TCRLA_Public/170120.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 20, 2017, Vol. 18, No. 015


                            Headlines



A R G E N T I N A

YPF SA: Fitch Affirms 'B' Issuer Default Rating; Outlook Stable


B R A Z I L

CAP SA: S&P Puts 'BB' CCR on Watch Pos. on Strong Performance


C A Y M A N  I S L A N D S

ADAR LATAM: Placed Under Voluntary Wind-Up
BANIF FINANCE: Creditors and Contributories to Meet on Jan. 20
CAIRN COMPANY: Commences Liquidation Proceedings
DAIRY HOLDINGS: Creditors Hold Final Meeting
DBARN NET 2007-OA5N: Commences Liquidation Proceedings

DBARN NET 2007-1N: Commences Liquidation Proceedings
DREYFUS FUND: Creditors' Proofs of Debt Due Feb. 13
ECHO NOTES: Commences Liquidation Proceedings
FOOD HOLDINGS: Creditors Hold Final Meeting
PARMALAT CAPITAL: Creditors Hold Final Meeting

PLATINUM PARTNERS: Court Appoints Official Liquidators
SHARPS SP I 2005-RM1N: Commences Liquidation Proceedings
SHARPS SP I 2006-ASAP3N: Commences Liquidation Proceedings
SHARPS SP I 2007-MHL1N: Commences Liquidation Proceedings
TETON SPC: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Initial Price Thoughts Set for New 10Yr. Bond


G U A T E M A L A

GUATEMALA: President's Brother, Son Detained in Corruption Probe


J A M A I C A

* JAMAICA: Finance Minister Remains Optimistic About the Economy


P U E R T O    R I C O

GENERAL MOTRIZ: Unsecureds to be Paid $146 Over 60 Months
KOMODIDAD DISTRIBUTORS: Court Approves Disclosure Statement
SEICO GERARDO: Seeks to Hire Tamarez CPA as Accountant


T R I N I D A D  &  T O B A G O

PETROTRIN: Changes Coming, Chief Says


                            - - - - -


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


YPF SA: Fitch Affirms 'B' Issuer Default Rating; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Foreign and Local Currency (LC/FC)
Issuer Default Ratings of YPF S.A. at 'B'.  The Rating Outlook is
Stable.

Additionally, Fitch has affirmed the company's long-term
international senior unsecured bonds at 'B/RR4'.

                        KEY RATING DRIVERS

YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina and the company's relatively low
reserve life.  YPF's 'B' ratings are linked to the sovereign
rating of Argentina, which has long-term LC and FC IDRs of 'B'
with a Stable Outlook.

Fitch has assigned a country ceiling of 'B' to the Republic of
Argentina, which limits the foreign currency rating of most
Argentine corporates.  Country Ceilings are designed to reflect
the risks associated with sovereigns placing restrictions on
private sector corporates, which may prevent them from converting
LC to any FC under a stress scenario, and/or may not allow the
transfer of FC abroad to service FC debt obligations.  Since
taking power in December 2015, the Mauricio Macri administration
removed FX controls introduced in 2011 and increased the
flexibility of the Argentine peso, which should contribute to
improving the capacity of the economy to absorb external shocks
and relieve pressure on international reserves.

The 'RR4' Recovery Rating for the company's senior unsecured notes
outstanding reflects an average expected recovery given default
and is in line with the RR soft cap established for Argentine
corporates.

                       LINKAGE TO SOVEREIGN

YPF's ratings reflect the close linkage with the Republic of
Argentina resulting from the company's ownership structure as well
as recent government interventions.  The Republic of Argentina
controls the company through its 51% participation after it
nationalized the company on April 2012.  Following this action,
the company's strategy and business decisions are governed by the
Republic.  The Argentine government has a history of significant
interference in the oil and gas sector.  Via Decree No. 1277, the
government set regulations related to investment levels in the oil
and gas sector and domestic price reference points.  Although in
recent years, government regulations maintained domestic crude oil
prices significantly below world prices, these same regulations
have kept Argentine crude oil prices above global prices, despite
the global price decline seen during the last two years.  Fitch
expects oil domestic prices to smoothly converge to international
prices by the end of 2017.

