TCRLA_Public/161101.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, November 1, 2016, Vol. 17, No. 216


                            Headlines


B R A Z I L

COMPANHIA DE SANEAMENTO: S&P Affirms 'BB' Global Scale Rating
GRUPO RBS: S&P Affirms 'BB' CCR, Outlook Remains Negative
MRS LOGISTICA: Fitch Assigns 'BB+' IDR, Outlook Negative
SAMARCO MINERACAO: Fitch Lowers Issuer Default Ratings to 'RD'

SAMARCO MINERACAO: 21 People Charged With Homicide in Dam Collapse
SUZANO PAPEL: Agrees to $259MM Land Deal, Securing Supply for Mill


C A Y M A N  I S L A N D S

ALFA CAPITAL: Commences Liquidation Proceedings
ALTERRA INVESTMENTS: Creditors' Proofs of Debt Due Nov. 18
BELLOWS LTD: Commences Liquidation Proceedings
BLUE ORCHID: Commences Liquidation Proceedings
CAIS CORVEX: Commences Liquidation Proceedings

CENTURY HOLDING: Commences Liquidation Proceedings
CRANSHIRE CAPITAL: Commences Liquidation Proceedings
CRANSHIRE CAPITAL MASTER: Commences Liquidation Proceedings
FELIX (CI): Commences Liquidation Proceedings
HIGASHI OGISHIMA: Creditors' Proofs of Debt Due Nov. 14

N7 BARKAT: Commences Liquidation Proceedings
SENTINEL LIFE: Commences Liquidation Proceedings
TRIANGLE HOLDING: Creditors' Proofs of Debt Due Nov. 14


G U A T E M A L A

GUATEMALA: S&P Affirms 'BB/B' Foreign Sovereign Credit Ratings


G U Y A N A

* GUYANA: to Cut Mortality Rates With US$8MM IDB Support


M E X I C O

CFG HOLDINGS: S&P Affirms 'B' ICR; Outlook Remains Stable


P U E R T O    R I C O

DAVAMADA INC: Unsecureds To Recoup 1.58%-1.72% Under Plan
HECTOR ANIBAL: Dec. 7 Plan Confirmation Hearing Set
PANADERIA ZULMA: Hires Hector Morales as Accountant


T R I N I D A D  &  T O B A G O

ARCELORMITTAL SA: Foreigner Most Likely to Buy Firm


V E N E Z U E L A

PDVSA: Swiss Give US$51 Million in Frozen Assets in Probe


                            - - - - -


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B R A Z I L
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COMPANHIA DE SANEAMENTO: S&P Affirms 'BB' Global Scale Rating
-------------------------------------------------------------
S&P is affirming its 'BB' global scale and 'brA+' national scale
ratings on Brazil-based water and sewage company Companhia de
Saneamento Basico do Estado de Sao Paulo.  Its 'bb' stand-alone
credit profile (SACP) remains unchanged.

The ratings on the company remain limited by those on the state of
Sao Paulo, and the negative outlook indicates that S&P would
downgrade SABESP if S&P was to take the same similar rating action
on its controlling shareholder.


GRUPO RBS: S&P Affirms 'BB' CCR, Outlook Remains Negative
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB' corporate credit and debt
ratings on Grupo RBS (RBS).  S&P's '3' recovery rating, indicating
expectations of a substantial (50%-70%, in the higher band of the
range) recovery in the event of default, remains unchanged.  For
S&P's analysis, it uses the combined financial statements of RBS
TV Comunicacoes S.A. and its subsidiaries and RBS Midia, Digital e
Participacoes S.A. and its subsidiaries.  The outlook on the
corporate credit rating remains negative.

In March 2016, RBS announced that it has agreed to sell its TV,
radio, and newspaper operations in the state of Santa Catarina.
Although the transaction still depends on the approval by the
Ministry of Communications, S&P is already analyzing it separately
from the group because it assess the risk of the transaction's
rejection as low.  As a result of the sale, the company currently
has an even smaller scale and narrower geographic diversification
than those of its peers with nationwide operations.  As a result,
S&P revised its business risk profile to weak from fair.  RBS has
been implementing several initiatives to reduce costs and
expenses, but the smaller scale and weaker advertising industry
conditions, which limit the company's revenue growth, should
result in its EBITDA margin of 13%-14% in the next few years, down
from historical levels of 16%-18%.

Still, RBS' leadership in television and radio segments in the
state of Rio Grande do Sul and its affiliation with the largest
Brazilian media company, Rede Globo, should allow it to recover
revenue growth in these segments once the industry growth likely
returns in the next quarters.  With the proceeds from the sale in
the state Santa Catarina, S&P expects RBS to post stronger credit
metrics despite its lower EBITDA.  S&P believes the company will
use part of the proceeds to reduce its debt to better align with
its smaller scale, but S&P will also monitor other potential cash
outflows such as extraordinary dividend distributions or
acquisitions.


