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                     L A T I N   A M E R I C A

               Thursday, December 1, 2016, Vol. 17, No. 238


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: US Supreme Ct. Denies Owner's Certiorari Petition


B R A Z I L

BRAZIL: Economy Shrinks Again in Third Quarter
CENTRAIS ELETRICAS: Fitch Affirms 'BB-' LT Issuer Default Ratings


C A Y M A N  I S L A N D S

BALI ANCHOR: Placed Under Voluntary Wind-Up
BEST ACTION: Creditors' Proofs of Debt Due Dec. 12
BLUECREST SPECIAL: Creditors' Proofs of Debt Due Dec. 21
BLUECREST STRATEGIC: Creditors' Proofs of Debt Due Dec. 21
CSI MANAGEMENT: Commences Liquidation Proceedings

DACAPA INVESTMENT: Creditors' Proofs of Debt Due Dec. 21
DYNAMI SPV III: Creditors' Proofs of Debt Due Dec. 21
EMPIRE CAPITAL: Commences Liquidation Proceedings
GABOR LTD: Placed Under Voluntary Wind-Up
GATEWAY CHINA: Creditors' Proofs of Debt Due Dec. 12

GREEN MOUNT: Creditors' Proofs of Debt Due Dec. 12
MILLA INVESTMENT: Placed Under Voluntary Wind-Up
RISING STATE: Creditors' Proofs of Debt Due Dec. 12


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Approves US$18.2B for 2017 Budget & Debt
DOMINICAN REPUBLIC: Border Market Slumps on Haiti's Woes


M E X I C O

GRUPO POSADAS: S&P Affirms 'B+' CCR & Revises Outlook to Stable


P U E R T O    R I C O

GUSTAVO ARANGO: Unsecureds to Recover 12% Under Plan
PUERTO RICO: Top Creditors Flex Muscles in Bond Fight
WS STORES CORP: Unsecureds to Recoup 100% in Monthly Installments



                            - - - - -



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


STANFORD INT'L: US Supreme Ct. Denies Owner's Certiorari Petition
-----------------------------------------------------------------
Kenneth Rijock at Caribbean News Now reports that the United
States Supreme Court denied the petition for a writ of certiorari
filed by Allen Stanford, whose prior District Court conviction and
sentence was affirmed by the Fifth Circuit.

Mr. Stanford's best opportunity to revisit his criminal case has
failed; any post-conviction relief that he seeks in the future is
entirely discretionary with the District Court, and generally has
a poor chance of success, according to Caribbean News Now.

The report notes that Mr. Stanford's presumptive release date is
April 17, 2105, meaning that he will spend the rest of his life in
custody; this may not satisfy his many victims, but it does more
or less close the chapter on his criminal prosecution.

His Antigua and Barbuda-based Stanford International Bank left
victims strewn all over the Western Hemisphere, and the Ponzi
scheme Stanford operated cost many Americans their life savings,
the report notes.

A sentence, such as the one in this case, which exceeds the life
expectancy of a major Ponzi schemer, though stiff, could serve to
deter future potential Ponzis from engaging in this type of
criminal conduct, the report adds.

                      About Stanford Group

The Stanford Financial Group was a privately held international
group of financial services companies controlled by Allen
Stanford, until it was seized by United States (U.S.) authorities
in early 2009.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management served more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The case in district court was Securities and Exchange Commission
v. Securities Investor Protection Corp., 11-mc-00678, U.S.
District Court, District of Columbia (Washington).

The U.S. Securities and Exchange Commission charged before the
U.S. District Court in Dallas, Texas, Mr. Stanford and three of
his companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.

A criminal case was pursued against him before the U.S. District
Court in Houston, Texas.  Mr. Stanford pleaded not guilty to 21
charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.


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


BRAZIL: Economy Shrinks Again in Third Quarter
----------------------------------------------
Rogerio Jelmayer and Jeffrey T. Lewis at The Wall Street Journal
report that Brazil's prolonged economic recession deepened in the
third quarter amid political turmoil that has discouraged heavily
indebted companies from investing and damped consumer spending,
while hope for glimmers of a recovery failed to appear.