                   LOW HYDROCARBON RESERVE LIFE

The ratings consider the company's relatively weak, though
improving, operating metrics characterized by low reserve life.
As of year-end 2015, YPF reported proved reserves (1P) of 1,226
million barrels of oil equivalent (boe) and average production of
577,000 boe per day (boe/d) with 52% of the production related to
liquids.  Over the past three years, YPF's capex investments
resulted in a reserve replacement ratio above 100%.  While the
reserve replacement ratio improved to 107% in 2015, based on
production trends the company's reserve life is below-optimal at
approximately six years, still well below Fitch's ideal range of
10 years.

In 2015, total proved developed reserves totalled 889 mmboe,
representing 72.5% of total reserves, in the upper range of the
60% to 80% that Fitch considers adequate.  Fitch believes the
company's low reserve life could create significant operational
challenges in the medium to long term and gives the company
limited flexibility to reduce capex investments in order to
increase upstream reserves/production.  The company's ability to
develop mature fields and non-conventional resources will be key
on the success of its long-term investment plan to maintain
reserves and increase production.

                      STABLE OPERATING METRICS

As expected by Fitch, the company's production remained stable
with an average daily production of 577,000 boe/d in 2015 (up 3%
year-over-year).  For the first nine months of 2016, production
remained relatively flat with an average production of 578,500
boe/d.  During 2016, the company continued its intensive drilling
program with a focus on non-conventional formations, and the
company's lifting cost decreased to USD 11per barrel from USD16
per barrel observed in 2015 due to Argentine Peso depreciation and
negotiations with suppliers.  Additionally, during the 3Q16, the
company significantly reduced the costs of drilling horizontal
wells in Loma Campana to USD9.5 million per well from USD13.6
million observed in 2015 and USD16.6 million in 2014.

                     STRONG BUSINESS POSITION

Fitch expects the company to continue to solidify its market
leadership in Argentina.  YPF benefits from a strong business
position supported by its vertically integrated operations and
dominant market presence in the Argentine hydrocarbons' market.
Fitch anticipates that YPF will continue to exercise an active
role in domestic fuel and gas supply.  In the downstream segment,
where YPF enjoys a 55% market share of domestic gasoline and
diesel sales, the company benefits from relatively high prices for
refined products in Argentina.

                      STRONG FINANCIAL PROFILE

YPF maintains a strong financial profile, which Fitch views as in
line with a 'BB' on a standalone basis.  YPF has relatively solid
credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule.  The company reported
approximately USD4 billion of adjusted EBITDA and USD9.9 billion
of debt as of the latest-12-months (LTM) ended September 2016.
This translates into a Fitch calculated financial leverage ratio
of approximately 2.5x in dollar terms.  The company reported high
leverage when measured by total proven reserves (1P) to total
debt, of approximately USD8.37 of debt per barrel.

Fitch expects for the company's net leverage ratios to rise to the
2.2x-2.5x level by 2016-2017 and returning to levels below 2.0x
for 2018-2020, still considered moderate for the rating level.
During recent years the company's leverage has increased
moderately, mostly as a result of increases in debt to fund the
company's ramped up capital expenditure program.

                        MANAGEABLE CAPEX PLAN

The company reduced its capex investments during 2016 as a result
to lower prices and lower cash flow generation.  Capex investments
for the 2Q16 and 3Q16 were approximately 38% and 41% lower in
dollar terms compared with the same periods of 2015, mostly as a
result of lower activity in the upstream segment.  Despite the
significant reduction in the company's capital expenditure program
during 2016, Fitch expects the company to continue with its
initial ambitious capex program to maintain stable production in
2016 and increase production in the following years.

