TCRLA_Public/161117.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

            Thursday, November 17, 2016, Vol. 17, No. 228


                            Headlines




A R G E N T I N A

ARGENTINA: Bank Says Trump's Policies Will Hurt Emerging Economies


B R A Z I L

JBS SA: Says Higher Beef Production to Boost Margins in 2017


C O L O M B I A

ELECTRICARIBE: Still Serving Customers in Colombia, Parent Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: SOS as Drought, Downpours Punish NW Farmers


P U E R T O    R I C O

DR. T-SHIRT: Seeks to Hire Rodriguez & Asociados as Legal Counsel
EMPRESAS ALVARO: Seeks to Hire Luis Flores as Legal Counsel
GA DESIGN: Hires Ferraiuoli LLC as Tax Counsel
ISLA BONITA INVESTMENT: Hires Gonzalez as Counsel
IT'S YOGURT: Employs Juan Bigas Valedon as Bankruptcy Counsel

OUT OF THIS WORLD: Names Carmen Conde Torres as Counsel
SOCIEDAD EL PARAISO: Disclosures OK'd; Plan Hearing on Dec. 14


                            - - - - -


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


ARGENTINA: Bank Says Trump's Policies Will Hurt Emerging Economies
------------------------------------------------------------------
EFE News reports that the policies advocated by Donald Trump
during his successful campaign for the U.S. presidency would have
a negative impact on emerging economies, according to a study by
Argentina's Banco Ciudad.

The bank's research department forecasts a reduction in capital
flows and more onerous financial conditions for emerging economies
as a result of higher interest rates and currency depreciation,
according to EFE News.

Some foreign portfolio investors are already retreating from
emerging economies, the study said, pointing to J.P. Morgan's
EMBI+ index of risk in emerging economies, which rose 6.65 percent
two days after the U.S. presidential election to 369 basis points,
the report notes.

The risk premium on Mexican bonds surged 15.2 percent, while
rising 11.4 percent on Brazil's sovereign debt, the report relays.

The bank report also noted that the Brazilian, Colombian and
Chilean currencies have all fallen against the dollar since Trump
upset Hillary Clinton, EFE News notes.

Banco Ciudad economists said they expect a more protectionist
trade policy out of Washington given Trump's repeated promises to
renegotiate the North American Free Trade Agreement with Mexico
and Canada and to impose tariffs on imports from China, the report
adds.

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

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;

   -- Senior unsecured Foreign Currency bonds at 'B';

   -- Country Ceiling at 'B';

   -- Short-Term Foreign and Local Currency IDRs at 'B'.





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


JBS SA: Says Higher Beef Production to Boost Margins in 2017
------------------------------------------------------------
Reuters reports that Brazil's JBS SA said that higher production
of beef in Brazil and the United States and lower feedstock prices
should drive an improvement in its profit margins and debt levels
next year.

JBS Executive President Wesley Batista told a conference call with
investors that the company's debt levels had peaked and should
start to gradually fall from this quarter, helped by a rise in
free cash flow, according to Reuters.

Batista said JBS aims to end 2017 with a net debt to EBITDA ratio
of around 3, versus 4.32 at the end of September, the report
notes.

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2016, Fitch Ratings has affirmed JBS S.A.'s foreign and
local currency Issuer Default Ratings and senior unsecured notes
at 'BB+'.



===============
C O L O M B I A
===============


ELECTRICARIBE: Still Serving Customers in Colombia, Parent Says
---------------------------------------------------------------
EFE New reports that Spain's Gas Natural Fenosa said that the
Colombian government had temporarily taken control of its
beleaguered electricity distribution unit Electricaribe but
stressed that the company was still supplying power to customers.

The action by the Superintendency of Residential Public Services,
or SSP, Colombia's public utilities regulator, was aimed at
ensuring the provision of electricity service in the seven
provinces where the struggling company operates, it added,
according to EFE New.



===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: SOS as Drought, Downpours Punish NW Farmers
---------------------------------------------------------------
Dominican Today reports that Northwest cattle ranchers and dairy
farmers are being punished, first by the drought that caused as
yet tallied damages to their lands, and the torrential rains they
affirm have hindered milk production, in the last few weeks.

"We're losing 572,999 pesos every day, which is more than 25
million pesos a month," said Santiago Rodriguez and Orlando de
Jesus Peralta, of the Northwest livestock association (Fedegano),
according to Dominican Today.

Mr. Peralta requested government assistance to keep thousands of
farmers from going broke, the report notes.  "Several companies
which we had supplied had pulled out or decreased the amount of
milk they bought from producers," the report relays.

Speaking in Confenagro's 2nd National Production Route, Peralta
said Agriculture minister Angel Estevez, and other officials were
told of the problem, and expect a response soon, the report notes.
"Milk production at the Northwest Line is at stake, but the
national production of this vital product is also at stake," Mr.
Estevez added.

Mr. Estevez said Fedegano's 3,200 members grouped in 46 cattle
associations and three cooperatives employ more than 200,000
people in the Northwest provinces of Valverde, Santiago Rodr°guez,
Montecristi and Dajabon, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.



