TCRLA_Public/170112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, January 12, 2017, Vol. 18, No. 9


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Rates 2017 ST Treasury Note Program (P)B3
GPAT COMPANIA: Moody's Rates ARS250MM Notes Issuance 'B1'
PAMPA ENERGIA: Fitch Assigns 'B' IDR; Outlook Stable
ROMBO COMPANIA: Moody's Assigns B1 Rating to ARS180MM Bond Issue

* ARGENTINA: Firms to Invest $5BB in Non-Conventional Gas Projects


B A R B A D O S

BARBADOS: Central Bank Worries About Forex


B R A Z I L

PETROBRAS GLOBAL: S&P Assigns 'B+' Rating on Proposed Sr. Notes


C A Y M A N  I S L A N D S

AERIS CAPITAL: Shareholders Receive Wind-Up Report
AMATOR LLC: Shareholder Receives Wind-Up Report
ARDEN PROPPARTNERS: Shareholder Receives Wind-Up Report
BERENS CAPITAL: Shareholders to Hear Wind-Up Report on Jan. 13
BY PREMIUM I: Shareholders Receive Wind-Up Report

CAL DIVE: Shareholder to Hear Wind-Up Report on Jan. 19
CAL DIVE INTERNATIONAL: Member to Hear Wind-Up Report on Jan. 19
IPORANGA FUND: Shareholder to Hear Wind-Up Report on Jan. 27
LOCH LOMOND: Shareholder Receives Wind-Up Report
PETROLOG CAL: Shareholder to Hear Wind-Up Report on Jan. 19

PINNACLE INFRAFUND: Members to Hear Wind-Up Report on Jan. 13
PINNACLE INFRASTRUCTURE: Members to Hear Wind-Up Report on Jan. 13
WINTERRAYS LIMITED: Shareholder Receives Wind-Up Report


J A M A I C A

JAMAICA MORTGAGE: Bank Reduces Non-Performing Loans
JAMAICA: Port Authority Pays Millions to Senior Executives


P U E R T O    R I C O

BUILDERS HOLDING: Seeks to Hire Rivera Colon as External Auditor
HATILLO POOL: Disclosures Conditionally OK'd; Hearing on Jan. 31


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Proposes Ancillary Fees For Air Bridge


                            - - - - -



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


BUENOS AIRES: Moody's Rates 2017 ST Treasury Note Program (P)B3
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)B3 (Global Scale local currency) and Baa3.ar
(Argentina National Scale) ratings to the 2017 Short-Term Treasury
Note Program of the Province of Buenos Aires. The ratings are in
line with the province's long term local currency issuer ratings,
which carry stable outlook.

RATINGS RATIONALE

The Short-Term Treasury Note Program has been authorized by the
province's 2017 Budget Law Nß14.879 and by the Supplementary
Budgetary Law, whereas Resolution 3/17 of the provincial General
Treasury set the general issuance conditions of the series within
the program and its maximum amount. The treasury notes will be
backed by transfers from the Government of Argentina (B3, stable).
The assigned debt ratings reflect Moody's view that the
willingness and capacity of the Province of Buenos Aires to honor
these short-term treasury notes is in line with the provincial's
long-term credit quality as reflected in the B3/Baa3.ar issuer
ratings in local currency.

The maximum issuance amount authorized under the program is
exactly ARS8.486 million or its equivalent in foreign currency,
which represents 1.7% of the total revenues budgeted for 2017.

The Province of Buenos Aires intends to issue monthly Series of
Treasury Notes in public tenders or in private placements in the
domestic market with maturities up to 365 days starting in the
current month of January.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Buenos Aires. Conversely, a downgrade in Argentina's bond ratings
and/or the continuation of current operating deficits coupled with
a debt to total revenues ratio rising above 55% could exert
downward pressure on the ratings assigned.


GPAT COMPANIA: Moody's Rates ARS250MM Notes Issuance 'B1'
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B1 global scale rating (GSR) and a Aa3.ar national
scale rating (NSR) to GPAT Compania Financiera S.A. (GPAT)'s XXVI
series issuance up to ARS 250 million, under its senior debt
program of ARS 1,500 million. The notes will be issued in two
classes with two different maturities, in 12 and 24 months.. All
ratings have been placed under review for downgrade, in line with
the other ratings assigned to the entity.

