TCRLA_Public/161115.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 15, 2016, Vol. 17, No. 226


                            Headlines



A R G E N T I N A

ARGENFUNDS RENTA: Moody's Rates Global Scale Bond Fund Rating B-bf
ARGENTINA: Faces Pervasive Macroeconomic Imbalances, IMF Says

B A R B A D O S

BARBADOS: Public Workers' Union Gearing for Industrial Action

B E L I Z E

BELIZE: Government To Commence Discussions With Bondholders

B R A Z I L

BANCO ABC: S&P Affirms 'BB/B' Global Scale Ratings
BRAZIL: Fitch Affirms LT Currency Issuer Default Ratings at 'BB'
DUKE PARANAPANEMA: S&P Affirms 'BB' Global Scale Ratings

C A Y M A N  I S L A N D S

ANCHOR5 OFFSHORE: Commences Liquidation Proceedings
AUREUS CORPORATION: Creditors' Proofs of Debt Due Nov. 28
BRENNUS GENERAL: Creditors' Proofs of Debt Due Dec. 7
CAYMAN NOMINEES: Placed Under Voluntary Wind-Up
DB UK: Creditors' Proofs of Debt Due Dec. 6

EASY CAR: Commences Liquidation Proceedings
ICAP OFFSHORE: Commences Liquidation Proceedings
INDIAN MARINE II: Creditors' Proofs of Debt Due Nov. 28
OHSF II: Commences Liquidation Proceedings
ORYX CAPITAL: Creditors' Proofs of Debt Due Nov. 28

PCM SPECIAL: Creditors' Proofs of Debt Due Dec. 7
UOB CAYMAN: Commences Liquidation Proceedings
VANTONA LTD: Placed Under Voluntary Wind-Up

U R U G U A Y

URUGUAY: IDB OK's $600MM Credit Lines to Improve Roads Network

V E N E Z U E L A

VENEZUELA: Maduro Rejects Early Elections as Way Out Of Crisis


                            - - - - -



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A R G E N T I N A
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ARGENFUNDS RENTA: Moody's Rates Global Scale Bond Fund Rating B-bf
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B-bf global scale bond fund rating and a A-bf.ar
national scale bond fund rating to Argenfunds Renta Mixta FCI (the
Fund), a new local Argentine bond fund managed by Argenfunds
SGFCISA (Argenfunds).

The ratings assigned are:

   -- Global scale bond fund rating: B-bf
   -- National scale bond fund rating: A-bf.ar

                        RATINGS RATIONALE

The B-bf/A-bf.ar ratings reflect the weighted average credit
quality of the fund's model portfolio, which is principally
invested in local sovereign bonds and local Tbills (LEBACs).
Moody's expects that the Fund will maintain this asset allocation,
which should result in a credit profile that is line with the
credit profile of the Argentinean government.  The Fund may also
invest in sub-sovereign bonds, asset backed securities and
corporate bonds.

Moody's analysis was performed on a model portfolio provided by
Argenfunds, the fund's sponsor.  Moody's expects the Fund to be
managed in line with this model portfolio.  If the Fund's actual
portfolio deviates materially from the model portfolio provided,
the Fund's ratings could change.

"The fund's credit quality profile is comparable to those of
similarly rated at B-bf/A-bf.ar", said Moody's lead analyst Carlos
de Nevares.

Argenfunds SGFISA started as a local brokerage agency in 1987and
started its asset management business in 2006.  As of October
2016, Argenfunds managed approximately ARS 2.55 billion in assets
(USD169.9 million).


ARGENTINA: Faces Pervasive Macroeconomic Imbalances, IMF Says
-------------------------------------------------------------
On November 9, 2016, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV Consultation with
Argentina.

