TCRLA_Public/161116.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

            Wednesday, November 16, 2016, Vol. 17, No. 227


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Cutting Out Uncertified Sick Pay

B E L I Z E

BELIZE: S&P Lowers Sovereign Credit Ratings to 'CCC+'

C A Y M A N  I S L A N D S

ALTERNATIVE OPTION: Creditors' Proofs of Debt Due Nov. 28
ANCHOR6 OFFSHORE: Placed Under Voluntary Wind-Up
BIG SKY: Placed Under Voluntary Wind-Up
CORDOBA CAPITAL: Creditors' Proofs of Debt Due Dec. 13
FRONTIER RIDGE: Commences Liquidation Proceedings

FULLERTON MONEX: Creditors' Proofs of Debt Due Nov. 28
LOS ANGELES CAPITAL: Creditors' Proofs of Debt Due Dec. 13
NORDIC EMERGING: Creditors' Proofs of Debt Due Dec. 13
PEREGRINE 1 LIMITED: Creditors' Proofs of Debt Due Nov. 28
TAIWAN PARTNERS: Commences Liquidation Proceedings

VALTERRA FUND: Placed Under Voluntary Wind-Up
WILTON CAPITAL: Creditors' Proofs of Debt Due Dec. 13

P U E R T O  R I C O

KOMODIDAD DISTRIBUTORS: Taps Silva-Cofresi as Special Counsel
L&R DEVELOPMENT: Taps C. Conde & Associates as Legal Counsel
MARKETS & FUN: Hires Aida Escribano-Ramallo as Fin'l Consultant
MARKETS & FUN: Hires MRO Attorneys as Counsel
PJ ROSALY: Seeks to Hire Da Silveira as Special Counsel

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO:  Central Bank Gives Warning to Avoid De-Risking
TRINIDAD & TOBAGO: Minister to Review Petroleum Dealers Lifeline
TRINIDAD & TOBAGO: Country Faces Billions in Legal Liability


                            - - - - -



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


LIAT: Cutting Out Uncertified Sick Pay
--------------------------------------
The Daily Observer reports that LIAT, operating as Leeward Islands
Air Transport, has said it will not be paying employees for
uncertified sickness beyond the number of days allowed under the
labor laws of their respective territories.

The announcement follows bitter public exchanges between the
airline's management and the Leeward Islands Pilots' Association
(LIALPA) and the Leeward Islands Flight Attendants Association
(LIFAA), according to The Daily Observer.

LIALPA and LIFAA have hit back at charges levelled by LIAT board
member Lennox Weston and other senior airline officials, that
frequent illness among staff was responsible for the airline's
high volume of delays and cancellations, the report notes.

Both staff representative bodies vehemently denied the charge, and
blamed the airline's woes on "a shortage of crew, poor working
conditions and an incompetent management team," the report relays.

In a press statement, LIAT said workers were informed about the
policy back in March and that it had already begun action which
would affect employees across the board, the report notes.

Citing Antigua & Barbuda, where most of the airline's employees
are based, LIAT said in keeping with the country's Labour Code,
the company would continue to pay employees their basic wage for
the first 12 days of Sick Leave taken during a year, unless a
union agreement provides otherwise, the report discloses.

LIAT justified the move stating that a review of attendance
records across all of its departments at its headquarters in
Antigua for 2015 reflected a "significant total of uncertified
sick days' being taken by employees, the report notes.

The airline said in most cases, this figure exceeded the maximum
12 days for which each employee is entitled to be paid, in
accordance with the Antigua and Barbuda Labor Code, the report
adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing Caribbean360.com, that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of
LIAT -- the Board and the Executive. Following the sudden
resignation of Chief Executive Officer Captain Ian Brunton, David
Evans replaced Mr. Brunton as chief executive officer.


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


BELIZE: S&P Lowers Sovereign Credit Ratings to 'CCC+'
-----------------------------------------------------
S&P Global Ratings lowered its long-term foreign and local
currency sovereign credit ratings on Belize to 'CCC+' from 'B-'.
The outlook on both long-term ratings is negative.  S&P also
lowered its short-term foreign and local currency ratings to 'C'
from 'B'.  At the same time, S&P lowered its transfer and
convertibility (T&C) assessment to 'CCC+' from 'B-'.

