TCRLA_Public/170119.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 19, 2017, Vol. 18, No. 014


                            Headlines



B R A Z I L

ODEBRECHT ENGENHARIA: Fitch Lowers Issuer Default Ratings to CC
* Brazil Financial Cos. Face Low Loan Growth in 2017, Fitch Says


C A Y M A N  I S L A N D S

CENTENNIAL UK II: Commences Liquidation Proceedings
COMMODITIES (ALPHA): Commences Liquidation Proceedings
DBARN NET: Commences Liquidation Proceedings
ELECTRICINVEST (WINDCO II): Commences Liquidation Proceedings
LB ALPHA: Commences Liquidation Proceedings

LB BETA: Commences Liquidation Proceedings
LIMETREE CAPITAL: Commences Liquidation Proceedings
MAXIMUM EMERGING: Commences Liquidation Proceedings
RACON FUND: Placed Under Voluntary Wind-Up
RACON MASTER: Placed Under Voluntary Wind-Up

SHARPS SP I 2006-NC2N: Commences Liquidation Proceedings
SHARPS SP I 2006-RS6N: Commences Liquidation Proceedings
STANDARD PACIFIC: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Scrap Yards Halted on Rivers


J A M A I C A

JAMAICA: No Need to Rely on Int'l Market to Raise Funds in 2017


P U E R T O    R I C O

AEROPOSTALE INC: Court Extends Plan Filing Period to March 1
FARMACIAS FREDDY: Hires Batista Law Group as Counsel


T R I N I D A D  &  T O B A G O

PETROTRIN: $600 Million in Projected Loss for 2016
PETROTRIN: Consultant Makes Suggestions for Firm to Stay Relevant


                            - - - - -


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


ODEBRECHT ENGENHARIA: Fitch Lowers Issuer Default Ratings to CC
---------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative Odebrecht Engenharia e Construcao S.A.'s (OEC) ratings,
including its foreign and local currency long-term Issuer Default
Ratings (IDRs) to 'CC' from 'B-' and its national scale long-term
rating to 'CC(bra)' from 'BB-(bra)'.

Fitch has also downgraded to 'CC/RR4' from 'B-/RR4' approximately
USD3.1 billion issuances of Odebrecht Finance Ltd. (OFL), which
OEC unconditionally and irrevocably guarantees. The 'CC/RR4'
rating of OFL's unsecured public debt reflects average recovery
prospects in the event of a default, ranging between 31% to 50%.

                        KEY RATING DRIVERS

The downgrades reflect the increasing and substantial challenges
OEC faces in 2017 to restructure its activities and recover its
cash flow generation capacity amidst a continuing cash burn for
parental support.  Fitch sees the company's ability to replace its
backlog as further impaired after details were published by the
U.S. Department of Justice (DoJ) under a plea agreement.  The
information published has exacerbated OEC's reputational risk and
triggered a series of investigations in some countries where the
company operates.

New Investigations
Fitch's expectations that the plea agreement would improve the
status for OEC have not materialized.  Instead, it has already
triggered further corruption investigations in Colombia, Ecuador,
Panama and Peru, which is likely to result in the stoppage of
projects under construction, suspension from participating in new
public biddings and request of fine payments.  These governments
may uphold payments related with the ongoing contracts under
scrutiny, which worsens the company's increasing receivables
balance and further pressure its liquidity.  OEC will have to
negotiate a solution in each of these countries in order to be
able to participate in new biddings.  Fitch understands all
potential additional fines to be charged by other countries will
be covered under the BRL3.8 billion initially negotiated by
Odebrecht group.

Backlog Renewal Relevant Challenges
Fitch anticipates another year of backlog reduction for OEC in
2017 with potential to reach as low as USD18 billion by the end of
the year.  The Brazilian weak macroeconomic condition and
infrastructure agenda combined with the company's damaged
reputational risks poses substantial concern on OEC's capability
to replace backlog domestically and abroad.  By the end of
September 2016, OEC's backlog of USD21.3 billion decreased 24%
from USD28.1 billion registered by the end 2015.

Fitch is also concerned with OEC's backlog quality deterioration.
As the company executes projects with payments performing as
expected, it is being left with projects facing suspended or late
payments.  The agency estimates that approximately 42% of the
company's USD21.3 billion backlog in the third quarter of 2016 has
been executed at a very slow pace (i.e. beyond 15 years to
conclude).

Difficulty to Monetize Receivables
OEC continues to face difficulties monetizing receivables.  Oil
exporter countries have stretched contracts to reduce monthly
disbursements, and BNDES has suspended the loans of projects
abroad due to the corruption scandal.  Receivables stopped piling
up in third quarter of 2016 at the expense of revenue deceleration
since second quarter 2016.  In September 2016, OEC had BRL12.8
billion (USD3.9 billion) in short-term receivables.

