TCRLA_Public/170110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Tuesday, January 10, 2017, Vol. 18, No. 7



GENNEIA SA: Fitch Assigns 'B' LT Foreign IDR; Outlook Stable
PAMPA ENERGIA: Moody's Assigns First Time B3 Corp. Family Rating


ODEBRECHT SA: Bribery Case Haunts Despite Massive Settlement

C A Y M A N  I S L A N D S

ALEF MENA: Shareholder Receives Wind-Up Report
ALTIMA GLOBAL: Shareholder to Hear Wind-Up Report on Jan. 27
CAMARES 1311: Shareholders' Final Meeting Set for Feb. 3
CAMARES EUROPEAN: Shareholders' Final Meeting Set for Feb. 3
MSR ASIA: Shareholders Receive Wind-Up Report

NB ALPHA: Shareholders Receive Wind-Up Report
OPTIMAL JAPAN: Shareholders Receive Wind-Up Report
POTOMAC RIVER: Shareholder Receives Wind-Up Report
ROBUS GERMAN: Members Receive Wind-Up Report
THESIS INTERNATIONAL: Shareholder Receives Wind-Up Report

WOODSFORD ASSET: Shareholder Receives Wind-Up Report

D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Rates US$330MM Sr. Sec. Notes Ba3


MEXICO: More Than 600 Arrested in Gasoline-Price Protests
MEXICO: Inflation Picked Up Speed in 2016

P U E R T O    R I C O

GAMAXPORT INC: Unsecureds to Recover 25% Under Plan
MARIA EUGENIA: U.S. Trustee Directed to Appoint PCO
SPORTS AUTHORITY: Court Extends Plan Filing Period Until March 27
THAMAR LI: Hearing on Disclosure Statement Set For Feb. 16

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Operate Wet Lease With Swift Air


LATAM: IDB Closes 2016 W/ Approvals Totaling $11.7BB in Financing

                            - - - - -


GENNEIA SA: Fitch Assigns 'B' LT Foreign IDR; Outlook Stable
Fitch Ratings has assigned Long-Term Foreign and Local Currency
Issuer Default Ratings of 'B' and 'BB-', respectively, to Genneia
S.A.  The Rating Outlook is Stable.

In addition, Fitch has assigned an expected rating of
'B+(EXP)/RR3' to the company's proposed debt issuance of up to
US$350 million due 2024.

The company expects to use the proceeds from the issuance to
refinance existing debt, fund capital expenditures and for general
corporate purposes.

                         KEY RATING DRIVERS

Genneia's foreign currency rating is constrained by the 'B'
country ceiling of the Republic of Argentina, which limits the
foreign currency rating of most Argentine corporates.  Country
ceilings are designed to reflect the risks associated with
sovereigns placing restrictions upon private sector corporates
that may prevent them from converting local currency to any
foreign currency under a stress scenario and/or may not allow the
transfer of foreign currency abroad to service foreign currency
debt obligations.

The company's ratings reflect the industry's improving regulatory
risk; the company's sound metrics supported by its relatively
stable and predictable cashflow generation and dominant position
in the renewable energy sector.  Finally, the company's ratings
also reflect Argentina's challenging macro-economic environment,
including high inflation and steep currency devaluation.  Credit
risks include possible environmental and/or political issues,
which could result in cost overruns or additional modifications in
new and/or existing projects.  Genneia's free cash flow going
forward will be pressured by its need to pursue an aggressive
capital expenditure plan to expand conventional and renewable
energy capacity, which Fitch expects to be financed with a
combination of the company's EBITDA generation, incremental debt
and a potential equity injection from its shareholders.

Fitch expects to assign an 'RR3' Recovery Rating to Genneia's
proposed issuance, which reflects good recovery prospects in the
event of default given the company's solid balance sheet and cash
flow generation.  Fitch believes that the company's default,
should it occur, would be most likely driven by transfer and
convertibility restrictions imposed upon the payment of foreign
debt before a material deterioration of the company's business or
financial profile.


Genneia's ratings reflect high regulatory risk given heavy
government influence in the electric utilities industry in
Argentina.  Genneia operates in a highly strategic sector where
the government both has a role as the price/tariff regulator and
also controls subsidies for industry players.  Fitch believes the
recent resolutions implemented by the new government reflect a
trend of less government interference and discretion in the power
generation sector.  Since 2013, the Secretariat of Energy
introduced material changes to the structure and operation of the
wholesale electricity market (WEM), resulting in electric tariffs
that have almost doubled.

Additionally, the government recently implemented the renewable
energy plan RenovAR which combines a mix of fiscal incentives, and
revenues indexed to U.S. dollars that are supported by government
and World Bank guarantees with the goal to increase renewable
generation in the country.

                     COUNTERPARTY EXPOSURE

Genneia depends on payments from government agency Compania
Administradora de Mercado Mayorista Electrico S.A. (CAMMESA) and
ENARSA.  Payments from CAMMESA and ENARSA can be volatile given
that it depends on the national government for funds to make the
payments, and Argentina is currently suffering through a
significant economic slowdown.  In 2015, CAMMESA received
approximately USD10 billion in funds from the Argentine treasury,
which was an increase from the USD8.7 billion injection in 2014.

During 2014 to 2015, Genneia and multiple players in the
electricity sector in Argentina experienced significant collection
delays from CAMMESA / ENARSA, increasing to 115 days from a
historical 80 days.

This trend has been reverted during the second half of 2016 and as
of November 2016 became current at 41 days, which is in line with
the company's PPA's terms.  Fitch believes the current government
measures are trending toward a more stable and sustainable system
in the long term, although further regulatory changes will need to
be implemented to make it an efficient open market.