Gross domestic product shrank 0.8% from the second quarter,
marking the seventh consecutive quarter of contraction, the
Brazilian Institute of Geography & Statistics said, according to
The Wall Street Journal. That was slightly better than
expectations of a 0.9% decline in the third quarter from the
second, according to a Wall Street Journal survey of 10
economists, the report notes.

The report relays that the economy shrank a revised 0.4% in the
second quarter from the first after contracting 0.5% in the first
quarter.  The dismal numbers have already led some economists to
cut their growth forecasts for next year. Capital Economics' Neil
Shearing said he now expects an expansion of 1% in 2017, down from
1.5% before the report was released, says the report.

Brazil's Congress removed President Dilma Rousseff from office at
the end of August, and she was replaced by her former Vice
President, Michel Temer. Many analysts had hoped that Ms.
Rousseff's long-expected ouster, on charges of fudging budget
numbers, would clear up political uncertainty, increase confidence
and encourage companies to boost spending on new projects, the
report notes.

But the new chief executive's government has been plagued by
ministers resigning amid allegations of corruption and Mr. Temer
pushing reform measures that, though popular with investors, are
opposed by large portions of the population, the report discloses.

Brazil's mammoth Operation Car Wash anticorruption investigation
continues to claim new victims among the country's political
elite, and more plea bargains deals are expected, "and that freaks
executives out, they don't know what's coming next," said Newton
Rosa, chief economist of Sao Paulo-based investment firm
Sulamerica Investimentos, the report relays.

Company debt levels are also so high that many "don't have the
money for new investments," Mr. Rosa said, the report notes.

Investment spending, a key barometer of business confidence,
shrank 3.1% in the third quarter from the second and fell 8.4%
versus the same period a year earlier, the IBGE said, the report
relays.  Brazil's biggest steelmaker, Gerdau SA, posted a steep
decline in profit in the third quarter and said it would cut
investment this year by 35% then trim more in 2017, the report
discloses.

The company expects "a challenging market scenario (in coming
months), with a gradual and slow recovery in economic activity,"
Gerdau CEO Andre Gerdau Johannpeter said during the company's
earnings conference call earlier this month, the report relays.

Brazil's big, and growing, budget deficit and national debt are
more concerns holding investors back, the report notes.  President
Temer, whose approval ratings are in the midteens, is trying to
push a constitutional amendment through Congress that will limit
government spending increases to the previous year's inflation
rate, the report relays.

The measure has been approved by the lower house and awaits a
final vote in the Senate before being sent to the president to be
signed into law, notes WSJ. Markets have been encouraged by the
bill's steady movement toward approval, but expectations of a
rapid recovery after Mr. Temer's move to the presidential palace
were unfounded, said Jason Vieira, chief economist at Infinity
Asset in Sao Paulo, the report says.

"There was a lot of optimism about a recovery, but it wasn't based
on the reality in the country," he added, notes the report.

That reality includes high, and rising, unemployment along with
high, though slowing, and inflation, the report notes.  Both have
discouraged consumer spending, which represents almost two-thirds
of GDP. Consumer spending fell 0.6% from the second quarter and
3.4% from the year-ago period, the report discloses.

One bright spot in the picture is that the Central Bank of Brazil
began a rate-cutting cycle in October, trimming its benchmark
lending rate to 14% from 14.25%, where it had been since July of
last year, the report relays.

The bank will announce its latest rate decision, says the Journal.
Expectations are for another quarter-point cut, though concerns
about Mr. Temer's political problems and uncertainty about the
U.S. Federal Reserve's next move following the unexpected election
victory of Donald Trump led many analysts to trim their forecasts
from a half point, the report adds.

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'.