Cash Burn for Parental Support
OEC continues to support its parent, which further pressures
liquidity.  In the third quarter 2016, OEC provided USD100 million
intercompany loan to Odebrecht S.A., with an additional amount in
the fourth quarter 2016.  This support materially differs from
Fitch's initial expectation that Odebrecht S.A. would pay back the
USD250 million loan to OEC in 2016.  The timeframe of holding
support returning to OEC is uncertain as it depends on the group's
sale of assets strategy.

                           KEY ASSUMPTIONS

   -- Backlog falling 40% in 2016 and 6% in 2017 with execution
      pace slowing down;

   -- Net revenues falling 64% in 2016 and 15% in 2017 in BRL
      terms;

   -- EBITDA margin of 8.2% in 2016 and 8.4% in 2017 pressured by
      severance payments;

   -- Capex at 2% of net revenues for both years and no dividends
      distribution in 2016.

                       RATING SENSITIVITIES

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

   -- The announcement of debt restructuring;
   -- Difficulties maintaining and executing OEC's backlog at
      historical run-rates, affecting its cash generation;
   -- Gradual liquidity position weakening.

Upgrades are unlikely until the company recovers its backlog and
reputation.

                            LIQUIDITY

Fitch forecasts OEC liquidity under pressure as more significant
debt matures.  As of Sept. 30, 2016, OEC's cash position of
USD1.6 billion was lower than the USD2.5 billion in the fourth
quarter of 2015.  On top of the USD210 million in short0term debt,
the next big amortization is a USD154 million in April 2018.  The
agency will also continue to follow the company's efficiency in
avoiding cash burn derived from operational activity and group
support.

FULL LIST OF RATING ACTIONS

Fitch has downgraded these ratings:

Odebrecht Engenharia e Construcao S.A. (OEC)

   -- Long-Term Foreign and Local-Currency IDRs to 'CC' from 'B-';
   -- National Scale Rating to 'CC(bra)' from 'BB-(bra)'.

Odebrecht Finance Limited (OFL)

   -- BRL500 million senior unsecured notes due 2018 to 'CC/RR4'
      from 'B-/RR4';
   -- USD500 million senior unsecured notes due 2020 to 'CC/RR4'
      from 'B-/RR4';
   -- USD600 million senior unsecured noted due 2022 to 'CC/RR4'
      from 'B-/RR4';
   -- USD800 million senior unsecured notes due 2023 to 'CC/RR4'
      from 'B-/RR4';
   -- USD550 million senior unsecured notes due 2025 to 'CC/RR4'
      from 'B-/RR4';
   -- USD500 million senior unsecured notes due 2029 to 'CC/RR4'
      from 'B-/RR4';
   -- USD850 million senior unsecured notes due 2042 to 'CC/RR4'
      from 'B-/RR4';
   -- USD750 million perpetual bonds to 'CC/RR4' from 'B-/RR4'.

The ratings have been removed from Rating Watch Negative.


* Brazil Financial Cos. Face Low Loan Growth in 2017, Fitch Says
----------------------------------------------------------------
Coming off a year of exceptionally low loan growth, Brazilian
finance companies face continued weak growth at levels lower that
in recent years, according to a new Fitch Ratings report.

"After a cycle of high delinquency and lower profitability, the
performance of the operating environment, especially with regard
to unemployment and GDP evolution, is the main driver of the
financial health of Brazilian financial companies in 2017," said
Jean Lopes, Director.

"A well-defined and resilient long-term business model, deep
mismatch monitoring between assets and liabilities, and
effectiveness in risk and collection controls will be important."

Loan growth as of September 2016 was only 0.7 percent, compared to
3 percent during the same period in 2015.

High delinquencies have been an issue, which is expected to
continue to grow at above average rates.  Much of the default is
offset by high spreads, which led to high profitability.  However,
the high volume of provision expenses has offset profitability
growth.

Consolidated capitalization was comfortable at close to 25 percent
as of September 2016, well above the financial system's 16.8
percent.

The dashboard includes analysis of 44 independent finance
companies including profitability, capitalization, funding, and
credit quality.