                          KEY ASSUMPTIONS

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

   -- Production remains flat during the rating period;

   -- Realized oil prices of USD61/bbl for 2016, decreasing to
      mid-USD50's in 2017 and converging to international prices
      by the end of 2017;

   -- Fitch's oil price assumptions per barrel of WTI of USD
      55/bbl for 2018, USD60/bbl for 2019 and USD65/bbl in the
      long term;

   -- Natural gas prices increasing to the USD4.5 to USD5.0/MMcf
      level over the next five years;

   -- Capex of approximately USD4.7 billion for 2016. Fitch
      conservatively assumes capex of USD4 billion per year during
      2017 to 2019.

                       RATING SENSITIVITIES

YPF's ratings could be negatively affected by a combination of the
following: a downgrade of the Republic of Argentina's ratings; a
significant deterioration of credit metrics; and/or the adoption
of adverse public policies that can affect the company's business
performance in any of its business segments.

A positive rating action could occur as the result of an upgrade
of the sovereign rating.

                             LIQUIDITY

YPF's cash and cash equivalents totaled US$1.64 billion as of
September 2016.  The company's liquidity position is further
strengthened by the USD650 million government bonds (BONAR 2020)
related to the 2015 Plan Gas receivables.  The company's liquidity
position is considered adequate to cover its short-term debt.

The company has been successful accessing the local and
international markets, and given that the company is controlled by
the Argentine government, Fitch does not anticipate any
difficulties for the company to tap the local or international
debt markets in order to refinance short-term debt

FULL LIST OF RATING ACTIONS

Fitch has affirmed YPF's ratings as:

   -- Long-Term Foreign Currency IDR at 'B'; Outlook Stable;
   -- Long-Term Local Currency IDR at 'B'; Outlook Stable;
   -- Notes due 2018, 2020, 2021, 2024, 2025, 2028 at 'B'/'RR4'.



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


CAP SA: S&P Puts 'BB' CCR on Watch Pos. on Strong Performance
-------------------------------------------------------------
S&P Global Ratings has placed its 'BB' corporate and issue-level
ratings on CAP S.A. on CreditWatch with positive implications.

The CreditWatch placement reflects an upgrade potential if better
iron ore prices and cost-cutting initiatives continue to
strengthen CAP's metrics than S&P has previously expected.

The ratings on CAP reflect its somewhat modest scale of operations
both in the iron ore and steel segments, which adds volatility to
credit metrics, despite the historically low the company's debt.
However, its cost-cutting measures and focus on its more
profitable operations, combined with higher-than-expected iron ore
prices, has generated FOCF in excess of $200 million per year and
improved financial metrics and liquidity in recent quarters.

S&P continues to expect a volatile pricing environment for iron
ore and steel, given demand uncertainties while supply is expected
to continue to increase over the next few years.  On the other
hand, pellet premiums have increased somewhat following the
suspension of the operations of Samarco Mineracao S.A. (D/--/--)
since late 2015.  The latter can help CAP keep stronger financial
metrics and a cushion to maintain leverage below 3x even under a
less benign environment for iron ore prices.

S&P expects to resolve the CreditWatch in the next 90 days as it
reviews the company's forecast under higher pricing assumptions,
improved operating efficiency, and revised production levels for
steel and iron ore, as well as updated investment plan and
liability management strategy.



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


ADAR LATAM: Placed Under Voluntary Wind-Up
------------------------------------------
The sole shareholder of Adar Latam Special Situations 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:

          Adar Capital Partners Ltd.
          c/o Paul Ebanks
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


BANIF FINANCE: Creditors and Contributories to Meet on Jan. 20
--------------------------------------------------------------
The creditors and contributories of Banif Finance Limited will
hold their first meeting on Jan. 20, 2017, at 10:00 a.m.

The company commenced liquidation proceedings on Dec. 6, 2016.

