TCRLA_Public/161130.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 30, 2016, Vol. 17, No. 237


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Sickness Hurting Airline's Bottomline


B E R M U D A

GOLAR LNG: Egan-Jones Assigns B Sr. Unsecured Debt Ratings


B O L I V I A

LAMIA: Brazil's Chapecoense Football Team in Colombia Plane Crash


B R A Z I L

BRAZIL: Joins Paris Club of Wealthy Creditor Nations
CAMIL ALIMENTOS: S&P Affirms 'BB' CCR on Improved EBITDA Margins
UNIALCO: Glencore Highest Bidder in Auction for Distressed Mill
MMX MINERACAO: Files For Bankruptcy Protection


C A Y M A N  I S L A N D S

BES FINANCE: Court Enters Wind-Up Order
BLUECREST SPECIAL: Creditors' Proofs of Debt Due Dec. 21
CAMBRIDGE COMPANY: Creditors' Proofs of Debt Due Dec. 14
COLLINSVILLE FINANCIAL: Commences Liquidation Proceedings
CYPRESS MANAGEMENT: Commences Liquidation Proceedings

EMPIRE CAPITAL: Commences Liquidation Proceedings
INDEPENDENT DEVELOPMENT: Creditors' Proofs of Debt Due Dec. 14
LA ROCA: Creditors' Proofs of Debt Due Dec. 21
LYNX MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 12
MAHA VESSEL: Creditors' Proofs of Debt Due Dec. 12

SPR 2: Commences Liquidation Proceedings
TREMONT RESEARCH: Commences Liquidation Proceedings


P U E R T O    R I C O

ARNALDO GONZALEZ BERRIOS: Hearing on Disclosures on Jan. 11
EMPRESAS PLAYA: Triangle REO Wants to Prohibit Cash Collateral Use
OLIVER C&I: Hires RSM Puerto Rico as Accountant
POWER COOLING: Seeks to Hire L.A. Morales as Legal Counsel


X X X X X X X X X

LATIN AMERICA: Sugar Yields Not So Sweet This Year


                            - - - - -


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


LIAT: Sickness Hurting Airline's Bottomline
-------------------------------------------
Caribbean360.com reports that absenteeism is costing regional
airline LIAT, operating as Leeward Islands Air Transport, millions
of dollars in revenue.

The Antigua-based carrier said it is losing millions of dollars in
revenue because of crew-affected illnesses, according to
Caribbean360.com.

However, LIAT's pilots have blamed a region-wide flu outbreak and
the Zika virus as the reason for the increased illnesses, the
report notes.

Observer Media in Antigua reported that it had perused documents
that showed just how the absence of pilots and cabin crew -- due
to the illness -- had taken a toll on the carrier's already
stretched resources, the report relays.  According to the
documents, so far for this month alone, roughly 175 flights have
been cancelled due to pilots calling in sick, the report notes.

"To put this into perspective, LIAT operated around 1,600 flights,
so the pilots' sickness caused the cancellation of 11 per cent,
causing around 6,500 passengers' flights to be cancelled," the
document stated, the report relays.  "In addition, these
cancellations caused significant delays and disruptions to over
15,000 passengers," the document added.

According to LIAT, the average number of flight cancellations for
most airlines is around one per cent, the report relays.

Over 1,000 passengers had to stay overnight in hotels because of
the cancellations this month, after approximately 200 pilots
called in sick, the report discloses.

"This equates to around 14 per cent sickness with the industry
average being between three and five per cent," the LIAT document
stated, the report says.

It also revealed the number of sick days reported by cabin crew
stood at 83 so far this November: "This equates to around 11 per
cent sickness, with the industry average being four per cent."

In total, LIAT estimates that these disruptions caused by crew
sickness cost over EC$1 million (US$370,370) in the past few
weeks, the report notes.

Captain Carl Burke, who heads the Leeward Islands Airline Pilots
Association (LIALPA), has denied that the pilots reporting sick
was a result of some form of industrial action, the report relays.
He said LIAT's recently publicized sick leave policy has forced
more pilots to obtain certified sick leave for their illnesses,
the report adds.

                           *     *     *

The Troubled Company Reporter-Latin America, citing Trinidad
Express, on November 24, 2016 reported that the Barbados
government defended the operations of the cash-strapped regional
airline, LIAT, even as opposition legislators called for it to be
stop being a financial burden on the island. Both Prime Minister
Freundel Stuart and his Finance Minister, Chris Sinckler, defended
the airline, whose major shareholders are Antigua and Barbuda,
Barbados, Dominica and St. Vincent and the Grenadines. Mr. Stuart,
speaking in Parliament, said despite the criticism the value of
the airline should not be underestimated that the Antigua-based
LIAT remains "important to Barbados.

