TCRLA_Public/161104.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

            Friday, November 4, 2016, Vol. 17, No. 219


                            Headlines



A R G E N T I N A

ARGENTINA: Taxi Drivers Again Ask Local Court to Outlaw Uber
BANCO SANTANDER RIO: Moody's Assigns Ba3 Sr. Rating on ARS1BB Debt
FIDEICOMISO FINANCIERO: Moody's Cuts Cl. A Debt Rating to Caa2
SANTE FE: Moody's Assigns B3 Foreign Currency Debt Rating


B R A Z I L

BANCO DO ESTADO: S&P Affirms 'BB-' Long-Term Global Scale ICR
ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'B-', Outlook Negative


C A Y M A N  I S L A N D S

AMWAL QATAR: Creditors' Proofs of Debt Due Nov. 24
AUGUSTA SPC: Commences Liquidation Proceedings
BLUE CEDAR: Creditors' Proofs of Debt Due Nov. 21
BRITISH OVERSEAS: Commences Liquidation Proceedings
CLASS 2E: Placed Under Voluntary Wind-Up

CLASS 5E: Placed Under Voluntary Wind-Up
GIOVINE INVESTMENT: Commences Liquidation Proceedings
GOLDEN FIRE: Creditors' Proofs of Debt Due Nov. 15
IBERLEASING 2000-2: Commences Liquidation Proceedings
JUST FOODS: Creditors' Proofs of Debt Due Nov. 23

OBSERVATORY EUROPEAN: Creditors' Proofs of Debt Due Nov. 23
RE FUND IV: Creditors' Proofs of Debt Due Nov. 18
WP PHARMACY II: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

BANCO DE BOGOTA: Moody's Assigns Ba2 Rating on US$600MM Sub. Debt


G U A T E M A L A

CENTRAL AMERICA BOTTLING: S&P Affirms 'BB' CCR, Outlook Stable


H O N D U R A S

HONDURAS: IMF Completes Third and Fourth Reviews Under SBA and SCF


P U E R T O    R I C O

BAHIA SALINAS: Seeks to Hire Jane Whitaker as Special Counsel
EURO BOUTIQUE: Hires BBA Braulio as Accountant
EURO BOUTIQUE: Taps Hatillo Law as Counsel
MBTI OF PUERTO RICO: Taps Carrasquillo as Financial Consultant
ROJESIE INC: Proposes Justiniano Law Offices as Counsel


S U R I N A M E

FLY ALLWAYS: Faces Uncertain Future
SURINAME: Moody's Assigns B1 Rating on $550MM Global Bond Offering


V E N E Z U E L A

VENEZUELA: Opposition Faces Prison for Demonstrations


X X X X X X X X X

LATAM: Poor Transportation Hampers Growth of Regional Agriculture


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Taxi Drivers Again Ask Local Court to Outlaw Uber
------------------------------------------------------------
EFE News reports that the leading taxi-driver associations of
Argentina presented a plea before the Justice system asking for a
ruling on whether the Uber company in this country is engaged in
illegal activities, a legal procedure that was accompanied by a
demonstration in front of the Palace of Tribunals in Buenos Aires.

Some 50 taxi drivers gathered outside the National Court of
Appeals to accompany the union representatives who were filing the
plea inside the courtroom, while shouting the slogan heard at
dozens of their protests in recent months: "Uber is illegal!,"
according to EFE News.

For the nation's taxi drivers, the company that provides rides in
private vehicles through a mobile app practices unfair
competition, since, they say, it does not pay the taxes it owes,
nor does it guarantee a minimum of safety, the report notes.

EFE was told by the president of the Capital Taxi-Drivers
Association, or ATC, Luis Fernandez that the arrival of Uber in
Buenos Aires has been like a kind of "malaria," which, together
with the country's economic situation, has caused a 40 percent
drop in drivers' incomes.

This latest protest arises from Buenos Aires Judge Luis Alberto
Zelaya's decision on Oct. 24 to dismiss a lawsuit filed by the
taxi-drivers' unions demanding that the app be declared illegal in
the Argentine capital, the report relays.

Standing a few meters (yards) from the Palace of Tribunals, Mr.
Fernandez said Judge Zelaya "won Uber's employee of the month
prize," adding that his ruling in favor of a multinational "goes
against the interests of the workers" of this country and that
Uber "doesn't consider investing a cent in Argentina," the report
notes

"We'll keep up the struggle until Uber leaves the city," the union
leader warned, then slammed the "strategy of tax-avoidance and
breaking labor regulations" that is practiced, in his opinion, by
the U.S. company in this South American country, the report
discloses.

"We won't let them make us give in," he added.

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'.


BANCO SANTANDER RIO: Moody's Assigns Ba3 Sr. Rating on ARS1BB Debt
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
has assigned a Ba3 global local currency senior debt rating and a
Aaa.ar national scale debt rating to Banco Santander Rio S.A.'s
(Santander Rio) Class 16 expected issuance of up to ARS1 billion,
which will be due in 18 months, and Class 17 expected issuance up
to ARS 1 billion, which will be due in 36 months.  Both issuances
together must not exceed ARS 1 billion.

The outlook for all ratings is stable.

These ratings were assigned to Banco Santander Rio S.A.'s expected
issuances:

  Class 16 up to ARS 1 billion:

  Ba3 Global Local Currency Debt Rating
  Aaa.ar Argentina National Scale Local Currency Debt Rating

  Class 17 up to ARS 1 billion:

  Ba3 Global Local Currency Debt Rating
  Aaa.ar Argentina National Scale Local Currency Debt Rating

                         RATINGS RATIONALE

The Ba3 global local currency debt rating derives from Santander's
b3 BCA and Moody's assessment of the very high probability of
parental support to be provided by its shareholder Banco Santander
S.A. (Spain), rated baa1.  Notwithstanding the bank's speculative
grade global scale rating, it is one of the strongest credits in
Argentina, as reflected by its Aaa.ar national scale rating.  The
ratings captures Santander's well established franchise as the
largest private bank in the Argentine banking system, as well as
its growing range of products and customer base, which drives
sound earnings generation capacity.  Santander Rio's profitability
is supported by a diversified base of earnings sources driven by
corporate and consumer lending.  The bank's net income in 1H2016
equaled a very strong 2.7% of tangible assets, though this is
distorted by the high rate of inflation.