The company's liquidator is:

          Matthew Wright
          c/o Daniel McGrath
          RHSW (Cayman) Limited
          Windward 1 Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 814 8713
          Facsimile: (345) 949 8295


CAIRN COMPANY: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 8, 2016, the members of
Cairn Company (Cayman Islands No.6) Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


DAIRY HOLDINGS: Creditors Hold Final Meeting
--------------------------------------------
The creditors of Dairy Holdings Limited held their final meeting
on Dec. 19, 2016, and discussed matters about the company's
liquidation.

The company's liquidator is:

          Gordon I. MacRae
          Zolfo Cooper
          10 Market Street, Camana Bay
          P.O. Box 776, Grand Cayman KYI-9006
          Cayman Islands
          Telephone: +1 (345) 946-0081


DBARN NET 2007-OA5N: Commences Liquidation Proceedings
------------------------------------------------------
The sole member of DBARN Net Interest Margin 2007-OA5N, 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 liquidators are:

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


DBARN NET 2007-1N: Commences Liquidation Proceedings
----------------------------------------------------
The sole member of Dbarn Net Interest Margin 2007-1N, 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 liquidators are:

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


DREYFUS FUND: Creditors' Proofs of Debt Due Feb. 13
---------------------------------------------------
The creditors of Dreyfus Fund International Limited are required
to file their proofs of debt by Feb. 13, 2017, to be included in
the company's final dividend distribution.

The company's liquidator is:

          Mark E. Munnings
          c/o Deloitte & Touche Bahamas
          Dehands House, 2nd Terrace West Centreville
          P.O. Box N-7120
          Nassau, N.P The Bahamas
          Telephone: (242) 302-4800
          Facsimile: (242) 322-3101
          e-mail: info@dfilinliquidation.com


ECHO NOTES: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 8, 2016, the members of
Echo Notes (Cayman) Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


FOOD HOLDINGS: Creditors Hold Final Meeting
-------------------------------------------
The creditors of Food Holdings Limited held their final meeting on
Dec. 19, 2016, and discussed matters about the company's
liquidation.

The company's liquidator is:

          Gordon I. MacRae
          Zolfo Cooper
          10 Market Street, Camana Bay
          P.O. Box 776, Grand Cayman KYI-9006
          Cayman Islands
          Telephone: +1 (345) 946-0081


PARMALAT CAPITAL: Creditors Hold Final Meeting
----------------------------------------------
The creditors of Parmalat Capital Finance Limited held their final
meeting on Dec. 16, 2016, and discussed matters about the
company's liquidation.

The company's liquidator is:

          Gordon I. MacRae
          Zolfo Cooper
          10 Market Street, Camana Bay
          P.O. Box 776, Grand Cayman KYI-9006
          Cayman Islands
          Telephone: +1 (345) 946-0081


PLATINUM PARTNERS: Court Appoints Official Liquidators
------------------------------------------------------
The Grand Court of Cayman Islands on Dec. 16, 2016, appointed
Margot MacInnis and Nilani Perera as official liquidators of
Platinum Partners Value Arbitrage Fund (International) Limited
replacing liquidators Matthew Wright and Christopher Kennedy.

The Liquidators can be reached at:

          Margot MacInnis
          Borrelli Walsh (Cayman) Limited
          Harbour Place, Ground Floor
          103 South Church Street
          Grand Cayman
          Cayman Islands; and

          Nilani Perera
          Borrelli Walsh (BVI) Limited
          Palm Grove House, 4th Floor
          Road Town, Tortola
          British Virgin Islands


SHARPS SP I 2005-RM1N: Commences Liquidation Proceedings
--------------------------------------------------------
The sole member of Sharps SP I LLC Net Interest Margin 2005-RM1N,
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 liquidators are:

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


SHARPS SP I 2006-ASAP3N: Commences Liquidation Proceedings
----------------------------------------------------------
The sole member of Sharps SP I LLC Net Interest Margin 2006-
ASAP3N, 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 liquidators are:

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


SHARPS SP I 2007-MHL1N: Commences Liquidation Proceedings
---------------------------------------------------------
The sole member of Sharps SP I LLC Net Interest Margin 2007-MHL1N,
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 liquidators are:

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


TETON SPC: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Dec. 8, 2016, the members of
Teton SPC Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands



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


DOMINICAN REPUBLIC: Initial Price Thoughts Set for New 10Yr. Bond
-----------------------------------------------------------------
Dominican Today, citing Reuters, reports that the Dominican
Republic set initial price thoughts of low 6% on a new US dollar-
denominated 10-year bond, according to two market sources on
Wednesday.

