TCRLA_Public/170113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Friday, January 13, 2017, Vol. 18, No. 10


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Assigns B3 GS Rating to USD100MM Notes Issue


B R A Z I L

FIBRIA: Drops Controversial Covenant Language


C A Y M A N  I S L A N D S

AERIS CAPITAL: Shareholders Receive Wind-Up Report
ARABELLA EXPLORATION: Voluntary Chapter 11 Case Summary
ARABELLA EXPLORATION: Seeks U.S. Recognition of Cayman Liquidation
ARDEN SAGE: Shareholder Receives Wind-Up Report
BLACKSTONE ABS: Commences Liquidation Proceedings

BLACKSTONE RE: Commences Liquidation Proceedings
CHASE CAPITAL: Shareholders Receive Wind-Up Report
CLOUGH EMETH: Commences Liquidation Proceedings
CORPORATE SERVICES: Creditors' Proofs of Debt Due Jan. 16
FASANARA CAPITAL: Shareholders Receive Wind-Up Report

FASANARA CAPITAL OFFSHORE: Shareholders Receive Wind-Up Report
PYXIS FINANCE: Creditors' Proofs of Debt Due Jan. 19
SCHRODER CAYMAN: Creditors' Proofs of Debt Due Jan. 16
SENATE LIMITED: Creditors' Proofs of Debt Due Jan. 19
SOLO HILL: Shareholder to Hear Wind-Up Report on Jan. 24


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: New Year, Old Wage-Hike Talks Gridlock


M E X I C O

MEXICO: Says There Is 'No Way' it Will Pay for Border Wall


P U E R T O    R I C O

LABORATORIO ACROPOLIS: Unsecureds to Recoup 6.65% Under Plan
VEGA ALTA: Hires Fuertes & Fuertes as Counsel


T R I N I D A D  &  T O B A G O

NATIONAL GAS CO: 2015 Annual Report Contains Bad News
PETROTRIN: Chamber Head Revisit Executive Salaries


V E N E Z U E L A

VENEZUELA: Opposition Censures Maduro in Last-Ditch Bid


                            - - - - -



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A R G E N T I N A
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BUENOS AIRES: Moody's Assigns B3 GS Rating to USD100MM Notes Issue
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B3 -- Global Scale local currency debt rating -- and
Baa1.ar rating -- on Argentina National Scale in local currency --
to proposed Classes 19 and 20 Notes for up to the combined
equivalent amount in local currency of up to USD100 million
(extendable to a maximum of USD316.3 million), to be issued by the
City of Buenos Aires under its Local Financing Program. The
ratings are in line with the City's long term local currency
ratings, which carry stable outlook.

RATINGS RATIONALE

The creation of the Local Financing Program was authorized by Laws
4315, 4382, 4431 and 4472 of 2012, Laws 4810 and 4885 of 2013, Law
4949 of 2014 and Laws 5491 and 5496 of 2016. These two new Classes
to be issued under the program, will constitute direct,
unconditional, unsecured and unsubordinated obligation of the
City, ranking at all times pari passu without any preference among
other debts. Both Classes will bear variable interest rate (local
benchmark plus margin) on a quarterly basis and will be issued and
payable in Argentine Pesos for the combined equivalent amount of
up to USD100 million -extendable to a maximum of USD316.3 million-
. They will be sold in the local capital market. Class 19 Notes
will mature in 18 months whereas Class 20 will mature in 60 months
with bullet amortization in both cases.

The combined maximum amount of these 2 classes will represent
around 3% of the budgeted total revenues of the City for this
current fiscal year. After the issuance of these 2 Notes classes,
Moody's does not anticipate a rise in the City of Buenos Aires'
ratio of total debt relative to total revenues given that the
issuer will use the proceeds of the Notes to refinance current
debt maturities of the year.

The assigned ratings are in line with the City's B3 (Global Scale)
and Baa1.ar (Argentina's National Scale) local currency debt
ratings.

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, and upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country's
operating environment could lead to an upgrade of the City of
Buenos Aires ratings. Conversely, a downgrade in Argentina's bond
ratings and/or systemic deterioration or idiosyncratic risks
arising in the City of Buenos Aires --such as an increase in the
share of its foreign currency denominated debt -- could exert
downward pressure on the ratings assigned to the City of Buenos
Aires and could translate in to a downgrade in the near to medium
term.