In the renewable space, a portion of the company's contracted
capacity with CAMMESA will benefit from the government's Trust
Fund for Renewable Energy (FODER).  In addition to the government
contributions, FODER will benefit from a guarantee provided by the
World Bank.


Genneia's cash flow generation is relatively stable and
predictable.  Almost the totality of the company's revenues is
related to sales to the wholesale electricity market (MEM for its
Spanish acronym) under contracts signed under resolutions 220/07
and 712/09.  The company benefits from USD denominated Power
Purchase Agreements (PPAs) expiring between 2018 to 2021 for the
thermo capacity and 2027 related to the renewables, mainly the
Parque Eolico Rawson (PER).  These PPAs support the company's cash
flow stability and predictability through fixed payments and fuel
supplied by CAMMESA.  Fitch expects the company's EBITDA to be
around USD90 to USD 120 million until the new projects are


Although Genneia is considered a relatively small player in the
local power generation industry (2% of the system's installed
capacity), the company is the leading wind power generation
provider in the country with approximately 41% of the country's
installed capacity.  The company continues on an aggressive
expansion phase until 2019 which brings with it execution risk
(e.g. construction delays, accidents, cost-overruns).  In
addition, the expansion plan has resulted in additional pressure
on the company's cash flow generation and credit metrics.  Genneia
plans on adding 118 MW of thermal capacity during the first half
of 2017, while it plans to expand PER's capacity in 24 MW by 2018
and complete an ambitious wind power plant(220 MW), Parque Eolico
Madryn (PEM), during 2016-2019.  Additionally, during 2018-2019,
in addition to PEM, the company expects to complete approximately
220MW of renewable projects, including those awarded during
RenovAR 1.5.  Total capex for these projects during 2017-2019 will
total approximately US$590 million (assuming Genneia's equity
contribution for the renewable projects) at an estimated cost per
MW of installed capacity of US$1.35 million/MW.  The company
expects to finance 70% of the capex related to its renewable
projects under project finance vehicles without recourse to

In large part due to these expansion plans, Fitch estimates that
Genneia will be FCF negative until 2018.  Although Genneia has in
the past delivered its expansion projects on time and on budget,
the company's initiative to increase its capacity to 932 MW from
357 MW adds execution risk related to, for example, timely
equipment procurement and construction schedules.

                     MODERATE CREDIT METRICS

Genneia maintains a sound credit profile supported by stable
EBITDA generation and a moderating leverage level.  As of the last
12 months ended September 2016, EBITDA was USD88 million with an
EBITDA margin of 57.8%.  The company's EBITDA margins have been
stable and have, on average, exceeded 50% over the last three
years with a 65% thermos portfolio.  With the incorporation of
renewable projects, Fitch expects the company's EBITDA margins
will significantly improve by 2019 to approximately 70%.

Genneia's leverage is low within its rating level, at 2.0x as of
LTM September 2016.  As the capital intensity of the company's
expansion plans will lead to negative FCF during the next four
year period and taking into account the debt issuance, Fitch
estimates that consolidated leverage will increase to 4.4x in 2017
(3.5x if the equity injection occurs during 2017) and it will
decline to the sub-3.0x level over the long term as projects come
online in 2019.

                        NON-RECOURSE DEBT

The proposed senior unsecured notes will be guaranteed by certain
Genneia's restricted subsidiaries.  PER, PEM and the thermal power
plants are owned by Genneia, and revenues related to these plants
will support repayment on the proposed senior unsecured notes.
The Villalonga, Chubut Norte, Pomona and Necochea projects will be
financed through non-recourse project finance debt of
approximately 60% to 70%.  The subsidiaries in charge of
developing those projects will initially be considered
unrestricted subsidiaries and only excess flows after repaying
their own debt service may be distributed to Genneia as dividend
payments to support payments on the proposed notes.  Excluding the
non-recourse debt and EBITDA of these projects, Genneia's debt-to-
EBITDA is expected to remain between 2.5x-3.5x for the rating

                        KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Genneia

   -- Bragado II (59.2 MW) and Bragado III (59.2 MW) are completed
      in 2017
   -- PER Expansion (24MW) is completed in 2018
   -- PEM (220MW) is fully operational in 2019
   -- Pomona(100MW) completed in 2019
   -- Punta Negra / Necochea (39.6MW) completed in 2019
   -- Chubut Norte (28MW) / Villalonga (50MW) completed in 2017
   -- Installed capacity of 357MW for 2016 increasing to 932MW by
   -- Average Load factor of 35% and 50% for conventional
      generation and renewables, respectively
   -- Peak consolidated capex during 2016-2018 of USD150 million
      on average per year and total consolidated capex of
      USD586 million for 2016-2019
   -- Capacity re-contracted at 25% lower than current contracted

                       RATING SENSITIVITIES

An upgrade to Argentina's ratings could result in a positive
rating action.

Genneia's ratings could be negatively affected by a combination of

   -- A downgrade of the Republic of Argentina's sovereign
   -- A change in the company's contractual mix and/or
      deterioration on the regulatory framework that could affect
      the company's ability to generate revenues under the Res
      220/07, and RenovAR frameworks.
   -- Economic deterioration that affects Genneia ability to
      convert and transfer foreign exchange;
   -- Given high dependence on the subsidies by CAMMESA/ ENARSA
      from the Treasury, any further weakening of Argentina's
      fiscal accounts could have a negative impact on the
      company's collections/cash flow;
   -- A significant deterioration of credit metrics and/or
      significant payment delays from CAMMESA/ ENARSA.
   -- If the company develops additional significant projects
      previous to the start of PER and PEM that results in a
      significant increase in the company's leverage, may be
      viewed negatively by Fitch.
   -- Significant delays on PEM and PER beyond Fitch's
      expectations and/or significant cost overruns / penalties
      may also be viewed negatively.


