TCRLA_Public/170131.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

               Tuesday, January 31, 2017, Vol. 18, No. 022


                            Headlines



A R G E N T I N A

ENTRE RIOS: S&P Assigns 'B-' Rating on $350MM Notes


B R A Z I L

ODEBRECHT SA: Brazil's Supreme Court Authorizes Plea Deal
PROVINCE OF ENTRE: Fitch Rates Upcoming Bond Issue at 'B'


C A Y M A N  I S L A N D S

ARTIS AGGRESSIVE: Shareholders Receive Wind-Up Report
ARTIS PARTNERS: Shareholders Receive Wind-Up Report
ARTIS PARTNERS 2x: Shareholders Receive Wind-Up Report
CENTENNIAL UK II: Shareholders Receive Wind-Up Report
COMMODITIES (ALPHA): Shareholders Receive Wind-Up Report

DBARN NET 2007-1N: Members Receive Wind-Up Report
DBARN NET 2007-OA5N: Members Receive Wind-Up Report
ELECTRICINVEST (WINDCO II): Shareholders Receive Wind-Up Report
LIMETREE CAPITAL: Shareholder Receives Wind-Up Report
LIMETREE CAPITAL II: Shareholder Receives Wind-Up Report

MAXIMUM EMERGING: Members Receive Wind-Up Report
RACON FUND: Shareholder Receives Wind-Up Report
RACON MASTER: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN NATIONAL: Has a Monopoly, Antitrust Complaint Says
* DOMINICAN REPUBLIC: Central Bank Says Economy Grew 6.6% in 2016


M E X I C O

CONTROLADORA MABE: Fitch Affirms IDRs at BB+; Outlook Positive


P U E R T O    R I C O

AC INDUSTRIAL: Plan Confirmation Hearing on Feb. 28
EMPRESA LOCAL: Disclosure Statement Hearing Set for March 1
EMPRESA LOCAL: Unsecureds to Recoup 100% Under Plan
EMPRESAS PLAYA: U.S. Wants Ban on Cash Collateral Access
KAMA MANAGEMENT: Condado 5 Wants to Stop Cash Use


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Cannot Afford to Export Its Oil


                            - - - - -


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


ENTRE RIOS: S&P Assigns 'B-' Rating on $350MM Notes
---------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating on the
province of Entre Rios' (B-/Stable/--) notes for up to
$350 million.  The amortizing notes will be denominated in
dollars.  The province will use the proceeds to fund the
development of infrastructure projects, improve the debt maturity
profile, and for debt repayment.  This is Entre Rios' first
international issuance.

S&P doesn't believe the new issuance will hurt the province's
financial profile.  Entre Rios has had uncertain access to
external financing over the past several years due to market
conditions, including the sovereign's default in 2014, and has
mostly relied on short- and medium-term debt to finance its
budget.  Double-digit inflation and the limited access to
financing have reduced the province's debt to an expected 29% of
operating revenue in 2016 from 35% in 2013.

Nevertheless, S&P believes that Entre Rios' debt burden will rise
to 33% of operating revenue by 2018, partly as a result of the
province's improved access to international markets, particularly
following the sovereign's cure of its default in May 2016.  S&P
expects future international issuances to increase the province's
exposure to exchange rate risk, and given the lack of a formal
debt policy or debt management office, S&P will monitor Entre
Rios' management of this issuance closely.  As of Sept. 30, 2016,
the province's debt reached nearly ARP15.2 billion, 26% of which
was denominated in foreign currency.  At the same time, Entre Rios
owes approximately 41% of its total debt to the federal
government, 25% to multilateral lending institutions, 26% to
domestic and international banks and other financial institutions,
and 7% to domestic market security holders.