In addition, Santander's diversified loan portfolio including a
significant component of payroll lending supports its good asset
quality.  Payroll accounts also provide a base of inexpensive core
deposit funding.  The rating also considers the bank's moderate
level of capitalization.  However, all these credit strengths are
limited by the operating environment in Argentina, which remains
challenging despite the country's recent return to global capital
markets and various other market-friendly policy reforms
implemented in recent months by the new administration.

The bank had signed recently a purchase agreement with Citibank's
(Citibank N.A., unrated) Argentine branch, to acquire Citi's
retail banking business.  Moody's expects that the acquisition,
when approved, will have a positive effect on the bank's business
strategy and revenues, which will be partially offset by negative
impacts on capitalization and liquidity.

What Could Move the Rating Up or Down

Given the fact that Santander Rio's baseline credit assessment is
effectively constrained by Argentina's sovereign rating,
improvements in the bank's financial fundamentals are unlikely to
affect its rating.  However, the rating could face upward pressure
if Argentina's bond rating is upgraded and/or if Argentina's
country's operating environment improves.

On the other hand, the rating could go down if the operating
environment deteriorates affecting the bank's business prospects,
asset quality, profitability or capitalization, as well as if the
country ceiling is downgraded or if probability of affiliate
support declines.


FIDEICOMISO FINANCIERO: Moody's Cuts Cl. A Debt Rating to Caa2
--------------------------------------------------------------
Moody's downgrades Fideicomiso Financiero EISA/VIALNOA, a future
Moody's Latin America has downgraded the Class A and Class B Debt
Securities (VRDA and VRDB) of Fideicomiso Financiero EISA/VIALNOA,
a financial trust established in Argentina.

Moody's has downgraded the ratings of the Class VRDA and VRDB
securities following the downgrade of the main guarantor in the
transaction, Electroingenieria S.A. ("EISA") (Caa2/B3.ar).  As a
result, the rating of the public VRDA and VRDB tranches will be
as:

   -- Class A Debt Securities (VRDA) of "Fideicomiso Financiero
      EISA/VIALNOA", downgraded to Caa2 from Caa1 (Global Scale)
      and to B3.ar from Ba1.ar (Argentine National Scale)

   -- Class B Debt Securities (VRDB) of "Fideicomiso Financiero
      EISA/VIALNOA", downgraded to Caa2 from Caa1 (Global Scale)
      and to B3.ar from Ba1.ar (Argentine National Scale)

                        RATINGS RATIONALE

The ratings are based mainly on these factors:

   -- The irrevocable and unconditional guaranty provided by
      Electroingenieria S.A. ("EISA") (Caa2/B3.ar), one of the
      sellers in the transaction, that covers timely payment of
      principal and interest on the rated securities, and trust
      expenses and taxes.

   -- The availability of a reserve fund equivalent to two
      principal payments.

The trust assets included two sources of cash flows, of which one
has already terminated:

  i) EISA assigned to the trust certain rights under the operation
     and maintenance agreement (O&M) of the "Central Pilar"
     thermo-electrical power plant.

ii) Vialnoa, a company controlled by EISA, assigned certain
     rights under the toll-road concession agreement of Highway N¯
     7 (Corredor Vial N¯ 7). The mentioned concession contract
     ended in April 2016.

Central Pilar

The Central Bicentenario - Central Termica Ciclo Combinado Pilar
(Central Pilar) is a combined cycle thermoelectric power plant
located in the Province of Cordoba, Argentina.  The power plant is
owned by the Provincial Energy Company of the Province of Cordoba
(EPEC) currently rated at B3/Baa3.ar.

Central Pilar was constructed by the consortium EISA-SENER (80%
owned by EISA) as a "turnkey" project which included: preliminary
studies, general project and detail, construction and assembly,
rollout and final trials. The combined cycle of Central Pilar
obtained final authorization to operate in February, 2012. The
plant can generate up to 465 MW under normal conditions.
Additionally, EISA was awarded by public bidding the O&M Agreement
for the plant.  EISA assigned to the issuing trust its rights over
the "local component" of the O&M Agreement, which includes fixed
and variable amounts in local and foreign currency.  The variable
amounts are related to the actual number of hours that the plant
is generating energy for the system.

Payments under the O&M Agreement are made to an Administration
Trust, which receives payments from CAMMESA, the wholesale
electricity market.

Corredor Vial N7

Vialnoa assigned certain rights under the concession agreement of
toll road Highway N7 (Corredor Vial N7).  The National Highway
Administration granted the concession of Highway N7 to Vialnoa for
6 years in April 2010.  The contract was terminated in April 2016.

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

Moody's ratings are primarily based on the guaranty provided by
EISA, which covers interest and principal payments on the rated
securities.  Moody's notes that the future cash flows are highly
linked to the performance risk of EISA, under the O&M agreement of
Central Pilar and Vialnoa, as concessionaire of the toll-road
agreement.

Therefore, any future change in the rating of the guarantor may
lead to a change in the rating assigned to this transaction.  The
rating addresses the payment of interest and principal on or
before the legal final maturity date of the securities.


