSA said, Bloomberg News
relays.

A default would not only rattle bondholders, but also PDVSA's
suppliers and customers, with U.S. refineries among the first to
feel the hit, said Lucas Aristizabal, a senior director at Fitch
Ratings.  Last year, the OPEC member supplied almost a third of
all crude oil imported on the Gulf Coast, home to the largest
cluster of refineries in the world, according to the U.S. Energy
Information Administration, Bloomberg News recalls.

"If PDVSA defaults, there could be a disruption of oil supply to
the U.S. as creditors may try to seize payments made in the U.S.,"
Aristizabal said in a phone interview from Chicago. "Bondholders
will definitely try to stake a claim on those dollars," he said,
Bloomberg News notes.

PDVSA subsidiary Citgo Petroleum Corp., Phillips 66, Valero Energy
Corp. and PBF Energy Inc. are among the largest buyers of heavy
Venezuelan crude, Bloomberg News relays.

A number of Gulf Coast refineries have been reconfigured in the
past decade to increase their ability to process cheaper, heavier
oil into gasoline and diesel, Bloomberg News says.

It's likely the company will retain control of its assets such as
the refineries in Venezuela, said Mara Roberts, a New York-based
analyst at BMI Research, Bloomberg News relays.  The story is
different when it comes to oil being exported, she said.

"Oil tankers could also potentially be at risk, with those
carrying Venezuelan crude likely to face attachment claims upon
arrival," Ms. Roberts said by e-mail.  "This could discourage take
up of PDVSA's shipments," she added.

Bloomberg News notes that while supply to the U.S. may be at
stake, the same may not happen to other buyers including China,
which has loaned some $45 billion to Venezuela in the past decade
in return for repayment in oil.  In the case of China, creditors
would have a hard time seizing cargoes, as the oil changes
ownership when it's put on tankers, Mr. Aristizabal said.  China
charters the ships, and PDVSA repays the loans by loading the
vessels, Bloomberg News relays.

"Once the crude is on board, it belongs to the buyer," he said.

"Because of the way the contracts were written, it would be very
hard to have any claims on the oil," he added.

China imported 298,247 barrels a day of oil from Venezuela last
year, up 16 percent from 2014, Chinese customs data show,
Bloomberg News discloses.  The U.S., China and India are the main
buyers of Venezuelan crude, according to data compiled by
Bloomberg.

Venezuela's production could still rebound amid a credit default
scenario if recently announced investments from Repsol SA and
drilling companies materialize, Ms. Roberts said, Bloomberg News
notes.  Earlier this month, PDVSA signed a $1.2 billion deal with
Repsol to increase output at the Petroquiriquire project, and also
announced last month investments of $3.2 billion to drill 480
wells and add 250,000 barrels a day of new oil, Bloomberg News
relays.

"Output is unlikely to improve until some of the financing and
oilfield service-related agreements signed in recent weeks begin
to take effect," she said.  "But if the investments don't follow
through, we are going to see further declines of output and
exports would be at risk as well," she added.

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'.



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


* BOND PRICING: For the Week From Oct. 24 to Oct. 28, 2016
----------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     USD


                            ***********


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.


                   * * * End of Transmission * * *