TCRLA_Public/161227.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

           Tuesday, December 27, 2016, Vol. 17, No. 256


                            Headlines



A R G E N T I N A

ARGENTINA: Agree to Exchange Tax Information With U.S.
IRSA PROPIEDADES: Fitch Affirms 'B' LT Issuer Default Rating


C A Y M A N  I S L A N D S

ACL MANAGERS: Commences Liquidation Proceedings
CATALYSIS OFFSHORE: Creditors' Proofs of Debt Due Dec. 26
CUTAGEN PARTNERS: Commences Liquidation Proceedings
GULF STORAGE: Commences Liquidation Proceedings
INDOCHINA LAND: Placed Under Voluntary Wind-Up

LYREBIRD ENTERP: Creditors' Proofs of Debt Due Jan. 5
MERRICKS LONG/SHORT: Commences Liquidation Proceedings
MERRICKS LONG/SHORT MASTER: Commences Liquidation Proceedings
PATRONUS SPC: Creditors' Proofs of Debt Due Jan. 6
PHIDIAS MARINE: Creditors' Proofs of Debt Due Dec. 28

SARUS OFFSHORE: Members' Final Meeting Set for Jan. 20
WP PHARMACY: Commences Liquidation Proceedings


J A M A I C A

* JAMAICA: Minister Promises Effort to Maintain Growth Momentum


M E X I C O

MEXICO: 10 States Hit by Gasoline Shortages, Pemex Blames Theft


P U E R T O    R I C O

REBUS CORP: Unsecureds to Recover 1.5% Under Plan
SC CONCRETE: Unsecureds to Recoup 3.01% Under Plan
THAMAR LI: Disclosure Statement Hearing Set for Feb. 2
THAMAR LI: Unsecured Creditors To Be Paid 16.92% Over 5 Years
WILLIAM CONTRACTOR: Files Revised Disclosure Statement


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Permell Wants Full Info on Firm Shares


V E N E Z U E L A

PROVINCIAL DE REASEGUROS: Fitch Affirms 'CCC' IFS Rating
VENEZUELA: Dominican Economists Downplay Oil Supply Rollback


                            - - - - -


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


ARGENTINA: Agree to Exchange Tax Information With U.S.
------------------------------------------------------
EFE News reports that Argentina and the United States signed an
agreement to share tax information in an effort to prevent tax
evasion, the Argentine government said.

The pact was signed by Finance Minister Alfonso Prat-Gay and the
US ambassador in Buenos Aires, Noah Mamet, during a ceremony that
included the director of Argentina's AFIP tax agency, Alberto
Abad, according to EFE News.

The agreement facilitates fiscal transparency and seeks to prevent
tax evasion, the Finance Ministry said in a statement, the report
notes.

"This agreement is a product of the process Argentina is
experiencing, recovering its credibility as a country before the
world, restoring institutions and governance, and tackling needed
structural reforms," the report quoted Mr. Prat-Gay as saying.

During talks three months ago in Buenos Aires, US Treasury
Secretary Jack Lew and Prat-Gay agreed to expand bilateral
cooperation against tax evasion and money laundering, EFE News
relays.

"From now on, AFIP will have a very valuable tool to detect, in
the United States, undeclared assets held by Argentine taxpayers
who opted not to take advantage of the fiscal amnesty," Mr. Prat-
Gay said, the report notes.

In May, President Mauricio Macri disclosed an amnesty to encourage
the repatriation of the $500 billion Argentines were estimated to
have stashed abroad, the report adds.

                      *     *     *

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

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

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

   -- Country Ceiling at 'B';

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

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.


IRSA PROPIEDADES: Fitch Affirms 'B' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed IRSA Propiedades Comerciales S.A. Long-
Term Foreign Currency IDR at 'B'. Fitch has also upgraded IRSA
PC's Long-Term Local Currency at IDR to 'BB-' from 'B+' and its
senior unsecured notes to 'B+/RR3' from 'B/RR4'. The upgrade of
the company's local currency rating reflects its strong business
profile and financial performance. The upgrade of the notes to
'B+/RR3' reflects above-average recovery prospects in the event of
a default. The Rating Outlook for IRSA PC is Stable.

KEY RATING DRIVERS

Constrained by Argentina Economic Environment

IRSA PC's Long-Term Foreign Currency (FC) IDR continues to be
constrained at 'B' by the country ceiling assigned to Argentina.
Country ceilings are designed to reflect the risks associated with
sovereigns, placing restrictions upon private sector corporates,
which may prevent them from converting local currency (LC) to any
foreign currency (FC) under a stress scenario, and/or may not
allow the transfer of FC abroad to service FC debt obligations.

