TCRLA_Public/161216.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

               Friday, December 16, 2016, Vol. 17, No. 249


                            Headlines



A R G E N T I N A

INDUSTRIAL AND COMMERCIAL: Moody's Rates Notes Issuance 'Ba3'


B R A Z I L

BRASKEM SA: To Pay $957 Million in Corruption Case
BRAZIL: Presidential Adviser Resigns Amid Reports of Corruption


C A Y M A N  I S L A N D S

ALPHABET OFFSHORE: Members' Final Meeting Set for Jan. 6
ALPHABET OFFSHORE MASTER: Members' Final Meeting Set for Jan. 6
AMINA LIMITED: Creditors' Proofs of Debt Due Dec. 21
BLOOMING ORIENTAL: Members Receive Wind-Up Report
CHC GROUP: Seeks Approval of Foreign Proceeding in Cayman Islands

DYNAVEST: Shareholders' Final Meeting Set for Dec. 20
EMERALD THREE: Sole Member Receives Wind-Up Report
HEADCROWN1234: Members Receive Wind-Up Report
ROCKWOOD INTERNATIONAL: Members' Final Meeting Set for Dec. 22
SEAST FUNDING: Shareholders' Final Meeting Set for Dec. 28

TRIANGULAR AMP: Shareholders' Final Meeting Set for Dec. 15
TRIANGULAR EGL: Shareholders' Final Meeting Set for Dec. 15
TRIANGULAR QCM: Shareholders' Final Meeting Set for Dec. 15


P U E R T O    R I C O

ALFREDO SEPULVEDA: Unsecureds to Get Full Payment in 72 Months
LEVITT HOMES: Disclosure Statement Hearing Set for Feb. 2
SAN JUAN OIL: Disclosures OK'd; Plan Hearing on Feb. 17
WILLIAM CONTRACTOR: To Liquidate If No Favorable Ruling in Suit


U R U G U A Y

* URUGUAY: Shows Resilience Amid Recessions of 2 Neighbors


V E N E Z U E L A

VENEZUELA: Gets 10-day Extension for Notes


                            - - - - -



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


INDUSTRIAL AND COMMERCIAL: Moody's Rates Notes Issuance 'Ba3'
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA)
assigned a Ba3 global local currency senior unsecured debt rating
and an Aaa.ar Argentina national scale senior debt rating to
Industrial and Commercial Bank of China (Argentina) S.A. (ICBC
Argentina)'s Class VII issuance. The notes will be due 2018 and
will be issued under ICBC Argentina's existing multi-currency
senior unsecured program of $250 million, and up to ARS 700
million issued amount. The outlook on ICBC Argentina's senior
unsecured debt rating is stable.

The following ratings were assigned to ICBC Argentina's Class VII
local currency senior unsecured note issuances:

   -- Global local currency senior unsecured debt rating of Ba3;
      stable outlook

   -- Argentinean national scale local currency senior unsecured
      debt rating of Aaa.ar

RATINGS RATIONALE

ICBC Argentina's Ba3 rating incorporates Argentina's operating
environment, which remains challenging despite the country's
recent return to global capital markets and various other market-
friendly policy reforms implemented in recent months by the new
administration.

The ratings capture ICBC Argentina's well-established and
diversified franchise, oriented to retail banking and corporate
loans, supported by adequate capitalization levels and
conservative risk management guidelines. Risk discipline has
supported steadily superior asset quality with non-performing
loans in 3Q16 at 1.60%, below the 1.9% system average, while
reservesremained adequate at 2.43% of total loans. The loan book
grew 25,23% in the nine months ended in September 2016, which
represented a contraction in real terms of more than 10% against
YE 2015.

ICBC Argentina's profitability increased over the past two years
supported by high benchmark interest rates on government
securities holdings and business diversification. Having reported
a 4.52% net income as a percentage of tangible assets in June
2016, ICBC Argentina's future performance will be challenged by
the declining trend in policy rates and the normalization of
financial markets that will boost competition in a low credit
penetration system. The potential approval of a law that caps fees
on credit and debit card transactions, which represents almost 10%
of the bank's average revenues, is another source of pressure on
the bank's results. In the context of increasing competition and
the lack of credit demand, ICBC Argentina has been focusing on
expanding the range of products and offering low rate consumer
loans, a way to attract new clients and enhance penetration. With
an adequate regulatory CET1 capital position at 13.84% in 3Q16,
the bank's shareholders intend to maintain a low dividend payout
ratio to support ICBC Argentina's expansion strategy in Argentina.

