TCRLA_Public/170102.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

               Monday, January 2, 2017, Vol. 18, No. 1


                            Headlines



B A R B A D O S

SAGICOR FINANCE: S&P Raises Rating on $320MM Notes to 'BB-'
SAGICOR LIFE: S&P Maintains 'BB-' ICR on CreditWatch Negative


B R A Z I L

JBS SA: Plant to Go Public


C A Y M A N  I S L A N D S

AMATOR LLC: Placed Under Voluntary Wind-Up
CAL DIVE: Commences Liquidation Proceedings
CAL DIVE OFFSHORE: Commences Liquidation Proceedings
CAL DIVE WEST: Commences Liquidation Proceedings
CHCAY LIMITED: Commences Liquidation Proceedings

CHPG FINANCE: Commences Liquidation Proceedings
GEOLOGIC RESOURCE: Placed Under Voluntary Wind-Up
GEOLOGIC RESOURCE OPPORTUNITIES: Placed Under Voluntary Wind-Up
HAFU DEAL II: Commences Liquidation Proceedings
KARA DEAL: Commences Liquidation Proceedings

PETROLOG CAL: Commences Liquidation Proceedings
STONE TOWER: Commences Liquidation Proceedings
WINTERRAYS LIMITED: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: US$8.2B Sales to Pace Expected GDP Growth of 6.5%


E L  S A L V A D O R

REGAL FOREST: S&P Affirms 'BB-' CCR on Solid Market Position


M E X I C O

GRUPO GICSA: S&P Affirms 'BB' CCR; Outlook Remains Stable
MEXICO: Minimum Wage Set to Rise Nearly 10%


P U E R T O    R I C O

EMPRESAS PLAYA: Unsecureds to Recoup 2% Over 60 Months
EMPRESAS PLAYA: Feb. 23 Disclosure Statement Hearing
LINCOLN RESTAURANTS: Seeks 30-Day Plan Filing Period Extension


V E N E Z U E L A

VENEZUELA: President Once Again Extends VEB100 Note's Deadline


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 26 to Dec. 30, 2016


                            - - - - -


===============
B A R B A D O S
===============


SAGICOR FINANCE: S&P Raises Rating on $320MM Notes to 'BB-'
-----------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Sagicor
Finance (2015) Limited's (SFL15's) $320 million seven-year senior
unsecured notes to 'BB-' from 'B'.  S&P also removed the rating
from CreditWatch positive, where it placed it in September 2016.

The rating actions are based on S&P's opinion that the sovereign
rating on Barbados no longer constrains GCP of Sagicor Financial
Corporation (SFC) given two significant changes in the corporate
structure.  First, the group's ultimate parent, SFC, moved its
domicile to Bermuda from Barbados.  Second, the group is
undergoing a corporate reorganization including the separation of
its Caribbean and Central American operating subsidiaries outside
of Barbados from its operating holding company, Sagicor Life Inc.
Barbados (SLIB) and shifting them under SFC's structure directly
and individually.

"Therefore, we conclude that both events have reduced the
potential burden on the group's assets and cash flows outside of
Barbados because the group's main regulator will no longer be the
Barbadian insurance authority.  Consequently, we no longer
consider Barbados as the group's country of domicile.  Moreover,
the ratings on SFC's subsidiaries and financing vehicles may now
reflect the full strength of the unconstrained GCP at 'bb+', which
reflects the credit fundamentals of its operating insurance
subsidiaries.  Prior to the abovementioned changes, the GCP and
the ratings on operating entities--at 'bb-' and 'BB-',
respectively--were limited at two notches above the sovereign
rating on Barbados," S&P said.

The rating on SFL15's debt reflects structural subordination from
S&P's credit assessment of SFC to account for the debt's
structural subordination to policyholder liabilities and for the
seniority of the debt.  Therefore, S&P raised the debt rating by
two notches to reflect the two-notch uplift of SFC's GCP to 'bb+'
from 'bb-'.  S&P don't give additional credit to the guarantee
provided by SFC and SLIB because the subordination of the group's
financial obligations to those of policyholders is defined in the
offering memorandum.

The Cayman Islands-based SFL15 is SFC's special purpose vehicle to
provide funding to the group and is the issuing entity of SFC's
$320 million seven-year senior unsecured notes.

S&P's analysis of rating fundamentals considers SFC's consolidated
results, which include the entirety of its insurance operating
subsidiaries in the Caribbean region, the U.S., and Central
America.


SAGICOR LIFE: S&P Maintains 'BB-' ICR on CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings maintained its 'BB-' issuer credit and
financial strength ratings on Sagicor Life Inc. (SLIB) on
CreditWatch negative.

On Sept. 27, 2016, S&P placed SLIB on CreditWatch negative
following an announcement of a corporate reorganization of Sagicor
Financial Corporation (SFC), SLIB's ultimate parent.  The overhaul
consists of two significant changes. First, SFC moved its domicile
to Bermuda from Barbados.  Second, SFC is separating its Caribbean
and Central American operating subsidiaries outside of Barbados
from SLIB in shifting them under the parent's structure directly
and individually.

"We're maintaining our ratings on SLIB on CreditWatch negative
because we're still assessing whether the company will continue to
be a SFC's core subsidiary after the reorganization.  We expect to
complete our assessment within the next 90 days.  We acknowledge
SLIB's importance to the group's identity, given its 176 years of
operations. However, our group support approach takes a broader
view of SLIB's importance to the SFC's future strategy and
assesses whether incentives for support exist during a stress
scenario associated with Barbados' default.  In particular, as a
result of the corporate reorganization, our assessment is
considering SLIB's share of gross premiums written dropping to
about 14% of SFC's total premiums from about 70% and that Barbados
is no longer a key growth market for SFC.  The ratings on SLIB
currently incorporate the maximum of three notches above the
rating on Barbados for core subsidiaries of international
insurance groups until our assessment is concluded," S&P said.

"The CreditWatch negative designation reflects a possible
downgrade of SLIB to the same level as the rating on Barbados
(B-/Negative/B) if we conclude that SLIB is no longer a core
subsidiary.  We could affirm the ratings if, in our view, SLIB
remains a core subsidiary to SFC.  In such a case, the outlook on
the company would reflect that of Barbados because the current
rating already reflects the maximum of three notches above the
sovereign that's possible for subsidiaries of international
insurance groups.  In this sense, an upgrade of SLIB won't occur
without a similar action on the sovereign, which is highly
unlikely in the next 12 months given out negative outlook on
Barbados.  We could also downgrade SLIB if we were to downgrade
Barbados, regardless of our conclusion of the subsidiary's final
status.  We expect to solve the CreditWatch listing in the next 90
days," S&P noted.



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


JBS SA: Plant to Go Public
--------------------------
The Fence Post reports that Brazilian parent company, JBS SA, spun
off a new entity for its foreign holdings called JBS Foods
International, based in the Netherlands.  JBS announced on Dec. 5
that it's planning on selling shares of the new Dutch company on
the New York Stock Exchange in the first half of 2017, according
to The Fence Post.

Officials at JBS have yet to disclose how large a stake of the
company will be sold.

JBS is a giant in the meatpacking industry, churning out beef,
pork, chicken, lamb and leather in factories across the country
and around the world. The company owns a suite of meat-related
brands including Swift, Gold Kist Farms, Aspen Ridge and Pilgrim's
Pride.

JBS has a sizeable footprint in Colorado -- about 4,700 workers
across the company's headquarters, beef processing plant and
collection of cattle feedlots in the state.

The initial public offering, or IPO, marks a fundamental change
for the privately held and family-run company, the report notes.
Going public often brings an influx of cash from new investors,
but will also layer on more scrutiny, forcing the company to
disclose more information to investors and the public, and
possibly to conform to more federal regulations, adds the report.
Rumors of an IPO have been swirling around the company since June
2015.

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2016, Fitch Ratings has affirmed JBS S.A.'s foreign and
local currency Issuer Default Ratings and senior unsecured notes
at 'BB+'.


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


AMATOR LLC: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 7, 2016, the sole shareholder of Amator LLC 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:

          Volker Mehnert
          3131 Trafalgar Heights
          Montreal QUE H3Y 1H2
          Telephone: +1 (514) 935 3131


CAL DIVE: Commences Liquidation Proceedings
-------------------------------------------
On Jan. 19, 2016, the shareholders of Cal Dive Offshore
Contractors 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:

          Quinn J. Hebert
          c/o Sarah T. Hunt
          Telephone: (225) 248-2084
          Facsimile: (225) 248-3084
          8555 United Plaza Blvd
          Baton Rouge, LA 70809
          U.S.A


CAL DIVE OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 24, 2016, the shareholders of Cal Dive Offshore
International, 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:

          Quinn J. Hebert
          c/o Sarah T. Hunt
          Telephone: (225) 248-2084
          Facsimile: (225) 248-3084
          8555 United Plaza Blvd
          Baton Rouge, LA 70809
          U.S.A


CAL DIVE WEST: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 24, 2016, the shareholders of Cal Dive West Africa, 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:

          Quinn J. Hebert
          c/o Sarah T. Hunt
          8555 United Plaza Blvd
          Baton Rouge, LA 70809
          U.S.A
          Telephone: (225) 248-2084
          Facsimile: (225) 248-3084


CHCAY LIMITED: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 18, 2016, the members of
CHCAY Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

         David Dyer
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345)949-8244
         Facsimile: (345)949-5223


CHPG FINANCE: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 18, 2016, the members of
CHPG Finance Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

         David Dyer
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345)949-8244
         Facsimile: (345)949-5223


GEOLOGIC RESOURCE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 25, 2016, the sole shareholder of Geologic Resource 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:

          Geologic Resource Partners LLC
          c/o Ridhiima Kapoor
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


GEOLOGIC RESOURCE OPPORTUNITIES: Placed Under Voluntary Wind-Up
---------------------------------------------------------------
On Nov. 25, 2016, the sole shareholder of Geologic Resource
Opportunities 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:

          Geologic Resource Partners LLC
          c/o Ridhiima Kapoor
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


HAFU DEAL II: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 18, 2016, the members of
Hafu Deal II Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

         David Dyer
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345)949-8244
         Facsimile: (345)949-5223


KARA DEAL: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Nov. 18, 2016, the members of
Kara Deal Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

         David Dyer
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345)949-8244
         Facsimile: (345)949-5223


PETROLOG CAL: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 24, 2016, the shareholders of Petrolog Cal Dive West
Africa, 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:

          Quinn J. Hebert
          c/o Sarah T. Hunt
          Telephone: (225) 248-2084
          Facsimile: (225) 248-3084
          8555 United Plaza Blvd
          Baton Rouge, LA 70809
          U.S.A


STONE TOWER: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Nov. 18, 2016, the members of
Stone Tower CLO VIII 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:

         David Dyer
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345)949-8244
         Facsimile: (345)949-5223


WINTERRAYS LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary meeting held on Nov. 10, 2016, the sole
shareholder of Winterrays Limited resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


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


DOMINICAN REP: US$8.2B Sales to Pace Expected GDP Growth of 6.5%
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic has had a good
2016, with expected GDP growth between 6.4 and 6.5%,
Administrative minister Jose Ramon Peralta affirmed, in a meeting
with economy editors of several newspapers.

"Between January and September 2012, total retail sales totaled
RD$377.1 billion (US$8.2 billion), in the same period of 2016
reached RD$626.2 billion, for an unprecedented increase of
RD$249.0 billion in just four years, equivalent to 66%," the
official said, according to Dominican Today.

Mr. Peralta said sales in industries, excluding oil refining, have
jumped from RD$406.6 billion in January-September 2012, to
RD$579.0 billion in the same period this year, an increase of
RD$163.4 billion, or 40%, the report notes.

The official said the economy's expansion has been spurred by the
fiscal consolidation program adopted by president Danilo Medina's
administration since he took office last August 16, the report
relays.  "By reducing the deficit of the consolidated public
sector, it has been able to decrease the participation of the
public sector in the credit demand of the banking system," the
report says.

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

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

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

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

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

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


====================
E L  S A L V A D O R
====================


REGAL FOREST: S&P Affirms 'BB-' CCR on Solid Market Position
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' corporate credit rating on
Regal Forest Holding Co. Ltd. (Unicomer).  The outlook remains
stable.

The rating affirmation reflects S&P's view that Unicomer's solid
market position and continued improvement of its operating
performance, given its focus on operating efficiencies, offset the
impact of weaker-than-expected macroeconomic conditions in most of
the countries where it operates.  S&P also believes that company's
diversification in various segments and countries should allow it
to protect its key credit metrics and to continue strengthening
its profitability with EBITDA margins near 14% while maintaining
its adjusted debt to EBITDA ratio below 2.0x in the next 12
months.

S&P's business risk profile assessment reflects Unicomer's leading
market position in its core markets, geographic diversification,
strong brand recognition, market segment differentiation, and
store development with attractive locations (consisting of more
than 1,000 stores at the end of 2016).  These factors will allow
the company to further expand and secure its position in its main
markets.  However, the offsetting factors are the company's
smaller volume of sales than those of its regional rated retail
companies and its exposure to high-risk countries.  S&P expects
Unicomer to continue to maintain a 25%-30% share in the Central
American retail market and 40%-50% in the Caribbean market.

"We expect the company's credit division to remain strategic
because more than 60% of Unicomer's sales come from this division.
However, the division accounts for a significant share of
Unicomer's total debt and its net loss and delinquency ratios have
been weakening in the past few years, weighing on Unicomer's
credit quality," S&P said.

The rating on Unicomer incorporates its controlling shareholder,
Milady Associates Ltd. (not rated).  S&P views Unicomer as a
highly strategic subsidiary for Milady, because the former's
revenue represents more than 50% of the parent's revenue,
including the retailer's consumer finance division.  Therefore,
Unicomer is integral to the group's strategy. Unicomer's non-
controlling shareholder is El Puerto de Liverpool S.A. B. de C.V.
(BBB+/Negative/--) with a 50% stake.



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


GRUPO GICSA: S&P Affirms 'BB' CCR; Outlook Remains Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'mxA'
national scale corporate credit and issue-level ratings on Grupo
GICSA, S.A.B. de C.V.  S&P's recovery rating remains at '3' (50%-
70%, in the higher band of the range) under a scenario of payment
default.  The outlook remains stable.

The ratings on Grupo GICSA still reflect a business risk profile
that's constrained by a portfolio of about only 620,000 sq. m. of
gross leasable area (GLA) in 13 properties located in Mexico,
mostly in the commercial and office space segments.  Although most
of Grupo GICSA's properties benefit from a prime location, mainly
in Mexico City, some assets in the portfolio are still in their
ramp-up period.  Moreover, the average age of the properties is
below eight years, which is relatively lower than those of the
company's peer group.  Historically, the company has been exposed
to development risks, although it has a 27-year track record in
the development of 67 properties that represent 2.7 million sq. m.
of GLA.

Credit factors supporting Grupo GICSA's business risk profile
include average occupancy rates in excess of 90%, a client
retention rate of approximately 95%, and lease prices that compare
favorably with the market average.  In S&P's opinion, although the
retail industry in Mexico faces a sluggish economy for 2017, S&P
continues to expect mid- to high-single digit growth in retail
same-store-sales, which tempers the risk of incremental pressure
on Grupo GICSA's operating metrics.  The company also has ample
experience in other real estate related services that contribute
to its revenue base, including development services, construction,
commercialization, and property management.  S&P considers that
these services provide a competitive advantage for Grupo GICSA
because they create operating synergies that result in higher
profit margins, reflected in an EBITDA margin of about 73 % for
the 12 months ended September 2016.

S&P's assessment of Grupo GICSA's financial risk profile
incorporates S&P's expectation that the company will commit to the
protection of its key credit metrics, particularly in the next
three years.


MEXICO: Minimum Wage Set to Rise Nearly 10%
-------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexico's
minimum wage will rise almost 10%, in a jolt to the system meant
to stoke the poorest workers' buying power, which has been eroded
by recessions and past bouts of high inflation.

But the prospect of higher earnings is doing little to dent
pessimism among consumers, who head into 2017 facing rising fuel
costs, higher interest rates and a weakening peso that closed 2016
near record lows against the U.S. dollar, according to The Wall
Street Journal.

The report notes that labor, government and business leaders on
the Minimum Wage Commission agreed to raise the daily minimum wage
to MXN80, or about $4, from MXN73 pesos, a break from a years long
custom in which annual increases were roughly in line with
inflation.

Mexico's discussions on raising the minimum wage coincide with
moves in the U.S., where some 4.4 million workers in 20 states are
set to receive increases at the beginning of the year, the report
relays.  That has also fueled debate on whether it will make U.S.
employers reluctant to hire, the report discloses.

The commission split the increase into two parts: Four pesos a day
to restore purchasing power and on top of that 3.9%, the report
says.  Authorities hope the 3.9% will be used as the benchmark for
other wage negotiations, avoiding the so-called lighthouse effect
where minimum-wage increases fuel demands across the board and
threaten an inflationary wage spiral, the report notes.

In preparation for the switch to an open market for motor fuels,
the government raised gasoline and diesel prices between 14% and
20%, starting Jan. 1, and is eliminating subsidies on fuel, the
report discloses.  The changes prompted a number of economists to
raise their inflation expectations, the report notes.

Both the wage and fuel increases are inflationary, although
overall prices shouldn't go up enough to wipe out the "very
generous increase" in the minimum wage, said Alberto Ramos, chief
Latin America economist at Goldman Sachs, the report relays.  With
inflation likely to be somewhat above 4% in 2017, the lowest wage
earners would still see a 4% to 5% pay raise, he added, the report
notes.

The minimum-wage increase followed several years of studies and
discussions on the effect it could have on productivity,
employment, and inflation, the report relays.

"I think it took so long because of the history of high inflation
in the late 1970s and 1980s, when raising the minimum wage became
a taboo.  That's why they decided to tread carefully," said
Jonathan Heath, an independent economist who participated in some
of the discussions, the report says.

Past crises left the minimum wage below the poverty line
determined by the government agency in charge of evaluating social
development policies, and insufficient to cover the basic needs
set out in the Mexican constitution, the report discloses.

Around 15% of the country's 52 million workers make minimum wage,
according to government data, the report says.  Most of them are
employed informally, and a majority contribute less than half of
their household income, so many households survive because they
have several wage earners, the report notes.

"It would be a utopia to think that a family lives on 74 pesos [a
day], not even one person lives on MXN74," Carlos Acevez del Olmo,
secretary-general of the Mexican Workers Confederation, said at a
news conference, the report relays.

The umbrella labor group, which represents more than 4 million
workers, had sought a minimum wage of MXN100 pesos before settling
for 80 pesos. "We said, 'why not 100?' but then someone else said,
'why not 200?' So this was going to end up a mess," Mr. Aceves del
Olmo added, the report relays.

Mexican wages have been growing moderately in real terms in recent
years, thanks in part to record-low inflation in 2015 and most of
this year, with the result that private consumption has been
spearheading economic growth, the report notes.  Unemployment
reached a nine-year low in October at 3.6%, although many of the
jobs created pay less than those lost in the 2008 global crisis,
and overall income from labor only recently recovered to precrisis
levels, the report discloses.

The move toward higher wages was "reasoned, prudent and
responsible," said Juan Pablo Castanon, head of the business
coordinating council that represents the private sector, the
report relays.  "To continue on that path, we have to talk about
productivity, training, technology transfer so that micro- and
small enterprises can acquire it. That's where employment is
generated the fastest, but where we have the biggest challenges in
productivity," he added.

Government officials said the increase brings the minimum wage's
gains in real terms to 15% under the current administration, the
most in the past four decades, the report says.  But Labor
Minister Alfonso Navarrete was reluctant to say whether additional
increases could be coming soon, the report notes.

"The outlook for 2017 is very complicated. In the country and in
the world, there's great uncertainty," he said.



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


EMPRESAS PLAYA: Unsecureds to Recoup 2% Over 60 Months
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico is set
to hold a hearing on Feb. 23, at 9:30 a.m., to consider approval
of the disclosure statement and Chapter 11 plan of reorganization
of Empresas Playa Joyuda Inc.

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

Empresas Playa's restructuring plan proposes to pay Class 4
general unsecured creditors $31,658.65, which represents a 2%
distribution for this class.  These creditors will receive a
monthly payment of $527.64 over 60 months.

Empresas Playa estimates the total amount of Class 4 general
unsecured claims to be more than $1.58 million.

The plan will be funded by the revenue that the company's hotel
generates after payments of operating expenses and taxes,
according to its latest disclosure statement filed on Dec. 15.

A copy of the disclosure statement is available for free at
http://bankrupt.com/misc/EmpresasPlaya_1DS12152016.pdf

                   About Empresas Playa Joyuda

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


EMPRESAS PLAYA: Feb. 23 Disclosure Statement Hearing
----------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico will convene a hearing on Feb. 23, 2017 at
9:30 a.m. to consider approval of Empresas Playa Joyuda, Inc.'s
disclosure statement and accompanying plan of reorganization.

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.

                 About Empresas Playa Joyuda

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


LINCOLN RESTAURANTS: Seeks 30-Day Plan Filing Period Extension
--------------------------------------------------------------
Lincoln Restaurants Incorporated asks the U.S. Bankruptcy Court
for the District of Puerto Rico to extend its exclusive period to
file a Plan and Disclosure Statement for 30 days, or until January
19, 2017.

Absent an extension, the Debtor's Plan and Disclosure Statement
would have been due on December 20, 2016.

The Debtor tells the Court that despite its efforts to provide a
Plan and Disclosure Statement, the Debtor needs an additional 30
days to provide the same.

            About Lincoln Restaurants Incorporated

Lincoln Restaurants Incorporated, filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-05006) on June 23, 2016.  The
petition was signed by Francisco J. Vargas Robledo, president.
The Debtor is represented by Pedro E. Vazquez Melendez, Esq., at
Arvelo & Vazquez, P.S.C.  The Debtor estimated assets at $0 to
$50,000 and liabilities at $500,001 to $1 million at the time of
the filing.


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


VENEZUELA: President Once Again Extends VEB100 Note's Deadline
--------------------------------------------------------------
Associated Press reports that President Nicolas Maduro has again
extended the deadline for Venezuelans to stop using their old
VEB100 bills, the second time Mr. Maduro has delayed plans to
withdraw the nation's most widely used bank note.

Mr. Maduro said in a television and radio broadcast address on
Dec. 29 that people have until Jan. 20 to stop using the old
bills, according to Associated Press.

The decision comes almost two weeks after violent protests and
looting erupted when an earlier date to stop using the old bills
came and went before new bills to replace them were distributed,
the report notes.  At that time, Mr. Maduro extended the note's
use to Jan. 2.

Government officials have blamed "sabotage" for the continuing
delay in the distribution of the new bills, the report discloses.

Venezuela faces a severe economic crisis that includes galloping
inflation and shortages of food, medicine and other goods, the
report adds.

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

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

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

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

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

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


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


* BOND PRICING: For the Week From Dec. 26 to Dec. 30, 2016
---------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     USD



                            ***********


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 2017.  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 * * *