Strong Business Position

The company's 'BB-' local currency rating reflects IRSA PC's solid
business position as one of the largest owners and managers of
shopping centers and offices in Argentina in terms of gross
leasable area (GLA) and the number of rental properties. IRSA PC
owns 16 shopping centers in Argentina with a total GLA of 335,032
square meters (sq.m.) and six premium offices with 79,048 sqm as
of Sept. 30, 2016. IRSA PC's cumulative tenants' sales in the
shopping centers segment totaled ARS 28.9 billion during FYE16
(ended-June 30,2016). As of June 2016, the company's asset value
is estimated at around ARS 24.7 billion (USD1.6 billion), which is
mostly unencumbered.

Stable Margins, High Occupancy

The company maintains a high-quality property portfolio resulting
in consistently stable margins and high occupancy rates. As of
Sept. 30, 2016, the company's occupancy level in the shopping
center and premium offices segments were solid at 98.4% and
100.0%, respectively. The company owns and manages six premium
office buildings in the City of Buenos Aires and owns certain
properties for future development in Buenos Aires and several
provincial cities. The company consistently kept an EBITDA margin
of around 75% in the past several years.
Low Leverage

IRSA PC's leverage is low for a real estate company. Fitch expects
IRSA PC's gross leverage to reduce to about 2x by FYE 18 (3.1x at
year-end June 2016) thanks to increased EBITDA and stable
profitability. Fitch expects IRSA PC's FCF after dividends and
interest payments to be slightly negative to neutral in FYE17 and
FYE18 as the company is increasing expansion capex and paying
dividends of ARS460 million in FYE2017 (about USD30 million). As
of Sept.30,2016, IRSA PC had total debt of ARS5.9 billion - USD389
million, which consists primarily of the USD360 million unsecured
notes due in March 2023 and about USD27 million local notes due in
March 2017. In March 2016, the company issued a senior unsecured
bond for a total amount of USD360 million and used the proceeds to
repay a 2017 notes (USD120 million) and USD 240 million of
intercompany loans from the holding company.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- EBITDA margin of about 74% - 75% in fiscal year end
    (FYE) 2017 - 2018;
-- Occupancy levels around 98% for shopping malls during
    2016 - 2017;
-- Interest coverage (EBITDA/gross interest expenses)
    consistently above 4.5x in FYE17.

RATING SENSITIVITIES

A downgrade could be triggered by a downgrade of the Argentine
sovereign rating or a significant deterioration of IRSA PC's
credit metrics leading to an interest coverage ratio below 2x.

Conversely, an upgrade of the Argentina sovereign rating could
trigger a positive rating action.

LIQUIDITY

Liquidity is viewed as adequate considering the company's
manageable debt schedule, good access to local banks and the
significant level of unencumbered assets. Most of the company's
debt is composed of the 2023 senior unsecured notes. The main debt
repayment in 2017 consists of a local note due in March 2017 for a
total amount of USD27 million. As of Sept. 30, 2016, the company
had cash on hand of about ARS98 million and ARS2.2 billion (USD144
million) of short-term financial investments composed of
investment funds, government and related party bonds.

FULL LIST OF RATING ACTIONS

IRSA Propiedades Comerciales S.A.

-- Long-Term Foreign Currency Issuer Default Rating (IDR)
    affirmed at 'B';
-- Long-Term Local currency IDR upgraded to 'BB-' from 'B+';
-- Senior Unsecured notes upgraded to 'B+/RR3' from 'B/RR4'.



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


ACL MANAGERS: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of ACL Managers Limited resolved to
voluntarily liquidate the company's business on Nov. 17, 2016.

Only creditors who were able to file their proofs of debt by
Dec. 26, 2016, will included in the company's dividend
distribution.

The company's liquidators are:

          Barbara Shaw
          Corey Stokes
          Mourant Ozannes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


CATALYSIS OFFSHORE: Creditors' Proofs of Debt Due Dec. 26
---------------------------------------------------------
The creditors of Catalysis Offshore, Ltd. are required to file
their proofs of debt by Dec. 26, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 21, 2016.