MRS LOGISTICA: Fitch Assigns 'BB+' IDR, Outlook Negative
--------------------------------------------------------
Fitch Ratings has assigned new ratings to MRS Logistica S.A. as:

   -- Long-Term National Rating 'AAA(bra)', Outlook Stable ;
   -- Local Currency Issuer Default Rating (IDR) 'BBB-', Outlook
      Stable;
   -- Foreign Currency (FC) IDR 'BB+'; Outlook Negative.

MRS's FC IDR is constrained by Brazil's 'BB+' Country Ceiling, and
its Negative Rating Outlook follows Fitch's Negative Outlook for
Brazil sovereign (FC IDR 'BB').   generates its revenues in
Brazil, and the company does not have cross-border issuances in
place.

KEY RATING DRIVERS

MRS's ratings are based on its strong and resilient operational
cash generation, conservative capital structure, robust financial
flexibility and very low exposure to competition.  The company's
business model is strong due to the captive demand for
transportation and low exposure to the inherent volatilities of
business environment in Brazil and the iron ore price cycle.  Its
business model is also supported by a shareholders' agreement that
establishes a well-defined tariff model and has protected the
company's operational margins and profitability, enhancing the
predictability of future results.

MRS's credit metrics have remained strong in the past five years,
although the company has undertaken substantial capex during this
period.  Fitch's projections indicate that MRS will sustain its
solid operational margins and credit metrics in the coming years,
which benefit from its severely tested business model and
continuous positive free cash flow (FCF) generation.

Solid Business Profile

MRS runs a mature and important railway concession in Brazil that
expires in 2026.  The company operates 1700-kilometer-rail lines,
which integrate Rio de Janeiro, Belo Horizonte and Sao Paulo with
the most important ports in Brazil's Southeast.  The company is
the sole provider of railway transportation for large clients --
which are at the same time the company's major shareholders -- in
its coverage area.  The competition threat by other transportation
modals is marginal.  MRS's operational model has consistently
protected its operating cash flow generation and balance sheet for
more than a decade.  This model is supported by take-or-pay
contracts with captive clients who represent 80% of the company's
revenue.  Furthermore, the model includes a tariff protection
mechanism to cover the operating costs and capex.  It also
guarantees an adequate and pre-defined return over equity.

In recent years, MRS's operating cash flow generation has proved
to be resilient against strong economic downturns and unfavorable
movements of the exchange rate, fuel and iron ore prices, the main
transported good.  MRS's transported volumes have grown at an
average annual rate of 5% in the last five years and are expected
to increase in the coming years.  In June 2016, latest 12 months
(LTM), MRS transported 170 million tons which compare favorably
with 155 million tons in 2012.  The average freight net rate was
BRL19.10 per ton in June 2016.

Strong Operational Margins Protected by Shareholder's Agreement

MRS's shareholder's agreement provides a tariff model that
benefits the company's profitability and cash flow generation
capacity.  The tariff model establishes, on an annual basis,
freight rates for each captive client during one cycle, through a
pre-defined cargo volume and a return target over equity ratio.
Furthermore, the model determines tariff adjustments on a
quarterly basis in the event of substantial cost increases,
chiefly regarding fuel.  This operating model has proven to be
efficient over many years and has translated into high EBTIDA
margin resilience that was, on average, around 40% between 2012
and June 2016 LTM.

The company's main individual shareholder is Mineracoes
Brasileiras Reunidas S.A (MBR), which is controlled by Vale S.A.
(Vale, 'BBB'/Stable Outlook) and own 44% of MRS's capital.
Combined, they were responsible for almost half of MRS's revenues
in 2015.  MBR and Vale's operations, as well as those of other
main shareholders, such as CSN (18.6%), Usiminas (11.1%) and
Gerdau (1.3%), are heavily dependent on MRS's iron ore
transporting capacity in its coverage area.

Positive Free Cash Flow

Historically, MRS has reported consistent operating cash flow
generation.  In June 2016 LTM, the company generated EBITDAR and
funds from operations (FFO) of BRL1.6 billion and BRL1.0 billion,
respectively.  Fitch believes that MRS's EBITDAR will steadily
increase, as the company gains scale and continues benefitting
from increases in non-captive freight orders following capex
completion in infrastructure and undercarriage material.

MRS's FCF was negative between 2012 and 2014 impacted by average
capex of BRL948 million annually.  Following the conclusion of
improvement measures, MRS is expected to return to lower levels of
capex (around 20% of revenues) at least until 2019.  Fitch expects
a FCF of BRL358 million by 2016, which will remain positive
throughout the low capex period.  In the LTM through June 2016,
MRS generated FCF of BRL226 million, after capex of BRL649 million
and dividends of BRL180 million.

