TCRLA_Public/170202.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Thursday, February 2, 2017, Vol. 18, No. 024


                            Headlines



B R A Z I L

MEDANITO S.A.: Fitch Affirms Then Withdraws 'B-' IDRs


C A Y M A N  I S L A N D S

ADAR LATAM: Shareholder Receives Wind-Up Report
AQR OFFSHORE: Shareholder Receives Wind-Up Report
BEVI2: Shareholders Receive Wind-Up Report
BURNABY HOLDINGS: Shareholders Receive Wind-Up Report
CAIRN COMPANY: Shareholder Receives Wind-Up Report

DESTRIER CAPITAL: Shareholder Receives Wind-Up Report
DOVETAIL INVESTMENTS: Shareholders Receive Wind-Up Report
ECHO NOTES: Shareholder Receives Wind-Up Report
ERC IRELAND: Shareholders Receive Wind-Up Report
FINE ACE: Shareholders Receive Wind-Up Report

FREESTYLE SPECIAL: Shareholders Receive Wind-Up Report
GINGERALE LIMITED: Shareholders Receive Wind-Up Report
IBIS RE II: Sole Member Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: IMF Mission Assesses Economy


G U Y A N A

* GUYANA: Environmental Tax About to Take Effect


J A M A I C A

* JAMAICA: Focused on Increasing Tourist Attractions


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Corruption Continues Unabated
TRINIDAD & TOBAGO: Business Chambers React to Fall in CPI


                            - - - - -


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



MEDANITO S.A.: Fitch Affirms Then Withdraws 'B-' IDRs
-----------------------------------------------------
Fitch Ratings has affirmed and withdrawn Medanito S.A.'s Long-term
Foreign and Local Currency Issuer Default Ratings at 'B-' with a
Stable Rating Outlook.

Medanito's ratings are no longer considered by Fitch to be
relevant to the agency's coverage because the entity is no longer
issuing debt.

Rating Sensitivities are not applicable as the ratings have been
withdrawn.



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


ADAR LATAM: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Adar Latam Special Situations Fund 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:

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


AQR OFFSHORE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of AQR Offshore Multi-Strategy 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:

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


BEVI2: Shareholders Receive Wind-Up Report
------------------------------------------
The shareholders of BEVI2 received on Jan. 10, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Griffin
          c/o Sandipan Bhowmik
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 743 6835


BURNABY HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Burnaby Holdings Limited received on Jan. 23,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          P.O. Box 897 Grand Cayman KY1-1103
          Windward 1, Regatta Office Park
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


CAIRN COMPANY: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Cairn Company (Cayman Islands No.6) Limited
received on Jan. 20, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DESTRIER CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Destrier Capital Partners, Ltd received on
Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Destrier Capital Management LLC
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


DOVETAIL INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Dovetail Investments 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:

          Zedra Directors (Cayman) Limited
          c/o Enola Reid
          136 Shedden Road
          One Capital Place, 3rd Floor
          P.O. Box 487 George Town, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 914-5413


ECHO NOTES: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Echo Notes (Cayman) Limited received on
Jan. 20, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ERC IRELAND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ERC Ireland Equity SPC received on Jan. 11,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Griffin
          c/o Sandipan Bhowmik
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 743 6835


FINE ACE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Fine Ace Asset Management Limited received on
Jan. 10, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Kevin Butler
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7374
          Facsimile: (345) 945 3902


FREESTYLE SPECIAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Freestyle Special Opportunities Master Fund,
Ltd. received on Jan. 19, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Adrian Mackay
          6 Peter Cooper Road, 2B
          New York, NY 10010
          USA
          Telephone: +1 646 924 9987


GINGERALE LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Gingerale 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:

          Zedra Directors (Cayman) Limited
          c/o Enola Reid
          136 Shedden Road
          One Capital Place, 3rd Floor
          P.O. Box 487 George Town, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 914-5413


IBIS RE II: Sole Member Receives Wind-Up Report
-----------------------------------------------
The sole member of Ibis RE II Ltd. received on Jan. 20, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Andrew Johnson
          c/o Alan Turner
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345)946-4091



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


DOMINICAN REPUBLIC: IMF Mission Assesses Economy
------------------------------------------------
Dominican Today reports that a mission from the International
Monetary Fund (IMF) is in the country to review recent economic
performance and prospects for the Dominican economy.