"JP Morgan is bookrunner on the 144A/Reg S issue, which is
expected to price later in the day," Reuters said, adding that the
State-owned bank BanReservas is co-manager on the offering,
according to Dominican Today.

The cable service classified the size of the offering as
Benchmark, with a 10-year maturity and IPTs at low 6%, the report
notes.

                         *   *   *

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'.



=================
G U A T E M A L A
=================


GUATEMALA: President's Brother, Son Detained in Corruption Probe
----------------------------------------------------------------
Associated Press reports that Guatemalan prosecutors detained the
brother and son of President Jimmy Morales for alleged corruption.

A United Nations anti-graft commission said the two are suspected
of submitting false receipts worth about $20,000 in an alleged tax
fraud.

The president's brother, Samuel, told reporters at the courthouse
that he is innocent but cooperating with the investigation,
according to Associated Press.

Attorney General Thelma Aldana said she also sought a warrant for
the president's 23-year-old son, Jose Manuel Morales Marroquin,
but he appeared voluntarily for questioning, the report notes.

National Civil Police spokesman Jorge Aguilar said later that
Morales Marroquin "was arrested and put at the disposition of a
judge" after presenting himself to prosecutors, the report relays.

The president stuck to his schedule despite the detentions.

"As family, all support," Mr. Morales told reporters at the
inauguration of a school in southern Guatemala.  "And all support
for the law as a citizen president," he added.

He wrote on his official Twitter account, "The rule of law must
prevail above all things," the report relays.

Guatemalan prosecutors backed by the U.N. commission have brought
a string of anticorruption cases, most notably against former
President Otto Perez Molina, the report adds.



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


* JAMAICA: Finance Minister Remains Optimistic About the Economy
----------------------------------------------------------------
RJR News reports that Jamaica Finance Minister Audley Shaw is
still optimistic that the Jamaican economy which achieve two
percent growth this fiscal year.

The Minister maintained the forecast during the opening of the
debate on the first Supplementary Estimates in the House of
Representatives, according to RJR News.

Mr. Shaw said real gross domestic product (GDP) growth for the
first half of the current fiscal year was 1.7 percent compared to
1.2 percent during the first half of 2015/16, the report notes.

Mr. Shaw noted that growth in the economy has been fairly broad-
based, with agriculture and fisheries growing by 17.4 percent,
hotels and restaurants by 1.7 percent, electricity and water
supply 3.8 percent, and manufacturing and construction 0.7
percent, 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
======================


GENERAL MOTRIZ: Unsecureds to be Paid $146 Over 60 Months
---------------------------------------------------------
General Motriz, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a small business disclosure statement
describing its chapter 11 plan of reorganization, which proposes
to pay general unsecured creditors $146.04 in 60 equal monthly
installments.

Class 3, general unsecured claims, is impaired under the plan.
This class' allowed unsecured claims will be paid in the following
manner: Debtor will award a total sum of $8,762.61, which
represents a 2% distribution for this class. This class' allowed
unsecured claims will be paid in 60 equal monthly installments of
$146.04; each payment will be distributed in a pro rate amount to
all creditors and claimants included in this class.

The Plan will be funded with cash available proceeds from the
revenue that the stores generate, after paying operating expenses
and taxes.

A full-text copy of the Disclosure Statement is available at:

       http://bankrupt.com/misc/prb16-02193-11-95.pdf

                   About General Motriz

General Motriz, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-02193) on March 21,
2016.  The Debtor is represented by Victor Gratacos Diaz, Esq.,
At Gratacos Law Firm, P.S.C.