The following ratings were assigned to GPAT Compania Financiera
S.A.'s series XXVI senior unsecured debt issuance up to ARS 250
million:

B1 Global Local Currency Debt Rating, Outlook Rating Under Review

Aa3.ar Argentina National Scale Local Currency Debt Rating,
Outlook Rating Under Review

RATINGS RATIONALE

GPAT is a finance company mainly focused on the financing of
General Motors vehicle purchases by individuals through car
dealers. The company offers its products through the branch
network of its parent, Banco Patagonia S.A. (Patagonia, rated
Ba3), which also provides the wholesale funding for dealers, while
GPAT provides all the back-office services for this financing.
While the company's stand-alone credit profile is constrained by
Argentina's still operating environment, its B1 global local
currency senior debt rating reflects the probability that GPAT
will receive financial support from Patagonia, in the event of
stress, which considers GPAT's strong commercial and strategic
importance to Patagonia. GPAT's GSR is nevertheless solidly
speculative grade, but its Aa3.ar NSR is near the top of the
Argentine national scale.

With a dominant market position in its core business, and despite
the weak economic growth in the country, GPAT's profitability has
increased over the past two years, even after adjusting for the
high inflation rate in the period. In addition, non-performing
loans remain low thanks to the company's focus on middle and high-
income individuals, but delinquency levels are likely to rise
given the current economic situation. The ratings also incorporate
risks associated with a liability structure mainly reliant on
market funding, as is the case of other automobile finance
companies.

In addition, the company's stand-alone credit profile considers
Argentina's ongoing macroeconomic and institutional challenges
together with GPAT's monoline business model dedicated to the
financing of General Motors vehicles and the increasing level of
competition within the car-financing industry in Argentina.
Despite significant improvements to operating conditions and
elimination of various burdensome government controls on the
financial system, which should help support earnings, Argentina
continues to face significant economic and institutional
challenges, including high inflation and weak growth.

The review for downgrade of GPAT's ratings is in line with the
review of its parent Banco Patagonia's ratings, and considers the
strong linkages between the operations of the bank and this
subsidiary.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could face downward pressure if GPAT's parent, Banco
Patagonia is downgraded, or in an event of deterioration in GPAT's
asset quality, capitalization and/or funding access. Reflecting
the review for downgrade, upward rating pressure is unlikely at
this time.

RATING METHODOLOGIES

The principal methodology used in these ratings was Finance
Companies published in December 2016.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$3,423 million of total assets and
Ar$950 million of shareholders' equity as of September 2016.


PAMPA ENERGIA: Fitch Assigns 'B' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of 'B' and 'BB-', respectively, to
Pampa Energia S.A.  The Rating Outlook is Stable.

Fitch has simultaneously assigned an expected rating of
'B+(EXP)/RR3' to Pampa's proposed senior unsecured notes.  The
company expects to use the proceeds from the issuance to refinance
existing debt at its subsidiaries, funding capital expenditures
and for general corporate purposes.

                        KEY RATING DRIVERS

The ratings consider Pampa's status as Argentina's largest
integrated energy company, with significant markets shares across
all its business lines.  In particular, the ratings reflect the
company's substantial operations in exploration & production
(E&P), as well as the favorable domestic price environment for its
natural gas business in Argentina.  Additionally, the company's
electricity generation segment is expected to provide cashflow
stability and gradual growth as new plants qualifying for more
profitable regulatory programs are constructed.  In addition to
broad macroeconomic constraints captured by Argentina's Long-Term
IDR of 'B', a potential pressure point for the company is its
participation in the historically unprofitable distribution
company, Edenor.

Pampa'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.