The company's liquidators are:

          John Francis
          Jo-Anne Maher
          Mourant Ozannes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +44 207 796 7614
          Facsimile: (345) 949-4647


CUTAGEN PARTNERS: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Cutagen Partners resolved to voluntarily
liquidate the company's business on Nov. 21, 2016.

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

The company's liquidator is:

          Clay Darnell
          2000 Kaliste Saloom Road
          Lafayette, LA 70508
          USA


GULF STORAGE: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Gulf Storage Co. Ltd. resolved to
voluntarily liquidate the company's business on Nov. 13, 2016.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


INDOCHINA LAND: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Indochina Land Hanoi Real Estate
Development Company Limited resolved to voluntarily wind up the
company's operations on Nov. 21, 2016.

Only creditors who were able to file their proofs of debt by
Dec. 26, 2016, will included in the company's dividend
distribution.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


LYREBIRD ENTERP: Creditors' Proofs of Debt Due Jan. 5
-----------------------------------------------------
The creditors of Lyrebird Enterp. Ltd. are required to file their
proofs of debt by Jan. 5, 2017, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 8, 2016.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          P.O. Box 897 Grand Cayman KY1-1103
          Windward 1, Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


MERRICKS LONG/SHORT: Commences Liquidation Proceedings
------------------------------------------------------
The sole shareholder of Merricks Long/Short Equity Feeder Fund
resolved to voluntarily liquidate the company's business on Nov.
15, 2016.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


MERRICKS LONG/SHORT MASTER: Commences Liquidation Proceedings
-------------------------------------------------------------
The sole shareholder of Merricks Long/Short Equity Master Fund
resolved to voluntarily liquidate the company's business on Nov.
15, 2016.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


PATRONUS SPC: Creditors' Proofs of Debt Due Jan. 6
--------------------------------------------------
The creditors of Patronus SPC Ltd. are required to file their
proofs of debt by Jan. 6, 2017, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2016.

The company's liquidator is:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          Citrus Grove, 3rd Floor
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 946 6620
          Facsimile: (345) 946 6720


PHIDIAS MARINE: Creditors' Proofs of Debt Due Dec. 28
-----------------------------------------------------
The creditors of Phidias Marine Limited are required to file their
proofs of debt by Dec. 28, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 18, 2016.

The company's liquidator is:

          John Wolf
          Campbells Directors Limited
          Willow House, Floor 4, Cricket Square
          Grand Cayman KY1-9010
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


SARUS OFFSHORE: Members' Final Meeting Set for Jan. 20
------------------------------------------------------
The members of The Sarus Offshore Fund SPC, Ltd. will hold their
final meeting on Jan. 20, 2017, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Creditors are required to file their proofs of debt by Jan. 5,
2017, to be included in the company's dividend distribution.

The company's liquidator is:

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


WP PHARMACY: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 21, 2016, the shareholders of WP Pharmacy I Ltd. resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345)-949-0100



=============
J A M A I C A
=============


* JAMAICA: Minister Promises Effort to Maintain Growth Momentum
---------------------------------------------------------------
RJR News reports that Audley Shaw, Jamaica's finance minister, is
promising that his government will do all it can to maintain and
build on the momentum resulting from the 2.2% rate of economic
growth recorded during the July to September quarter.

In reiterating that this was the highest outturn since 2007, Mr.
Shaw said Jamaica's macro-economic environment was stabilizing,
with the prospects for further growth being excellent, according
to RJR News.

This, Mr. Shaw said, was particularly true for the tourism and
agricultural sectors, in light of an estimated 3,300 new hotel
rooms to be added to the tourism sector in 2017, the report notes.

It is expected that increased activities in tourism will fuel
greater demand for agricultural produce, hence the optimism for
that sector, the report relays.

Mr. Shaw was speaking at a press conference at his Ministry's
National Heroes Circle offices in Kingston, the report relays.

Mr. Shaw said the Jamaican dollar was regaining the confidence of
key stakeholders, the report notes.

This, he said, was consequent on its stabilization resulting from
inputs by a special working group, which he established to address
the currency's devaluation, in consultation with the Bank of
Jamaica, BoJ, the report says.

Mr. Shaw stressed that Jamaica was meeting its benchmark targets
under the new US$1.64 billion Stand-by Agreement with the
International Monetary Fund, the report discloses.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term and
short-term foreign and local currency sovereign credit ratings on
Jamaica.  The outlook on the long-term sovereign credit ratings
remains stable.  In addition, S&P affirmed its transfer and
convertibility assessment at 'B+'.



