TCRLA_Public/170118.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

               Wednesday, January 18, 2017, Vol. 18, No. 013


                            Headlines



B R A Z I L

ACHE LABORATORIOS: Fitch Affirms 'BB+' IDR; Outlook Negative
ANDRADE GUTIERREZ: Moody's Confirms 'B3' Global Scale CFR
BRAZIL: Faces Reckoning for Past Governmental Largess


C A Y M A N  I S L A N D S

ARTIS AGGRESSIVE: Commences Liquidation Proceedings
ARTIS PARTNERS: Commences Liquidation Proceedings
ARTIS PARTNERS 2X: Commences Liquidation Proceedings
EFG INVESTMENT: Placed Under Voluntary Wind-Up
GREAT ATLANTIC: Placed Under Voluntary Wind-Up

IMPERIAL ASIA: Commences Liquidation Proceedings
MINHUA POWER: Placed Under Voluntary Wind-Up
RDG CAPITAL: Commences Liquidation Proceedings
ROHATYN GROUP: Creditors' Proofs of Debt Due Jan. 19
SIGMA FIXED: Commences Liquidation Proceedings

STANDARD PACIFIC: Creditors' Proofs of Debt Due Jan. 19
STANDARD PACIFIC PAN-ASIA: Creditors' Proofs of Debt Due Jan. 19
WINZIP HOLDINGS: Commences Liquidation Proceedings


J A M A I C A

JAMAICA: FINSAC Debtors Urge Gov't to Assist Affected Persons


T R I N I D A D  &  T O B A G O

CARIB BREWEY: Higher Pay for Workers


V E N E Z U E L A

VENEZUELA: New Currency Notes Begin Circulating


X X X X X X X X X

LATIN AMERICA: Unemployment to Rise to 8.4% in 2017, ILO Says


                            - - - - -


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B R A Z I L
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ACHE LABORATORIOS: Fitch Affirms 'BB+' IDR; Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Ache Laboratorios Farmaceuticos S.A.'s
ratings as:

   -- Foreign Currency (FC) Issuer Default Rating at 'BB+';
      Outlook Negative;
   -- Local currency (LC) IDR at 'BBB'; Outlook Stable;
   -- National Scale rating at 'AAA(bra)'; Outlook Stable.

Ache's FC IDR is constrained by Brazil's 'BB+' Country Ceiling,
and its Negative Outlook follows Fitch's Negative Outlook for
Brazil's sovereign rating (FC IDR 'BB').  Ache's operations are
predominantly in Brazil, with less than 3% of revenues coming from
exports.  The company does not have cross-border issuances.

                          RATING DRIVERS

Ache's ratings are supported by its strong business position in
the Brazilian pharmaceutical market and its leadership position in
the prescription drug segment.  The ratings also incorporate
Ache's conservative financial strategy underpinned by an
unleveraged capital structure and adequate liquidity profile.  The
need for constant drug innovation, the fierce competition and the
regulatory burden of the sector are seen as manageable risks.

Fitch expects Ache to remain relatively unscathed by the recession
in Brazil, reflecting the resilience of its business fundamentals.
The company's strategy to diversify its portfolio of products and
therapeutic drug classes should continue to demand extra oversight
on SG&A and put negative pressure its operating margins to the
29%-31% range, which is below the historical 32%-35% of the last
four years.

Solid Business Profile Despite Competition

Ache has a solid and recognized brand in the Brazilian
pharmaceutical industry.  Its diversified product portfolio,
leadership in the prescription drugs segment, and presence in the
fast-growing over-the-counter (OTC), generics and dermo-cosmetics
segments support its sound business profile.  Ache is the third-
largest laboratory in Brazil in terms of gross revenue and the
second in net revenues.  It also has one of the largest
salesforces in the domestic market, which provides a key
competitive advantage compared with peers.