                   FAVORABLE NATURAL GAS PRICES

In an attempt to foster energy independence, Argentina has created
various incentive programs across the energy sector including
subsidies that guarantee a realized price of USD7.5 per million
BTU (mmBTU) for qualifying gas production, known as Plan Gas and
Plan Gas II.  Fitch estimates approximately 60% of the company's
natural gas production will qualify for these price incentives in
2017.  Plan Gas is set to expire at the end of 2017, and Plan Gas
II is set to expire in the middle of 2018, although there is some
political support for extending these programs for another year or
two.  Even if the programs are not renews, Fitch expects Pampa
will be able to achieve a realized price of around USD6/mmBTU
considering the substitution costs implied by LNG imports and Fuel
Oil #6.

Pampa's joint venture with YPF S.A. for the exploitation of the
Rincon del Mangrullo and its purchase of Petrobras Argentina have
had a transformative effect on the company, growing its production
volumes from around 3,000 barrels of oil equivalent per day
(boe/d) in 2013 to an expected 75,000 to 80,000 boe/d over the
next three years, making it the fourth largest oil and gas
producer in the country.  Under Fitch's base case assumptions, the
consolidated exploration and production (E&P) operations of Pampa
and Petrobras Argentina should generate around 80% of consolidated
EBITDA in 2017, excluding Pampa's distribution business.

           INVESTMENTS IN GENERATION IMPROVE PROFITABILITY

The company's 3,433MW of installed capacity represent 10% of the
country's total capacity.  However, most of Pampa's generation
assets operate under a regulatory system applied to older
generation units, remunerated at lower prices to reflect their
inefficiency.  As a result, a significant portion of Pampa's
growth capex is expected to go toward the construction of new
plants that would qualify for new regulatory schemes that offer
higher capacity prices and are paid in USD.  In October 2016, the
company won bids for four generation plants (three thermal, one
windpower) totalling approximately 400MW of capacity, with
expected commercial operation dates (CODs) in the second half of
2017.  Fitch expects this strategy of seeking higher generation
margins through the construction of new plants to continue through
the medium term.

    POTENTIAL REVERSAL OF FORTUNES IN ELECTRICITY DISTRIBUTION

For the last decade, Argentina's electricity prices have been
artificially suppressed, with average monthly electricity bills of
around USD3.  As a result, distribution companies, such as Pampa's
Edenor, have operated at significant losses, requiring various
government subsidies and credit programs to stay afloat.
Nevertheless, with the aggressive efforts at liberalizing
Argentina's energy sector under the Mauricio Macri administration,
there are indications that this sector might return to
profitability.  In February, a tariff increase reflecting
adjustments to the fuel cost component was implemented by the
Macri administration, effectively raising the average monthly
residential electricity bill to USD16.  This increase was
provisional; an official tariff review was discussed in December
2016, which resulted in increases of 22%-44%.

In addition to the upward revision to the distribution component
of the tariff, even the revised fuel cost component (approximately
ARS300/MWh) remains significantly below breakeven costs of
approximately ARS650/MWh as of year-end 2015.  While the Macri
Administration has already run into some legal and political
obstructions that resulted in a tempering of the liberalization
process, this is a clear priority.  Less clear is the speed at
which the system will be effectively transformed, much less how
long such a transformation would last.  With low expectations
informed by the last decade's electricity regulation, the upside
potential could represent yet another transformational change for
Pampa.

                          KEY ASSUMPTIONS

   -- Natural gas production of between 45,000 and 55,000 boe/d
      over the next three years; total hydrocarbon production of
      between 70,000 and 80,000 boe/d during the same period.
   -- Average realized natural gas price of USD 6/mmBTU; crude
      prices reaching international parity over the next 12 to 18
      months.
   -- Average of USD150 million invested annually in additional
      generation capacity
   -- Gradual improvement in cashflow for Edenor over the next
      three years.

                       RATING SENSITIVITIES

Although the Argentine regulatory environment for oil and gas and
utilities appears to be undergoing positive changes, detrimental
government intervention remains the greatest risk to Pampa's
ratings.  In that vein, failure to implement effective tariff
adjustments through the medium term could potentially lead to a
downgrade.  While all recent trends point to a supportive view
towards the E&P sector (and particularly natural gas), any
reversal in that environment would have a material impact on
Pampa's cashflow.  Finally, failure to balance expansion goals
with the maintenance of a solid capital structure would be viewed
negatively.  Gross leverage of above 3.0x on a sustained basis
could lead to a negative rating action.