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B R A Z I L
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FIBRIA: Drops Controversial Covenant Language
---------------------------------------------
Paul Kilby at Reuters reports that Brazilian pulp and paper
company Fibria dropped controversial language on a 10-year Green
bond amid strong investor pushback, sources told IFR.

Fibria was one of several companies this week to drop the
aggressive terms, which make it easier for borrowers to breach
covenants without offering investors compensation, according to
Reuters.

Fibria's Treasurer Marcelo Habibe told IFR that lawyers had
suggested including the new language as part of the "natural
process of improvement in the documentation for investment grade
companies," the report notes.

But with key accounts refusing to place orders if the terms
remained, Fibria saw no benefit in keeping the contentious wording
especially if it impacted demand, and perhaps pricing, the report
relays.

"That's why we decided to take it out," Mr. Habibe said.  "If
those big investors who said they were uncomfortable with the
clause hadn't placed their orders, we probably would have (got) a
worse price," he added.

Leads on the Fibria deal told their sales forces to inform
investors that the language would be removed and this would show
up in the final pricing supplement, said a source with knowledge
of the deal, the report notes.

Aside from Fibria, Brazilian bioenergy company Raizen and the
Santiago Metro have also included such language in bonds being
marketed to investors this week, according to Covenant Review, the
report discloses.

"We don't want this to become standard language because it takes
away some big protections for bondholders," said Dan Senecal, an
emerging market credit analysts and portfolio manager at Newfleet
Asset Management.

"There is going to be a lot of push back on it from the buyside."

Ultimately leads were able to ratchet in pricing a good 30bp from
start to finish, with orders reaching around US$2.5 billion,
according to one investor, the report relays.

In the end, the US$700 million deal was priced to yield 5.70%, the
tight end of guidance of 5.75% area (+/- 5bp) and well inside
initial price thoughts of very low 6%, the report notes.

Final yields fell in line with the 5.60%-5.70% fair value
calculated by one banker who spotted the outstanding 5.25% 2024s
at 5.20%, the report discloses.

Some investors, however, sought higher levels from a company that
is border line junk. It is already rated Ba1 by Moody's and has a
negative outlook from S&P, which rates the company BBB-, the
report says.

While Fibria is broadly seen as a strong credit, some investors
thought a better comp was the lower rated Brazilian pulp and paper
name, Suzano Papel e Celulose, the report notes.

"If Fibria gets downgraded, you might as well buy Suzano, though
Fibria is a lower cost (pulp producer) and less volatile," said an
investor, the report relays.

Suzano, which is rated Ba1/BB+/BB+, has a 2026 Green bond trading
at 6.24%-6.10%, according to Thomson Reuters data.

As reported in the Troubled Company Reporter-Latin America on
April 21, 2016, Standard & Poor's Ratings Services affirmed its
'BBB-' corporate credit rating on Fibria Celulose S.A.  S&P also
affirmed its 'BBB-' debt rating on its financing vehicle Fibria
Overseas Finance Ltd.  The outlook is stable.


==========================
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 Growth Partner 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


ARABELLA EXPLORATION: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Arabella Exploration, LLC
        P.O. Box 506
        Fort Worth, TX 76101

Case No.: 17-40120

Type of Business: Oil and Natural Gas

Chapter 11 Petition Date: January 8, 2017

Court: United States Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Judge: Hon. Russell F. Nelms

Debtor's Counsel: Raymond W. Battaglia, Esq.
                  LAW OFFICES OF RAY BATTAGLIA, PLLC
                  66 Granburg Circle
                  San Antonio, TX 78218
                  Tel: 2106019405
                  Fax: (210) 855-0126
                  Email: rbattaglialaw@outlook.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Charles (Chip) Hoebeke, manager.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.

A full-text copy of the petition is available for free at:

           http://bankrupt.com/misc/txnb17-40120.pdf


ARABELLA EXPLORATION: Seeks U.S. Recognition of Cayman Liquidation
------------------------------------------------------------------
Liquidators of Arabella Exploration, Inc., filed a voluntary
petition under Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Northern District of Texas (Case No.
17-40119) on Jan. 8, 2017, to seek recognition of proceedings in
the Cayman Islands.

Arabella Exploration, a Cayman Islands corporation engaged in the
exploration and production of oil and natural gas, is in
liquidation under the Financial Services Division of the Grand
Court of the Cayman Islands as a result of the Grand Court's
orders made pursuant to certain petitions for the Grand Court's
supervision under the provisions of Companies Law of the Cayman
Islands (2013 Revision).