The Ba3 global local currency deposit rating of ICBC Argentina
derives from the bank's b3 baseline credit assessment (BCA) and
our assessment of a very high probability of parental support to
be provided by its shareholder Industrial & Commercial Bank of
China Ltd rated A1 with negative outlook. The analysis of support,
in Moody's view, considers the track record of capital injections
and funding commitments extended by shareholders to the
Argentinean subsidiary.

Despite ICBC Argentina's speculative grade in global scale, it is
one of the strongest credits in Argentina thanks to the very high
probability of support from its parent, as reflected in its Aaa.ar
Argentinean national scale local-currency deposit and debt
ratings. The national scale ratings are positioned at the top of
the range of available options for issuers with Ba3 in global
scale, and consider that the global scale rating is constrained by
Argentina's local currency country ceiling.

WHAT COULD CHANGE THE RATING UP/DOWN

At this point, ICBC Argentina's standalone assessment of b3 is
currently at the same level of the Argentine sovereign's B3 rating
as well as its Ba3 supported global local currency deposit rating,
which is constrained by the country ceiling for local currency
deposits. ICBC Argentina could face downward ratings pressure if
the operating environment deteriorates and the sovereign rating is
downgraded . The standalone BCA could be lowered if the bank grows
aggressively to protect its market position in the competitive
Argentine financial market, falling victim of adverse selection
affecting asset quality and core earnings profile. This scenario
could exert pressure on its capital position and loss absorption
capacity.

The principal methodology used in these ratings was Banks
published in January 2016.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.

Industrial and Commercial Bank of China (Argentina) S.A. is
headquartered in Buenos Aires, with assets of ARS 62.56 billion
($4.10 billion) and equity of ARS 8.57 billion ($561.94 million)
as of 30 September 2016.


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


BRASKEM SA: To Pay $957 Million in Corruption Case
--------------------------------------------------
Jeffrey T. Lewis at The Wall Street Journal reports that Brazilian
chemical company Braskem SA said it has agreed to pay fines and
damages of about $957 million as part of a leniency accord with
prosecutors investigating a corruption scheme centered on state-
controlled oil company Petroleo Brasileiro SA, or Petrobras.

Braskem said it would continue to cooperate with authorities and
that it will be subject to external monitoring, but declined to
provide details about any criminal offenses it may have committed,
according to The Wall Street Journal.

Some terms of the agreement are confidential, the company added.

Braskem SA agreed to pay about half of the fines and damages up
front, once the agreement has been ratified by the courts, the
report notes.  The rest will be paid in six annual installments,
adjusted for inflation, starting in January 2018, the company
said, the report relays.

Braskem SA said that, at the end of the third quarter, it had
liquid assets of BRL10.7 billion ($3.2 billion), more than enough
to make the first payment, the report notes.

The anticorruption investigation, known as Operation Car Wash, has
led to the arrests of dozens of executives of construction
companies for their involvement in the graft scheme, in which
builders overcharged Petrobras for projects and then channeled
some of the money to politicians and their parties, the report
relays.  Scores of politicians are also under investigation by the
probe.

Braskem is controlled by Petrobras and construction company
Odebrecht SA, which together own 97.1% of the chemical maker's
voting capital and 74.4% of its total capital, the report relays.
Odebrecht's former chief executive officer, Marcelo Odebrecht, was
arrested in June 2015 for his involvement in the graft scheme at
Petrobras and last year was sentenced to 19 years in jail for
corruption, money laundering and conspiracy, the report notes.

Prosecutors have signed plea bargain agreements with 77 people
linked to Odebrecht SA, including Mr. Odebrecht, and the company
has also signed a leniency accord with prosecutors, a person close
to the negotiations said earlier this month, the report adds.


BRAZIL: Presidential Adviser Resigns Amid Reports of Corruption
---------------------------------------------------------------
Jeffrey T. Lewis at The Wall Street Journal reports that an
adviser to Brazilian President Michel Temer resigned amid media
reports he accepted illegal payments from construction company
Odebrecht SA, another blow to the embattled chief executive as he
works to push unpopular economic reforms through Congress.

Jose Yunes, who until Dec. 14 was a "special adviser" to Mr.
Temer, is among several prominent officials who reportedly were
named in a plea bargain deal by a former employee of construction
giant Odebrecht, according to The Wall Street Journal.  Local news
organizations said part of an illicit BRL10 million ($3 million)
payment to Mr. Temer's Brazilian Democratic Movement Party was
delivered to the office of Mr. Yunes, a lawyer, the report notes.

In his resignation letter, Mr. Yunes rejected the "ignominious"
reports and expressed outrage at having his name dragged through
the mud, the report relays.

Mr. Yunes has denied any wrongdoing, and Mr. Temer's office
declined to comment on the investigation.

The Temer administration was rocked over the weekend by reports
the president himself solicited the BRL10 million from Odebrecht,
a charge the president strongly denied, saying donations to his
party by the builder were all carried out by bank transfer and
registered with election officials, the report notes.