Ache's margins are robust despite the challenging competition from
large and well-capitalized multinational pharmaceutical companies
over the last years.  Fitch believes that Ache's operational
expertise in Brazil in combination with its strong distribution
system mitigate the threat of increasing competition.

Similar to other emerging-markets pharmaceutical companies, Ache
has a narrower research and development (R&D) product pipeline
than its multinational competitors and has a weaker portfolio of
patented products.  Positively, the company's exposure to
licensing agreements is low, representing less than 6% of revenues
from these products.  Ache has consistently been increasing its
efforts to innovate and renovate its product portfolio by
investing about 3.0% of its revenues in R&D.  In the last 12
months (LTM) ended September 2016, products launched rose to 25%
of revenues from 16% in 2012.  Fitch expects Ache's new drug
launches should result in an average 25% revenue expansion from
2017-2019.

Lower Profitability but Sound CFFO

Ache has historically presented sound operational performance.
During 2016, the combination of BRL devaluation and increasing
efforts to diversify its product portfolio pressured profitability
and EBITDA margins.  Around 34% of Ache's cost of goods sold
(COGS) is linked to the U.S. dollar.  Fitch forecasts the
company's EBTIDA margin will move to around 29%-31%, a decline
from the 32%-35% over the last four years.

For LTM Sept. 30, 2016, Ache's net revenue and EBITDA reached
BRL2.5 billion and BRL721 million, respectively, with EBITDA
margins at 28.5%.  These figures compare with net revenues of
BRL2.3 billion and EBITDA of BRL705 million in 2015, with EBITDA
of 30.2%.  Funds from operations (FFO) and cash flow from
operations (CFFO) remained quite robust, at BRL535 million and
BRL413 million, respectively, during the LTM.

Free Cash Flow Remains Pressured by Strong Dividends

Ache has a track record of maintaining an aggressive shareholder-
friendly policy, which has led to negative free cash flows (FCF)
since 2012.  Between 2012 and 2016, Ache generated an average
negative FCF of BRL55 million.  Dividend distributions averaged
BRL377 million in the period.

This aggressive dividend policy has been underpinned by the
company's strong CFFO and its unleveraged capital structure.
Fitch expects that in a more challenging scenario, the company
would pursue a more conservative dividend policy in order to
increase its financial flexibility and sustain its strong capital
structure.  During the LTM ended September 2016, Ache generated
negative FCF of BRL46 million, after BRL148 million capex and
BRL311 million of dividend pay-outs.

Unleveraged Capital Structure

Ache has historically maintained low leverage ratios, and its
credit measures continue to be quite strong.  Fitch's projections
indicate a net debt/EBITDA ratio below 0.5x in the next three
years.  In the past five years, the company's average leverage, as
measured by the FFO adjusted leverage ratio, was 0.4x, while its
net debt/EBITDA ratio was negative at 0.2x.

                          KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Revenue growth in the mid-single digits from 2017 to 2019;

   -- Innovation to continue to represent around 25% of revenues
      (R&D expenses of around 3% of revenue);

   -- EBITDA margin in the range of 29%-31% due to increasing SG&A
      related to diversification of the portfolio;

   -- Annual average capex of BRL180 million for the next three
      years, which includes the start of construction of the new
      plant in Permanbuco;

   -- Maintenance of the high dividend pay-outs at around 75% of
      net income;

   -- Disbursement of BRL150 million in small
      acquisitions/partnerships in the next three years.

                      RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to positive rating action:

For the Foreign Currency IDR, positive rating actions are limited
by Brazil's country ceiling of 'BB+', while for the Local Currency
IDR of 'BBB', an upgrade is unlikely in the medium term.

Future developments that may, individually or collectively, lead
to negative rating action:

Ache's credit ratios are very strong at the current rating level,
but unexpected events that move the company's net leverage beyond
2.5x could result in negative rating action for the Local Currency
IDR.  A further negative rating action on Brazil's sovereign
ratings and country ceiling could also result in negative rating
action for the company's foreign currency IDR.