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


MEXICO: 10 States Hit by Gasoline Shortages, Pemex Blames Theft
---------------------------------------------------------------
Energy World reports that at least 10 Mexican states over the past
few days have suffered serious gasoline shortages, which the state
oil company Pemex attributes to the clandestine theft of fuel from
the pipelines.

"We are currently taking various measures to re-establish the
adequate and opportune supply of gasoline and diesel to the
country," Pemex tweeted, according to Energy World.

As local media have reported over the past few hours, the lack of
fuel at gas stations affects at least 10 states of the nation, EFE
said, the report relays.

The states hardest hit are Michoacan, which reported severe
problems in several cities due to the lack of fuel, as well as
Aguascalientes, Guanajuato and Zacatecas, the report notes.

Other regions like Oaxaca, Chihuahua, Guerrero, Morelos, Puebla,
Tlaxcala, San Luis Potos° and Durango are also experiencing
gasoline shortages in a number of their cities, the report says.

On December 21, Pemex announced the suspension of operations on
the Salamanca-Leon pipeline due to clandestine drainage, which
interrupted the arrival of fuel to a number of regions around the
country.

Pemex explained in a video that when the system detects a drop in
pressure at some point in the 17,000-km network of pipelines,
distribution is suspended for safety reasons until company
personnel go to the problematic site to test it and repair the
defect, the report relays.

According to Forbes, besides the problem of clandestine theft, the
lack of fuel in certain areas is also due to maintenance of the
Cadereyta Refinery in the northern state of Nuevo Leon, and a new
system of billing by Pemex Refining, the report adds.



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


REBUS CORP: Unsecureds to Recover 1.5% Under Plan
-------------------------------------------------
Rebus Corp. filed with the U.S. Bankruptcy Court for the District
of Puerto Rico an amended disclosure statement dated June 30,
2016.

Holders of Class 4 General Unsecured Claims include those listed
by the Debtor and those who have filed proof of claims.  General
unsecured creditors listed by Debtor and filed proof of claims
total the amount of $2,348,314.02.  The total unsecured claims
subject to distribution is $1,401,872.67.

Class 4 claimants will receive from the Debtor a non-negotiable,
interest bearing at 3.5% annually, promissory note dated as of the
Effective Date.  Creditors in this class will receive a total
repayment of 1.5% of their claimed or listed debt which equals
$22,000, to be paid pro rata to all allowed claimants under this
class.  Unsecured Creditors will receive yearly of $5,170 ncluding
interests to be distributed pro rata among them, for the term of 5
years.  The first payment will be made 8 months after the
confirmation of this Plan.  This class is impaired.

The Disclosure Statement is available at:

            http://bankrupt.com/misc/prb16-02891-56.pdf

The Plan was filed by the Debtor's counsel:

     Homel A. Mercado Justiniano, Esq.
     Calle Ramirez Silva No. 8
     Ensanche Mart°nez
     MayagÅez, PR 00680
     Tel: (787) 831-3577
     Fax: (787) 805-7350
     E-mail: hmjlaw2@gmail.com

                        About Rebus Corp.

Rebus Corp. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 16-02891) on April 13, 2016.  The
petition was signed by Pedro Martinez, president.

The case is assigned to Judge Brian K. Tester.

At the time of the filing, the Debtor estimated its assets at
$500,000 to $1 million and debts at $1 million to $10 million.


SC CONCRETE: Unsecureds to Recoup 3.01% Under Plan
--------------------------------------------------
SC Concrete, Corp. and South Caribbean Block, Inc. filed with the
U.S. Bankruptcy Court for the District of Puerto Rico a
consolidated disclosure statement explaining their plan of
reorganization, dated Dec. 19, 2016.

Under the plan, Unsecured Convenience class of creditors for
claims that are less than $15,000 are classified in Class 4, and
will receive a distribution of 3.01% of their allowed claims, to
be distributed in lump sum distribution of $1,000, to be made on
the effective date of the plan, Unsecured Convenience class of
creditors for claims that are more than $15,001 are classified in
Class 5, and will receive a distribution of 3.48% of their allowed
claims, to be distributed as follows: $3,500 on the effective date
on the plan, and four subsequent equal yearly installments of
$3,500.

Payments and distributions under the Plan will be funded by the
on-going operations of the Debtor.