Mr. Yunes's resignation is a new complication for the president
just as he's had some success getting economic reforms through
Congress, said Rafael Cortez, a political science expert at the
Tendencias consultancy in Sao Paulo, the report says.

"The political situation for Temer is still very negative," said
Mr. Cortez, the report discloses.  "Recent polls show him with
little support, which creates concerns among markets" about his
ability to get legislation passed, Mr. Cortez notes.

Brazil's Senate approved a controversial bill that would cap
government spending increases, sparking violent protests in the
capital, the report relays.  The measure now awaits Mr. Temer's
signature, the report says.

Another reform, one to the country's insolvent pension system that
financial markets see as vital, was just sent to Congress and
still faces strong resistance from Brazilians, the report notes.

The spending limit bill "was the first step, but it won't be
enough if it's not accompanied by the pension reform," Mr. Cortez
said, the report discloses.

Mr. Temer replaced the former president, Dilma Rousseff, whose
approval ratings hovered near 10% before she was ousted for
violating budget laws, and within months his own government's
approval ratings have sunk just as low, the report says.  Several
cabinet members resigned in the first few weeks after Ms.
Rousseff's ouster amid reports of corruption, and more have gone
since, with the most recent quitting in November, the report
relays.

The recent reports are based on the plea bargain agreement with a
former Odebrecht official, which was leaked to several Brazilian
news organizations, the report notes.  Prosecutors directing the
mammoth Operation Car Wash anticorruption investigation, centered
on kickbacks at state-controlled oil company Petroleo Brasileiro
SA, or Petrobras, signed such agreements with 77 people linked to
the builder, including former chief executive officer Marcelo
Odebrecht, a person close to the negotiations told The Wall Street
Journal earlier this month, the report discloses.

The construction company also signed a leniency agreement with
prosecutors regarding its involvement in the graft at Petrobras,
people close to the talks said in early December, the report
relays.  The company issued a statement admitting to unspecified
"improper practices" while promising to fight corruption in all
forms in the future, 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'.


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


ALPHABET OFFSHORE: Members' Final Meeting Set for Jan. 6
--------------------------------------------------------
The members of Alphabet Offshore, Ltd. will hold their final
meeting on Jan. 6, 2017, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          P.O. Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


ALPHABET OFFSHORE MASTER: Members' Final Meeting Set for Jan. 6
---------------------------------------------------------------
The members of Alphabet Offshore Master, LP will hold their final
meeting on Jan. 6, 2017, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          P.O. Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


AMINA LIMITED: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of Amina 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 wind-up proceedings on Oct. 30, 2016.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


BLOOMING ORIENTAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Blooming Oriental Fund received on Dec. 13, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


CHC GROUP: Seeks Approval of Foreign Proceeding in Cayman Islands
-----------------------------------------------------------------
BankruptcyData.com reported that CHC Group filed with the U.S.
Bankruptcy Court a motion for entry of an order authorizing a
Debtor affiliate to commence a foreign an ancillary proceeding in
the Cayman Islands with respect to CHC Parent's estate. The motion
explains, "As a result of CHC's global operations and the
anticipated need to pursue ancillary proceedings in foreign
jurisdictions to effectuate the Debtors' reorganization, the
Debtors sought and received an order authorizing CHC Parent to act
as foreign representative on behalf of the Debtors' estates in any
'foreign jurisdiction in which the Debtors determine it is
necessary to commence an ancillary proceeding.'  The use of a
provisional liquidation within a winding-up proceeding is a common
means of implementing a cross-border restructuring in the Cayman
Islands. Pursuant to recent Cayman Islands case law, it appears
that CHC Parent cannot petition for its own winding up. In the
circumstances, to enable CHC Parent to seek relief before the
Cayman Court to assist with the implementation of the chapter 11
plan, it is intended that an intercompany creditor of CHC Parent
will commence the winding-up proceeding, after which CHC Parent
(acting by its directors) will apply for the appointment of joint
provisional liquidators within the creditor-commenced proceeding."
The Court scheduled a January 6, 2016 hearing to consider the
motion, with objections due by December 30, 2016.

                  About CHC Group Ltd.

Headquartered in Irving, Texas, CHC Group Ltd. is a global
commercial helicopter services company primarily servicing the
offshore oil and gas industry.  CHC maintains bases on six
continents with major operations in the North Sea, Brazil,
Australia, and several locations across Africa, Eastern Europe,
and South East Asia.  CHC maintains a fleet of 230 medium and
heavy helicopters, 67 of which are owned by it and the remainder
are leased from various third-party lessors.