                              LIQUIDITY

Ache's has historically held a robust liquidity position.  As of
Sept. 30, 2016, Ache's cash balances plus LTM CFFO covered its
total debt by 3.2x.  As of the same date, the company reported
BRL156 million of cash and marketable securities and total
adjusted debt of BRL175 million, of which BRL37 million was short-
term.  About 78% of Ache's debt is with the Brazilian Development
Bank (BNDES).


ANDRADE GUTIERREZ: Moody's Confirms 'B3' Global Scale CFR
---------------------------------------------------------
Moody's America Latina confirmed the global scale Corporate Family
Ratings (CFR) of Andrade Gutierrez Participacoes S.A ("AG Par" or
"the company") at B3 and upgraded the national scale CFR to B1.br
from B2.br. The outlook for the ratings is stable. This concludes
the review process initiated on September 6, 2016.

RATINGS RATIONALE

The confirmation of AG Par's CFR at B3 on the global scale and
upgrade to B1.br from B2.br on Brazil national scale follow the
completion of a refinancing transaction and the anticipated
changes on the company's capital structure. On January 6, 2017, AG
Par issued a BRL1.6 billion senior secured debentures due 2023,
the proceeds of which were used to repay debt at AG Par, AGC, and
at the parent company Andrade Gutierrez S.A ("AG SA"). Net
proceeds of up to BRL 200 million could be used to repay existing
debt at AG SA or any of its subsidiaries.

The rating action also reflects the reduced uncertainty on the
probability of default for the company's debt given the
elimination of certain cross default provisions with its sister
company Andrade Gutierrez Engenharia S.A. ("AGE" rated Caa2,
negative), as well as certain covenant provisions that have been
recently violated and were pending waivers from note holders.
After the refinancing AG Par will also benefit from an extended
debt maturity profile with no material debt maturity until 2021.
AG Par's CFRs also reflect the relatively stable cash flow profile
of AG Par's participation in the relatively mature toll road
industry through its share ownership in CCR S.A (CCR rated
Ba3/A2.br).

On the other hand, AG Par's B3/B1.br CFR ratings take into
consideration: (i) AG Par's increased leverage following the
refinancing, reflected in market value leverage (as adjusted by
Moody's) rising to 31% as of September 30, 2016 pro forma for the
transaction, compared to 19% as reported, (ii) indirect exposure
to a further liquidity deterioration of the sister company AGE
through cross default provisions with AG SA in AG Par's debt, and
dividend upstreaming to the parent, (iii) expectation that the
higher borrowing costs and cash flow leakage related to
investments participations in BRIO and MESA will result in weaker
FFO interest coverage in next 12-18 months, and (iv) the reduced
diversification of cash flows following the sale of shares in
Companhia de Saneamento do Parana (Sanepar rated Ba3/A1.br,
negative).

The 2017 bonds are secured by AG Par's shares of CCR through a
fiduciary alienation contract, which guarantees that the value of
the collateral, reviewed on a monthly basis, remains between 150%
and 200% of the debt outstanding throughout the final maturity of
the debt. The fiduciary alienation contract provides that should
the collateral value drops below 150% of debt outstanding, the
company must add additional shares of CCR or provide cash
supplement to bring collateral back to the 200% threshold. In
Moody's view fiduciary alienation of assets are not typically part
of recovery and liquidation proceedings and therefore creditors of
the 2017 bonds would benefit from the transfer of ownership of the
CCR shares in the scenario of a bankruptcy and liquidation
proceedings at the level of AG SA that would include the company.