A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/prb16-01313-11-86.pdf

Attorneys for Debtors:

     Myrna L. Ruiz-Olmo
     MRO Attorneys at Law LLC
     PO Box 367819
     San Juan, PR 00936-7819
     Tel. 787-237-7440
     Email: mro@prbankruptcy.com
     Web: www.prbankruptcy.com

South Caribbean Block Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-05121) on June 28, 2016.  The Debtor
Is represented by Myrna L Ruiz Olmo, Esq.


THAMAR LI: Disclosure Statement Hearing Set for Feb. 2
------------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico will convene a hearing on Feb. 2, 2016 at
9:30 a.m.

To consider and rule upon the adequacy of the disclosure statement
filed by Thamar Li Construction & Rental Corp.

Objections to the form and content of the disclosure statement
should be filed with the court and served upon parties in interest
not less than 14 days prior to the hearing.

Thamar Li Construction & Rental Corp. filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 16-05930), on July 27, 2016, listing under
$1 million in both assets and liabilities.  Nydia Gonzalez
Ortiz, Esq., at SANTIAGO & GONZALEZ, serves as counsel to the
Debtor.


THAMAR LI: Unsecured Creditors To Be Paid 16.92% Over 5 Years
-------------------------------------------------------------
Unsecured creditors of Thamar Li Construction & Rental Corp. will
get 16.92 % of their claims under the company's proposed plan to
exit Chapter 11 protection.

The restructuring plan proposes to pay Class 3 general unsecured
creditors 16.92 % of their claims pro rata over five years.

Thamar Li's schedules show it owes $227,504.82 to creditors
holding general unsecured claims.  As of Dec. 13, the claims
asserted by unsecured creditors that have filed or that have to
correct the amount of their claims total $ 188,636.11.

The funds to execute the restructuring plan will be obtained from
the sale of real property, and income from Thamar Li's
continuation of its business, according to the company's
disclosure statement filed on Dec. 13 with the U.S. Bankruptcy
Court for the District of Puerto Rico.

A copy of the disclosure statement is available for free at
https://is.gd/lgnv1S

                  About Thamar Li Construction

Thamar Li Construction & Rental Corp. filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 16-05930), on July 27, 2016, listing under
$1 million in both assets and liabilities.  Nydia Gonzalez Ortiz,
Esq., at Santiago & Gonzalez, serves as counsel to the Debtor.


WILLIAM CONTRACTOR: Files Revised Disclosure Statement
------------------------------------------------------
William Contractor Inc. filed with the U.S. Bankruptcy Court for
the District of Puerto Rico its latest disclosure statement, which
explains the company's proposed Chapter 11 plan.

The plan classifies Banco Popular de Puerto Rico's unsecured claim
in Class 5.  The bank, which holds a lien against William
Contractor's real estate, asserts a $549,658 claim.  Banco Popular
has already filed a proceeding related to the property in a local
court.

William Contractor will provide payment to Banco Popular's allowed
secured claim up to the remaining debt or value of the collateral,
or pursuant to agreement between the parties if the property is
not auctioned before the payment.   Class 5 is impaired, according
to the company's disclosure statement filed on Dec. 13.

A copy of the first amended disclosure statement is available for
free at https://is.gd/mOAMiy

                    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.



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


TRINIDAD CEMENT: Permell Wants Full Info on Firm Shares
-------------------------------------------------------
Trinidad Express reports that minority shareholders' rights
advocate Peter Permell on Dec. 24 posted a question when he called
for the company's directors to disclose the value of the shares --
What is the value of Trinidad Cement Limited's (TCL) shares?

The TCL board told shareholders to reject the TT$4.50-per-share
takeover offer made by Mexican cement manufacturer Cemex, but did
not disclose a more suitable price, the report notes.

Permell said in a news release: "As a (TCL) shareholder, I have
read with interest a news item in the media (the Guardian) in
which an independent director of TCL was purportedly trying to
defend his board's decision not to provide a price range to
shareholders that the company considers to be a fair offer
notwithstanding its rejection of the TT$4.50-per-share takeover
offer made by Mexican cement giant, Cemex," the report relays.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2016, S&P Global Ratings placed its 'B-' long-term
corporate credit and issue-level ratings on Trinidad Cement
Limited Group (TCL) on CreditWatch with positive implications.



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


PROVINCIAL DE REASEGUROS: Fitch Affirms 'CCC' IFS Rating
--------------------------------------------------------
Fitch Ratings has affirmed Provincial de Reaseguros, C.A.'s
International Insurer Financial Strength (IFS) rating at 'CCC' and
its National IFS rating at 'A-(ven)' with a Stable Outlook.