According to the TCR-LA in May 8, 2015, the Daily Observer said
that LIAT was 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 R M U D A
=============


GOLAR LNG: Egan-Jones Assigns B Sr. Unsecured Debt Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 31, 2016, assigned B senior
unsecured ratings on debt issued by Golar LNG Partners LP.  EJR
also assigned B ratings on the Company's commercial paper.

Golar LNG is a liquefied natural gas shipping company registered
in Bermuda. The company operates 26 LNG carriers and is listed on
NASDAQ.


=============
B O L I V I A
=============


LAMIA: Brazil's Chapecoense Football Team in Colombia Plane Crash
-----------------------------------------------------------------
BBC News reports that a plane carrying 77 people, including a top
Brazilian football team, has crashed on its approach to the city
of Medellin in Colombia.
Colombia's civil aviation body says only six people survived the
crash, blamed on an electrical fault, according to BBC News.

The chartered aircraft, flying from Brazil via Bolivia, was
carrying members of the Chapecoense team, the report notes.

The team had been due to play in the final of the Copa
Sudamericana, against Medellin team Atletico Nacional, the report
relays.

Organisers said Atletico Nacional has asked for Chapecoense to be
awarded the cup. Brazilian clubs have offered to lend players to
them for free for the next year, the report notes.

Colombian aviation officials said there were 21 journalists on
board, the report discloses.

BBC News says that the plane lost contact with ground controllers
as it approached Medellin at about 22:15 (03:45 GMT), after the
pilot reported an electrical fault. It came down in a mountainous
area.

At least two of the survivors are footballers.  They were
confirmed to be defender Alan Ruschel and reserve goalkeeper
Jackson Follman, the report relays.

Some reports suggest another defender, Helio Neto, was also
rescued, the report notes.

Goalkeeper Marcos Padilha, also known as Danilo, was pulled alive
from the wreckage but a spokesman said he later died in hospital,
the report relays.

The sports network Telemundo Deportes tweeted (in Spanish) that
Ruschel was in shock but conscious and talking, and had asked to
keep his wedding ring and to see his family, the report notes.

Shortly before boarding in Sao Paulo, Chapecoense manager Cadu
Gaucho, 36, appeared in a video posted on the team's Facebook site
[in Portuguese] describing the trip to Medellin as "the club's
most important to date," the report discloses.

Playing in the final of the Copa Sudamericana was to be the
highlight of a glorious season for the team from a small city of
less than 200,000 inhabitants in the state of Santa Catarina, the
report notes.

Founded in 1973, the team has been playing in Brazil's Serie A
since only 2014 but is currently ninth ahead of much more famous
and established teams such as Sao Paulo, Fluminense and Cruzeiro.

Last week, it became the first Brazilian team in three years to
make it to the final of the Copa Sudamericana, South America's
second most important club competition, after beating Argentine
side San Lorenzo, the report relays.
One of the founders of the club, Alvadir Pelisser, told BBC Brasil
the tragedy had put an "end to everyone's dream". "We were a
family, I'm shocked," he added.

LaMia, short for Linea Aerea Merida Internacional de Aviacion, is
a Bolivian charter airline headquartered in Santa Cruz de la
Sierra. Lamia was initially formed in Venezuela, but then was
relocated in Bolivia for a new operator LAMIA Bolivia in November
2015. Its fleet includes three RJ-85 with 95 passengers each. In
addition, according to the coordinator of airline operations, both
mining companies, travel agencies and football clubs are as major
customers.


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


BRAZIL: Joins Paris Club of Wealthy Creditor Nations
----------------------------------------------------
Elaine Moore and Joe Leahy at The Financial Times report that
Brazil is to join the Paris Club of wealthy sovereign creditors,
becoming the first large developing economy to enter the group for
two decades, as deteriorating global credit conditions spur
governments to improve co-ordinated debt relief efforts.

Officials say the sharp rise in emerging market borrowing since
the financial crisis has encouraged the group of lenders to expand
its membership amid the re-emerging threat of debt crises in
poorer nations, according to The Financial Times.  The last big
emerging market to join was Russia in 1997.

Brazil's entry to the Paris Club formalizes its longstanding role
as an ad hoc participant in negotiations, particularly the
restructuring of African debt, the report notes.  It is a sizeable
lender to countries such as Nigeria, Angola and Mozambique, the
report says.