Capital Structure Likely to Remain Conservative

MRS's leverage is low and consistent with the ratings assigned.
In June 2016 LTM, MRS's adjusted net leverage, measured as
adjusted net debt/EBITDAR ratio was 2.7 times (x), relatively flat
compared to the 2012-2015 period.  The conversion of EBITDAR into
FFO has been historically high, which results in low FFO adjusted
leverage within the 2.5x to 3.0x range.  Fitch expects a reduction
of the EBITDAR- based net adjusted leverage to the 2.0x to 2.5x
range for the next two to three years.

On June 30, 2016, MRS posted adjusted total debt of BRL4.723
million, which included off balance debt related to leasing and
concession obligations of BRL1.373 million.  The company has made
use of long-term and low cost credit lines to finance capex and
local market issuances to finance its turnover capital.

Low Risk Industry

Railway transportation in Brazil enjoys a solid demand, low
competition amongst the different operators, high barriers to
entry and medium to high profitability.  These advantages, along
with the current government's resolution to enhance the country's
transportation infrastructure, result in a favorable credit
environment for Brazilian railway companies.

KEY ASSUMPTIONS

Fitch's main assumptions for MRS are:

   -- Volume increase of low one digit in 2016, no growth in 2017;
   -- Tariff increases of 1% per annum in 2016 and 2017;
   -- Average annual capex of BRL650 million in the 2016 to 2019
      period.

                       RATING SENSITIVITIES

Events that could individually or collectively lead to a negative
rating action regarding the LC IDR include:

   -- Deterioration of EBITDA margins to lower than 35% on a
      sustainable basis;
   -- Adjusted net debt/EBITDAR ratios consistently above 3.5x;
   -- Severe deterioration of credit quality of its major clients
      and/or shareholders.

A downgrade of Brazil's sovereign rating ('BB', Negative Outlook)
and of the country ceiling could lead to a negative rating action
regarding the FC IDRs of MRS.

On the other hand, positive actions towards the sovereign rating
may lead to positive actions regarding MRS's FC IDRs, currently
limited by the Brazilian country celling.

LIQUIDITY

The company's liquidity is satisfactory.  In June 2016, the cash
and marketable securities totaled BRL532 million.  Historically,
the cash to short-term debt coverage ratio has remained around
0.7x.  However, MRS benefits from a strong and predictable
operating cash flow generation and solid access to credit lines
that, combined, provide the company with substantial financial
flexibility.  The short-term debt coverage ratio, measured by
cash+CCFO to short-term debt, has remained robust at around 2.0x
in the last four years.  Fitch expects the company to maintain the
current coverage level on a recurring basis.


SAMARCO MINERACAO: Fitch Lowers Issuer Default Ratings to 'RD'
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Foreign Currency and
Local Currency Issuer Default Ratings of Samarco Mineracao S.A. to
'RD' from 'C', and National Long-term ratings to 'RD(bra)' from
'C(bra)'.

                         KEY RATING DRIVERS

The downgrades follow the expiration of the 30-day grace period
after the non-payment of the company's interest payments on its
USD500 million 2024 senior unsecured notes.  Payment of the bond
was due on Sept. 26, 2016, with the 30-day grace period expiring
on Oct. 26, 2016.

Samarco also missed an interest payment on its USD700 million 2023
senior unsecured notes on Oct. 24, 2016. The company has entered a
30-day grace period to remedy the payment.  Given Samarco's
expiration of its prior 30-day grace period on its 2024 notes and
the company's dire liquidity scenario, it is unlikely the company
will amend the payment on its 2023 notes within the 30-day grace
period.

Fitch's 'RR3' recovery rating for the company's bonds reflects
above average recovery prospects.  For this to occur, the company
will need to be able to restart operations at the level of 50% or
more of current capacity.  Fitch believes recovery prospects will
deteriorate should the restart of the plant be pushed beyond 2017.
If Samarco is not able to restart its operations, which remains a
distinct possibility, recovery prospects would likely be less than
10% and the notes would be downgraded to 'C'/'RR6'.

                          KEY ASSUMPTIONS

Fitch's main concern remains Samarco's ability to restart
operations and whether the company will be able to comply with its
various reparation agreements to date.  In addition, the company's
financial obligations and its ability to generate income, remain
sources of concern.

                       RATING SENSITIVITIES

The company's ratings could be revised to 'D' from 'RD' pursuant
to Fitch's rating definition.

An upgrade is unlikely in the near term absent a distressed debt
exchange.

LIQUIDITY

Fitch assumes that liquidity at Samarco is extremely strained.
Access to new financing, as well as financial assistance from
shareholders, should be possible if the company resumes
operations.

FULL LIST OF RATING ACTIONS

Fitch takes these rating actions:

Samarco Mineracao S.A.