The purpose of the two-week visit is to carry out consultations on
article IV of the IMF Consultative Agreement "that establishes
supervising fulfilment of each country's obligations," according
to Dominican Today.

For this purpose, the mission headed by Aliona Cebotari met with
Central Bank governor Hector Valdez Albizu, and has other meetings
scheduled with other entities, the report notes.

When asked about the recent performance of the Dominican economy,
Valdez Albizu informed that in 2016 the GDP had registered a
growth rate of 6.6%, the highest in Latin America for the third
consecutive year, with 1.70% inflation, the second lowest rate in
the past 33 years, the report relays.

The report discloses that Mr. Albizu highlighted that from the
macroeconomic point of view, the economic bases appeared to be
more favorable than two months ago, when the IMF mission last
visited the country.

The CB governor recalled that last year, the Central Bank
increased the monetary policy rate by 50 base points due to the
uncertainty caused by the economic process in the United States
and in anticipation of Federal Reserve rate increases and oil
price rises, the report notes.

They also dealt with other issues on the agenda for 2017,
including growth, inflation, reserve levels, exchange rate,
remittances, tourism, foreign investment and exchange terms, the
report relays.

The meeting also discussed the US withdrawal from the Trans-
Pacific Partnership Treaty (TPP), which will benefit Dominican
Free Trade Zones, 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'.



===========
G U Y A N A
===========


* GUYANA: Environmental Tax About to Take Effect
------------------------------------------------
Caribbean360.com reports that consumers in Guyana are bracing for
a possible price hike on local and imported beverages as the
Government's new $10 tax on non-returnable containers takes effect
soon.

According to the Guyana Revenue Authority (GRA), the Customs Act
provides for the levy to be charged on every non-returnable unit
of metal, plastic or glass container of any alcoholic or non-
alcoholic beverage or water, the report notes.

"The levy . . . . will be applicable to non-returnable units
imported, locally manufactured or produced in Guyana," the GRA
said in a statement, according to Caribbean360.com.

Authorities say the levy is an important move as Guyana transforms
into a more sustainable, green economy, the report relays.

"[It] is in keeping with government's broad agenda to promote a
green economy and protect the environment," the tax agency said,
pointing out that the levy applies across the board, "whether they
are imported and not warehoused or imported and removed from a
warehouse, factory, bond or other place of storage," the report
notes.

Exports however will not be subjected to the Environmental Levy,
the report says.

According to Demerara Waves, the previously imposed Environmental
Levy on imported beverages, including those made in sister
Caribbean Community (CARICOM) member states, had been deemed by
the Caribbean Court of Justice (CCJ) as discriminatory and in
violation of regional trade rules, because local companies had not
been charged the tax,, the report relays.

As a result, the Surinamese beverage company, Rudisa Beverages and
Juices NV secured a CCJ judgment for Guyana to repay US$6 million
in environmental tax that had been paid, the report adds.



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


* JAMAICA: Focused on Increasing Tourist Attractions
----------------------------------------------------
RJR News reports that Tourism Minister Edmund Bartlett said
Jamaica has adequate time to increase the number of resort
attractions to meet the anticipated growth in visitor arrivals.

Minister Bartlett has however emphasized the need for increased
investments to develop more diverse attractions in Jamaica,
according to RJR News.

Minister Bartlett pointed to J. Wray and Nephew spending J$1
billion to renovate its Appleton Rum Tour facility in St.
Elizabeth and the Port Authority of Jamaica's infrastructural
upgrade of the fisherman's beach in Ocho Rios, St. Ann, the report
relays.

Minister Bartlett said initiatives like these are needed.

Meanwhile, Chairman of the National Cruise Council, Michael
Belnavis, is encouraging ordinary Jamaicans to position themselves
to take advantage of the anticipated increase in visitor arrivals,
the report notes.

Minister Bartlett dispelled the view that investing in the tourism
sector is only for a few, the report says.