Total cash and equivalents amounted to approximately
USD11.7 million as of Sept. 30, 2016, compared with
USD129.8 million in short-term debt.  During the last quarter of
2016, the company refinanced the majority of its short term debt
with a USD102 million syndicated bank loan with ICBC, Itau and
Banco Macro.  During 2015, the company repaid a significant
portion of its short term debt, significantly improving its
capital structure and in line with its strategy to reduce

As of Sept. 30, 2016 Genneia presented an adequate capital
structure with leverage of 2.1x.  The company faces significant
financing needs as it embarks on an ambitious expansion plan,
mainly in renewables.

Additionally, the company will require refinancing its existing
debt becoming due in the next three years.  Proceeds from the
proposed issuance are expected to be used to refinance existing
debt and finance capex, further improving the company's liquidity
position and mitigating its refinancing risk.

Genneia has access to short-term financing in Argentina as
historically been evidenced with the company's relationship with
local banks.  Additionally, some of its shareholders are relevant
holders of Banco Macro.  Genneia funding capacity and financial
flexibility is considered adequate given its moderate debt level.
Although, given the company's significant capex needs, the company
will need to tap the international capital markets or another
financing alternative to the domestic market.

                    FULL LIST OF RATING ACTIONS

Fitch has assigned these ratings:

   -- Long-Term Foreign Currency IDR 'B', Stable Outlook;
   -- Long-Term Local Currency IDR 'BB-', Stable Outlook;
   -- $350 million senior unsecured notes due 2024, 'B+(EXP)/RR3'.

PAMPA ENERGIA: Moody's Assigns First Time B3 Corp. Family Rating
Moody's Investors Service assigned a B3 Corporate Family Rating
("CFR") to Pampa Energia S.A. At the same time, Moody's assigned a
B3 rating to the company's proposed long term senior unsecured
notes. Proceeds from the notes will be used to refinance debt and
for capital investments as well as other general business
purposes. The outlook on the ratings is stable.

This is the first time that Moody's assigns ratings to Pampa.


Pampa's B3 ratings assume a successful merger of Petrobras
Argentina S.A. ("PESA"; B3 developing) into Pampa, expected to be
finalized in the first quarter of 2017. From one side, the ratings
consider Pampa's negative free cash flow, although fueled by
expansionary capex in natural gas and power projects, which have
favorable prospects; low interest coverage and low retained cash
flow compared to total debt, pro forma for the proposed notes; as
well as exposure to volatile, highly-regulated power and oil and
gas industries in Argentina. On the other hand, these factors are
mitigated by the company's strategy to focus on businesses with
positive pricing outlooks, namely natural gas production and power
generation; the expected stable demand for electricity and strong
demand for natural gas in Argentina; as well as low foreign
exchange risk.

Pro forma for the acquisition of PESA, Pampa's free cash flow will
be negative for the foreseeable future, given high expansionary
capital expenditures, which are little flexible, compared to
operating cash generation. Moody's assumes that Pampa will issue
up to $1 billion in new notes, and thus that its debt burden will
be high compared to retained cash flow in the next 2 years:
retained cash flow/total debt ratio will hover between 20% and 25%
in the next two years (Moody's considers the $300 million owed to
Cammesa, Argentina's wholesale power market administrator, as
short-term payable, not financial debt). Likewise, Moody's
forecasts that the company's Moody's-adjusted EBITDA/interest
expenses will be below 3.5 times in 2017, which is currently low
for a volatile business profile, although with prospects of
improvement in the medium term.

Pampa operates in the power as well as the oil and gas industries
in Argentina, which are highly-regulated and pose high operating
risk. But the industry fundamentals in Argentina for the gas
industry in particular are favorable since local natural gas
production supplies only 75% of the country's needs, while the 25%
difference is imported from Bolivia and Chile, among others, a
situation which should prevail for the next 6 to 7 years, at
current local natural gas production growth rate. This dependence
on imports of gas, which is paid in kind and with scarce US
dollars, sustains solid prospects for the gas industry in the
country in the medium to long term. While margins in the refining
business have been under pressure given low economic growth and
demand for oil products, as well as labor pressure for high wages
and benefits, this line of business is small on a consolidated

Similarly, Pampa's electricity distribution assets are well-
positioned to benefit from regulatory reforms and tariff
increases, which should come over the course of 2017 and 2018. In
addition, the company owns a co-controlling interest in Transener
(unrated), the largest high voltage power transmission company in
Argentina, which has with 20,630 km of transmission lines,
equivalent to an 85% market share. However, margins at the power
industry have been historically low and Moody's expects that flat
demand for power, in line with the country's weak GDP growth rate,
will challenge the company's ability to transfer inflation and
local currency devaluation costs to power tariffs in later years.
For instance, Moody's estimates that, during 2016, inflation in
Argentina was around 30%.

Thus, Moody's believes that Pampa's credit metrics related to debt
burden and interest coverage will remain in line with its B3
rating in the next 24 months or more, even considering a
successful resetting of electricity tariffs at profitable levels,
which Pampa expects to happen before the end of February.