   -- Long-Term Local-Currency IDR downgraded to 'RD' from 'C';
   -- Long-Term Foreign-Currency IDR downgraded to 'RD' from 'C;
   -- National Long-Term Rating downgrade to 'RD(bra)' from
      'C(bra)';
   -- Senior unsecured debt rating affirmed at 'CC/RR3'.


SAMARCO MINERACAO: 21 People Charged With Homicide in Dam Collapse
------------------------------------------------------------------
Paul Kiernan at The Wall Street Journal reports that Brazilian
federal prosecutors filed homicide charges against 21 people in
connection with a catastrophic collapse of a mining dam last year
that killed 19 people.

Those charged include current and former top executives of mining
giants Vale SA and BHP Billiton Ltd. and their joint venture,
Samarco Minera‡ao SA, according to The Wall Street Journal.  Among
them are former Samarco Chief Executive Ricardo Vescovi, Vale's
current iron-ore director Peter Poppinga, and eight Vale and BHP
representatives at Samarco, the report notes.

The charges mark the end of a nearly yearlong criminal
investigation into the Nov. 5, 2015, failure of Samarco's Fundao
tailings dam in southeast Brazil, the report relays.

Believed to be the biggest disaster of its kind anywhere, the
incident released a torrent of sludge that washed away villages,
displaced hundreds of people and traveled more than 400 miles
through southeast Brazil's Rio Doce basin before reaching the
Atlantic Ocean, the report notes.  Almost a year later, the river
is still tainted a rusty red from sediment, its washed-out banks
visible from the cruising altitude of commercial airliners, the
report discloses.

Additional charges against the 21 individuals include the crimes
of causing a flood, landslide and grave bodily harm, the report
relays.  Vale, BHP and Samarco were also charged with 12 different
kinds of environmental crimes, the report says.  Employees of a
consulting firm that performed periodic checkups on Fundao were
charged with presenting false stability reports, the report notes.

In an emailed statement, Samarco said it "refutes" the charges and
said the prosecutors ignored defense statements that it presented
over the course of the investigation, "which prove that the
company had no prior knowledge of the risks to its structure," the
report notes

"Safety was always a priority in the management strategy of
Samarco, which reiterates that it never reduced investments in
this area," the company added, the report relays.

BHP Billiton said it "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 defense of the charges against them," the
report notes.

Vale reaffirmed its "deep respect and total solidarity" with the
disaster's victims but said it "vehemently repudiates" the charges
filed, the report relays.  It added that its representatives on
Samarco's board confirmed that they "were never informed by
Samarco's technical or leadership team of any irregularities that
could have represented real or untreated risks to the dam, nor by
any consultancy responsible for monitoring the structure," the
report says.

The individual defendants couldn't be reached.

If convicted of "qualified homicide," the individuals could face
sentences of between 12 and 30 years in prison, prosecutors said,
adding that Brazil has extradition agreements with most or all of
the countries from which the suspects hail, the report relays.

"[The victims] were killed by the violent passage of the tailings
mud, they had their bodies thrown against other objects, such as
pieces of wood, they had their bodies mutilated and . . . . .
dispersed across an area of 110 kilometers," federal prosecutor
Eduardo Santos de Oliveira said at a press conference.  "The
motivation of the homicides was the excessive greed of the
companies -- Samarco, here charged, as well as its shareholders --
in the name of profit," he added.

Potential penalties for Vale, BHP and Samarco range from payment
of fines and funding of charitable programs to partial or total
suspension of their activities. Prosecutors added that they
requested damage payments for the victims, the amount of which
remains to be determined, the report notes.

A judge must accept the charges for a trial, which would take
place before a jury, to begin, the report relays.

In a report released in August, the companies presented a report
on the factors that contributed to Fundao's failure, the report
notes.

All three firms have apologized for the disaster and committed to
a full remediation of the damage.  But Brazilian courts rejected a
March settlement signed by the companies and the government, the
report discloses.  Prosecutors are seeking to replace it with a
civil lawsuit filed in May in which they sought BRL155 billion
($49 billion) in damages and compared the Samarco disaster to BP's
Deepwater Horizon oil spill in the Gulf of Mexico, the report
notes.

The prosecutors' case hinges what they say is evidence that
Samarco and its shareholders were aware of chronic structural
problems at Fundao dating back to April 2009, the report recalls.
They say Samarco's board -- made up of Vale and BHP officials --
was informed of flaws in the dam but responded by pressuring the
company to extract more iron ore, the report notes.

Samarco's board was also allegedly informed of the likely
consequences of a dam failure, prosecutors said, the report says.
Company risk managers allegedly had estimated as recently as 2015,
according to prosecutors, that a collapse of Fundao could kill 20
people, stop Samarco's operations for two years and deal a
substantial blow to the mining companies' reputations, the report
discloses.

Surviving residents of the devastated community of Bento Rodrigues
reported after the accident that they received no official warning
from Samarco in the crucial minutes after the dam gave way, the
report notes.