Matthew Wright and Christopher Kennedy, the duly appointed joint
liquidators of Arabella Exploration, request recognition of the
Cayman Liquidation as a foreign main proceeding primarily to
obtain the Bankruptcy Court's assistance in the gathering of the
Company's assets in the United States, including the assets of the
Company's wholly owned subsidiaries, Arabella Exploration LLC and
Arabella Operating, LLC, both of which are Texas limited liability
companies.

Creditor Platinum Long Term Growth VIII, LLC, commenced a winding
up petition against Arabella Exploration on May 19, 2016, on the
grounds that the Company was unable to pay its debts.  The Company
was placed in provisional liquidation as of June 16, 2016.

The Grand Court issued a Winding Up Order on July 7, 2016,
ordering the Company to be wound up and appointing Messrs. Kennedy
and Wright as joint official liquidators of all of the assets,
undertakings and properties of the Company.

The Liquidators said that since the commencement of the Cayman
Liquidation, substantially all activities associated therewith
have been conducted and overseen by them from the Cayman Islands.

Among other things, the Liquidators have overseen and filed all
necessary notices, displaced the prior management of the Company
and assumed their duties, and are engaged in the process of
investigating and assessing both the claims of and against the
Company and its creditors and interest holders.

The Chapter 15 case is assigned to Judge Mark X. Mullin.

Forshey & Prostok, LLP serves as counsel to the Petitioners.


ARDEN SAGE: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Arden Sage Capital International SPV 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


BLACKSTONE ABS: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 29, 2016, the sole shareholder of Blackstone ABS Offshore
Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE RE: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 29, 2016, the sole shareholder of Blackstone Re Offshore
Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


CHASE CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Chase Capital Partners Private Equity Fund of
Funds II, 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:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


CLOUGH EMETH: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 29, 2016, the sole shareholder of Clough Emeth Cayman,
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Austin C. Mcclintock
          Walkers
          190 Elgin Avenue
          George Town Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


CORPORATE SERVICES: Creditors' Proofs of Debt Due Jan. 16
---------------------------------------------------------
The creditors of Corporate Services Ltd. are required to file
their proofs of debt by Jan. 16, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 24, 2016.

The company's liquidator is:

          Stuart Sybersma
          c/o Mike Green
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258


FASANARA CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Fasanara Capital Opportunities Fund I received
on Dec. 30, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Fasanara Capital Limited
          MG Management Ltd.
          c/o Victor Murray
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


FASANARA CAPITAL OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Fasanara Capital Opportunities Fund I Offshore
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:

          Fasanara Capital Limited
          MG Management Ltd.
          c/o Victor Murray
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


PYXIS FINANCE: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------------
The creditors of Pyxis Finance Limited are required to file their
proofs of debt by Jan. 19, 2017, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Simon Conway
          c/o Andrew Nembhard
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237


SCHRODER CAYMAN: Creditors' Proofs of Debt Due Jan. 16
------------------------------------------------------
The creditors of Schroder Cayman Bank and Trust Company Limited
are required to file their proofs of debt by Jan. 16, 2017, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Stuart Sybersma
          c/o Mike Green
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2223
          Facsimile: +1 (345) 949 8258


SENATE LIMITED: Creditors' Proofs of Debt Due Jan. 19
-----------------------------------------------------
The creditors of Senate Limited are required to file their proofs
of debt by Jan. 19, 2017, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Nov. 24, 2016.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Windward 1, Regatta Office Park
         P.O. Box 897 Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295


SOLO HILL: Shareholder to Hear Wind-Up Report on Jan. 24
--------------------------------------------------------
The shareholder of Solo Hill Fund will hear on Jan. 24, 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:

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


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REPUBLIC: New Year, Old Wage-Hike Talks Gridlock
------------------------------------------------------------
Dominican Today reports that business leaders had placed toward
yearend 2016 and early 2017 the reform of the Labor Code among its
to-do priorities for the New Year, a sticky issue which the labor
unions vow to confront.

Outlet diariolibre.com reports that some business leaders were
stoking the labor reform issue a few days ago, and would propose
more significant increases in salaries, but by eliminating the
severance pay from the Labor Code, according to Dominican Today.

It quotes Joel Santos, president of Dominican Republic's employers
grouped in Copardom), as saying however that business leaders
don't have a concrete proposal in that regard, the report notes.

In that regard, Rafael-Pepe-Abreu, president of the national of
labor unions grouped in the CNUS, said internally, the business
sector always looks to amend the Labor Code, an issue he affirms
Dominican Republic keeps salaries "stagnant," because unionists
insist on protecting the severance pay, the report relays.