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


CENTENNIAL UK II: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Dec. 5, 2016, the members of
Centennial UK II Limited 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:

          Isa Zainal
          c/o Ica Eden
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


COMMODITIES (ALPHA): Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 6, 2016, the sole shareholder of Commodities (Alpha)
Master Inst 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


DBARN NET: Commences Liquidation Proceedings
--------------------------------------------
The sole shareholder of Dbarn Net Interest Margin 2006-FM2N, on
Nov. 25, 2016, resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alan Turner
          c/o Andrew Johnson
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 814 0700


ELECTRICINVEST (WINDCO II): Commences Liquidation Proceedings
-------------------------------------------------------------
At an extraordinary meeting held on Dec. 5, 2016, the members of
Centennial UK II Limited 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:

          Isa Zainal
          c/o Ica Eden
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


LB ALPHA: Commences Liquidation Proceedings
-------------------------------------------
The shareholders of LB Alpha Finance Cayman Limited, on Nov. 30,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LB BETA: Commences Liquidation Proceedings
------------------------------------------
The sole shareholder of LB Beta Finance Cayman Limited, on Nov.
30, 2016, resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LIMETREE CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Limetree Capital Partners Limited, on Dec.
6, 2016, 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:

          Cathlin Rossiter
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Grand Cayman KY1-1106
          Elgin Court Elgin Avenue, George Town
          Cayman Islands
          Telephone: (345) 815 8512
          Facsimile: (345) 945 3470


MAXIMUM EMERGING: Commences Liquidation Proceedings
---------------------------------------------------
The shareholders of Maximum Emerging Markets Alpha, on Dec. 2,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


RACON FUND: Placed Under Voluntary Wind-Up
------------------------------------------
The sole shareholder of Racon Fund Ltd., on Dec. 9, 2016, 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:

          Racon Capital Partners LLC
          c/o Sophia Leavett
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


RACON MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole shareholder of Racon Master Fund Ltd., on Dec. 9, 2016,
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:

          Racon Capital Partners LLC
          c/o Sophia Leavett
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


SHARPS SP I 2006-NC2N: Commences Liquidation Proceedings
--------------------------------------------------------
The sole shareholder of Sharps SP I LLC Net Interest Margin 2006-
NC2N, on Nov. 25, 2016, resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alan Turner
          c/o Andrew Johnson
          Telephone: (345) 814 0700
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands


SHARPS SP I 2006-RS6N: Commences Liquidation Proceedings
--------------------------------------------------------
The sole shareholder of Sharps SP I LLC Net Interest Margin 2006-
RS6N, on Nov. 25, 2016, resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alan Turner
          c/o Andrew Johnson
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 814 0700


STANDARD PACIFIC: Commences Liquidation Proceedings
---------------------------------------------------
The members of Standard Pacific Pan-Asia Fund, Ltd., on Dec. 6,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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



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D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Scrap Yards Halted on Rivers
------------------------------------------------
RJR News reports that the Dominican Republic Environment Ministry
supervises the 241 companies that dump waste directly into the
Ozama and Isabela rivers to determine if their operations include
treatment plants.

"We inventoried 241 companies and divided them into blocks of 60.
We are visiting them one by one and depending on their
characteristics, we will take the correspond decisions,"
Environment Minister Francisco Dominguez said, according to RJR
News.

The report notes that Mr. Dominguez said they visited some
slaughterhouses and what "we observed was crazy.  They are full of
worms, they do not have hygienic conditions and they hurl all
their waste to the rivers."

Mr. Dominguez said some of the companies they have visited have
treatment plants, but should improve them, the report relays.

Mr. Dominguez met with leaders of community organizations who
reiterated their support for the resolution to rescue and clean-up
of the Isabela and Ozama rivers.

When asked why the companies that gut ships for scrap metal still
operate on the Ozama and Isabela despite the expired deadline, Mr.
Dominguez said they are completing their repairs and are not
scrapping, the report relays.

                            *   *   *

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

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

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

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

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

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



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


JAMAICA: No Need to Rely on Int'l Market to Raise Funds in 2017
---------------------------------------------------------------
RJR News reports that the Government has signaled that it will not
have to rely on the international capital market to raise funds
during the next financial year.

Finance Minister Audley Shaw says with the early redemption of
some Government of Jamaica bonds the need for foreign cash has
been reduced, according to RJR News.

"And this is the main reason for the elevated figure on the debt
servicing side.  What this means is that for the next fiscal year,
there will be no need to go into the international capital market
. . . . " Mr. Shaw said, the report notes.

Meanwhile, the Government is faced with more debt than it expected
this fiscal year -- it is estimated at J$224.5 billion, the report
relays.

Principal payments are expected to increase by $6.9 billion and
interest payments $1.7 billion, the report notes.

The Finance Minister says the impact of exchange rate movements
and pre-financing arrangements also impacted the debt stock, 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
======================


AEROPOSTALE INC: Court Extends Plan Filing Period to March 1
------------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York extended Aeropostale, Inc., et al.'s
exclusive periods for filing a chapter 11 plan and soliciting
acceptances to the plan through March 1, 2017 and April 30, 2017,
respectively.