                            RATIONALE

The downgrade reflects S&P's view that the sovereign's ability to
meet its financing requirements has been impaired by fiscal and
external imbalances, limited access to external funding, reduced
foreign exchange reserves, and the loss of correspondent banking
relationships (CBRs).  In S&P's view, the sovereign's debt
servicing capacity has become more vulnerable to potentially
worsening external, financial, and economic conditions, which
could reduce its capacity and willingness to pay on its commercial
bond.

Belize's financial sector has been hurt by the loss of CBRs, which
in turn has hurt the entire economy.  Only two of the five
domestic banks in Belize have managed to maintain CBRs with full
banking services, and finding replacement correspondents is very
complicated.  The central bank also lost three of its five CBRs in
the past two years.  The loss of these financial links could
significantly impair activity in key sectors of the economy,
including tourism and trade, and counteract efforts to reduce
fiscal deficits.

High fiscal deficits, reflecting both the rise in current spending
and one-off expenses from compensation payments for utilities that
the government had nationalized in 2009 and 2011, have eroded the
government's financial profile over recent years.  The fiscal
deficits, coupled with current account deficits (CADs) largely
financed by drawing down international reserves, have further
increased the country's external vulnerabilities.

The larger government deficit in fiscal-year 2015 (ending in March
2016) -- estimated at 7.7% of GDP -- was driven by higher wage
spending, combined with the compensation payment for the
nationalization of the electricity company (US$32.5 million, or
2.3% of GDP) and the absence of growth in revenues.  In June 2016,
the court of arbitration issued a final ruling on the compensation
payment for the nationalization of the telecom company.  The
government paid US$98 million in U.S. dollars this year and will
pay another US$90 million next year in local currency following
the court decisions.

S&P anticipates slow progress in lowering the fiscal deficit over
the coming years.  The impact of last year's increase in fuel
taxes, some additional measures focused on the general sales tax
(GST), and stricter control over current spending should reduce
the fiscal deficit (and change in general government debt) toward
4.4% of GDP during 2016-2019.  In S&P's opinion, the government
has very limited ability to cut spending substantially, given
Belize's shortfall in basic infrastructure and the country's high
debt service cost.  In addition, the large informal sector and low
per capita GDP growth prospects limit the ability to raise
revenues.

S&P expects net general government debt to rise to 81% of GDP this
year, up from 76% in 2015.  This heavy debt burden is a credit
constraint, particularly given Belize's narrow, open economy and
fixed exchange regime.  Interest payments currently stand at 9% of
general government revenue, but S&P projects they will rise toward
13.5% in 2019. Government debt servicing will increase in August
2017 as the coupon rate for Belize's external bond due in 2038
(US$526.5 million at end-2015) rises to 6.767% from 5%, and it
will again rise in August 2019 as principal payments start to come
due.

Government debt is predominantly denominated in foreign currency
and held by nonresidents.  The government has not tapped global
capital markets since its restructuring in 2012.  It relies on
shallow domestic capital markets and declining external financing
from official creditors, following the fall in funding from
Venezuela through its Petrocaribe program.  S&P assess Belize's
contingent liabilities as limited.

Large CADs, above 10% of GDP in 2015-2016, combined with falling
net foreign direct investment (FDI) due to the repatriation of the
compensation payments in foreign currency, underpin a sharp fall
in international reserves.  S&P expects CADs to narrow gradually
in 2017-2019 (6% of GDP on average) on account of a recovery in
commodity exports and growth in tourism.  Projects in agriculture,
construction, and tourism should sustain FDI flows and finance
much of the CAD. This could ease declining international reserves.

However, Belize's usable foreign exchange reserves, as S&P
calculates them, have been negative since 2015 (S&P Global Ratings
subtracts the monetary base from international reserves as reserve
coverage of the monetary base is critical to maintaining
confidence in the currency peg).  S&P expects Belize's gross
external financing needs to average 154% of current account
receipts (CAR) plus usable reserves in 2016-2019.  S&P expects
narrow net external debt to reach almost 77% of CAR in 2016.  The
country's net external position has weakened at a faster pace than
its narrow net external debt to 242% of CAR in 2016 from 207% in
2013, demonstrating the weakening of its external profile.