CHC Group Ltd. and 42 of its wholly-owned subsidiaries each filed
a voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 16-31854) on May 5, 2016.  As of
Jan. 31, 2016, CHG had $2.16 billion in total assets and $2.19
billion in total liabilities.

The Debtors hired Weil, Gotshal & Manges LLP as counsel, Debevoise
& Plimpton LLP as special aircraft counsel, PJT Partners LP as
investment banker, Seabury Corporate Advisors LLC as financial
advisor, CDG Group, LLC, as restructuring advisor, and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The Office of the U.S. Trustee on May 13, 2016, appointed five
creditors of CHC Group Ltd. to serve on the official committee of
unsecured creditors.

The Creditors Committee's attorneys are Marcus A. Helt, Esq., and
Mark C. Moore, at Gardere Wynne Sewell LLP, and Douglas H. Mannal,
Esq., Gregory A. Horowitz, Esq., and Anupama Yerramalli, Esq., at
Kramer Levin Naftalis & Frankel LLP.

Angelo, Gordon & Co. and Cross Ocean Partners, which either hold
claims or manage funds and accounts that hold claims against the
Debtors' estates arising on account of the 9.25% Senior Secured
Notes due 2020 issued under the Indenture, dated as of Oct. 4,
2010, by and among CHC Helicopter S.A., as issuer, each of the
guarantors named therein, HSBC Corporate Trustee Company (UK)
Limited, as collateral agent, and the Bank of New York Mellon, as
indenture trustee, are represented by Jones Day.


DYNAVEST: Shareholders' Final Meeting Set for Dec. 20
-----------------------------------------------------
The shareholders of Dynavest will hold their final meeting on
Dec. 20, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


EMERALD THREE: Sole Member Receives Wind-Up Report
--------------------------------------------------
The sole member of Emerald Three Limited received on Dec. 13,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Phang Thim Fatt
          6 Shenton Way #18-01
          S068811


HEADCROWN1234: Members Receive Wind-Up Report
---------------------------------------------
The members of Headcrown1234 received on Oct. 21, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


ROCKWOOD INTERNATIONAL: Members' Final Meeting Set for Dec. 22
--------------------------------------------------------------
The members of Rockwood International Ltd. will hold their final
meeting on Dec. 22, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SEAST FUNDING: Shareholders' Final Meeting Set for Dec. 28
----------------------------------------------------------
The shareholders of Seast Funding Limited will hold their final
meeting on Dec. 28, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


TRIANGULAR AMP: Shareholders' Final Meeting Set for Dec. 15
-----------------------------------------------------------
The shareholders of Triangular AMP Fund Ltd. will hold their final
meeting on Dec. 15, 2016, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


TRIANGULAR EGL: Shareholders' Final Meeting Set for Dec. 15
-----------------------------------------------------------
The shareholders of Triangular EGL Fund Ltd. will hold their final
meeting on Dec. 15, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


TRIANGULAR QCM: Shareholders' Final Meeting Set for Dec. 15
-----------------------------------------------------------
The shareholders of Triangular QCM Fund Ltd. will hold their final
meeting on Dec. 15, 2016, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


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


ALFREDO SEPULVEDA: Unsecureds to Get Full Payment in 72 Months
--------------------------------------------------------------
Alfredo L. Figueroa Sepulveda and his spouse Aliena V. Suarez
Franceschi filed with the U.S. Bankruptcy Court for the District
of Puerto Rico a disclosure statement and plan of reorganization,
which proposes that general unsecured non-insider creditors (Class
4) will be paid in full, through 72 equal consecutive monthly
installments of approximately $973, commencing on the Effective
Date of the Plan and continuing on the 30th day of the subsequent
71 months.

Class 1 is impaired under the Plan and is entitled to vote to
accept or reject the Plan.  Triangle Cayman Asset Co.'s Claim,
secured by the Debtors' Shopping Center known as Plaza Real Anon,
at Road No. 511, Coto Laurel Ward, in Ponce, Puerto Rico, with an
estimated value of $2,200,000, will be paid in full through 360
consecutive monthly installments of $5,665.00, including principal
and interest at 5.25% per annum, commencing on the Effective Date
and continuing on the 30th day of the subsequent 359 months.  TCA
will retain unaltered its security interest over the Shopping
Center, until the full payment of its claim.

The Plan contemplates for the Debtors to continue with their
leasing operations at the Shopping Center, averaging $15,000 in
monthly rent.  Claims will be paid with available funds arising
from the Debtors' rental income, the sale of their Dr. Veve
Property and their available cash balance on the Effective Date.