Barring an upgrade to the sovereign, an upgrade for Pampa is
unlikely in the near term.  However, sustained improvement in the
company's distribution segment would be viewed positively,
particularly if it resulted in substantial deleveraging.

                             LIQUIDITY

Fitch expects year-end debt of around USD1.6 billion, with
approximately USD540 million of maturities expected in 2017,
largely associated with loans incurred to execute the purchase of
Petrobras Argentina.  Proceeds from the company's proposed
issuance will be primarily used to refinance these maturities and
rebalance its amortization schedule.  If the company successfully
refinances its short-term debt, it will have more than 70% of its
debt maturing beyond five years.

Other significant debt obligations other than the acquisition-
related debt include a USD500 million Petrobras Argentina bond (to
be absorbed by Pampa in 1Q17), a USD176 million Edenor bond
(structurally subordinate to Pampa-level issuances).

FULL LIST OF RATING ACTIONS

Fitch has assigned these ratings to Pampa:

   -- Long-Term Foreign Currency Issuer Default Rating 'B';
   -- Long-Term Local Currency IDR 'BB-';
   -- Proposed senior unsecured notes 'B+(EXP)/RR3'.

The Rating Outlook is Stable.


ROMBO COMPANIA: Moody's Assigns B1 Rating to ARS180MM Bond Issue
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
assigned a B1 global local currency senior debt rating and Aa2.ar
national scale local currency debt rating to Rombo Compania
Financiera's thirty-sixth bond issuance of up to ARS 180 million,
which due in 24 months. The outlook on the ratings is stable.

The following ratings were assigned to Rombo Compania Financiera
S.A.:

Serie 36 senior unsecured debt issuance up to ARS180 million:

B1 Global Local Currency Debt Rating, Stable

Aa2.ar Argentina National Scale Local Currency Debt Rating,
Stable

RATINGS RATIONALE

Rombo's B1 global debt rating is based on the standalone credit
profile of b3 and a moderate probability of support from Rombo's
main parent, RCI Banque (Baa1, stable) in case of stress. Rombo,
which is 60% owned by RCI Banque and 40% by BBVA Banco FrancÇs
(unrated) and together with RCI Banque forms the principal
financial arm of its ultimate owner, Renault S.A. (Baa3, stable)
in Argentina, is responsible for nearly 50% of Renault's financed
sales in the country. Notwithstanding the company's speculative
grade global scale rating, it is one of the stronger credits in
Argentina, as reflected by its Aa2.ar national scale rating.

The b3 standalone credit profile considers Argentina's ongoing
macroeconomic challenges together with Rombo's monoline business
model dedicated to the financing of Renault vehicles and the
increasing level of competition within the car-financing industry
in the country. Despite significant improvements since the new
administration took office in December 2015 and softened or
eliminated various burdensome government controls on the financial
system which should help support earnings, Argentina continues to
face significant economic and institutional challenges, including
high inflation and weak growth.

Although the company posted very strong profitability in 2016,
this was distorted by the high rate of inflation. While non-
performing loans remain low thanks to the company's focus on
middle and high-income individuals, delinquency levels are likely
to rise in the medium term given the current economic situation.
These risks are partly balanced by Rombo's satisfactory risk
management practices that are aligned to those of its parent
companies as well as its adequate capitalization. The ratings also
include risks associated with a liability structure mainly reliant
on market funds, as is the case of other automobile finance
companies.

The stable outlook on the company's ratings is in line with the
stable outlook B3 rating for Argentina's government bond rating.

WHAT COULD CHANGE THE RATING UP/DOWN

The entity's rating could face upward pressure if Argentina's bond
rating is upgraded or if Argentina's operating environment
continues to improve. On the other hand, the rating could go down
if the operating environment deteriorates, affecting Rombo's
business prospects.


* ARGENTINA: Firms to Invest $5BB in Non-Conventional Gas Projects
------------------------------------------------------------------
EFE News reports that President Mauricio Macri said that oil
companies and unions reached an agreement to produce natural gas
at Vaca Muerta, one of the world's largest shale oil and gas
fields, in a deal that will generate $5 billion in investment in
Argentina this year alone.