"Brazil is a large creditor and has an important role to play in
the international community," said Odile Renaud-Basso, head of the
French Treasury and president of the Paris Club.

"This sends a signal that emerging market countries have a bigger
role to play in dealing with debt problems," she added.

Non-bank borrowers in emerging-markets have doubled their external
debt in the last seven years amid an era of cheap money,
accumulating $3.2 trillion according to Bank for International
Settlements, the report relays.  The BIS has warned of a potential
"vicious" deleveraging cycle to come as borrowing rates rise, the
report notes.

As the US economy recovers and investors migrate from emerging
markets back to developed economies, cheap funding rates are
evaporating, raising the cost of repaying debt and putting
borrowers under strain, the report relays.  So far this year, 27
corporate borrowers in emerging markets have defaulted on their
debt, according to S&P Global Ratings -- the largest number since
2009, the report says.

For Brazil, the move to become a full member of the Paris Club is
a statement of its financial resilience even if Latin America's
largest economy is facing its worst recession in more than 100
years, government officials said, the report discloses.

It is also an indication of Brazil's determination, as the world's
ninth largest economy, to play a bigger role in international
financial affairs following the global financial crisis, the
report notes.  Alongside China, Russia and India, it has been
instrumental in efforts to force the US and Europe to allow
emerging nations to have more say in international institutions,
such as the International Monetary Fund and World Bank, the report
relays.

Brazil is also a leading member of the so-called Brics nations,
which include Russia, India, China and South Africa, helping to
fund the establishment of an independent development bank for the
group, the report relays.

"In a way, this is part of the movement that started after the
global financial crisis," said a government official who is
familiar with the Paris Club talks, the report notes.

Since the Paris Club was created 60 years ago, members have
restructured or written off close to $600bn of debt for 90
countries, including Myanmar, Cuba and Yugoslavia, the report
discloses.

One of the most high profile initiatives to date has been a debt
relief program for highly indebted poor countries (HIPC) such as
C├Čte d'Ivoire and the Democratic Republic of Congo -- a program
that Brazil participated in, the report relays.

There are now concerns that the low-income countries that
benefited from the program risk sliding once again into
unsustainable indebtedness, the report notes.  The IMF estimates
global debt is more than two times the size of the global economy,
the report says.

"We have had very low interest rates," said Ms. Renaud-Basso.  "We
need to be careful to avoid the mistakes of the past -- and not
get back into the cycle of increasing debt," Renaud-Basso added.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, 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'.


CAMIL ALIMENTOS: S&P Affirms 'BB' CCR on Improved EBITDA Margins
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
national scale corporate credit ratings on Camil Alimentos S.A.
The outlook on both scales corporate credit ratings remains
negative.  S&P don't rate any of the company's debt.

The affirmation reflects the company's improved EBITDA margins
even amid the hike in grain prices and Brazil's economic slump.
The recent price increase in Brazilian reals of 40%-45% for rice
and about 50% for sugar, coupled with the company's pricing power,
and modest volume growth of rice and canned fish, should result in
Camil's revenue growth of nearly 12% in fiscal 2017 ending
February which will offset weaker sugar volumes.  Also, the
recovery of margins at the canned fished products unit and the
above-average margins for the company's sugar operations should
improve Camil's consolidated EBITDA margins from 10% in fiscal
2016 to close to 12% in fiscal 2017.

However, S&P expects pressure on Camil's liquidity profile to
increase due to higher inventory costs.  Management's decision to
hold larger inventories in the second quarter of fiscal 2017,
which it mainly financed through short-term working capital lines,
tightened its liquidity cushion.  However, the company's plans for
refinancing and a likely drop in working capital should stabilize
short-term debt and cash levels in the next two quarters.

Camil has maintained its leadership position in Brazil, Chile,
Peru, and Uruguay, reflecting its brand awareness and management's
ability to successfully integrate acquisitions, increasing
bargaining power with suppliers through a broader portfolio of
products.  Also, its geographic, supply and client
diversification, as well as its resilient margins and sound
operating performance mitigate the potential volatility stemming
from commodity prices, global demand, or currency fluctuations.


UNIALCO: Glencore Highest Bidder in Auction for Distressed Mill
---------------------------------------------------------------
Marcelo Teixeira at Reuters reports that commodities trader
Glencore Plc presented the highest bid in an auction for the sale
of a distressed Brazilian sugar mill and is well positioned to
take control of the plant, a source with direct knowledge of the
process said.