The union leader said employers, in exchange for flexibility on
the issue of severance pay, have already proposed their
willingness for substantial wage increases to the unions, "that is
to say, it's an old statement by them," the report adds.

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

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

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

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

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

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


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


MEXICO: Says There Is 'No Way' it Will Pay for Border Wall
----------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexico's
newly appointed Foreign Minister Luis Videgaray said there is "no
way" his country will pay for a wall that U.S. President-elect
Donald Trump wants to build along the border between the two
countries.

Mexican President Enrique Pena Nieto named Mr. Videgaray as
foreign minister, as Mexico braces for a complex relationship with
its neighbor and main trade partner under Mr. Trump, according to
The Wall Street Journal.

Mr. Trump said any money spent by the U.S. in building the wall
would be paid back later by Mexico, the report notes.

"There is no way that's going to happen," Mr. Videgaray said in an
interview on the Televisa network, reiterating past comments by
himself and other government officials, the report discloses.
"It's not a matter of how much does it cost, or where's the money
coming from, it's a matter of dignity and national sovereignty,"
the report relays.

There are subjects that can be negotiated or discussed, including
trade relations, but the wall isn't one of them, he added.

Building a border wall to keep migrants out, and making Mexico pay
for it, was a key feature of Mr. Trump's election campaign, the
report notes.  It was also the main source of controversy when Mr.
Trump as a candidate visited Mexico in August for a meeting with
Mr. Pena Nieto -- a visit Mr. Videgaray was instrumental in
bringing about, the report notes.

Many Mexicans were outraged that Mr. Pena Nieto didn't take a
public stand against the wall at a joint press conference with Mr.
Trump, the report notes.  The ensuing uproar prompted Mr.
Videgaray to resign as finance minister the following week given
his role arranging the meeting, and Mr. Pena Nieto to lose his
right-hand man in the cabinet, the report adds.

Mr. Videgaray's return was widely seen as preparation for dealings
with the incoming Trump administration.

"I think it does make a difference. I think Videgaray is a more
pragmatic man, probably a better negotiator than [former Foreign
Minister Claudia] Ruiz Massieu and he also has a bit more
political capital with Trump than Ruiz Massieu," said Rodrigo
Aguilera, analyst at the Economist Intelligence Unit, the report
relays.

Still, the job ahead is a tough one, he added. "We've gotten used
to the good neighbor USA, and we've kind of forgotten what the old
USA was," the report notes.

Mr. Videgaray said one of the contacts he had for arranging the
Trump visit was Jared Kushner, Mr. Trump's son-in-law who the U.S.
president-elect named as a senior adviser, the report relays.  He
had met Mr. Kushner when he was finance minister.

A sign of how possible protectionist measures by the Trump
administration could affect Mexico came in the past week when Ford
Motor Co. canceled a planned $1.6 billion investment in a Mexico
assembly plant, and the chief executive of Fiat Chrysler
Automobiles NV said the company could shut its Mexico plants if
the U.S. slaps big tariffs on imports of cars from Mexico, the
report notes.  The news sent the Mexican peso to new lows against
the U.S. dollar, the report adds.

The matter of the assembly plants highlights the importance of
ending the uncertainty hanging over the future of trade relations,
Mr. Videgaray said, the report relays.  He stressed the importance
of Mexican trade to U.S. states such as Texas and Wisconsin, and
said Mexico should negotiate "with much more confidence in
ourselves," the report adds.


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


LABORATORIO ACROPOLIS: Unsecureds to Recoup 6.65% Under Plan
------------------------------------------------------------
Laboratorio Acropolis, Inc., filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a small business plan of
reorganization and disclosure statement dated January 5, 2017, a
full-text copy of which is available at:

            http://bankrupt.com/misc/prb16-04609-73.pdf

General unsecured claims (Class 4) are impaired and will receive
from the Debtor a non-negotiable, interest-bearing at 2.75%
annually, promissory note dated as of the effective date.
Creditors in this class will receive a total repayment of 6.65% of
their claim or listed debt, which equals $15,000 to be paid pro
rata to all allowed claimants under Class 4.  Unsecured creditors
will receive annual payments of $2,913 each to be distributed pro
rata among claimants of this class, beginning June 1, 2018.

The Debtor believe it will have sufficient funds to make all
payments then due under the Plan.  The funds will be obtained from
the Debtor's business.