The 2017 bonds do not contain debt maintenance financial covenant,
but limits the incurrence of debt to the maintenance of debt
outstanding below BRL 1.7 billion for all new debt borrowed at AG
Par starting from the issuance of the 2017 bonds, and to an
incurrence test of 1.75x net debt / dividends received at the
level of Andrade Gutierrez Concessoes (AGC). While Moody's expects
that this would provide a borrowing capacity of around BRL 300
million in 2017, the agency notes that further debt incurrence
would also be constrained by the reduced pool of AG Par's
unpledged assets which now mainly consists of its 6.7%
participation in Companhia Energetica de Minas Gerais (CEMIG
B1/Baa1.br)'s shares.

Moody's regards AG Par's liquidity profile as adequate. As of
September 30, 2016, the company had a cash position of BRL242
million. While AG Par's debt refinancing will not result in a cash
inflow as all new debt will be used to prepay existing debt, it
will provide the company with a long-dated maturity profile with
no material debt maturities until 2021 when 30% of the 2017 bonds
value become due. Notwithstanding the BRL 290 million proceeds
from the sale of AG Par's participation in Sanepar in December,
Moody's expects the company will generate negative free cash flow
going forward driven by a reduction in dividend received and high
borrowing costs, which will result in a reduction of its cash
position in the next 12 to 18 months.

In the last twelve months ended September 30, 2016, AG Par's FFO
interest coverage remained stable of 1.8x both in LTM September
2016 and FY 2015, as higher dividend received from the invested
assets at AGC level were mitigated by higher interest expenses.
Going forward, Moody's expects FFO interest coverage will remain
at low levels below 2.0x, driven by subdued level of dividend
received (including the absence of dividends from Sanepar from
2018 onwards) and higher borrowing costs.

Rating Outlook

The stable outlook reflects AG Par adequate liquidity profile,
following the successful completion of a refinancing transaction
and the anticipated changes on the company's capital structure.

What Could change the rating Up

Visible improvements in cash flow generation driven by higher
dividends received and/or a reduction in borrowing costs such that
FFO interest coverage moves above 3.0x on a sustained basis could
lead to a rating upgrade. A significant improvement in the credit
profile of the sister company AGE could also exert positive
pressure on the ratings.

What Could change the rating Down

A deterioration in AG Par's cash flow profile and/or the market
value of its invested assets such that FFO interest coverage drops
below 1.0x and/or market value leverage exceeds 35% on a sustained
basis could lead to a rating downgrade. Challenges to contain
further cash leakages from non-core minority participations MESA
and BRIO would also exert negative pressure the ratings.

Headquartered in Belo Horizonte, Brazil, AG Par is an investment
holding company with minority equity participations in
infrastructure and utilities assets operating in Brazil. AG Par's
main participations are CCR (through a 17% equity ownership -
rated Ba3/A2.br, negative) and CEMIG (6.7% - B1/Baa1.br,
negative). In addition to those assets, which AG Par holds via the
intermediate holding company Andrade Gutierrez Concessoes (AGC),
the company also has a direct minority participation in the hydro-
electric generation project MESA/Santo Antonio (2.1%) and a 50%
stake in the arena management company BRIO. AG Par is wholly owned
by AG SA, a top holding ultimately owned by the local Brazilian
family holdings Sao Estevao, Sao Miguel and Santanna. For the
twelve months that ended on 31 December 2015, AG Par generated a
net income of BRL39.5 million, down from BRL 444.5 million in the
prior year.

LIST OF AFFECTED RATINGS:

Issuer: Andrade Gutierrez Participacoes S.A (AG Par), Brazil

  Corporate Family Ratings: Confirmed at B3 (Global Scale) and
  Upgraded to B1.br from B2.br (Brazil National Scale)

  Outlook: Changed To Stable From Rating Under Review.


BRAZIL: Faces Reckoning for Past Governmental Largess
-----------------------------------------------------
Paulo Trevisani at The Wall Street Journal reports that as
economic nationalism rises in parts of the world, Brazil stands
out as a cautionary example of how policies that prove popular in
the short run -- such as fiscal stimulus and trade tariffs to
protect domestic workers -- can hamper development.