Economic growth in Belize continues to be sluggish.  Falling
primary output, damage caused by Hurricane Earl, the loss of CBRs,
and the appreciation of the inflation-adjusted exchange rate
underpin the economic contraction in 2016.  S&P projects a GDP
contraction of 1.6% this year, down from growth of 1.2% in 2015.
S&P expects the economy to modestly rebound in 2017-2019 based on
agriculture and tourism growth.  Nevertheless, the country's per
capita growth trajectory remains below that of its peers with a
similar level of development.  Belize's per capita GDP is
projected at US$4,562 in 2016.

Although risks to political stability will remain low in the
coming four years, S&P find Belize's governmental institutions
weak.  Prime Minister Dean Barrow, of the centre-right United
People's Party, is serving his third and final five-year term
(2015-2020).  S&P expects the government to continue to move
slowly on fiscal and other policy adjustments, given adverse
economic circumstances.  The country's recent history of debt
restructurings continues to negatively affect S&P's ratings.

Belize's monetary flexibility is limited by its fixed exchange and
lack of development of local currency capital markets.  On the
other hand, the currency peg fosters price stability, keeping
price inflation low (1.8% projected on average over 2016-2019).

                              OUTLOOK

The negative outlook reflects the at least one in three potential
for a downgrade within the next 12 months if liquidity pressures
remain acute and the government's funding options become even more
limited.  Under such a scenario, S&P would likely lower the
ratings if it sees a higher likelihood of the government to delay
interest payments or to seek a commercial debt rescheduling,
including through a potential debt exchange.

S&P could revise the outlook to stable within the next 12 months
if the government succeeds in implementing effective fiscal
measures to improve financing prospects and if net international
reserves recover, improving the country's external liquidity.

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

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

The committee agreed that external and debt assessments had
deteriorated, while all other key rating factors were unchanged.

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

RATINGS LIST

Downgraded; Outlook Negative
                                 To                 From
Belize
Sovereign Credit Rating         CCC+/Negative/C    B-/Stable/B


Downgraded
                                 To                 From
Belize
Transfer & Convertibility
   Assessment                    CCC+               B-
Senior Unsecured                CCC+               B-
Short-Term Debt                 C                  B


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


ALTERNATIVE OPTION: Creditors' Proofs of Debt Due Nov. 28
---------------------------------------------------------
The creditors of Alternative Option Premium (AOP) Fund 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. 28, 2016.

The company's liquidator is:

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


ANCHOR6 OFFSHORE: Placed Under Voluntary Wind-Up
------------------------------------------------
On Oct. 28, 2016, the sole shareholder of Anchor6 Offshore Fund
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 liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Tatiana Collins
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


BIG SKY: Placed Under Voluntary Wind-Up
---------------------------------------
On Oct. 25, 2016, the sole shareholder of Big Sky Fund, 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


CORDOBA CAPITAL: Creditors' Proofs of Debt Due Dec. 13
------------------------------------------------------
The creditors of Cordoba Capital are required to file their proofs
of debt by Dec. 13, 2016, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 13, 2016.

The company's liquidator is:

          Transcontinental Fund Administration
          c/o Claudia Woerheide
          Governors Square
          Office Suite 4-213-6
          23 Lime Tree Bay Ave.
          West Bay, Grand Cayman
          Cayman Islands B.W.I.
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654


FRONTIER RIDGE: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 28, 2016, the sole shareholder of Frontier Ridge Global
Fund, 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:

          FR Investment Manager, LLC
          c/o Westport Capital Partners LLC
          40 Danbury Road
          Wilton
          Connecticut 06897
          United States of America
          Telephone: +1 (203) 429-8602
          E-mail: mporosoff@westportcp.com


FULLERTON MONEX: Creditors' Proofs of Debt Due Nov. 28
------------------------------------------------------
The creditors of Fullerton Monex Asia Fund 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:

          Koh Boon San
          60B Orchard Road
          #06-18 Tower 2
          The Atrium@Orchard
          Singapore 238891
          Telephone: +65 6828 6828


LOS ANGELES CAPITAL: Creditors' Proofs of Debt Due Dec. 13
----------------------------------------------------------
The creditors of Los Angeles Capital are required to file their
proofs of debt by Dec. 13, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2016.

