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

               Thursday, January 26, 2017, Vol. 18, No. 019


                            Headlines



B R A Z I L

ODEBRECHT SA: Peru Moves to Oust Firm Over Bribes
RUMO SA: S&P Assigns 'BB-' CCR on Large Capital Expenditure Plan
SMU SA: S&P Puts 'CCC+' CCR on CreditWatch Positive


C A Y M A N  I S L A N D S

AUTOPISTAS DEL NORDESTE: Fitch Hikes Notes to 'BB-'
BOSON GLOBAL: Placed Under Voluntary Wind-Up
BROTHERS HOLDINGS: Commences Liquidation Proceedings
CALABAS CAPITAL: Placed Under Voluntary Wind-Up
CALABAS CAPITAL MANAGEMENT: Placed Under Voluntary Wind-Up

CENTURION SHORT: Commences Liquidation Proceedings
DIAPASON COMMODITIES: Commences Liquidation Proceedings
DIAPASON RELATIVE: Commences Liquidation Proceedings
DIAPASON RELATIVE MASTER: Commences Liquidation Proceedings
ESO HOLDINGS: Commences Liquidation Proceedings

FAR EAST: Commences Liquidation Proceedings
FAR EAST INVESTMENTS: Commences Liquidation Proceedings
KARMA OFFSHORE: Placed Under Voluntary Wind-Up
KIDS HOLDINGS: Commences Liquidation Proceedings
LIMETREE CAPITAL: Commences Liquidation Proceedings

MAPLEHURST HOLDINGS: Commences Liquidation Proceedings
MARKA HOLDINGS: Commences Liquidation Proceedings
NIGHTLINE LTD: Placed Under Voluntary Wind-Up
PROTEGE PARTNERS: Placed Under Voluntary Wind-Up
ST. HERVE: Placed Under Voluntary Wind-Up

WMH LIMITED: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Trump Looms Large at Regional Conclave
DOMINICAN REPUBLIC: Exporters Will Co-Manage Trade Statistics


J A M A I C A

DIGICEL GROUP: Battle with FTC to Head to UK Privy Council in May


P U E R T O    R I C O

COMERCIAL CELTA: Hires Lugo Mender Law Firm as Attorney


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Cemex SAB Takes Over Firm


                            - - - - -


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


ODEBRECHT SA: Peru Moves to Oust Firm Over Bribes
-------------------------------------------------
Ryan Dube at The Wall Street Journal reports that Peruvian
President Pedro Pablo Kuczynski said Brazilian construction
company Odebrecht SA will have to sell its projects and leave the
country after admitting it paid millions of dollars in bribes to
win public works contracts.

"Unfortunately, they are tainted by corruption. They have to go,"
Mr. Kuczynski said in comments to radio station RPP Noticias.
"Odebrecht will have to sell its projects," according to The Wall
Street Journal.

The report notes that Peru is the second country to announce it is
moving to expel Odebrecht after the company signed the largest
anti-corruption settlement in history last month, acknowledging to
U.S. authorities that it paid nearly $800 million in bribes
connected to more than 100 projects in 12 countries, mostly in
Latin America.  Colombia said it was working to remove Odebrecht
from the country after the firm admitted paying $11 million to
secure road and other projects, the report relays.

Ecuador and Panama have also barred Odebrecht from signing
contracts for new public works pending the completion of their
probes, the report discloses.

Odebrecht SA's office in Peru, where the company admitted to
paying $29 million in bribes, said in a statement it was
cooperating with authorities, the report relays.  The company also
said it was looking for ways to continue its projects to protect
jobs and honor payments to suppliers. The company didn't
elaborate, the report notes.

"It is necessary to offer our profound apology to society and our
almost 10,000 workers for the grave errors committed by former
directors," Odebrecht SA said, the report discloses.

Odebrecht SA's former chief executive, Marcelo Odebrecht, was
sentenced in Brazil last year to 19 years in prison for scandals
there, the report relays.  In Peru, the company replaced its
director, Jorge Barata, late last year, the report notes.