SANTE FE: Moody's Assigns B3 Foreign Currency Debt Rating
---------------------------------------------------------
Moody's Investors Service assigned a B3 (Global Scale) foreign
currency debt rating to the planned Senior Unsecured Notes to be
issued by the Province of Santa Fe for up to USD250 million. This
rating is in line with the province's long-term foreign currency
issuer rating, which carries a stable outlook.

RATINGS RATIONALE

The planned issuance has been authorized by Provincial Law
Nß13.543 and mandated by Governor's Decree Nß1.777 of 2016. The
Province intends to use the net proceeds of this issuance to fund
public infrastructure works detailed in Provincial Law Nß 13.543.
The Notes will constitute direct, general, unconditional and
unsubordinated obligations of the Province, will be denominated
and payable in US dollars and will be governed by the Law of the
State of New York. According to the information reviewed by
Moody's, the planned Notes will have a maximum tenure of twelve
years and will pay fixed interest rate on a semi-annual basis.

After the issuance of these Notes, Moody's anticipates that the
ratio of total debt to total revenues of the Province of Santa Fe
will reach approximately 7% by year end 2016 from a very low 2.5%
at the end of 2015 fiscal year which is still consistent with
Santa Fe's current issuer rating of B3 in foreign currency.

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

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between
sovereign and sub-sovereign entities in Argentina, an upgrade or
an outlook change to positive of Argentina's sovereign bonds
ratings could lead to an upgrade or to an outlook change of the
Province of Santa Fe ratings. Conversely, a downgrade in
Argentina's bond ratings or outlook change to negative and/or
deterioration in the idiosyncratic risk profile arising in this
Province -due to for instance to sustained gross operating
deficits for more than two years- could exert downward pressure on
the ratings and could translate into a downgrade.

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



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


BANCO DO ESTADO: S&P Affirms 'BB-' Long-Term Global Scale ICR
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term global scale and
'brA-' national scale issuer credit ratings on Banco do Estado do
Rio Grande do Sul (Banrisul).  The outlook on both scale remains
negative.

The ratings on Banrisul continue to reflect its moderate business
position given the higher risk of operating in RS given the
state's prolonged weak finances weigh on bank's revenue stability.
The ratings also are based on the bank's moderate risk position
that reflects deteriorating asset quality, its moderate capital
and earnings that stem from a 5.6% forecasted risk-adjusted
capital (RAC) ratio for the next 18 months, and its above average
funding given its diversified and retail-based structure, and
adequate liquidity.


ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'B-', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its global scale corporate credit
rating on Odebrecht Engenharia e Construcao S.A. (OEC) to 'B-'
from 'B+'.  At the same time, S&P lowered its national scale
corporate credit rating on the company to 'brB-/brC' from
'brBBB-/brA-3'.  S&P also lowered its issue-level ratings on OEC's
sister company, Odebrecht Finance Ltd. (OFL), to 'B-'.  The '4'
recovery rating on this debt, indicating S&P's expectation that
lenders would receive average (30%-50%; the higher half of the
band) recovery of their principal in the event of a payment
default, remains unchanged.  The outlook on the corporate credit
ratings remains negative.

The downgrade reflects OEC's weakening cash flows and leverage, as
well as S&P's rising concerns over its commercial capabilities due
to the pernicious effect of the corruption investigation.  Under a
scenario of slower cash conversion cycle and weaker
creditworthiness of its clients, OEC had no choice but to reduce
the execution pace of some works, mainly in countries such as
Venezuela, which account for about 20% of the company's backlog.

In addition, the backlog has shrunk to about $22 billion from
$33 billion at the end of 2014 due to the reputational risks and
weak economic prospects in the main countries the company
operates.  Therefore, S&P believes OEC's business and cash
recovery cycle will remain pressured for some time, even assuming
a quick settlement with Brazilian authorities.

OEC's backlog is heavily exposed to volatile economies that are
navigating difficult times, which likely impair the company's cash
flow generation and leverage in the future.  Furthermore, OEC's
operations in its main markets -- Brazil, Venezuela, and Angola --
confront high uncertainties over the pace of future growth due to
economic cycles and tighter funding conditions for new projects.
Even though OEC has maintained margins under these difficult
conditions, its operating efficiency suffered from a flagging
working capital management.  As a result, S&P revised its business
risk profile assessment on OEC to weak from fair.

With a likely lower cash flow generation for 2016 and 2017 EBITDA
at $475 million to $500 million, S&P expects the company's gross
debt to EBITDA to weaken to 7.0x and its net debt to EBITDA to
3.0x-3.5x, excluding future liabilities stemming from the
corruption probe.  Under S&P's base case, the company's corruption
case will complete by first quarter of 2017, and S&P acknowledges
that any fine amount is still uncertain.  Nevertheless, given a
heavier balance sheet and based on previous arrangements of
corruption cases by OEC's peers, S&P expects its net leverage
metric would trend at 4.5x-5.0x if S&P includes the litigation
amount as a debt adjustment, with gross leverage trending at 9.0x-
10.0x.  This prompted S&P to change its financial risk profile on
OEC to highly leverage from significant.



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


AMWAL QATAR: Creditors' Proofs of Debt Due Nov. 24
--------------------------------------------------
The creditors of Amwal Qatar Money Market Fund are required to
file their proofs of debt by Nov. 24, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 12, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          DMS Corporate Services Ltd.
          PO Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


AUGUSTA SPC: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Augusta SPC, on Sept. 22, 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:

          Philippe Magistretti
          4 rue des Toules, 3963 Crans-Montana
          Switzerland


BLUE CEDAR: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------
The creditors of Blue Cedar Holdings Limited are required to file
their proofs of debt by Nov. 21, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2016.