Upon taking office in December last year, Argentina's new
government faced pervasive macroeconomic imbalances, microeconomic
distortions, and a weakened institutional framework. Confronted
with this difficult situation, the authorities began an ambitious
and much needed transition toward a better economic policy.
Important progress has been made already in 2016. The peso is now
market determined and exchange controls have been essentially
eliminated. The increase in utility tariffs has brought prices
more in line with underlying costs. The settlement with creditors
has allowed a return to international capital markets by both the
private and public sector. Medium-term fiscal and inflation
targets have been announced in conjunction with a transition
toward a modern system of inflation targeting. Finally, the
national statistics agency is being rebuilt, allowing for the
publication of improved and credible statistics.

The reversal of the serious imbalances and distortions inherited
from the previous administration, while necessary to lay the
foundation for robust future growth, unavoidably had an adverse
near-term impact on the Argentine economy. However, the current
recession had begun even before the new administration took office
and the alternative of continuing with the unsustainable policy
framework of the past administration was simply not tenable, as it
would have eventually led to a repeat of Argentina's history of
crisis, contraction, and social distress. The economy is expected
to rebound from a -1.8 percent recession in 2016 to a 2.7 percent
growth in 2017, and to grow at a close to 3 percent pace over the
medium term. A modest headwind from the planned fiscal rebalancing
should be offset by a pickup in private consumption (as inflation
continues to fall), an improving external environment, and a
rebound of private investment. With strong policy action and
dramatic changes underway in the Argentine economy, the outlook is
subject to greater than normal uncertainty.

Against this background, the central focus of the Article IV
Consultation was on the best way to restore sustained and
equitable growth, boost job creation, and protect the poor from
the costs of restoring macroeconomic stability

The government has been clear in its commitment to bring inflation
to single digit levels by 2019, and has maintained real interest
rates broadly constant in positive territory while lowering the
policy rate since Spring this year as forward looking indicators
of inflation began to fall. A tight control of spending growth in
the first few months of the year is expected to allow the federal
government to meet the primary fiscal deficit objective for 2016
(4.8 percent of GDP), despite injecting some fiscal stimulus in
the second half of the year. The 2017 Budget envisages a modest
reduction of the primary federal fiscal deficit for next year, to
4.2 percent of GDP, mainly on account of further cuts of energy
subsidies. Over the last few months, progress on structural
reforms has occurred in the areas of governance,
anti-corruption, competition policies, and financial market
infrastructure, but supply-side bottlenecks remain that might
impede a faster rebound of private investment and productivity.

                  Executive Board Assessment

Executive Directors strongly welcomed Argentina's resumption of
the Article IV consultation and underscored the importance of
close engagement between the authorities and staff going forward.

Directors commended the ambitious reforms taken by the new
administration to ensure a more stable and sustainable economic
policy framework. They cautioned that reversing the legacy of
severe macroeconomic imbalances, pervasive microeconomic
distortions, and a weakened institutional framework will take
time, but noted that important progress has been achieved by the
authorities. While the measures taken have had a negative short
term impact on economic activity, the Argentinian economy is
expected to rebound in 2017. Directors encouraged the authorities
to remain steadfast in their reform efforts and reach out to
stakeholders to secure broad support.

Directors stressed that continuing to lower the fiscal deficit is
an important policy priority. They noted that the pace and
composition of rebalancing should be sensitive to its impact on
growth, jobs, and the most vulnerable segments of the population,
while maintaining clear medium term objectives. In this context,
Directors broadly saw the gradual reduction of the fiscal deficit
envisaged by the authorities to be appropriate. At the same time,
some Directors considered that the pace of deficit reduction could
be accelerated if economic activity was stronger than expected,
including to facilitate the reduction of inflation.

Directors emphasized the importance of institutional reforms to
improve the efficiency and credibility of the fiscal framework.
These reforms include introducing a simple and transparent medium
term fiscal policy plan; rationalizing government spending,
including the wage bill; removing poorly targeted and
distortionary energy subsidies; and restoring financial
sustainability to the pension system. Directors also noted the
need to make the tax system more progressive over time to reduce
the tax burden and make the system more efficient. They also
highlighted the importance of addressing issues related to fiscal
federalism.