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


DR. T-SHIRT: Seeks to Hire Rodriguez & Asociados as Legal Counsel
-----------------------------------------------------------------
Dr. T-Shirt Corp. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire legal counsel.

The Debtor proposes to hire Rodriguez & Asociados, CSP to give
legal advice regarding its duties under the Bankruptcy Code and
provide other legal services related to its Chapter 11 case.

The hourly rates charged by the firm are:

     Jaime Rodriguez-Rodriguez    $250
     Co-Counsel                   $175
     Paralegals                    $50
     Law Clerks                    $50

Mr. Rodriguez-Rodriguez 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:

     Jaime Rodriguez-Rodriguez, Esq.
     Rodriguez & Asociados, CSP
     P.O. Box 2477
     Vega Baja, PR 00694
     Phone: (787)858-5324 / (787)858-8780
     Email: lcdojaimerodriguez@yahoo.com

                    About Dr. T-Shirt Corp.

Dr. T-Shirt Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-08784) on November 1,
2016.  The petition was signed by Irvin Cortes Gonzalez,
vice-president.

At the time of the filing, the Debtor estimated assets of less
than $50,000 and liabilities of less than $500,000.


EMPRESAS ALVARO: Seeks to Hire Luis Flores as Legal Counsel
-----------------------------------------------------------
Empresas Alvaro Torres 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 Luis D. Flores
Gonzalez to assist in the preparation of a bankruptcy plan, to
examine claims of creditors, and provide other legal services.

The hourly rates charged by the firm are:

     Luis Flores Gonzalez     $200
     Legal Assistants          $60
     Paraprofessionals         $40

Mr. Gonzalez does not have any connection with the Debtor or any
of its creditors, and is eligible to serve as counsel for the
bankruptcy estate, according to court filings.

Mr. Gonzalez maintains an office at:

     Luis D. Flores Gonzalez, Esq.
     Law Offices of Luis D. Flores Gonzalez
     Georgetti 80, Suite 202
     Rio Piedras, PR 00925
     Tel: (787) 758-3606
     Email: ldfglaw@coqui.net
     Email: ldfglaw@yahoo.com

                  About Empresas Alvaro Torres

Empresas Alvaro Torres Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-08029) on October
6, 2016.  The petition was signed by Frances J. Alvaro Torres,
president.

At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.


GA DESIGN: Hires Ferraiuoli LLC as Tax Counsel
----------------------------------------------
GA Design & Sourcing Corp. seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Ferraiuoli, LLC, as special counsel to the Debtor.

GA Design requires Ferraiuoli to:

   a. provide legal advice concerning applicable tax exemption
      benefits under Puerto Rico law; and

   b. provide legal support in relation to a submitted petition
      for extension of industrial tax exemption, including
      additional filings as may be required, and to tax credit
      application.

Ferraiuoli will be paid at these hourly rates:

     Alexis Gonzalez Pagani, Associate            $185
     Boris Jaskille, Senior Member                $225
     Ediberto Lopez, Senior Associate             $195
     Jossie Pagan, Paralegal                      $105
     Lidia Ivette Martinez, Paralegal             $105
     Pedro Notario, Capital Member                $255
     Reinaldo Diaz, Associate                     $185
     Rosa Soto, Paralegal Supervisor              $115
     Sonia Colon, Senior Member                   $220

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

Boris Jaskille, member of Ferraiuoli, LLC, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Ferraiuoli can be reached at:

     Boris Jaskille, Esq.
     FERRAIUOLI, LLC
     221 Ponce de Leon Avenue, Suite 500
     San Juan, PR 00917
     Tel: (787) 766-7000
     Fax: (787) 766-7001

                       About GA Design

GA Design & Sourcing Corp., based in Caguas, Puerto Rico, filed a
Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No.
3:16-bk-04166) on May 25, 2016. The Debtor is represented by
Javier Vilarino, Esq., at Vilarino & Associates, LLC.  Judge Brian
K. Tester presides over the case.


ISLA BONITA INVESTMENT: Hires Gonzalez as Counsel
-------------------------------------------------
Isla Bonita Investment Holding Company, Inc., seeks authority from
the U.S. Bankruptcy Court for the District of Puerto Rico to
employ Jose Guillermo Gonzalez Law Office as counsel to the
Debtor.

Isla Bonita requires Gonzalez to represent the Debtor in the
bankruptcy proceedings.

Gonzalez will be paid at the hourly rate of $200.

Gonzalez will be paid a retainer in the amount of $8,200, plus
$1,717 filing fees.

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

Jose Guillermo Gonzalez, member of Jose Guillermo Gonzalez Law
Office, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtor and its estates.