CENTRAIS ELETRICAS: Fitch Affirms 'BB-' LT Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed the Foreign and Local Currency Long-
Term Issuer Default Ratings (IDRs) of Centrais Eletricas
Brasileiras S.A. (Eletrobras) and its wholly owned subsidiary,
Furnas Centrais Eletricas S.A. (Furnas) at 'BB-'. The Rating
Outlook for both IDRs has been revised to Stable from Negative.
Fitch has also affirmed the companies' Long-Term National Scale
Ratings at 'AA-(bra)' with a Stable Outlook.

KEY RATING DRIVERS

The Outlook revision for the IDRs reflects the Federal Republic of
Brazil's ('BB', Outlook Negative) increasing support to the
Eletrobras group through capital injections of approximately BRL3
billion during 2016 and guarantees for loans reaching 30% of the
debt. Fitch also expects the group's new management to implement
measures to gradually improve its consolidated cash flow from
operations.

Eletrobras' IDRs consider its strategic importance to the country
because of its prominent position within the Brazilian power
sector due to its significant market share in generation and
transmission. The sovereign holds 51% of company voting shares.

On a standalone basis, Eletrobras' IDRs would be lower, due to its
still weak consolidated operational cash generation, high capital
expenditures program, and deteriorated credit metrics for the
current rating category. The decision to accept the early renewal
of all of its generation and transmission power concessions
expiring between 2015 and 2017 severely affected Eletrobras'
consolidated credit profile. Positively, the group has been
successful in reducing operational costs, while additional
compensation for the renewed transmission concessions at BRL28
billion will be added to its cash flow generation after July 2017.
Eletrobras' financial profile benefits from a strong liquidity
position and an extended debt maturity profile.

Eletrobras is exposed to political interference risks given its
status as an entity controlled by the Brazilian government,
despite of the positive initiatives from the new management.
Current and future governments can use the company to help it
achieve certain macroeconomic and social objectives through price
controls and/or subsidies. Regulatory risk for the power sector is
considered moderate in Brazil, while the hydrological risk is
inherent to the sector.

Furnas' ratings are linked with its parent company (Eletrobras).
Furnas is one of Eletrobras' largest subsidiaries, representing
approximately 24% of the group's installed generation capacity and
31% of its transmission coverage in kilometers. Eletrobras has a
centralized cash management policy and is the primary funding
provider for Furnas. Eletrobras sets the company's strategic
targets, such as corporate governance standards and investment
plans.

INCREASING FEDERAL GOVERNMENT SUPPORT

Fitch believes Brazilian government's increasing support to
Eletrobras is positive and should help the company to achieve the
operational turn around needed to bring the group's credit metrics
to more adequate levels in the medium term. Government has
appointed market professionals and sector experts to Eletrobras'
Board and Management teams followed by the development of a new
Strategic Plan for 2017-2021. National Treasury has increased its
participation as guarantor in loans (30% of total debt) and
injected around BRL 3 billion of cash at Eletrobras' holding
company to be converted into capital in the near future.

CASH GENERATION TO IMPROVE

Eletrobras' consolidated EBITDA generation should achieve an
annual average of BRL2.7 billion in the period of 2017-2019,
according to Fitch projections. Eletrobras' weak operational cash
generation reflects the highly negative impact of its decision to
accept the early renewal of all of its generation and transmission
power concessions in 2013. As Fitch expected, in the LTM ended on
Sept. 30, 2016 EBITDA was positively impacted by the booking of
additional revenues referring to the compensation values for the
transmission assets existing before 2000 for the concessions that
were early renewed in 2013. EBITDA for the period reached BRL17.6
billion in comparison with a negative BRL6 billion in 2015. If the
impact of compensation revenues was not factored in, the EBITDA
would be negative.

LOWER CAPEX NEEDED

Eletrobras' consolidated free cash flow (FCF) generation is
expected to remain negative, even though capex and investment have
been revised and reduced as part of a new business strategy. Fitch
views as positive that the company's subsidiaries did not
participate in the recent transmission and generation bids
promoted by the government. Eletrobras' Strategic Plan for 2017-
2021 considers BRL35.8 billion of capex and capital injection in
subsidiaries. Expansion plans pose a challenge and will need to be
funded through new debt and cash generation. Fitch expects
Eletrobras to resume paying dividends in 2017. The company's
consolidated cash flow from operations (CFFO) of BRL5.3 billion
during the LTM ended on Sept. 30, 2016 was sufficient to cover
capex of BRL1.9 billion and dividends of BRL5 million, leading to
a FCF of BRL3.5 billion.