"The companies are committed to a virtuous investment process that
will be $5 billion" in 2017 and double in subsequent years, the
president said during an event at the Casa Rosada presidential
palace, according to EFE News.

The energy companies agreed to ramp up investment to $10 billion
in 2018, with the amount of capital rising until it reaches $15
billion annually, President Macri administration officials told
EFE News.

The project will make it possible for "tens of thousands of
families" to move to "the development zone," President Macri said,
the report notes.

The majority of the non-conventional Vaca Muerta play is in the
southwestern province of Neuquen, the report relays.

The agreement was signed by the federal and Neuquen governments;
oil industry unions; Pan American Energy, Total, Shell and
Chevron; chemical industry giant Dow; and state-owned YPF, which
has a 50 percent stake in the shale play, the report notes.

Neuquen's government agreed to not raise taxes, a key element in
ensuring the viability of investment plans, and to improve
infrastructure in the region, a project that the central
government will contribute to, the report relays.

Argentina's national gas plan, which is set to expire in December,
will be extended until 2020 to guarantee a floor price for gas
producers, President Macri said, the report notes.

Union leaders, for their part, agreed to add clauses to boost
productivity to collective bargaining agreements, the report says.

Rio Negro, Neuquen and La Pampa Private Oil and Gas Workers Union
president Guillermo Pereyra, who helped negotiate the deal, said
the agreement would "improve" working conditions for union members
and denied it introduced "labor flexibility," the report
discloses.

The Vaca Muerta project moves Argentina into "a future stage" in
the development of the energy industry, President Macri said,
adding that without this venture "there is no growth," development
or poverty reduction, the report relays.

Environmentalists, farmers and Indians strongly oppose the non-
conventional oil and gas play, arguing that Vaca Muerta will lead
to the release of large amounts of methane gas into the atmosphere
and pollute Neuquen's aquifers, the report notes.

Oil and gas in non-conventional fields is produced using hydraulic
fracturing, or "fracking," a controversial method that involves
pumping a pressurized fluid -- usually composed of water, sand and
chemicals -- into a shale formation to create a fracture in the
rock layer and release trapped petroleum or natural gas, the
report notes.

YPF SA announced the discovery of non-conventional oil and natural
gas reserves in Vaca Muerta in 2011 after successful results in
the exploration phase, the report adds.

                          *     *     *

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

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

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

   -- Country Ceiling at 'B';

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

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

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


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


BARBADOS: Central Bank Worries About Forex
------------------------------------------
Trinidad Express reports that the Governor of the Central Bank of
Barbados Dr. DeLisle Worrell said the island has failed to achieve
a balance between foreign exchange inflows and outflows, which is
the foundation for growth in a stable economy.

Mr. Worrell in his January economic letter, titled "We are the
Craftsman of our Economic Fate" noted that this situation has
existed since 2013, according to Trinidad Express.

"We know when we have achieved that balance because in that case
we do not have to dip into the Central Bank's reserves of foreign
currency to make up the difference.

"The country has failed to achieve that balance since 2013 and
there remains a need to dampen spending further in order to
protect the country's reserves of foreign exchange," Mr. Worrell
wrote, says the report.

Mr. Worrell said the reserves are what protect the country from
the devaluation of the local currency, adding that the Central
Bank remains in a position to provide US dollars "at the two-to-
one exchange rate to meet all legitimate needs, if no other source
is sufficient," the report adds.


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


PETROBRAS GLOBAL: S&P Assigns 'B+' Rating on Proposed Sr. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' debt rating to Petrobras
Global Finance B.V.'s (PGF's) proposed senior unsecured notes.
PGF is a wholly-owned finance subsidiary of Brazilian oil and gas
company Petroleo Brasileiro S.A. - Petrobras (B+/Negative/--).
Petrobras will unconditionally and irrevocably guarantee the
notes.  The state-owned oil company will use this issuance to fund
a cash tender offer of some bonds due 2019 and 2020, with the
recourses allocation strategy dependent on the final issued
amount.

S&P views the tender offer as opportunistic, with proposed prices
to repurchase the securities above the current market price, and
because S&P believes a failure to carry out the transaction won't
increase likelihood of conventional default.