Foreign exchange risk is low for Pampa. About half of the
company's costs, mainly in the oil and gas business, is linked to
the US dollar and, pro forma for the proposed notes, close to 100%
of the company's debt will be in US dollars. However, close to 80%
of Pampa's EBITDA is generated in the gas and power generation
businesses, whose sales are US dollar-linked, although dependent
on prevailing exchange rate. While the peso/dollar exchange rate
had been controlled and kept low by the Argentine government in
the past, since the new government took place, in early 2016, the
exchange rate has been set by the market, with limited government

Currently there is a low level of structural subordination between
the holding company's debt and its subsidiaries'. Pro forma for
the merger of PESA into Pampa, close to 50% of the consolidated
EBITDA, which Moody's estimates will reach about $810 billion in
2017, will be generated at the holding level (i.e. at Pampa
itself) and will be related to exploration and production of oil
and gas. In turn, the holding company will hold about 90% of the
group's debt. Most of the cash-generating subsidiaries in the
group are controlled by Pampa at around 99%. However, the proposed
notes' indenture provides for no limit to debt increase at the
subsidiaries level, although on a consolidated basis Pampa's debt
leverage cannot exceed 3.5 times on an incurrence basis.

As of September 2016 and pro forma for the acquisition of PESA,
Pampa's refinancing risk is high but would decline significantly
after the issuance of the proposed new notes, which Moody's
believes will amount to $1 billion. In addition, the company
counts with solid relationships with banks, although credit
facilities are uncommitted, and is currently working with Export
Credit Agencies and other multilateral financial institutions in
order to diversify its external funding sources. The company's
liquidity situation depends on a timely refinancing of upcoming
debt maturities of about $760 million in 2017, $100 million in
2018 and $33 million in 2019. In addition, as per the company's
financial policies, it would always maintain a minimum of up to
$100 million in cash at all times, which would not be available to
repay debt. Furthermore, Moody's believes that Pampa will spend
about $720 million in capex in 2017. However, besides the proceeds
from the new notes, sources of cash include a sizable $476 million
in consolidated cash on hand as of September 2016, pro forma for
the merger with PESA, and about $810 million in EBITDA in 2017, as
per Moody's estimates. Convertibility of local currency into US
dollars and transferability of foreign currency abroad are risks
also considered in Pampa's ratings.

The stable outlook on Pampa's ratings reflects Moody's expectation
that the Argentine power companies will be successful in the
current negotiations with the government to increase electricity
tariffs, to be set for the next 5 years. It also considers that
natural gas prices will remain strong in Argentina given lower
local supply vis-a-vis demand.

Pampa's B3 ratings could be downgraded if the company materially
increases its leverage, measured as retained cash flow (funds from
operations less dividends) to total debt lower than 10%, or if its
interest coverage, as per EBITDA to interest expense, declined to
below 2 times with limited prospects of a quick turnaround. Also,
a deterioration of the company's liquidity profile could lead to a
rating downgrade.

In turn, a rating upgrade could occur is Pampa's retained cash
flow to total debt ratio is higher than 35% and its EBITDA to
interest expense rate is above 6 times on a sustainable basis. An
upgrade on the ratings of the Government of Argentina would not
necessarily translate into an immediate upgrade of Pampa's

The principal methodology used in this ratings was Global
Independent Exploration and Production Industry published in
December 2011.

Pampa is engaged in generation, distribution and transmission of
electric power in Argentina as well as on oil and gas production,
refining, petrochemicals and hydrocarbon commercialization and
transportation in Argentina and, to a lesser extent, in Venezuela.
Pro forma for the merger with PESA, as of September 30, 2016,
Pampa was the third largest power generator in Argentina, with
approximately 10.6% market share. In addition, it was the fourth
oil and gas producer in the country, with an equity oil and gas
production of over 58.3 thousands of barrels of oil equivalent per


ODEBRECHT SA: Bribery Case Haunts Despite Massive Settlement
Luciana Magalhaes and Ryan Dube at The Wall Street Journal report
that Brazil's Odebrecht SA, which last month signed the largest
anti-corruption settlement in history, faces a growing number of
countries in Latin America banning it from bidding on new public-
works projects, potentially draining the company of a key source
of revenue.

Odebrecht SA, Latin America's largest construction firm, reached a
preliminary deal with Peruvian prosecutors to provide information
about bribes the firm paid in recent years, and to pay an initial
$9 million fine, which could grow over time, Peruvian officials
said, according to The Wall Street Journal.

"This will allow us . . . . to incorporate useful information into
the investigation and . . . . shorten the time required looking
for evidence outside of the country," the attorney general's
office said in a statement, the report relays.

The deal, however, doesn't address the Peru government's plans to
prohibit Odebrecht SA from gaining access to public-works projects
in the future, according to a spokesman for the attorney general's
office in Lima, the report discloses.  He said any decision to
allow Odebrecht to bid on future contracts would be made by the
executive branch, the report notes.

The deal comes as more Latin American countries are closing their
doors to the Brazilian construction giant after the builder
admitted in December to paying nearly $800 million in bribes,
including $439 million in countries outside Brazil, mostly in
Latin America, the report notes.  Odebrecht agreed to pay between
$2.6 billion and $4.5 billion in a settlement with authorities in
Brazil, the U.S. and Switzerland, the report says.

This week, Ecuador followed the governments of Panama and Peru in
banning Odebrecht from signing new public contracts amid
investigations into its corrupt practices, the report notes.
Peruvian Prime Minister Fernando Zavala said last week the
government was changing legislation to ban companies involved in
corruption from signing new contracts, the report says.  The
changes haven't been implemented yet.

The bans, which could be taken up by more countries, are another
blow for the Brazilian construction group, the report notes.
Odebrecht SA has increasingly relied on its international
operations in the roughly two years since it was placed on a
blacklist and banned from signing contracts with oil giant
Petroleo Brasileiro SA, or Petrobras, the report notes.  Under the
December agreement, Odebrecht can bid on its home turf again.