The company's liquidator is:

          Transcontinental Fund Administration
          c/o Claudia Woerheide
          Governors Square
          Office Suite 4-213-6
          23 Lime Tree Bay Ave.
          West Bay, Grand Cayman
          Cayman Islands B.W.I.
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654


NORDIC EMERGING: Creditors' Proofs of Debt Due Dec. 13
------------------------------------------------------
The creditors of Nordic Emerging Markets Debt Ltd. are required to
file their proofs of debt by Dec. 13, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2016.

The company's liquidator is:

          Transcontinental Fund Administration
          c/o Claudia Woerheide
          Governors Square
          Office Suite 4-213-6
          23 Lime Tree Bay Ave.
          West Bay, Grand Cayman
          Cayman Islands B.W.I.
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654


PEREGRINE 1 LIMITED: Creditors' Proofs of Debt Due Nov. 28
----------------------------------------------------------
The creditors of Peregrine 1 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 liquidation proceedings on Oct. 28, 2016.

The company's liquidator is:

          Andre Slabbert Of Estera Trust (Cayman) Limited
          c/o Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 6400556


TAIWAN PARTNERS: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 28, 2016, the sole shareholder of Taiwan Partners, 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


VALTERRA FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 27, 2016, the sole shareholder of Valterra Fund 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:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


WILTON CAPITAL: Creditors' Proofs of Debt Due Dec. 13
-----------------------------------------------------
The creditors of Wilton Capital Ltd. are required to file their
proofs of debt by Dec. 13, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2016.

The company's liquidator is:

          Transcontinental Fund Administration
          c/o Claudia Woerheide
          Governors Square
          Office Suite 4-213-6
          23 Lime Tree Bay Ave.
          West Bay, Grand Cayman
          Cayman Islands B.W.I.
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654


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



KOMODIDAD DISTRIBUTORS: Taps Silva-Cofresi as Special Counsel
-------------------------------------------------------------
Komodidad Distributors, Inc., seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire
Silva-Cofresi, Manzano & Padro LLC.

The firm will serve as the Debtor's special counsel in labor laws.

The hourly rates charged by Silva-Cofresi are:

     Members                       $175
     Special Counsel               $165
     Associates             $115 - $155
     Paralegals/Law Clerks          $80

Pedro Manzano Yates, Esq., disclosed in a court filing that his
firm is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Pedro J. Manzano Yates, Esq.
     Silva-Cofresi, Manzano & Padro LLC
     9615 Los Romeros Ave.
     Montehiedra Office Centre, Suite 309
     San Juan, PR 00926

                  About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016.  The
petition was signed by Jorge Galliano, president.  The Hon.
Enrique S. Lamoutte Inclan presides over the case.  The Debtor
estimated assets of $50 million to $100 million and estimated
debts of $10 million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


L&R DEVELOPMENT: Taps C. Conde & Associates as Legal Counsel
------------------------------------------------------------
L&R Development & Investment Corp. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire legal
counsel in connection with its Chapter 11 case.

The Debtor proposes to hire the Law Offices of C. Conde &
Associates to give legal advice regarding its duties under the
Bankruptcy Code, negotiate with creditors to prepare a bankruptcy
plan or liquidate its assets, and provide other legal services.

The hourly rates charged by the firm are:

     Carmen Conde Torres     $300
     Associates              $275
     Junior Attorney         $250
     Legal Assistant         $150

Carmen Conde Torres, Esq. disclosed in a court filing that she is
a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Carmen D. Conde Torres, Esq.
     Law Offices of C. Conde & Associates
     254 San Jose Street, 5th Floor
     Old San Juan, PR 00901-1523
     Phone: 787-729-2900
     Fax: 787-729-2203
     Email: condecarmen@condelaw.com

                      About L&R Development

L&R Development & Investment Corp. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 16-08792) on
November 1, 2016.  The petition was signed by Joaquin Lopez,
president.

The case is assigned to Judge Brian K. Tester.

At the time of the filing, the Debtor disclosed $3.05 million in
assets and $5.56 million in liabilities.


MARKETS & FUN: Hires Aida Escribano-Ramallo as Fin'l Consultant
---------------------------------------------------------------
Markets & Fun LLC seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Aida Escribano-
Ramallo, CPA, CIRA, CFE from the firm BDO Puerto Rico,
PSC, as financial consultant.