The company's liquidator is:

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


BRITISH OVERSEAS: Commences Liquidation Proceedings
---------------------------------------------------
The members of British Overseas Territory Cable &
Telecommunications, 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Lynden John
          Michelle Gibbs
          Lynden John
          Telephone: +1 (345) 815.1456


CLASS 2E: Placed Under Voluntary Wind-Up
----------------------------------------
The sole shareholder of The Class 2e Company, Ltd., on Oct. 14,
2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          EFG Capital Advisors, Inc
          c/o Tim Cone
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


CLASS 5E: Placed Under Voluntary Wind-Up
----------------------------------------
The sole shareholder of The Class 5e Company, Ltd., on Oct. 14,
2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          EFG Capital Advisors, Inc.
          c/o Tim Cone
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


GIOVINE INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of Giovine Investment Partners International
Ltd., on Sept. 21, 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
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDEN FIRE: Creditors' Proofs of Debt Due Nov. 15
--------------------------------------------------
The creditors of Golden Fire Corporation are required to file
their proofs of debt by Nov. 15, 2016, to be included in the
company's dividend distribution.

The members will hold a meeting on Nov. 16, 2016, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 10, 2016.

The company's liquidator is:

          MI Ping
          c/o Loeb Smith Attorneys
          Zephyr House, 5th Floor
          122 Mary Street, George Town
          Grand Cayman KY1-1206
          Cayman Islands
          c/o Lorna Williams
          Telephone: (345) 749 7495


IBERLEASING 2000-2: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Oct. 14, 2016, the members of
Iberleasing 2000-2 Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


JUST FOODS: Creditors' Proofs of Debt Due Nov. 23
-------------------------------------------------
The creditors of Just Foods Inc. are required to file their proofs
of debt by Nov. 23, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 11, 2016.

The company's liquidator is:

          Maricorp Services Ltd.
          Roger L. Nelson
          #31 The Strand 46 Canal Point Drive
          P.O. Box 2075, Grand Cayman KY1-1105
          Cayman Islands
          Telephone: 345-949-9710


OBSERVATORY EUROPEAN: Creditors' Proofs of Debt Due Nov. 23
-----------------------------------------------------------
The creditors of The Observatory European Opportunities Fund
Limited are required to file their proofs of debt by Nov. 23,
2016, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 12, 2016.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          c/o Kim Charaman
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Telephone: (345) 943-3100


RE FUND IV: Creditors' Proofs of Debt Due Nov. 18
-------------------------------------------------
The creditors of RE Fund IV North America Investment Corp. are
required to file their proofs of debt by Nov. 18, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 10, 2016.

The company's liquidator is:

          Jean Ebanks
          c/o Jane Fleming or Jean Ebanks
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197


WP PHARMACY II: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of WP Pharmacy II Ltd., on Oct. 13, 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
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100



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D O M I N I C A N   R E P U B L I C
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BANCO DE BOGOTA: Moody's Assigns Ba2 Rating on US$600MM Sub. Debt
-----------------------------------------------------------------
Moody's Investors Service assigns a Ba2 long-term foreign currency
subordinated debt rating to Banco de Bogota S.A.'s USD600 million
subordinated debt issuance due May 12, 2026, issued on May 2,
2016.  The bank is reopening the issuance and increasing the
amount by up to another USD700 million for a total amount of up to
USD1.3 billion.

Moody's continues to assign a Ba2 rating to the notes.

                         RATINGS RATIONALE

The Ba2 rating for the subordinated debt issuance is one notch
below the bank's ba1 adjusted baseline credit assessment (adjusted
BCA) to reflect the subordination of the notes.  The rating and
the adjusted BCA take into account the expectation that the
measures announced by management on June 14, 2016, to strengthen
the bank's capitalization ratios will be finalized in the short-
term.  The measures include (i) the deconsolidation of Banco de
Bogota's merchant bank, Corporacion Financiera Colombiana S.A.
(Corficolombiana, unrated), which was completed on June 30, 2016,
and capitalization of the resulting valuation gain, and (ii) the
merger of Leasing Bogota S.A. Panama (LBP, unrated), the holding
company of the bank's Central American banking operations, BAC
International Bank, Inc (BAC, Baa3 stable), with Banco de Bogot†
S.A. in Colombia, which still under analysis and consideration by
management.

With the completion of the first step of the restructuring, the
bank's tangible common equity (TCE) more than doubled to 8.2% of
risk-weighted assets (RWAs) as of June 2016 from just 4.0% as of
year-end 2015.  As a result of the change of the accounting
treatment of the bank's 38.3% ownership of Corficolombiana to an
equity participation, the bank no longer consolidates
Corficolombiana's substantial intangibles, which Moody's
previously deducted from its capital as they do not provide loss
absorption, and it has realized a COP2.2 trillion gain related to
the difference between the book value and the market valuation of
the investment.

The rating also considers the bank's sizable single borrower and
sector concentrations and its significant presence in riskier
countries in Central America, which exposes its asset quality to
potentially greater volatility, particularly under currently
uncertain market conditions.  The rating does not incorporate any
government support uplift because Moody's does not believe that
government support would be extended to a subordinated bond in the
event of financial stress.

              WHAT COULD CHANGE THE RATING UP OR DOWN

Given pressures on the bank's asset quality and profitability
related to the slowdown in the Colombian economy, an upgrade is
unlikely at this time.  The rating could be lowered if: (i) the
recent improvement in the TCE/RWA ratio proves unsustainable
and/or (ii) if asset risk rises sharply in conjunction with a
steep drop in earnings.  However, downward rating pressure would
decrease if the increase in the bank's capitalization proves
sustainable and any deterioration in asset quality and
profitability is limited.

The last rating action on Banco de Bogota was on June 28, 2016.



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


CENTRAL AMERICA BOTTLING: S&P Affirms 'BB' CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term corporate credit
and debt ratings on The Central America Bottling Corporation
(CBC).  The outlook on the corporate credit rating remains stable.