S&P's 'B+' corporate rating on Petrobras reflects S&P's view that
there's a very high likelihood that the Brazilian government would
provide timely and sufficient extraordinary support to the company
in the event of financial distress.  S&P will continue to monitor
closely the relationship between Petrobras and the government,
including the latter's incentives, capacity, and tools to support
the company.  Although S&P believes the government support would
be Petrobras' last resource, a more explicit mechanism on the
timeframe and way to execute it would support S&P's current
assessment.

As a result, according to S&P's government-related entity
criteria, absent any sovereign rating action, while maintaining
S&P's current assessment about likelihood of extraordinary
government support, Petrobras' downgrade would occur if its stand-
alone credit profile (SACP) were to fall to 'ccc'.  Currently, S&P
assess the company's SACP at 'b-'.

RATINGS LIST

Petroleo Brasileiro S.A. - Petrobras
  Corporate credit rating           B+/Negative/--

Rating Assigned

Petrobras Global Finance B.V.
  Sr. Unsec. Notes                  B+


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


AERIS CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Aeris Capital Life Science 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:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


AMATOR LLC: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Amator LLC received on Jan. 12, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARDEN PROPPARTNERS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Arden Proppartners Select, 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


BERENS CAPITAL: Shareholders to Hear Wind-Up Report on Jan. 13
--------------------------------------------------------------
The shareholders of Berens Capital Asia (Ex-Japan) Offshore Ltd.
will hear on Jan. 13, 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:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


BY PREMIUM I: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of By Premium I Company received on Dec. 28,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Jun Harada
          1st Floor
          2-21-11 Hongo Bunkyo-ku
          Tokyo
          Japan 113-0033
          Telephone: +81-3-6801-5828
          e-mail: harada@expertslink.jp


CAL DIVE: Shareholder to Hear Wind-Up Report on Jan. 19
-------------------------------------------------------
The shareholder of Cal Dive Offshore Contractors Ltd will hear on
Jan. 19, 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:

          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


CAL DIVE INTERNATIONAL: Member to Hear Wind-Up Report on Jan. 19
----------------------------------------------------------------
The member of Cal Dive Offshore International, Ltd will hear on
Jan. 19, 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:

          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


IPORANGA FUND: Shareholder to Hear Wind-Up Report on Jan. 27
------------------------------------------------------------
The shareholder of Iporanga Fund will hear on Jan. 27, 2017, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Westport Services Ltd
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 0699
          Facsimile: +1 (345) 949 8171


LOCH LOMOND: Shareholder Receives Wind-Up Report
------------------------------------------------
The sole shareholder of Loch Lomond Investment Ltd. received on
Jan. 5, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


PETROLOG CAL: Shareholder to Hear Wind-Up Report on Jan. 19
-----------------------------------------------------------
The shareholder of Petrolog Cal Dive West Africa, Ltd will hear on
Jan. 19, 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:

          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


PINNACLE INFRAFUND: Members to Hear Wind-Up Report on Jan. 13
-------------------------------------------------------------
The members of Pinnacle Infrafund SPC will hear on Jan. 13, 2017,
at 10:20 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kenneth Stewart
          Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


PINNACLE INFRASTRUCTURE: Members to Hear Wind-Up Report on Jan. 13
------------------------------------------------------------------
The members of Pinnacle Infrastructure Fund Management will hear
on Jan. 13, 2017, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kenneth Stewart
          Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


WINTERRAYS LIMITED: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The sole shareholder of Winterrays Limited received on Jan. 12,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


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


JAMAICA MORTGAGE: Bank Reduces Non-Performing Loans
---------------------------------------------------
RJR News reports that an audit of the Jamaica Mortgage Bank has
revealed that progress has been made in reducing its non-
performing loans but there are still areas of concern.

The entity, which finances housing developments, had a loan
portfolio of $1.7 billion as at March 31, 2016, according to RJR
News.

The Auditor General found that $970 million or 57 per cent was
outstanding for over a year, the report relays.

The Auditor-General noted instances of inconsistent application of
Jamaica Mortgage Bank's loan policy between 2003 and 2015, which
may have contributed to the high level of non-performing loans,
the report says.