The firm's engineering and construction arm got 87% of its BRL58
billion ($18.13 billion) in 2015 gross revenue from international
operations, with about BRL13 billion ($4.06 billion) of that
coming from Latin America, the report notes.  Odebrecht declined
to break down the numbers by country.

"I will be very surprised if [their international operations] are
able to survive this," said Gregory Michener, assistant professor
of government at Fundacao Getulio Vargas in Rio de Janeiro, the
report relays.  "They'll probably be reduced to being competitive
in Brazil," he added, because of reluctance elsewhere to do
business with Brazilian companies due to the possibility of
corruption being revealed, the report notes.

Current leaders in countries including Panama, Peru and Argentina
are more likely to take a hard line because the alleged corruption
happened under administrations of political adversaries, Prof.
Michener added, the report relays.

Odebrecht SA has admitted that from 2001 to 2016, it paid bribes
in countries including Angola, Argentina, Colombia, the Dominican
Republic, Ecuador, Guatemala, Mexico, Mozambique, Panama, Peru and
Venezuela, according to the settlement with U.S. authorities and

In Peru, the first Latin American country outside Brazil where
Odebrecht expanded four decades ago, it paid about $29 million in
bribes over three administrations from 2005 to 2014, according to
the company and U.S. authorities, the report notes.

Odebrecht is now planning to sell some assets in Peru. In
November, it agreed to sell its Olmos irrigation project to
Canada's Brookfield Infrastructure and France's Suez, the report
discloses.  It also has looked to divest its stake in a major
natural gas pipeline project in southern Peru, the report notes.

Ecuador Attorney General Galo Chiriboga said on Twitter that
Odebrecht is temporarily banned from signing new contracts with
state entities until prosecutors can finish a probe into its
contracts, the report notes.  The decision followed a raid on
Odebrecht's office last month in the coastal Ecuadorian city of
Guayaquil, where prosecutors said they seized documents and
electronic material, the report relays.

Odebrecht SA has dished out $33.5 million in corrupt payments to
Ecuadorian officials since 2007, when President Rafael Correa took
office, according to the settlement, the report notes.

The government of Panama also has barred Odebrecht SA from signing
new public contracts and demanded it return money it earned
through corruption, the report relays.

Between 2010 and 2014, Odebrecht SA made more than $59 million in
illegal payments to government officials in Panama and to
intermediaries working on their behalf in order to secure public
contracts, according to the settlement with U.S. authorities, the
report adds.

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal said that Marcelo Odebrecht,
the jailed former head of Brazilian construction giant Odebrecht
SA, agreed to sign a plea-bargain agreement in connection with
Brazil's largest corruption probe ever, according to a person
close to the negotiations.  The move could roil the nation's
political class yet again.  The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.

C A Y M A N  I S L A N D S

ALEF MENA: Shareholder Receives Wind-Up Report
The shareholder of Alef Mena Value Feeder SPC received on
Dec. 28, 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

ALTIMA GLOBAL: Shareholder to Hear Wind-Up Report on Jan. 27
The shareholder of Altima Global Special Situations Master Fund
Ltd. will hear on Jan. 27, 2017, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Sargison
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 0699
          Facsimile: +1 (345) 949 8171

CAMARES 1311: Shareholders' Final Meeting Set for Feb. 3
The shareholders of Camares 1311 European Credit Fund Inc. will
hold their final meeting on Feb. 3, 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:

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

CAMARES EUROPEAN: Shareholders' Final Meeting Set for Feb. 3
The shareholders of Camares European Credit Fund Inc. will hold
their final meeting on Feb. 3, 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:

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

MSR ASIA: Shareholders Receive Wind-Up Report
The shareholders of MSR Asia Acquisitions XI, Inc. received on
Dec. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073

NB ALPHA: Shareholders Receive Wind-Up Report
The shareholders of NB Alpha Capture Fund Ltd. received on
Dec. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Kevin Butler
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7374
          Facsimile: (345) 945 3902

OPTIMAL JAPAN: Shareholders Receive Wind-Up Report
The shareholders of Optimal Japan Absolute Long Fund-US Feeder
received on Dec. 30, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Optimal Fund Management Pty Limited
          c/o Carey Olsen
          Willow House, Cricket Square
          P.O. Box 10008 Grand Cayman KY1-1001
          Cayman Islands

POTOMAC RIVER: Shareholder Receives Wind-Up Report
The shareholder of Potomac River Capital Fund 2, Ltd. received on
Dec. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Potomac River Capital LLC
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877

ROBUS GERMAN: Members Receive Wind-Up Report
The members of Robus German Credit Special Situations Offshore
Fund, Ltd. received on Jan. 6, 2017, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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

THESIS INTERNATIONAL: Shareholder Receives Wind-Up Report
The shareholder of Thesis International Investment Fund received
on Dec. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877

WOODSFORD ASSET: Shareholder Receives Wind-Up Report
The shareholder of Woodsford Asset Allocator Fund received on
Jan. 3, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Zhijian Wu
          c/o Jonathan Morris
          Central Tower, 11th Floor
          28 Queen's Road Central
          Hong Kong
          Telephone: +852 3656 6015
          Facsimile: +852 3656 6001

D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Rates US$330MM Sr. Sec. Notes Ba3
Moody's Investors Service assigned a rating of Ba3 to the US$330
million (approximate issuance amount) Senior Secured Notes
("Notes") to be issued by Aeropuertos Dominicanos Siglo XXI, S.A.
("Aerodom"). The outlook on the rating is stable.

The Ba3 rating is based upon the assumption that the final
transaction and financing documents will be in accordance with
Moody's current understanding of the transaction based on
documentation reviewed as of the date of this report.