Governments in Brasilia have long been skilled at handing out
goodies to voters, from a pro-worker 1940s labor law to subsidies
for small farmers, according to The Wall Street Journal.  They
have proved far less able to take them back, while also creating
an economy that remains among the most closed to trade of any big
nation, the report notes.

The bouts of government largess and nationalism are driven by a
false sense of prosperity that blooms when commodity prices rise,
says economist Tony Volpon, a former Brazil central-bank director,
the report relays.

"We don't know how to handle wealth," Mr. Volpon said, the report
notes. "We get into debt based on riches we take from the ground
[and] never admit that it's temporary and part of it should be
saved," he added.

This tendency helps explain why an economy that expanded 7.5% in
2010 will, at the end of 2016, have shrunk about 7% in the course
of two years, with dismal prospects for the future, the report
discloses.  Brazil has turned from a poster child for emerging
markets into a red flag, the report notes.

During its boom from 2001 to 2012, Brazil benefited from China's
breathtaking growth, the report relays.  As the Asian giant
gobbled up one of Brazil's top exports, iron ore, its price rose
to around $190 a ton in 2011, the report notes.  But when China
hit the brakes, the metal fell to $40 per ton in 2015, before
stabilizing at around $80, the report says.

Brazil's wealth whipsawed.  The country's annual iron-ore exports
reached $38 billion in 2011, up from around $3 billion earlier,
before falling back to $12.8 billion in 2015, the report notes.

Rather than undertaking a round of belt-tightening to cope with
the famine after the feast, the government doubled down on popular
initiatives, the report relays.

In 2012, then-President Dilma Rousseff ripped up long-term
contracts with power companies to force utility prices down, on
the grounds that operators' margins were too fat, the report
discloses.

The popular measure slashed utility bills by 13% in average and
helped her get re-elected in 2014 the report relays.  But the
government wound up having to compensate power companies for their
losses, so in 2015, Ms. Rousseff backtracked and utility prices
snapped back, rising around 50%, the report notes.  The adjustment
disappointed voters, contributing to the unpopularity that
propelled her ouster in August, the report relays.

Ms. Rousseff, a former Marxist guerrilla elected by Brazil's
largest left-wing party, the PT, wasn't alone in pursuing such
policies. The country's infamously complex labor law, for
instance, was created by a 1930s dictator, Getulio Vargas, a
populist caudillo hailed to this day as the "Father of the Poor,"
the report discloses

The labor code has long been a burden for companies, scaring off
long-term investors wary of its complexity and legal risks, the
report relays. But it still stands decades later, and even Ms.
Rousseff's centrist successor, President Michel Temer, isn't
trying to substantially change it, the report notes.

To compensate for the pro-employee labor law, Brazilian leaders
have created a long string of fat subsidies to big businesses.
Consumers also got subsidies, and lawmakers designed a generous
pension system and comfortable salaries for public servants, who
often make more than their privatesector counterparts, the report
notes. Brazil's constitution forbids laying off government
employees or reducing their salaries, the report relays.

The resulting budget hole -- Brazil's 2016 deficit was 8.8% of
gross domestic product as of November -- has caused the central
bank to elevate its benchmark interest rate, which stands at
13.75% as the economy enters its third year of recession, the
report discloses.

Economists forecast a meager 0.5% expansion in output in 2017.
It will be years before the budget hole narrows to sustainable
levels, the report notes.  Unemployment, now at 12%, is likely to
keep growing this year, they said, the report relays.

The pain is felt across the board.  States like Rio de Janeiro are
facing almost daily street protests as governors try to reverse
entitlements granted in times of plenty, the report relays.

Rio benefitted especially from oil prices, which hit historic
highs in 2008 just as government-controlled oil company Petroleo
Brasileiro SA, or Petrobras, was finding massive reserves deep
under the seafloor off the state's stunning shore line. The
reserves were big enough to make Brazil a leading oil exporter and
generate a windfall to the state government, the report notes.