MANAGEABLE DEBT MATURITY PROFILE

Eletrobras' consolidated risk profile benefits from an extended
debt maturity schedule. Total adjusted debt, excluding the Reserva
Global de Reversao (RGR), was BRL40 billion in September 2016 and
includes 38% of loans coming from federal banks, which may give
some financial flexibility. The federal government has supported
the company through guarantees to part of the debts, reducing
Eletrobras' cost of funds and benefitting its cash flow. Around
27% of the debt (excluding the RGR) was in foreign currency which
brings some currency risk to the group.

DIVESTMENT OF DISTRIBUTION COMPANIES POSITIVE

Fitch believes the planned divestment of the power distribution
companies contributes to the group's ability to improve cash
generation. CELG's privatization auction is scheduled to occur on
Nov. 30, 2016 and the remaining six companies should be privatized
or returned to the Federal Governemt by December 2017. Fitch
expects Eletrobras to sell its stake/control at CELG D for a
minimum BRL900 million, which enhances the liquidity. In addition,
even if the privatization of the other six other distribution
companies should not bring any cash to Eletrobras, it will avoid
approximately BRL 2 billion per year of losses.

HIGH IMPORTANCE TO BRAZIL

Eletrobras has a strong position as the largest electricity
generation and transmission company in Brazil, with 32% of
installed generation capacity and 53% of transmission lines as of
September 2016. Its size and active presence in the most relevant
energy projects under construction in Brazil make it strategically
important to the country's economy and development.

KEY ASSUMPTIONS

   -- Receipt of BRL27.8 bi from compensation value for the
      transmission concession renewal over eight years, starting
      in July 2017 (inflation adjusted);

   -- Receipt of BRL900 million from the divestment of CELG D in
      2017;

   -- Average annual capex (including capital injection in
      subsidiaries) of BRL7.4 billion from 2017 to 2019;

   -- Dividends: no payment in 2016; 25% of net profit in 2017 and
      50% from 2018.

RATING SENSITIVITIES

Factors that could potentially lead to a negative rating action
are:

   -- A downgrade of the sovereign;

   -- The perception of a weakening linkage of Brazilian
      government support;

   -- Deterioration on the company's liquidity position.

Factors that could potentially lead to a positive rating action
are:

   -- Sustained recovery of the group's operational cash flow
      generation;

   -- The Brazilian government's continuous support in order to
      strengthen the linkage between the group and the Federal
      Republic of Brazil.

LIQUIDITY

Eletrobras has historically maintained a strong liquidity
position. As of Sept. 30, 2016, the company's consolidated
liquidity ratios, as measured by cash and equivalents/short-term
debt and cash and equivalents plus CFFO/short-term debt, were
adequate at 1.1x and 2.1x, respectively. Eletrobras' liquidity of
BRL6.5 billion at the end of 3Q16, compared with BRL5.8 billion of
short-term debt, should be reinforced the receipt of the
compensation revenues for the renewal of the transmission
concessions after July 2017 and the sale of CELG D. The negative
EBITDA, when excluded the non-recurring compensation revenues,
does not allow calculation of leverage ratios.

FULL LIST OF RATINGS ACTIONS

Fitch has affirmed the following ratings:

   Eletrobras

   -- Foreign Currency LT IDR at 'BB-'; Outlook revised to Stable
      from Negative

   -- Local Currency LT IDR at 'BB-'; Outlook revised to Stable
      from Negative

   -- National Scale LT rating at 'AA-(bra)'; Outlook Stable

   -- USD1 billion senior unsecured notes due 2019 at 'BB-';

   -- USD1.75 billion senior unsecured notes due 2021 at 'BB-'.

