TCRLA_Public/161229.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Thursday, December 29, 2016, Vol. 17, No. 258


                            Headlines



A R G E N T I N A

ARGENTINA: Former Pres. C. Kirchner Indicted in Corruption Case
ARGENTINA: Airline Workers Protest Govt's Push for Open Skies


B R A Z I L

NATURA COSMETICOS: S&P Lowers Ratings to 'BB+' on Weak Performance


C A Y M A N  I S L A N D S

72 OFFSHORE: Commences Liquidation Proceedings
ALEF MENA: Commences Liquidation Proceedings
ALTIMA GLOBAL: Placed Under Voluntary Wind-Up
ARK CHINA: Commences Liquidation Proceedings
CAMARES 1311: Creditors' Proofs of Debt Due Jan. 5

CAMARES EUROPEAN: Creditors' Proofs of Debt Due Jan. 5
MYO CAPITAL: Commences Liquidation Proceedings
NB ALPHA: Creditors' Proofs of Debt Due Dec. 5
SISTEMA FUND: Commences Liquidation Proceedings
SPRUCE ALPHA: Commences Liquidation Proceedings

SPRUCE ALPHA MASTER: Commences Liquidation Proceedings
THESIS INTERNATIONAL: Placed Under Voluntary Wind-Up


M E X I C O

ISTMO COMPANIA DE REASEGUROS: A.M. Best Lowers ICR to 'e'
MEXICO: Face New Year Shock at Petrol Pumps


P U E R T O    R I C O

CRISTALEX INC: Seeks to Hire Falcon-Sanchez as Accountant
MARJASU CORP: Hearing on Disclosures Set for Feb. 8
VASSALLO INT'L: Hires Luis Carrasquillo as Financial Consultant
VASSALLO INT'L: Hires Charles Cuprill as Legal Counsel


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Dollar Depreciates Over 2016


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Cut Output in 2017


                            - - - - -


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


ARGENTINA: Former Pres. C. Kirchner Indicted in Corruption Case
---------------------------------------------------------------
Ryan Dube and Alberto Messer at The Wall Street Journal report
that a judge indicted ex-President Cristina Kirchner on corruption
charges involving public works and ordered millions of dollars of
her assets to be frozen, escalating the legal troubles facing the
former Argentine leader.

Investigative Judge Julian Ercolini approved trying Mrs. Kirchner,
along with several former aides and a businessman, for alleged
racketeering and administrative fraud in connection with road
projects in her home Santa Cruz province, according to The Wall
Street Journal.

The corruption ring, according to the 794-page ruling published
Tuesday, operated over a 12-year period that spanned both her
administrations and that of her late husband and predecessor,
Nestor, the report notes.

Mrs. Kirchner led a group that aimed "to commit crimes, in order
to illegally and deliberately seize funds assigned to public road
works," Judge Ercolini wrote in the court document obtained by the
news agency.

Mrs. Kirchner-who described the racketeering charges as a common
ploy of "dictators to persecute political opponents" -- denied the
charges, the report relays.  Her lawyer, Gregorio Dalbon, said she
would appeal the indictment decision, the report notes.

The report discloses that the indictment comes amid growing
tensions between President Mauricio Macri and opposition
politicians from Mrs. Kirchner's party over government reforms
aimed at undoing the former president's populist policies.

Mrs. Kirchner, who was often accused of meddling in the judiciary
while in office, has faced multiple criminal investigations since
her term ended late last year, the report notes.  One led to an
indictment in May over accusations she ordered Argentina's central
bank to illegally trade derivatives, costing the country about
$5.5 billion, the report relays.

She has claimed the array of charges are motivated to undermine
her political future and divert attention from the current
government's difficulties in kick-starting an economy beleaguered
by double-digit inflation and high unemployment, the report
discloses.  Polls have shown that Mrs. Kirchner's support has
fallen amid the accusations, the report notes.

Many of the charges against Mrs. Kirchner and other former
officials involve allegations of inflated public-works contracts
that were provided to politically friendly business contractors,
which were then sometimes never completed, the report relays.

Judge Ercolini said many of the road projects in Santa Cruz were
awarded to construction company Austral Construcciones, the report
relays.  The company is owned by businessman Lazaro Baez, with
whom the Kirchners had long-standing business ties dating back to
when Mr. Kirchner was governor of Santa Cruz in the 1990s, the
report notes.

The judge, who ordered about $640 million in Mrs. Kirchner's
assets be frozen, wrote in the document that the former president
had played a chief role in a scheme to divert state resources to
Austral, the report discloses.

The document said Mrs. Kirchner and her husband created the
institutional setup for the corruption ring to succeed and passed
decrees that allowed funds to be directed and controlled so that
they reached Mr. B†ez through the awarding of public-road works,
the report says.

The judge added that the national highway department's budget
soared under Mrs. Kirchner's administration but that the quality
of the roads didn't improve accordingly, the report relays.

The crimes allegedly took place from the start of Mr. Kirchner's
administration in 2003 to the end of Mrs. Kirchner's term in 2015,
according to the document, the report notes.

The charges, which could bring a prison sentence of four to 10
years, according to attorneys specializing in criminal law, were
also levied against former planning minister Julio de Vido and
former public-works secretary Jose Lopez, who was arrested in June
while allegedly trying to hide millions of dollars in cash-in four
different currencies-in the middle of the night at a Catholic
monastery, the report relays.

Mr. Baez was also included in the indictment, as well as the
former head of the national highway department, Nelson Periotti,
and Carlos Santiago Kirchner, a cousin of Mr. Kirchner who was the
deputy secretary for public works coordination. Mr. Periotti
denied favoring Mr. Baez in comments to local media last month,
the report notes.  Efforts to contact Mr. Kirchner for comment
unsuccessful.

Political opponents and Argentines critical of Mrs. Kirchner
applauded the indictment, saying that it was long overdue, the
report notes.  Elisa Carrie, a lawmaker allied with Mr. Macri who
had long called for probes against Mrs. Kirchner, said "we are
starting to see justice," the report relays.

"The decision against Cristina is one from a country where there
exists justice," said Dario Portese, a 45-year-old bank employee
in Buenos Aires. "Those that steal, have to go to prison," the
report notes.

Liliana Betelli, a 42-year-old teacher who supports the former
president, called the latest charges an attack on Mrs. Kirchner's
national and popular movement, the report says.

Many of the probes into Mrs. Kirchner have involved Mr. B†ez, who
was jailed in April on a separate charge of money laundering, the
report notes.  Mr. B†ez, who has previously denied corruption
allegations, opened Austral days before Mr. Kirchner took office,
the report relays.

Officials in Mrs. Kirchner's administration could also face
additional questioning after the U.S. Department of Justice said
last week that Brazilian construction firm Odebrecht paid $35
million in bribes to win state infrastructure contracts, 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.


ARGENTINA: Airline Workers Protest Govt's Push for Open Skies
-------------------------------------------------------------
EFE News reports that Argentina's air transport unions, from
flight attendants and pilots to cargo personnel, gathered in this
capital to protest against the government, which has organized
hearings to study the entry of new airlines into the market,
including budget carriers.

Carrying flags and signs and beating drums, about 1,000 people
from various unions demonstrated at the doors of the theater in
the Buenos Aires neighborhood of La Boca, where the government of
Mauricio Macri began hearing the representatives of the sector and
of the five airlines wanting to expand into or begin operations in
Argentine skies, according to EFE News.

                        *     *     *

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.



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


NATURA COSMETICOS: S&P Lowers Ratings to 'BB+' on Weak Performance
------------------------------------------------------------------
S&P Global Ratings lowered its global scale ratings on Natura
Cosmeticos S.A. to 'BB+' from 'BBB-' and its national scale issuer
and issue-level ratings to 'brAA' from 'brAAA'.  The outlook on
both scales remains negative.  S&P has also assigned a recovery
rating of '3' on Natura's unsecured debt rated, which means a
recovery expectation between 50% and 70%, in the high end of the
range.

The downgrade reflects Natura's weak operating performance in 2016
and S&P's expectations of only a mild recovery in 2017.  Sluggish
sales volumes in the company's main market, Brazil, increased its
working capital needs, weakening its cash flow generation, and
consequently, its funds from operations (FFO) to debt to 34.6% in
the 12 months ended Sept. 30, 2016, from the historical level of
above 45%.  Discretionary cash flow (DCF) to debt and EBITDA
interest coverage have also weakened, which prompted S&P revise
its assessment of Natura's financial risk profile to intermediate
from modest, resulting in a one-notch drop in the global scale
corporate credit rating.

Natura has been losing market share for several years in Brazil,
which S&P believes is due to increased competition and recession,
resulting in consumers' trade-down for cheaper brands and lower
consumption.  S&P don't expect a rapid turnaround in Natura's
market share and sales trends in the next 12-18 months due to
still difficult economic and industry conditions, hampering the
rise in free cash flows.  Additionally, S&P expects the company to
maintain a tight liquidity cushion to withstand S&P's hypothetical
sovereign stress test to have higher ratings above the sovereign.
This, along with the difficulties in generating a rebound in sales
and margins, are the main reasons for the maintenance of the
negative outlook.

S&P still expects Natura to post a weak operating performance in
Brazil in 2017, but the international operations' rising revenue
and EBITDA contribution are offsetting factors.  S&P estimates
that international sales will represent around 35% of Natura's
consolidated figures by 2018, up from 27% of revenue and 15% of
EBITDA in 2015.  Also, although direct sales' channel will
continue to be the company's focus and likely generate above 90%
of total sales, S&P understands that increasing the proportion of
retail and digital sales should help to improve growth in the
short term.

The company has been able to reduce capex and dividend payments in
order to offset lower operating cash flows.  Moreover, it has used
its cash flow generation to pay existing debt, which has helped
prevent a further deterioration in credit metrics.  S&P expects
Natura to maintain debt to EBITDA below 2x and gradually improve
FFO to debt to close to 45% in the next two years, keeping a
conservative approach to working capital management, levels of
capex, and dividend payouts.



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


72 OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 23, 2016, the shareholders of 72 Offshore Credit, 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:

          S.A.C. Capital Advisors, L.P.
          c/o Kevin O'Connor
          72 Cummings Point Road
          Stamford CT 06902
          USA
          Telephone: (203) 890 3896


ALEF MENA: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 22, 2016, the sole shareholder of Alef Mena Value Feeder
SPC 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


ALTIMA GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 24, 2016, the sole shareholder of Altima Global Special
Situations Master Fund 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:

          David Sargison
          c/o Jonathan Turnham
          Travers Thorp Alberga
          Harbour Place, 2nd Floor
          103 South Church Street
          Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 949 0699
          Facsimile: +1 (345) 949-8171


ARK CHINA: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 24, 2016, the sole shareholder of Ark China Equity Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 27, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Yifan Liao
          c/o Loeb Smith Attorneys
          Zephyr House, 5th Floor
          122 Mary Street, George Town
          Grand Cayman KY1-1206
          Cayman Islands
          Telephone: +86 133 2190 3805


CAMARES 1311: Creditors' Proofs of Debt Due Jan. 5
--------------------------------------------------
The creditors of Camares 1311 European Credit Fund Inc. are
required to file their proofs of debt by Jan. 5, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 25, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Commercial Centre, Grand Pavilion, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


CAMARES EUROPEAN: Creditors' Proofs of Debt Due Jan. 5
------------------------------------------------------
The creditors of Camares European Credit Fund Inc. are required to
file their proofs of debt by Jan. 5, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 25, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Commercial Centre, Grand Pavilion, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


MYO CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 22, 2016, the sole shareholder of MYO Capital Management
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Justin John Ferrier
          11B Dublin Road
          Singapore, 239801


NB ALPHA: Creditors' Proofs of Debt Due Dec. 5
----------------------------------------------
The creditors of NB Alpha Capture Fund Ltd. are required to file
their proofs of debt by Dec. 5, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 21, 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


SISTEMA FUND: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 24, 2016, the sole member of Sistema Fund Limited resolved
to voluntarily liquidate the company's business.

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

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


SPRUCE ALPHA: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 21, 2016, the sole shareholder of Spruce Alpha Fund
Offshore 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:

          Robert Bastone
          One Stamford Plaza
          263 Tresser Boulevard, 15th Floor
          Stamford Connecticut 06901
          United States of America
          Telephone: +1 (203) 428 2600


SPRUCE ALPHA MASTER: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 21, 2016, the sole shareholder of Spruce Alpha 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:

          Robert Bastone
          One Stamford Plaza
          263 Tresser Boulevard, 15th Floor
          Stamford Connecticut 06901
          United States of America
          Telephone: +1 (203) 428 2600


THESIS INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Nov. 25, 2016, the sole shareholder of Thesis International
Investment Fund 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:

         Elian Fiduciary Services (Cayman) Limited
         c/o Tim Cone
         Telephone: +1 (345) 949 9876
         Facsimile: +1 (345) 949-9877
         Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9009
         Cayman Islands



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


ISTMO COMPANIA DE REASEGUROS: A.M. Best Lowers ICR to 'e'
---------------------------------------------------------
A.M. Best has removed from under review with negative implications
and downgraded the Financial Strength Rating to a Non-Rating
Designation of E (Under Regulatory Supervision) from B (Fair) and
the Long-Term Issuer Credit Rating to "e" from "bb+" of Istmo
Compania de Reaseguros, Inc. (Istmo Re) (Panama City, Panama).

The rating actions taken on Istmo Re reflect a regulatory
intervention at the company on Dec. 12, 2016 by the Superintendent
of Insurance and Reinsurance of Panama (SSRP). These actions were
publicized through a press release issued by the SSRP, in which
the regulator stated that Istmo Re failed to cover the minimum
regulatory requirements for paid capital, presented an inferior
ratio of net premium to net surplus to that required by
regulation, relied on insufficient assets to integrally satisfy
its liabilities and is incapable of continuing operations without
compromising the interests of policyholders.

SSRP's notice of intervention and findings came after its review
of the company's unaudited third quarter financial statements, and
an on-site regulatory inspection at Istmo Re's offices.
Furthermore, Istmo Re had provided the regulators with an action
plan dated Sept. 5, 2016, under which it would sell its assets and
reduce its outstanding debt over a three-month period. However, as
of Dec. 1, 2016, no actions had been implemented and therefore
through memorandum DSES-M-352, the Director of Supervision of
Insurance and Reinsurance Companies recommended the intervention
at Istmo Re. This regulatory action is expected to last no less
than 180 days.

A.M. Best will closely monitor the ratings of Istmo Re and its
subsidiaries, Liffey Reinsurance Company Designation Activity
Company (Liffey Re) (Dublin, Ireland) and Aseguradora del Istmo,
S.A. (ADISAP) (Panama City, Panama), as this regulatory action
develops. Derived from the aforementioned, no rating actions have
been taken yet on the subsidiaries.


MEXICO: Face New Year Shock at Petrol Pumps
-------------------------------------------
Stephen Woodman at The Financial Times reports that Mexico's
government has announced the biggest increases in petrol prices in
almost two decades in a move that risks a backlash against its
efforts to liberalize the country's energy market.

The average prices across Mexico in January will be MXN15.99 for a
liter of regular petrol, MXN17.79 for premium and MXN17.05 for
diesel, representing increases of 14.2 per cent, 20.1 per cent and
16.5 per cent, respectively, compared to December 2016, according
to The Financial Times.  The new prices come into effect on
January 1 and will vary by region, according to transport costs
and other logistical fees, the report ntoes.

The maximum prices will be adjusted more frequently than in 2016
as part of a historic liberalization program that will allow
organizations other than the state-owned company Pemex to import
and sell in Mexico, the report relays.

The move to a competitive model brings an end to nearly 80 years
of government-controlled pricing, the report notes.  Yet higher
prices are going to be a big shock for Mexican consumers, who are
already bracing for 2017 to be a rough year economically, the
report discloses.

The Mexican peso tumbled more than 15 per cent against the US
dollar in 2016, adding pressure to petrol prices since Mexico
imports more than half of its petrol, most of that from the US,
the report says.

In November, HSBC and Santander reduced their growth forecast for
Mexico in 2017 to 1.7 per cent on the belief that Donald Trump's
presidency may hurt consumer confidence and investment in the
country, given his vow to renegotiate trade ties with the US, the
report notes.  HSBC had previously predicted a 2.3 per cent rate,
while Santander had a 2.2 per cent expansion, the report
discloses.

Petrol price rises are likely to trigger further inflation, adding
pressure on the central bank to raise interest rates, the report
relays, the report relays.  Inflation was already at a near two-
year high of 3.3 per cent last month, the report relays.

Higher prices at the pump could also undermine public confidence
in the historic energy overhaul that Mexican President Enrique
Pe§a Nieto announced in 2013, the report says.  The energy reform
itself is already perceived negatively by 56 per cent of Mexicans,
according to Parametr°a, a polling group, the report notes.

Mexico's finance ministry announced that petrol prices will be
adjusted on a twice-weekly basis in the first two weeks of
February, and on a daily basis from February 18, in an effort to
mimic the free market, the report relays.

In late March, petrol price controls will be discarded in the
northern border states of Sonora and Baja California, where
competition among petrol stations is already more common, the
report notes.  Other areas will follow later in the year,
including Mexico City in November.

Critics have said that certain regions were ill-equipped to deal
with the liberalization program, the report relays.  A lack of
petrol stations, particularly in Mexico's poorer southern states
could trigger monopolistic practices, the report relays.

There are also concerns about the regional price differences.

"This system provides incentives to trade across regions," said
Dwight Dyer, a freelance energy consultant, the report discloses.
"There may be profits for companies with stations across different
states. The government is posing itself a real challenge for
policing this," the report adds.

Mexican authorities say they are confident the liberalisation
effort will ultimately benefit motorists, as petrol stations
compete for customers, the report notes.

Venezuela, which has slid in to economic and social chaos, has
been held up as a counter example of what happens to governments
that ignore international energy prices, the report relays.

"We could do nothing and leave prices alone -- if we wanted to be
like Venezuela," said one senior Mexican official, the report
adds.



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


CRISTALEX INC: Seeks to Hire Falcon-Sanchez as Accountant
---------------------------------------------------------
Cristalex Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire an accountant.

The Debtor proposes to hire Falcon-Sanchez & Associates PSC to
provide general accounting, tax and financial consulting services.

The hourly rates charged by the firm are:

Ismael Falcon Ortega     $200
CPA Supervisor           $125
Senior Accountant        $100
Staff Accountant          $75

Ismael Falcon Ortega, a certified public accountant, disclosed in
a court filing that his firm is a "disinterested party" as defined
in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Ismael Falcon Ortega
     Falcon-Sanchez & Associates PSC
     P.O. Box 366397
     San Juan, PR 00936-6397
     Tel: (787) 273-7979
     Fax: (787) 273-9797
     Email: ifalcon@falcon-sanchez.com

                      About Cristalex Inc.

Cristalex, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-06385) on August 11,
2016.  The petition was signed by Marta Pagan Batista, president.

At the time of the filing, the Debtor estimated assets of less
than $500,000 and liabilities of $500,001 to $1 million.


MARJASU CORP: Hearing on Disclosures Set for Feb. 8
---------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has scheduled for Feb. 8, 2017, at 9:00
a.m. the hearing to consider the approval of Marjasu Corp's
disclosure statement referring to the Debtor's plan of
reorganization.

Objections to the Disclosure Statement must be filed not less than
14 days prior to the hearing.

Marjasu Corp, filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 14-07793) on Sept. 22, 2014.


VASSALLO INT'L: Hires Luis Carrasquillo as Financial Consultant
---------------------------------------------------------------
Vassallo International Group, Inc. seeks authorization from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ
Luis R. Carrasquillo & Co., P.S.C. as financial consultant.

The Debtor requires the financial consultant to provide business
reorganizations, consulting services related to reorganization,
audit, review, and compilation, tax services and accounting and
bookkeeping.

The firm will be paid at these hourly rates:

       Luis R. Carrasquillo, Partner     $175
       Marcelo Gutierrez, Sr. CPA        $125
       Other CPAs                        $90-$125
       Lionel Rodriguez Perez            $90
       Carmen Callejas Echevarria        $85
       Alfredo J. Segarra                $80
       Janet Marrero                     $45
       Iris L. Franqui                   $45

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

Luis R. Carrasquillo Ruiz assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estate.

The firm can be reached at:

       Luis R. Carrasquillo Ruiz
       Luis R. Carrasquillo & Co., P.S.C.
       28th Street, # TI-26
       Turabo Gardens Avenue
       Caguas, PR  00725
       Tel: (787) 746-4555
       Fax: (787) 746-4564
       E-mail: luis@cpacarrasquillo.com

Vassallo International Group Inc., filed a Chapter 11 petition
(Bankr. D. P.R. Case No. 16-09093) on November 16, 2016.  The
petition was signed by Rafael V. Vassallo Collazo, president.  The
Debtor is represented by Charles Alfred Cuprill-Hernandez, Esq.

The Debtor disclosed $0 million in assets and $8.4 million in
liabilities.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-09093.pdf


VASSALLO INT'L: Hires Charles Cuprill as Legal Counsel
------------------------------------------------------
Vassallo International Group, Inc. seeks authorization from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ
Charles A. Cuprill, P.S.C., Law Offices as legal counsel.

The firm will be paid at these hourly rates:

       Charles A. Cuprill-Hern†ndez     $350
       Associates                       $250
       Paralegals                       $85

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

The firm received a $15,000 retainer from the Debtor.

Charles A. Cuprill-Hernandez assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estate.

The firm can be reached at:

       Charles A. Cuprill-Hernandez, Esq.
       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

Vassallo International Group Inc., filed a Chapter 11 petition
(Bankr. D. P.R. Case No. 16-09093) on November 16, 2016.  The
petition was signed by Rafael V. Vassallo Collazo, president.  The
Debtor is represented by Charles Alfred Cuprill-Hernandez, Esq.

The Debtor disclosed $0 million in assets and $8.4 million in
liabilities.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-09093.pdf



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


TRINIDAD & TOBAGO: Dollar Depreciates Over 2016
-----------------------------------------------
Leah Sorias at Trinidad Express reports that most businesses would
agree that one of the most nagging problems they faced this year
was the struggle to obtain United States dollars.

Even with the Central Bank reverting to a 2014 foreign exchange
distribution system in October 2015, the tug-of-war for forex
stretched into 2016, according to Trinidad Express.

The report notes some business fell flat due to pressures to get
forex this year.

Many manufacturing companies complained that they were unable to
honor their contractual and financial obligations to foreign
suppliers and that resulted in them losing credibility, the report
notes.

They said when they approached the commercial banks for US dollars
to pay for imports what they were given by the banks could not
cover their bills, the report adds.



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


PETROLEOS DE VENEZUELA: To Cut Output in 2017
---------------------------------------------
EFE News reports that Petroleos de Venezuela said it would cut
output under the main sales contracts as part of a strategy to
meet the production quota set by the Organization of Petroleum
Exporting Countries (OPEC) to reduce the supply of oil on the
world market.

"Without violating its international contractual obligations, as
of Jan. 1, 2017, PDVSA and its subsidiary companies will implement
a reduction in the volumes of the principal crude sales contracts,
all in accordance with the existing terms and conditions of
current contracts," the state-owned oil company said in a
statement, according to EFE News.

PDVSA reiterated its commitment to "abide by" OPEC decisions and
"contribute" to the "stability of the world oil industry," the
report notes.

According to the agreement to reduce production reached between
member and non-OPEC nations on November 30th, producing countries
must reduce oil production to 32.5 million barrels a day (mbd)
from January 1, 2017, the report relays.

Under this agreement, Venezuela must implement a cut of 95,000
barrels per day, the report adds.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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