Directors commended the authorities' efforts to bring down
inflation to single digits. They broadly agreed that the pace at
which inflation is reduced should remain attuned to its economic
costs and distributional impact. Directors emphasized that
building credibility in the monetary framework in particular,
establishing a clear price stability mandate for the central bank
and securing its operational independence, and eliminating
monetary financing of the deficit will lessen the economic and
social costs of disinflation.

Directors called for an ambitious agenda of supply side reforms to
improve the business climate and achieve strong, sustained and
equitable growth. They noted that priorities include promoting
competition, putting in place a better regulatory framework for
energy and utilities, fully realigning utility tariffs toward cost
recovery, and instituting a transfer scheme to protect the poor.
Measures to gradually improve the quality of infrastructure, lower
trade barriers, and develop local capital markets would also help.
Directors welcomed recent progress to fight corruption, scale back
government involvement in private industries, and create a better
governance framework.

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

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


===============
B A R B A D O S
===============


BARBADOS: Public Workers' Union Gearing for Industrial Action
-------------------------------------------------------------
The Daily Observer reports that the National Union of Public
Workers (NUPW) is on a meeting with Customs and Immigration
officials as it strategies ahead of planned industrial action, if
the authorities refuse to reverse a decision involving the union's
president, Akanni McDowall.

NUPW General Secretary Roslyn Smith, speaking on the BARBADOS
TODAY television program, said that "during that session we will
be updating them on the issue with the president," according to
The Daily Observer.

The on-line publication quoting sources said that it is likely
that the planned industrial action could coincide with the visit
here of Britain's Prince Harry on November 29 to participate in
the island's 50th anniversary of political independence from
Britain, the report notes.

But while Ms. Smith would not disclose the outcome of talks
involving sister trade unions, she said she was still hopeful that
the National Service Commission would respond to the union's
letter regarding the president, the report relays.

"They have to meet and . . . . so we would expect an early
response from them," Ms. Smith said, noting that the letter had
been sent almost two weeks now.

"But in the meantime we are sensitising our membership as to the
issue so that if the response is not what we are looking for . . .
. we have a strategic plan in place," she said, adding "as usual I
am not going to leak any activity".

But the Personnel Administration Division (PAD) Chief Personnel
Officer, Gail Atkins, is dismissing accusations of victimization
in the decision to remove McDowall from the post of Health
Planning Officer, in which he recently acted, the report notes.

Ms. Smith said the PAD did not have an "ulterior motive" for
removing McDowall, the report relays.

There have been media reports that Mr. McDowall was demoted from
the acting post of Health Promotions Officer, but the Chief
Personnel Officer said the PAD has no record of McDowall ever
having held such a post, the report discloses.

Ms. Smith said that one post of Health Promotions Officer was
created in 2009, and the officer who filled that position was
subsequently promoted and another person, not Mr. McDowall, took
up the position.

"I do not know of any other post of Health Promotions Officer in
that Ministry.  Therefore, the Personnel Administration Division
cannot substantiate  Mr. McDowall's claim based on the data we
have. Our assignment record shows that he was, and is an
Environmental Health Assistant," she added.


============
B E L I Z E
============


BELIZE: Government To Commence Discussions With Bondholders
-----------------------------------------------------------
The Daily Observer reports that the Belize government said it
intends to begin discussions with holders of Belize's U.S. Dollar
Bonds due 2038 as a result of the serious economic and financial
challenges currently facing the country.

A government statement said that these challenges include low
growth, rising fiscal deficits, a deteriorating balance of
payments position, and declining sovereign debt indicators,
according to The Daily Observer.

The statement said that the country's challenges have been
exacerbated by slow global growth, U.S. dollar strength, Hurricane
Earl, a substantial decline in key commodity production and
prices, and the higher than anticipated arbitration awards, the
report notes.

Belize's 2038 Bonds were issued in 2013 and are the only
government debt securities outstanding in the international
capital markets, the report relays.

"For a variety of reasons, Belize's economy has significantly
underperformed in comparison with the projections used at the time
in setting the terms of the 2038 Bonds, the statement noted, the
report discloses.

The report notes that it said that Belize intends to meet with
individual bondholders or a committee representing the bondholders
before the end of November to discuss measures necessary to place
the 2038 Bonds on a fully sustainable basis.

The Belize government has retained Citigroup Global Markets Inc.
as its structuring advisor and Cleary Gottlieb Steen & Hamilton
LLP as its legal counsel in this process, the report relays.

"Any amendments to the terms of the instruments that may be agreed
with holders of the Bonds will need to be implemented before the
authorities submit their 2017 fiscal year budget to the Belize
Parliament," said Joseph Waight, Financial Secretary of Belize,
the report says.

"The budget is finalized in February of each year and then
submitted for Parliamentary consideration, hence the need for an
expedited creditor consultation process," he added.

As reported in the Troubled Company Reporter-Latin America on Nov.
27, 2015, Standard & Poor's Ratings Services revised its outlook
on the long-term ratings on Belize to stable from positive.  S&P
also affirmed its 'B-/B' long- and short-term foreign and local
currency sovereign credit ratings on Belize.  At the same time,
S&P affirmed its 'B-' transfer and convertibility assessment.

TCRLA reported on June 1, 2016, that the International Monetary
Fund (IMF) team led by Jacques Bouhga-Hagbe, which visited Belize
during May 11-25 to hold discussions in the context of the
country's 2016 Article IV Consultation, said: "The economy is
slowing and fiscal and external vulnerabilities are rising.
Falling oil production and multiple shocks in the primary sector
reduced GDP growth to 1 percent in 2015. The decline in prices of
energy and other commodities led to deflation in 2015, although
the increase in fuel tax restored positive inflation, at 0.1
percent in March. The current account deficit widened to 9.8
percent of GDP as exports fell by 9 percent (mainly oil and marine
products) and imports continued to grow, partly due to investment
projects. Following partial compensation payments for the two
nationalized companies, international reserves fell to 4.6 months
of imports in March 2016. The fiscal deficit widened to 8 percent
of GDP due to a one-off payment related to a settlement of a loan
to one of the nationalized companies, an increase in public sector
wages and transfers, and a large overrun in capital expenditure.
As a result, the stock of public debt climbed to 82 percent of
GDP. The banking system continued to strengthen, although the
challenges posed by loss of correspondent banking relationships
with international banks have increased since the 2015 Article IV
Consultation.


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


BANCO ABC: S&P Affirms 'BB/B' Global Scale Ratings
--------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale and
'brAA-/brA-1' national scale ratings on Banco ABC Brasil S.A.  The
outlook remains negative.

The ratings on ABC Brasil reflect its 'bb' stand-alone credit
profile (SACP), which is based on the bank's moderate business
position given its concentrated business lines and small market
share, adequate capital and earnings (with a forecasted risk-
adjusted capital [RAC] ratio of about 7.3% for the next two
years), strong risk position given its sound asset quality and
conservative risk management, and on below average funding an
adequate liquidity.  Furthermore, S&P continues to view ABC Brasil
as a strategically important subsidiary for Arab Banking Corp
B.S.C. (ABC).  As of June 2016, ABC Brasil represented around 47%
of the group's operating revenue, 23% of assets, and 47% of its
profit before taxes.  Although ABC Brasil is not one of the
group's core businesses, the Brazilian subsidiary is a profitable
and independent investment, and we don't believe ABC is likely to
sell it.


BRAZIL: Fitch Affirms LT Currency Issuer Default Ratings at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed Brazil's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB'/ Negative Outlook.
Brazil's senior unsecured Foreign- and Local-Currency bonds are
also affirmed at 'BB'. The Country Ceiling is affirmed at 'BB+'
and the Short-Term Foreign and Local-Currency IDRs at 'B'.