The rating affirmation on CBC reflects S&P's view that it will be
able to withstand its hypothetical stress scenario in case of
Guatemala's default.

"We stress tested CBC in a hypothetical sovereign default because
the company generates more than one-third of its revenue in
Guatemala.  Under such a scenario, we simulated a steep decline in
consumer spending (in line with a 10% GDP contraction), a 50%
depreciation of the Guatemalan quetzal, and doubling of inflation
rate.  Although these conditions would generally depress consumer
demand in the country, we consider that CBC's volume sales would
most likely drop only by single digits because the beverage
industry is moderately sensitive to economic downturns.  However,
the largest impact would be in the form of higher cost of sugar,
which is denominated in dollars, as well as higher electricity and
natural gas prices, all of which would result in a 18%
consolidated EBITDA decline.  An increase in interest rates in
Guatemala would only have a limited impact on CBC's financing
costs given that most of its outstanding debt has a fixed interest
rate.  In our opinion, the outcome of this hypothetical stress
test suggests that the company would still be able to meet in full
all its cash requirements, including debt service payments," S&P
said.



==============
H O N D U R A S
===============


HONDURAS: IMF Completes Third and Fourth Reviews Under SBA and SCF
------------------------------------------------------------------
On October 26, 2016, the Executive Board of the International
Monetary Fund (IMF) completed the combined third and fourth
reviews of Honduras' performance under an economic program
supported by a three-year Stand-By Arrangement (SBA) and a two-
year arrangement under the Stand-By Credit Facility (SCF). This
blended program was approved on December 3, 2014 in the amount of
about US$188.6 million (SDR 129.5 million), the equivalent of 100
percent of Honduras' quota in the IMF at that time.

The Executive Board also approved a rephasing of the SBA to take
into account the increase in Honduras' First Credit Tranche as a
result of its quota increase (from SDR 129.5 million to SDR249.8
million) under the Fourteenth General Review of Quotas. The
completion of the reviews enables the authorities to access
resources in the total amount of about US$168.20 million (SDR
121.875 million). The authorities have expressed their intention
to continue to treat the arrangements as precautionary.

The Board granted a waiver of the end-December 2015 performance
criterion on the ceiling of the stock of net domestic assets (NDA)
as the authorities have corrected the deviation by observing the
end-June 2016 target. In addition, on the basis of corrective
policy measures taken, the Board also granted a waiver on the non-
observance of the end-June performance criterion on net lending by
the public pension funds and on the arrears from state electricity
company (ENEE).

Following the Executive Board's discussion of the reviews, Mr.
Mitsuhiro Furusawa, Acting Chair and Deputy Managing Director,
said:

"Honduras's economic reform program supported by the Fund's
blended Stand-By Arrangement and Standby Credit Facility has made
considerable progress in restoring macroeconomic stability,
reducing the fiscal deficit, and tackling some structural issues.
At the same time, the external current account deficit has
narrowed, private credit is expanding at a sustainable pace, and
net international reserves have risen. Together, these favorable
developments have contributed to a systematic improvement in
Honduras's international sovereign debt credit ratings.

"The authorities have signaled their intention to institutionalize
hard-won fiscal discipline. The adoption in April 2016 of the
fiscal responsibility law, which over the medium term would cap
public spending and change its composition in favor of investment,
is a significant step. The steadfast implementation of this law
and other planned measures to increase public sector efficiency
are critical to ensure that public debt ratios decrease over the
medium term. The consolidation of the reforms in the electricity
sector are crucial to further strengthen public finances and
foster competition in the electricity market.

"Reforms to the monetary policy framework and exchange rate regime
are needed to give the central bank the necessary tools to
effectively respond to external shocks. To support these reforms
and the ongoing process of de-dollarization and financial market
development, measures to strengthen the central bank need to be
fast tracked. At the same time, financial stability should be
reinforced by enhancing the bank resolution framework and
strengthening prudential regulations on household debt.

"Honduras's poverty level and informality remain high, while
potential growth and employment remain relatively low. While
social spending has been protected, structural reforms to boost
growth and employment should focus on reducing crime and violence;
closing infrastructure gaps, especially in energy; and increasing
financial market access for poor households and the efficiency of
public spending."



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


BAHIA SALINAS: Seeks to Hire Jane Whitaker as Special Counsel
-------------------------------------------------------------
Bahia Salinas Beach Hotel Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire special
counsel to represent the company in adversary proceedings.

Bahia Salinas proposes to hire Jane Becker Whitaker, Esq., and pay
her an hourly rate of $300 for her services.

In a court filing, Ms. Whitaker disclosed that she is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Ms. Whitaker maintains an office at:

     Jane Becker Whitaker, Esq.
     P.O. Box 9023914
     San Juan, PR 00902
     Tel: (787) 754-9191
     Fax: (787) 764-3101
     Email: janebeckerwhitaker@yahoo.com

                About Bahia Salinas Beach Hotel

Bahia Salinas Beach Hotel Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-07573) on
September 22, 2016.  The petition was signed by Angel Lopez Nunci,
president.

The Debtor is represented by Maria Soledad Lozada Figueroa, Esq.,
at Lozada Law & Associates, LLC.

At the time of the filing, the Debtor estimated assets of less
than $1 million and liabilities of $1 million to $10 million.


EURO BOUTIQUE: Hires BBA Braulio as Accountant
----------------------------------------------
Euro Boutique Auto Group, Inc. seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ BBA
Braulio Hernandez Cifredo as accountant.

The Debtor requires BBA Braulio to:

   (a) supervise the accounting affairs of the Debtor in
       Possession and its operations;

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

   (c) prepare and review state and federal income tax and
       property tax return, as required by law; and

   (d) prepare the projection and all other analysis required for
       the proposal and confirmation of a Chapter 11 Plan.