Mr. Kuczynski's comments follow the termination of a contract with
an Odebrecht-led consortium to build a $7 billion natural gas
pipeline in southern Peru, the report discloses.  The contract was
voided after the consortium failed to secure financing for the
pipeline by a deadline, the report relays.  Banks refused to lend
to the group until Odebrecht sold its 55% stake in the project,
which it wasn't able to do amid corruption concerns, the report
notes.  Spain's Enagas and Peru's Grana y Montero were also part
of the consortium, the report says.  About 10% of the project's
construction was already completed, the companies said, the report
relays.

Odebrecht SA expanded its operations into Peru nearly 40 years
ago, which was its first foray outside of Brazil.  It has since
built some of the Andean nation's biggest infrastructure projects,
including irrigation works in the northern desert, highways,
hydroelectric plants and Lima's mass transit train system, the
report relates.  After years of strong business in Peru, it
donated almost $1 million to build a replica of the Rio de
Janeiro's Christ the Redeemer statute that overlooks Lima's
Pacific coast, the report says.

Odebrecht SA has already put some assets up for sell. In November,
it agreed to sell its Olmos irrigation project, which involved
drilling a tunnel through the Andes to divert a river to the
desert coast, to Canada's Brookfield Infrastructure and France's
Suez, the report notes.

The corruption scandal has also rocked Peru's political class.

Prosecutors made their first arrest last week connected to bribes
Odebrecht allegedly paid for the first line of Lima's mass transit
train system and plan to question former presidents Ollanta
Humala, Alan Garcia and Alejandro Toledo over contracts the
Brazilian firm won, the report notes.  All three have denied
wrongdoing.

A judge said Mr. Humala would need court approval before traveling
abroad as a money-laundering probe tied to Odebrecht continues.
His lawyer, Julio Espinoza, told newspaper Peru.21 on Monday that
he appealed that measure.

In 2015, Odebrecht's engineering and construction arm generated
87% of its BRL58 billion ($18.13 billion) in gross revenue from
international operations, with about BRL13 billion of that coming
from Latin America. Some analysts say its international business
may not survive the scandal, the report adds.

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal said that Marcelo Odebrecht,
the jailed former head of Brazilian construction giant Odebrecht
SA, agreed to sign a plea-bargain agreement in connection with
Brazil's largest corruption probe ever, according to a person
close to the negotiations.  The move could roil the nation's
political class yet again.  The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.


RUMO SA: S&P Assigns 'BB-' CCR on Large Capital Expenditure Plan
----------------------------------------------------------------
S&P Global Ratings has assigned its 'BB-/B' global scale and
'brA-/brA-2' national scale corporate credit ratings to Rumo S.A.
At the same time, S&P has assigned a 'b+' SACP on the company.
The outlook on the corporate credit ratings is negative.

The ratings reflect Rumo's large capital expenditure plan, the
expectation of an improvement in operating efficiency of the
assets from America Latina Logisica S.A. (ALL) that were merged
with Rumo's, and its relationship with the ultimate parent
company, Cosan Ltd. (BB/Negative/--).  S&P considers Rumo as a
strategically important subsidiary of Cosan, which provides one-
notch uplift to Rumo's 'b+' SACP.

Rumo has an aggressive investment plan for the next five years to
improve the operating efficiency of ALL's assets.  The company
will focus on revamping rail assets and increasing capacity to
support higher volumes transported through its railroad network.
Also, the heavy investment needs amid an already high debt level
should keep Rumo's FOCF in the negative zone until 2018, when
stronger cash flows will help reduce debt.  Although Rumo's
capital structure has improved considerably after the
renegotiation of R$2.9 billion in banking debt and equity
injection of R$2.6 billion in the first half of 2016, the company
still faces sizeable annual maturities, which combined with a
capex plan of R$8.5 billion for the next five years, will require
ongoing efforts to refinance debt.

The investment plan will also improve Rumo's competitive advantage
over companies that offer other modes of transportation,
especially road transportation.  Also, S&P expects the company to
fund most of its capex with direct and indirect lines from the
Brazilian Development Bank (BNDES), which typically have lower
costs and more favorable tenor terms.  In turn, the granting of
indirect BNDES lines depends on Rumo increasing credit limits with
banks and ultimately on additional banking lines.