Political leaders' didn't think twice in spending the windfall
even before it materialized, the report notes.  The state's
payroll swelled to an estimated BRL22.8 billion ($7.1 billion) in
2016, up from BRL7.4 billion in 2006, the report notes.

Now, with oil prices depressed and Petrobras shaken by an epic
corruption scandal, Rio needs to funnel 38% of its decreasing
revenue to pay salaries and benefits, up from 22% a decade ago,
the report dicloses.

Rio and other struggling states are calling for federal help, and
in December Congress allowed Mr. Temer to offer them some debt
relief, the report notes.  Originally, the bill imposed fiscal
discipline in exchange for lower rates and extended payment
schedules, but lawmakers stripped out those conditions, the report
notes.  Mr. Temer ended up vetoing parts of the bill, putting the
issue back to square one, the report says.

Meanwhile, many ordinary Brazilians and intellectuals say
narrowing the country's high rates of inequality has to be the
main policy goal of any government, the report discloses.

"Social spending must grow to counter the exclusion," said Marcio
Porchmann, an economist at the Perseu Abramo Institute, a left-
leaning think tank.  "It wasn't wasteful," he added.

That notion was enshrined in the country's 1988 behemoth of a
constitution, which includes an entire chapter on social rights,
the report relays.

Mr. Temer has proposed amendments to limit public spending and
toughen retirement rules. Even those cautious steps have
contributed to his dismal approval rating of about 13%, and he has
said he would stop short of more radical change, the report notes.

"The constitution is the result of a social awareness and we will
continue that," the president said recently, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/
Negative Outlook.  Brazil's senior unsecured Foreign- and Local-
Currency bonds are also affirmed at 'BB'. The Country Ceiling is
affirmed at 'BB+' and the Short-Term Foreign and Local-Currency
IDRs at 'B'.



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


ARTIS AGGRESSIVE: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Artis Aggressive Growth Ltd. resolved to
voluntarily liquidate the company's business on Dec. 5, 2016.

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

The company's liquidator is:

          Robert Riemer
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


ARTIS PARTNERS: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 5, 2016, the sole shareholder of Artis Partners 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:

          Robert Riemer
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


ARTIS PARTNERS 2X: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 5, 2016, the sole shareholder of Artis Partners 2x 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:

          Robert Riemer
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


EFG INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 1, 2016, the sole shareholder of EFG Investment Partners
(Cayman) II Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          EFG Capital Advisors, Inc.
          c/o Tim Cone
          Ogier 89 Nexus Way
          Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


GREAT ATLANTIC: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 1, 2016, the sole shareholder of Great Atlantic Offshore
Fund, Ltd resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          EFG Capital Advisors, Inc.
          c/o Tim Cone
          Ogier 89 Nexus Way
          Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


IMPERIAL ASIA: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 2, 2016, the sole shareholder of Imperial Asia Fund SPC
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes
          Barbara Shaw
          c/o Corey Stokes
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


MINHUA POWER: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 1, 2016, the sole member of Minhua Power Holdings Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2017, will be included in the company's dividend
distribution.

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


RDG CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 11, 2016, the sole shareholder of RDG Capital 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:

          Russell Glass
          RDG Capital Fund Management LP
          400 Madison Avenue, 12th Floor
          New York
          New York 10017
          United States of America
          Telephone: +1 (212) 407 2195
          e-mail: rglass@rdgcap.com


ROHATYN GROUP: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------------
The creditors of The Rohatyn Group Asia Opportunity Fund, Ltd. 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. 28, 2016.

The company's liquidator is:

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


SIGMA FIXED: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 1, 2016, the shareholders of Sigma Fixed Income 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:

          S.A.C. Capital Advisors, L.P.
          72 Cummings Point Road
          Stamford
          Connecticut 06902
          United States of America
          Telephone: +1 (203) 890 2000
          e-mail: LegalNotice@Point72.com


STANDARD PACIFIC: Creditors' Proofs of Debt Due Jan. 19
-------------------------------------------------------
The creditors of Standard Pacific Credit Opportunities Master
Fund, Ltd. 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 Dec. 6, 2016.