The Auditor-General report, which was tabled in the House of
Representatives said Non Performing Loans averaged 68 percent of
the total loan portfolio between 2010 and 2016, the report notes.

Although there was a decline in non-performing loans, performing
loans also declined during the period, the report discloses.

The decline in non-performing loans was due mainly to settlement
arrangements with delinquent borrowers, the report notes.

The Jamaica Mortgage Bank in response to the Auditor-General's
concerns indicated that its non-performing loans are sufficiently
collateralized, the report relays.

However, the Auditor-General said the accumulation of such assets
should be of concern to the Mortgage Bank and the Government, as
the entity may be left holding assets which may prove difficult to
liquidate, the report notes.

In addition, the Auditor-General says in the event that the assets
are disposed of the Jamaica Mortgage Bank may not realize the full
value of the loans, 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+'.


JAMAICA: Port Authority Pays Millions to Senior Executives
----------------------------------------------------------
RJR News reports that The Port Authority of Jamaica forked out
more than J$250 million to pay senior executives during its
2015/2016 financial year.

The agency's annual report, which was tabled in the House of
Representatives, showed it had 19 senior executives who received a
combined J$258.5 million, according to RJR News.

The salary packages ranged from a high of $26.2 million paid to
Port Authority CEO and President Gordon Shirley to a low of $2.6
million received by the Vice President of Port Community Systems,
the report notes.

During the financial year the Port Authority realized a net profit
of just over $3 billion an increase of 76 per cent over the
previous twelve months, the report relays.

This was due in part to an eight percent increase in revenue, 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+'.


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


BUILDERS HOLDING: Seeks to Hire Rivera Colon as External Auditor
----------------------------------------------------------------
Builders Holding, Co., Corp, seeks approval from the United States
Bankruptcy Court for the District of Puerto Rico to hire an
accountant.

The Debtor proposes to employ Ricardo L. Rivera, CPA from Rivera
Colon & Associated Co. to serve as External Auditor for the debtor
and to do special accounting procedures.

The estimated fees for the accounting services, excluding
expenses, will be billed per hour: $100 for President and $70 for
staff.

Mr. Rivera attests that he and his firm and associates do not have
any relation to the debtor; creditors; attorneys for creditors;
accountants for creditors, debtor, or any party of interest; the
U.S. Trustee; and any person person employed by the US Trustee.

The firm can be reached through:

     Ricardo L. Rivera, CPA
     Rivera Colon & Co., PSC
     Centro Internacional de Mercadeo
     Torre I, Suite 701
     Guaynabo, Puerto Rico 00968
     Tel: (787) 620-6787
     Fax: (787) 620-6789
     Email: rrivera@rcc-cpa.com

                   About Builders Holding Co.

Builders Holding Co., Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-06643) on August
20, 2016. The petition was signed by Ismael Carrasquillo Sanchez,
president. Fausto David Godreau, Esq., at Godreau & Gonzales Law,
as bankruptcy counsel.

At the time of the filing, the Debtor disclosed $9.72 million in
assets and $10.53 million in liabilities.

The Debtor hired Monge Robertin & Asociados, Inc. as insolvency
and restructuring advisors.

No official committee of unsecured creditors has been appointed in
the case.


HATILLO POOL: Disclosures Conditionally OK'd; Hearing on Jan. 31
----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has conditionally approved Hatillo
Pool Center, Inc.'s disclosure statement dated Dec. 22, 2016,
referring to the Debtor's plan of reorganization dated Dec. 22,
2016.

The Court will hold on Jan. 31, 2017, at 10:00 a.m. a hearing to
consider the final approval of the Debtor's Disclosure Statement
and the confirmation of the Plan.

Objections to the Debtor's Disclosure Statement and plan
confirmation, as well as written acceptances or rejections to the
Plan, must be filed on or before three days before the Hearing.

The restructuring plan proposes to pay Class 3 general unsecured
creditors $4,000 or 30% of their claims.  These creditors will
receive a yearly payment of $1,125, including interests, for four
years.  The first payment will commence on Jan. 15, 2018.