Mr. Belnavis said every effort will be made to ensure that smaller
players get their fair share of the tourism pie, 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+'.



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


TRINIDAD & TOBAGO: Corruption Continues Unabated
------------------------------------------------
Trinidad Express reports that it is disgraceful that year after
year, Trinidad and Tobago is listed among the most corrupt
countries in the world, according to Transparency International's
Corruption Perception Index (CPI).

In the 2016 edition of the CPI, T&T fell from 72nd to 101st
position among 176 countries, scoring 35 points on a scale in
which 100 is best, and one worst, according to Trinidad Express.

More shamefully, in the Caribbean, only Guyana and Haiti lagged
behind T&T, placing 108th and 159th respectively, while Jamaica
displaced T&T, scoring 39 points and placing 83rd, the report
notes.

The Bahamas posted the highest score, 66, placing it in the
enviable 24th spot, among developed countries, the report relays.

The CPI scoring and rankings are based on data culled from 12
different organizations, which are not scientifically compiled,
the report notes.


TRINIDAD & TOBAGO: Business Chambers React to Fall in CPI
---------------------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday report that
Trinidad and Tobago's decline on the Corruption Perception Index
(CPI) has been described by the heads of two business Chambers as
"unfortunate" and "unsurprising" given the nation's high tolerance
for corrupt practices.

The nation's CPI score, which measures perceptions of corruption
within the public service by polling the opinions of business
leaders and country experts and ranks 176 countries on a scale of
one to 100, has slipped four points, from 39 in 2015, to 35 in
2016, according to Trinidad and Tobago Newsday.

The lower the score, the more corrupt the country is perceived as
being, the report notes.

The country has also declined from its place at 72 in 2015, to a
current ranking of 101 out of the 176 countries, the report
relays.

Commenting on the decline, Chaguanas Chamber of Industry and
Commerce (CCIC) president, Richie Sookhai, said changes in both
the mentality of the population as well as the enacting of anti-
corruption legislation by government had to be expedited and not
allowed to languish, the report relays.

"It is unfortunate that we have actually dropped by a couple
points down in the corruption perception index and this is exactly
how the world is perceiving us currently, but we hope the measures
that the current government have in place, which is like the anti-
corruption legislation and the Whistle Blower Act, could be
implemented soon and not held back because this will definitely
not improve our perception index," Mr. Sookhai said in a telephone
interview, the report notes.

"For a society with all our natural resources we should have
progressed via infrastructure.

Instead, we have not used our resources to improve the society, we
still have a lot of bureaucracy within the system and it is still
about who you know before you can get something done," he said.

"And this type of mentality needs to change. In some institutions
that you go to, is all about who you know and whether or not a
bribe is passed and allegations of bribes have been brought before
the courts in the past and this is where the Whistle Blower Act
and the anti-corruption legislation could, once in place, help
stymie this whole process of corruption or bribe passing in
Trinidad and Tobago."

Asked whether he believed that T&T's society has a high tolerance
for corruption, Mr. Sookhai said,  "I think it has grown in our
society for so long that it has become the norm, and the norm in
the sense in the way we do business and this is unfortunate
because when you have people who really want to do the right thing
and walk the straight and narrow path, you have those who, to get
anything done, sometimes you have to bend the rules and that is
unfair."

In full agreement was Penal/Debe Chamber of Commerce (PDCC)
president, Shiva Roopnarine, who noted that Trinidad and Tobago's
decline was part of a trend which had been taking place over the
past few years and represented a lack of political will to deal
with corruption by successive governments, the report discloses.

"This is a trend that we are seeing over the last couple of years
and it is a sign of the government's lack of will to correct a
troubling situation, this is something that stems not only from
the point of view of the government but State agencies as well,
and it doesn't augur well for our nation," Mr. Roopnarine said.

"It's the mentality of the society and what type of investors
would we be attracting, whether we would be attracting ethical
investors or unethical investors, serious business minded
investors who want to develop the country, or investors who know
they have to pass some money to get things done so as a country we
have to understand and appreciate the type of people who would be
willing to invest here in the perceived way to do business in
Trinidad," he added.


                            ***********


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.


                   * * * End of Transmission * * *