   Furnas

   -- Foreign Currency LT IDR at 'BB-'; Outlook revised to Stable
      from Negative

   -- Local Currency LT IDR at 'BB-'; Outlook revised to Stable
      from Negative

   -- National Scale LT rating at 'AA-(bra)'; Outlook Stable


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


BALI ANCHOR: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 28, 2016, the sole shareholder of Bali Anchor Investments
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:

          John Chi On Ho
          c/o Richard Bennett
          Elian Fiduciary Services (Cayman) Limited
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Island
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


BEST ACTION: Creditors' Proofs of Debt Due Dec. 12
--------------------------------------------------
The creditors of Best Action 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. 26, 2016.

The company's liquidators are:

          Koo Chi Sum
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong
          Telephone: +852 2846 9888
          Facsimile: +852 2827 0715


BLUECREST SPECIAL: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------------
The creditors of Bluecrest Special Situations Master 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


BLUECREST STRATEGIC: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------------
The creditors of Bluecrest Strategic 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


CSI MANAGEMENT: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 2, 2016, the sole shareholder of CSI Management 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:

          Stephen Liu Yiu Keung
          c/o Maples and Calder
          Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road, Central
          Hong Kong


DACAPA INVESTMENT: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------------
The creditors of Dacapa 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 Nov. 3, 2016.

The company's liquidator is:

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


DYNAMI SPV III: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------------
The creditors of Dynami SPV III 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


EMPIRE CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 3, 2016, the sole shareholder of Empire Capital Partners
Enhanced Master 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:

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


GABOR LTD: Placed Under Voluntary Wind-Up
-----------------------------------------
On Nov. 1, 2016, the shareholders of Gabor 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:

          T.C. Directors (Channel Islands) Limited
          c/o Emma Ferbrache
          P.O. Box 87 Lefebvre Court
          Lefebvre Street St. Peter Port
          Guernsey, GY1 4BS
          Telephone: +44 (0) 1481 702776
          Facsimile: +44 (0) 1481 726660


GATEWAY CHINA: Creditors' Proofs of Debt Due Dec. 12
----------------------------------------------------
The creditors of Gateway China Fund I 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 Nov. 1, 2016.

The company's liquidator is:

          Richard Fear
          c/o Kevin Butler
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7374
          Facsimile: (345) 945 3902


GREEN MOUNT: Creditors' Proofs of Debt Due Dec. 12
--------------------------------------------------
The creditors of Green Mount Investments 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. 26, 2016.

The company's liquidators are:

          Koo Chi Sum
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong
          Telephone: +852 2846 9888
          Facsimile: +852 2827 0715


MILLA INVESTMENT: Placed Under Voluntary Wind-Up
------------------------------------------------
On Oct. 31, 2016, the shareholders of Milla Investment Inc.
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:

          Avalon Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


RISING STATE: Creditors' Proofs of Debt Due Dec. 12
---------------------------------------------------
The creditors of Rising State 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. 26, 2016.

The company's liquidators are:

          Koo Chi Sum
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong
          Telephone: +852 2846 9888
          Facsimile: +852 2827 0715


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


DOMINICAN REPUBLIC: Approves US$18.2B for 2017 Budget & Debt
------------------------------------------------------------
Dominican Today reports that the Chamber of Deputies approved in
the second roll call a bill on the 2017 Budget, and another which
authorizes the Finance Ministry to issue RD$122.9 billion (US$2.7
billion) of public debt instruments, in a session in which
opposition PRM party lawmakers left the session before the voting.
The Senate had already approved both bills and will now go to
president Danilo Medina who's expected to sign them, says the
report.

The Budget for next year, of RD$711.4 billion (US$15.5 billion)
was approved by lawmakers of the ruling party (PLD) and of the
pro-government PRD party despite the opposition's intense
pressure, according to Dominican Today.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B';

   -- Country Ceiling affirmed at 'BB-'.