The Swiss commodities powerhouse offered around BRL350 million
($103 million) for the unit, topping bids by five companies that
took part in the auction for the Guararapes mill currently
controlled by local firm Unialco, which has filed for bankruptcy
and is under court protection against creditors, according to
Reuters.

According to the source, the second highest bid was presented by
Raizen, the joint venture between Cosan SA Industria e Comercio
and Royal Dutch Shell Plc, at BRL280 million.

Creditors should meet on Dec. 9 to decide on the offer.

The mill located in the main cane belt in the Sao Paulo state has
installed capacity to process 2.5 million tons of cane per year.

Unialco has around BRL700 million in debt, so creditors will
likely have to accept some losses despite Glencore's bid, the
report relays.

Glencore declined to comment and officials at Unialco were not
immediately available for comment.  Glencore already operates the
Rio Vermelho mill in Junqueiropolis in Sao Paulo state.


MMX MINERACAO: Files For Bankruptcy Protection
----------------------------------------------
Reuters reports that MMX Mineracao e Metalicos SA, the mining
company founded by former billionaire Eike Batista, has filed for
protection from its creditors in a Brazilian court, citing
slumping iron prices and economic adversity.

In a securities filing, MMX said: "The fall in iron ore prices and
the context of political and economic instability made it
impossible for the company to achieve its revenue targets,"
according to Reuters.

Brazil is mired in a two-year-long recession in what is its worst
downturn since the 1930s, the report notes.

The bankruptcy filing also includes its iron-ore unit MMX Corumba.

MMX is the latest of the companies created by Batista to fail.
The companies have gone through painful restructuring since 2014
when his empire began to crumble amid rampant borrowing and a
downward trend in global commodity prices, the report relays.

Batista, once Brazil's richest man, saw his more than $30 billion
fortune evaporate as a result, the report notes.

The company said the bankruptcy protection process of another MMX
unit, MMX Sudeste Mineracao SA, continues to advance and is
separate from the new petition, the report adds.


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


BES FINANCE: Court Enters Wind-Up Order
---------------------------------------
On Oct. 25, 2016, the Grand Court of the Cayman Islands entered an
order to wind up the operations of BES Finance Ltd.

Michael Pearson and Andrew Childe were appointed as the company's
liquidators.

The Liquidators can be reached at:

          Michael Pearson
          Andrew Childe
          FFP Limited, Harbour Centre, 2nd Floor
          42 North Church Street
          Grand Cayman
          Cayman Islands


BLUECREST SPECIAL: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------------
The creditors of Bluecrest Special Situations Fund Limited are
required to file their proofs of debt by Dec. 21, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2016.

The company's liquidator is:

           Stuart Sybersma
           c/o Christopher Yeramian
           Deloitte & Touche
           Citrus Grove Building, 4th Floor
           Goring Avenue George Town KY1-1109
           Cayman Islands
           Telephone: +1 (345) 814 3469
           Facsimile: +1 (345) 949 8258


CAMBRIDGE COMPANY: Creditors' Proofs of Debt Due Dec. 14
--------------------------------------------------------
The creditors of Cambridge Company Limited are required to file
their proofs of debt by Dec. 14, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2016.

The company's liquidator is:

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


COLLINSVILLE FINANCIAL: Commences Liquidation Proceedings
---------------------------------------------------------
On Oct. 21, 2016, the shareholder of Collinsville Financial Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          c/o Nicole Ebanks-Sloley
          The Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          Telephone: (345) 943-6055


CYPRESS MANAGEMENT: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 1, 2016, the shareholder of Cypress Management Holding
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:

          Stephen Nelson
          Collas Crill Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


EMPIRE CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 1, 2016, the sole shareholder of Empire Capital Partners
Enhanced, 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:

          Empire Capital Management, L.L.C.
          One Gorham Island
          Suite 201
          Westport
          Connecticut 06880
          United States of America
          Telephone: +1 (203) 454 1019


INDEPENDENT DEVELOPMENT: Creditors' Proofs of Debt Due Dec. 14
--------------------------------------------------------------
The creditors of Independent Development Co Ltd are required to
file their proofs of debt by Dec. 14, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2016.

The company's liquidator is:

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


LA ROCA: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------
The creditors of La Roca Investment Company are required to file
their proofs of debt by Dec. 21, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LYNX MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 12
----------------------------------------------------------
The creditors of Lynx Multi-Strategy Fund II Ltd. are required to
file their proofs of debt by Dec. 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2016.