The total amount of Class 3 general unsecured claims subject to
distribution is $13,322.74, according to Hatillo's disclosure
statement filed on Dec. 22.

A copy of the disclosure statement is available for free at
https://is.gd/5pNMZ3

                        About Hatillo Pool

Hatillo Pool Center, Inc., filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 16-06331) on Aug. 10, 2016, disclosing under $1
million in both assets and liabilities. Judge Enrique S. Lamoutte
Inclan oversees the case.

The Debtor hired Gloria M. Justiniano Irizarry, Esq., at
Justiniano Law Offices to act as attorney.

No official committee of unsecured creditors has been appointed in
the case.


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


CARIBBEAN AIRLINES: Proposes Ancillary Fees For Air Bridge
----------------------------------------------------------
Miranda La Rose at Trinidad and Tobago Newsday reports that
Caribbean Airlines Limited has proposed the implementation of
ancillary fees for the Trinidad to Tobago air bridge which is
currently running at a loss to the airline even though it receives
an annual subsidy from Government.

CAL Chairman, Shameer Mohammed, told the Joint Select Committee
inquiring into State Enterprises that the proposal was sent to the
Ministry of Finance and CAL is awaiting a reply.

According to Trinidad and Tobago Newsday, asked what CAL was doing
to make the route profitable, Mohammed said, "First of all I do
not believe that the domestic routes should be charged to the
Ministry of Finance.

The fact is that we should envisage ourselves as a commercially
viable enterprise.  That is the mantra that I preach at CAL."
Nevertheless, the air bridge was an essential service, he said,
"and very few essential services are operated for profit
services."  He noted that the air bridge has moved over 800,000
passengers from January to November this year, the report relays.

On a suggested increase to the air fare, Mr. Mohammed said, any
increase was "controlled by policy direction and therefore, the
determination of that fare is determined by what level of support
that the Government would like to provide to the citizens on the
air bridge," the report discloses.  The records will reflect, he
said, the operation of the air bridge segment, "is a non-
profitable route for the airline, but we are committed to
providing the support and the mandate that we have been charged
with in providing that service." CAL was confined to the changes
it can make on the air bridge service, he said, including
something as basic as a date change, the report notes.

Over 25 percent of passengers on the air bridge, Mr. Mohammed
said, were no shows with no penalties applied for a date change,
the report relays.

"We have looked at a series of initiatives as a direct cost to
passengers without interfering with the flat fare," Mr. Mohammed
said, notes the report.

Mr. Mohammed said in the short space of time since he was
appointed chairman of CAL's board of directors, he has met twice
with THA Chief Secretary Orville London to address the issue, the
report says.

Mr. Mohammed said, "We recognise that it is not just air movement
but national development of Tobago and the country at large."

Meanwhile, Acting Permanent Secretary in the Ministry of Finance,
Lisa Phillips, said the ministry received the request for the
additional charges in October last year and has asked CAL for
additional information, the report notes.

"Once we get the information we should be able to give a decision
by February," Mr. Phillips said, the report discloses.

Noting that as the air bridge was considered an essential service,
JSC Chairman David small asked Phillips whether or not government
had been asked to consider providing total coverage for the
service, the report relays.  She said the ministry has never
considered having to reimburse CAL for the total cost of the air
bridge.  The Trinidad to Tobago air bridge accounts for 52 percent
of its flights while regional and international flights account
for the remainder, the report notes.

Asked about the cost of a ticket in terms of the real value and
the subsidy, Mohammed said, "In terms of operating costs, we
estimate that figure depending on the price of fuel, in or around
the $600 to $700 range for a round trip."  The round trip of $300
has been in place since 1994, Mohammed said, the report says.

In addition, he noted, "The airline receives a subsidy of $100 per
adult passenger. We do not get a rebate or subsidy for a child who
may occupy a seat." He said that the subsidy on the fare has
remained the same, notwithstanding that the operating cost of the
airline industry is based on US dollars, the report discloses.

For 2017, he said that the Ministry of Finance would have
allocated the sum of $41 million for CAL as subsidy for the air
bridge, the report adds.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- 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
2013.

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
implementation.

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.


                            ***********


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.


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