BBA Braulio will be paid at these hourly rates:

       Braulio Hernandez Cifredo        $75
       Support Staff                    $25

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

Braulio Hernandez Cifredo 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.

BBA Braulio can be reached at:

       Braulio A. Hernandez Cifredo
       BBA BRAULIO HERNANDEZ CIFREDO
       Condominio Valle De Torrimar, 398
       Guaynabo, PR 00966
       Tel: (787) 525-2350
       E-mail: braulioupr@yahoo.com

Euro Boutique Auto Group Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-07887) on September 30, 2016,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Jaime Rodriguez Perez, Esq.


EURO BOUTIQUE: Taps Hatillo Law as Counsel
------------------------------------------
Euro Boutique Auto Group, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Hatillo
Law Office, PSC as counsel.

The Debtor requires Hatillo Law to:

   (a) give the Debtor legal advice with respect to its powers and

       duties as debtor in possession in the continued operation
       of its business and management of its property;

   (b) prepare on behalf of the Debtor, necessary applications,
       answers, orders, reports and other legal papers; and

   (c) perform all other legal services for the Debtor as debtor
       in possession which may be necessary;

Hatillo Law will be paid at these hourly rates:

       Jaime Rodriguez-Perez, attorney      $250
       Paralegals                           $50
       Law Clerks                           $50

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

Hatillo Law received $5,000 retainer from the Debtor.

Jaime Rodriguez Perez, member of Hatillo Law, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtor and its estate.

Hatillo Law can be reached at:

       Jaime Rodriguez Perez, Esq.
       HATILLO LAW OFFICE, PSC
       Urb. Rexville, BB-21 Calle 38
       Bayamo, PR 00938
       Tel: (787) 797-4174
       E-mail: jaime_rodriguez_perez@yahoo.com
               jrlawoffice@gmail.com

Euro Boutique Auto Group Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-07887) on September 30, 2016,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Jaime Rodriguez Perez, Esq.


MBTI OF PUERTO RICO: Taps Carrasquillo as Financial Consultant
--------------------------------------------------------------
MBTI of Puerto Rico Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire a financial
consultant in connection with its Chapter 11 case.

The Debtor proposes to hire CPA Luis R. Carrasquillo & Co., P.S.C.
to assist in the restructuring of its affairs by providing advice
regarding its plan of reorganization and by participating in
negotiations with creditors.

The firm's professionals and their hourly rates are:

     Luis Carrasquillo, CPA            $175
     Marcelo Gutierrez, CPA            $125
     Other CPAs                  $90 - $125
     Lionel Rodriguez Perez             $90
     Carmen Echevarr°a                  $85
     Alfredo Segarra                    $80
     Janet Marrero                      $45
     Iris Franqui                       $45

Mr. Carrasquillo , a certified public accountant, disclosed in a
court filing that he and the other members of his firm are
"disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Luis R. Carrasquillo
     CPA Luis R. Carrasquillo & Co., P.S.C.
     28th Street, TI-26
     Turabo Gardens Avenue
     Caguas, PR 00725
     Phone: 787-746-4555/787-746-4556
     Fax: 787-746-4564

The Debtor is represented by:

     Charles Alfred Cuprill, Esq.
     Charles A. Cuprill, PSC Law Offices
     356 Calle Fortaleza, Second Floor
     San Juan, PR 00901
     Tel: 787-977-0515
     Email: cacuprill@cuprill.com

                   About MBTI of Puerto Rico

MBTI of Puerto Rico, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-08091) on Oct. 7,
2016.  The petition was signed by Barbara Alozo Vila, president.

The case is assigned to Judge Edward A. Godoy.

At the time of the filing, the Debtor disclosed $12.99 million in
assets and $16.07 million in liabilities.


ROJESIE INC: Proposes Justiniano Law Offices as Counsel
-------------------------------------------------------
Rojesie, Inc., asks the Bankruptcy Court for authorization to
employ Gloria Justiniano Irizarry, Esq., from Justiniano Law
Offices, as counsel.

The Debtor requires the assistance of counsel so as to enable it
to perform properly its duties as debtor-in-possession.
Specifically, the retention of counsel is necessary in connection
with, but not limited to the following matters:

   a) The examination of documents of the Debtor and other
      necessary information to submit schedules and Statement of
      Financial Affairs;

   b) The preparation of the Disclosure Statement, Plan of
      Reorganization, records and reports as required by the
      Bankruptcy Code and the Federal Rules of Bankruptcy
      Procedure.

   c) The preparation of applications and proposed orders to be
      submitted to the Court;

   d) The identification and prosecution of claims and causes of
      action assert able by the debtor-in-possession on behalf of
      the estate;

   e) The examination of proof of claims filed and to be filed in
      the case and the possible objections to certain of such
      claims;

   f) Advising the debtor-in-possession and preparing documents in
      connection with the ongoing operation of Debtor's business;

   g) Advising the debtor-in-possession and preparing documents in
      connection with the liquidation of the assets of the estate,
      if needed, including analysis and collection of outstanding
      receivables; and

   h) Assisting and advising the debtor-in-possession in the
      discharge of any and all the duties imposed by the
      applicable dispositions of the Bankruptcy Code and the
      Federal Rules of Bankruptcy Procedure.

The proposed law firm has agreed with Debtor to be compensated on
an hourly rate of $250, plus $125 for associates, and $50 for
paralegals, and the reimbursement of expenses incurred in the
litigation of the Chapter 11 case.

The attorney received from the Debtor a retainer of $5,000 for
services to be rendered in connection with the litigation of all
related matters from its business income.

Gloria Justiniano Irizarry, Esq., assures the Court that his firm
has no connections with the creditors, any other party in
interest, their respective attorneys and accountants, the United
States Trustee or any person employed in the office of the United
States Trustee.