After the merger of Rumo and ALL, the former became the largest
railroad operator in Brazil, owning the concession to exclusively
operate about 13,000 kilometers (km) of rail network.  However, it
generates the bulk of its revenue and EBITDA out of a 750-km
stretch that runs through some of the largest agricultural
commodities production areas in Brazil.  In this sense, the
company's business is concentrated in a specific region and
exposed to trends in agricultural commodities, although Rumo's
operations aren't limited to a single client or commodity.

As a characteristic of the business, S&P believes that Rumo
generates strong and predictable cash flows, while Brazilian
companies' investments in railroad capacity and infrastructure
usually bolster rapidly their financial metrics, given the
industry dynamics and infrastructure bottlenecks in the country.
This, combined with Rumo's capex discretion and access to funding
lines with favorable conditions, leads S&P to compare the company
favorably with other 'B' rated companies.  Nonetheless, over the
next few quarters, S&P still expects Rumo's margins to remain
slightly lower than those of its more efficient domestic peers,
such as MRS Logistica S.A. (BB/Negative/--), although they're
rising.


SMU SA: S&P Puts 'CCC+' CCR on CreditWatch Positive
---------------------------------------------------
The CreditWatch placement reflects the likelihood for an upgrade
following the completion of the IPO.  The company raised
CLP130 billion and intends to use the proceeds to pay down debt,
which will improve its capital structure.  Furthermore, SMU's
profitability has risen in the past two years amid sound revenue
growth and more efficient operations.  S&P believes that the
capital injection and improved performance will result in
consistent leverage reduction.  The potential upside also
incorporates SMU's renegotiation of covenants on its local bonds
in October 2016 to levels more consistent with the company's
expected performance.

The CreditWatch placement reflects S&P's view that it could raise
its ratings on SMU by one notch following the IPO and after it
uses the proceeds to repay debt, mostly with related parties.  S&P
expects to resolve the CreditWatch placement over the next 90
days, after S&P reviews the company's new capital structure and
business strategies, and revise its forecasts.



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


AUTOPISTAS DEL NORDESTE: Fitch Hikes Notes to 'BB-'
---------------------------------------------------
Fitch Ratings has upgraded Autopistas del Nordeste (Cayman) Ltd's
(AdN) notes to 'BB-' from 'B+'. The Rating Outlook is Stable. The
notes are due in 2026 and have an outstanding balance of USD152.2
million.

The rating upgrade reflects Fitch's positive rating action on the
Dominican Republic's sovereign, currently rated 'BB-'/Outlook
Stable and the fact that project fundamentals and financial
metrics support a rating improvement. AdN's rating is capped by
the credit quality of the sovereign, as the project's grantor.
Despite continued heavy delays in the payments of minimum revenue
guarantee (MRG) provided by the grantor, the availability of
robust liquidity at the project level provides adequate mitigation
against this risk.

KEY RATING DRIVERS

Summary: The rating is supported by the MRG paid by the Dominican
government, which largely mitigates the project's volume and price
risks, as toll revenues remain persistently insufficient to cover
operational costs and debt service. It also reflects a flexible
debt structure with principal payments that can be deferred for
two years if needed, and robust liquidity in the form of the
typical reserve accounts, a stand by letter of credit (SBLC)
provided by the grantor, and additional resources retained by the
stockholders within the project to face its operational and
financial obligations should delays in receipt of the MRG continue
or increase significantly. Considering the MRG cash inflows,
Fitch's rating case yields a solid debt service coverage profile
with minimum and average debt service coverage ratio (DSCR) of
1.29x and 1.62x, respectively, considered strong for the rating
category according to applicable criteria. AdN's rating is capped
by the Dominican Republic's sovereign rating.

Fitch believes the delays in the payment of the MRG are not signs
of the sovereign's incapacity or unwillingness to pay, but rather
a manner in which to make use of the financial flexibility offered
by the liquidity position of the project and a reflection of the
complex administrative process needed to make budget
appropriations. If such a buffer was not available, Fitch believes
the government would try and reduce the payment cycle. The
presence of Multilateral Investment Guarantee Agency (MIGA)
insurance may also incentivize the government to treat the MRG as
a senior expenditure.