A full-text copy of the Disclosure Statement is available at:

       http://bankrupt.com/misc/prb16-05664-11-52.pdf

The Debtors are represented by:
     Charles A. Cuprill
     P.S.C., Law Offices
     356 Fortaleza Street-Second Floor
     San Juan, PR 00901
     Tel.: 787-977-0515
     Fax: 787-977-0518
     E-Mail: ccuprill@cuprill.com

Alfredo L Figueroa Sepulveda and Aliena Valderez Suarez sought for
Chapter 11 protection (Bankr. D.P.R. Case No. 16-05664) on July
15, 2016.


LEVITT HOMES: Disclosure Statement Hearing Set for Feb. 2
---------------------------------------------------------
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico will hold a hearing on Feb. 2, 2017 at
10:00 A.M. to consider approval of the disclosure statement filed
by Levitt Homes Corp.

Objections to the form and content of the disclosure statement
should be in writing and filed not less than 14 days prior to the
hearing.

Headquartered in San Juan, Puerto Rico, Levitt Homes Corp. filed
for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case
No.15-03368) on May 4, 2015, listing $4.5 million in total assets
and $4.6 million in total liabilities. The petition was signed by
Jose Manuel Rodriquez, CPA, vice-president.


SAN JUAN OIL: Disclosures OK'd; Plan Hearing on Feb. 17
-------------------------------------------------------
The Hon. Edward A Godoy of the U.S. Bankruptcy Court has approved
San Juan Oil Company Inc.'s disclosure statement filed on Aug. 29,
2016, referring to a Chapter 11 plan filed on Aug. 29, 2016.

A hearing for the consideration of confirmation of the Plan will
be held on Feb. 17, 2017, at 9:30 a.m.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to confirmation of the Plan will be filed on or
before 14 days prior to the date of the hearing on confirmation of
the Plan.

The Debtor estimates Class 6 General Unsecured Creditors to total
$22,246,151.  This Class will receive a lump sum payment of a
total amount of $10,000, on the effective date of the Plan.  Each
member of this class holding an allowed claim will start receiving
a pro-rata dividend of the proposed distribution, as per the
schedule payments under the Plan.  This class is impaired.

                       About San Juan Oil

Headquartered in Carolina, Puerto Rico, San Juan Oil Company Inc.
is a closely held domestic corporation organized and existing
under the laws of the Commonwealth of Puerto Rico since Feb. 2,
1973.  For some years up to 2008, the Debtor thrived in businesses
as a wholesaler of gasoline.  The Debtor distributed gas to
retailers and gas stations around the island.  In addition, the
Debtor owned several real properties which were destined and/or
operated as gas stations in their majority.  Currently, Debtor is
the owner of the following six gas stations, which are scattered
around the Commonwealth of Puerto Rico.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 15-09593) on Dec. 1, 2015, estimating its assets at
between $1 million and $10 million and its liabilities at between
$10 million and $50 million.  The petition was signed by Nestor
del Castillo-Hernandez, president.

Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, serves as
the Debtor's bankruptcy counsel.


WILLIAM CONTRACTOR: To Liquidate If No Favorable Ruling in Suit
---------------------------------------------------------------
William Contractor Inc., filed with the U.S. Bankruptcy Court for
the District of Puerto Rico an amended disclosure statement
describing its plan of reorganization, a full copy of which is
available at:

         http://bankrupt.com/misc/prb15-06311-11-120.pdf

Under the Plan, Class 5 consists of Banco Popular de Puerto Rico's
unsecured claims totaling $549,658.  The Debtor listed BPPR's
claim in the total unsecured amount of $353,000, holding a lien
over Debtor's shareholder real estate.  The Debtor will provide
payment to BPPR's allowed secured claim up to the value of the
collateral, or pursuant to agreement between the parties.

Class 6 consists of all allowed general unsecured claims for
contractors and all claims related to the construction and
development business.  The liability under this class is estimated
to be in the amount of $784,919.  This class will be paid on a
prorate basis from the carve-out to be agreed with the secured
creditor or as agreed with claimant.  This class is impaired.

The Debtor has identified as income for distribution the
collection of the account receivables or from a pending adversary
proceeding alleging that BPRR, Multiplazas de Puerto Rico, owner
of Plaza del Mar shopping mall, or MPR shareholders never paid it
the remaining amounts of work already certified for $4.8 million.
The Debtor said that if it does not obtain a favorable judgment in
the adversary proceeding, it will devise a plan of liquidation.

                  About William Contractor

Headquartered in Aguada, Puerto Rico, William Contractor Inc.
filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case
No. 15-06311) on Aug. 18, 2015, listing $6.38 million in total
assets and $2.56 million in total liabilities.  The petition was
signed by Lymari Benique Moralez, vice president - secretary.

Damaris Quinones Vargas, Esq., at Bufete Quinones Vargas & Asoc
serves as the Debtor's bankruptcy counsel.