                     About Laboratorio Acropolis

Laboratorio Acropolis, Inc., based in Hatillo, Puerto Rico, filed
a Chapter  11 petition (Bankr. D.P.R. Case No. 16-04609) on June
9, 2016.   Gloria Justiniano Irizarry, Esq., serves as bankruptcy
counsel. In its petition, the Debtor estimated assets of $0 to
$50,000 and estimated liabilities of $1 million to $10 million.
The petition was signed by Rebeca Maldonado Bidot, president.


VEGA ALTA: Hires Fuertes & Fuertes as Counsel
---------------------------------------------
Vega Alta Community Health, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Fuertes
& Fuertes Law Office as counsel to the Debtor.

Vega Alta requires Fuertes & Fuertes to:

   a. give the Debtor legal advice with respect to its powers and
      duties as debtor in possession in the continued operation
      of its business and management of its property;

   b. prepare on behalf of the Debtor as debtor in possession
      necessary applications, answers, orders, reports and other
      legal papers; and

   c. perform all other legal services for debtor as debtor in
      possession which may be necessary, and it is necessary for
      debtor as debtor in possession to employ an attorney for
      professional services;

Fuertes & Fuertes will be paid $2,000 per month.

Fuertes & Fuertes will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Alberto R. Fuertes Masarovic, member of Fuertes & Fuertes Law
Office, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtor and its estates.

Fuertes & Fuertes can be reached at:

     Alberto R. Fuertes Masarovic, Esq.
     FUERTES & FUERTES LAW OFFICE
     PO Box 194000
     San Juan, PR 00919-4000
     Tel: (787) 296-0000
     Fax: (787) 282-7666

                       About Vega Alta

Vega Alta Community Health, Inc., based in Catano, PR, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 16-08128) on October
11, 2016.  Jaime Rodriguez Perez, at Jaime Rodriguez Law Office,
PSC, serves as bankruptcy counsel. In its petition, the Debtor
listed $25,582 in assets and $1.47 million in liabilities. The
petition was signed by Luis M Gonzalez Bermudez, president.


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


NATIONAL GAS CO: 2015 Annual Report Contains Bad News
-----------------------------------------------------
Trinidad Express reports that state-owned National Gas Co's
recently released 2015 annual report is an attractively-designed
publication but it contains bad news that does not match the
joie de vivre of its front cover, with its cheerful
slogan "Tomorrow Begins Today".

The year 2015 was clearly not a positive one for the company, one
of the most important business entities in Trinidad and Tobago,
according to Trinidad Express.

The report notes that it's gas sales (the reason for its existence
and by far its biggest revenue earner) amounted to TT$12.8
billion, or 75 per cent of total revenue, 22 per cent less than
sales revenue in 2014.

This was a serious matter, since NGC is bound by contract to
supply a certain amount of gas to its petrochemical clients at the
Point Lisas industrial estate, the report notes.

Its methanol-producing customers there had to suffer a 15 per cent
shortfall in gas deliveries, its ammonia customers a similar
amount and its clients in the steel business, eight per cent, the
report adds.


PETROTRIN: Chamber Head Revisit Executive Salaries
--------------------------------------------------
Kwame Weekes at Trinidad and Tobago Newsday reports that a
national conversation surrounding salaries, particularly those at
the executive level, at Petrotrin needs to be made top priority in
order to ensure the State-owned company's future viability.

This was the position of President of the Chaguanas Chamber of
Commerce, Richie Sookhai, in the wake of the announcement that
strike action by the Oilfield Workers Trade Union (OWTU) had been
averted, according to Trinidad and Tobago Newsday.

The OWTU's threat of strike action against Petrotrin was called
off when the union accepted a five percent offer from Petrotrin
for the period 2011-2014/2015, the report notes.

The threat of strike inspired many to criticise the OWTU's demand
for a wage increase as untimely as the nation is experiencing an
economic downturn and Petrotrin is operating at a loss, the report
relays.  The OWTU responded to that critique citing corruption and
mismanagement as the cause of Petrotrin's unprofitability, the
report notes.

To this, Mr. Sookhai said, "We understand that and we do
sympathise with the OWTU's concern that maybe it is time for a
national conversation to revisit salaries across the board and
maybe if some of these high level management that are making
exorbitant amounts of salaries, that needs to be revisited."
Leading up to yesterday's settlement, the business community had
called on the OWTU to call off their strike, notes the report.

These business leaders have now praised the settlement and are
calling for focus to now be turned to Petrotrin becoming a
profitable company, the report says.