Absent the extension, the Debtor's exclusive plan filing period
would have expired on December 31, 2016.  The Debtor's exclusive
solicitation period was set to expire on March 1, 2017.

                      About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. From
Aeropostale stores and website.  The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment.  Aeropostale maintains control over
its proprietary brands by designing, sourcing, marketing and
selling all of its own merchandise.  As of May 1, 2016 the Company
operated 739 Aeropostale(R) stores in 50 states and Puerto Rico,
41 Aeropostale stores in Canada and 25 P.S. from Aeropostale(R)
stores in 12 states.  In addition, pursuant to various licensing
agreements, the Company's licensees currently operate 322
Aeropostale(R) and P.S. from Aeropostale(R) locations in the
Middle East, Asia, Europe, and Latin America.  Since November
2012, Aeropostale, Inc. has operated GoJane.com, an online women's
fashion footwear and apparel retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schubac, senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.

The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors.  The Committee hired Pachulski Stang Ziehl
& Jones LLP as counsel.


FARMACIAS FREDDY: Hires Batista Law Group as Counsel
----------------------------------------------------
Farmacias Freddy, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Batista
Law Group, PSC as counsel for the Debtor.

The Debtor said it is not sufficiently familiar with the law to be
able to plan and conduct the Chapter 11 proceedings without
competent legal counsel.

The Debtor has found the law firm and its members to be duly
qualified to represent the Debtor in these proceedings by reason
of their ability, integrity and professional experience.

Batista Law Group will be paid at these hourly rates:

    Jesus E. Batista Sanchez, Esq.      $225.00
    Associates                          $150.00
    Paralegals                          $75.00

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

Jesus E. Batista Sanchez, Esq., principal of the Batista Law
Group, PSC, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code anddoes not represent any interest adverse to the
Debtor and its estates.

Batista Law Group may be reached at:

     Jesus E. Batista Sanchez, Esq.
     Batista Law Group, PSC
     20 Ave. Munoz Rivera, Suite 901
     San Juan, PR 00918
     Telephone: 787-620-2856
     Fax: 787-777-1589

Farmacias Freddy, Inc., based in Naguabo, Puerto Rico, filed a
Chapter 11 bankruptcy petition (Bankr. D. P.R. Case No. 16-09980)
on December 23, 2016.  The Hon. Brian K. Tester presides over the
case.  Jesus Enrique Batista Sanchez, Esq., at The Batista Law
Group, PSC, serves as Chapter 11 counsel.  In its petition, the
Debtor listed $646,094 in total assets and $1.05 million in total
liabilities.  The petition was signed by Ivan Garcia, president.



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


PETROTRIN: $600 Million in Projected Loss for 2016
--------------------------------------------------
Trinidad Express reports that it is alarming, though not
surprising, how the crown jewel of Trinidad and Tobago's oil
industry, Petrotrin, could, in less than two decades, turn into a
crown of thorns that inflicts pain on a nation to which, not long
ago, it delivered huge profits and paid more taxes than any other
corporation.

The one-time giant, which is still the biggest producer of crude
oil and has the biggest asset-base in Trinidad & Tobago ($37
billion in 2015, down from $45 billion in 2014), has been brought
to its knees with a staggering debt of $13.2 billion and a bond of
US$850 million that is payable in 2019, according to Trinidad
Express.

This grim financial scenario comes in the wake of the company's
revenue falling from $29 billion in 2014 to $19 billion in 2015
and $16 billion in 2016, the report notes.

Petrotrin posted a loss of $822 million in 2015 and the projected
loss for 2016 is $600 million, according to the report.

                         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.


PETROTRIN: Consultant Makes Suggestions for Firm to Stay Relevant
-----------------------------------------------------------------
Trinidad Express reports that Ved Seereeram, financial consultant
and former Citibank vice president, and Vaalmikki Arjoon,
University of the West Indies (The UWI) financial economics
lecturer, offered some solutions financial for Petrotrin.

They suggested to make Petrotrin an essential service, expedite
the plan to power vehicles with compressed natural gas (CNG),
allow competition in fuel supply, and cut staff, according to
Trinidad Express.

"Developing a contingency plan for the supply of fuel to
industries and the citizens is critical, since a shut down of the
refinery could occur for many reasons. In the case of other
monopolistic industries, there are alternatives to create
competition through the establishment of mini plants," Mr.
Seereeram said, adding that new technology available today can
allow this to happen, the report adds.

                         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.


                            ***********


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, 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
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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