Adequate Governmental Support: The government of the Dominican
Republic pledged an MRG that protects noteholders from the risk of
insufficient traffic over the life of the notes. The government
has continued to honor this pledge, and Fitch expects required
payments to be made over the life of the notes. The government
also offers a SBLC required under the concession agreement to
provide additional support to the transaction.

Financial Guarantee: The notes benefit from a partial political
risk guarantee provided by the MIGA, a member of the World Bank
Group. A failure by the government to honor the MRG would be
covered under this guarantee; however, disbursements can be
delayed and internal liquidity is essential to the project's
capacity to service debt. Fitch believes the MIGA guarantee
provides additional incentives for the government to honor its
obligations under the concession.

Low Volume Touristic Asset [Revenue Risk - Volume: Weaker]: The
toll road connects Santo Domingo and the northern province of
Samana. It provides an efficient route but has competing free
alternatives. Moreover, despite robust gains in recent years,
actual traffic remains far below initial projections requiring
substantial payments via the MRG. This dependence on external
revenues is expected to continue in the near to intermediate term.

Regular Toll Increases [Revenue Risk - Price: Midrange]: The
operator of the road is able to increase tolls under the
concession agreement and has historically completed annual rate
adjustments to account for inflation without issue.

Predictable Operating Costs [Infrastructure Development & Renewal:
Midrange]: A fixed operation and maintenance (O&M) agreement with
an experienced toll road operator. The project benefits from
oversight from an independent engineer who provides quarterly
reports on the overall condition of the toll road along with
current and future maintenance needs. There is a 12 month major
maintenance reserve account.

Conservative Debt Structure [Debt Structure: Stronger]: The notes
are fully amortizing, fixed-rate obligations with typical project
finance covenants. Liquidity available within the structure
includes a six-month debt service reserve account, working capital
voluntarily contributed by the stockholders, a SBLC provided by
the concession grantor, among others. Additional flexibility is
also available as targeted principal amortization on the notes is
deferrable.

Metrics: The project's rating case ratios are strong for the
rating category with minimum and average DSCRs at 1.29x and 1.62x,
respectively. The projected ratios compare favorably to those of
similar projects rated by Fitch in this rating category, as well
as to the applicable sector-specific criteria.

Peer Group: The transaction's dependence on revenues from the
project's grantor, the government of the Dominican Republic, rated
'BB-'/Outlook Stable, effectively caps the rating at the level of
the sovereign. Given AdN's revenue profile, the most comparable
transactions are P.A. Pacifico 3 and P.A. Costera, two Colombian
toll road transactions rated at 'BBB-', with revenues that are
mostly dependent on grants and traffic top up payments by the
concession's grantor. AdN's rating case credit metrics compare
well with those of the Colombian transactions, which present LLCRs
in the 1.3x-1.4x range.

Criteria Variation: For this transaction, a variation to the
'Rating Criteria for Infrastructure and Project Finance' (Master
Criteria) dated July 8, 2016 is being applied. It considers that,
to the extent the payment of the MRG by the Dominican Republic
government is a contingent liability, the project's rating will be
capped by the grantor's Issuer Default Rating (IDR), subject to
the existence of robust liquidity at the project level to mitigate
against such delays.

RATING SENSITIVITIES

-- Positive: A positive rating action on the Dominican Republic's
    sovereign rating, to the extent that project fundamentals and
    financial metrics support a rating improvement.

-- Negative: A negative rating action on the Dominican Republic
    below the rating of the project.

-- Negative: Delays in the payment of the MRG that result in
    material deterioration of project liquidity, indicated by the
    annual cash flows from operations, without considering MRG
    payments, plus all available cash insufficient to cover 1.5x
    debt service.