Aerodom will issue approximately US$330 million in amortizing
Notes maturing in 2029. Aerodom also expects to borrow
approximately US$200 million in an amortizing senior secured term
loan credit facility due in 2024 which will rank pari passu with
the Notes. The debt proceeds will be used to repay Aerodom's total
outstanding senior debt and associated expenses and fund cash

The Notes' rating is underpinned by the project finance features
embedded in their payment structure. These include a security
collateral of 100% of the shares of Aerodom, which effectively
grants lenders step-in-rights; limitations on additional
indebtedness (Debt Service Coverage > 1.30x); dividend
distribution test (Debt Service Coverage Ratio > 1.20x);
additional liquidity through a debt service reserve fund
equivalent to 6 months of principal and interest payments (only
through the Loan maturity) and a capital expenditure fund of US$15

Moody's rating also reflects the relatively high leverage which
under a base case provides minimum projected Cash Interest
Coverages (Funds from Operations + Cash interest expense / Cash
interest expense) in the B range and Moody's Debt Service Coverage
Ratios (annuity based) in the Caa range; Moody's recognizes that
the improving operational and financial performance along with the
long-term, amortizing profile of the debt will strengthen credit
metrics over time.

Aerodom operates six airports in the Dominican Republic (B1
positive) through a long-term concession that expires in 2030 and
that was granted by the country's government. Aerodom's operations
include las Americas International Airport in Santo Domingo, the
country's capital. Aerodom's rating considers its strong market
position operating under a supportive long term concession that
allows fair compensation to invested capital and has shown
adequate tariff setting mechanisms. Aerodom has ample capacity to
accommodate expected traffic growth by undertaking only minimal
capital investments. Furthermore, Moody's recognizes Aerodom's
relatively low passenger traffic volatility stemming from its
origin and destination passenger profile and its diversified
carrier base that limits its exposure to airlines.

The assessment also incorporates Moody's view that Aerodom has
various linkages with the Government of the Dominican Republic
that limit its underlying credit profile. These include the
reliance on the concession from the government to operate the
airports, the tariff setting process that requires government
approval and the airports exposure to the economic, political and
event risks of the Dominican Republic. Those risks are mitigated
by Aerodom's substantial international revenues, significant
amount of cash managed through off-shore accounts. Moody's also
considered the financial strength and experience of the ultimate
owner VINCI S.A. (A3, stable).

The rating outlook is stable reflecting Moody's expectation that
passenger traffic and cash flows available for debt service will
grow modestly in the near to medium term.


The ratings could face upward pressure if passenger growth rates
were to reach a level that increases revenues substantially above

Negative rating pressure would result cash interest coverage
falling below 1.5 times on a sustained basis, additional material
debt issuance. Additionally, a sustained downward trend in
passenger volumes would have a negative impact on the rating.

The methodology used in this rating is Privately Managed Airports
and Related Issuers published in December 2014.


MEXICO: More Than 600 Arrested in Gasoline-Price Protests
Associated Press reports that anger over gasoline-price increases
fueled more protests and looting, and Mexican officials said the
unrest had resulted in the deaths of a policeman and a bystander,
the ransacking of 300 stores and arrests of more than 600 people.

The combination of highway, port and terminal blockades and
looting forced many stores and businesses to close and threatened
supplies of basic goods and fuel, the country's business chambers
said, according to Associated Press.

Mexicans were enraged after the government raised the maximum
prices of fuel by as much as 20% on Jan. 1 as part of a government
deregulation of the energy sector, the report notes.  Protesters
began blocking highways and gas stations, and some people have
broken into stores to carry off merchandise, the report relays.

Authorities said one policeman was run over and killed and another
was seriously injured when they tried to stop robberies at a gas
station in Mexico City, the report discloses.  Police in the
capital said they had arrested 76 people for looting about 29
stores, the report says.

In the Gulf Coast state of Veracruz, a pickup truck trying to flee
police during a store looting ran over a pedestrian, killing him,
officials said, the report notes.

Fifty establishments including convenience stores, supermarkets
and big-box outlets suffered looting, according to a preliminary
count by the local chamber of commerce, the report relays.  Store
guards were overrun by crowds who carried off clothing, food,
washing machines, televisions, DVD players and refrigerators, the
report discloses.

Veracruz Gov. Miguel Angel Yunes Linares tried to persuade a crowd
not to attack a grocery store that had already been looted a day
earlier, the report relays.  He offered the crowd coupons for 500
pesos ($23.25) if they would desist from looting, the report

In Mexico State, which borders Mexico City, 430 people were
detained as suspected looters, the report says.  Four state police
officers were fired and detained after they were caught on video
taking some looted items and putting them in their patrol
vehicles, the report discloses.

With blockades affecting everything from gas-distribution
terminals, seaports and highways to shopping centers and gas
stations, the Communications and Transport Department said it
would cancel permits for any truckers who block roads, the report
notes.  Truck and taxi drivers are among those most affected by
the increases, there report relays.

Fuel-prices rose after the government ended regulated prices for
gasoline and diesel, which it said represented subsidies that
unduly benefited wealthier Mexicans, the report notes.

The change boosted the average price for a liter of premium
gasoline to MXN17.79 (about 90 cents), the report says.  That
makes four liters, or about a gallon, equal to nearly as much as
Mexico's just-raised minimum wage for a day's work, MXN80 (about

President Enrique Pena Nieto said that he would try to help groups
hit hard by the increases, the report says.

"I understand the anger and irritation felt by the general public"
over the price increases, Mr. Pena Nieto said.  But, "if this
decision had not been taken, the effects and consequences would
have been far more painful," he added.

The Mexican Council of Bishops urged the government to reconsider
the price increases, which it said especially hurt the poor, the
report relays.