"There were internal committees, operational committees, dam
committees, in which the issues were discussed, and on those
committees there were representatives of Vale and BHP," prosecutor
Jose Adercio Leite Sampaio said, the report relays.  "Based on the
minutes, on what was debated in those minutes, on the documents
that were presented at those meetings, we identified the list of
people on the charge sheet," he added.

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: Agrees to $259MM Land Deal, Securing Supply for Mill
------------------------------------------------------------------
Reuters reports that Suzano Papel & Celulose SA, Brazil's second
biggest pulp producer, has agreed to pay $259 million for land and
a small hydropower dam as part of an effort to secure supply of
cellulose at lower costs for a key mill in the country.

Suzano said it would pay about $245 million for about 75,000
hectares (185,329 acres) of land between the Brazilian states of
Maranhao and Tocantins, of which about 60 percent are arable,
according to Reuters.  The cost of the mini dam was $14 million.

The deal highlights growing demand for arable land across Brazil's
northern and northeastern regions as speculation mounts that
lawmakers plan to ease existing restrictions on sales of land to
foreign investors in coming months, the report notes.

For pulpmakers, buying land in Brazil has become strategic -- the
country's soil productivity is bigger than in regions such as
Scandinavia or Chile.

Under the deal, which requires regulatory approval, Suzano said it
bought the land and the dam from steelmaking mills Cia Siderurgica
Vale do Pindare SA and Cosima Siderurgica de Maranhao Ltda, the
report relays.

Sao Paulo-based Suzano said third-quarter net income came in at
BRL53 million ($17 million), reversing a loss of BRL959 million a
year earlier.  The result missed a consensus estimate of BRL115.7
million compiled by Thomson Reuters.

Net revenue shrank 27 percent in the quarter, driving earnings
before interest, tax, depreciation and amortization -- a key gauge
of operational profitability -- down 48 percent on an annual
basis, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2016, S&P Global Ratings raised its national scale rating
on Suzano Papel e Celulose S.A. to 'brAA+' from 'brAA'.  In
addition S&P affirmed its 'BB+' global scale ratings on Suzano and
S&P's 'BB+' issue-level ratings on the financing vehicles Bahia
Sul Holding GMBH and Suzano Trading Ltd, which Suzano guarantees.
The outlook is stable.  S&P also affirmed its '3' recovery rating
on the issue-level ratings, indicating its expectation of
meaningful recovery (50%-70% in the higher range of the band) of
the notes under a hypothetical default scenario.



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


ALFA CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Alfa Capital Partners Limited, on Oct. 7,
2016, resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Andrew Johnson
          Alan Turner
          Telephone: 345 640 6703
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
         Cayman Islands


ALTERRA INVESTMENTS: Creditors' Proofs of Debt Due Nov. 18
----------------------------------------------------------
The creditors of Alterra Investments Limited are required to file
their proofs of debt by Nov. 18, 2016, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


BELLOWS LTD: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 28, 2016, the shareholder of Bellows Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 18, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Harry J. Thompson
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222


BLUE ORCHID: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Blue Orchid Select, Ltd., on Oct. 4, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          c/o Neil Lupton
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


CAIS CORVEX: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Cais Corvex Offshore Fund Ltd., on Oct. 3,
2016, resolved to voluntarily liquidate the company's business.

Creditors are required 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
          e-mail: legal@caisgroup.com


CENTURY HOLDING: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Century Holding Company Ltd., on Oct. 7,
2016, resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


CRANSHIRE CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of Alfa Capital Partners Limited, on Oct. 4,
2016, resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Mitchell P. Kopin
          Cranshire Capital Advisors, LLC
          Suite 703, 3100 Dundee Road
          Northbrook
          Illinois 60062
          United States of America
          Telephone: +1 (857) 562 9030


CRANSHIRE CAPITAL MASTER: Commences Liquidation Proceedings
-----------------------------------------------------------
The sole shareholder of Cranshire Capital Master Fund, Ltd., on
Oct. 4, 2016, resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Mitchell P. Kopin
          Cranshire Capital Advisors, LLC
          Suite 703, 3100 Dundee Road
          Northbrook
          Illinois 60062
          United States of America
          Telephone: +1 (857) 562 9030


FELIX (CI): Commences Liquidation Proceedings
---------------------------------------------
The sole shareholder of Felix (CI) Limited, on Oct. 5, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Anthony Levy
          30 Gresham Street, London
          EC2V 7PG
          United Kingdom


HIGASHI OGISHIMA: Creditors' Proofs of Debt Due Nov. 14
-------------------------------------------------------
The creditors of Higashi Ogishima Holding 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. 7, 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


N7 BARKAT: Commences Liquidation Proceedings
--------------------------------------------
The shareholder of N7 Barkat Ltd., on Sept. 28, 2016, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 18, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Harry J. Thompson
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222


SENTINEL LIFE: Commences Liquidation Proceedings
------------------------------------------------
The shareholder of Sentinel Life Insurance SPC Ltd, on Sept. 28,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 18, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Harry J. Thompson
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222


TRIANGLE HOLDING: Creditors' Proofs of Debt Due Nov. 14
-------------------------------------------------------
The creditors of Triangle Holding 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. 7, 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



=================
G U A T E M A L A
=================


GUATEMALA: S&P Affirms 'BB/B' Foreign Sovereign Credit Ratings
--------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB/B' foreign currency and 'BB+/B' local currency
sovereign credit ratings on the Republic of Guatemala.