SUMMARY OF CREDIT

Traffic in 2016 increased approximately 7.4% over 2015 while
revenues increased 5.3%. The positive operational performance has
improved the project's cash on hand by reducing average quarterly
MRG payments from USD7.8 million in 2015 to USD6.9 million in
2016. This enhances the already strong liquidity the project has
in the form of a debt service reserve account (USD12 million), a
SBLC provided by the grantor (USD10.2 million), operational
reserves permitted by the Indenture to be used for debt service if
needed (USD18 million), and cash (USD2.8 million) as shareholders
have decided not to take out the totality of the dividends
accrued. Although the latter is not a contractual obligation, the
company has expressed the intention of its shareholders to keep a
relevant cash amount within the project to maintain healthy
liquidity levels.

During 2016, the government continued having heavy delays in the
payment of the MRG. Four MRG payments were received for the months
of June 2015 to May 2016, while the payments for the months of
June to December 2016 have not been received to date.

Heavy rains in November 2016 resulted in a portion of the road
being flooded with minor damage; the project received an insurance
payment in the amount of USD30 thousand in January 2017 which
fully covered the repair costs. Continued rainfall in the fourth
quarter of 2016 (4Q16) and 1Q17 reduced road usage but is not
expected to be indicative of any long term trend. The project
anticipates starting an estimated USD18 million resurfacing and
improvement program in 2017 in line with the original asset
maintenance schedule with available funds from the appropriate
reserve accounts.

In 2016, the consortium that comprises the issuer was changed and
now includes: Odinsa Holding, Caribbean Basin Construction
Corporation, Consorcio Remix, and Grupo Odinsa. The project
continues to be operated by Odinsa, a Colombian operator with
extensive experience in the infrastructure sector, including toll
road management.

Fitch's rating case assumed Dominican Republic's Consumer Price
Index (CPI) at a rate of 3.8% for 2017, 4% for 2018 and 6% for
2019 onwards. United States' CPI was assumed at 2.3% for 2017,
2.4% for 2018 and 2.5% for 2019 onwards. O&M expenses at 55% of
toll road generated revenue and traffic growth at 2% for 2017-2022
and 1% for 2023-2024. DSCR resulted at 1.29x minimum and 1.62x
average.

The toll road, completed in 2009, extends 106 kilometers
(approximately 66 miles), connects Santo Domingo with the northern
province of Samana, and includes three toll plazas. In comparison
to alternative roads in the region, it considerably reduces the
travel distance between Santo Domingo and Samana. AdN is the
issuer, created under the laws of the Cayman Islands, and is an
exempted limited liability company.


BOSON GLOBAL: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole shareholder of Boson Global Funds SPC 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:

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


BROTHERS HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
The shareholders of Brothers Holdings Limited, on Dec. 8, 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:

          Eduardo Sonoda
          54-46 rue du Rhone, CH-1204 Geneva
          Switzerland
          Telephone: +41 22 879 6262
          e-mail: e.sonoda@eqwa.ch


CALABAS CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of Calabas Capital Fund, 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:

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


CALABAS CAPITAL MANAGEMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------------
The sole shareholder of Calabas Capital Management, on Dec. 2,
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:

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


CENTURION SHORT: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Centurion Short Term Trading Master Fund
Ltd., on Dec. 9, 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


DIAPASON COMMODITIES: Commences Liquidation Proceedings
-------------------------------------------------------
The sole shareholder of Diapason Commodities Index Fund, on
Dec. 9, 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:

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


DIAPASON RELATIVE: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of Diapason Relative Value Petroleum Industry
Fund Ltd., on Dec. 9, 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:

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


DIAPASON RELATIVE MASTER: Commences Liquidation Proceedings
-----------------------------------------------------------
The sole shareholder of Diapason Relative Value Petroleum Industry
Master Fund Ltd., on Dec. 9, 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:

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


ESO HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Eso Holdings, on Dec. 9, 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:

          Eduardo Sonoda
          54-46 rue du Rhone
          CH-1204 Geneva
          Switzerland
          Telephone: +41 22 879 6262


FAR EAST: Commences Liquidation Proceedings
-------------------------------------------
The sole shareholder of Far East Capital Partners Limited on
Dec. 9, 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:

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


FAR EAST INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------------
The sole shareholder of Far East Investments L.P., on Dec. 9,
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:

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


KARMA OFFSHORE: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Karma Offshore 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:

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


KIDS HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Kids Holdings SA, on Dec. 9, 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:

          Luis Filipe Magalhaes Da Conceicao Freire
          Ch. Frank-Thomas 42, 1208 Geneva
          Switzerland
          Telephone: +971 55 415 5960


LIMETREE CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Limetree Capital Partners Limited II, 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 8544
          Facsimile: (345) 945 3470


MAPLEHURST HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
The sole shareholder of Maplehurst Holdings Ltd., on Nov. 22,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 5, 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


MARKA HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Marka Holdings, on Dec. 9, 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:

          Marc Kattan
          R Bahia 753 AP 111
          CEP: 01244-001
          Sao Paolo - SP
          Brazil
          Telephone: +55 11 99194 4499


NIGHTLINE LTD: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Nightline 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:

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


PROTEGE PARTNERS: Placed Under Voluntary Wind-Up
------------------------------------------------
The sole shareholder of Protege Partners (BP) 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:

          Protege Partners, LLC
          c/o Jody Powery-Gilbert
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


ST. HERVE: Placed Under Voluntary Wind-Up
-----------------------------------------
The sole shareholder of St. Herve Limited, 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:

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


WMH LIMITED: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of WMH Limited, on Dec. 7, 2016, 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:

          Natasha Morgan
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands



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


DOMINICAN REPUBLIC: Trump Looms Large at Regional Conclave
----------------------------------------------------------
Dominican Today reports that the presidents of Latin America and
the Caribbean or their representatives meet to discuss plans on
immigration, security and drug trafficking amid uncertainty over
the region's future ties with US president Donald Trump.

Though the trade and political ties with the new US administration
doesn't figure in the meeting's official agenda, Dominican Foreign
minister Miguel Vargas didn't rule out addressing the issue during
the meeting of leaders, according to Dominican Today.

"Our purpose is to widen and sustain relations at the highest
level with the United States, because the commitment in the case
of the countries that form CELAC, in terms of relations, is with
the government and with the American people" and not only with the
new president, Mr. Vargas said, quoted by listin.com.do, the
report notes.

Dominican president Danilo Medina will inaugurate the Community of
Latin American and Caribbean States (CELAC) summit night in the
Barcelo Bavaro luxury hotel complex in Punta Cana, 200 kilometers
east of Santo Domingo, the report relays

Prior to the meeting of leaders, foreign ministers and
representatives from the 33 nations that make up the group will
draft the statement that will be signed by the leaders on food
security, immigration and the fight against drug trafficking, the
report relays.

The leaders also plan to sign 20 individual resolutions, including
one to call for an end to the US blockade on Cuba, the report
notes.

The regional summit comes a few days after Trump's protectionist
speech and announcement to renegotiate a similar agreement with
Central America and the Dominican Republic DR-Cafta, the report
adds.

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

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

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

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

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

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


DOMINICAN REPUBLIC: Exporters Will Co-Manage Trade Statistics
-------------------------------------------------------------
RJR News reports that the National Statistics Office (ONE) and the
Dominican Exporters Association (ADOEXPO) agreed to jointly manage
foreign trade statistics and the sector's characteristics.

ONE director Alexandra Izquierdo said managing the country's
exports statistics is of great importance for the economy of the
Dominican Republic, according to RJR News.

"To know first-hand the acquisition of raw materials,
manufacturing process and the various stages of transformation, to
the destination of producers abroad by the companies of the export
sector is of vital importance to stipulate with scientific rigor
where there is solidity and where there are areas with room for
improvement," the report quoted Mr. Izquierdo as saying.

For ADOEXPO President Alvaro Sousa, collecting statistical
information in conjunction with ONE is a fundamental step to make
wise decisions based on data that benefit the vast majority, 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'.



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


DIGICEL GROUP: Battle with FTC to Head to UK Privy Council in May
-----------------------------------------------------------------
RJR News reports that the UK Privy Council will commence hearing
the matter involving the Fair Trading Commission and its legal
battle with Claro/Digicel Group in May.

Last July, the FTC appealed to the Judicial Committee of the Privy
Council to vary the judgment, according to RJR News.