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


* URUGUAY: Shows Resilience Amid Recessions of 2 Neighbors
----------------------------------------------------------
Uruguay has demonstrated considerable resilience in the face of
recessions in its two large neighbors. Prudent macroeconomic
policies, strong institutions, and success in diversifying its
markets and products within the dominant agriculture and forestry
sectors have helped stabilize the economy. Furthermore, the
country has maintained strong financial buffers that complement
the flexible exchange rate in absorbing external shocks.
Nonetheless, no country is an island, and the Uruguayan economy
has slowed significantly since end-2015. Faced with this slowdown,
the authorities avoided an overly contractionary policy stance in
2016, keeping fiscal policy fairly neutral. But room for
countercyclical policies is limited, and the fiscal package for
2017 is projected to be pro-cyclical (if considered in isolation),
as further delaying structural fiscal consolidation could
jeopardize Uruguay's hard-won credibility with international
investors, and potentially force a tougher adjustment down the
line. Given the low growth and announced fiscal plans, the current
monetary stance seems appropriate. However, the authorities should
stand ready to tighten monetary policy in 2017 as needed to help
guide inflation towards the target range. In the medium term,
solidifying the economic and social achievements of the past
decade will require structural reform to boost diversified and
inclusive growth. While several key prerequisites for this are in
place, such as a trusted public sector and a high degree of social
stability, gaps will need to be addressed in transportation
infrastructure, skills formation, and the provision of credit for
private sector investment.

I. Recent Developments, outlook and risks

1. Uruguay is demonstrating resilience in the face of sharp
recessions in its large neighbors. With both Argentina and Brazil
in deep recession in 2016, Uruguay's projected growth of 0.7
percent is a marked departure from yesteryears when growth
remained close to the average of its two neighbors. GDP growth is
projected to exhibit a modest recovery to about 1.1 percent in
2017, as the external environment strengthens, together with
private consumption. However, the planned contractionary fiscal
stance may impose a drag on overall domestic demand.

2. After weakening against the U.S. dollar in nominal terms in
early 2016, the Uruguayan peso stabilized and reversed course in
April, broadly in line with regional peers. The currency
appreciated about 6 percent in the year through end-October, but
depreciation pressures reemerged in November. The current account
deficit is expected to shrink to just under 2 percent of GDP in
2016, before gradually rising to 2ยด percent in the medium-term as
domestic demand recovers.

3. Despite the slowdown in activity, inflation persists at levels
above the central bank's target range. Driven by one-off increases
in administered prices, and the nominal exchange rate depreciation
at the start of 2016, inflation temporarily peaked at 11 percent
(y-o-y) in May. The central bank tightened reserve requirements in
April 2016 and lowered its reference range for narrow money (M1+)
growth in April and July. Inflation is expected to remain below 9
percent in 2017, tapering to about 6 percent in the medium-term,
while the output gap gradually closes.

4. Financial stability risks seem limited . Real credit growth to
both corporates and households has come to a virtual halt since
2015 because of tepid demand and supply constraints in Uruguay's
segmented financial market. Non-performing loans have more than
doubled as a share of gross loans since 2014, but remain
relatively low, at 3.5% of total loans, while provisions are high.
Staff stress tests confirm that credit and liquidity risks remain
contained, and that the banking system could withstand even a
large exchange rate shock that impaired loans to non-hedged
borrowers.

5. Risks to the outlook are both external and domestic:
External risks. Although Uruguay's regional economic ties have
lessened, a slower-than-expected recovery in Argentina and Brazil
could weigh on the economy, as could weaker-than-projected growth
in China. Moreover, a tightening in global financial conditions
could weaken growth across the region and raise Uruguay's cost of
financing. The high share of nonresident holdings of public debt
could also pose some external risk, although maturities are long.

Domestic risks. If the recovery in 2017 were weaker than expected,
the authorities could face a difficult trade-off between their
fiscal consolidation plan and avoiding a strongly pro-cyclical
fiscal stance that would exacerbate the slowdown. On the other
hand, a potential large foreign investment (about 7 percent of
GDP) in a third pulp mill presents an upside risk to growth.

6. Uruguay's strong liquidity buffers and the flexible exchange
rate should enable an orderly adjustment to shocks.

* Public sector financing risks are limited by sizeable liquid
financial assets, buttressed by the government's access to
contingent credit lines at international financial institutions.

* The authorities' willingness to allow the exchange rate to
adjust in response to shifts in economic fundamentals has been key
to absorbing external shocks.

* The BCU's gross reserves are ample relative to standard
prudential benchmarks and could help cushion severe external
shocks.