KEY RATING DRIVERS

Brazil's 'BB' rating is supported by its economic diversity and
relatively high per capita income. The country's capacity to
absorb shocks is bolstered by its flexible exchange rate, robust
international reserve holdings, strong net sovereign external
creditor position, and deep and developed domestic government
securities markets. The small share of foreign currency debt in
total general government debt limits vulnerability of debt
dynamics to FX movements. These strengths are counterbalanced by
the structural weaknesses in public finances, high government debt
burden and weak growth prospects. Some of these challenges have
been exacerbated by the fallout from wide-scale corruption
investigations in the recent past.

The Negative Outlook reflects Brazil's continued large fiscal
imbalances and adverse government debt dynamics along with
uncertainty as to the implementation of fiscal measures that
improve prospects for debt stabilization. Despite the recent
lessening of political uncertainty, setbacks in the executive's
fiscal agenda in congress cannot be ruled out, which in turn could
hit confidence and increase downside risks to our baseline
economic and fiscal scenarios.

Fiscal challenges persist in Brazil with the government adopting a
gradual fiscal consolidation process, targeting a public sector
primary deficit of around 2% of GDP in 2017 and returning to a
surplus only in 2019. "Fitch's projections of primary balances are
in line with the authorities' and we project general government
deficits to average around 8% of GDP in 2017-2018 (compared with
the 'BB' median of around 3.5% of GDP)." Fitch said. This will
result in a continued rise in the general government debt burden
during 2016-2018 and beyond unless economic growth rebounds more
strongly and/or higher primary surpluses are achieved. Fitch
currently projects the general government debt to rise from 66.5%
of GDP in 2015 to around 80% of GDP in 2018 (compared with the
expected 'BB' median of 52%). A slower economic recovery, greater
challenges in subnational finances, and difficulty in passing or
dilution of intended fiscal measures in congress could hamper the
fiscal consolidation process and negatively affect debt dynamics.

The two key fiscal reforms that the government intends to pursue
to reverse the increasing primary spending trend and facilitate
medium-term fiscal consolidation are the spending cap and social
security reform. The main tenet of the spending cap is to
constitutionally limit the increase in total federal primary
spending to the previous year's inflation rate, which would lead
to a decline in the primary spending-to-GDP ratio with positive
GDP growth, imparting greater fiscal discipline and improving the
predictability of longer-term spending trends. Given the
preponderance of social security spending and its expected growth,
social security reform would be essential to make the spending cap
effective and credible. The social security deficit has been
rising in recent years and is expected to surpass 2% of GDP in
2016. The authorities intend to seek approval for social security
reform in 2017 although the exact details of this initiative are
unknown.

Brazil's economy is expected to contract for a second year in
2016. Fitch forecasts GDP growth to reach -3.3% in 2016 before
recovering to a modest 1.2% in 2017 and 2.2% in 2018. Reduced
political uncertainty, improvement in the overall policy
environment, a recovery in Brazilian asset prices and revival in
business and consumer confidence indicators would all support the
recovery. The Temer administration is signalling a more market-
friendly approach to economic policies, such as strengthening the
framework for engaging the private sector in infrastructure
investment and reducing broader state intervention.

Political uncertainty has fallen following the completion of the
impeachment proceedings against ex-President Rousseff. Michel
Temer has been confirmed as president following the impeachment
vote and is expected to complete the remainder of the term until
2018. Governability should be supported by President Temer's
sizeable coalition in both houses of congress although the
stability and discipline of the coalition will be tested as the
government pursues its legislative agenda. While the prospects for
reform have improved, the extent of progress and dilution of these
initiatives is still uncertain. The social security reform could
prove to be more contentious. The president's low popularity,
rising unemployment rate and lacklustre growth, and the ongoing
Lava Jato proceedings are risks for the political environment and
could challenge reform progress.