DOMINICAN REPUBLIC: Border Market Slumps on Haiti's Woes
--------------------------------------------------------
Dominican Today reports that the cross border market held Mondays
and Fridays in the city of Dajabon, where trade between Dominicans
and Haitians is usually risk, has declined due to Haiti's
environmental, economic and political woes.

Haitian and Dominican merchants agree that five years ago, trade
was as high as between US$1.2 million per week, motoring the
economy of towns along both countries' border, according to
Dominican Today.

"Recently however we perceive with concern how the economic
exchange between the two nations decreases," Border Market
Merchants Association president Abigail Bueno told local media,
the report notes.

Mr. Bueno said last week, the day after Haiti's presidential
election, the market was held normally, but with declining sales,
the report relays.

On Nov. 28, hundreds of Haitians crossed into Dajabon to trade
with Dominicans, but both reiterate that just as in other days,
sales slumped, the report relays.

They also say that major merchants from Cape Haitian, Fort
Liberte, Trou Du Nort and other north Haiti towns aren't coming to
market as before, and is hurting business, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B';

   -- Country Ceiling affirmed at 'BB-'.


===========
M E X I C O
===========


GRUPO POSADAS: S&P Affirms 'B+' CCR & Revises Outlook to Stable
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Grupo Posadas S.A.B. de
C.V. to stable from positive.  S&P also affirmed its 'B+'
corporate credit and issue-level ratings on the company.  The
recovery rating on the notes remains at '3', indicating S&P's
expectation of a meaningful (50%-70%) recovery in the higher end
of the range, for unsecured lenders in a hypothetical event of a
payment default.

The outlook revision reflects S&P's expectation that despite
Posadas' steady top-line growth and healthy operating performance,
the previously expected deleveraging and improvement in credit
metrics, such as debt to EBITDA approaching 4.0x, will take longer
to materialize.  Mexico's cooling economy and a sharp depreciation
of the peso throughout 2016 have weighed on Posadas' financial
performance, reflecting its exposure to foreign exchange
volatility because it has $438 million in unhedged dollar-
denominated debt.  Nonetheless, Posadas is taking initiatives to
improve its capital structure including its debt maturity profile
and has secured funding to call the remaining $38 million
outstanding of its senior unsecured notes due 2017.

Posadas' business risk profile reflects a property base primarily
dependent to tourism dynamics in Mexico, a highly fragmented
industry which represents more than 90% of the company's revenues.
However, Posadas is one of the leading hotel owners/operators in
the country, focusing on business and leisure lodging with an
expanding vacation club division.  Posadas has been able to
achieve growth despite sluggish economic conditions.  In addition,
the company is implementing an aggressive expansion plan that
consists of the opening of more than 30 lodging properties by
2018, representing close to 20% of room additions in Mexico.  In
S&P's view, the expansion will allow Posadas to maintain a
favorable market position despite the significant competition.

Despite the expansion's potential pressure on Posadas' EBITDA
margins, S&P expects them to remain close to 25% thanks to an
effective commercial strategy that will continue to support
occupancy rates close to 70%, in S&P's view.  Moreover,
refurbishments, net room additions, and dollar-referenced rates
should continue boosting ADRs.

Posadas' financial risk profile reflects S&P's expectations that
the company will mainly fund its expansion plan with free
operating cash flow generation, without requiring significant
external financing in the next two years.  Nonetheless, S&P's
current forecast assumes a slower-than-expected deleveraging and
improvement in credit metrics, given Posadas' exposure to the
foreign currency volatility stemming from its dollar-denominated
debt.


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


GUSTAVO ARANGO: Unsecureds to Recover 12% Under Plan
----------------------------------------------------
Gustavo Arango, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a disclosure statement referring to the
Debtor's plan of reorganization.

General unsecured claims against the Debtor total $19,775.17,
consisting mainly of unsecured claims of governmental entities and
utility claims.

Class 6 Other General unsecured Claims total $252.  As of Nov.
16, 2016, no claims have been filed under this class.  Members of
this class will be paid 12% of their allowed claims in 60 equal
consecutive monthly installments for the Effective Date.  This
class is impaired.