KOMODIDAD DISTRIBUTORS: Court Approves Disclosure Statement
-----------------------------------------------------------
Komodidad Distributors Inc. and its affiliates are now a step
closer to emerging from Chapter 11 protection after a bankruptcy
judge approved the outline of their plan of reorganization.

Judge Enrique Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico gave the thumbs-up to the disclosure
statement after finding that it contains "adequate information."

The order set a Feb. 10 deadline for creditors to cast their votes
and a Feb. 14 deadline to file their objections.

A court hearing to consider confirmation of the plan is scheduled
for Feb. 21, at 2:00 p.m. (Atlantic Standard Time).  The hearing
will take place at Jose V. Toledo Federal Building and U.S.
Courthouse, Courtroom 2, 300 Recinto Sur Street, Old San Juan,
Puerto Rico.

                  About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016.  The
petition was signed by Jorge Galliano, president.

The Hon. Enrique S. Lamoutte Inclan presides over the case.
Javier Vilarino, Esq., at Vilarino & Associates serves as the
Debtor's bankruptcy counsel.

The Debtor estimated assets of $50 million to $100 million and
estimated debts of $10 million to $50 million.

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


SEICO GERARDO: Seeks to Hire Tamarez CPA as Accountant
------------------------------------------------------
Seico Gerardo Barahona Sierra seeks approval from the United
States Bankruptcy Court for the District of Puerto Rico to employ
Albert Tamarez-Vasquez, CPA, CIRA from TAMAREZ CPA, as the
Debtor's accountant.

The services the accounting firm will provide are:

     a) Reconcile financial information to assist Debtor in the
        preparation of monthly operating reports.

     b) Assist in the reconciliation and clarification of proof of
        claims filed and amount due to creditors.

     c) Provide general accounting and tax services to prepare
        year-end reports and income tax preparation.

     d) Assist Debtor and Debtor's counsel in the preparation of
        the supporting documents for the Chapter 11 Reorganization
        Plan.

The terms of the employment as Debtor's accountant are:

     Albert Tamarez-Vasquez, CPA   $150.00 per hour
     CPA Supervisor                $100.00 per hour
     Senior Accountant             $ 85.00 per hour
     Staff Accountant              $ 65.00 per hour

Albert Tamarez-Vasquez, CPA, attests that he is a disinterested
party pursuant to 11 U.S.C. Section 101(14) of the Bankruptcy
Code.

The Firm can be reached through:

     Albert Tamarez-Vasquez, CPA, CIRA
     TAMAREZ CPA
     PO Box 194136
     San Juan, PR 00919-4136
     Tel: (787) 795-2855
     Fax: (787) 200-7912
     E-mail: atamarez@tamarezcpa.com

            About Seico Gerardo Barahona Sierra

Seico Gerardo Barahona Sierra filed a voluntary Chapter 11
Petition under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 16-08271) on October 15, 2016, and continues operating
its business and property as Debtor in Possession.  The Debtor is
represented by Enrique M Almeida Bernal, Esq. of Almeida & Davila
PSC.  Upon filing, the Debtor estimates less than $1 million in
assets and liabilities.



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


PETROTRIN: Changes Coming, Chief Says
-------------------------------------
Trinidad Express reports that change is coming to Petrotrin, its
president Fitzroy Harewood said.

Mr. Harewood said it is the only way the State oil company will be
able to repay its debt -- which includes a US$850 million bond due
in August 2019 -- and improve its crude production levels, he
said, according to Trinidad Express.

In a message titled "Strategic Direction 2017 and Beyond"
circulated internally as well as to the media, Mr. Harewood
maintained that the company was faced with "major cash- flow
problems that affect our trade financing activities and the
adequacy of our working capital funds," the report notes.

Petrotrin workers and their union, the Oilfields Workers' Trade
Union (OWTU), called off a strike on January 9 after they secured
a five per cent salary increase, the report relays.

                         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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