On the positive side, Brazil's macroeconomic imbalances are
correcting course. The deep recession and BRL depreciation are
leading to a material reduction in the current account deficit,
which is forecasted to reach 1% of GDP in 2016, down from the
recent peak of 4.3% in 2014. Fitch forecasts it to remain
moderate, averaging around 1.5% of GDP during 2017-18 and should
be fully financed by foreign direct investment flows. The central
bank has also significantly reduced its net position of FX swaps
in recent months, thereby reducing its exposure to future FX
depreciation. Headline inflation has peaked and is on a declining
path and inflation expectations have evolved favorably for 2017
and beyond, converging on the target of 4.5% for 2018.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Brazil a score equivalent to a
rating of 'BBB-' on the Long-Term FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final LT FC IDR by applying its QO, relative
to rated peers, as follows:

   -- Public Finance: -1 notch, to reflect Brazil's rapidly
      worsened general government debt burden which is projected
      to continue rising during the forecast period. Moreover,
      fiscal flexibility is hampered by the highly rigid spending
      profile and a heavy tax burden that makes adjustment to
      shocks difficult.

   -- Structural Features: -1 notch, to reflect Brazil's
      challenging political environment and corruption-related
      issues that have made it difficult for the country to make
      timely policy adjustments. In addition, the Ease of Doing
      Business indicators are weaker than the 'BB' median,
      reflecting structural constraints to growth.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within our
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The main factors that could lead to a downgrade are:

   -- Failure to arrest the pace of increase in the government
      debt burden and/or crystallization of contingent
      liabilities.

   -- Policy drift and an inability to implement measures that
      improve the outlook for growth and public finances.

   -- Erosion of international reserves and deterioration in
      government debt composition.

The Rating Outlook is Negative. Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a high
likelihood of leading to a positive rating change. Future
developments that could individually, or collectively, result in a
stabilization of the Outlook include:

   -- Improvement in policy implementation and reform progress
      that supports confidence, investment and growth prospects.

   -- Fiscal consolidation that leads to greater confidence in the
      capacity of the government to achieve debt stabilization.

   -- Sustained improvement in macroeconomic imbalances and better
      investment and growth environment.

KEY ASSUMPTIONS

   -- Fitch assumes that China (an important trading partner for
      Brazil) will be able to manage a gradual slowdown and is
      forecasted to grow at 6.5% in 2016 and 6.3% in 2017,
      offering a limited upside for commodity prices. Argentina's
      economic performance (key destination of manufacturing
      exports) is projected to improve over the forecast period.

   -- Fitch assumes that Brazil maintains international and
      domestic market access even if there is return of higher
      international financial volatility and further domestic
      confidence shocks.


DUKE PARANAPANEMA: S&P Affirms 'BB' Global Scale Ratings
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
national scale ratings on Duke Energy International Geracao
Paranapanema S.A. (Duke Paranapanema).  The outlook on the
corporate credit ratings remains negative.

The ratings affirmation is based on S&P's perception that the
company has maintained a predictable and strong cash generation
and credit metrics, despite the severe drought in the past two to
three years, while it maintained a significant dividend
distribution to shareholders, of R$199 million in 2015.  S&P
continues to assess Duke Paranapanema's business risk profile as
satisfactory, based on the company's long-term concessions to
operate an installed capacity of 2,274 megawatts (MW) while
maintaining low operating costs, solid operating performance in
terms of availability factor, and strong profitability.  S&P
believes Duke Paranapanema's has been successful in its commercial
strategy by maintaining a lower portion of its assured energy
uncontracted in order to minimize its exposure to hydrology risk.
Therefore, S&P views Duke Paranapanema's decision to not
renegotiate hydrologic risk under the Law 13,203/2015 as neutral
from a credit standpoint.  Furthermore, Duke Paranapanema benefits
from its commercial strategy that focuses on the sale of its
assured energy in the unregulated market, i.e. to large free
clients, being able to manage credit risk and to generally charge
higher prices than the ones of the long-term regulated contracts.