"One has to be sensitive to the daily needs of the people," the
bishops said in a statement.  "It is not right to impose laws
without taking into account peoples' realities and their

But the bishops also called on protesters to stop looting and "use
peaceful and creative means to express their feelings," the report

The National Association of Self-Service and Department Stores of
Mexico said in a statement that more than 79 stores had been
looted and 170 were closed or blockaded in central Mexico,
including the capital, the report relays.

The unrest "resulting in the theft of merchandise put at risk the
lives of clients and workers in the stores, primarily in Mexico
State, Michoacan, Hidalgo and Mexico City," the statement said,
the report adds.

MEXICO: Inflation Picked Up Speed in 2016
Anthony Harrup at The Wall Street Journal reports that Mexico's
inflation ended 2016 above the central bank's target as a weaker
peso caused prices to accelerate in the latter part of the year,
and food and energy costs also picked up.

The consumer price index rose 0.46% in December, bringing
inflation for the full year to 3.36%, up from 2.13% in 2015, the
National Statistics Institute said, according to The Wall Street
Journal.  The December increase was below the 0.52% median
estimate of economists polled by The Wall Street Journal.

Core CPI, which excludes energy and fresh fruit and vegetables,
rose 0.45% in December for an annual increase of 3.44%, the report

The Wall Street Journal says that food prices, health costs, and
hotels and restaurants posted the biggest increases last year.
Energy costs rose in the second half of the year as oil prices
recovered, but at 2.4% for the full year were below the overall
rate of inflation, the report relays.

After spending much of year below the Bank of Mexico's 3% target,
inflation accelerated in the final quarter, affected in part by an
increasing impact of a weaker peso on certain goods, the report

The risk that the currency depreciation posed for inflation led
the central bank to raise interest rates five times last year,
pushing the overnight rate target to 5.75% from 3.25% at the end
of 2015, despite a sluggish economy, the report says.

More interest rate increases are expected in 2017 as inflation
gathers steam from a bigger-than-usual increase in the minimum
wage, continued peso losses against the U.S. dollar, and a big
jump in gasoline prices at the start of the year, says WSJ.

Banks surveyed by Citibanamex raised their median inflation
expectation for this year to 4.7% from 4% after the government
raised maximum prices for gasoline and diesel between 14% and 20%
in January, preparing for the gradual elimination this year of
fuel price controls, the report notes.  Further increases could
come as oil prices continue to recover.

Thirteen of the 20 banks polled by Citibanamex expect the central
bank to raise rates again in February, the report relays.

The peso also stumbled at the start of the year as Ford Motor Co.
canceled a planned $1.6 billion assembly plant investment, stoking
concerns that the incoming administration of U.S. President-elect
Donald Trump could further discourage investment through
protectionist measures, the report notes.

The peso's slide to new lows around 21.60 to the U.S. dollar,
prompted the Bank of Mexico last week to intervene in the exchange
market, selling dollars to support the peso. The peso was trading
in Mexico City around 21.28 to the dollar early Jan. 9, the report

P U E R T O    R I C O

GAMAXPORT INC: Unsecureds to Recover 25% Under Plan
Gamaxport Inc., Komodidad Distributors, Inc., G.A. Design &
Sourcing, Corp., G.A. Property Development, Corp., and G.A.
Investors, S.E., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a disclosure statement referring to the
Debtors' consolidated plan of reorganization dated Dec. 27, 2016.

Class 5 General Unsecured Claims -- estimated at $4,951,485.83 --
is impaired under the Plan.  Holders of Allowed General Unsecured
Claims in excess of $1,000, excluding those from Debtor's
shareholders and affiliates (which, for the avoidance of any
doubt, will be cancelled and extinguished on the Effective Date
and will not receive any recovery under the Plan), will be paid in
full satisfaction of their claims 25% thereof through 60 equal
consecutive monthly installments of approximately $20,200,
commencing on the Effective Date of the Plan and continuing on the
30th day of the subsequent 59 months.  Holders of allowed General
Unsecured Claims of $1,000 or less, will receive in full
satisfaction of their claims 25% thereof, in cash, on the
Effective Date of the Plan.

Claims will be paid with available funds arising from Debtors'
operations, available cash balance as of the Effective Date, the
collections of Debtors' accounts receivable, and Debtors'
continued operations.

The Disclosure Statement is available at:


The Plan was filed by the Debtors' bankruptcy counsel:

     Javier Vilarino, Esq.
     P.O. Box 9022515
     San Juan, PR 00902-2515
     Tel: (787) 565-9894

                     About Gamaxport Inc.

Gamaxport, Inc., filed a Chapter 11 petition (Bankr. D. P.R. Case
No. 3:16-bk-04170) on May 25, 2016.  The Debtor is represented by
Javier Vilarino, Esq., at Vilarino & Associates, LLC.  Judge
Mildred Caban Flores presides over the case.

                  About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016.  The
petition was signed by Jorge Galliano, president.  The Hon.
Enrique S. Lamoutte Inclan presides over the case.  The Debtor
estimated assets of $50 million to $100 million and estimated
debts of $10 million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).

MARIA EUGENIA: U.S. Trustee Directed to Appoint PCO
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico entered an Order directing the U.S.
Trustee to appoint a Patient Care Ombudsman for Maria Eugenia
Fernandez Tamayo.

The Order was made pursuant to the amended petition filed on
January 2, 2017 reflecting that the case involves a health care

Judge Godoy ordered the U.S. Trustee to appoint an Ombudsman,
pursuant to 11 USC Sec. 333(a)(2) and Fed. R. Bankr. P. 2007.2(c),
unless the U.S. Trustee and/or the Debtor in possession inform the
court in writing, within 21 days, why the appointment of an
ombudsman is not necessary for the protection of the patients.