The Plan will be funded with the Debtor's own assets, the
collection of any account receivables, the Debtor's cash in bank
and funds from the Debtor's operations.  If needed, Gustavo Arango
will provide additional capital input.

         Plan Outline Has Conditional Approval

U.S. Bankruptcy Judge Brian K. Tester in Puerto Rico conditionally
approved the disclosure statement and allowed the Debtor to
solicit acceptances or rejections of the Plan.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of
objectionsas may be made to either will be held on December 14,
2016, at 09:00 A.M.

Acceptances or rejections of the Plan may be filed in writing
on/or before 10 days prior to the Plan confirmation hearing date.
Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must also be filed on/or
before 10 days prior to the Plan confirmation hearing date.

The Disclosure Statement is available at:

            http://bankrupt.com/misc/prb16-05118-39.pdf

Gustavo Arango, Inc., is a corporation organized under the laws of
the Commonwealth of Puerto Rico on Jan. 23, 1990.  It was created
by Gustavo A. Arango, a prestigious fashion designer.  The
Debtor's main business is to design, manufacture and make haute
couture designs tailored specially to its client's needs.  The
business of the Debtor is centered at its atelier and flaship
store located at Ave. Roosevelt 1334, Puerto Nuevo, San juan, P.R.
00920.

The Debtor filed a Chapter 11 petition (Bankr. D. P.R. Case No.
16-05118) on June 28, 2016, and is represented by Carmen D. Conde
Torres, Esq. of C. Conde & Assoc.  The Hon. Brian K. Tester
presides over the case.


PUERTO RICO: Top Creditors Flex Muscles in Bond Fight
-----------------------------------------------------
Andrew Scurria at The Wall Street Journal reports that Puerto
Rico's largest mutual-fund bondholders have broken their silence
in an ongoing $30 billion creditor standoff, underscoring tensions
between the commonwealth's traditional municipal investor base and
the hedge funds now involved in its financial restructuring.

Funds controlled by fixed-income giants Franklin Advisers and
OppenheimerFunds asked a federal judge last week to enter them as
defendants in a lawsuit brought by hedge funds holding general
obligation, or GO, bonds that have been in default since July,
according to The Wall Street Journal.

The lawsuit pits those creditors against investors holding $17
billion in competing bonds known as Cofinas for their Spanish
acronym and backed by sales tax revenues, the report notes.  If
successful, the lawsuit could compromise the Cofina bondholders'
liens and free up a fresh source of repayment for the GO
bondholders, which are guaranteed under the Puerto Rican
constitution, the report relays.

The report says that the courts, on the other hand, could affirm
the commonwealth's longstanding position that the sales-tax
revenues are off-limits to the GO bondholders. U.S. District Court
Judge Francisco Besosa could also freeze the dispute in the hopes
that the warring investor groups will negotiate a settlement, as
the Cofina investors have urged.

Congress installed a federal oversight board over the summer to
take over Puerto Rico's financial decision-making, but it has yet
to announce the hiring of legal and financial advisors with whom
creditors will negotiate, the report notes.  The legal status of
the Cofina revenues has never been tested in the courts, and
resolving it now would take a major question on creditors' rights
out of the board's hands, the report discloses.  For now, it wants
the dispute paused under the automatic stay provisions of the
Puerto Rico Oversight, Management and Economic Stability Act, or
PROMESA, the report says.

Franklin and Oppenheimer, along with Santander Asset Management,
are cross-holders with a combined $3.6 billion in Cofina claims
and $1.1 billion in GO claims, according to a filing in Puerto
Rico federal court, the report notes.

With $2.8 billion of their exposure in subordinated Cofina debt,
the mutual funds said they have the "greatest possible interest"
in protecting the sales taxes from being diverted, the report
relays.  Junior Cofina bonds would suffer the most if the revenue
stream were interrupted, although they have continued to be paid
even with the territorial government in default on its
constitutional debt, the report discloses.

Hedge funds exclusively holding senior Cofina bonds have already
asked to be heard in the lawsuit. Those bondholders, including
GoldenTree Asset Management, Merced Capital and Taconic Capital
Advisors, hold zero-coupon bonds that don't come due for decades,
according to people familiar with the matter, the report notes.
Their group has taken the position that diverting the sales taxes
would cause their claims to come due immediately, leapfrogging
over those of junior creditors, the report says.

As holders of both types of bonds, the mutual funds said they
aren't conflicted and have reason to guard the interests of all
creditors within the $17 billion Cofina debt stack, the report
discloses.  Puerto Rican lawmakers first segregated sales-tax
revenues from its general fund a decade ago to create an alternate
borrowing mechanism.

"The interests of Cofina, its bondholders generally and its
current-pay subordinate bonds in particular are served by
maintaining the statutory transfer," lawyers for Franklin,
Oppenheimer and Santander wrote in court papers, notes the report.
"It is likely that the senior Cofina bondholders want Cofina to
default."

A spokesman for the mutual funds declined to comment beyond the
filing. Representatives for the GO bondholder group and for Cofina
bond trustee Bank of New York Mellon didn't immediately respond to
requests for comment, says WSJ.

James Doak of Miller Buckfire & Co., an adviser to the senior
Cofina bondholder group, called the mutual funds' appearance "a
positive for Puerto Rico, the oversight board and the incoming
administration," relates WSJ.

"Major, long-standing investors holding both GO and Cofina bonds
are stepping forward to defend PROMESA's stay provision and reject
more litigious GO bondholders' attempts to seize [sales tax]
revenue," he said, the report relays.

The benchmark 8%-coupon GO bonds due in 2035 traded at 69.5 cents
on the dollar, according to FactSet, having cooled off from a
post-election rally that pushed prices to 73 cents, the report
notes.  Puerto Rico recently elected Dr. Ricardo Rossello, a
statehood supporter perceived by investors as friendlier to
creditor interests, to replace Gov. Alejandro Garcia Padilla, the
report relays.  The new governor takes office in January.

                  Corrections & Amplifications

Funds controlled by fixed-income giants Franklin Advisers and
OppenheimerFunds asked a federal judge last week to enter them as
defendants in a lawsuit brought by hedge funds holding general
obligation, or GO, bonds that have been in default since July, the
report adds.  An earlier version of this article misstated the
name of Franklin Advisers.


                              *     *     *

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Justice Clarence Thomas, writing for the majority in the 5-to-2
decision, said the law was at odds with the federal bankruptcy
code, which bars states and lower units of government from
enacting their own versions of bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings has
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.
Both ratings are removed from Rating Watch. Ratings on securities
that have not defaulted will remain at 'C' until the point of
default. The ratings on non-defaulted bonds remain on Rating Watch
Negative.


WS STORES CORP: Unsecureds to Recoup 100% in Monthly Installments
-----------------------------------------------------------------
WS Stores, Corp, filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a disclosure statement dated Nov. 14,
2016.

General unsecured creditors are classified in Class 5, and will
receive a distribution of 100% of their allowed claims, in monthly
installments commencing the first month after the effective date
of the plan.  Upon the effective date of the plan, unsecured
creditors will receive a non-interest bearing note payable in
monthly installments for ten years.

Payments and distributions under the Plan will be funded by the
continued operation of debtors business.

The Disclosure Statement is available at:

         http://bankrupt.com/misc/prb16-03471-56.pdf

WS Stores, Corp has done business under the name of Wilbys since
2005 in Cidra, Puerto Rico, as a convenience store/supermarket.

The Debtor (Bankr. D.P.R., Case No. 16-03471) filed a Chapter
11 Petition on April 29, 2016.  The case is assigned to Judge
Enrique S. Lamoutte Inclan.  The Debtor's counsel is Teresa M Lube
Capo, Esq., at Lube & Soto Law Offices PSC, in San Juan, Puerto
Rico.  The Debtor's estimated assets range from $100,000 to
$500,000 and estimated liabilities from $1 million to $10 million.

The petition was signed by Jose W. Flores Santos, president.


                            ***********


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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