The company's liquidator is:

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


STANDARD PACIFIC PAN-ASIA: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------------------------
The creditors of Standard Pacific Pan-Asia Master Fund, Ltd. 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 Dec. 6, 2016.

The company's liquidator is:

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


WINZIP HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 2, 2016, the sole shareholder of Winzip Holdings SGPS LDA
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:

          Thomas Edward Walsh
          c/o 1 Market Street
          Steuart Tower, 23rd Floor
          San Francisco California 94105
          United States of America
          Telephone: +1 (415) 293 5055
          e-mail: twalsh@vectorcapital.com



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


JAMAICA: FINSAC Debtors Urge Gov't to Assist Affected Persons
-------------------------------------------------------------
RJR News reports that group representing FINSAC debtors urges the
Jamaican government to assist affected persons.

A group representing FINSAC debtors says the Government should
consider providing assistance to persons whose loans were taken
over by Jamaica Redevelopment Foundation following the 1990's
financial sector collapse, according to RJR News.

The Association of Finsac'd Entrepreneurs made the call following
a RJR News report that the government has set aside $36 million in
supplementary estimates to complete the FINSAC report, the report
notes.

This suggests that the report should be completed before the end
of the fiscal year on March 31, the report says.

Yola Gray-Baker, President of the Association of FINSAC'd
Entrepreneurs, says State support is needed as some members of the
group are still feeling the effects of the financial sector
collapse, the report notes.

"If this Government can find someway of making repatriation to the
FINSAC'd people -- because a lot of them are still suffering right
now.  A lot of them have no food on their table -- one lady is
still being forced out of her home. The report is on the way and
we know it's coming out. I will schedule a meeting with (Finance
Minister) Audley Shaw, to see where we go from here," said Gray-
Baker, the report notes.

The FINSAC enquiry which began more than a decade ago stalled
after the Commissioners said more funds were needed to produce a
report, RJR News relays.

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+'.



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


CARIB BREWEY: Higher Pay for Workers
------------------------------------
Leah Sorias at Trinidad Express reports that about 1,000 Carib
Brewery employees will receive a bump in their salaries from the
end of this month.

This comes as the National Union of Government and Federated
Workers (NUGFW) and Carib Brewery signed off on collective
agreements for monthly and weekly paid workers of the Caribbean
Development Company Ltd (CDC) and Carib Brewery Ltd (CBL).

After negotiations broke down between Carib and the union, the
matter was taken to the Industrial Court, according to Trinidad
Express.

Last month, the court awarded a 16 per cent increase to the CDC
staff for the period 2013 to 2016 and a 13 per cent increase to
CBL workers, for the period 2011 to 2015, the report notes.

CDC appealed the judgment for the 16 per cent increase.

Speaking at the signing ceremony at Carib Brewery, Champs Fleurs,
company chief executive officer Ian MacDonald said in the interest
of "forging a partnership with the union going forward" the appeal
was withdrawn, resulting in the matter being resolved, the report
notes.



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


VENEZUELA: New Currency Notes Begin Circulating
-----------------------------------------------
EFE News reports that new 500-, 5,000- and 20,000-bolivar currency
notes, three of the six newly revamped bills that the Venezuelan
government is introducing, went into circulation just as President
Nicolas Maduro announced on the weekend albeit a month later than
initially scheduled due, he said, to "international sabotage."

EFE was able to verify that two state-run banks in Caracas are
distributing the new bills and that they are being provided to
customers exclusively at the teller's windows, a method that will
be copied by all public and private entities that deal with
currency, officials within the banking sector had told EFE.