The transfer and convertibility assessment is unchanged at 'BBB-'.

                              RATIONALE

The outlook revision reflects an at least one-in-three possibility
of a downgrade over the next 24 months if the interest burden as a
share of general government revenues and GDP growth deteriorate
beyond S&P's current forecast.  Also, continuously weak government
institutions and a lack of agreement on highly needed reforms
could trigger a downgrade.

Declining public-sector investments and increased poverty reflect
the government's inability to promote sustainable growth over the
long term.  Also, a reduction of the sovereign's already low
general government revenues to GDP would translate to a higher
interest payment burden, despite S&P's forecast for low fiscal
deficits for the next two years.  High political fragmentation
would continue to be an obstacle to the approval of highly needed
structural reforms.  Low external deficits, a stable debt level to
GDP, and sound monetary policy that has kept inflation declining
over the last three years are positive credit factors.

After almost nine month in office, the current Administration of
President Jimmy Morales has been able to manage political
instability that emerged last year following corruption
investigations of the previous Administration.  Significant
challenges remain, however, to strengthen government's
transparency and execution capacity and to recover confidence in
the country's revenue collection authority that was at the center
of fraud and corruption cases.  Also, further reforms will be
needed to improve the representation and accountability of
Guatemala's political party system, which remains fragmented and
volatile.

Speeding economic growth presents a big challenge for Guatemala
over the next years.  Declining public infrastructure investment,
a less dynamic export sector, and lower foreign direct investment
(FDI)--already observed in 2015--are likely to result in real GDP
growth of about 3.6% in 2016-2018.  This growth rate will be
insufficient to reverse the country's increasing poverty levels,
which reached 59% of the total population in 2015, from 51% in
2006, according to the National Institute of statistics (INE), and
to significantly increase its low GDP per capita of US$3,900 in
2015.  Along with higher public infrastructure investments, the
government's ability to increase spending on highly needed
security and the health and education sectors will also be major
factors in GDP growth over the next years.  Consistently low GDP
growth could weaken S&P's rating on the sovereign.

S&P expects Guatemala's fiscal deficit to remain below 2% of GDP
in 2016-2018.  As much as S&P sees low fiscal deficits as a rating
strength, in cases like in Guatemala, this is not entirely
positive because these reflect declining public infrastructure
investment, coupled with a weak revenue collection.  In 2015,
general government revenue accounted for a low 10.8% of GDP, down
from 11.64% of 2013, while public-sector infrastructure investment
(direct real investment, according to the official definition)
declined to 0.4% of GDP from 1.8% five years ago.  As of Aug. 31,
2016, public infrastructure investment remains significantly below
budget.  In S&P's view, chances are low that the government can
approve a comprehensive fiscal reform in the next couple of years.

Consistent with low fiscal deficits and GDP growth, the country's
general government debt has remained stable at 24% of GDP over the
last three years.  Interest paid has also remained low at 1.5% of
GDP.  S&P expects that the change in general government debt
remains below 2% of GDP in 2016-2018, reflecting the government
fiscal deficits.  Despite general stability with regard to GDP,
compared with general government revenues, interest payments have
been increasing to 14.4% in 2015 from 12.7% in 2011, and S&P
expects this average to be close to 15% in 2016-2018.  This
increased interest payment burden could cause S&P to lower its
debt assessment for Guatemala.

Externally, the country continues to benefit primarily from low
oil prices and the accompanying derivatives, which have
contributed to a declining trade deficit (to 8.7% of GDP in 2015,
down from 11.5% in 2013).  S&P expects that over the next three
years the sovereign's current account deficit (CAD) will remain
below 2% of GDP.  Last year, a reduced trade deficit, along with
strong remittances growth of close to 10%, resulted in a CAD of
0.3% of GDP, its lowest level over the last five years.  As in
previous years, S&P expects that FDI will cover most -- if not all
-- of CAD in the following years.  Accordingly, S&P is forecasting
Guatemala's gross external financing needs to remain broadly
stable at around 93% of current account receipts plus usable
reserves in 2016-2019, while its narrow net external debt would
stay in line with the 37% figure in 2015.