The Debtor requires Aida Escribano-Ramallo to:

     (a) prepare or review of the bankruptcy required monthly
         operating reports;

     (b) reconcile the proof of claims;

     (c) prepare or review the Debtor's projections;

     (d) turnaround and restructure;

     (e) analyse the profitability of the Debtor's operations;

     (f) assist in the development or review of the plan of
         reorganization or disclosure statements;

     (g) consult on strategic alternatives and developments of
         business plans; and,

     (h) consult an expert witness services relating to various
         bankruptcy matters such as insolvency, feasibility
         forensic accounting, etc., as necessary.

Aida Escribano-Ramallo will be paid at these hourly rates:

     Partner                       $175
     Managers/Supervisors          $150
     Seniors/Semi-Seniors          $100
     Consultants                    $85
     Staff                          $60

Ms. Escribano-Ramallo and her firm will also be reimbursed for any
costs and expenses.

Aida Escribano-Ramallo has required a retainer in the amount of
$10,000.00 plus sales tax which was paid before the filing of the
case.

Aida Escribano-Ramallo, business advisory manager of the Firm,
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 Debtors and their
estates.

Aida Escribano-Ramallo can be reached at:

         Aida Escribano-Ramallo
         BDO PUERTO RICO, PSC
         1302 Ponce De Leon Ave., 1st Floor
         San Juan, Puerto Rico 00907
         Tel.: 787-754-3999
         Fax: 787-754-3105

Markets & Fun, LLC, filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-08010) on October 5, 2016, and is represented by Myrna
L Ruiz Olmo, Esq., at MRO Attorneys at Law, LLC.


MARKETS & FUN: Hires MRO Attorneys as Counsel
---------------------------------------------
Markets & Fun LLC seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ the law firm of
MRO Attorneys at Law, LLC, as counsel.

The Debtor requires the Firm to give the Debtor legal advise with
respect to its powers and duties as a debtor in possession in the
continued operation of the Debtor's business, and to perform all
legal services for the Debtor as may be necessary in the
reorganization of the Debtor's business.

The Firm will be paid at an hourly rate of $200.00 for services to
be rendered by Myrna L. Ruiz-Olmo, Esq., plus expenses, for work
performed or to be performed upon application, and upon approval
of the Court; rates which are considered to be reasonable and
fair, in line with services comparable to those performed on
behalf of other clients.

A retainer fee of $10,000.00, plus the $1,717.00 filing fee were
paid by Debtor prior to the bankruptcy filing.

Myrna L. Ruiz-Olmo, attorney and counselor-at-law of the Firm,
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 Debtors and their
estates.

The Firm can be reached at:

         Myrna L. Ruiz-Olmo, Esq.
         MRO ATTORNEYS AT LAW
         PO Box 367819
         San Juan, P.R. 00936-7819
         Tel: (787) 237-7440
         Email: mro@prbankruptcy.com

Markets & Fun, LLC, filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-08010) on October 5, 2016, and is represented by Myrna
L Ruiz Olmo, Esq., at MRO Attorneys at Law, LLC.


PJ ROSALY: Seeks to Hire Da Silveira as Special Counsel
-------------------------------------------------------
PJ Rosaly Enterprises, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Da
Silveira Law Offices, LLC as its special counsel.

The firm will assist the Debtor in managing its affairs related to
Union de Tronquistas, give legal advice on matters related to the
bargaining collective agreement, and provide other legal services.

Da Silveira will be paid an hourly rate of $200 for its services.
Yolanda Da Silveira, Esq., disclosed in a court filing that she
and her firm are "disinterested persons" as defined in section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Yolanda Da Silveira, Esq.
     Da Silveira Law Offices, LLC
     Bolivia Street 33, Suite 203
     Hato Rey, PR 00917

                       About P.J. Rosaly

P.J. Rosaly Enterprises, Inc. dba Islandwide Express filed a
chapter 11 petition (Bankr. D.P.R. Case No. 16-07690) on September
28, 2016. The petition was signed by Ivan Marin, president.  The
Debtor is represented by Carmen D. Conde Torres, Esq. and Luisa S.
Valle Castro, Esq., at C. Conde & Associates.  The Debtor
estimated assets and liabilities at $1 million to $10 million at
the time of the filing.

The Debtor is specialized in providing next day, same day delivery
services to its clients, as well as temperature controlled
deliveries.  It is also engaged by the main banks in the island
and provide internal messenger and clearing house services to
these institutions.  There are two related parties to this
company: Islandwide Logistics, Inc. and HME Holdings, Inc.
Together, they form the Islandwide Group.