S&P still views the company's financial risk profile as modest
despite the increase in the company's interest expenses reflecting
the country's basic interest rate (SELIC) that affects the
company's debt service metrics, which are fully indexed to
Brazil's interbank deposit rate.  Nevertheless, Duke Paranapanema
continues to post robust cash flow generation and low debt levels,
resulting in strong financial metrics that are in line with S&P's
previous expectations.


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


ANCHOR5 OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 27, 2016, the sole shareholder of Anchor5 Offshore Fund
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:

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


AUREUS CORPORATION: Creditors' Proofs of Debt Due Nov. 28
---------------------------------------------------------
The creditors of Aureus Corporation Limited are required to file
their proofs of debt by Nov. 28, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 26, 2016.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4, Cricket Square
          Grand Cayman KY1-9010
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


BRENNUS GENERAL: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of Brennus General Partner Limited are required to
file their proofs of debt by Dec. 7, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 13, 2016.

The company's liquidator is:

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


CAYMAN NOMINEES: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Oct. 28, 2016, the sole shareholder of Cayman Nominees Limited
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 liquidators are:

          Darren Smith
          David Cooney
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


DB UK: Creditors' Proofs of Debt Due Dec. 6
-------------------------------------------
The creditors of DB UK are required to file their proofs of debt
by Dec. 6, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 13, 2016.

The company's liquidator is:

          Kris Beighton
          Century Yard, Cricket Square
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Becky Hewett
          Telephone: +44 (0) 20 7311 8229/ +1 345-949-4800
          Facsimile: +44 (0) 20 7694 3533/ +1 345-949-7164


EASY CAR: Commences Liquidation Proceedings
-------------------------------------------
On Oct. 27, 2016, the sole shareholder of Easy Car Holdings Co.,
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:

          Wei Ji
          c/o Elaine Wong
          Telephone: 86 1381 7888 706
          Orent Century Building, 16th Floor, Room 1611
          No. 345, Xianxia Road
          Shanghai, China


ICAP OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 26, 2016, the sole shareholder of ICAP Offshore Absolute
Return Fund II Ltd. 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


INDIAN MARINE II: Creditors' Proofs of Debt Due Nov. 28
-------------------------------------------------------
The creditors of Indian Marine II, Limited are required to file
their proofs of debt by Nov. 28, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 24, 2016.

The company's liquidator is:

          Paul M. Corban
          12717 West Sunrise Blvd #415
          Sunrise FL 33323
          USA
          Telephone: +1 (954) 603-0238
          E-mail: paul.corban@efgroup.org


OHSF II: Commences Liquidation Proceedings
------------------------------------------
On Oct. 27, 2016, the sole shareholder of OHSF II Financing, Ltd.
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


ORYX CAPITAL: Creditors' Proofs of Debt Due Nov. 28
---------------------------------------------------
The creditors of Oryx Capital International, Ltd. are required to
file their proofs of debt by Nov. 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 13, 2016.

The company's liquidator is:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


PCM SPECIAL: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
The creditors of PCM Special Opportunities Fund Ltd. are required
to file their proofs of debt by Dec. 7, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 17, 2016.

The company's liquidator is:

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


UOB CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 24, 2016, the sole shareholder of UOB Cayman I 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:

          Harneys Liquidation Services (Cayman) Limited
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: (345) 949-8599


VANTONA LTD: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 24, 2016, the shareholders of Vantona Ltd resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman, KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


=============
U R U G U A Y
=============


URUGUAY: IDB OK's $600MM Credit Lines to Improve Roads Network
--------------------------------------------------------------
Uruguay will improve its rural roads network and provide support
to 18 departmental governments with support from two credit lines
for investment projects for a total $600 million and two initial
loans totaling $150 million from the Inter-American Development
Bank (IDB).

The funds will support the implementation of a productive rural
roads construction, enhancement, maintenance and rehabilitation
program and will also improve and strengthen fiscal management and
services at the departmental government level.

A $300 million credit line for investment projects will boost
agricultural production by improving the rural roads network; it
will also contribute to develop overland passenger and cargo
transportation services within the jurisdiction of departmental
governments.