Guatemala's foreign currency debt represented 48% of total debt in
2015, down from 55% in 2010, and the central bank reserves
continued to increase to $8.9 billion as of Oct. 17, 2016.  Both
make the country less vulnerable to external shocks.
Nevertheless, its concentration in trade with the U.S. remains a
source of vulnerability. In 2015, 37% of imports originated in the
U.S., while 34% of exports went to the U.S.  Also, roughly 80% of
remittances came from the U.S. last year.  In S&P's view, because
both trade and remittances are closely linked to the U.S.,
Guatemala is exposed to sudden changes in the U.S. trade and
immigration policies.

The country's external data still shows shortcomings, although
accounting improvements have reduced errors and omissions in the
balance of payments over the last three years.

Monetary policy continues to reflect the central bank's mandate to
control inflation as well as its operational independence despite
recent political instability and a change in national government
this year.  In 2015, inflation was the lowest it's been in last
six years, at 2.4%, although S&P expects that this could average
around 4.3% over the next three years as oil prices start to
recover.  Because inflation has been declining over the last three
years, the central bank cut monetary policy three times in 2015
(by 100 basis points in total) to its current 3% since October
2015, which has also contributed to economic growth.

S&P estimates that contingent liabilities from the financial
sector and the nonfinancial public sector are limited, despite the
increase from last year.  S&P expects the banking system's
nonperforming loans to average around 1.75% of total loans at the
end of 2016.

                              OUTLOOK

The negative outlook reflects S&P's expectation that Guatemala's
government institutions will remain weak, resulting in low public-
sector investment and in consistently low general government
revenues.  This in turn could hurt the country's long-term growth
prospects and the possibility to overcome its immense social
needs.

S&P could lower the ratings if the Administration fails to
increase its general government revenues enough to boost public-
sector investment and keep its interest payment below 15% of
general government revenues over the next 12 to 24 months.  Also,
lower-than-forecasted economic growth and unexpected increases in
the sovereign's fiscal and external deficits could result in a
downgrade.

S&P could revise outlook to stable in the next 12-24 months if the
government is able to propose and implement a reform agenda that
strengthens Guatemala's public institutions, significantly
increases its revenue level, and bolsters its GDP growth
prospects.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that no key rating factors had improved or
deteriorated.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed; Outlook Action
                                   To                 From
Guatemala (Republic of)
Sovereign Credit Rating
  Foreign Currency                 BB/Neg./B      BB/Stable/B
  Local Currency                   BB+/Neg./B     BB+/Stable/B

Transfer & Convertibility
  Assessment                       BBB-
Senior Unsecured                  BB



===========
G U Y A N A
===========


* GUYANA: to Cut Mortality Rates With US$8MM IDB Support
--------------------------------------------------------
The Inter-American Development Bank (IDB) approved an US$8 million
loan for a program to help reduce maternal, perinatal and neonatal
deaths in Guyana. This program seeks to improve the quality of
care at 140 health facilities and in 88 communities, benefitting
at least 140,000 women and 9,000 newborns per year.

Despite progress achieved during the last decade, Guyana continues
to experience one of the highest maternal and infant mortality
rates in Latin America and the Caribbean, with a maternal
mortality rate estimated at 121 per 1,000 live births and an
infant mortality rate at 22 per 1,000 live births. Given that
about 93 percent of deaths in children less than one year of age
occurred in the neonatal period, the program will support and
improve maternal and child health care with a focus on improving
access to quality neonatal health services and providing a better
path to and quality of reproductive and maternal health services.

This operation draws from the IDB's experiences with the
Mesoamerican Health Initiative and incorporates lessons learned on
evidence-based biomedical and operational interventions. It will
closely monitor results to ensure that those interventions can
contribute to the success of the program.

The total cost of the project is US$8 million to be financed as
follows: US$4 million from the IDB's ordinary capital resources
and US$4 million from the Fund for Special Operations (FSO) of the
Bank. The loan from the Bank's ordinary capital has a six-year
grace period and a 30-year term. The FSO funding has a term of 40
years with a 40-year grace period and a fixed annual rate of 0.25
percent.



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


CFG HOLDINGS: S&P Affirms 'B' ICR; Outlook Remains Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on CFG
Holdings, Ltd. At the same time, S&P affirmed its 'B+' issue-level
rating on its senior secured debt.  The outlook remains stable.

The ratings constraint on CFGLTD is its moderate business
position, which reflects the concentration of its revenue source
in its unsecured consumer lending.  S&P also considers that the
company has a undiversified funding structure and lacks
alternative liquidity sources.  The ratings also incorporate S&P's
assessment of CFGLTD's risk position as moderate, reflecting
above-average delinquency levels on its loans and above-average
historical credit losses.  On the other hand, CFGLTD's very strong
capital and earnings is a rating strength, based on S&P's
forecasted RAC ratio above 15% for the next 12-18 months thanks to
internal capital generation and steady loan growth.