"The most important thing right now is the restructuring of
Petrotrin," said Liaquat Ali, President of the Couva/ Point Lisas
Chamber of Commerce, the report discloses.  "Petrotrin cannot
afford business as usual and continue to be losing money. They
have to wean, whether it is corruption or inefficiency," he added.

"They have to sit down and have a conversation to ensure that
Petrotrin becomes profitable at the end of the day.  If it means
privatisation, then so be it. I think they will seriously have to
look at getting private investors into Petrotrin so that it would
be more viable because as you know, with most of the State
enterprises, it is difficult to get them profitable," the report
quoted Daphne Bartlett of the San Fernando Business Association as
saying, "We would ask that the same way the President of the OWTU
has been clamouring for more money for these workers, he must go
out and clamour for them to go out there and improve the number of
barrels per day that is being produced by Petrotrin. He should
ensure that management does whatever it needs to do to increase
the production of oil so that when we sell more, we get more
money."

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on July
23, 2015, Trinidad Express reports that state-owned Petroleum
Company of Trinidad and Tobago (Petrotrin) multiplied its losses
11.2 times to reach US$168 million for the nine months ended June
30 compared to US$15 million loss for the same period last year,
but its earnings before income tax, depreciation and amortisation
(EBITDA) rose 132 per cent between March and June, preliminary
financials show.

TCRLA reported on Dec. 2, 2014, that Trinidad and Tobago Newsday
said that in the face of falling global oil prices, which is
starring to impact on Trinidad and Tobago's earnings from its
petroleum resources, Petroleum Company of Trinidad and Tobago has
rolled out a plan to remain viable and to survive in the harsh
global oil industry.  Petrotrin said in a media release that it is
forging ahead with objective cost management decisions imperative
to secure its viability, according to Trinidad and Tobago Newsday.
The report said Petrotrin's operations have also been severely
impacted due to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


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


VENEZUELA: Opposition Censures Maduro in Last-Ditch Bid
-------------------------------------------------------
Kejal Vyas at The Wall Street Journal reports that Venezuela's
opposition-controlled National Assembly declared President Nicolas
Maduro in abandonment of his duties, in a last-ditch effort to
counter the leader's power amid the country's debilitating
economic and political crises.

Lawmakers approved a resolution calling for elections to replace
Mr. Maduro and accusing his Socialist administration of violating
the constitution as it uses its control over the courts and the
military to strip the parliament of basic powers, according to The
Wall Street Journal.  The largely symbolic measure is unlikely to
affect the unpopular leftist leader, the report notes.  Last year,
the government scuttled a recall referendum that polls show the
president would have readily lost, heightening tensions in the
polarized nation, the report relays.

"By disrespecting the constitution and the rights of the people,
Maduro ceased being president and converted himself into a
dictator," opposition lawmaker Freddy Guevara said, the report
notes.

The National Assembly's vote came as the opposition runs out of
time and options to electorally end Mr. Maduro's tenure early. It
marks a crucial deadline in Mr. Maduro's term, after which any
successful recall drive would lead not to new election, but to the
replacement of the executive by his recently appointed hard-line
deputy, Tareck El Aissami, says the report.

Even before lawmakers voted, the Maduro-allied Supreme Court
issued a statement saying legislators had no authority to declare
the president in so-called abandonment and urged them to refrain
from actions that "alter public order," the report discloses.  The
court has voided nearly every initiative passed by the National
Assembly since early 2016, when Mr. Maduro's rivals took control
of the legislative body, spurred by widespread anger over the oil-
rich country's crumbling economy, the report notes.

As Venezuela grapples with triple-digit inflation and chronic food
shortages, Mr. Maduro routinely labels any efforts to remove him
from power as coup plots, the report relays.  The former bus
driver and union activist blames Venezuela's troubles on an
unexplained "economic war" waged by his political rivals, the
report discloses.  Economists, however, say the problems stem from
mismanagement and an exhausted state-led economic model, the
report notes.

Declaring the president in abandonment of his post could open the
door to a leader's removal, but the mechanism has never been used
since Mr. Maduro's mentor and predecessor, the late Hugo Chavez,
redrafted the constitution in 1999, meaning the effort is unlikely
to gain momentum, said Antonio Canova, a law professor at Andres
Bello Catholic University, the report notes.

"We are in front of a despotic regime that doesn't abide by the
rules," said Mr. Canova, who runs an NGO that studies Venezuela's
judiciary, the report relays.  "The government will not agree to
anything that risks its grip on power," he added.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


                            ***********


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

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

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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