             About Maria Eugenia Fernandez Tamayo

Maria Eugenia Fernandez Tamayo filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 16-08104) on October 10, 2016, and is represented

     Wigberto Mercado Barbosa, Esq.

SPORTS AUTHORITY: Court Extends Plan Filing Period Until March 27
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware extended the exclusive periods during which
only TSAWD Holdings, Inc., and its affiliated debtors may file a
chapter 11 plan and solicit acceptances to such plan, through
March 27, 2017 and May 27, 2017, respectively.

The Troubled Company Reporter had earlier reported that the
Debtors asked the Court for an additional extension of the
Exclusive Periods so that they may be afforded sufficient time to
finish reconciliations and other post-closing administrative tasks
related to their asset sales that commenced upon entry of the
Court's Settlement Approval Order.   The Debtors further told the
Court that following this process, the Debtors will evaluate their
assets and administrative liabilities, on a Debtor-by-Debtor
basis, in order to determine if any chapter 11 plan is feasible
with respect to one or more of the Debtors.

                     About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Robert A. Klyman, Esq., Matthew J.
Williams, Esq., Jeremy L. Graves, Esq., and Sabina Jacobs, Esq.,
at Gibson, Dunn & Crutcher LLP as general counsel; Michael R.
Nestor, Esq., Kenneth J. Enos, Esq., and Andrew L. Magaziner,
Esq., at Young Conaway Stargatt & Taylor, LLP as co-counsel;
Rothschild Inc. as investment banker; FTI Consulting, Inc., as
financial advisor; and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.  Lawyers at Pachulski
Stang Ziehl & Jones LLP represent the Official Committee of
Unsecured Creditors.

                             *     *     *

In May 2016, the Delaware Court allowed Sports Authority to
proceed with the liquidation of all of its roughly 450 stores
across the country after the Debtors resolved or beat out about
100 objections to the sale.  Judge Mary F. Walrath approved an
agreement for a joint venture of Gordon Brothers Retail Partners
LLC, Hilco Merchant Resources LLC and Tiger Capital Group LLC to
conduct going out of business sales.  The Joint Venture won an
auction for the Debtors' inventory.  The Debtors failed to obtain
a winning going-concern bid at a May 17, 2016 auction.

In July 2016, Judge Walrath approved the sale of the Debtors'
intellectual property and more than two dozens of property leases
to Dick's Sporting Goods Inc.  A Wall Street Journal report,
citing anonymous sources, said Dick's bid was for $15 million.

THAMAR LI: Hearing on Disclosure Statement Set For Feb. 16
The Hon. Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico will hold on Feb. 16, 2017, at 9:30 a.m.,
a hearing to consider the approval of the disclosure statement
filed by Thamar Li Construction & Rental Corp.

As reported by the Troubled Company Reporter on December 27, 2016,
the Debtor's unsecured creditors will get 16.92 % of their claims
under the proposed plan to exit Chapter 11 protection.  The Plan
proposes to pay Class 3 general unsecured creditors 16.92 % of
their claims pro rata over five years.

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

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Operate Wet Lease With Swift Air
RJR News reports that Caribbean Airlines Limited has secured the
services of Swift Air, which will operate a wet lease for
additional flights between Trinidad and Tobago.

A statement from Caribbean Airlines said Swift Air will provide
the extra flights from January 7 to March 4 this year, according
to RJR News.

Extra flights will be provided throughout the week and the
weekend; however, other services will be operated by Caribbean
Airlines, the report notes.

Swift Air is an American airline based in Phoenix, Arizona. It
operates a fleet of business and commercial jets available for
charter and private use, the report notes.

The arrangement with Swift Air is aimed at providing more routes
between Trinidad and Tobago, the report adds.

                      About Caribbean Airlines

Caribbean Airlines Limited --
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


LATAM: IDB Closes 2016 W/ Approvals Totaling $11.7BB in Financing
The Inter-American Development Bank (IDB) and the Inter-American
Investment Corporation (IIC) approved a total of 241 financing
operations for $11.7 billion during 2016 for projects in Latin
America and the Caribbean.

Between the IDB and the IIC, disbursements exceeded $9.6 billion
during the year, confirming the IDB Group's role as the region's
leading source of multilateral financing.

Both the approvals and the disbursements were in line with the
priorities set by the IDB Group's 48 member countries, such as
ensuring that at least 35% of the new financing goes to the
region's smallest and least developed economies.

This was the first full year of operations of the renewed IIC,
which is now in charge of the IDB Group's non-sovereign guaranteed
operations. During 2016 it approved a total of 153 deals for $2.26
billion, of which 100 corresponded to the Trade Facility ($457
million). Of the larger transactions, 41% went to infrastructure
projects, 40% to financial institutions and 19% to corporate
financing deals.

The IDB-led sovereign guaranteed operations went to state
modernization projects (33%), infrastructure and energy (30%),
social programs (24%), climate change (12%) and trade and
integration (1%).

During 2016 the IDB Group continued to implement administrative
cost controls it had put in place last year, reflecting the
austerity policies adopted by many of its member countries.

                               About us

The Inter-American Development Bank is a leading source of long-
term nancing for economic, social and institutional projects in
Latin America and the Caribbean. Besides loans, grants and
guarantees, the IDB conducts cutting-edge research to
oerinnovative and sustainable solutions to our region's most
pressing challenges. Founded in 1959 to help accelerate progress
in its developing member countries, the IDB continues to work
every day to improve lives.


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


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

                   * * * End of Transmission * * *