The new currency will also include redesigned 1,000-, 2,000- and
10,000-bolivar notes, which the government says have not yet
arrived in the country, along with coins in denominations of 10,
50 and 100 bolivars, the latter of which began circulating to a
limited extent in December, the report relays.

The 1,000-bolivar note is worth about $1.50.

The new currency denominations are designed to help quell the
runaway inflation the South American nation has been experiencing,
after closing out 2015 with a rate of 181 percent and with the
official level for last year not having been announced, although
the most conservative projections are that the 2016 inflation rate
was approximately double that for the prior year, the report
notes.

President Maduro said during his annual message to the nation that
the "logistical apparatus" of the Venezuelan Central Bank and the
Banking Sector Superintendency, with the help of the armed forces,
have been brought into service to distribute the bills, the report
relays.

An official within the financial sector told EFE, under strict
conditions of anonymity, that each agency will distribute currency
to the public only in certain states and not nationwide, and each
bank has been issued a different number and list of states.

According to the source, each entity received a different quantity
of newly printed bills and the amount is not enough to meet
current demand, thus making distribution within the first week --
at least -- "more symbolic than anything," the report notes.

The new currency was slated to begin circulating a month ago, but
that did not come to pass -- President Maduro said -- because of a
campaign of international sabotage that prevented the bills from
arriving in Venezuela, the report adds.

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'.



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


LATIN AMERICA: Unemployment to Rise to 8.4% in 2017, ILO Says
-------------------------------------------------------------
Trinidad Express reports that the International Labor Organization
(ILO) is predicting that unemployment in Latin America and the
Caribbean will rise to 8.4 per cent this year.

The ILO has released its World Employment Social Outlook,
indicating that global unemployment levels and rates are expected
to remain high in the short term, as the global labor force
continues to grow, according to Trinidad Express.

"In particular, the global unemployment rate is expected to rise
modestly in 2017, to 5.8 per cent from 5.7 per cent in 2016,
representing 3.4 million more unemployed people globally bringing
total unemployment to just over 201 million in 2017," The ILO
said, the report notes.

It said that the increase in unemployment levels and rates in 2017
will be driven by deteriorating labor market conditions in
emerging countries as the impacts of several deep recessions in
2016 continue to affect labor markets in 2017, the report
discloses.

"In fact, the number of unemployed people in emerging countries is
expected to increase by approximately 3.6 million between 2016 and
2017 during which time the unemployment rate in emerging countries
is expected to climb to 5.7 per cent, compared with 5.6 per cent
in 2016," the ILO said, the report notes,

The ILO said that of notable concern are developments in Latin
America and the Caribbean, where the unemployment rate is expected
to rise by 0.3 percentage points in 2017, to reach 8.4 per cent,
the report relays.

The ILO report notes that in several Caribbean Community (CARICOM)
countries, the percentage of those who are looking for work but
unable to finds jobs in 2017 will range from four to six per cent
in Trinidad and Tobago to above 17 per cent in islands like St
Lucia and St. Vincent and the Grenadines, the report discloses.

The ILO report notes that in Caribbean countries like Guyana,
Haiti, Barbados and Suriname, the percentage of people looking for
work is between nine to 13 per cent, while in the Bahamas the
figure is between 13-17 per cent, the report relays.

The ILO report also notes that discontent with the social
situation and lack of decent job opportunities are both factors
that play a role in a person's decision to migrate, the report
relays.

"In fact, between 2009 and 2016, the share of the working-age
population willing to migrate abroad permanently increased in
every region of the world except for Southern Asia and South-
Eastern Asia and the Pacific.

"The largest increases over this period took place in Latin
America and the Caribbean and the Arab States. Overall, the share
of people willing to move abroad remained the highest in sub-
Saharan Africa, at 32 per cent, followed closely by Latin America
and the Caribbean and Northern Africa, at above 30 per cent and 27
per cent, respectively," the ILO report added, the report adds.


                            ***********


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
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                            ***********


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, Ivy B. Magdadaro, 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
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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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