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


TRINIDAD & TOBAGO:  Central Bank Gives Warning to Avoid De-Risking
------------------------------------------------------------------
Trinidad Express reports that the Central Bank of Trinidad and
Tobago (CBTT) is warning that the oil-rich twin island republic
must achieve global compliance standards if it is to avoid being
"de-risked" within the international banking system.

CBTT Governor Dr. Alvin Hilaire said that de-risking has become a
major issue that has emerged in recent years and "is the threat of
the loss of correspondent banking relationships, particularly for
small developing countries," according to Trinidad Express.

"Basically, it involves the growing tendency of some large banks
in developed countries to end their 'correspondent' relationships
with banks in smaller territories; such relationships allow
financial transactions to be processed in the developed countries,
mainly the United States, United Kingdom and Europe," Dr. Hilaire
said.

Dr. Hilaire said that the consequences of such loss could be
severe for the smaller territory, negatively affecting the flow of
remittances and all payments for cross border goods and services
and pushing transactions outside of the formal financial system.

"Much discussion is currently underway on the problem and
solutions.  In the case of Trinidad and Tobago, the incidence of
withdrawal of correspondent banking services has so far been
limited.  However, there is an urgency for the country to fully
adhere to tax compliance accords and international anti-money
laundering/anti-terrorism financing standards to forestall the
possibility that the jurisdiction, and by extension domestic
financial institutions, is characterized as lax in compliance,
thereby hindering international financial relationships," Dr.
Hilaire warned.

Correspondent banks, which are mainly large, international banks
domiciled in the United States of America, Europe and Canada,
provide Caribbean states with vital access to the international
financial system, by offering services to smaller, domestic banks
and financial institutions to complete international payments and
settlements, the report notes.

However, many banks, which provide correspondent banking services
have been seeking to manage their risks by severing ties with
institutions in the region, the report relays.

The issue of corresponding banking was a major item at the annual
summit of Caribbean Community (CARICOM) leaders in Guyana in July,
the report notes.

Antigua and Barbuda Prime Minister Gaston Brown, who is leading
the CARICOM reaction to the correspondent banking problem, said
last week that regional countries should strengthen their Anti-
Money Laundering/Combating the Financing of Terrorism (AML/CFT)
legislation as well as their administrative procedures to combat
the issue of correspondent banking and de-risking, the report
notes.

The report discloses that Mr. Browne said that several
recommendations had been made at an international meeting in St.
John's late last month and that the financial experts also urged
the regional countries to adopt the recommendations so as to "give
some comfort to the correspondent banks so that they could
understand that we have the necessary framework in place in order
to manage risks".

Dr. Hilaire told the launch of the CBTT launch of the Monetary
Policy Report for November that Trinidad and Tobago's financial
system is closely linked to world markets and this will continue,
the report says.

"Many of Trinidad and Tobago's indigenous and foreign-based banks
have branches, headquarters or subsidiaries throughout the
Caribbean, North America, Latin America, India and more recently
Africa," the report notes.

Dr. Hilaire said ownership and investment patterns of insurance
companies are also diverse and there is an increasing incidence of
conglomerates combining a wide range of financial service
offerings, sometimes alongside other products, the report relays.

"This increasing global interconnectedness of diverse financial
entities sets the stage for a rise in cross-border mergers and
acquisitions, necessitating closer collaboration among regulators
in different territories.

"In this regard, and to treat with the possibility of regulatory
arbitrage where financial companies gravitate to the jurisdiction
with the least amount of supervision, the Caribbean Group of
Banking Supervisors and related associations in the fields of
insurance and securities have already started to beef up their
cooperation and information sharing.

"Moreover, it must be recognized that the risk of contagion, the
transmission of problems from other jurisdictions to domestic
financial companies, is becoming more apparent due to the
intensity of financial linkages," Dr. Hilaire added.

The Central Bank Governor said that Trinidad and Tobago is deeply
embedded in world economic affairs and that a third aspect of
global interaction involves recognition of the importance of
interest parity conditions in the determination of inward and
outward capital flows, the report notes.

Dr. Hilaire said technically speaking, "interest rate parity"
involves a relationship in which interest rate differential
between two countries is equal to the differential between the
forward exchange rate and the spot exchange rate, the report says.

"In plain English, this means that for Trinidad and Tobago the
difference between local interest rates and foreign rates matters
in terms of attracting capital or investment, and this has a
bearing on exchange rates in the future, the report relays.

"Underlying this notion is the understanding that where there are
no restrictions on the movement of capital across borders, then
investors would place their funds where the returns are highest,
taking into account their expectations of exchange rate movements
and their perception of the riskiness of the investment climate,"
the report notes.

Dr. Hilaire said that while this may sound complicated what this
implies in practical terms is that monetary policy must be
sensitive to external interest rates while consistent and credible
macroeconomic policies help to guide expectations and risk
perception, the report relays.

"As is well known, interest rates across the globe are at all-time
lows and the United States has been on an extremely gradual path
of raising rates as its economy has improved.  In tandem, interest
rates in Trinidad and Tobago have slipped over the years.

"Taking into account, among other things, the path of US rates,
the Central Bank raised the domestic repo rate from 3.25 to 4.75
per cent over the course of 2015 with a subsequent pause in 2016
to date. Moving forward, we can anticipate that the trajectory of
external rates would have a bearing on domestic monetary policy
actions," Dr. Hilaire added.

Dr. Hilaire said concerning the wider subjects of exchange rate
expectations and risk perception, a crucial factor will not only
be how monetary policy is conducted but also the comprehensiveness
and consistency of the overall macroeconomic adjustment program,
the report adds.


TRINIDAD & TOBAGO: Minister to Review Petroleum Dealers Lifeline
----------------------------------------------------------------
Caribbean360.com reports that newly appointed Minister of Energy
Franklin Khan is assuring petroleum dealers that concerns about
low profit margins on the sale of fuel are being reviewed.

Mr. Khan has admitted that "there may be some substance" to the
complaints of the dealers and as such, both the Ministries of
Energy and Finance will soon meet on the matter, according to
Caribbean360.com.

"I don't want to adjudicate on it prematurely, but it has been
given the consideration that it requires," Mr. Khan told
reporters.

Last month, some petroleum dealers stopped accepting debit and
credit card payments in an effort to cut costs. They argued that
despite the increased costs of running their business and hikes in
the price of fuel, their profit margins have remained the same
since 2005, the report notes.

Mr. Khan said: "I have a couple reports on my desk which I need to
study but I am quite familiar with the industry because I served
as chairman of NP [National Petroleum] in 2000 to 2001. They have
articulated their case and . . . I think there may be some
substance to what they are saying.  But between the Minister of
Finance and the Ministry of Energy we are reviewing with a very
objective mind their call for an increased margin," the report
relays.

"We will meet on it shortly . . . We will be data-driven in the
decision. We are not acting in a manner that is not driven by the
hard data. And if you have a case we will consider the case,
within the general confines of the economic climate," Mr. Khan
added.

Mr. Khan was speaking after the American Chamber of Commerce of
Trinidad and Tobago's 20th annual Health, Safety, Security and
Environment (HSSE) conference, the report notes.

In his address at the conference, Mr. Khan expressed concern over
the deplorable state of some service stations, the report says.

"We been in this [energy] business for over 100 years and when you
look to our service station network it is in a deplorable
situation. You go to Barbados and you go and fill your tank in a
well-managed and well operated and modern service station.
Something has to be fundamentally wrong with the way we operate.
We have to modernize our retail marketing sector," he added.


TRINIDAD & TOBAGO: Country Faces Billions in Legal Liability
-------------------------------------------------------------
The Daily Observer reports that key clauses in the contract to
build the Solomon Hochoy Highway extension to Point Fortin were
removed by the former administration ahead of the 2015 general
election, leaving the country facing billions in legal liability,
says Prime Minister Dr. Keith Rowley.

Speaking at a local government elections campaign meeting in
Fyzabad on Saturday, Dr. Rowley said that despite TT$5.2 billion
already being spent on the controversial project, the Government
was now scrambling to recover money from OAS Construtora, the
Brazilian main contractor which has gone bankrupt, according to
The Daily Observer.

In 2011, the People's Partnership government signed a contract
with Brazilian firm OAS Construtora, for the construction of the
highway at a cost of just over TT$7 billion, the report notes.


                            ***********


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
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Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne L.
Toledo, and Peter A. Chapman, Editors.

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

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