Gonzalez can be reached at:

     Jose Guillermo Gonzalez, Esq.
     JOSE GUILLERMO GONZALEZ LAW OFFICE
     351 Ave. Ponce De Leon
     San Juan, PR 00918
     Tel: (787) 765-9713
     Fax: (787) 771-9197
     E-mail: jg_gonzalezlaw@hotmail.com

                       About Isla Bonita

Isla Bonita Investment and Holding Co, Inc., filed a Chapter 11
bankruptcy petition (Bankr. D.P.R. Case No. 16-06580) on August
18, 2016, disclosing under $1 million in both assets and
liabilities.  The Debtor is represented by Jose Guillermo
Gonzalez, Esq.

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


IT'S YOGURT: Employs Juan Bigas Valedon as Bankruptcy Counsel
-------------------------------------------------------------
It's Yogurt Capital Ventures LLC seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Juan C.
Bigas Valedon and his law firm, Juan C. Bigas Law Office, as
counsel.

The Debtor requires Juan Bigas Valedon to represent its Chapter 11
bankruptcy proceedings.

Juan Bigas Valedon will be paid at an hourly rate of $250.00 plus
the incurred expenses.

Juan Bigas Valedon received a retainer in the amount of $2,283.00
from the Debtor.

Juan C. Bigas Valedon, member of Juan C. Bigas Law Office, 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.

Juan Bigas Valedon can be reached at:

         Juan C. Bigas Valedon, Esq.
         JUAN C. BIGAS LAW OFFICE
         P.O. Box 7011
         Ponce, PR 00732-7011
         Tel: 787-259-1000
         Fax: 787-842-4090

It's Yogurt Capital Ventures LLC filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 16-05998) on July 29, 2016, and is
represented by Juan Carlos Bigas Valedon, Esq., at Juan C. Bigas
Law Office.


OUT OF THIS WORLD: Names Carmen Conde Torres as Counsel
-------------------------------------------------------
Out of This World, Inc., dba Budatai seeks authorization from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ
Carmen D. Conde Torres from the Law Offices of C. Conde & Assoc.
as legal counsel.

The Debtor requires Ms. Conde Torres to:

   (a) advise the Debtor with respect of its duties, powers and
       responsibilities in this case under the laws of the United
       States and Puerto Rico in which the Debtor-in-possession
       conducts its operations, do business, or is involved in
       litigation;

   (b) advise the Debtor in connection with a determination
       whether a reorganization is feasible and, if not, helping
       the Debtor in the orderly liquidation of its assets;

   (c) assist the Debtor with respect to negotiations with
       creditors for the purpose of arranging the orderly
       liquidation of assets and for proposing a viable plan of
       reorganization;

   (d) prepare on behalf of the Debtor the necessary complaints,
       answers, orders, reports, memoranda of law and any other
       legal papers or documents;

   (e) appear before the bankruptcy court, or any court in which
       Debtor assert a claim interest or defense directly or
       indirectly related to this bankruptcy case;

   (f) perform other legal services for the Debtor as may be
       required in these proceedings or in connection with the
       operation of, and involvement with the Debtor's business,
       including but not limited to notarial services; and

   (g) employ other professional services, if necessary.

The firm will be paid at these hourly rates:

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

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The Debtor paid the firm a $15,000 retainer.

Carmen D. Conde Torres, senior attorney 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 Debtor and its estate.

The firm can be reached at:

       Carmen D. Conde Torres, Esq.
       C. CONDE & ASSOC.
       254 San Jose Street, 5th Floor
       Old San Juan, PR 00901
       Tel: (787) 729-2900
       Fax: (787) 729-2203
       E-mail: condecarmen@condelaw.com

Out Of This World, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-08730) on October 31, 2016, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Carmen D. Conde Torres, Esq.


SOCIEDAD EL PARAISO: Disclosures OK'd; Plan Hearing on Dec. 14
--------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has approved Sociedad El Paraiso S.E. and
Conrado Rosa Guzman's disclosure statement dated Aug. 18, 2016,
referring to the Debtors' plan of reorganization.

A hearing for the consideration of confirmation of the Plan will
be held on Dec. 14, 2016, at 9:00 a.m.

Any objection to confirmation of the Plan must be filed on or
before seven days prior to the date of the hearing on confirmation
of the Plan.

The Debtors will file with the Court a statement setting forth
compliance with each requirement in Section 1129, the acceptances
and rejections, and the computation of the same, within seven
working days before the hearing on confirmation.

As reported by the Troubled Company Reporter, the Debtors filed a
Chapter 11 plan of reorganization that will set aside $42,017 to
pay general unsecured creditors.  Under the plan, Class 11 general
unsecured creditors will receive from the Debtors a promissory
note, providing a payment of $42,017 to be made in consecutive
monthly installments of $700 over five years.

                    About Sociedad El Paraiso

Sociedad El Paraiso, SE, a special partnership organized by
Conrado Rosa Guzman in Puerto Rico, operates privately-owned
properties leased to third parties for residential and commercial
purposes.

The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Lead Case No. 14-09700) on Nov. 24, 2014.
The petitions were signed by Conrado Rosa Guzman, authorized
representative.

At the time of the filing, Sociedad El Paraiso estimated its
assets and debts at $1 million to $10 million.


                            ***********


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.
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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
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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, 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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