It was handed down by the Court of Appeal on December 19, 2014
with respect to a Stock Purchase Agreement between Digicel Jamaica
and Oceanic Digital Jamaica which traded as Claro, the report
relays.

The Court of Appeal held that the FTC has jurisdiction over
telecommunications matters, but not over transactions between the
parties, the report notes.

Arising from the judgment, the FTC is seeking to clarify issues
relating to the proper interpretation of the relationship between
the Fair Competition Act and the Telecommunications Act and the
interpretation of section 17 of the Fair Competition Act, the
report discloses.

Meanwhile, the FTC is reporting that in 2016, it investigated 317
complaints for breaches of the Fair Competition Act, the report
relays.

This comprised 238 cases that were unresolved at the end of 2015
and 79 received during last year, the report says.

The automobile and telecommunications sectors triggered the
largest number of complaints, the report notes.

The report discloses 258 of the cases concerned misleading
advertising; 36 as offences against competition; five as request
for opinion; one as sale above advertised price; and two as tied
selling.

Fifteen complaints were considered as being outside the purview of
the Fair Competition Act, the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2016, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL

-- Long-Term Issuer Default Rating (IDR) at 'B'; Stable Outlook;

-- $US 2.0 billion 8.25% senior subordinated notes due 2020 at
    'B-/RR5';

-- $US 1 billion 7.125% senior unsecured notes due 2022 at
    'B-/RR5'.

DL

-- Long-Term IDR at 'B'; Stable Outlook;
-- $US 250 million 7% senior notes due 2020 at 'B/RR4';
-- $US 1.3 billion 6% senior notes due 2021 at 'B/RR4';
-- $US 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

-- Long-Term IDR at 'B'; Stable Outlook;
-- Senior secured credit facility at 'B+/RR3'.

The Rating Outlook is Stable.



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


COMERCIAL CELTA: Hires Lugo Mender Law Firm as Attorney
-------------------------------------------------------
Comercial Celta Inc. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ the Law Firm of
Lugo Mender Group, LLC as legal representative.

The Debtor will rely on the law firm for general legal counseling
services in connection with the bankruptcy petition.

Lugo Mender will be paid at these hourly rates:

       Wigberto Lugo Mender            $300
       Associate Staff Attorney        $175
       Legal and Financial Assistants  $100

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

Lugo Mender received a retainer in this case in the amount of
$5,000, which sum, upon information and belief, was generated by
the Quinoy Realty Corp. from its regular income operations and
activities.

Wigberto Lugo Mender, principal of Lugo Mender, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtor and its estate.

The firm can be reached at:

       Wigberto Lugo Mender, Esq.
       LUGO MENDER GROUP LLC
       100 Carr. 165 Suite 501
       Guaynabo, P.R. 00968-8052
       Tel: (787) 707-0404
       Fax: (787) 707-0412
       E-mail: lugo@lugomender.com

Comercial Celta Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 17-00080) on January 10, 2017, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by Wigberto Lugo Mender, Esq.



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


TRINIDAD CEMENT: Cemex SAB Takes Over Firm
------------------------------------------
RJR News reports that Mexican conglomerate Cemex SAB has succeeded
in its bid to take over Trinidad Cement Limited, which has a
controlling stake in Caribbean Cement Company.

Cemex, through its subsidiary Sierra Trading, now controls 67.39
per cent of TCL.

The company made the announcement in a statement.

Cemex said based on latest information, TCL stockholders deposited
104-point-5 million shares in response to the offer, according to
RJR News.

CEMEX earlier this month revised its TCL takeover offer and raised
it from TT$ 4.50 cents to $5.07 cents per stock, the report notes.

TCL's main operations are in Trinidad and Tobago, Jamaica as well
as Barbados.

CEMEX is a global building materials company that provides
products and services to customers in more than 50 countries.

As reported in the Troubled Company Reporter-Latin America on
December 8, 2016, S&P Global Ratings placed its 'B-' long-term
corporate credit and issue-level ratings on Trinidad Cement
Limited Group (TCL) on CreditWatch with positive implications.


                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Ivy B.
Magdadaro, 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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