The affirmation of the ratings reflects Pro Re's adequate
technical performance with a combined ratio consistently below
100%, the robust growth in premiums collected, the increase in
paid in capital and its adequate liquidity position.

                       KEY RATING DRIVERS

Fitch believes Pro Re's financial performance will remain highly
influenced by its operating environment and vulnerable to
political uncertainty in Venezuela. In Fitch's opinion, given that
99.9% of Pro Re's premium income comes from Venezuela and 6% of
its assets are invested in sovereign debt, the company's credit
profile is highly vulnerable to further deteriorations in the
credit quality of the sovereign.

Pro Re reached 150% growth in premiums as of June 2016 and 175%
growth the previous year. This is mainly due to high growth on
property and casualty insurance lines, in which sums insured are
significantly influenced by the country's high inflation levels.
This affects the sustained growth of the Venezuelan insurance
sectors' premiums, 189% at June 2016 (99% at June 2015), which is
Pro Re's main market.

Pro Re's capital levels are pressured by the fast growth in its
operations and unrealized gains due to real estate revaluations,
which registered a proportion of 94% in June 2016 versus 65% in
June 2015. By excluding these gains, the net written premiums to
adjusted equity ratio grew to 8.8x from 4.6x June 2015. However,
Fitch views positively Pro Re's increase of its paid in capital
and its conservative dividend policy.

Fitch expects Pro Re's profitability will continue to be
determined by its capacity to maintain an adequate technical
performance, given the low and volatile investment income, and the
constant pressures from high inflation and new government
regulations. Despite this, Pro Re's adequate loss ratio and
controlled operating efficiency result in a favorable combined
ratio below 100% (90.2% as of June 2016).

Despite Pro Re's proportion of cash, bank deposits and government
securities was reduced, both with respect to its investment
portfolio (June 2016: 15%; June 2015: 54%) and to total assets
(June 2016: 15%; June 2015: 47%), the company was still able to
register adequate liquidity coverage ratios on reserves (1.2x) and
total liabilities (1.0x). The coverage of Pro Re's claims paid
with liquid assets remains favorable at 113% at June 2016.

RATING SENSITIVITIES
There is a limited potential for increasing Pro Re's rating on the
short term, given the challenging operating environment. A
downgrade could result from a decline in its operating
performance, with a combined ratio above 100%, net written
premiums to equity ratio above 3.0x or a liquid assets coverage-
to-net reserves ratio below 1.0x

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Provincial de Reaseguros, C.A.
  -- International IFS rating at 'CCC';
  -- National IFS rating at 'A-(ven)'; Outlook Stable.


VENEZUELA: Dominican Economists Downplay Oil Supply Rollback
------------------------------------------------------------
Dominican Today relates that on news that Venezuela is cutting
back on supplies of subsidized oil to neighboring countries and
reports that Caracas hasn't shipped crude to Dominican Republic
for nearly a year nor refined products since around three months
ago, two economists quoted by diariolibre.com said the measure
won't have much impact given the current context of petroleum
prices.

Ernesto Selman said Venezuela hasn't been shipping oil to the
country for at least a year and that the oil refinery (Refidomsa)
has resorted to buying in the spot market, which are tankers that
roam the seas with fuel to sell, according to Dominican Today.

"For Dominican Republic, this problem is already integrated into
the economic development, as I told you it hasn't been dispatched
for one year and what little there was doesn't represent anything
for the oil and fuel requirements of this country," the report
quoted Mr. Selman as saying.

                           PetroCaribe

"It's not very relevant because supply has fallen . . . . because
favorable financing conditions have changed, and that has changed
because the price has dropped. When the price is reduced so much,
then the PetroCaribe agreement itself considers a decrease in
financing," said Pavel Isa, in reference to Venezuela's supply of
crude with soft financing, the report relays.

The report notes that Mr. Isa said that when the international
price of oil is low, the purchase of crude oil from Venezuela
becomes less attractive.

Mr. Selman said that Venezuela has been confronting production
problems, with its productive capacity already at a minimum
because it did not reinvest money in its facilities and its debt
with China, which he affirms obliges Caracas to sell all the oil
it produces, the report relays.

"They didn't reinvest in maintaining their facilities to continue
working, and now with a problem of foreign exchange, with a fiscal
deficit of almost 15%, they have no way to finance anything," Mr.
Selman added.

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, Ivy B. Magdadaro, Julie Anne L.
Toledo, and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *