TCRLA_Public/170106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Friday, January 6, 2017, Vol. 18, No. 5


                            Headlines



A R G E N T I N A

CARBOCLOR SA: Moody's Cuts CFR to C/C.ar on Reorganization Filing


C A Y M A N  I S L A N D S

BLUE SKY: Shareholders Receive Wind-Up Report
BLUE SKY (GENERAL PARTNER): Shareholders Receive Wind-Up Report
BREVAN HOWARD: Shareholders Receive Wind-Up Report
BREVAN HOWARD MASTER: Shareholders Receive Wind-Up Report
FALCON HOLDINGS III: Members' Final Meeting Set for Jan. 13

FALCON HOLDINGS IV: Members' Final Meeting Set for Jan. 13
GLOBAL TAIWAN: Shareholders' Final Meeting Set for Jan. 13
HBM BIOMEDICINE: Shareholders Receive Wind-Up Report
MYO CAPITAL: Shareholders Receive Wind-Up Report
NYK FINANCE: Shareholders Receive Wind-Up Report

PHIDIAS MARINE: Shareholders Receive Wind-Up Report
POPHAM LTD: Shareholders Receive Wind-Up Report
WP PHARMACY I: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Leaders Laud Official Measures for Economy


J A M A I C A

* JAMAICA: TAJ Seeks to Recover Billions in Outstanding Revenue


M E X I C O

MEXICO: Peso Weakens After Ford Cancels Factory Plans


T R I N I D A D  &  T O B A G O

PRICESMART: Limited Supply of Forex Affects Restocking


V E N E Z U E L A

VENEZUELA: Leader Nicolas Maduro Shakes Up Cabinet


                            - - - - -


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A R G E N T I N A
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CARBOCLOR SA: Moody's Cuts CFR to C/C.ar on Reorganization Filing
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
downgraded Carboclor S.A.'s Corporate Family Rating to C/C.ar from
Caa1/Ba2.ar. This action follows Carboclor's announcement that it
had voluntarily filed at the Argentine legal court to start a
reorganization proceeding, known in the country as "Concurso
Preventivo", under local bankruptcy law called "Ley de Concursos y
Quiebras 24.522", which is similar to the United States' "Chapter
Eleven" bankruptcy mechanism. Simultaneously, Moody's affirmed the
B1/Aa2.ar ratings with stable outlook on Carboclor's guaranteed
local Negotiable Obligations in the amount of 95 million Argentine
pesos, which are guaranteed by Administracion Nacional de
Combustibles, Alcohol y Portland ("ANCAP"), rated B1 stable.

Subsequent to the full repayment of the Negotiable Obligations,
the C/C.ar ratings on Carboclor will be withdrawn.

The following ratings were affected:

Downgrades:

Issuer: Carboclor S.A.

Corporate Family Rating, Downgraded to C from Caa1

Corporate Family Rating, Downgraded to C.ar from Ba2.ar

Outlook Actions:

Issuer: Carboclor S.A.

Outlook, Changed To No Outlook From Stable

Affirmations:

Issuer: Carboclor S.A.

Senior Unsecured Regular Bond/Debenture, Affirmed B1

Senior Unsecured Regular Bond/Debenture, Affirmed Aa2.ar

RATINGS RATIONALE

Carboclor's operating results have been negative and its liquidity
weak for a number of years given the company's narrow business
profile and limited product portfolio. More recently, the
commodity-based company, which operates in a cyclical industry,
has faced adverse market conditions for its main product, the
MethylTertButilEter (MTBE, used to produce gasoline), which has
been banned by energy regulatory decisions in various countries.
In Argentina, a resolution by the Ministry of Energy and Mining in
April 2016 prevented the company from placing its MTBE in the
domestic market, aggravating its financial and credit situation.

Carboclor's shareholders will meet on February 10, 2017 to ratify
the bankruptcy filing and thus comply with the local legal
procedures. The company expects that the court will resolve the
reorganization request during February 2017.

Moody's affirmed the B1/Aa2.ar ratings on Carboclor's local
Negotiable Obligations in the amount of 95 million Argentine pesos
guaranteed by ANCAP reflecting the guarantor's commitment to fully
repay the notes at the maturity date, February 6, 2017

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Carboclor is an Argentine chemical manufacturing company focused
on the production of oxygenated, aliphatic and aromatic solvents,
as well as octane upgrades (methyl tertiary butyl ether - MTBE).
In addition, it provides port, logistics and storage services to
third parties. The company generated $849 million Argentine pesos
with an adjusted EBITDA margin of minus 4% for the last twelve
months ended in September 30, 2016. Carboclor is a 74% owned
subsidiary ANCAP, Uruguay's state-owned oil company with a
monopoly in refining and a dominant position in wholesale
marketing within Uruguay. The remaining 26% trades on the Buenos
Aires stock exchange.


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C A Y M A N  I S L A N D S
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BLUE SKY: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Blue Sky World Inc. received on Dec. 28, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Ridley
          Munstergasse 10
          Zurich 8001
          Switzerland


BLUE SKY (GENERAL PARTNER): Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Blue Sky World (General Partner) Inc. received
on Dec. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Ridley
          Munstergasse 10
          Zurich 8001
          Switzerland


BREVAN HOWARD: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Brevan Howard Multi-Manager Fund Limited
received on Dec. 29, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


BREVAN HOWARD MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Brevan Howard Multi-Manager Master Fund
Limited received on Dec. 29, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


FALCON HOLDINGS III: Members' Final Meeting Set for Jan. 13
-----------------------------------------------------------
The members of Falcon Holdings III Inc. will hold their final
meeting on Jan. 13, 2017, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


FALCON HOLDINGS IV: Members' Final Meeting Set for Jan. 13
----------------------------------------------------------
The members of Falcon Holdings IV Inc. will hold their final
meeting on Jan. 13, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


GLOBAL TAIWAN: Shareholders' Final Meeting Set for Jan. 13
----------------------------------------------------------
The shareholders of Global Taiwan Investments Ltd. will hold their
final meeting on Jan. 13, 2017, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


HBM BIOMEDICINE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of HBM Biomedicine (Cayman) Ltd. received on
Dec. 16, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

HMS Cayman Ltd. is the company's liquidator.


MYO CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of MYO Capital Fund Limited received on Dec. 28,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Justin John Ferrier
          Harney Westwood & Riegels Singapore LLP
          20 Collyer Quay #21-02
          Singapore 049319
          Telephone: +65 6800 9830
          Facsimile: +65 6800 9831


NYK FINANCE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of NYK Finance (Cayman) Ltd. received on Jan. 4,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Naoki Shindo
          Circumference FS (Cayman) Ltd.
          Century Yard, 4th Floor
          Cricket Square, Elgin Avenue George Town
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands


PHIDIAS MARINE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Phidias Marine Limited received on Jan. 3,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


POPHAM LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Popham Ltd. received on Dec. 29, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Shailini Rao
          399 Park Avenue, 10th Floor
          New York, New York 10022
          United States of America
          Telephone: +1 (212) 756 5300


WP PHARMACY I: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of WP Pharmacy I Ltd. received on Dec. 29, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REPUBLIC: Leaders Laud Official Measures for Economy
----------------------------------------------------------------
Dominican Today reports that north region and Espaillat province
business and retail leaders hailed the country's economic growth
in 2016, and expect an even more promising 2017.

Santiago Retailers and Industries Association (ACIS) President
Sandy Filpo and Espaillat Province Development Association former
president Mario Caceres agree that the Government's actions
undertaken for the sector led to their growth, according to
Dominican Today.

Other Santiago business leaders quoted by local media also agree
that the government measures spurred the country's economic gains
last year and predict a positive impact in 2017, the report notes.

The group of business and retail leaders add they agree with
Administrative minister, Jose Ramon Peralta's statement that
Dominican Republic's economic growth has been reflected in broad
sectors of society, the report relays.

The Herrera and Santo Domingo Province Industries Association and
the National Retailers and Provisions Association also agreed that
the measures by president Danilo Medina's administration have
boosted the economy, 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'.


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


* JAMAICA: TAJ Seeks to Recover Billions in Outstanding Revenue
---------------------------------------------------------------
RJR News reports that Tax Administration Jamaica is on a mission
to recover J$4 billion from persons with more than one job but who
are hiding their second salary from the Government.

For some, a second or third unreported salary means another income
tax threshold benefit -- and that is not allowed, according to RJR
News.

"These persons are receiving the income tax threshold on more than
one occasion from more than one  companies. This is evident in a
range of employment from two to six -- meaning that there are
persons who have up to six different employments," said Dave
Jeffery, Deputy Commissioner of TAJ, who spoke with RJR News.

For 2013 and 2014, TAJ has identified over 23,000 persons who owe
the most -- they are mainly in Kingston, St. Andrew, St. James and
Manchester, the report notes.

At least 50 per cent fall in professional groups that include
teachers, doctors, technicians and lawyers, the report relays.

According to Mr. Jeffrey, those persons will be contacted through
the use of a desk audit, the report notes.

"We are anticipating that some persons might initially object to
say they don't owe . . . . but we are ensuring that the
information we provide will tell you exactly where we get the
information from," the report relays.

Mr. Jeffrey also said that the TAJ is open to discussion and
payment plans, the report notes.

The information on taxpayers was collected through the Revenue
Administration Information System (RAiS) which facilitates the
filing and payment of taxes online, the report discloses.

The $4 billion in outstanding revenue could fund either the
Ministry of Foreign Affairs or Transport based on this year's
budget, the report adds.

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: Peso Weakens After Ford Cancels Factory Plans
-----------------------------------------------------
Reuters reports that Mexico's peso fell on Jan. 3 to touch its
weakest level in seven weeks after Ford, the second-largest U.S.
automaker, said it will cancel a planned $1.6 billion factory in
Mexico's central state of San Luis Potosi.

The peso weakened 0.93 percent to 20.9315 per dollar, its lowest
level since Nov. 14, following the announcement by Ford, which had
come under harsh criticism from U.S. President-elect Donald Trump
for its Mexican investment plans, according to Reuters.

Ford said it will invest $700 million at a Michigan factory, the
report relays.

The Mexican currency hit a record low after Trump clinched U.S.
presidential elections in November, the report notes.

The real estate mogul has threatened to scrap a key free trade
deal between the two countries and slap a tax on remittances to
Mexico if the country refuses to pay for a wall along its northern
border, the report says.  Mexico's IPC stock index pared gains of
over 1 percent to trade nearly flat at 45,755 points following
Ford's announcement, the report adds.


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


PRICESMART: Limited Supply of Forex Affects Restocking
------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
limited supplies of foreign exchange (forex) may be affecting how
often certain goods are restocked at PriceSmart Membership
Shopping (PriceSmart) but the company says it is "committed to
stocking the range of imported products most frequently purchased
by our members," according to Trinidad and Tobago Newsday.

PriceSmart's Country Manager, Dhanraj Mahabir, told Newsday the
company "has been unable to fully meet its needs for US dollars
(or other foreign currencies) to pay its suppliers since the
beginning of 2016," the report notes.

Mr. Mahabir said a notice informing customers about the situation
was put up at all Trinidad PriceSmart Clubs "weeks ago", after
"the problem started affecting their shopping experience in the
clubs.  We are working hard to find alternative solutions until
the foreign currency market improves," the report relays.

The British pound and Canadian dollar are also in limited supply;
since those are bought with US dollars, so accessing other
currencies is also proving to be challenging for businesses, the
report discloses.

Newsday asked if PriceSmart has therefore switched to more
affordable brands, thereby requiring less forex.

Mr. Mahabir said the company continues "to work with our
relationship banks to source tradeable currency that we can use to
maintain a level of imported merchandise and stock the range of
imported products most frequently purchased by our members."

Newsday also spoke to President of the Trinidad and Tobago
Manufacturers Association (TTMA), Dr. Rolph Balgobin who pointed
out that because "manufacturers are net earners of foreign
exchange, many of our members actually have sufficient forex.

Several however, do not, and many of these have been exporting at
thin margins to earn the foreign currency, trying to tighten
collections, buy forex upfront, hedge, et cetera," he said, the
report notes.

Regarding the start of the US dollar shortage, Dr. Balgobin said
manufacturers "would have seen the oncoming recession and
attendant foreign exchange challenges early.  Our sensitivity to
forex availability for raw material, and the attendant impact it
has on our businesses, means that we would have seen this trend
accelerating in 2014 and 2015." Asked how long after that did the
TTMA first notice a serious issue with supplies of the other
currencies, he told Newsday, "at least a year but the issue was
building for just over a year."

Dr. Balgobin added that the Ministry of Finance and the Central
Bank of TT have been "very open in dealing with the problem," the
report adds.


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


VENEZUELA: Leader Nicolas Maduro Shakes Up Cabinet
--------------------------------------------------
Anatoly Kurmanaev at The Wall Street Journal reports that
President Nicolas Maduro reshuffled his cabinet amid a deepening
recession, appointing a state governor to the vice presidency and
naming his sixth new economy minister in three years.

In a surprise televised address, Mr. Maduro named Tarek El
Aissami, governor of the central Aragua state, as his deputy,
according to The Wall Street Journal.  The governor takes the vice
presidency amid a push by the opposition to oust Mr. Maduro
through a recall referendum, which polls show the highly unpopular
president would likely lose if it were to take place, the report
notes.

Mr. El Aissami would assume the presidency if a referendum takes
place and Mr. Maduro were to lose, although the proposed vote is
tied up in courts amid government allegations that the opposition
used fraudulent signatures in its petition.

"Socialism is the way to cure the fatherland," Mr. El Aissami said
on state television following his appointment. "Not the terrorist
and criminal right-wing," the report notes.

Mr. Maduro also named Ramon Lobo, a low-ranking lawmaker from the
western Merida state, as the new economy and finance minister.
Nelson Martinez, head of Venezuela's oil refineries in the U.S.,
will take leadership of the oil ministry, the report relays.  He
leaves the presidency of the state-owned oil producer Petroleos de
Venezuela SA to the former oil minister Eulogio del Pino, the
report notes.

Mr. Lobo has previously advocated weakening Venezuela's stringent
currency and price controls, which most economists blame for the
economic meltdown, the report discloses.  The nation's economic
activity has contracted by over a quarter since Mr. Maduro took
office in 2013, rivaling the collapse of the Soviet Union as one
of the biggest economic declines in the past century, according to
the International Monetary Fund, the report relays.

Investors welcomed the confirmation of Mr. del Pino as head of
PdVSA, as the state producer is known. Mr. del Pino has argued for
continuing to service Venezuela's foreign debt despite the
recession, the report says.

Mr. Maduro's appointment of Mr. El Aissami puts into the vice-
presidency a senior official whom U.S. authorities investigated
for drug trafficking, according to people familiar with the
investigation, the report notes.

The governor was one of several officials who were under
investigation by U.S. federal prosecutors for allegedly aiding
drug shipments from Venezuela, The Wall Street Journal reported in
2015, the report relays.

The U.S. Department of Justice declined to comment on Mr. El
Aissami's appointment or the drug-trafficking investigation.

Mr. El Aissami's office couldn't immediately be reached to comment
on the drug-trafficking investigation.  He has called the
suggestion that he aided traffickers "worthless," the report
notes.

Mr. Maduro has previously named other officials accused or
sanctioned by the U.S. to top posts. The current interior
minister, Nestor Reverol, was indicted on drug-smuggling charges
by the U.S. last year. Mr. Reverol has previously denied the
accusations and accused the U.S. of trying to destabilize
Venezuela, the report notes.

The head of the intelligence police, Gustavo Gonzalez Lopez, has
been on a U.S. blacklist since 2015 for allegedly repressing
protests. He hasn't publicly commented on the blacklisting, the
report relays.

Neither Mr. Reverol nor Mr. Gonzalez Lopez was immediately
available to comment.

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.

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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.


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