II. POLICY RECOMMENDATIONS

Implementing fiscal consolidation

7. Implementing the authorities' fiscal consolidation path will be
critical to put net debt on a downward trajectory. The government
avoided an overly pro-cyclical fiscal stance in 2016, while
locking in the required fiscal adjustment for 2017. The announced
measures are expected to have a lasting effect on the primary
balance. As growth rebounds, staff projects the primary surplus to
exceed 0.5 percent of GDP in 2019, allowing for a gradual
reduction in gross and net public debt.

8. The government's focus on fiscal consolidation is appropriate,
although there is some space to respond to unanticipated shocks.
Debt levels have risen sizably in recent years, and financial
markets are keeping a close watch on the implementation of the
fiscal adjustment, aimed at ensuring fiscal sustainability. The
announced structural consolidation, to reduce the overall deficit
to 2.5 percent of GDP by 2019, will help maintain strong financial
buffers while stabilizing and trimming public debt relative to
GDP. As fiscal credibility is preserved, there is space for
automatic fiscal stabilizers to operate. In the long-run,
population aging will hit Uruguay before other countries in the
region, raising the annual deficit of the defined-benefit pillar
of the pension system to well above 2 percent in 2050. This will
necessitate further reforms, including to limit the deficit of
special pension regimes.

9. Improvements in the management and profitability of public
companies are essential to strengthening the fiscal balance.
Following the recapitalization of ANCAP, the government has
contracted a hedge to limit the financial risk from a large oil
price increase in world markets. The scope for passing through
such increases into (administered) domestic fuel prices may be
constrained in the near term, given the limited pass through of
the prior decline in oil prices in order to help restore ANCAP's
financial soundness. However, it would be useful to allow retail
fuel prices to fully adjust with international oil prices as soon
as feasible. Basing this on a transparent formula would remove the
risks to the budget inherent to the stabilization of domestic fuel
prices and promote efficient fuel usage. Consideration could be
given to implementing such an approach once the current oil price
hedge expires.

10. Fiscal adjustment should be designed to foster economic
growth, including by supporting infrastructure investment plans.
The 2017 tax package is expected to have a limited adverse effect
on consumption, with an increase in personal income tax rates for
middle-to-high-income earners, partly offset by lower VAT rates
for electronic payments. On the expenditure side, a
rationalization of the public wage bill and public enterprises'
expenditures will be important to ensure a durable consolidation,
and would create space for critical public investment. The use of
PPPs can alleviate the initial cost of investment to the budget,
but will require effective monitoring and oversight, as well as
strong control of explicit and contingent liabilities.

11. Active debt management remains important to reduce financial
vulnerabilities and interest payments. Financial markets have
acknowledged Uruguay's prudent debt management strategy. However,
the share of debt denominated in foreign currency has increased
again. Building on the recently created Public Debt Management
Committee, the fiscal and monetary authorities could usefully
foster the development of a more liquid local-currency bond market
which could help lower the dollarization of public debt. Useful
steps could include the establishment of benchmarks for long-term
peso debt instruments.

12. The authorities may wish to strengthen anchors to enhance the
long-term credibility and counter-cyclicality of fiscal policy. An
overall debt limit could become part of the existing rule, as a
reference for determining the annual limit on the increase in net
debt. This would strengthen confidence in the sustainability of
Uruguay's public finances. Furthermore, the annual limits on debt
increases could adjust to the economic cycle, to permit the
operation of fiscal stabilizers.
Making monetary policy more effective in curbing inflation

13. Inflation is projected to decline gradually, supported by a
negative output gap and the ongoing wage discussions. Confronting
inflation remains a priority, and is a precondition for de-
dollarization, which would in turn improve the transmission of
monetary policy. The new wage agreements offer a valuable
opportunity to achieve a lasting reduction in inflation, as they
are set in nominal terms, which should reduce inflation
persistence, and as they include nominal wage increases that are
lower for each subsequent year, gradually reducing cost pressures.
Current staff projections foresee inflation moving into the 3-7
percent target range by 2019. Securing the expected gradual
decline in inflation would be especially important at this
juncture, as surprise inflation could jeopardize sustained
progress in reshaping the wage regime.

14. Bringing inflation back to within the BCU's target range
requires a tight monetary policy. After increasing in April,
short-term interest rates have fallen somewhat since mid-2016.
That said, given a weak recovery, and the pro-cyclical fiscal
tightening in 2017, a relatively less tight monetary stance could
be justified going into 2017. However, the authorities should be
proactive in tightening monetary conditions in 2017 if and when
demand pressures pick up, to bolster price stability and the
credibility of monetary policy.

15. There is scope to enhance the effectiveness of monetary policy
in the medium term.
* Reduce inflation persistence further. New wage agreements
typically include backward indexation after 12 months or more to
offset possible real wage losses. While a longer adjustment delay
would be helpful in avoiding indexation in response to temporary
price shocks, the full elimination of indexation provisions would
be advisable as expeditiously as possible.

* Strengthen the policy framework. Money demand has proven
difficult to predict. This warrants a careful monitoring of
changes in money demand to avoid an unduly relaxed policy stance.
The authorities could also usefully explore options to reduce the
volatility of short-term interest rates, for example by using
standing facilities to create an interest rate corridor, as a more
stable short-term yield curve could strengthen the policy signal
and serve as a reference for developing peso debt instruments and
derivatives.

16. The flexible exchange rate should remain the key mechanism to
absorb external shocks. Exchange rate movements since early 2015
helped cushion the downturn and support competitiveness, as
neighboring countries experienced similar depreciation pressures.
Interventions in the exchange market should be used parsimoniously
to counter disorderly market conditions, and not to counter trends
driven by fundamentals.

Promoting financial development and maintaining stability

17. The ongoing steadfast implementation of the 2014 Financial
Inclusion Law promises to help increase peso deposits and
competition in the peso market. Private banks can capitalize on
the generalization of payroll deposit accounts to increase their
peso funding, and boost the peso credit market.

18. Market deepening and prudential policies to encourage domestic
currency deposits and loans could support de-dollarization. The
financing of public infrastructure projects could be designed to
foster the development of new capital market instruments in peso,
including for retail investors. On the regulatory side,
reinstating differentiated reserve requirements on peso and
foreign-currency deposits could encourage banks to favor peso
deposits. Supervision should remain alert to monitoring banks'
exposures, and containing stability risks.
Supporting Inclusive Growth

19. Social policies and transfers have played a significant role
in reducing poverty and inequality in Uruguay. Uruguay stands out
as the country with the largest drop in the Gini coefficient in
Latin America over the past decade. This reflects both government
guidelines to bolster low wages, and increased redistribution
through income taxes and transfers. Greater income equality can
add to countries' long term growth potential. However, looking
ahead, further redistributive policies may be constrained by their
fiscal costs, and should be designed with careful consideration of
their impact on labor supply and incentives to seek training

20. Education reform is essential to sustain strong and inclusive
growth. Despite a clearly higher teacher-to-student ratio,
education outcomes are not better than regional averages,
indicating room for improvement in the efficiency of education
spending.

21. Further increasing female labor force participation could help
tackle the challenges from population aging. Female labor force
participation is fairly high in Uruguay compared to other Latin
American countries. Nonetheless, in addition to increasing the
supply of affordable public child care, extending paternity leave
could also help reduce the gender gap.

22. New free trade agreements and progress in international
integration could contribute to potential growth. Given the
diversification of Uruguay's export markets, and its focus on
highly regulated and protected agricultural products, ensuring
beneficial market access will be critical. The recent trade
agreement with Chile, which complements the 1996 agreement between
Chile and Mercosur, and the possible conclusion of trade
negotiations between Mercosur and the European Union, should
benefit Uruguay's exports.


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


VENEZUELA: Gets 10-day Extension for Notes
------------------------------------------
Australian Associated Press reports that Venezuelan Central Bank
President Nelson Merentes has announced that the deadline for
turning in all VEB100 bills will be extended by "approximately" 10
days after the 72-hour period originally proclaimed for
withdrawing those bills from circulation.

President Merentes held a press conference at which he said that
the process will be undertaken with the participation of public
and private banks, along with the central bank, according to
Australian Associated Press.

"We're . . .  going to provide information to the entire
Venezuelan population of this exchange process that will come
after the deposit process ends," the report quoted President
Merentes as saying.

Meanwhile, thousands of Venezuelans rushed to public and private
banks around the country to turn in their VEB100-bolivar bills,
the highest denomination in the local currency, the report notes.

The bills were originally slated to lose their value and be
removed from circulation on Thursday by order of President Nicolas
Maduro, the report says.

According to the EFE, lines of up to 150 people were forming at
banks located in the eastern part of the Venezuelan capital and
most of those citizens were elderly and waiting their turn to turn
in their currency, the report relays.

Just one private financial institution among those checked by EFE
said that it was exchanging cash, that is to say, accepting up to
VEB50,000 (about AU$100) in VEB100 bills and returning the same
sum to customers in two, five and VEB10 bills, the report notes.

The rest of the banks were accepting the bills as deposits to
people's accounts, the report discloses.

About a dozen customers told EFE that they had decided to make a
trip to their banks exclusively to deposit those bills during the
first of the three days the government has designated for
Venezuelans to get rid of them, the report says.

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


                            ***********


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

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

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


                            ***********


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

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


                   * * * End of Transmission * * *