The attorney can be reached at:

         Gloria Justiniano Irizarry, Esq.
         JUSTINIANO LAW OFFICES
         Ensanche Martinez, Calle A. Ramirez Silva # 8
         Mayaguez, PR 00680-4714
         Tel: (787) 222-9272 & 805-2945
         E-mail: Justinianolaw@gmail.com

Adjuntas, P.R.-based Rojesie, Inc., d/b/a Parador Villas
Sotomayor, filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-08296) on Oct. 17, 2016, estimating assets and
liabilities between $1 million and $10 million.  The petition was
signed by Jesus R. Ramos Puente, president.  Judge Edward A. Godoy
presides over the case.



===============
S U R I N A M E
===============


FLY ALLWAYS: Faces Uncertain Future
-----------------------------------
Caribbean News Now reports that start up Suriname-based airline,
Fly Allways, following years of setback towards certification to
fly, apparently now faces dark skies ahead.  With creditors
awaiting payments, poor payloads, and one of its two Fokker 70
aircraft being used as a source of spare parts to keep the other
one flying, Fly Allways faces an alarming financial future,
according to Caribbean News Now.

The airline's current financial situation does not allow the
airline to keep the second aircraft flying, the report notes.

"Fly Allways request for an extension of maintenance time on major
components of its aircraft such as the overhaul of the landing
gear was not approved by the aviation authority of Suriname," said
a source, the report relays.  "This has led to the grounding of
one aircraft, which is now being used as a source for parts of
their sole flying Fokker 70," the report source added.

The closest place in the Caribbean where the Fokker can be
serviced is Curacao; however, there are unconfirmed reports that
neither of the two Fokkers went to Curacao for maintenance, the
report notes.

"After two years of sitting in Suriname, the two Fokkers haven't
been to a maintenance hangar. Fly Allways still does not have an
approved maintenance base," the source said, the report says.

With creditors and personnel now facing delayed payments and
salary cuts, the future looks grim. Management is reportedly
considering whether a move to another Caribbean Community
(CARICOM) country is possible, the report discloses.

"Pilots have had to accept a major pay cut or leave," our source
said, the report relays.

"The load factor between Suriname, Guyana and Barbados is below 30
percent. Between Barbados and Guyana an average of 20 seats are
occupied. Plans to commence service to Haiti have been cancelled,"
confirmed a second source, the report adds.


SURINAME: Moody's Assigns B1 Rating on $550MM Global Bond Offering
------------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the
Government of Suriname's $550 million global bond offering.  The
senior unsecured issuance ranks pari passu with the government of
Suriname's existing debt obligations and as such is rated in line
with the government of Suriname's B1 issuer rating.

                          RATINGS RATIONALE

The 10-year 9.25% bond in the amount of $550 million will mature
on Oct. 26, 2026, and is rated B1, in line with the sovereign's
issuer rating given that the bond is a general, direct,
unconditional, unsubordinated and unsecured obligation of the
government of Suriname and will rank equally with all other
unsubordinated external indebtedness.  Moody's understands that
the government intends to use the net proceeds (approximately $541
after paying commissions and fees) for the repayment of 8.75%
Senior Notes due 30 September 2017 in the ($88 million), the
payment of an equity investment in Suriname Gold Project CV ($27
million), the repayment of notes issued to Petroleos de Venezuela
under the Petrocaribe oil scheme ($54 million), lending to state-
owned oil company Staatsolie ($300 million) and general budgetary
purposes ($72 million).  The funds being channeled to Staatsolie
are expected to be a subordinated unsecured loan with
substantially the same payment terms as those of the bond being
issued.  Staatsolie will use the proceeds to repay part of a
syndicated loan used for construction and expansion of its
refinery.  Although these funds are being onlent to Staatsolie
they ultimately constitute an obligation of the government of
Suriname under the terms of this bond offering.

Suriname's B1 sovereign rating balances a favorable growth outlook
and relatively moderate government debt and interest burdens
against elevated economic and fiscal vulnerability to commodity
price volatility and a weak policy framework.  Macroeconomic
conditions in Suriname weakened considerably in 2015.

Moody's 'Low (+)' assessment of Suriname's economic strength
reflects the economy's small size and limited diversification,
offset by relatively strong GDP growth in recent years and higher
national income compared to rating peers.  A key factor supporting
Suriname's economic strength are potentially favorable medium-term
growth prospects, which Moody's believes are closely tied to the
country's ability to attract large foreign investments to develop
Suriname's abundant natural resources in its extractive
industries.  Economic and export concentration owing to commodity
dependence remains significant and makes the country more
vulnerable to commodity price fluctuations.

Suriname's institutional strength score of ' Very Low (+)'
reflects the country's relatively unfavorable scores on the World
Bank's governance indicators, which place government
effectiveness, rule of law, and other dimensions of institutional
quality in the bottom half among Moody's-rated sovereigns,
according to 2015 data.  Suriname outperforms similarly-rated
countries on the political stability indicator, but ranks lower in
terms of regulatory quality.  Moody's believes that official data
reporting standards and practices are weak, a shortcoming that
limits the country's institutional capacity.

Suriname's fiscal strength score of 'Moderate (-)' reflects the
sovereign's moderate and affordable debt burden which is in line
with corresponding 'B' medians.  Moderate debt ratios combined
with access to concessional financing are credit strengths that
mitigate relatively high fiscal dependence on the commodities
sector.

Moody's also considers Suriname's susceptibility to event risk as
'Moderate (+)', on account of moderate political risk, low
government liquidity concerns, weakened external finances, and
lingering vulnerabilities in the banking sector due to relatively
high dollarization.