The 'B-' issuer credit rating and 'b-' stand-alone credit profile
(SACP) reflect the province's individual credit profile and the
institutional framework in which it operates.  (SACP is a means of
assessing the intrinsic creditworthiness of Entre Rios under the
assumption that there's no rating cap.) Entre Rios, like all local
and regional governments in Argentina, operates under a very
volatile and underfunded institutional framework.  At the same
time, Entre Rios' weak budgetary performance, economy, and
liquidity, and very weak budgetary flexibility are rating
constraints.  On the other hand, the province's moderate
contingent liabilities and debt burden support its
creditworthiness.

The stable outlook on Entre Rios mirrors the one on the sovereign.
Given that S&P doesn't believe that the province could meet the
conditions to have a higher rating than the sovereign, S&P would
only consider raising its ratings on the province in the next 12
months if it was to raise Argentina's foreign and local currency
ratings, along with the transfer and convertibility assessment
(T&C).  Such an upgrade would have to be accompanied by the
province's development of more formal debt and liquidity policies,
including clearly defined targets, as well as improved budgetary
flexibility or consistently stronger budgetary performance in the
form of operating surpluses greater than 5%.  At the same time,
structural improvements in the institutional framework in which
the province operates could help strengthen its creditworthiness.
On the other hand, S&P could lower the ratings on Entre Rios
during the same period if Argentina's T&C assessment weakens, if
S&P was to lower the sovereign local or foreign currency ratings,
or if S&P perceives that the province's financial commitments are
unsustainable, or that Entre Rios faces a near-term payment
crisis.

RATINGS LIST

Entre Rios (Province of)
Issuer credit rating                   B-/Stable/--

New Rating

Entre Rios (Province of)
Senior Unsecured                       B-



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


ODEBRECHT SA: Brazil's Supreme Court Authorizes Plea Deal
---------------------------------------------------------
Rogerio Jelmayer and Luciana Magalhaes at The Wall Street Journal
report that Brazil's Supreme Court president accepted a plea deal
made by current and former employees of construction company
Odebrecht SA, which people close to the negotiations say includes
testimony related to the Operation Car Wash anti-corruption probe
that implicates allies of President Michel Temer.

Leaks from the plea agreement negotiations have been frequent in
the Brazilian press, and many in the country expect the details of
the deal, when they're finally released, to shake the Temer
administration, according to The Wall Street Journal.  People
familiar with the testimony in the agreement say it will implicate
more than 100 politicians, including some close to President
Temer, the report notes.

Mr. Temer's office had no immediate comment. He has previously
denied any wrongdoing.

The agreement "could affect Mr. Temer's ability to govern, because
there could be a lot of names of many of his allies," said Thiago
de Aragao, a political scientist at consulting firm Arko Advice in
BrasĀ°lia, the report relays.  "That could paralyze the
government," he added.

The Car Wash investigation of bid-rigging and bribery at state-
controlled oil company Petroleo Brasileiro SA, or Petrobras, has
resulted in the arrest, trial, conviction and sentencing of dozens
of executives of the construction companies involved, the report
discloses.

Odebrecht's chief executive, Marcelo Odebrecht, was arrested and
jailed in 2015 and last year was convicted of money laundering,
corruption and conspiracy and sentenced to 19 years, the report
relays.  With the approval of his testimony in the plea deal, Mr.
Odebrecht will be released from jail by the end of this year,
though with restrictions on his movements, a person close to Mr.
Odebrecht SA said, the report notes.

The authorization of the deal, by Justice Carmen Lucia, came less
than two weeks after the death of Supreme Court Justice Teori
Zavascki in a plane crash off the coast of Rio de Janeiro state,
the report notes.

Mr. Zavascki had been in charge of reviewing and then approving or
rejecting the testimony from 77 current and former executives and
employees linked to Odebrecht, which last month signed a leniency
agreement with U.S., Brazilian and Swiss authorities, the report
relays, the report notes.

Ms. Lucia put the plea deal under seal, and it isn't yet known
when its details will be made public, a spokeswoman for the court
said, the report adds.

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal related 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.


PROVINCE OF ENTRE: Fitch Rates Upcoming Bond Issue at 'B'
---------------------------------------------------------
Fitch Ratings has assigned an expected Long-Term Foreign-Currency
Rating of 'B(EXP)' to the Province of Entre Rios' upcoming bond
issuance.

KEY RATING DRIVERS

The notes will be issued in USD for an amount of up to USD350
million in 2017, to accrue a fixed interest rate to be determined
at issuance and payable on a semi-annual basis. The estimated
maturity of the bond up to 10 years, with semi-annual payments
after a potentially grace period to be determined upon issuance.
The notes will be a senior unsecured obligation of the Province of
Entre Rios.

The bond is rated at the same level as the Province of Entre Rios.
The ratings assigned to the Province reflect the features of the
Argentinian institutional framework with a solid and stable
revenue system. The ratings also reflect the Province's average
debt metrics when compared to local and international peers and
its weak liquidity position.

Provincial Laws 10090 and 10456 of 2016 authorized the issuance of
this debt. Around half of the proceeds will be used by the
province to cancel existing debt and the rest to finance multiple
infrastructure projects. The issuance will be governed by the laws
of the State of New York.

Among the events of default and acceleration of maturities, Fitch
highlights the failure to pay debt principal for a period of three
days and debt service for 30 days and failure to perform any
payment having and aggregate principal amount equal or higher the
equivalent to USD15 million.

The notes substitute the one published in Oct. 31, 2016 for an
amount up to USD250 million.

RATING SENSITIVITIES

The final rating of Entre Rios' new bond is contingent on the
receipt of final documents conforming to information already
received.

Any change in the ratings assigned to the Province of Entre Rios
will have a direct impact on the bond rating.



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


ARTIS AGGRESSIVE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Artis Aggressive Growth Ltd. received on
Jan. 9, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ARTIS PARTNERS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Artis Partners Ltd. received on Jan. 9, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARTIS PARTNERS 2x: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Artis Partners 2x Ltd. received on Jan. 9,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CENTENNIAL UK II: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Centennial UK II Limited received on Jan. 16,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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): Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Commodities (Alpha) Master Inst Ltd. received
on Jan. 12, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

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 2007-1N: Members Receive Wind-Up Report
-------------------------------------------------
The members of DBARN Net Interst Margin 2007-1N received on
Jan. 5, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


DBARN NET 2007-OA5N: Members Receive Wind-Up Report
---------------------------------------------------
The members of Dbarn Net Interest Margin 2007-OA5N received on
Jan. 5, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

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): Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Electricinvest (Windco II) Limited received on
Jan. 16, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


LIMETREE CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Limetree Capital Partners Limited received on
Jan. 19, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Cathlin Rossiter
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, 2nd Floor
          Elgin Avenue George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


LIMETREE CAPITAL II: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Limetree Capital Partners Limited II received
on Jan. 19, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Cathlin Rossiter
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, 2nd Floor
          Elgin Avenue George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


MAXIMUM EMERGING: Members Receive Wind-Up Report
------------------------------------------------
The members of Maximum Emerging Markets Alpha received on Jan. 20,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


RACON FUND: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Racon Fund Ltd. received on Jan. 11, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Racon Capital Partners LLC
          c/o Sophia Leavett
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


RACON MASTER: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Racon Master Fund Ltd. received on Jan. 11,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Racon Capital Partners LLC
          c/o Sophia Leavett
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877



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


DOMINICAN NATIONAL: Has a Monopoly, Antitrust Complaint Says
------------------------------------------------------------
Dominican Today reports that veteran politico and lawyer Guido
Gomez Mazara submitted an antitrust complaint before the
competition defense agency (Procompetencia), accusing the
Dominican National Brewery (CND) of violating the law against
unfair market practices, according to Dominican Today.

Mr. Mazara's complaint accuses the CND -- maker of the leading
beer Presidente -- of violating article 50 of the Constitution,
which bars monopolies, and Articles 64 and 65 of the Competition
Defense Law 42-08, according to Dominican Today.

"On August 2016, Procompetencia conducted a study on
competitiveness post-merger CND and AmBeV, which in its view
demonstrated the generation of 'high levels of monopoly' in the
beer market in the Dominican Republic," the complaint says, the
report notes.

Mr. Mazara said AmBeV as an economic agent that took over the
brewery had a "collusive conduct" whose result was the rise in
price, the restriction of production and the increase of company
profits, the report discloses.

Mr. Mazara said the National Brewery's monopoly is evidenced from
the control of 98% of the beer market, including the 1% imported,
"facilitating an increase in the price of the product to the
detriment of the consumer," the report relays.

In the request dated Nov. 2, 2016, Gomez calls on the regulatory
agency, headed by Yolanda Martinez, to adopt precautionary
measures including a "Cease and Desist Order to halt the alleged
harm to competition or to the determined economic agents," the
report adds.


* DOMINICAN REPUBLIC: Central Bank Says Economy Grew 6.6% in 2016
-----------------------------------------------------------------
Dominican Today reports that the Central Bank of Dominican
Republic reported that the preliminary figures show "a vigorous
growth of 6.6%" of the economy, the highest in Latin America.

This was announced by Central Bank governor Hector Valdez Albizu,
who said that in the last three years the Dominican Republic has
been leading the growth in the region, according to Dominican
Today.

In a press conference, the official explains that the agricultural
sector showed a significant year-on-year growth of 9.6% driven by
technical programs of the Ministry of Agriculture, favorable
climatic conditions for much of the year and financial support
through the Agricultural Bank, the Dominican Agricultural Insurer
and the Special Fund for Agricultural Development, the report
notes.

In the construction sector, Valdez mentioned that the expansion
was 8.8%, which was driven by the execution of private residential
projects, new complexes and hotels in tourist areas and in the
metropolitan area, as well as by public sector investments in the
modernization of the national road system, classrooms and low-cost
housing projects, the report relays.

The head of the Central Bank also highlighted the growth of
tourism of 10% from 5.6 million foreigners who arrived in the
country to 6.0 million, the report says.

"The crucial role of hotels, bars and restaurants, whose real
added value increased by 6.4% in 2016, based on the arrival of
foreigners and non-resident Dominicans," the official said, 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'.



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


CONTROLADORA MABE: Fitch Affirms IDRs at BB+; Outlook Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Controladora Mabe, S.A. de C.V.'s
ratings at 'BB+'. The Rating Outlook is Positive.

The Positive Outlook reflects Fitch's expectations of further
strengthening of Mabe's credit profile given stronger cash flow
generation. It also reflects the potential for Mabe to increase
business opportunities under a new shareholder structure, further
advancing its cash flow generation. A strengthening of the
company's total adjusted debt to EBITDA ratio to levels close to
2.5 times (x) through the economic cycles will support an upgrade.
Conversely, volatility in the company's profitability, free cash
flow (FCF) generation and expectations of total adjusted leverage
solidly above 3.0x will likely result in the Outlook being revised
to Stable.

KEY RATING DRIVERS

Strong Market Position

Mabe holds a strong business position in most of its Latin
American markets. The company has eight manufacturing facilities
in Mexico, Ecuador, Colombia and Argentina, which allow it to
compete throughout Latin America. Mabe focuses on offering a wide
product portfolio under a multibrand strategy that targets all
socioeconomic levels. It also has long-term contracts to
distribute, manufacture and export appliances under the General
Electric Co. brand.

New Shareholder

Qingdao Haier Co., Ltd. (Haier) acquired GE's appliance business
in June 2016. The transaction included GE's 48.4% stake in Mabe.
All terms and conditions that Mabe had with GE were maintained. A
new partner focused on growing its appliance business globally
could be positive considering Mabe's manufacturing capacity, low-
cost skilled-labor force and pre-established connectivity to
Haier's U.S. product distribution network.

Trade Policy Uncertainty

Uncertainty regarding the future of the North American Free Trade
Agreement (NAFTA) has increased with the election of President
Trump. Mabe is an important manufacturer and exporter with
significant exposure to the NAFTA region. The company manufactures
a relevant quantity of GE branded products through its joint
venture with Haier, a large international appliance manufacturer.
Barriers to the import of appliances into the U.S. would likely
hurt Mabe's ability to deleverage and could result in the Outlook
being revised to Stable.

Stable Results Amid Volatility

Mabe's operating environment remains challenging due to sluggish
demand for appliances in South America and weakening foreign
currencies throughout Latin America. Nevertheless, positive
housing dynamics in the U.S., where the company generates over a
third of its revenue, and available consumer credit in key
markets, such as Mexico have offset most of these effects on
Mabe's financial performance.

Moderate Improvement in Credit Metrics

Fitch projects gross leverage at 2.8x in 2017 or about 3.1x
adjusting for the factoring of account receivables. This
adjustment allows Fitch to compare issuers that may use different
sources of funding. In its projection, Fitch considers Mabe's
improved cash-generation due to the absence of restructuring and
non-recurring charges as well as to efficiencies resulting from
consolidated manufacturing in fewer sites of larger scale.
Deleveraging beyond that projected by Fitch, in conjunction with
robust cash flow generation and strong liquidity, would be viewed
positively for the ratings.

Recovering Cash Flow Generation

Mabe's funds from operations (FFO) margin has been low over the
last four years partly due to multiple restructuring and
reorganization expenses related to the company's operations in
Brazil, as well as the consolidation of manufacturing capacity
into larger production sites in Mexico and Colombia. In addition,
weak conditions in Latin America, including the company's
operations in Argentina, pressured financial performance.
Positively, Mabe has significantly reduced working capital since
2013, and its EBITDA margins have expanded to historical levels
around 10%. Absent restructuring charges, Mabe's FFO margin should
trend to levels above 6%, from about 3% in 2014 and about 5% in
2015.

KEY ASSUMPTIONS

-- Revenues grow low-single digits in 2017 and accelerate in 2018
    and 2019.
-- EBITDA margins remain around 10% over the next few years.
-- Debt/EBITDA improves slowly over the medium term mostly due to
    higher EBITDA generation.
-- The company does not undertake meaningful shareholder
    distributions; FCF remains neutral through 2018 and turns
    positive thereafter.

RATING SENSITIVITIES

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

-- Increased sales volumes that result in robust cash flow
    generation, stable profitability and total adjusted
    debt/EBITDA close to 2.5x, in conjunction with strong
    liquidity.

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

-- Large debt-financed acquisitions, deterioration in
    profitability and cash flow generation from lower demand,
    and/or competitive or input cost pressures, resulting in the
    expectation of adjusted gross leverage levels consistently
    above 3.5x.

LIQUIDITY

Mabe's liquidity is considered adequate. During the fourth-quarter
of 2016, the company refinanced USD175 million of its USD300
million syndicated bank loan, with a 10-year private notes
issuance. It faces no material debt amortizations until 2019 when
USD520 million are due -- including USD481 million of 2019 notes.
The company maintains good access to bank lending and capital
markets as shown by bank debt refinancing during 2013, 2015 and
the private notes issuance in 2016. Total debt as of Sept. 30,
2016 was USD821 million, composed of USD481 million of notes due
2019 and bank debt. Its cash balance was USD58 million.

FULL LIST OF RATING ACTIONS

Fitch has affirmed Mabe's ratings as follows:

-- Foreign Currency Long-Term Issuer Default Rating (IDR) at
    'BB+';
-- Local Currency Long-Term IDR at 'BB+';
-- 7.875% senior unsecured notes due 2019 at 'BB+'.



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


AC INDUSTRIAL: Plan Confirmation Hearing on Feb. 28
---------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved AC Industrial
Services Corp's disclosure statement filed on Jan. 20, 2017,
referring to the Debtor's plan of reorganization.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on Feb. 28, 2017, at 9:00 a.m.

Any objection to the final approval of the Disclosure Statement
and or the confirmation of the Plan will be filed on or before 14
days prior to the date of the hearing on confirmation of the Plan.
Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

The Debtor will file with the Court a statement setting forth
compliance with each requirement in U.S.C. Section 1129, the list
of acceptances and rejections and the computation of the same,
within seven working days before the hearing on confirmation.

                       About AC Industrial

Headquartered in Carolina, Puerto Rico, AC Industrial Services
Corp filed for Chapter 11 bankruptcy protection (Bankr. D.P.R.
Case No. 16-04843) on June 16, 2016, estimating its assets at up
to $50,000 and liabilities at between $500,001 and $1 million.

Noemi Landrau Rivera, Esq., at Landrau Rivera & Associates serves
as the Debtor's bankruptcy counsel.


EMPRESA LOCAL: Disclosure Statement Hearing Set for March 1
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico is set
to hold a hearing on March 1, at 2:00 p.m., to consider approval
of the disclosure statement explaining the Chapter 11 plan of
Empresa Local Global Inc.

The hearing will take place at the Jose V. Toledo Federal Building
and U.S. Courthouse, Courtroom No. 1, Second Floor, 300 Recinto,
Sur, Old San Juan, Puerto Rico.

Objections must be filed not less than 14 days prior to the
hearing.

                   About Empresa Local Global

Empresa Local Global, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 14-06675) on August 14, 2014.
The Debtor, formerly known as Casas Mi Estillo, was created in
1987 and was in the business of selling wooden prefabricated
houses in Puerto Rico.  The case is assigned to Judge Brian K.
Tester.

At the time of the filing, the Debtor estimated assets and
liabilities of less than $1 million.

The Debtor is represented by Charles A. Cuprill-Hernandez, Esq.,
in San Juan, Puerto Rico.


EMPRESA LOCAL: Unsecureds to Recoup 100% Under Plan
---------------------------------------------------
Empresa Local Global, Inc., filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a disclosure statement referring
to the Debtor's plan of reorganization.

Class 1 Allowed General Unsecured Claims -- estimated at
$12,973.98 -- are unimpaired under the Plan, with an estimated
recover of 100%.

The claims will be paid with available funds arising from the
Debtor's rent income and the sale of 729.50 square meters of its
realty at Urbanizacion Industrial No. 3, Avenida By Pass, Ponce,
PR to Furiel Auto Corp. for $200 per square meter for a total of
$145,900.  The funds are more than sufficient to pay all creditors
in full on the Effective Date of the Plan.

The Disclosure Statement is available at:

             http://bankrupt.com/misc/prb14-06675-328.pdf

The Plan was filed by the Debtor's counsel:

     Charles A. Cuprill-Hernandez, Esq.
     CHARLES A. CUPRILL, P.S.C., LAW OFFICES
     356 Fortaleza Street
     Second Floor
     San Juan, PR 00901
     Tel: (787) 977-0515
     Fax: (787) 977-0518
     E-mail: ccuprill@cuprill.com

Empresa Local Global, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 14-06675).  The Debtor,
formerly known as Casas Mi Estillo, was created in 1987 and was in
the business of selling wooden prefabricated houses in Puerto
Rico.


EMPRESAS PLAYA: U.S. Wants Ban on Cash Collateral Access
--------------------------------------------------------
The United States of America asks the U.S. Bankruptcy Court for
the District of Puerto Rico to prohibit or condition Empresas
Playa Joyuda, Inc.'s use of cash collateral as is necessary to
provide adequate protection of the United States' interest.

The United States asserts a federal tax lien against the Debtor
for several periods of unpaid employment taxes, and has filed a
proof of its secured claim in the amount of $25,723, which the
Debtor has not disputed.

The United States contends that the federal tax lien attaches to
all rights to property, whether real or personal, belonging to
Debtor, and among the property securing the United States' claim
are cash or cash equivalents, accounts receivable, and proceeds of
the accounts receivable.

The United States contends that although the Debtor has entered a
stipulation with a separate secured creditor to allow for use of
cash collateral, the Debtor has not sought or obtained the United
States' approval to use cash collateral, or entered a
court-approved plan of adequate protection for the United States
allowing for use of that collateral.

The United States further contends that based on the monthly
budget estimates that the Debtor has provided in its Emergency
Motion Requesting Authorization to Use Cash Collateral, the
Debtor's operating expenditures average over 13 months to
approximately $36,000 per month, a significant amount which the
Debtor is nonetheless apparently able to meet with cash
collateral.

                About Empresas Playa Joyuda

Empresas Playa Joyuda, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 15-09594) on Dec. 1, 2015.  The petition
was signed by Cesar Perez Perichi, president and treasurer.  The
Debtor is represented by Victor Gratacos Diaz, Esq., at Gratacos
Law Firm, PSC.  The Debtor disclosed $939,685 in assets and $2.74
million in liabilities.


KAMA MANAGEMENT: Condado 5 Wants to Stop Cash Use
-------------------------------------------------
Condado 5, LLC, successor-in-interest of Banco de Desarrollo
Economico para Puerto Rico and Firstbank Puerto Rico, asks the
U.S. Bankruptcy Court for the District of Puerto Rico to prohibit
Kama Management, Inc. from using its cash collateral.

Condado 5 is a secured creditor having a lien over the Debtor's
accounts receivables which constitutes cash collateral under
Section 363 of the Bankruptcy Code.

Condado 5 relates that Banco de Desarrollo Economico extended to
the Debtor a certain Loan Agreement in the principal amount of
$1,300,000, which is secured by the Debtor's accounts receivables,
inventory, equipment, contracts, and all funds held at any time
therein, general intangibles and all proceeds of the foregoing
assets, including the cash proceeds derived therefrom.

Condado 5 contends that the Debtor has not sought the
authorization of the Court for its use, has not obtained Condado
5's consent for its continued use, nor has the Debtor provided
adequate protection to Condado 5 pursuant to Sections 361 and 363
of the Bankruptcy Code.

Condado 5, LLC is represented by:

          Sonia E. Colon, Esq.
          Gustavo A. Chico-Barris, Esq.
          Camille N. Somoza, Esq.
          Ferraiuoli LLC
          PO Box 195168
          San Juan, PR 00919-5168
          Tel.: (787) 766-7000
          Fax: (787) 766-7001
          Email: scolon@ferraiuoli.com
                 gchico@ferraiuoli.com
                 csomoza@ferraiuoli.com

                  About Kama Management Inc.

Kama Management Inc. filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-08008), on October 5, 2016.  The Petition was signed
by Alberto Perez Pujals, president.  At the time of filing, the
Debtor had no assets and had total debts of $1.45 million.

The Debtor is represented by Maria Soledad Lozada Figueroa, Esq.,
at Lozada Law & Associates, LLC.



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


PETROLEOS DE VENEZUELA: Cannot Afford to Export Its Oil
-------------------------------------------------------
Caribbeannewsnow.com reports that more than four million barrels
of Venezuelan crude oil and fuel exports are stuck in tankers in
the Caribbean because Venezuela's state-run oil firm Petroleos de
Venezuela SA (PDVSA) cannot afford to pay for cleaning dirty
tankers and port inspections, Reuters reported.

According to PDVSA's trade documents and Reuters shipping data,
some 12 tankers full of around 1.4 million barrels of crude oil,
diesel, fuel oil, gasoline, and LPG were anchored in Venezuelan
and Caribbean waters and were waiting to be cleaned, according to
Caribbeannewsnow.com.

In addition, another 11 vessels full of oil and oil products have
been retained or embargoed by port authorities, maritime agencies
and inspection firms because PDVSA has not paid its bills, the
report notes.  The 11 tankers and a few smaller vessels held for
other operational delays contain a total of 2.9 million barrels of
crude and fuels, Reuters data showed, the report relays.

Maritime laws do not allow dirty tankers to travel through
international waters, the report notes.

PDVSA generates almost all of the export revenues for Venezuela.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating is negative.


                            ***********


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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