The first, $75 million loan approved under this credit line will
target rural roads, upgrading accessibility and helping reduce
transportation costs through rehabilitation and conservation work.
The program will also contribute to strengthen the national and
departmental institutions ability to manage rural roads
infrastructure spending in an efficient manner.

The second $300 million credit line for investment projects will
focus on enhancing the fiscal management and investment
capabilities of the country's 18 inland departments by
strengthening their governments' ability to manage revenues,
spending and investments as well as the design and implementation
of projects aimed at developing strategic sectors of the economy.

The first, $75 million loan under this credit line will support a
program that seeks to raise departmental governments' revenues
through improved real-estate tax collection, better financial
information handling, and upgraded investment management. In
addition, it will help implement investment projects oriented at
upgrading infrastructure and providing better services to their
local communities.

Each initial IDB loan of $75 million is part of a corresponding
$300 million credit line for investment projects. All facilities
are for 25-year terms, with 5.5 years of grace, at a LIBOR-based
interest rate.

The IDB credit line for investment projects financing the rural
roads program has $150 million in local counterpart funds, while
the first $75 million loan approved within this credit line has
$55 million in local counterpart funds.


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


VENEZUELA: Maduro Rejects Early Elections as Way Out Of Crisis
--------------------------------------------------------------
AFP reports that Venezuela's President Nicolas Maduro rejected
early elections as a way out of a spiraling crisis that has led to
widespread shortages, soaring inflation and mass protests.

"An electoral way out? Way out to where?" he said on his weekly
television program. "Nobody should get obsessed with electoral
processes that are not in the constitution," according to AFP

His comments came a day after his leftist government and the
opposition agreed on a "road map" for negotiations to defuse a
potentially explosive crisis, the report notes.

No reference to early elections was made in the joint statement
issued at the end of the Vatican-backed talks, but leaders of the
main opposition coalition portrayed it as opening the way to
elections as a solution to the political impasse, the report
relays.

Carlos Ocariz, a negotiator for the opposition's Democratic Unity
Roundtable (MUD), said that the coalition would remain in the
dialogue "until it obtains the most important thing: national
elections and a recall referendum," the report says.

But Maduro mocked that statement on his television show.

"It makes me very happy that the MUD will continue in the dialogue
until December 2018," he said, referring to the end of his term.

An opposition signature drive for a referendum to recall Maduro
was stopped in its tracks earlier this year by a regime-dominated
National Electoral Council and Supreme Court, leading to the
current impasse, the report relays.

Only half of the roughly 30 groups that belong to the MUD back the
dialogue, seeing it as an attempt to deflect their demands for a
leadership change, the report notes.

"The dialogue between the regime and a sector of the opposition
began as a consequence of the theft of the recall referendum, but
today we ask ourselves: What happened to the right of Venezuelans
to vote that originated the dialogue," said Voluntad Popular, the
party of jailed opposition leader Leopoldo Lopez, the report
discloses.

Henrique Capriles, a former presidential candidate whose political
movement supports the dialogue, called on Twitter for the
opposition to "immediately retake the agenda of a popular
mobilization," the report relays

"The crisis gets worse by the day," he added.

Hours later, the embattled president extended for another two
months the national states of emergency, and economic emergency,
which give him special powers "to continue governing and
confronting economic warfare and supporting the people," Mr.
Maduro said, the report discloses.

Venezuela has suffered a spectacular implosion in the past three
years, worsened by plunging oil prices, the report notes.  Riots,
looting and violent crime have accompanied the economy's downward
spiral, the report relays.

Food and medicine shortages have grown so desperate that Human
Rights Watch calls the situation a "profound humanitarian crisis,"
the report relays.

President Maduro said the economic crisis is a capitalist
conspiracy backed by the United States, the report notes.

The opposition blames 17 years of socialist rule under the
mustachioed president and his late predecessor, Hugo Chavez, the
report adds.

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


                            ***********


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

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

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


                            ***********


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

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