  GDP per capita (PPP basis, US$): 16,261 (2014 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 0.1% (2015 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 25% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -9.7% (2015 Actual) (also known
   as Fiscal Balance)
  Current Account Balance/GDP: -15.4% (2015 Actual) (also known as
   External Balance)
  Level of economic development: Low level of economic resilience
  Default history: At least one default event (on bonds and/or
   loans) has been recorded since 1983.

On Oct. 20, 2016, a rating committee was called to discuss the
rating of the Suriname, Government of.  The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed.  The
issuer's institutional strength/ framework, have not materially
changed.  The issuer's governance and/or management, have not
materially changed.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



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


VENEZUELA: Opposition Faces Prison for Demonstrations
-----------------------------------------------------
Kejal Vyas at The Wall Street Journal reports that Venezuela talks
between President Nicolas Maduro and the opposition meant to
defuse the country's political crisis are off to a shaky start
after the embattled leftist leader threatened to jail rivals
calling for street protests.

Mr. Maduro directed a stern warning to the Popular Will party on
his weekly television program night, calling it a terrorist
organization, according to The Wall Street Journal.  His comments
came after the party said it objected to the opposition alliance's
plan to ease protest pressure on the president in favor of
Vatican-mediated talks, which the U.S. State Department endorsed,
the report notes.

"Maduro, with his aggression toward Popular Will and his attempt
to divide Venezuela's democrats, is kicking over the [negotiation]
table and making a mockery of the words of Pope Francis," Jesus
Torrealba, head of the opposition coalition, said, the report
relates.  "An attack on one of us is an attack against all of us,"
he added.

With the oil-rich nation's economy teetering on collapse, Mr.
Maduro is facing growing civil unrest, the report notes.  He and
his allies have scuttled constitutionally sanctioned efforts to
unseat him through a recall referendum, splitting the opposition
over how to confront his increasing authoritarianism, the report
says.

The opposition agreed to postpone its recall drive as well as its
presidential impeachment hearings in Congress, the report relays.
It also said it would put off nationwide protests it had planned
to breathe life into the nascent talks with the government, much
to the chagrin of some members who say the opposition is kowtowing
to Mr. Maduro, the report notes.

The president aimed his ire at Popular Will lawmaker Freddy
Guevara, who voiced his party's objection to the new strategy, the
report discloses.  Mr. Maduro threatened to have Mr. Guevara
stripped of his parliamentary immunity and jailed, the report
notes.

"When I say something, I follow through," Mr. Maduro said to
applause from supporters.  "I'm not afraid to follow through," he
added.

"Maduro, your threats only make us stronger," Popular Will
responded.  The party says dozens of its activists have been
thrown into prison or have fled the country to avoid political
persecution, the report notes.  Its leader Leopoldo Lopez is
serving a nearly 14-year prison sentence on charges that human-
rights groups say are trumped up, the report relays.

Mr. Lopez championed months of nationwide street protests in 2014
that sought Mr. Maduro's ouster and cost at least 43 lives, mostly
at the hands of state security forces and armed pro-government
groups, known as collectives, which the president used to put down
the uprising, the report notes.

Seeking to calm unrest within the opposition's ranks, Mr.
Torrealba said its pressure tactics on Mr. Maduro were only being
delayed at the request of the Vatican mediators, the report notes.
He said the mediators feared that the major demonstration planned
at the Miraflores presidential palace could lead to violence, the
report relays.

The protest in downtown Caracas would have been symbolic because
the opposition has been prohibited from gathering there since
2002, when demonstrations led to 19 deaths and the brief ouster of
Mr. Maduro's predecessor and mentor, the late Hugo Chavez, the
report adds.

"We only postponed. We didn't suspend the plans," the report
quoted Mr. Torrealba as saying.

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



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


LATAM: Poor Transportation Hampers Growth of Regional Agriculture
-----------------------------------------------------------------
Ivan Cairo at Caribbean News Now reports that wastage of
agricultural produce in the Caribbean will continue due to poor
transportation a top official of the Food and Agriculture
Organisation (FAO), said during the opening of the Agricultural
Trade and Transport Seminar at the Caribbean Week of Agriculture
being held in the Cayman Islands.

Acting sub-regional FAO Coordinator, Lystra Fletcher-Paul,
lamented the wastage of especially tropical fruits she experienced
in Guyana, according to Caribbean News Now.  She noted that, if
there was an adequate intra-regional transport system for
agricultural produce, the food import bill in the region of over
US$5 billion, could be scaled back, the report relays.

However Caribbean Community (CARICOM) adviser, Desiree Field-
Ridley said in an interview that producers and transporters both
have a different take on the transportation issue, the report
notes.

"Actually the transportation people will tell you it's a
production problem," said the CARICOM official, the report notes.
"They claim that there are no regular supplies in large quantities
hence the lack of adequate transportation arrangements for the
sector. On the other hand farmers are saying that since there are
no reliable transport facilities they are not inclined to increase
production," the source added.

Field-Ridley said that currently CARICOM is looking into a study
involving shippers, exporters and producers to identify the
bottlenecks and make recommendations for the policymakers, the
report notes.

According to Nisa Surujbally, program manager, agriculture at the
CARICOM Secretariat, part of the Caribbean's transportation issues
date back to the colonial era when there was a system in place
that catered to the logistics of the traditional commodities rice,
bananas and sugar, the report relays.

"They had everything well mapped out. There was an assured market
with good prices and a full infrastructure was developed," she
said, the report notes.

Other crops didn't have the same level of institutional and
infrastructural support and policy support to address the
constraints, Surudjbally noted, the report discloses.  Part of the
solution, according to her, is the establishment of linkages and
the involvement of service providers to build a platform between
suppliers and transportation providers, the report adds.


                            ***********


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.
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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, Ivy B. Magdadaro, Julie Anne L.
Toledo, and Peter A. Chapman, Editors.

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

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

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

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


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