The company's liquidator is:

          Mourant Ozannes Ssaris Advisors, LLC,
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


MAHA VESSEL: Creditors' Proofs of Debt Due Dec. 12
--------------------------------------------------
The creditors of Maha Vessel Limited are required to file their
proofs of debt by Dec. 12, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 31, 2016.

The company's liquidator is:

          Guy Neivens
          P.O. Box 33639, Abu Dhabi
          United Arab Emirates
          Telephone: +971 2551 1336
          Facsimile: +971 2551 1556


SPR 2: Commences Liquidation Proceedings
----------------------------------------
On Oct. 26, 2016, the shareholders of SPR 2 Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Shawn Singh
          c/o Maples and Calder, Attorneys-at-law
          Ugland House
          P.O. Box 309, Grand Cayman KY1-1104
          Cayman Islands


TREMONT RESEARCH: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 31, 2016, the shareholders of Tremont Research Investments
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:

          Delta FS Limited
          c/o Andrew Edgington
          Suite 3-211 Gavernors Square
          23 Lime Tree Bay Avenue
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands
          Telephone: (345) 743 6630


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


ARNALDO GONZALEZ BERRIOS: Hearing on Disclosures on Jan. 11
-----------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has scheduled for Jan. 11, 2017, at 2:00
p.m. the hearing to consider Arnaldo Gonzalez Berrios and Reinelia
Vega Vega's disclosure statement referring to the Debtor's plan of
reorganization.

Objections to the form and content of the Disclosure Statement
should be in writing and filed with the Court and served upon
parties-in-interest at their address of record not less than 14
days prior to the hearing.

Arnaldo Gonzalez Berrios and Reinelia Vega Vega filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 15-08167) on Oct.
19, 2015.


EMPRESAS PLAYA: Triangle REO Wants to Prohibit Cash Collateral Use
------------------------------------------------------------------
Secured Creditor Triangle REO 2, Corp., asks the U.S. Bankruptcy
Court for the District of Puerto Rico to prohibit Empresas Playa
Joyuda, Inc. from using cash collateral.

Triangle REO contends that the Debtor entered into several loans
with Triangle REO, and that the loans are secured by, among other
things, certain real property located in Miradero Ward in the
Municipality of Cabo Rojo.  Triangle REO further contends that the
Debtor generates rents by renting hotel rooms within the Real
Estate Collateral.

Triangle REO tells the Court that as of the petition date, it is
the holder of a valid, perfected, secured claim in the amount of
$2,448,105.  Triangle REO further tells the Court that while it
has engaged in good faith efforts with the Debtor to attempt to
reach an agreement pursuant to which Triangle REO may provide its
consent for the use of its Cash Collateral and pave the way
towards the potential confirmation of a consensual plan, to this
date, and notwithstanding Triangle REO's best efforts, the parties
have not been able to reach an agreement.

Triangle REO relates that the Debtor has not sought the Court's
approval for the use of cash collateral, and that the Debtor has
not requested or obtained Triangle REO's consent to use any of the
cash collateral.  Triangle REO further relates that it was forced
to ask the Court to prohibit the Debtor's use of cash collateral
as the Debtor has been using Triangle REO's cash collateral
without any authorization, nor has the Debtor provided adequate
protection to Triangle REO for such use.

In addition to prohibiting the Debtor from using cash collateral,
Triangle REO wants the Court to:

     (1) grant Triangle REO a first priority replacement lien on
all of the Debtor's postpetition assets;

     (2) require an accounting of all cash collateral received by
or for the benefit of the Debtor since the petition date;

     (3) direct the Debtor to provide Triangle REO with full
access to the Debtor's books and records;

     (4) require the turn-over of any of Triangle REO's cash
collateral or property that is in the possession, custody, or
control of the Debtor or any of the insiders of the Debtor; and

     (5) impose a constructive trust on any cash collateral, or
proceeds from Triangle REO's cash collateral, that has been
diverted to any person or bank account as a result of any
diversion of the Debtor's accumulated rents.