S&P affirmed its 'B+' rating on CFGLTD's $178 million senior
secured notes, given their unconditional and irrevocable guarantee
from Caribbean Financial Group Holdings L.P. (parent company),
Caribbean Financial Group Inc. (an affiliate of CFGLTD), and the
latter's existing and future subsidiaries, subject to certain
exceptions.  The rating on the notes is one notch above the issuer
credit rating because CFGLTD is a non-operating holding company
that relies on the creditworthiness of its consolidated operating
subsidiaries.



======================
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.


HECTOR ANIBAL: Dec. 7 Plan Confirmation Hearing Set
---------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico approved the disclosure statement
explaining Hector Anibal Martinez Hernandez's plan and will
convene a hearing on December 7, 2016, at 9:00 A.M., to consider
confirmation of the Plan.

That any objection to confirmation of the plan shall be filed
on/or before seven days prior to the date of the hearing on
confirmation of the Plan.

The Troubled Company Reporter, on Sept. 13, 2016, reported that
the Debtor's Plan proposes that holders Class 7 General Unsecured
Creditors will receive from the Debtor a non-negotiable, non-
interest bearing, promissory note dated as of the Effective
Date.  Creditors in this class will receive a total repayment of
100% of their claimed or listed debt plus 3.5% annual interest.
These claims, which total $47,814.69, will be paid in five equal
annual payments of $11,236.46 (this payment includes principal and
interest) each.  The first annual payment will be due Sept. 1,
2017, and subsequently the first day of September of each year.
The Class is impaired.

The allowed liability to unsecured creditors is in the amount of
$1,344,966.97.

The source of payments proposed under the Plan will come from the
Debtor's income from businesses and sale of real properties.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/prb15-03458-111.pdf

Hector Anibal Martinez Hernandez filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-03458) on May 7, 2015, and
is represented by Homel Antonio Merado Justiniano, Esq.


PANADERIA ZULMA: Hires Hector Morales as Accountant
---------------------------------------------------
Panaderia Zulma Inc. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Hector A. Morales
of Morales Munoz & Asociados CPA, PSC as accountant.

The Debtor requires the accounting firm to work on these matters:

   (a) reconciliation of financial information to assist Debtor in

       the preparation of monthly operating reports;

   (b) assist in the reconciliation and clarification of proof of
       claims filed and amount due to creditors;

   (c) provide general accounting and tax services to prepare
       year-end reports and income tax preparation; and

   (d) assist Debtor and Debtor's counsel in the preparation of
       the supporting documents for the Chapter 11 Reorganization
       Plan, including negotiation with creditors.

The accounting firm will be paid at these hourly rates:

       Hector A. Morales, CPA           $90
       CPA Supervisor                   $75
       Senior Accountant                $50
       Staff Accountant                 $40

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

Hector A. Morales 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.

Morales Munoz can be reached at:

       Hector A. Morales
       MORALES MUNOZ & ASOCIADOS CPA, PSC
       405 Avenida Esmeralda Ave. Suite 2 PMB 311
       Guaynabo, PR 00969
       Tel: (787) 370-5250
       Fax: (787) 545-6480
       E-mail: cpahectormorales@gmail.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.


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


ARCELORMITTAL SA: Foreigner Most Likely to Buy Firm
---------------------------------------------------
http://www.trinidadexpress.com/20161027/business/foreigner-most-
likely-to-buy-arcelormittal
(rousel/revise)

Sue-Ann Wayow at Trinidad Express reports that the purchaser of
the ArcelorMittal steel plant in Pt. Lisas will most likely be a
foreigner, according to the liquidator in charge of selling the
plant, Christopher Kelshall.

Mr. Kelshall told The Express that although advertisements have
been displayed locally, the target market was an international
one.

Mr. Kelshall said an advertisement was also placed in the November
issue of an international steel magazine published in the United
Kingdom, the report notes.  The magazine should be released by
weekend, the report relays.

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: Swiss Give US$51 Million in Frozen Assets in Probe
----------------------------------------------------------
http://www.reuters.com/article/us-usa-venezuela-moneylaundering-
swiss-idUSKCN12P2D7
(rousel/revise)

Joshua Franklin at Reuters reports that Switzerland has given
around $51 million in formerly frozen assets to the United States
in connection with a U.S. investigation into alleged corruption at
oil company Petroleos de Venezuela S.A. (PDVSA), authorities said.

The transfer followed a December request to Switzerland from the
United States to freeze $118 million in assets in connection with
the U.S.'s PDVSA probe, the Swiss Federal Office of Justice (FOJ)
said in an emailed statement, according to Reuters.

"On 11 October 2016 the FOJ has ordered the handing over of the
assets of about $51 million . . . . The assets have been
transferred about a week later to the U.S. authorities (Treasury
Forfeiture Fund Suspense Account).  The rest of the assets of $67
million still remain frozen," the FOJ said, the report notes.

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.

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                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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                   * * * End of Transmission * * *