A full-text copy of Triangle REO 2, Corp.'s Motion, dated Nov. 23,
2016, is available at:

http://bankrupt.com/misc/EmpresasPlaya2015_1509594eag11_76.pdf


Triangle REO 2, Corp. is represented by:

          Luis C. Marini, Esq.
          Carolina Velaz-Rivero, Esq.
          Gabriel L. Olivera Dubon, Esq.
          O'NEILL & BORGES LLC
          250 Munoz Rivera Avenue, Suite 800
          San Juan, PR 00918-1813
          Telephone: (787) 764-8181
          E-mail: luis.marini@oneillborges.com
                  carolina.velaz@oneillborges.com
                  gabriel.olivera@oneillborges.com

                    About Empresas Playa Joyuda

Empresas Playa Joyuda, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 15-09594) on Dec. 1, 2015.  The
petition was signed by Cesar Perez Perichi, president and
treasurer.  The Debtor is represented by Victor Gratacos Diaz,
Esq., at Gratacos Law Firm, PSC.  The Debtor disclosed $939,685 in
assets and $2.74 million in liabilities.


OLIVER C&I: Hires RSM Puerto Rico as Accountant
-----------------------------------------------
Oliver C & I Corp. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Doris Barroso
Vicens of RSM Puerto Rico as accountant.

The Debtor requires RSM to:

   (a) reconcile proof of claims;

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

   (c) analyze profitability of the Debtor's operations;

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

   (e) consult on strategic alternatives and development of
       business plans; and

   (f) any other consulting and expert witness services relating
       to various bankruptcy matters such as insolvency,
       feasibility of forensic accounting, etc., as necessary.

RSM will be paid at these hourly rates:

       Doris Barroso Vicens, partner    $235
       Partner                          $200-$300
       Managers                         $100-$150
       Seniors                          $75-$90
       Staff                            $60-$70

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

Doris Barroso Vicens, partner of RSM, 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.

RSM can be reached at:

       Doris Barroso Vicens
       RSM PUERTO RICO
       P.O. Box 10528
       San Juan, PR 00922-0528
       Tel: (787) 751-6164
       Fax: (787) 759-7479

Oliver C & I Corp., based in Guaynabo, Puerto Rico, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 16-08311) on October
17, 2016.  The Hon. Mildred Caban Flores presides over the case.
Carmen D Conde Torres, Esq., serves as attorney

In its petition, the Debtor indicated $29.94 million in total
assets and $1.06 million in total liabilities.  The petition was
signed by Max Olivera, vice-president/treasurer.


POWER COOLING: Seeks to Hire L.A. Morales as Legal Counsel
----------------------------------------------------------
Power Cooling Controls Inc. 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 L.A. Morales & Associates P.S.C. to
give legal advice regarding its duties under the Bankruptcy Code,
negotiate with creditors, assist in the preparation of a
bankruptcy plan, and provide other legal services.

Lyssette Morales Vidal, Esq., the attorney designated to represent
the Debtor, will be paid an hourly rate of $275 while paralegals
will be paid $75 per hour.

L.A. Morales is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Lyssette A. Morales Vidal, Esq.
     L.A. Morales & Associates P.S.C.
     76 Aquamarina
     Caguas, PR 00725-1908
     Phone: 787.746.2434 / 787.258.2658
     Fax: 1.855.298.2515

                  About Power Cooling Controls

Power Cooling Controls Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. P.R. Case No. 16-09134) on November
17, 2016.

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


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


LATIN AMERICA: Sugar Yields Not So Sweet This Year
--------------------------------------------------
Caribbean360.com reports that global sugar yields this year have
been anything but sweet and the Sugar Association of the Caribbean
(SAC) warns that the price of the commodity will rise on the
international market.

At its just concluded 165th meeting in Kingstown, the regional
body reported that global production has fallen short by some five
million tons, blaming the drop on changing weather patterns,
according to Caribbean360.com.

In the Caribbean, the sugar sector was severely affected by
prolonged drought conditions and the SAC members, Barbados
Agricultural Management Company, Belize Sugar Industries Limited,
Guyana Sugar Corporation Inc, and the Sugar Manufacturing
Corporation of Jamaica Limited posted declines, the report relays.

Overall SAC members produced just over 450,000 tons of sugar for
the 2015-2016 crop.

Notwithstanding the challenges, the association noted that
Caribbean would be able to sell all its produce to European Union
and the United States, the report notes.

The EU remains the biggest market, taking some 533,000 tons while
the United States takes 43,000 tons, the report relays.  This
year, projected sales are 26,000 and 25,000 tons respectively, the
report says.

The SAC was, however, paying close attention to the EU market,
which is still trying to come to terms with the Brexit vote, the
report discloses.  The association said it would have to
renegotiate a UK-CARICOM Free Trade Agreement, the report says.

SAC countries have begun their own dialogue and they have agreed
to pressure politicians to ensure their concerns about the future
of the sector will be addressed when the negotiations begin, the
report adds.


                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
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, 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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